Airplane options are not like any option anyone here has had exposure to or experience with.

In almost all cases, options are for specific slots, as the slot time nears the operator has to either take the option or cancel the option and walk away. In some cases it's an all or noting deal, as in one option is canceled, then all options are canceled, or some may be converted to purchase rights.

In any case, airplane options are unique and are almost always OEM/Operator specific, which means no two operators will have the same type of options as another operator. Just as each operator pays a different price for aircraft acquisition.

Options and purchase rights are not the same thing either, although purchase rights are more flexible for the operator, but usually have a longer lead time for delivery.