So after looking at the options plans in a bit more detail I do...

So after looking at the options plans in a bit more detail I do have some issues.
Note: Please correct any factual errors I may have in this post.

1. The options being granted (annually?) with 5 year expiry seem like long term incentives/retention rights more than anything. As others have stated, I would prefer it if these options were linked to key milestones e.g. FDA approval

2. The magnitude of this recent (proposed) options grant seems excessively high IMO. At the original 1mil options that equates to 5% (1mil / 20mil (total fully diluted share count) of the company being offered to the CEO for up to 5 years at $24. Even at 700,000 options that's still 3.5% of the company.

Granted he would still need to pay for these shares at the strike price of $24. This is better than some incentives I've seen at other companies (where shares were gifted for free) however the other company has the incentive scheme set for 4-5 years and tied to key milestones, so I'm torn. I am concerned that we will see more options offered next year and the year after and so on.

I think I would rather a performance rights package that is valid for 4-5 years with options linked to key milestones, e.g. FDA approval, first commercial sale, company becoming cashflow positive etc.

These are my thoughts at present.