Common use of Incentive Stock Option (ISO) Clause in Contracts

Incentive Stock Option (ISO). At the next Company annual meeting, the Company shall seek stockholder approval and shall register with the SEC, an Incentive Stock Option Plan meeting the requirements established by Section 422 of the Internal Revenue Code, whereby options granted are not taxed until the stock is sold and they are not deductible as compensation expense by the corporation. The term of said ISOs shall not exceed five (5) years and the option price shall be equal to or greater than one hundred percent (100%)of the fair market value at the grant date. Within thirty (30) days after the Incentive Option Plan is in effect, the Company shall grant to Van Xxxxxxx ISOs for the purchase of five thousand (5,000) free trading shares of the common stock of the Company and ISOs for the same amount of stock shall be granted to Van Xxxxxxx on each anniversary date of the first grant during the term of this Agreement, providing he is at the time employed by the Company, subject to the provisions of Section IX 4 (b) herein.

Incentive Stock Option (ISO). At the next Company annual meeting, the Company shall seek stockholder approval and shall register with the SEC, an Incentive Stock Option Plan meeting the requirements established by Section 422 of the Internal Revenue Code, whereby options granted are not taxed until the stock is sold and they are not deductible as compensation expense by the corporation. The term of said ISOs shall not exceed five (5) years and the option price shall be equal to or greater than one hundred percent (100%)of the fair market value at the grant date. Within thirty (30) days after the Incentive Option Plan is in effect, the Company shall grant to Van Xxxxxxx Eastland ISOs for the purchase of five fifty thousand (5,00050,000) free trading shares of the common stock of the Company and ISOs for the same amount of stock shall be granted to Van Xxxxxxx Eastland on each anniversary date of the first grant during the term of this Agreement, providing he is at the time employed by the Company, subject to the provisions of Section IX XI 4 (b) herein.

Incentive Stock Option (ISO). At the next Company annual meeting, the Company shall seek stockholder approval and shall register with the SEC, an Incentive Stock Option Plan meeting the requirements established by Section 422 of the Internal Revenue Code, whereby options granted are not taxed until the stock is sold and they are not deductible as compensation expense by the corporation. The term of said ISOs shall not exceed five (5) years and the option price shall be equal to or greater than one hundred percent (100%)of the fair market value at the grant date. Within thirty (30) days after the Incentive Option Plan is in effect, the Company shall grant to Van Xxxxxxx Xxxxxxxxxx ISOs for the purchase of five ten thousand (5,00010,000) free trading shares of the common stock of the Company and ISOs for the same amount of stock shall be granted to Van Xxxxxxx Xxxxxxxxxx on each anniversary date of the first grant during the term of this Agreement, providing he is at the time employed by the Company, subject to the provisions of Section IX XI 4 (b) herein.

Incentive Stock Option (ISO). At the next Company annual meeting, the Company shall seek stockholder approval and shall register with the SEC, an Incentive Stock Option Plan meeting the requirements established by Section 422 of the Internal Revenue Code, whereby options granted are not taxed until the stock is sold and they are not deductible as compensation expense by the corporation. The term of said ISOs shall not exceed five ten (510) years and the option price shall be equal to or greater than one hundred percent (100%)of l00%) of the fair market value at the grant date. Within thirty (30) days 30)days after the Incentive Option Plan is in effect, the Company shall grant to Van Xxxxxxx Downs ISOs for the purchase of five fifty thousand (5,00050,000) free trading shares of the common stock of the Company and ISOs for the same amount of stock shall be granted to Van Xxxxxxx Downs on each anniversary date of the first grant during the term of this Agreement, providing he is at the time employed by the Company, subject to the provisions of Section IX XI 4 (b) herein. The aforesaid number of shares in said ISO grant shall be in post-reverse split shares.

Incentive Stock Option (ISO). At the next Company annual meeting, the Company shall seek stockholder approval and shall register with the SEC, an Incentive Stock Option Plan meeting the requirements established by Section 422 of the Internal Revenue Code, whereby options granted are not taxed until the stock is sold and they are not deductible as compensation expense by the corporation. The term of said ISOs shall not exceed five ten (510) years and the option price shall be equal to or greater than one hundred percent (100%)of 100%) of the fair market value at the grant date. Within thirty (30) days 30)days after the Incentive Incentative Option Plan is in effect, the Company shall grant to Van Xxxxxxx Xxxxxx ISOs for the purchase of five fifty thousand (5,00050,000) free trading shares of the common stock of the Company and ISOs for the same amount of stock shall be granted to Van Xxxxxxx Xxxxxx on each anniversary date of the first grant during the term of this Agreement, providing he is at the time employed by the Company, subject to the provisions of Section IX 4 XI 5 (b) herein. The aforesaid number of shares in said ISO grant shall be in post-reverse split shares.