Aqua ... not so sure am I - think those are the loan shares ......

Aqua ... not so sure am I - think those are the loan shares ... he always had 4m as registered in his name in the Annual Report last year WHICH ALSO stated (in the same report) that those 4m shares were loan shares ... as such So I think we will find those 4m are registered in his name but he owes 20c per.

Employee loan shares
Remuneration in the form of Employee Loan Shares were issued to the Managing Director, Peter Molloy, upon settlement of the
Company’s acquisition of intellectual property from Update Pharma Inc. The acquisition of intellectual property was completed on 1
July 2016.
The Loan Shares represent an option arrangement. Due to vesting conditions attached to the loan shares, these shares are expensed
over the vesting period. The key terms of the Employee Share Plan and of the loan provided under the plan are as follows:
i. The total loan is $800,000 (equivalent to $0.20 per share), which was deemed to have been draw down at Settlement
and issuance of the Loan Shares.
ii. The Loan is repayable on the earlier of:
a) The date that is 5 business days following Mr Molloy ceasing to be employed by the Company; and
b) The date that is 5 years from the date of issue of the Loan Shares.
iii. The Loan is interest free.
iv. All or part of the loan may be repaid prior to the loan repayment date.
Repayment date
v. Notwithstanding paragraph iv. above, Mr. Molloy (“the holder”) may repay all or part of the loan at any time before the
repayment date; and
vi. The loan will be limited recourse such that on the repayment date, the repayment obligation under the limited recourse
loan will be limited in that
a) The amount of the loan repayable to the Company shall not be greater than the amount receivable from the sale
of the loan shares; and
b) The loan may be fully satisfied by the Holder’s return of the loan shares to the Company.
Sale of Loan Shares
vii. In accordance with the terms of the Voluntary Restriction Agreement, the Loan Shares cannot be sold, transferred,
assigned, charged or otherwise encumbered until expiration of the Restriction Period.
Vesting conditions
The loan shares are subject to the following conditions, which conditions shall cease to apply upon the holder remaining continually
employed by the Company throughout the vesting period:
(a) The Loan Shares vested over 2 years and are now fully vested.
(b) The Loan Shares are not transferable.