Pretty much. They don't vest for a year so they can't exercise them until then. They aren't in any way related to personal or company performance so for all intents and purposes it's a "gift" from the shareholders to them. It's a great way for the company to reward employees without having to put their hands in their own pockets - the shareholders do it for them via further dilution.
Mind you, the shareholders all voted for it at the AGM so it must be okay with them...
Pretty much. They don't vest for a year so they can't exercise...
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