yeah, it's sort of the same.
a warrant (like an option and the employee plan you're describing) is a right to buy shares at a pre-agreed price. a warrant has an exercise price, that's the price someone has to pay to get those shares, regardless of the market price.
so if the exercise price of the warrant is below the market price, it's attractive to exercise (as you make a profit by selling). if the exercise price is above the market price, you generally don't exercise as you would end up overpaying.
in companies like STEM warrants are used as a bonus, to attract financiers.
as long as the shares have been registered, there's no hold period after exercising the warrants. you had to hold for 3 years, a warrant holder can cash right away after exercising.
i hope this helps.
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