Three senior executives are renewing their employment contracts with Global Consulting Ltd., a public corporation. The corporation has provided each of them with the following alternative compensation plans for 2013 in addition to the $145,000 base salary each receives:
(a) A cash raise of $5,000 in 2013.
(b) A bonus of $5,500 payable in 2014.
(c) Use of the company condominium in Hawaii for two weeks, valued at $3,000.
(d) A stock option arrangement to purchase 1,000 shares of Global Consulting, a public company, this month (December 2012). Today's fair market value of the shares is $5, and the option price would be $3.50 per share. Management anticipates the share price in December 2013 will be $6.50.
Assume a marginal tax rate of 45%.

REQUIRED
Discuss the various alternatives and provide a recommendation to the senior executives.