> ## Documentation Index
> Fetch the complete documentation index at: https://legal.belang.org/llms.txt
> Use this file to discover all available pages before exploring further.

# Introduction

> The rules governing promises of future ownership.

An **Option Plan**, also known as an *Employee Stock Option Plan* (ESOP), defines how employees or other stakeholders can become owners of something in the future.
Here you'll find the legal elaboration of that in the form of **Terms**.

These Terms are intentionally kept general and flexible so they apply to a wide variety of organizations and situations.
For example, one clause states: *"The Issuer determines, at its sole discretion, whether, when, and to whom Options are granted."*
In practice, your organization can give this its own interpretation, often without needing to modify these Terms.

### The Terms

These Terms consist of seven Articles:

* [Definitions](/en/options/conditions/definitions), explanation of defined terms
* [Grant](/en/options/conditions/grant), how, when, and to whom options are granted
* [Exercise](/en/options/conditions/exercise), when and how options may be exercised
* [Cancellation](/en/options/conditions/cancellation), circumstances under which options lapse
* [Transfer](/en/options/conditions/transfer), rules regarding the transfer or succession of options
* [Special events](/en/options/conditions/special-events), what happens in case of reorganisation, sale, or other extraordinary situations
* [Miscellaneous](/en/options/conditions/miscellaneous), general provisions on language, communication, governing law, and interpretation