Electronic exercise without current FMV
Electronic exercise can be completed without a current fair market value for only the vested quantity of ISO (incentive stock option) grants.
NSO and early exercise
NSO (Non-qualified stock option) grants and early exercises cannot be processed electronically without a current fair market value on file. Contact the issuing company to enter a fair market value to complete an electronic exercise. You may still exercise the vested portion of an early exercise grant electronically.
You can still exercise your grants offline by delivering a check and filled out form of exercise agreement to the issuing company.
Option income and Form 3921
Since there there is no fair market value on file for the issuing company we are unable to provide option income to calculate taxable gain and AMT. The issuing company is required to provide you with a Form 3921 containing your option income and FMV and tax information no later than February 1 of the following year.