If you exercise your call option, you will be given stock at the strike price of the call option. That right evaporates when the option expires -- shortly after the close of business on the date specified in the option contract. An example of a Call option: Extra Commissions When you sell the option, you pay a commission. When is it wrong to exercise? Because the right of choice is always involved in "exercise by exception," exercise under these procedures is not, strictly speaking, "automatic. Supporting documentation for any claims will be supplied upon request.
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