Ann: Notification regarding unquoted securities - NEU, page-9

Yes, it does appear that way, especially as there is no reference to the options vesting in the event of any sale of the business. The vesting conditions certainly promote the impression that Neuren is not for sale in the near future. Which is exactly the impression that Neuren would want to be giving at this stage.

But what would happen to unvested ESOs in the event of an acquisition prior to the commencement of any Phase 2b or 3 trial in NNZ-2591?

My reading suggests that the purchasing company could either speed up the vesting process and allow the shares to be cashed out, substitute the shares for equal value of stock in the purchasing company or cancel the ESOs because the employee is yet to “earn” them. It depends upon the circumstances and terms of the acquisition, so I guess the right of employees to derive value from their unvested ESOs could be negotiated as part of any acquisition agreement.

Therefore, might the issuing of these new options at this point be a way of ensuring that those employees granted the options don’t miss out on any benefit in the event of a near-term acquisition?