I don't think it's worded very well, "grant" is usually the...

I don't think it's worded very well, "grant" is usually the payment of the incentive. My take (which is not necessarily correct) is when the 10 day VWAP is 15c above the price when he joins FFX. So if he joins today and the sp is 23c, when the 10 day VWAP gets to 38c, he gets the incentive payment.
I don't think it needs shareholder approval as the incentive is cash, not shares or options which would need approval.
I presume the 3 year period for the LTI starts on day 1, April 6th.