These options appear to be identical to the previous director options issued at the AGM. The strike price is 50% above the 30 day VWAP. They have to be paid for in cash. You have to stay for at least 12 months to get the first 1/3 and the rest vest at 1/24 every month over the following 24 months.
I haven't done the black-scholes calculation on these options, but based on past calculations they are worth a little under a $1 each.
Ann: Race Board Changes, page-12
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