Set up a Stock Option Plan for outside directors (i.e., directors who are not employees of the company or any subsidiary) with this template form for a USA company. Provisions of the Plan include:

• Participants in the Plan will be granted annually a number of non-qualified stock options to purchase shares of the company's common stock for each year of the Plan in which they serve as a director of the company or any of its subsidiaries.
  
• Participants can elect to receive deferred compensation stock options in lieu of all or part of the fees payable to them for service on the Board.

This is a USA incentive plan in MS Word format, and is completely editable to fit your company's needs.