James Gorman has been selling shares of Morgan Stanley over the past couple months and I'm just a little confused on how the option is exercised. He exercised his right to buy 200,000 shares. My question is, did he exercise his right to buy, then immediately sell them for a profit? Or did he sell 200,000 shares for the current share price and then use the option to replace them for a cheaper amount?
Attached is the link to Form 4 which explains the transaction. Pretty simple question but hope I make sense. Thanks.
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