Actually, apologies for being sloppy on this one (in having dashed this off in just a few minutes) - under tax laws, you can&#x27;t have an ISO without a 90-day tail. This should therefore read &quot;4) NQO without 90 day tail on termination&quot;. I would probably put ISO with 90-day tail and no early exercise as #5. It really is a toss-up, though, because the ISO does retain significant tax advantages for anyone who can keep his option exercises out of AMT. I give the NQO (with no tail) the edge here only if AMT becomes a factor, which it does for many people, primarily because it gives you have the flexibility to keep vested options alive long after leaving your employment. Hope this helps.