Other possibilities:

''options are being granted in the normal course in accordance with past practice (for example, at the beginning of a fiscal year in respect of and based on performance during the previous year). ''

''There have been a few rather high-profile instances in the recent past of options having been granted by an issuer not too long before the issuer publicly announced that it had entered into a merger agreement to be acquired at a premium to market.''

Or what General said:

''merger negotiations can continue for many months until finalized, and issuers cannot be expected to forego normal business during all of such time.''

In any event...we can talk about it all day. I think these guys know what they're doing.