Why would he spend money exercising options to HOLD a stock that pays no dividend? The answer that he might be seeking capital gain on the shares is unlikely to be true since by holding the options instead of exercising them, he
1) reaps the benefits of any stock price appreciation as fully as he would by exercising,
2) gets the use of the money that would have been spent exercising the options, and
3) does not risk taking a loss if the share price drops below the strike price.
Yes, I think that he'll sell them. I just wish I was still short 70k and hadn't reduced my position to you-know-what.