The way I read the vesting conditions is that the share price...

The way I read the vesting conditions is that the share price doesn't even have to reach $1. All the comapny needs is a formal collaboration, takeover or 19.9% share holder.

Let's say they do a bad collaboration and the share price falls to say 50cts. The performance rights are vested and there's a $1million for CEO and Chairman and $100k for each of directors (and a negative return for shareholders)

Same situation if the board recommends a takeover at 50cts that is accepted.

At an absolute minimium the share price should have to trade over $1 (and probably more appropriately $1.50) for at least say a 15 day period. Alternatively they could issue options with a vesting price to be paid of $0.75cts/ share at a minimum. The everyone shares the pain or reward.

The terms of the performance rights are definitely not in the interest of shareholders as they stand.

This feels a lot like the bad old days of previous management.