Admittedly, I was already thinking that your posts (from the...

Admittedly, I was already thinking that your posts (from the very 1st one), make you sound like an insider. I understand that you may want to give 20% of the company away in order to retain management while they simultaneously sell the shares and put their hand out for more. Which then puts you in a position where you are compelled to give them even more because you are in fear of losing them (they aren't going anywhere). However, I agree with Mayi, that most unaffiliated shareholders wouldn't feel that way.

"I do not see how you can hope to affect any real change without swaying larger shareholders like myself." The arrogance here, and contempt for the average [unaffiliated] shareholder is exactly what we are experiencing from management. Keep in mind that there are plenty of people on these forums that have rather large holdings who, together, can easily affect change. As I posted above they only got away with it last time by the skin of their teeth - we only need a few more investors to stand up for themselves this time and say "enough is enough".

Also, everyone should keep in mind that these options will vest automatically if there is a change of control transaction. This means they could sell the company in a few month's time for 45-50c and not be impacted by the low ball valuation (compared to the medium term potential) because they will have doubled their holdings (giving them an equivalent sale value of $1). While change of control vesting conditions are quite normal, people should be aware of the behaviours they might be motivating (there is no point in complaining about it after it happens). What is unusual for me is to see absolutely automatic vesting - normally there would be some consideration given (by the board with shareholders interests, or fair value, in mind) to the specific circumstances under which the change of control situation happened (e.g. if the performance milestone was substantially met or if the offer was at a significant premium to the current share price). Just another potential scenario to keep in mind. As Munger said "Show me the incentive and I'll show you the outcome.".