need help with chart on ceo, page-27

What debono is saying is that the time the options expired, they were effectively worthless.

If the share price of the company is lower than the exercise price of the options at the time they expire, then it is cheaper to buy shares instead of converting the options, hence making them worthless.

One would like to think that when the CEO options expire iin April next year that the share price will be over 1 cent (exercise price) but that is the risk you take when buying options.