Use this template to create a Stock Option Plan for key employees and directors of your company, as an incentive to help attract and retain the best people. Provisions of the plan include:

• Participation in the Plan is voluntary.
  
• Rights under the Plan are non-transferable by the participant (except upon death, when exercise rights pass to the legal beneficiary / beneficiaries).
  
• Participants are deemed eligible by the company's board of directors.
  
• At the discretion of the board, unexercised options may be renegotiated as to its terms, including exercise price.

This is a generic stock plan in MS Word format, and is not specific to any country or region.