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If the vega of the CEO's stock options is too high, the CEO may take too much risk, e.g., opt out of hedging. Why is

If the vega of the CEO's stock options is too high, the CEO may take too much risk, e.g., opt out of hedging. Why is that true?

a.

Vega is highest when the option is at-the-money

b.

Higher vega means the option price is robust to volatility

c.

The value of an option with a higher vega is more sensitive to volatility

d.

Higher vega means stock price increases with volatility

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