IOMFT, that might make some sense. But keep in mind, 100% of Holt's options vest upon the sale of the company at ANY price (ie. the $2.50 hurdle goes away).
He got his options at just over $1. So if the company sells at $2, he would get $5M (a little less, but whatever).
But I HIGHLY doubt Denners sells the company for less than $5. That makes zero sense.
Now, it is POSSIBLE (thought I don't subscribe to this theory) that Denner decided he is just going to sell his shares and be done with it. But I think that is even less likely than the company being sold.