An interesting one.
One important bit you left out was the share price at which the share rights are issued at for vesting purposes:
8.5
(c) The Participating Directors will receive the number of Share Rights equal to the Fees divided by the 30-day VWAP of the Company’s ordinary shares (Shares) over the period up to issue of the Share Rights.
(h) The Share Rights will be issued to the Participating Directors no later than 3 years after the date of the Meeting (or such later date as permitted by any ASX waiver or modification of the Listing Rules) and each Participating Director will receive an offer of the number of Share Rights that equals the fees accrued during each half yearly period ending 30 June and 31 December at the relevant deemed conversion price (see Section 8.5(c) above) no later than 1-month after each 6-monthly period (or such later date as permitted by any ASX waiver or modification of the Listing Rules) and will vest upon successful completion of a Phase 2 trial for either IRX-211 or IRX-616a.
And Schedule 1:
Issue price Unless the Board determines otherwise, no payment is required for a grant of a performance right, option or restricted share under the Plan. 1 Vesting Vesting of performance rights, options and restricted shares under the Plan is subject to any vesting or performance conditions determined by the Board and specified in the offer document. Options must be exercised by the employee and the employee is required to pay the exercise price before Shares are allocated (if applicable). Subject to the Plan Rules and the terms of the specific offer document or invitation, any performance rights, options or restricted shares will either lapse or be forfeited if the relevant vesting and performance conditions are not satisfied.
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