if the capital for x2 foreigners is made (2mil per head or used to be) - Don't see why not. ( joint partners ( remembering the Thai 51% shareholding) leaving 40% (20% each) 9% to be divi'd up between x8 Thais. That's a rough example / guide only.
Yes, first of all edit your position titles to actual managing directors (not reporting to), Penang only gives 1 yr non b's based on that. Being one of the mandatory criteria to be met.