Vested means that the options are now his to do what he pleases with. He "owns" them. Often employees are given options but there is a vesting period or schedule. In this case Chris Dick was awarded 200,000 options with a vesting schedule of 1/3 every year for three years. Until those shares were vested he couldn't sell or transfer them.
The Al Frank thing is an error. I don't think it has anything to do with Elite. Much like the 497 filing we saw from Goldman Saks.
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