Executive Stock Option (ESO)

Last updated 9 November 2026

Function reference › Equity Derivatives › Executive Stock Options

2 GIAnalyzer functions for Excel. Optional arguments are shown in [brackets].

GIA_EQD_ESO_Value

Returns the value of an Executive Stock Option (ESO) with a barrier, given continuous dividend yield and interest rate.

GIA_EQD_ESO_Value(SharesNumber, Strike, EDate, GrantDate, VestingDate, ExitRatePreVesting, ExitRatePostVesting, ExerciseRatio, StrikeChange, MaxStockPrice, BarrierType, Barrier, S, Vol, DividendYield, InterestRate, VDate, Comp, Days, Steps)

Returns: Value of an Executive Stock Option (ESO) with a barrier

Argument	Use	Description
`SharesNumber`	Required	The number of shares.
`Strike`	Required	The option's strike price.
`EDate`	Required	The expiry date.
`GrantDate`	Required	The date of the option grant.
`VestingDate`	Required	The last date of the vesting period.
`ExitRatePreVesting`	Required	The employee annual exit rate during pre-vesting period.
`ExitRatePostVesting`	Required	The employee annual exit rate during post-vesting period.
`ExerciseRatio`	Required	The minimum ratio of the stock price to the strike price, required for the voluntary early exercise.
`StrikeChange`	Required	The annual change in the strike price. If the strike price remains constant during the option lifetime, this argument is equal to zero.
`MaxStockPrice`	Required	The maximum effective level of the stock price during the option lifetime. If this argument is not relevant, it has to be omitted.
`BarrierType`	Required	The option's barrier type (Up-And-In, Up-And-Out, Down-And-In, Down-And-Out)
`Barrier`	Required	The option's barrier.
`S`	Required	The spot price.
`Vol`	Required	The volatility of the underlying asset.
`DividendYield`	Required	The continuous annual dividend yield.
`InterestRate`	Required	The interest rate.
`VDate`	Required	The value date.
`Comp`	Required	The compounding basis of the interest rate (Annual, SemiAnnual, Quarterly, Monthly, Simple, Continuous)
`Days`	Required	The time basis of the interest rate (act/360, act/365, act/act, 30E/360, 30I/360)
`Steps`	Required	The number of steps in the binomial tree.

GIA_EQD_ESO_ValueFromCurve

Returns the value of an Executive Stock Option (ESO) with a barrier, given continuous dividend yield and interest rate curve.

GIA_EQD_ESO_ValueFromCurve(SharesNumber, Strike, EDate, GrantDate, VestingDate, ExitRatePreVesting, ExitRatePostVesting, ExerciseRatio, StrikeChange, MaxStockPrice, BarrierType, Barrier, S, Vol, DividendYield, CurveDates, CurveRates, VDate, Comp, Days, Interp, Steps)

Returns: Value of an Executive Stock Option (ESO) with a barrier

Argument	Use	Description
`SharesNumber`	Required	The number of shares.
`Strike`	Required	The option's strike price.
`EDate`	Required	The expiry date.
`GrantDate`	Required	The date of the option grant.
`VestingDate`	Required	The last date of the vesting period.
`ExitRatePreVesting`	Required	The employee annual exit rate during pre-vesting period.
`ExitRatePostVesting`	Required	The employee annual exit rate during post-vesting period.
`ExerciseRatio`	Required	The minimum ratio of the stock price to the strike price, required for the voluntary early exercise.
`StrikeChange`	Required	The annual change in the strike price. If the strike price remains constant during the option lifetime, this argument is equal to zero.
`MaxStockPrice`	Required	The maximum effective level of the stock price during the option lifetime. If this argument is not relevant, it has to be omitted.
`BarrierType`	Required	The option's barrier type (Up-And-In, Up-And-Out, Down-And-In, Down-And-Out)
`Barrier`	Required	The option's barrier.
`S`	Required	The spot price.
`Vol`	Required	The volatility of the underlying asset.
`DividendYield`	Required	The continuous annual dividend yield.
`CurveDates`	Required	The array of dates in the interest rate curve.
`CurveRates`	Required	The array of rates in the interest rate curve.
`VDate`	Required	The value date.
`Comp`	Required	The compounding basis of the interest rates (Annual, SemiAnnual, Quarterly, Monthly, Simple, Continuous)
`Days`	Required	The time basis of the interest rates (act/360, act/365, act/act, 30E/360, 30I/360)
`Interp`	Required	The interpolation method (Linear, LogLinear, CubicSpline, Exponential)
`Steps`	Required	The number of steps in the binomial tree.