It depends on the contract and it can be performed according to the contract.

Options, like futures, are a type of contract. The option buyer has the right to purchase or sell an asset at a fixed price on a specific date or at any time before that date after paying a certain consideration to the seller. It gives you the right to obtain equity at a certain price within a certain period in the future.

If a company is not listed, it can also give employees options. Options mean that option holders have the right to exercise the options upon expiration. If the company is not listed, they will have the right to receive dividends upon expiration. After listing, you can have the right to sell and cash out, provided that the stock price has exceeded the exercise limit price.