ESPP Ethics

So I participate in my company’s ESPP. What do you guys think about the ethics of buying protective puts on shares that are not yet available for sale. Obviously, if you know something material that is not public, this is not ok. It would seem that the intent of option and restricted stock grants is to tie my personal fortunes to those of my employer. Am I subverting the intent of this compensation agreement by choosing not to participate in the downside risks of equity ownership? I’m pretty sure it goes without saying, that I’m not even close to being an executive or officer of this company. It would seem like those at the top have a different set of rules to follow when it comes to equity ownership.

I would check with compliance first- this is most likely against you firm’s policy.