RE:Black-out PeriodTo exercise an option is to either buy or sell the underlying financial instrument. In this case the financial instrumrnt is the buying of share.
He exercised his option to buy 100,000 shares.
During a blackout period.
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Companies that issue stock options routinely enter what's known as “blackout periods,” where they're legally unable to issue new shares, and can ask employees not to exercise their stock options."
"Directors and executive officers are also prevented from purchasing or selling their own company securities during the blackout."