Q$16$ Numerous requirements must be met under the Internal Revenue Code $($IRC$)$ for a tax$-$favored incentive stock option $($ISO$).$ These include which of the following?

I. The written plan must be approved by the stockholders of the corporation.

II$.$ The option's exercise date cannot exceed $10$ years from the date of the grant.

III. There is an annual limit of $$100,000$ on the value of the ISOs exercised during any one year to any employee; the stock is valued on the grant date.

IV$.$ The exercise price cannot be less than the market price of the stock on the date of the grant.

a$.$ I, II$,$ and III.

b$.$ III and IV$.$

c$.$ I, II$,$ III, and IV$.$

d$.$ I and II$.$