Dr Michelle Miller has converted all her options with $597,000 of her own money, why now?, page-8

Yes, options would remain valid thus holders could either exercise and accept an offer on equities or accept the offer on the options which would be the equity offer price minus exercise price.

Be careful about the assumtion above as to why a director would exercise options early. The logic may be flawed. The most likely reason would be that there may be a very short period that the director is allowed to trade that the options are int he money. In this case the director has had to sit for years hoping that her invcentive becomes worth something. Thats finally happend in recent weeks but the price is currently sliding back towards the teens. It hay be the case of a bird in the hand and you couldn't blame them.

The assumtion at the begginning of this thread could be right and I hope it is but I wouldn't be ignoring the obvious alternative. Best to acknowledge both possibilities.