Fashion inc, an SEC registrant, is a fashion retailer that sells men's and women's clothing and accessories.

Fashion inc, an SEC registrant, is a fashion retailer that sells men's and women's clothing and accessories. As an incentive to its employees, the Company established a compensation incentive plan in which a total of 100,000 options were granted on January 1, 20X1. On that date (the grant date), Fashion's stock price was $15.00 per share. 

The significant terms of the incentive plan are as follows: 

• The options have a $15.00 "strike" or exercise price (the price the employee would pay to purchase a share of stock if the options vest).