RealNetworks (NSDQ: RNWK) is having some trouble coming up with an stock-option plan that shareholders, too, can live with. In an SEC filing issued today, the company said it had postponed its annual shareholder’s meeting to come up with an option-exchange program that won’t dilute shareholders too much. Companies typically explore options-exchange programs when their stock price has decreased to the point where many of the options held by employees are worthless. The program enables employees to exchange those options for options with lower exercise prices (making them worth something again).  Of course, shareholders are wary of these programs since it means issuing more stock if the new options are exercised, which decreases the value of their’ holdings.

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