The Company has determined that the stock option (“Option ”) granted to you on June 7, 2004 in respect of 30,000 shares of our Series B common stock (“Common Stock ”) at an exercise price of $10.00 per share was granted with an exercise price less than the fair market value of the Common Stock at the time of grant.
[Y]ou and the Company desire to raise the exercise price of the Common Stock in respect of the Option from $10.00 per share to $21.25 per share, which the Company has determined to be the fair market value of the Common Stock on June 7, 2004.
Just a few years ago, companies were racing to reprice stock options that had gone underwater. Now, we have an agreement to reprice an option to a higher exercise price. How about that? Read the full agreement between ExlService Holdings Inc. and Amit Shashank.