Pretty much. They don't vest for a year so they can't exercise them until then. They aren't in any way related to personal or company performance so for all intents and purposes it's a "gift" from the shareholders to them. It's a great way for the company to reward employees without having to put their hands in their own pockets - the shareholders do it for them via further dilution.
Mind you, the shareholders all voted for it at the AGM so it must be okay with them...
Ann: Appendix 3B, page-3
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