Ann: Notice of General Meeting, page-5

I dont think thats how it works

richard has option to buy these shares at the prices noted for upto 3 years 

if sp is 20c - richard has 5 mill options at 10c 

Company gets the value of shares sold at excercise price richard gets the dif.

if all shares are excercised company recieves 5.125 million dollars.

What price they are excercised at is the question.

I see them as an honest indicator of what company believe share price  will be to realistically keep richard motivated. -

i know richard makes no money if sp doesnt go above 10c 

the next option is 15c so he dont get nothing unless sp goes above 15c

etc