Before revision:  We analyse and numerically solve to value the option for both agentsand illustrate that the additional information of the insider can result in exercise patterns which exploit the information on the change point  .
After revision:  We analyse and numerically solve to value the option for both agentsand illustrate that the additional information of the insider can result in exercise patterns which exploit the information on the change point , lending credence to empirical studies which suggest that privileged information of bad news is a factor leading to early exercise of ESOs prior to poor stock price performance .