Correct me if I am wrong, but I think this is how the last...

Correct me if I am wrong, but I think this is how the last tranche worked:

Number of shares to be issued – The number of shares to be issued is calculated by dividing the Board approved Medium Term Incentive value for the financial years ending 30 June 2007 and 30 June 2008 by the volume weighted average price (VWAP) 20 days post company announcement on 23 August 2006 (which was $1.5895).

So, he is down significantly on the 2006 VWAP, however, my reading is that a new incentive package would be issued using a VWAP around these prices.