On Friday, Salim exercised options on 10,000 shares at $6.50/share and Najeeb exercised options on 15,000 shares at $6.50. These options were awarded 4 years ago.
A couple of key points on these:
1. Generally when we see option exercises, we also see an associated sale of the underlying shares at the same time. That has not happened here - they are holding the shares. So they paid for them out of their own pocket as well as the taxes due.
2. These options had expiration dates in 2019. There was absolutely no necessity to exercise them at this time. This item is more interesting and I'm open to hearing other folks' thoughts.