Okay, you don't get $20 VS coupon then, LOL.
It's Incentive Stock Option
Requirements: 1-2-3-10-10-100,000
• Granted under a plan, approved by the shareholders, that sets out the total number of shares that may be issued and who may receive them.
• Must be granted within 10 years at the earlier of the date when the plan was adopted or approved; must be exercisable within 10 years of the grant date.
• Exercise price may not be less than the FMV of the stock at the date of the grant.
• The employee may not own more than 10% of the combined voting power of the corporation, parent, or subsidiary as of the date of the grant.
• Once exercised, the stock must be held at least 2 years after the grant date and at least one year after the exercise date.
• Must remain an employee of the corporation from the date the option is granted until 3 months (1 year if due to permanent and total disability) before the option is exercised.
• An employee may exercise up to $100,000 of ISOs in a year. Any amount exercised that exceeds this will be treated as a non-qualifying option.
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