Definition of Tax-Qualified Option


Tax-Qualified Option means an Option that is intended to qualify under particular provisions of the Code, including without limitation an Incentive Stock Option.
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Examples of Tax-Qualified Option in a sentence

The term of each Option shall be seven (7) years from the date of grant thereof provided that the Committee, if it intends that a particular Option qualify as a Tax-Qualified Option, shall observe such restrictions on the term of such Option as may be imposed by applicable tax laws in order for such Option so to qualify.
To the extent that any provision of this Plan would prevent any Option that was intended to qualify as a Tax-Qualified Option from so qualifying, any such provision shall be null and void with respect to any such Option; provided, however, that any such provision shall remain in effect with respect to other Options, and there shall be no further effect on any provision of this Plan.
If the Participant dies, the Tax-Qualified Option may be exercised by his personal representatives within 12 months after his death, after which it will lapse.
Nonqualified Option means an Option Right that is not intended to qualify as a Tax-Qualified Option.