SRNOC - Form, page-22

Hope this one helps you to understand better:

"You will note that the Company is not obliged to issue Shares in response to an exercise request more than once each calendar quarter. As the Options were in fact issued on 25 August 2020, the Board has determined to only accept requests for exercise, subject however to its further discretion, on or after 25 November 2020.

This determination has been made on the basis that the costs incurred by the Company in respect of processing each quotation request is uneconomic if the total Options being requested to be exercised are not accumulated into larger parcels. Please note that the Company must pay a minimum of $1,922 per quotation request to ASX. Whereas the Terms and Conditions do in fact allow the Company to recover these costs from any exercise under 500,000 Options, this is not the preferred course of action."