conditions precedent, page-108

"what's stopping the directors from buying now"

Blackout period, most likely. Though directors have held these 18c stock options at times when the SP has been low, without a blackout period in play, so what stopped them from buying their shares then, nothing.

What makes these 18c stock options unique is that when directors decide to excersize them the company will forkout the funds to purchase them and convert, but this won't happen until the SP is greater than 18c. Think about, what other incentive could these 18c stock options offer directors if tis wasn't the case?