Ann: Breaker raises $10m in heavily over-subscribed placement, page-40

I believe LM is correct.
The expiry was 2019 so i'm guessing there were issued under the employee incentive plan and the conditions for vesting were not met. I.e employee left before vesting date.
See resolution 3 from last years AGM - Ann 18th October 2016

Here it is (but I've not read it)
Eligible participants
Means (a) a Director (whether executive or non-executive) of the Company, (b) a full or part time employee of the Company, (c) a casual employee or contractor of the Company to the extent permitted by ASIC Class Order 14/1000 (or any amendment to or replacement of that Class Order) (Class Order), or (d) a prospective participant, being a person to whom the Offer is made but who can only accept the Offer if an arrangement has been entered into that will result in the person becoming an Eligible Participant under clauses (a), (b) or (c), who is declared by the Board to be eligible to receive grants of Options under the 2015 Plan (Eligible Participants).

1. Purpose of the 2015 Plan
2. The purpose of the 2015 Plan is to provide an incentive to encourage participation by Eligible Participants in the Company through securities ownership and to attract, motivate and retain Eligible Participants.
3. Offer of Options
4. When an Eligible Participant satisfies specified criteria imposed by the Board (which may include performance criteria and specified periods of tenure) the Board may make a written offer (Offer) to the Eligible Participant of Options. The Offer will specify the number of Options being offered and the conditions that must be met by the Eligible Participant before the Options will vest. Subject to approval by the Board, an Eligible Participant is able to nominate an immediate family member, a company whose members comprise no persons other than the Eligible Participant or their immediate family members, or a corporate trustee of a self-managed superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) where the Eligible Participant is a director of the trustee (Nominee) to be registered, upon issue, as the holder of the Options.
5. Number of Options offered
6. The number of Options that will be offered to an Eligible Participant pursuant to an Offer is entirely within the discretion of the Directors.
7. Exercise conditions
8. The Options will not be able to be exercised unless the exercise conditions imposed by the Board have been satisfied.
9. Exercise price
10. The exercise price of any Option offered to an Eligible Participant shall be at the absolute discretion of the Board. To the extent the Listing Rules specify or require a minimum price, the exercise price in respect of an Option offered under an Offer must not be less than any minimum price specified in the Listing Rules.
11. Cashless exercise of Options
12. Where the market price of a Share as recorded on ASX exceeds the exercise price of an Option at the time of exercise of the Options, the Company may decide in its absolute discretion that an Optionholder will not be required to provide payment of the exercise price of Options exercised or to be exercised but only if on exercise of the Options, the Optionholder elects that the Company instead allot and issue the number of Shares that are, on the exercise date, equal in value (with value determined in accordance with such market price on ASX on the date of exercise) to the difference between the market price, calculated on the date of exercise, of the Shares which would otherwise have been issued as a result of such exercise and the exercise price otherwise payable in relation to the Options so exercised (with the number of Shares rounded down).