Roblun, I agree with most of what you say. My reading, though,...

Roblun, I agree with most of what you say. My reading, though, is that the 4, 5 and 6 cent hurdles are separate and each could occur any time prior to Jun 2025.They could coincide as you suggest if the share price jumped quickly to 6 cents and held for 20 (or 10 -see below) consecutive days. The share price is not a satisfactory performance hurdle in my view - and, as pointed out earlier in this thread, it was well above the highest milestone level only just over 6 months ago.
I am no expert on salary packages, but for a small company, with a market cap around only $25m, the performance incentives proposed seem somewhat inflated in $ terms IMO. Using the valuation methodology used in the NOM, the top beneficiary stands to receive $516+ and the next two would each get $387k+ over the 3 tranches. (If you simply used the average milestone hurdle price (5 cents), the amounts would be $1m and $750k respectively).
I note in the Explanatory Statement to the NOM that the vesting milestone for each tranche of the Performance Rights is '10 consecutive trading days'. This is at odds with Schedule 1 to the Explanatory Statement - 'Terms and Conditions of Incentive Performance Rights' - which indicates the milestone period as being '20 consecutive trading days'.