Common use of Incentive Options Clause in Contracts

Incentive Options. The Options shall quality as Incentive Options under Section 422 of the Internal Revenue Code of 1986, as amended (the "Code"), to the extent that the aggregate fair market value of the shares underlying the Incentive Option portion that is first exercisable within the same calendar year does not exceed $100,000.00. The Grantee may not dispose of the shares underlying Incentive Options within two (2) years of the Date of Grant or one (1) year of the date of exercise of the Option. The Grantee may not transfer Incentive Options except by Last Will and Testament or the laws of descent and distribution. Incentive Options shall be subject to such other restrictions as are necessary to qualify them as Incentive Options under the Code.