There are two events happening not at the same time, share split(2017) and IPO(2020).
1 share to 50 shares split is not sale of business so the options Sheehy hold are not exercisable, he only has 453,273 options not shares.
If IPO is a sale of business, he is entitled to exercise his 453,273 options and one option is one share. Why he asked for 22m shares? If IPO is not a sale of business event, he shouldn't even entitle to have 453,273 shares
Ann: Trial of the legal proceedings brought by former CEO, page-64
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