Looking at the math. When they give 5m they will receive ~5.9m worth of shares (including the 500k fee).
They may try to sell enough ASAP to cover the 5m and then just keep the 900k as an investment. That said, they couldn't do it all at once or the share price might tank. But if the get shares at 20 and it goes to 30 (taking their 5.9m to 8.9m) my guess is they would sell 5m and just keep the 3.9m as a free carry investment.
Ideally they would have to keep the shares for at least 12 months to support the share price but can't see that condition anywhere.
either way. If TAVR comes off then it won't matter - they and we will all get a good pay day.
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