insider exercises his options to buy the stock as opposed to holding options? We know, the insiders are dumb, they like to spend their cash for negative interest as opposed to keeping options for free. We think cladmen are uneducated; huh?
Oh for the love of God! It applies to ALL shares. There's a certain level above which execs are assumed to have material information about company performance, and that is why quiet periods are imposed around earnings release dates. Could they get away with selling shares out of a personal account if they really wanted to? Probably. Would it be legal (assuming they are in a quiet period)? Abso-freakin-lutely not!
In my last company (~$150M in revenue) the quiet period applied to everyone at Director level and above. That is probably stricter than the average company, but VPs and above should be pretty standard for a company of BOOM's size.
But since you seem intent on making the case that these execs will sell, I'm willing to grant that they will be ABLE to sell as soon as the quiet period is over. Whether they will want to sell or not is another matter.