An optionee is defined as a participant in a company's stock option plan who has been granted the right to purchase shares of the company or a subsidiary of the company, at a specific price for a set period of time. Record Date The date on which a shareholder must officially own shares in order to be entitled to a dividend or a corporate action. Sarbanes-Oxley Act of 2002 The Sarbanes-Oxley Act regulates public companies with shares trading on a U.S. Exchange with respect to corporate governance and reporting obligations. It tightens accountability standards for directors and officers, auditors, securities analysts and legal counsel.