Hi, generally a lease will require the written consent of the LL for any sub-lease of the property, so you would be in breach of your lease, if you sub-lease without approval.
With respect to offering the same options...
The questions you need to be asking is what will happen if you both have a disagreement?
or you decide not to renew the lease, but the sub-tenant wants to exercise his option... etc. so any rights he might have, will have to be reliant upon what you decide to do..
Additionally, I assume you have offered personal guarantees to the LL... will the sub-tenant be offering you the same?
Also, what if you decide to sell the business... or the sub-tenant wants to sell his business, and he or you are not happy with the proposed buyer....
I would need you to send me a copy of the Lease, in order to provide further advice and to confirm the above - and will send you an offer of additional service so you can forward the Lease for my review and feedback, and then we can discuss it over the phone.