He can exercise the option whenever he wants within the next year. It doesn`t mean he has to sell the shares. He can hold them for as long as he wants. He just has to pony up the 250K to get the shares within the year timeframe. Where he would want the share price to me is a moot point. If he wants to issue more dividends, I could see him exercising the option to take part. Hope that clears it up, and thanks for the kind words.