MGM Share Buyback and Insider Activity

On May 14, 2008, MGM announced its approval of a 20 million-share stock repurchasing program after the market close. The very next day, MGM Mirage SVP Punam Mather exercised options for 2,500 shares of common stock, according to a Securities and Exchange Commission filing.

"In a Form 4 filed with the SEC Wednesday, Punam Mather reported exercising the options on Monday for $12.74 apiece and then selling all 2,500 of them on the same day for $50.50 apiece." -Forbes

Am I missing something or does this seem planned?