@comin2getMe thanks for providing some insights, i've been...

@comin2getMe thanks for providing some insights, i've been trying to figure this out as well and if you don't mind this is where I am getting confused. All theoretical in nature;
If 4200 PBHO were purchased for $14700; and the PBH goes to $20. You would need to pay the $value to exercise your options and then realise that number of shares at the current price of PBH ($20 in this example) for a current value of 4200 converted PBH shares at $84000 (subtracting the PBHO initial cost and the conversion fees)

This is my understand and keen for any clarification.

This is not financial advice and only a theoretical example.