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INCENTIVE STOCK OPTION LETTER AGREEMENT. The most important terms of the Option are summarized as follows: The Option will vest and become exercisable according to the following schedule, and the other terms of this Agreement, subject to your continued employment or service relationship with the Company or a Related Corporation: Date On and After Which.

Option is Vested and Exercisable: Three months from Vesting Base Date. Each three-month period completed thereafter.

Restricted stock - Wikipedia

Four years from Vesting Base Date. This provision is in addition to, and not in lieu of, any other rights provided in Section 12 of the Plan concerning the effect of a Corporate Transaction on outstanding Options, and Section The unvested portion of the Option will terminate automatically and without further notice immediately upon termination voluntary or involuntary of your employment or service relationship with the Company or a Related Corporation.

The vested portion of the Option will terminate automatically and without further notice on the earliest of the following dates: The Option must be exercised within three months after termination of employment for reasons other than death or Disability and one year after termination of employment due to Disability to qualify for the beneficial tax treatment afforded ISOs.

It is your responsibility to be aware of the date your Option terminates.

The Option is intended to qualify as an ISO under federal income tax law, but the Company does not represent or guarantee that the Option qualifies as such. Notice of Disqualifying Disposition: To obtain certain tax benefits afforded to ISOs you must hold the shares issued upon the exercise of the Option for two years after the Grant Date and one year from the date of exercise.

You may be subject to the alternative minimum tax at the time of exercise.

You should obtain tax advice when exercising the Option and prior to the disposition of the Option Shares. By accepting the Option, you agree to promptly notify the Company if you dispose of any of the Option Shares within one year from the date you exercise all or part of the Option or within two years from the Grant Date.

What is Incentive Stock Option? definition and meaning

You may exercise the Option by giving written notice to the Company, in form and substance satisfactory to the Company, which will state the election to exercise the Option and the number of shares of Common Stock for which you are exercising the Option. The written notice must be accompanied by full payment of the exercise price for the number of shares of Common Stock you are purchasing.

During your lifetime only you can exercise the Option. The Option is not transferable except by will or by the applicable laws of descent and distribution, except that nonqualified stock options may be transferred to the extent permitted by the Plan Administrator. The Plan provides for exercise of the Option by a designated beneficiary or the personal representative of your estate. Section 13 of the Plan provides additional restrictions and grants additional rights to the Company until such time as the Company may effect a registration of the Common Stock under Section 12 b or 12 g of the Exchange Act.

Upon exercise, the Plan Administrator may require you to sign a Stock Purchase Agreement that sets out these restrictions in more detail. You may request a copy of this agreement prior to exercise of the Option. Your particular attention is directed to Section By accepting the Option, you hereby acknowledge that you have read and understand Section Limitation on Rights; No Right to Future Grants; Extraordinary Item of Compensation: By entering into this Agreement and accepting the grant of the Option evidenced hereby, you acknowledge: Please execute the following Acceptance and Acknowledgment and return it to the undersigned.

By signing the following, you understand that as of the Grant Date, this Agreement and the Plan set forth the entire understanding between you and the Company regarding the Option and supersede all prior oral and written agreements on the subject and you further agree and consent to the cancellation and rescission of the prior stock option granted to you by the Company which for all purposes shall be deemed void ab initio.

I, a resident of the State of Washington, accept the Option described in this Agreement and in the Plan, and acknowledge receipt of a copy of this Agreement and a copy of the Plan.

I have read and understand the Plan. Lake Sammamish Fruig SE. Very truly yours, HouseValues, Inc. Date On and After Which Option is Vested and Exercisable: