Access/control is the only reason I can come up with. Access: One often doesnt have an option to buy shares in a private company besides the granted options.

Access/control is the only reason I can come up with. Access: One often doesnt have an option to buy shares in a private company besides the granted options. Control: If one had 49% of share and options as you described for 2% one could take control of the company? Extremely edge case. She could hold them until just before the expiry to see if they do bounce back in the window.