EQUITY COMPENSATION - INCENTIVE STOCK OPTIONS Clause Samples

EQUITY COMPENSATION - INCENTIVE STOCK OPTIONS. 4.1 Commitment to Establish ISO Plan. The Company hereby commits to establishing an Incentive Stock Option Plan (the “ISO Plan”) in accordance with Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), and applicable regulations, following the completion of a Regulation A offering (the “Reg A Offering”) that raises at least One Million Dollars ($1,000,000) in gross proceeds. Executive shall spearhead the development and structuring of the ISO Plan, subject to final approval by the Board of Directors. Notwithstanding the establishment of the ISO Plan, the Initial Grant described in Section 4.4 shall not be made unless and until the Reg AOffering or subsequent financing raises at least One Million Dollars ($1,000,000) in gross proceeds.