Unlisted options cannot be traded as they are unlisted, if...

Unlisted options cannot be traded as they are unlisted, if listed they can trade
The recipient can convert them anytime they like before expiry .
Once they pay the money and change to heads then they can trade them
Any option once past the expiry date is worthless.
PS Case study FGO have escrowed performance options come out Monday. Will holders convert as in money and sell on market for profit. That fear has driven the price down in last few weeks.
Hope that helps