option agreement.Corporations. A share-transfer restriction that commits the shareholder to sell, but not the corporation or other shareholders to buy, the shareholder’s shares at a fixed price when a specified event occurs. Cf. BUY–SELL AGREEMENT(2); OPTION(2). [Cases: Corporations  82, 113.C.J.S. Corporations §§ 180–181, 193–195, 220–225.]

[Blacks Law 8th]