Ann: Application for quotation of securities - ATR, page-2

It would be interesting to know who is being gifted the 800,000 ATRAA 30/11/24 options at $.375c, which are currently 'in the money' by $.245 per option or A$196,000 in total.

I've looked for some details but all I can find is a reference in the "Proposed issue of securities-ATR" release dated 19/12/22 which states that they are to be "Issued under the Employee Share Option Plan" and gives a link to "Notice of Annual General Meeting/Proxy Form" dated 28/10/22 which supposedly sets out "the material terms of the +securities proposed to be issued or provide the information by separate announcement."

I've been through the 2022 Notice of AGM and cannot find any reference to the proposed issuance of 800,000 ATRAA options, but it does give details of the ATRAD 22/11/25 $.7725c options that were gifted to various ATR directors and subsequently approved at the AGM.

The Black-Scholes option value calculated in the Notice of AGM for the ATRAD's was $.2484 per option, which at least provides the directors with some incentive to get the S/P up to $.7725c by November 2025, but giving unspecified "Employees" options at $.375c provides no such incentive, and if you use the same assumptions to calculate the Black- Scholes value for the ATRAA's at today's ATR sp of $.62c, the gift is $.34c per option, or A$272,000 total.

As this is a considerable sum I would like to understand who is benefiting from the proposed ATRAA issuance, particularly if "Employees" are executive directors.