Well the derivative they got is "deferred common stock".
It's not a common instrument in the USA and more common in the UK, unless that's just their way of saying "warrants". Which means they are not exercising their warrants; they are getting more.
What is interesting is that I believe all these shares in the filings today (obtained on 9/30/10 fyi) are through some benefit plans or options/warrants granted in the past.
I think the only way the employees and directors can legally purchase shares during "black out periods" is by exercising these rights through these plans.
If they let these benefits ride through a merger, they may lose them so this might be why they were just exercised. Curious indeed.
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