You missed the most important clauses of his exec comp plan - and it's about time this happened:
Mr. Holt will be issued a one-time grant of stock options giving him the
right to purchase up to 5,000,000 shares subject to performance-based
vesting with share price hurdles ranging from $2.50 to $15.00. Upon
achievement of each share price hurdle, a set number of shares are
earned.
If the pps doesn't exceed $2.50, which is a 230% gain from the current $1.10/shr, he gets zero options - and more importantly, he got NO RSUs! Would love to claw back the RSUs already given to execs that vest every quarter since they don't deserve them, but that may not be legal - I think it's like a contract, once granted you can't take it back, although some overpaid CEOs have had to give back annual bonuses when their company seriously underperformed or Congress complained about companies receiving Fed COVID funds giving fat payouts to CEOs.
Not mentioned in that PR is what happens to his 5M options if the stock does a RS - ordinarily they will be reduced by the same amount of the RS (a 1:5 RS would leave him with 1M options at a pps 5 x higher), but I've seen at least on biotech pull a fast one in a situation like this (not related to exec comp) - when they did a 1:10 RS to stay listed they didn't change the amount of authorized shrs, which was absolute BS - don't recall specifics, but say they were authorized to issue 100M new shrs in secondaries to raise money - that number should have been reduced to 10M shrs, but it remained 100M, which means dilution potential went up by a factor of 10.
