I would agree the exercise would be a confidence builder if they only exercised the stock options and didn't sell them.

Because everybody working for ~$100,000/y has an extra $180,000 laying around, right? Oh, you're right - maybe not. I wonder how such a person would raise the money to pay for the exercised options? Sell some shares? What a great idea! What about taxes? Oh, right. Maybe he could sell a few more? I get it now. Thanks for explaining it to me.