The exercise price is worth considering too. On one hand you...

The exercise price is worth considering too. On one hand you could say that the exercise price of 15c, 17c and 20c would ensure that the share price is going to rise and they are also going to provide some capital when the options are exercised. Anyone can buy shares right now for 9c.

However, the proposed expiry date is 5 years after the date of vesting. I like the idea of keeping management around for a bit longer than they have been in the past, but this is a nothing to lose deal for them with a very long time frame to exercise the options.

In only 6 months the price has dropped from 23c to 9c. I am not sure that they deserve 10% of the company if they can reverse that price drop in the next 5 years.