the usual wall at 10.5, page-19

Yup...

Correction:

He doesn't just get the shares issued to him for free. Again, as I've mentioned numerous times on various threads, He has to PAY for the shares since they are options to BUY the shares. Ie. He still needs to pay for both the option and the exercise price.

He doesn't just get all the shares at .29c free issued to him.

This calculation also assumes he has increased the share price to nearly 3 times its current price, so... It basically just lets him benefit the same as someone who bought shares at the current price. ie. 11c, which coincidentally is the same as the total exercise price (9c + 2.2~2.7c option price)

To me that's pretty fair. He triples my money, his money triples.