Why this non-cash expense is not as important as EBITDA, page-2

When I posted the above, I hadn't checked what the issue of the options was for. I wasn't too concerned because the exercise price was above the current sp and above the sp at the time that they were granted. When options have an exercise price at a good premium to the current sp, I know they will only get exercised if we see a strong increase in the sp.
In any case, I was wondering why these were issued. I noticed that the majority of the options (550,000) were issued as part of the convertible note issue. That means that a significant part of this reported, non-cash expense is a one off. Not a recurring, non-cash expense. Again, if they are exercised, the company receives cash of $4 per option exercised. Effectively the same as raising cash in a cr at a strong premium to the current sp. Hardly an operating expense in my book.
The balance of the options in that first table were issued as incentive options mainly to our CEO and the balance to other directors. These have exercise prices between $6 and $10. I'll be more than happy for these to get exercised. Not only will it boost the cash reserves by raising cash at a big premium to the current sp, but I'd say the directors deserve the options if they get the sp above those exercise prices.