Stock Options Exercise and Sale

What is the name of your state?CA
Next week I'm exercising Nonstatutory Stock Option vested between 2001-MARCH2005 from my former employeer. I understand that the difference between the exercise price and the current market price for the stock will be considered taxable income.
If I choose to sell the stock right away, will I get penalized because I didn't hold on to them for a year? If so, what's the fee/penalty/percentage?
THANK YOU!
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just had the same dilema...

if you buy and sell.....then it will be treated as ordinary income. fyi...if it is a significant amount....read up on alternative minimum taxes. AKA AMT this is a must! also, you can purchase and hold to create a long term gain.....however, there are risks in doing so. contact the irs or a tax accountant.....

Thank you for the info, and specialy about alternative minimum taxes that I never heard about. Thanks!