Ann: Change of Director's Interest Notice-XPE.AX, page-28

One, of intent of the ASX/ASIC requirements of Director's declaration is about voting rights. Options have none, fully-paid have voting rights. As director's ( or holders of related entities albeit arms length or not ) this is most important. Particularly give the stage of development that XPE finds itself.

The "upgrade" of options to fully paid is not a purchase that requires the mandatory black-out, but, the conversion to fully paid has a material effect on voting rights, thus the need for declaration.
IMHO, director's converting is all good. They are stabilising their position from a $$s perspective and voting position.