Common use of OPTION IS AN ISO Clause in Contracts

OPTION IS AN ISO. The parties each intend that the Option be an ISO so that the Employee (or the Employee’s Survivors) may qualify for the favorable tax treatment provided to holders of Options that meet the standards of Code Section 422. Any provision of this Agreement or the Plan which conflicts with the Code so that the Option would not be deemed as ISO is null and void and any ambiguities shall be resolved so that the Option qualifies as an ISO. Nonetheless, if the Option is determined not to be an ISO, the Employee understands that the Company and any Affiliates are not responsible to compensate him or her or otherwise make up for the treatment of the Option as a Non-Qualified Option and not as an ISO. The Employee should consult with the Employee’s own tax advisors regarding the tax effects of the Option and the requirements necessary to obtain favorable tax treatment under Section 422 of the Code, including, but not limited to, holding period requirements.

Appears in 2 contracts

Samples: Incentive Stock Option Agreement (Myriad Genetics Inc), Incentive Stock Option Agreement (Myriad Pharmaceuticals, Inc.)

OPTION IS AN ISO. The parties each intend that the Option be an ISO so that the Employee (or the Employee’s 's Survivors) may qualify for the favorable tax treatment provided to holders of Options that meet the standards of Code Section 422. Any provision of this Agreement or the Plan which conflicts with the Code so that the this Option would not be deemed as an ISO is null and void and any ambiguities shall be resolved so that the Option qualifies as an ISO. Nonetheless, if the Option is determined not to be an ISO, the Employee understands that the Company and any Affiliates are not responsible to compensate him or her or otherwise make up for the treatment of the Option as a Non-Qualified qualified Option and not as an ISO. The Employee should consult with the Employee’s 's own tax advisors regarding the tax effects of the Option and the requirements necessary to obtain favorable tax treatment under Section 422 of the Code, including, but not limited to, holding period requirements.

Appears in 2 contracts

Samples: Incentive Stock Option Agreement (Cisco Systems Inc), Incentive Stock Option Agreement (Cisco Systems Inc)

OPTION IS AN ISO. The parties each intend that the Option be an ISO so that the Employee (or the Employee’s 's Survivors) may qualify for the favorable tax treatment provided to holders of Options that meet the standards of Code Section 422. Any provision of this Agreement or the Plan which conflicts with the Code so that the this Option would not be deemed as an ISO is null and void and any ambiguities shall be resolved so that the Option qualifies as an ISO. Nonetheless, if the Option is determined not to be an ISO, the Employee understands that the Company and any Affiliates are not responsible to compensate him or her or otherwise make up for the treatment of the Option as a Non-Qualified qualified Option and not as an ISO. The Employee should consult with the Employee’s 's own tax advisors regarding the tax effects of the Option and the requirements necessary to obtain favorable tax treatment under Section 422 of the Code, including, but not limited to, holding period requirements.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Immunogen Inc)