I think options for executives should be an incentive to go to extra effort to improve the value of the company, not merely to take a piece of the value of the company that has already been achieved on previous efforts (which one may assume have already been remunerated).
If the company was worth $24 per share (exec options strike price) or more at the time the exec options were issued, then I think these options fall within the latter category and not the former. It follows that exec incentives and shareholder incentives were and are not fully aligned.
In my view, the strike price should have been some reasonable percentage above the likely market cap currently foreseeable in circumstances that have already been achieved.
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