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What is the minimum allowable exercise price of the option? fair market value of the stock on date of exercise, less 25% option price plus

What is the minimum allowable exercise price of the option?

fair market value of the stock on date of exercise, less 25%

option price plus 25% of the current market price

fair market value of the stock on the date the option is granted

one-half the current fair market value of the stock

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