Treaty ownership is assessed on the enterprise as it is actually owned and controlled, so an unexercised option is not treated as though it were already shares. It still matters as a fact: a reviewer may ask what happens on exercise, and you should be able to answer with the document.
Answer the exercise question before it is asked
Prepare a short written explanation of the grant: who holds it, on what terms, and what the ownership percentages become if it is exercised in full. If exercise would move the enterprise below fifty percent treaty ownership, discuss with counsel whether the option can be restructured, capped, or held by a treaty national. Do not assume the grant is fatal, and do not ignore it because it is contingent.
Go through every asset on the business's equipment or inventory list and match it to a bill of sale, lease, consignment agreement, or supplier contract that shows who actually holds title and what the investor paid or pledged. E-2 also requires treaty nationality for the investor and enterprise, lawful source and path, capital irrevocably committed and at risk, an amount substantial relative to the cost of buying or establishing the business, and a real operating enterprise that is more than marginal.