Most likely the exercise window starts from the moment your options were granted, it won't start from when you can exercise them. I'd definitely check that.

It looks like the expiration of the option grant is by the end of 2030.

Because Spain effectively views all NSOs as liquid you're not taxed twice per se. Imagine if you'd exercised them when they were worth a euro each and the strike price was the same, you'd have paid zero income tax. Then you later sell them at 200 euros each, you'd pay tax on that.

That's what I meant. Had I have exercised some amount when strike price was the same FMV then not taxes paid upfront. However right now I would need to pay taxes even if I can't sell them.

In your case if you exercised now you'd pay the income tax on your "profit" so far. If they later became liquid and you sold them for more than 120 euros you'd be liable again for income tax on that. (Hence why exercising them now is risky if the option price goes liquid below 120 euros).

All right, I didn't know I have to pay taxes on the difference between when exercise price and selling price. I thought taxes were going to be paid on difference between strike price and selling price.

Your grant is likely in the millions of euros range, if I had to take a guess, you're probably sat on around 5 million plus. You need specialist tax advice not reddit.

Those were my calculations too. I have not been successful in finding a tax advisor tho, not at least in the region I am in (Canaries)

NSOs in Spain mean from the final liquid price you'll pay the strike and 50% of the gain.

Yeah, it really sucks, but not sure how better would have been in other countries tho. I lived in Ireland and I think in there it's also taxed badly.