trading options for your employer's stock legality

It all boils down to what an insider is. Merely being an employee does not necessarily make you an insider. e.g. I've worked for several medium-large companies as an engineer and never had access to the kind of information that would potentially move the stock. Obviously higher-up management, executives and board members are usually "insiders" and can potentially front-run the public with inside information.
 
Actually, if you own a lot of stock options in the same high growth company that you work for, you simply have a LOT of risk related to that company. You got all your eggs in one basket. That's the classic and most sensible case for hedging.
In that case you can do a collar on your vested options.
 
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