> Stock options had long been a major part of the Sierra compensation package, so most employees and former employees were affected by the overnight collapse in Cendant’s share price, and its continued fall.

Stories like this one and my own experience are the reason why I refuse to accept contracts where stock options are part of compensation package. The agents/hiring managers are quite surprised when I tell them that stock options are just a way to make people work harder for less money. It is a sweet deal for the company and a crap deal for the employee.