OK if it's not additional compensation, can we call it a very nice present to themselves?

No - it's definitely "compensation"! Once again, the BOD can't lose - if the stock tanks, they obviously don't have to exercise - if the stock launches, they win big. The BOD is using "our" shell of a company to make themselve rich - in more ways than one. They deserve every negative comment they receive on this board. They also deserve a punch in the mouth. I worked with the a BOD for one of the largest privately held companies in the world and they did not recieve this type of compensation, nor did they behave in such a manner.