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Cashing them in is simply selling the right to someone else. Or is it buying at the old price and immediately selling at the new higher price? This year your option is worthless so you can't sell it and you don't want to buy your shares for more than the current market price. The only way you can owe the company money is if you foolishly opt to buy the shares anyway even though the price you pay is higher than market price.
But I could be wrong.
You have to buy them at the option price then you can either keep them, or immediately sell them. I have a few stock options in web.com but I have to wait 2 years before I can use those options, and if I leave the company I lose the options right.