Options are not priced at the time the shareholders vote to let the company refill their "options pool". They are priced on a schedule that is tied to the price of the stock during the "option period" preceding the option grant. That could be annual, biannual, quarterly or whatever.

Yes... when the next option distribution takes place it will be priced according to this option period. so YES, the option price will be low.

But... many people in the company, I am sure, have options that are way, way, way underwater that aren't even vested yet.

Actually, I would go out on a limb here and say that most of the options, existing participants, are receiving cost less than many in their "vested" que already. These won't see that que for quite some time. At least a year I would guess and then in a small increment of the actual number of options granted to the board for the refill and a smaller number for the that period.

Don't forget options mature over years, not months and only vest on a partial basis over those defined years. This is not a windfall in cheap options for the company or the participants in the options program. Heck, if the permit shows up next month and the price goes to $5 and stays there. The participants options will be priced at $5... not today's price.

If they get fired or quit prior to their options vesting... too bad, they don't get anything. Options are designed to keep an employee interested for the very long haul. Not a quick jump into retirement via a parachute.

It's not all as "cut and dried" as it would appear.

I'm saying how you should vote here, but I am saying that you should see what their particular option plan reads like before you vote. It should be on their site or I am sure RM would be happy to forward it to the board. It is not a corporate secret.

Anyway... then you can vote as a knowledgeable shareholder, rather than one who is assuming this is an instant windfall for those it involves.

Sorry about the length. I got carried away.

And YES again... only my thoughts on the matter.