Using the Black Scholes valuation method of options valuation, if they are:
3 year options = 1.7c implied value = $127,500 value
5 year options = 2.3c " " = $172,500 value
Not worth anything if the share price is below 10c by the time they exercise though. But if this is below 10c in another 3 years, nothing will be worth anything.
So for the GPI deal he received payment in todays dollars of $750,000 in shares and $127,500 in options on top of the normal salary of $597,732 of salary in AUD.
Ann: BRN Responds to Shareholder REM Report Concerns, page-11
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