Idunno - a quick check of the Ryanair annual report (Note 13)reveals they are OPTIONS and not shares. Therefore can only be exercised subject to various rules which interestingly enough can be amended (presumably by the trustees). The options became exercisable during 2003 although only 100,000 were cashed in during that financial year. Could be that the staff (incl senior mgt) were waiting to see if the share price went through the roof OR perhaps the rules do not allow the the shares to be exercised so easily. Just a thought for you.....