I'm of the opinion that, yes past mistakes are in the past, and...

I'm of the opinion that, yes past mistakes are in the past, and had he have his time again, I'm sure he would do some things differently. BUT, that's not to say he can't start NOW...
Personally, I would love to see his now failed 40m option bonus extended to 50m in EXCHANGE for a further $50K reduction in salary. Mr Tot can also follow by replacing his current performance incentive which sees any rewards in cash, with a 10m Options bonus and a reduction of $50K to salary until such time as a sizable deal is landed.
With the right deal, 2 cents and a MC of $50m is well within range, making those options far outweigh the temporary reduction in salary.

So, if the next raise (yes I said it), is structured the same as the last couple, (.003 + 1 free option), then the above combined sacrificed salary of $100k will equate to 33.3m shares that don't have to be released, in exchange for 20m options that only become available to PO and ST should a sizable deal land. This to me seems both logical and fair. Whats more, both can return to current salaries after said deal lands. Options will begin to be converted, money fills the NOR till, salaries reinstated, no further unnecessary dilution caused!

Making drastic changes to management at this stage of the game could be extremely counterproductive, but the above option I have outlined is one basic and simple way to press forward and hopefully realize some of the work thats gone in to date.