only a fool wouldnt exercise an option that was in the money, if heads are 10c and options 3 c you either sell the option to someone who can exercise or exercise yourself or most likely a bit of both, i doubt there has ever been unexercised options that are of value, obviously only a fool would exercise at 7 cents if you could buy the heads for less than 7 cents.
Ann: Trading Halt, page-146
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