Premiums pocketed from expired options are considered short-term capitalgain (never mind how long you hold the position), and that gain could be taxed at high rates.
FORBES: Magazine Article
2.
If the stock sale is a qualifying transaction, then the employee will only report a short or long-term capitalgain on the sale.
FORBES: Introduction To Incentive Stock Options
3.
If stocks go nowhere, you make 2% a year owning futures, taxed as a capitalgain (a blend of short- and long-term gains).