Executive Commentary
评论员工股票期权设计，指出期权价值应与业绩挂钩，反对因市场整体上涨而获利，主张对标同行指数化期权价格，平衡股东、高管和其他员工的需求。
The article presents a commentary on employee stock option design. The author notes that stock options are not often well understood, even by corporate boards. He contends that linking option worth with performance is significant. He explains that executives and other employees should not benefit from option grants simply because the entire market is rising. The author is an advocate of indexing option prices to performance against peers. The author concludes that executive compensation design should balance the needs shareholders, executives, and other employees.