Intel Freezes Top Salaries, Exchanges Underwater Options

Intel (INTC) wants to bail out its employees holding “underwater” options with an exchange program that would give them fewer options at a lower exercise price.

The chipmaker also wants to freeze pay for some of its top executives.

Intel disclosed both plans in a proxy statement. Shareholders will have to approve both plans.

The idea behind the options exchange is to restore an incentive for employees to stay with the company.

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