One year restriction on the salary shares, but the shares that are being issued for aged debt are immediately tradable. Those are most likely the shares being sold now.
I suspect that Joe took some shares as compensation, and convinced the others to do so as well merely as a means of convincing John Q Public that since management had skin in the game it was a safe investment, making it easier to sell shares. Joe didn't care what the sp would do because he had convertible debt that would ALWAYS be in the money. After all, he can get shares issued as low as .00001.........