texon efs sale , page-36

ric said: "Hw will Mr foss be out millions if options dont hit their trigger price ?"

Actually, you answered your question. The $1.05 price trigger will allow Foss to buy 7.9M shares @ 70 cents and sell them at the going price ($1.05 or higher). Thus, Foss receives a minimum of $2.765 million (i.e. 7.9m X .35 or more).

Two caveats: First, the clauses have tricky language and exceptions. For example, Foss can buy the shares at 70 cents without a $1.05 trigger if the company changes ownership. Second, of course, selling these shares at one time would deflate the share price, so Foss would have to realise their value by selling over time.