Cheney made the statement as he prepared to release his financial disclosure forms and 10 years of income tax returns.
"In order to avoid even the appearance of a conflict of interest, I am fully prepared to forfeit any options that have not vested by the time I assume office," said Cheney, who recently stepped down as the head of Dallas-based Halliburton Co., the world's largest oil-services company.
Cheney, who was chairman and chief executive of the company, left with more than $13.6 million worth of stock and options, some of which could not be sold yet. Options allow someone to buy a company's stock at a preset price.
Some have urged him not to retain the options because Halliburton's stock price could be affected by actions taken by a Bush-Cheney administration. Unlike stock, options could not be placed in a blind trust, where the recipient has no control over his or her investments.
"It's a situation where national concerns are mixed with business concerns," Peter Eisner, managing director at the Center for Public Integrity, a government ethics advocacy group, said last month.
Besides his Halliburton stock, Cheney also holds options granted by Procter & Gamble, the giant consumer products company. They also would not take effect until after Inauguration Day.
Cheney said he would set up a blind trust if elected vice president.
He received a multi-million-dollar retirement package from Halliburton, the company he ran for five years. He retained options on more than a million shares he could buy at prices ranging from $21 to $54 each. But many of those options would take effect only after the inauguration.
The tax returns of Cheney, a former congressman and defense secretary, show what a difference the transition into the private sector made.
In 1990, while defense secretary under President Bush, he and wife Lynne reported an adjusted gross income of $225,196 and paid $47,332 in income taxes. In 1999, his last full year as head of Halliburton, Cheney and his wife reported an adjusted gross income of $4.4 million and paid $1.7 million in taxes.
Adjusted gross income is the amount of salaries, interest, dividends, capital gains, rents, and other income, minus deductions for things such as contributions to retirement plans.