Those aren't options, they are performance rights. Do you know the difference? These performance rights vest when the 10 vwap exceeds 12c and 20c. Not free by any means and I would be sitting very happy if he got either lot (maybe by 20c you will breakeven?)
This forms a large portion of his annual salary. If you're going to talk shit, try doing some "research" first, as you tell everyone to do countless times per day
