A company can sell or give out as many options as they want, even more than there are shares, but we advise against it. This is because the help of a notary is needed to emit new shares and this costs time and money. Next to this, it is very unclear for investors or other shareholders to see who now really owns what, or is entitled to what. This might cause unwanted uncertainties. If you make sure you have as many shares as you have given out options, a person that wishes to exercise their options can be helped immediately. This is why we facilitate to run a foundation holding these shares on which options are sold, and can immediately when needed give out a certificate of that share. Hence the advice is to give out only as many options as you have shares available. N.B. We are not indicating that it is not possible to give out more options. If more options are given out than shares are available, a notary will always have to guide every exercise of an option.