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This excerpt taken from the MRO DEF 14A filed Mar 13, 2007. (a) Option. A Director Award may
be in the form of an Option. An Option
awarded to a Non-employee Director pursuant to this Plan may consist of a
Nonqualified Stock Option. On the Grant
Date, the Grant Price of an Option
shall be not less than the Fair Market Value of the Common Stock subject to
such Option. The term of the Option shall extend no more than 10 years after
the Grant Date. Options may not include
provisions that “reload” the option upon exercise. Subject to the foregoing provisions, the
terms, conditions and limitations applicable to any Options awarded to
Non-employee
I-9 Directors pursuant to this Plan, including the Grant Price, the term of the Options, the number of shares subject to the Option and the date or dates upon which they become exercisable, shall be determined by the Board. |
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