Yup exactly. As you mentioned previously, Howie is the person driving the application from the get go and likely had incentives to do so but it should've been explained as such if that's the case.
In terms of using it to keep him on board, they could've just had tranche 2 & 3 and the effect would've been the same. (share quantity not withstanding)
Anyway, its nothing to be preoccupied with. I do like tranches 4-7, even achieving tranche 4 is no easy task and 7m shares will be well deserved.
Ann: Appointment of Dr Howie McKibbon as CEO, page-79
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