English translation: subscription right, option right
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Explanation: This is only a guess, given the limited context, but assuming we are talking about employee share options (Optionsprogrammet), I think in English it's enough to say just 'option', not 'option rights', because option implies rights anyway.
However, Google shows plenty of hits for 'option rights'.
Warrants, AFAIK, are issued to outside shareholders, not employees. So it depends on the full context.