My take is somewhat the reverse of yours - i.e I am on the fence about the rs -tending towards no because of the optics associated with a rs and a persistant question as to why management feels it necessary if P2, pending fabrication etc. are all aligned. But, if they went with it I wouldn't be bent our of shape.

I think our biggest threat is the doubling of the options potentially assigned to insiders. I know my numbers are simplistic - but assuming a fully diluted share count, the float more than doubles every 10 years at 10%-which is significant dlution. I know all options are not assigned all years - but why would we want to double the rate of dilution, whatever it is. The float has increased some 80% in 4 years. Management is certainly entitled to a big pay day if and when - but lets not dilute the company out from under the shareholders. That's why I would vote no on this - but woud be happy to entertain counter arguments

In a round-a-bout way, the request for more options may be encouraging, as it might mean they see an end game in sight.