Option Holder

Uh... someone who holds an option?

Yup.

Example

In the tech world today, an option holder is usually an early stage employee at a company that didn't have much cash to pay them a decent salary in the lean early years. So the company made up for it by granting them stock options which they hold until the company is sold or goes public. Ms. Employee can then sell those options in the open stock market.

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