HKP
Something not quite right with those logic. Its not the trigger or the vesting (after which they can be exercised) but rather the timing of issue that determines the exercise price., which determines how "profitable" they are to the holder. They are proposing July 2015 but they can be issued up to 12 months from being approved on May 15.
Anyway, the more I think about it the more impressive it is that the exercise price will be 130% of the prevailing price prior to issue (in the 5 days prior).
H
Ann: Notice of Meeting, Executive Incentive Plan and option issue, page-67
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