They are exercising and selling options....packard still holds 294k shares. Do you expect executives who have (most likely) all their net worth in this company to exercise their options and not sell? thus invest even more money? I dont think it is unreasonable at all for them to sell off expiring options. In fact, I wouldnt be surprised if these guys (as do most executives) have an automated selling plan in place for options coming due. Furthermore, the only ppl i would keep an eye on would be the Learning Group and Mollusk Holdings...if you know who those ppl are then you will understand. All is well at K12 in my humble opinion. But sure sell now if you arent bullish on the company - i think it will be ur loss.