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What is an Option Certificate?
An Option Certificate is a certificate that sets out the detailed terms on which options given under a Share Option Plan can be exercised.
A Share Option Plan sets out the basic rules to govern how the options work. An Option Certificate sets out the exercise price, vesting dates, and specific conditions to be fulfilled (if any) in order to exercise the option.
The terms of an Option Certificate can be different for each option holder.
Key points included
- Date of adoption of the Share Option Plan;
- Date of grant and lapse of option;
- Class of shares to be purchased;
- Total number of shares to be purchased;
- Exercise price;
- Exercise condition (if any); and
- Vesting dates.