Please read the passage below and answer the question below it. Google’s hopes the plan will “close the gap between the option value at grant and the employee’s perception of the value”, according to...

Please read the passage below and answer the question below it. Google’s hopes the plan will “close the gap between the option value at grant and the employee’s perception of the value”, according to the company’s executive compensation manager. The gap is particularly stark in the case of “under the water” options where the exercise price is above the market price. What do/don’t these options have?