Stock options
Stock options are incentive instruments that are normally granted to senior managers and members of the Board of Directors of a company or employees.
Through these instruments, the employee is granted the right to purchase, in the case of previously issued shares, or to subscribe, in the case of newly issued shares, securities representing the company's risk capital.
The options granted to the employee are technically similar to the American type call options, as they grant the right to acquire the securities within a given period of time (option expiry) and at a given price (strike price).
The employee who receives the option offer, generally at a strike price equal to or lower than the market price, has the opportunity to attain a capital gain if at a time after the time of assignment of the options the price of the security goes above the strike price. Otherwise the options lose all their value.
Stock option plans consist of three main phases:
- Granting, a phase in which the company grants employees the right to purchase a certain number of shares in a predetermined future period of time and at a predetermined price;
- Vesting, the period from the offer of the stock option to the beginning of the period within which to exercise the option right;
- Exercising, the phase in which the right of option is exercised.
Stock option plans are also a tool to increase the productivity of employees who receive the offer of options: part of the salary is indeed linked to the performance of the security on the market.
Fonte: https://www.borsaitaliana.it/notizie/sotto-la-lente/stockoption203.htm
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