Dr Michelle Miller has converted all her options with $597,000 of her own money, why now?, page-15

Remember these options aren't the same as the ones you or I may have in BIT. These are executive options. Executive share and option plan administrators usually offer a "cashless exercise and sell" feature whereby the exercise price is effectively deducted from the proceeds of sale of stock.

I've used such a facility on numerous occassions in my previous employment as I had various batches of executive options granted to me which in some instances I didn't want to find the cash to exercise due to other financial commitments. This is in reality one of the most common means of cashing out executive options.

If she has stumped up the cash and she is keeping the equities then this is no doubt a great endorsement for the company's prospects short term. I'm worried that people are overestimating the likeihood of this scenario and the possible panic that will result if people suddenly find that she dumped them and banked the cash.