This is my philosophical perspective on stock options as an incentive, but I would not have given CC any stock options, or only a token amount. Meeting 58% of milestones is not-so-good, above the failure level but below good performance. What Dean is perpetuating by giving large options without accomplishment is a culture of rewarding mediocrate and failure. Once a partnership is signed, then the board can then issue an on-the-spot option grant at the then higher price, to justly and reflect the accomplishment and the timing that it was accomplished at. To be clear, I am not against partial bonus for partial accomplishment, but only for where the base salary is low. In CC's case, his strategic objective is different, higher reward, higher base, higher standards.