i just spoke with robert chamberlain about the options. no stock was purchased on the open market, but they did issue stock grants of 350K shares (to smith, chamberlain and butler) at .42, and these are locked up for 2 years.
the options expire in 5 years. the first 333K vest in one year, the second 333K in two years, and the remaining 334K vest in 3 years.
they wanted to send a signal to the market that they're in this for the long term and have high expectations for the stock price, hence the $1.50 exercise price.
just to reiterate, for anyone who didn't catch our earlier discussion of the matter, this means they won't be in the money on those shares until the stock price hits $1.51... and higher.
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