That value is obviously a function of when, and under what conditions, the option can be exercised. To assess the cash equivalent of the option, only the market value of the option at the time of the grant matters.
(2011), The international monetary system is changing: What opportunities for Europe?, paper for Bruegel-PIIE Conference The Transatlantic Relationship in an Era of Growing Multipolarity, Berlin, 27 September 2010. Bini Smaghi, L. (2011): “The Triffin dilemma revisited”, speech at the Conference on the International Monetary System: sustainability and reform proposals, marking the 100th anniversary of Robert Triffin; the Triffin International Foundation, Brussels, 3 October 2011.