Director Lewis add shares

[blue water]

I'd say that doesn't mean they're in a blackout period.

They are definitely in a blackout period.  The quarter has ended and they report in 2 weeks. In a BO period you can exercise options, you just can't sell. I think it is telling that he would exercise now, pay the exercise cost and taxes with his or borrowed $ without the option to sell. Modestly bullish.

One reason (and the only good one I can think of) for exercising the options now is that it starts the clock for capital gains.  I would suppose he wouldn't start that clock unless he thinks the stock will be worth a lot more within a year, and wants to be able to take advantage of that.