Yes, these look like *free* at-the-money stock options that they have awarded themselves at a total cost of $0.00 each. I would be a lot happier if they actually went out on a limb and stumped up their own funds to buy common stock in the market. Alternatively, a higher (OTM) strike would provide a performance target, rather than free money. At least they have a bit more skin in the game and a larger incentive to do something about the dismal share price (e.g. Company buyback). It will be very telling to see at what SP the already vested options are exercised and the underlying shares sold (or retained??).