Guys,
Can't say I'm against you as I'm holding my vote on incentive options till the last moment to see what transpires. If status remains the same, I won't be voting yes.
However, I think the clause Jess highlighted is being mischaracterized. The clause:
[b}The Plan Administrator shall have the authority to effect, at any time and from time to time, with the consent of the affected option holders, the cancellation of any or all outstanding options under the Discretionary Option Grant Program and to grant in substitution new options covering the same or a different number of shares of Common Stock but with an exercise price per share based on the Fair Market Value per share of Common Stock on the new grant date.
This does not say they can reprice options. It says they can cancel outstanding options and replace them with new options that are priced at market. Difference here is that the old options aren't repriced. They are cancelled and taken out of circulation. The difference is the ultimate dilution to shareholders caused by option grants.
Regards,
WH
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