The shares aren't free. The exercise price of the derivative security is $2.87 and the options do not vest until (in equal amounts) the 1st through 4th anniversaries of May 3, 2013. If VG shares run well north of $2.87 then sure Pearson will make out nicely. But he has not been given two million free shares.
You're right. I'm just getting a little frustrated with the stock performance. Here this thing is crawling up to $3 and EGHT is almost $8. Wishing that I would have held my EGHT position. Sold it in the high $4's and bought VG thinking VG would be in the $4-$5 range by now.