iggy tan shareholding-ceo owns 5,000 shares, page-11

Why should Iggy exercise? If he has options to exercise at 60 cents, the only critical time would be when the options expire so needs to make sure he exercises before then.

It is not like GXY is paying dividends yet.

Matter of fact I would suggest that his failure to exercise yet is a sign of confidence in that he believes the price is going higher, so wait closer to expiry then exercise rather than exercise and sell.

Conversley if he rushes to exercise and then sell, maybe he feels thay are fully valued (or he needs the money to buy a new mansion).