The paper theoretically discussed the investment decision behavior and incentives design when the shareholder faced a project with expand option but at the same time had to undertake the double risks of action-hidden and information-hidden from the manager. We compared different results with different utility of the manager, and concluded that the shareholder would decrease the investment break-even point to prevent the manager to exaggerate the value of the expand option, while the break-even point would still be higher than that when the information is symmetric