Based on that interpretation, which sounds correct (and assuming...

Based on that interpretation, which sounds correct (and assuming there is an actual loan, rather than the options being offered as remuneration with no debt obligation), I think this is probably a good sign.

If there is no debt however, they could have exercised and sold immediately (or not sold), so unless we are sure there is a loan (which may always be the case with a cashless exercise facility - I’m not sure) and we assume that the staff have a pretty good feel for the prospects going forward, then we don’t really know whether it’s a good sign, a bad sign or neither.