This is really more a RAC question than a Daniel question. The answer is it depends on the terms of the buyout deal, but in most cases the acquirer just buys all the options at the agreed share price minus the strike price. In your example you would get $11.25 for each share and $10.00 for each piggyback option and not have to convert the options to shares first. This can have important tax implications, but the details are far beyond my expertise.
RAC Price at posting:
$1.41 Sentiment: Buy Disclosure: Held
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