It depends. Filing as advised below would allow you to be eligible for the qualified business income deduction (QBID).
Technically, you were an employee who received stock options after you finished working for them so it could be considered as self employment. The regular withholdings (social security, medicare tax) would need to be paid by you as a nonemployee. You could try to file it like it was a W-2, hoping the IRS would go after the employer for their share of payroll tax, however you would likely lose since you were no longer employed.
File the 1099-NEC as if you were self employed and indicate it 'Did involve work that's like your main job and it Did involve an intent to earn money'. This will allow the QBID and calculate any tax owed on this money (federal and self employment taxes or social security and medicare).
The full amount of the 1099-NEC will be the cost basis of your stock plus any discounted amount paid, if applicable. Keep this information for the eventual sale of the exercised stock.
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