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According to a report from Orange County Business Journal, the Directors of Billabong International Ltd are asking shareholders to sign off on a plan to lower the strike prices on more than 1.8 million in executive options. The proposal would lower the strike price from 9.95 to $9.64. According to the article this would lower the strike price on 524,170 options for Billabong USA President Paul Naude, as well as affect BIllabong International CEO Derek O’Neil and other high-ranking executives within the company.

“The company is looking to cut options prices as a retention tool in a year when executives are foregoing bonuses and have seen their salaries frozen,” the article says.