Jp2011, if you consider the tax implications for exercising the options, it may be a good sign. With present PPS being depressed, his tax hit on the bargain element (market price of the shares - the option price) upon exercising his options will be much less than the last time he exercised his options on 2015-06-19 where PPS ended the day at $61.65. He has not sold any shares and has been incrementally adding to his holdings.