This excerpt taken from the EBIX 10-K filed Mar 30, 2005.
Option Rights. The Board may from time to time authorize grants to Participants of Option Rights upon such terms and conditions as the Board may determine in accordance with the following provisions:
(a) Each grant shall specify the number of Common Shares to which it pertains.
(b) Each grant shall specify an Option Price per Common Share, which shall be equal to or greater than the Market Value per Share on the Date of Grant;