A warrant is the right – but not the obligation – to acquire a certain underlying asset in a predefined period of time at a predetermined price and thus follows the basic functionality of an option. For the holder of this warrant option, this gives two possibilities: make use of the right and buy (call) or sell (put) the option. In contrast to a stock option, a warrant option grants the right to purchase an underlying security from an issuer and not from another investor. The advantage of a warrant program from the issuing company’s point of view is to counteract the dilution associated with an IPO and to regain autonomy in the company. Furthermore, a warrant program is not only a financing instrument for future projects, but also offers the possibility to acquire warrant options on the company in the sense of an employee participation program. This can be done either through the sale of warrant options or through a plan where employees receive warrant options based on their job performance or length of service for the company. This can subsequently act as an incentive for higher work performance among employees in order to generate profits through increased enterprise value.