John,

We do not give investment advice on specific positions here at the Enterprising Investor but perhaps you could think of the value of the ESOs at the two prices and what percentage of the client's total wealth it represents and then make an informed decision about hedging. Please keep in mind that hedging need not be a digital, all or none event. Various degrees of hedging can be used at various prices if you deem it appropriate.

Thanks for the question, and hope you enjoy future blogs on the Enterprising Investor.

Bud Haslett, CFA