This excerpt taken from the GVHR DEF 14A filed Apr 17, 2008.
A stock option is the right to purchase a certain number of shares of our common stock at a certain exercise price in the future. The Plan provides for the grant of incentive stock options and nonqualified stock options. The compensation committee will determine whether an Option is an incentive stock option or a nonqualified stock option at the time the Option is granted and will establish the terms pursuant to which the option will be exercisable, so long as such terms are not otherwise inconsistent with the terms of the Plan.
The compensation committee may permit an option exercise price to be paid:
The term of an incentive stock option granted to a participant who owns more than 10% of the voting stock of Gevity or any subsidiary of Gevity may not exceed five years from the date of grant. The term of all other incentive stock options and all nonqualified stock options may not exceed 10 years from the date of grant.