directors options

I have recently received a proxy form to vote at the MEO AGM in November, and was surprised at resolution 4.
I believe shareholders should vote against this particular resolution. I have no concerns about granting directors options, but as the stock is already around 50c, how can they expect us to support an exercise price of 50 cents. Heck, we would all love a million and a half of these babies! The AGM is right in the middle of the drilling program and one can assume the stock will be well above 50c when they want our votes. Clearly, if Artemis comes in, the stock will rocket, the shareholders will be happy, so a more sensible $1 exercise price would be better accepted and have little effect to the directors fortunes. Additionally, a $1 exercise price sends a signal of confidence and a focus for directors and management to make MEO a success.
Not getting my vote on this one.