This sample form, a Stock Option Plan document, is usable for corporate/business matters. The language is easily adaptable to fit your circumstances. You must confirm compliance with applicable law in your state. Available in Word format.
Yes, once you exercise your stock options and buy the shares, you can sell them just like any other stocks. However, keep in mind the timing and market conditions!
If you decide to leave the company, the fate of your stock options depends on the company's rules. Sometimes you can still exercise them for a limited time, but don't miss the deadline!
Typically, employees who have been with the company for a certain amount of time can join the plan. This usually includes full-time staff but check the fine print!