This excerpt taken from the WAVX DEF 14A filed Apr 27, 2005.
22. Term of Plan; Effective Date
The Plan shall become effective upon the adoption by the Board and shall continue in effect for a term of 10 years from that date unless sooner terminated under Section 19. Options to purchase Shares granted prior to shareholder approval of the Plan are hereby expressly conditioned upon such approval, and shall be void ab initio in the event the shareholders of the Company shall fail to approve the Plan by May 31, 2005. Any and all payroll deductions will be returned to the respective Employee promptly.