Perhaps it was a smart move given that you literally can't give AXMR away right now, but its not the kind of commitment I would expect from someone in his position. If he is so pessimistic on Apex's prospects, perhaps he should inform the market why and resign.
On the other hand, it appears that all other significant holders have not sold their rights and there are still a lot of people buying AXM at 4.4c and above... which still blows my mind since for 4.1c they could have the AXM and a tenth of an option.
AXM Price at posting:
4.4¢ Sentiment: LT Buy Disclosure: Held