Would have preferred to send pm but here it is.

Fair, I am sorry, but I am confused by the chart you have compiled. You show "the first 2 cycles of a 10% rolling plan using an 18 month vesting period (prior to 2015) versus the 20% fix plan using a 4 year vesting period."

How can we compare two cycles at 10% yet only one cycle at 20%? The assumption, it seems, is that there will be more option asks within the vesting period of two years ONLY IF the option percent is 10%. Why would we believe more options are not going to be asked for within two years if the option percent is 20%? Just because the vesting period is elongated to 4 years doesn't stop more options asks/granted. This is just a perpetual trough and many are not feeding off of it. It has got to stop.

Am I missing something?