Ann: Appointment of Managing Director and Board Directors, page-8

Mr Hynes will receive a one-off grant of 6,000,000
share appreciation rights, divided into three equal
tranches, with 2/3rds vesting in 2 years and the
remaining 1/3rd vesting in 3 years, subject to
satisfaction of the vesting conditions. This grant is
subject to the achievement of a $1.50 share price
hurdle and continued employment, and has a $1
strike price.


can someone explain this hynes will get 6000000 over 3 years if he achieves the share price of $1.50 hurdle.... but i dont understand the $1 strike price ????