Ann: Notice of General Meeting/Proxy Form , page-11

"Give them back" meaning that at the expiry of the loan, he has to pay back the loan at the lesser value of the loan or the value of the shares.

Hence if they lose value below $0.006 (the figure mentioned in the document as an indication) then he would have to pay back that amount the shares are worth at that time.

He is not able to trade the shares until the loan is paid back - so in that sense you are correct that he doesn't have to give them back.

Could you please quote the ASX guideline - as I noted that the document quoted Chapter 2E of the corporations act and listing rule 10.14. which to me indicated that it was allowed.

I would say that devesting is tied to the milestones and performance. If the he does not perform well and inturn the company does not do well and the price falls, then he losses, if the company does well (regardless of his performance I guess) then he wins.

I am sure the promise of 50 grand once the share price hits $1 is a little less motivating then saying here's 50 grand - now get the price up to $1.