RE:RE:RE:Baked In !Wow you really don't understand employee stock options.
Employees typically exercise a stock option unless it is going to be sold on the same day. Otherwise they take risk on Capital gains tax if the stock drops. The Capital Gain is based on the difference between the Market Price at time of granting and the Exrcise price. (spread at time of issue).
If they aren't exercising and the exercise price is lower than the current market price... then the option holder is anticipating the market price will go higher.... Its a bullish sign.
PS: Your lack of understanding of the simple financial knowledge is showing... Sophisticated investor? NOT!
Here is the link for your edification.
https://www.investopedia.com/terms/e/eso.asp