Looks like I’m mistaken. There is something called a “stock option deduction” that takes the current tax cost of exercising to the same as a capital gain, but one still is risking a loss by holding the shares.

https://business.financialpost.com/personal-finance/taxes/what-you-need-to-know-about-the-tax-consequences-of-employee-stock-options

I am confused. Maybe the rules have changed  because I once years ago exercised options early, so that I could hold shares for at least two years to make sure the gain was treated as a capital gain not income.

In any case, it’s still a positive if these insiders don’t sell, because they are on the hook for taxes this year. By holding they are showing that they are optimistic about top line.