The method for calculating the number of shares in lieu of cash...

The method for calculating the number of shares in lieu of cash payments are set out in the explanatory notes, 2.1:

The number of Shares In Lieu Of Cash Payments to be issued during the Relevant Period will be
determined by dividing the sum of the cash payments that would otherwise be paid to the director by
the volume weighted average price (VWAP) of Shares for the last 5 trading days in which the director
elects for any outstanding cash payments to be paid in Shares rather than cash.

And the hurdle for converting the performance rights into shares is set out at 5.1:

The Company believes that successfully transferring the Energy Ink technology to a commercial
production facility and manufacturing a minimum volume of 1000 prototype Energy Ink cells will be an
important milestone.

For the above, whilst it is fairly specific there is no timeframe set out. They could potentially take up to 3 years to produce the 1,000 cells, ie one day or so per cell. A better criteria would have been to manufacture 1,000 or more prototype cells within a certain timeframe, eg 1,000 cells within a month or something like that. Shows a better link to the ability to actually commercialise the production and would therefore be more meaningful.