I also think that Cathy was not happy with the lack of options. She did not tell me this but most people in her position can expect a nice bunch of free shares every year and they haven't received any for about 3 years now.

I always felt that she let her last options go as a sort of protest because she is not being given any at this point. (It didn't cost her anything since the value had not increased by very much.)

Given that she was already planning on retiring years ago and there were no options I could see why she would just decide to go now. It's not like she was getting a bonus for staying, even if we get a buyout this year she would only get her salary.

We're all sick of waiting and I'm sure she feels the same way.