If you look at the fineprint both Ted (1m)and Scott (1.5m)...

If you look at the fineprint both Ted (1m)and Scott (1.5m) exercised options then immediately sold the shares. At least HDR gets the exercise consideration. Ted made $113,000 and Scott $120,000 on these transactions. Ted's were sol;d on-market (that explains a little of the selling recently) and Scotts were an off-market trade. No details as yet about the remaining 1.4m options (i.e. who exercised them).

They must be confident of getting more options at tomorrow's AGM.

H