There 2 main reasons for exercising unlisted options early....

There 2 main reasons for exercising unlisted options early. Either so you can sell them or if the company needs money. As the company is well cashed up at the moment, I would not like to see him exercising his options as that means he would most likely want to be selling them. That's if he can sell them because they are performance based options.
I do agree it would be nice to see directors buying shares on market. It always gives me confidence when directors are buying at market.