Most savvy mineral owners would decline the option as that extends the time frame for too long and gives all the power to the lessee. Most folks in Texas would prefer a 25% royalty, so ask about it. The bonus would be less, but never hurts to ask. A higher royalty tends to pay off in the long run.
“Drill baby drill” depends upon the operator’s budget and the geology, so not relevant everywhere. Operators tend to stay within their economic plan.
If each of you inherited separate percentages of the acreage, then each of you are free to lease under your own terms to whomever you choose. The operator needs all of the acreage under a drilling spacing unit to be accounted for. Either leased or pooled (depending upon the state).
Cannot comment on who is leasing there since you did not give a location. Many times, other companies will also try to lease. The operator must abide by those lease terms as well.
With any draft lease, it is wise to get legal counsel. The leases are not generally in the mineral owner’s favor, so getting a good attorney to suggest changes and negotiate on your behalf can get you a better lease and more money in the long run. The rest of you can share the fees for the attorney. Each of your would sign your own lease, but each one would have the better language. The royalties are based upon the net mineral acreage, the drilling spacing acreage, the royalty, prices of oil/gas and whether or not you have post production charges and taxes which are required.