I don't like this...He sold 10m options and converted another 6m...

I don't like this...

He sold 10m options and converted another 6m options...effectively a net reduction of 4m units in the company.

Sold...10m options x 2.56c = $256,000
Convert...6m options x 3c = $180,000
Balance = $76,000 (tax?)

Net position...-4m units in company.

Appears a nuetral transaction after tax considerations, with the benefit of another $180,000 in the GPN coffers when they no-doubt need it...but why this particular formula?

Why not sell 5m shares and convert 7m options instead?

Sell...5m shares x 5.6 = $280,000
Convert...7m options x 3 = $210,000
Balance = $70,000 (tax?)

Net position...+2m units in but $210,000 for the company.

Alternatively, if he had sold some 15m shares, he could have converted all 21,500,000 options...and in the process increased his net position by 6.5m units, paid all applicable taxes and added some $645,000 to the GPN bank balance.

Without knowing his tax position, it is perhaps unfair to make to many assumptions...but it does appear a strange mix of trasactions.

Cheers!