While that is common, that is unrelated to my point. Being given an option grant does not expose you to downside. Exercising the grant can result in a loss, su

While that is common, that is unrelated to my point. Being given an option grant does not expose you to downside. Exercising the grant can result in a loss, sure, but exercising is not necessary to have exposure to upside. As the OP points out though, 90 day windows force you to exercise (and be exposed to downside) or forfeit your upside.