Ann: K2F Appendix 4C - Quarterly Cash Flow Report, page-23

So CEO adds another 45k options and pays 6.5c for each one. He already owned 285k of them as well as 2.2 million other shares. So these options mature in May and he'll have to pay $66k to get his hands on those 330k options to convert in to shares. So each one of these new ones will have, in effect, cost him 26.5c. So I think we can safely assume he believes that they are going to be worth significantly more than that in the future. Is that how other people read it ? If not, I cannot see why he spends $3k knowing he'll have to pay another $9k in a few months.