Effective Date of Plan and Term of Plan Sample Clauses


Effective Date of Plan and Term of Plan 11.1. Effective Date. The Plan shall take effect on the Effective Date, subject to its prior approval by the Company’s shareholders. 11.2. Term. No Awards shall be made under the Plan in respect of any fiscal year commencing after the tenth anniversary of the Effective Date.


Effective Date of Plan and Term of Plan. The Plan is subject to approval, at a duly held shareholders’ meeting, within twelve (12) months after the date the Board approves the Plan, by the affirmative vote of the holders of a majority of the voting shares of the Company represented in person or by proxy and entitled to vote at the meeting. Options may be granted, but not exercised, before such shareholder approval. If the shareholders fail to approve the Plan within the required time period, any Options granted under the Plan shall be void, and no additional Options may thereafter be granted. The Plan shall continue until such time as it may be terminated by action of the Board; provided, however, that no Options may be granted under this Plan on or after the tenth anniversary of approval of the Plan by the Board, but Options theretofore granted may extend beyond that date.

Effective Date of Plan and Term of Plan