the Company has agreed to issue to Spiro 2,500,000 options (Pappas Options) under the EIP on the following key terms: (i) 1.25 million Pappas Options will be exercisable at AUD$0.60 each within 5 years of the date of the issue, vesting on the first anniversary of the date of issue; and (ii) 1.25 million Pappas Options will be exercisable at AUD$0.60 each within 5 years of the date of the issue, vesting on the second anniversary of the date of issue; and (iii) the relevant Pappas Options will only vest if: A. the Consultancy Agreement is not terminated by the Company before completion of the Term; B. the Funding Project is successfully completed; and 13 C. Spiro remains a Director of the Company as at each vesting date;
So - A. It's in his best interest to stay with the company as director for 2 years B. If the issue price is 60 cents, then If the SP reaches 90 Cents by vesting date - he has doubled his monthly fee C. It would seem his primary role is gaining finance ?
SPT Price at posting:
65.5¢ Sentiment: Hold Disclosure: Held