In Israel, form 102 is exactly this exemption. You pay stock-market tax (25%) and not income tax (up to 25%) and you only pay the tax after you convert the opti

In Israel, form 102 is exactly this exemption. You pay stock-market tax (25%) and not income tax (up to 25%) and you only pay the tax after you convert the options to stocks. (So, when you vest or as late as you'd like if you don't leave the company).