Afterpay group head David Hancock is leaving the company.Credit:Louie Douvis
He will remain as a consultant to Afterpay,which is subject to a major money-laundering and anti-terrorism financing investigation by the Australian financial crimes watchdog AUSTRAC.
Mr Hancock's final director shareholding announcement shows he has options over Afterpay shares that will allow him to buy millions of the group's shares - that if exercised at today's price are worth $99 million - for only $7.5 million.
None of the shares are currently in escrow meaning they can be sold on market by Mr Hancock if he wishes to do so.
He also owns a further ordinary 950,000 shares,which are worth $32.5 million at today's price. None of the shares are in escrow,meaning they can be sold on market by Mr Hancock if he wishes to do so.
As Mr Hancock is no longer a director of Afterpay and his holding is less than 5 per cent of the company's stock he will not be required to notify the market of any future share sales. However,Mr Hancock was also a member of a board sub-committee that received and reviewed the interim report by an Afterpay nominated external auditor to AUSTRAC.
The market has been keenly watching for any share sales by Afterpay's founders following a $100 million share sale by Mr Hancock and the two other founders Nick Molnar and Anthony Eisen in June this year amid the AUSTRAC investigation.
On June 11,Afterpay said the three founders would not sell any shares for 120 days as a form of voluntary escrow.