The problem is Pincus wants to pretend that options-based compensation is in any way related to performance. If they wanted a performance-based comp structure,

The problem is Pincus wants to pretend that options-based compensation is in any way related to performance. If they wanted a performance-based comp structure, they should have set one up in the beginning. Options are pure seniority-based compensation and everyone in the industry knows (or should know) that, whether or not they want to admit it.