Entitle (verb): to have a right or claim. "The shareholders were entitled to a dividend."
Authorize (verb): "The General Meeting authorized the Board of Directors to resolve on a new share issue during the coming year."
Eligible (adj): "Lawyers who have practiced family law for five years are eligible to apply for specialist certification."
Vest (verb): "The right to purchase new shares in the company vests in all current shareholders."

entitlement (noun): "Upon death, the pension entitlement passes to the surviving spouse."
entitled to exercise: "The employee was entitled to exercise the option to purchase shares in the company."
entitled to equal rights: "All citizens, regardless of race, are entitled to equal rights under the law."

Note: Entitled can also refer to the name of something. "The book is entitled A Survey of Scandinavian Commercial Law."
Source: Translegal