Mr Elstone said he would not accept the $1.8 million early termination payout due to him from SFE "for obvious reasons". He is leaving the SFE to lead the company with which the SFE has merged. However, Mr Elstone will keep 1 million SFE share options due to him from his time there. SFE shares traded at $17.55 before trading was suspended for the merger and the options were exercisable at $8.03, giving a net value of $9.5 million.