my thoughts on oppies, page-6

I don't know about any precedent - but I understood once an option was issued that it could only be converted at the strike price before the expiry date except in the case of a restructuring of the head security/split of capital where the modification was restricted to only reflect the differences between the old and new capital structure fairly.

Even if it were possible I think it would be a very dangerous thing to tamper with existing security conditions - the holder of say 1 million options may sell for 1c each in February if SP was still 40c. If the next day the company changes the playing field by extending them by a year for only a cent the price would likely shoot up to 5-6c given that they are likely well into production by then. The seller at 1c may well have a legal case to claim compensation - I'm not sure - and at the very least there will be plenty of very annoyed people who had already sold.