Common use of Incentive Stock Plan Clause in Contracts

Incentive Stock Plan. If the Plan is not approved by the Company's shareholders within one year of its adoption, such failure of obtaining shareholder approval shall have no effect whatsoever as to the validity or enforceable of the Option, and the Option shall be deemed a non-incentive stock option granted apart from the Plan and reference to the Plan shall be made to provide the meaning and intent to the terms and provisions that are not otherwise defined herein.