And if as I believe the exercise price for them is the same $8.69, they will not exercise those options unless they the share price is materially higher than that. If the share price when the options can be exercised is at or near that level, there is no reason to exercise them and they will be worthless. The reason these options are part of what is called "incentive compensation" is to give them incentive to make the company perform better and raise the share price. I continue to be baffled by all of the negativity about the topic of these options. It is these options that most align the interests of the option owners with the shareholders!
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