It has always been my understanding that if one is in management, is allotted options that "do not expire" and continue to multiply either through "time on the job" and/or for meeting certain milestones, it behooves that person to hold those options until they can be maximized for a couple of reasons.

First; in the case of exercise to sell... if you are expecting the stock to go up you wait to maximize the spread between the exercise price and the current PPS. Early exercise is a waste of a perfectly good option. In other-words... if you have an idea the PPS will be much greater down the road... wait and enjoy the gains without spending a dime.

Second;  in the case of exercise to hold (U.S.... not sure about Canadian tax codes)... there are certain tax ramifications on the spread between the exercise price and the current PPS in the taxable period you exercise. Why pay taxes when you don't have too. Keep the option until you can use it to maximize your profits and then exercise and pay the taxes with your gains.

Options are an advantage only if they haven't been exercised prematurely.

Not sure if that's what you are eluding to, but it's how I would play it if I were them.

Disclaimer; I am not an accountant but I have been trading for over 35 years (I'm an advertising guy... not a stock broker) and I am familiar with option programs because of some of the companies I have represented who went public as well as with my wife who earns options from the company she works for.