The Value of the Options Awarded to the Executives Is

The value of the options awarded to the executives is much less than the face value to the executives because:

A) the value to the executive depends on the equity price being greater than the exercise
Price.
B) the options must be held beyond the freeze-out period.
C) a highly undiversified portfolio can have a large drop in value with high variance equities.
D) All of the above.
E) The value of the option can never be less than the face value.