Rp, The Director will still need to come up with Cash either by a loan or some other way, A cashless exercise, also known as a "same-day sale," is a transaction in which an employee exercises their stock options by using a short-term loan provided by a brokerage firm. The proceeds from exercising the stock options are then used to repay the loan.

They are locked in @ 6.15, so if SP is at $10 and say they buy 100,000 shares of the 225,000 at 6.15 or $615,000. Then the shares become worth 1 Million, thus 385,000 dollar profit but still the director needs to come up with the cash at the time of the transaction either by their own resources or by a loan from the company.

This tells me they believe the SP will be at least $6.15 down the road.