Low Exercise Price Option - LEPO

Low Exercise Price Option. Nothing to do with squats, pilates, or spin class.

You joined whatever.com before the IPO, when the 409a valuation (banker-and-lawyer-assessed net worth of the company's common shares) was very low. On 100 million shares, they determined each share to be worth 30 cents, such that the value of the whole company was $30 million. But whatever.com went public and is now trading for $20 a share, such that your strike price of only 30 cents exists now $19.70 in-the-money.

See: Employee Stock Ownership Plan - ESOP.