Based on this, the answer is clear...the insiders are converting their options to a) reduce their taxes as much as possible, given the share price went down to levels not seen in 1 year, b) note that some of them got fresh shares/options/warrants (I don't remember) in the last few days, which also indicates the company thinks their stock price is close to a bottom.

The other possibility is that insiders are getting ready for the results.  A big move down would mean they would be in a position to dump on day 1.  A big move up means they will avoid any sale and keep holding on to their newly acquired securities.

The only thing that puzzles me is that there should be a lot more insiders doing such changes.  What happened to the others?