GAC - Kelly is a pretty smart guy, I'm confident he knows what he is doing. He use to be the CFO of RVX and if memory serves correct he is still on the board of either RVX or Zenith. My experience of exercising options is that it takes a few days to get into a position in order to exercise the options and then sell the shares. By exercising now the only thing left would be to sell the shares at what he deems to be the appropriate time. As for taxes it's not necessarily employment income taxed at that rate as there is a mechanism used in these situations that comes very close to capital gains tax rates. This may simply be a case of taking this opportunity to transfer as many shares as possible into registered plans while the share price is as low as it is. We could see a day when the share price is somewhat higher at which point it would be like closing the barn door after the horses are out by waiting to do this later. Taxes on today's value is negligible compared to what it could be with a positive trial result.

All IMO

tada