A new high-growth business has issued stock options to new employees as part of their overall compensation. The options have a strike price of $.25 and vest evenly over 4 years but also automatically vest on a change in control (sale of the company). Jean works for this company and received 10,000 options when she was hired.

1. After her third year of the company is acquired by a much larger firm at a price equal to $12.00 per share. Based on this scenario how much would Jean gain from the execution and sale of her shares upon the sale?
2. In a different scenario, the company is not sold but Jean leaves the company after 24 months. How many shares does she have a right to own and how much would it cost her to exercise her options into shares?