Options are pretty much worthless till you can execute them. Even then theres only a one time cash-in-hand situation. Believe me I have a ton of options right now and its not helping ;)
No and no. I have only had traditional stock options which are essentially funny money that are vested over a period of years. You still have to purchase the stock but after the stock is vested you just get the ability to execute once there is an equity event such as IPO or sale...