Here is the short summary from the amendments PDF linked below:

The amendment provides that certain employees who receive stock options or restricted stock units as compensation for the performance of services and later exercise such options or units may elect to defer recognition of income for up to 5 years, if the corporation’s stock is not publicly traded.

Perhaps the amendment itself makes this clear, but it sounds like this does not in any way affect option exercise timelines. It sounds like this just lets you defer recognition of the income resulting from an exercise.