I will not market a YES or NO vote here. Still, there are other ways to pay employees. Pay them success bonusses. Pay them milestone bonusses. Pay them a higher salary at all. Reprice the options - ok - but not as low as suggested.
If management wants to reward their employees for their hard work - very welcome - but not on only the back of us shareholders.
If this company has won so many customers and such a bright future, as we all hope, then the employees will know and with a however many $$$ carrot in front of them, they will not leave the company 1 or 2 years before the (positive) big bang.
We all are waiting for more than a decade (!!!) for that big bang. And usually when we think it might start, we fall down to previous level again and again and again.