If that is the case, then the Board would probably be expounding upon the project coming in under budget, and the dollar amount of cost savings, before awarding stock options to Board members.

If that were the case, it would be prudent for someone in the room to do some quick math. It sure wouldn't look good if they bragged about being $10m under budget and then awarded $11m in options to themselves "because of their accomplishments," which indirectly would mean that the project was over budget. Well, sort of, indirectly.