"If they have to take out a loan or borrow money to pay for the shares they might prefer to sell for a quick profit rather than hold the shares."

RT: I hear what you are saying here, but to exercise options only to turn around and unload them in the open market for a 7 cent profit doesn't make sense. The consequence of flooding 1M into the open market -- not to mention the optics would be very costly. I just can't see them doing this so close to the endgame, especially, since the insiders have mostly demonstrated a buy-and-hold modus operandi. Cheers, SF