I believe these are the free options from the Insto SPP which are exercisable at 40c, and then for every 2 shares exercised they get another option at 60c.
Performance options seem to be set at 80c, $1.20, $1.60 & $2 from what i understand of the document
Ann: TTT Acquires European Cold Spray Company Dycomet Europe BV, page-43
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