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Use this template to create an Employee Stock Option Plan for key employees, directors and consultants of your company, to be used in the Province of Ontario, Canada. Provisions of the Plan include: If an optionee does not exercise its maximum number of options during an option year, the balance is carried forward to the following year. On the death of a participant, his/her estate has 90 days to exercise outstanding options. Options expire immediately upon termination, retirement or removal from office. Shares are transferable, but options are not. The company has a first right of refusal on all shares issued pursuant to the stock option plan. Upon death, retirement, disability or termination, a participant has a put option and the company has a call option. The Board may exercise a mandatory buy-out option upon a sale of the company. This is a Canadian stock option form in MS Word format.