There’s no single answer for all companies, just what’s typical for boilerplate incorporation documents, and an entity with an options agreement is already past

There’s no single answer for all companies, just what’s typical for boilerplate incorporation documents, and an entity with an options agreement is already past that point. Reading the company’s options agreement and its Articles of Incorporation and Bylaws (for restrictions on share transfers, right of repurchase, etc.) is the only way to answer your question.