Ann: Appendix 3Y - Guido Arnout, page-225

he had to pay $383k to exercise the oppies. maybe he had to borrow from a bank or whatever to scrap those funds together and can't just exercise and hold. After tax he has a little bit left and still increased his holding to 8m shares instead of dumping all. Better to make some money than to let them expire worthless.

He is in his 70's. maybe he needed money for medical bills, who knows. Or wanted to help his kid buy a property or whatever (I don't know if he has kids btw). At that age it's hard to fault and the fact remains he upped his holding. I hope for his sake his 8m shares will be worth $8 million in the not too distant future. At his age who knows how long he has left.

he has done this before and each time only took a little bit off the top after conversion costs and taxes. His holding and the share price is much higher now than then.