Would you be unhappy if the share price triples in three years...

Would you be unhappy if the share price triples in three years to $0.0015? You make 200% from today's prices.

The new CEO in the same time frame has to pay $300K to exercise his options and only makes 100% on his options.

Why is it you think the bar is set so low? The new CEO can buy shares on market today and do better than his options.

These are a bonus to be rewarded for performance that will benefit all shareholders. Would you prefer the new CEO just received a higher annual salary (say $350K) and no options? There would be no incentive to deliver shareholder value then.

I do understand what you are saying that the exercise price could be $0.01 or even higher. However I don't think the current arrangement is entirely unreasonable.