Ann: Company Presentation - October 2022 Market Update, page-37

If the SP was $1.20, we'd be up almost 100% from here.

For the directors with $1.20 options, they'd still not be incentivised to pay up to convert them for no profit. So no benefit for them in holding those options just yet.

But if the SP was $1.80, we'd be up 200% from here, and the directors would be ready to pay up $1.20 per share to convert them, as they'd be sitting on $0.60 of unrealised profit.

In that case, we'd be sitting on almost 200% profit from here, the company would gain $1.20 cash per share from the directors, and we'd be 'losing' the $0.60 profit given to the directors. Not too bad.