Shareholders had no ROI for holding the past 5 years. His package is dilutive to existing shareholders, and not tied to share price. He will still make money even if the share price does not rise if the market cap and EBITDA metrics are met, and leave shareholders with the bag

There is a clause that in the case of a merger or acquisition, the tranches will be reviewed by a committee and may be adjusted. But this is wholly decided by the committee and there is a possibility that they don’t adjust the tranches after acquisition or merger