What does this mean??? Does it mean they will pay less or more...

What does this mean??? Does it mean they will pay less or more when they exercise their options???

"That for the purposes of section 208 of the Corporations Act, ASX Listing Rule 10.11 and for all other purposes, approval is given for the Company to issue 500,000 Director Options, exercisable on or before 30 December 2020 at an exercise price of the higher of $0.50, and 150% of the five (5) day volume weighted average closing price of the Company’s Shares during the five trading days immediately prior to the date of issue (rounded up to the nearest 0.1 of a cent), to Mr Anthony Ho (or his nominee) on the terms and conditions set out in the Explanatory Statement.”