directors options

With the finance sorted for at least a month the next critical date is the directors options on 29 June.
Can anyone give a guide on how this goes down ?
Someone on HC suggested they would do it a week or two out so as not to leave it till the last minute .
Does there have to be a lead time for acceptance of the options or can you simply wake up on the 29th and say heres my cheque ?
Do all options have to be exercised irrespective of the date before any sale offer or can it be done after an offer ?