Well the dilution is minimal and if it wasn't a cashless payment than the company would have gotten money 53c or something. So i suspect the reason he went this method was maybe he doesn't have $1.3million laying around to convert the full 2.5million shares. Your talking less than 845k shares which is nothing compared to the number of shares on issues for dilution purposes.
Ann: Appendix 3Y - Tony Ottaviano, page-12
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