My only request of Holt, besides that he make the company flourish, is that he never again say the word "firstly" during the quarterly conference call. He must have said it 10 times yesterday.
Those hurdles are meaningless, as in a buyout, 100% of his options vest immediately at whatever price the BO occurs at.
They only have value if he chooses to exercise his options BEFORE a buyout. But why would he do that, if theoretically the buyout price is the highest price we ever see?
In other words, those hurdles were put in place to placate investors, and make people believe that Holt had specific targets he is trying to hit (of course, he likely DOES have his own targets in mind, AND he wants to get as much as possible).