Ann: Visible gold in diamond drill core at Coxs Find Gold Project, page-85

in your example, as you give it ...
your original 10,000 shares at 10c cost you $1,000
if by Sept 2022 SP is 50c, your 10,000 shares worth $5000
so less your original purchase cost of $1000 - you're $4,000 ahead

your original 20,000 options at 5c cost you $1,000
by Sept 2022 you need another $1,000 to convert your options to full shares, you're now in for a total $2,000 cost
but - your $20,000 full shares at SP of 50c are now worth $10,000
so less your combined purchase costs of $2,000 - you're $8,000 ahead (a $3,000 advantage)

I think this is how it works?