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It seems like they're issued shares over which people have option to purchase. Where the option is not exercised by the option holder (ie unexercised), others who have exercised their own options may acquire the shares via a right of pre-emption or the board can allow third parties to acquire them
The context is :" Coloro che esercitano il diritto di opzione, purchè ne facciano contestuale richiesta, hanno diritto di prelazione nell'acquisto delle azioni che siano rimaste non optate. Le azioni non optate possono essere collocate dall'organo amministrativo anche presso terzi."
Have these shares actually been issued? If so then John's answer is not quite the same thing.
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non-exercised share options
Explanation: azioni inoptate - WordReference Forums - [ Traduci questa pagina ]3 post - Ultimo post: 5 dic 2007
**azioni inoptate** Italian-English. ... "...with the power to make **non-exercised share options** available to third parties.". ...
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