It looks like the acquisition price per share ($17.40) was right around their IPO price of $17, so options wouldn't be underwater. But before that the stock tr

It looks like the acquisition price per share ($17.40) was right around their IPO price of $17, so options wouldn't be underwater. But before that the stock traded as low as $6. So during this time the employees' stock was underwater, whereas C level will have been able to sell a portion of their shares at IPO (vs employees waiting for their 6 month lockup to expire). But the stock had recovered to $16+ before the acquisition so... I mean it's a public company. "Up and to the right" isn't always the case