Ask HN: What do you do with stock options underperforming the underlying stock?

The company I work for went public and my strike price is higher than the current price in the market. The real stock probably won't reach that strike price in a long time--if ever, so they're essentially worthless, and will be for a long time. So my question is: what do you do here? At least before we were public, they would use stock options as an incentive because they MIGHT be worth something. But now they're actually worth jack. New employees probably get RSUs that actually amount to a real value, while the older employees are stuck with worthless options.

Have you ever been in this position? How do you negotiate/reason about it?