[awwstn]

Would I be paying tax as if I'd made capital gains in the amount of the delta between the strike price and the stock's value today? >> Yes, assuming you have not early exercised. This sucks.

>>>> So, if the company hasn't raised funding since I was offered my options, would I have zero tax liability for exercising my vested options?

[x0x0 → awwstn]

No, the board can still increase the fmv value for two reasons:

1 - the company has executed well and increased their value;

2 - to ratchet golden handcuffs tighter