Ann: Successful $4.5 million Placement & Launch of SPP, page-2

Even though Guido is not selling his options, it's probably the best spin you could have on this outcome.

"With respect to the provision of past services, Dr Arnout owns approximately 36.5m options with an exercise price
of $0.02 and an expiry date of 30 June 2020 (“2020 Options”). Under US taxation laws, the 2020 Options are treated
as “non-qualified stock options” and the exercise by Dr Arnout of some or all of the 2020 Options would trigger an
immediate taxable event, payable within a week, and at an approximate tax rate (including State and Federal taxes)
of 47%.

The funding of this tax, together with the funding of the exercise price, would necessitate Dr Arnout to sell down the
majority of the resultant shares that would be issued upon exercise of the 2020 Options. Dr Arnout expressed his
desire not to detract from the Company’s capital raising by selling into the Placement, or to place undue pressure
on the capitalisation of the Company by selling down on market shortly after the Company has announced its best
results since commencing work with imec and Western Digital (Refer to announcement on 24 June 2020). Dr Arnout
therefore advised the Company (and incoming investors under the Placement) that he will not be exercising the
2020 Options"

Makes sense given the timing of the CR, but reading the preceding paragraph I'm expecting he will be getting looked after very well with his next rem review.

"Dr Arnout and the Company will have discussions in the coming months regarding Dr Arnout’s remuneration
including appropriate incentives having specific regard to the current stage of development of the Company’s
technology.

At Dr Arnout’s request, the key attribute of any incentives is that they will be 100% success based and tied to the
successful commercialisation of the Company’s technology; i.e. via a takeover of the Company, or a sale of the
Company’s intellectual property. The Board is confident that a commercial outcome with respect to Dr Arnout’s
reviewed remuneration will be able to be reached, which is acceptable to shareholders, the 4DS Board and Dr
Arnout."

I'm reading that as incredibly positive, the MD requesting his STI/LTI is 100% outcome based, so he is confident.