Venture Deals · glossary
An option that can be exercised only on an exit, and only as far as it has vested. It keeps the register clean until the sale, and any option not exercised then lapses. Clause 7.4 · Chapter 12
Explained in Chapter 12, Employee Equity and the Option Plan, of Venture Deals.
A Solaris option is exit-only. Rule 6 says it is “not exercisable at any time except on or immediately before completion of an Exit”, and then only as far as it has vested. An exit here means a change of control of the company. Any option not exercised at that moment lapses.Read Chapter 12, Employee Equity and the Option Plan →
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