is that it?, page-222

MY understanding (and i could be wrong as i have not looked into the offer) is that all four options will be listed separately on the asx.

In your scenario you would receive 10,000 options exercisable separately at 20c,30c,40c and 50c.

The higher the share price the higher the options will be.

One could imagine when they come onto the asx the prices of the options may be around 0.005, 0004, 0.003 and 0.001 respectively

The exercise price is purely that, meaning that to convert your option into a fully paid share you have to pay 20c, 30, 40 or 50c.

You don't have to exercise the options if they reach 20c but you HAVE to exercise them prior to 30 March 2027

Does that help ?