It's short term capital gains vs long term.
If you don't exercise and just sell short term capital gains tax applies.
If you exercise ISOs and hold long enough you pay AMT, which can be refundable, and LTCG when you sell the shares.
If you don't exercise and just sell short term capital gains tax applies.
If you exercise ISOs and hold long enough you pay AMT, which can be refundable, and LTCG when you sell the shares.