I took that as a compliment, how ever undeserved, and thank you. It appears based on posts by others more astute that option packages may be set up in a myriad of ways, so we`re in pure speculation land. It also appears that the filing only had to do with the granting of shares to VIPs.

All that said, IMO (based on my limited knowledge from how past employers have handled it for executives), what you post is exactly my understanding and the wise course when they exercise their options. Get those shares in your hot little hands ASAP while the prevailing PPS is (presumeably) lower, pay the tab and take the tax hit while the exercise price is (presumeably) closer to the prevailing PPS (expecting it to continue to rise), hold as many shares as possible, and sell the owned shares at a higher PPS a year or more out to benefit from long term capital gains treatment. That`s what I`d do...

But, then again, I KNOW nuttin`!

SGE