They had share price appreciation targets relative to the $0.25 issue price.
- Class A required a 60% return on issue price (40/25 - 1)
- Class B required a 140% return on issue price (60/25 - 1)
- Class C required a 220% return on issue price (80/25 - 1)
These have been hit, but there would be a lot of IPO's where the share price never gets to the thresholds set for class B or C to vest
An Investment Thesis for GT1, page-7
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