RMS AGM: 3 million options to Zeptner @ 20c?

Just had a read through the AGM and annual report pack for our golden horse.

The Board is proposing awarding our Managing Director 3,000,0000 options at an excercise price of $0.20cps.

1.5m options have a vesting date in June 2017 and the remaining 1.5m have a vesting date of June 2018.

Zeptner still has to be with the company to excercise the options.

Zeptner is already on a package worth $495,000 and has other options that he can convert if he wishes.

My thougths are that if the RMS shareprice is not above 40c in the next 12-14 months, then there will be a lot of upset shareholders, including myself.

I think it is correct to reward hard work however the excercise price of 20c seems extremely low to me. If RMS is at 40c in 12 months time, Zeptner will need to come up with $300,000 to convert the options into shares but at 40cps, he will be awared more than 60% of his annual salary in paper wealth overnight, which I see has extreme.

With cash at hand close to $40 million and growing, RMS does not need the cash injection of $300,000 from Zeptner.

What are other shareholders thoughts? I am inclined to vote against this proposal.