I changed my explanation approach and forgot to change all of the first sentence, sorry for that. See my explanation on ISOs, which is what these are. There was no need to sell for tax purposes on the excercise. There is often however a need to sell some to pay the exercise price. But it appears that she sold all shares on exercise, not a portion. She wanted cash.
As for her resignation or termination, I am not sure. She still retained some 22,000 options if I recall. Unless they were under some other grant agreement terms, or were not yet vested (and thus get forfeited), this would not jibe. And there was no announcement of her replacement. If we don't hear soon, we'll know more on this anyway with the next 10Q.
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