The next million shares vest with a close of $ 3 and his last piece of 1.15 mil shares vest with a closing price of $ 4 (per 14A filed 4/22/15). If that happens, and of course the dilution would be already priced into the stock anyway, I wouldn't mind the dilution. Maybe at that point, if it happens, and the company doesn't need his options proceeds for working capital or capex, they could always repo some stock for a slight offset to dilution. Of course, if the stock is over $ 4 and the exercise is 36 cents, the offset would be very partial.