Exercise price is the price that you the option holder are entitled to buy the underlying share, regardless of the price. Once you have one option in your account you have the 'option' to buy the underlying share for 77c (the exercise price) regardless of if the share price is 50c or $5
If the share price is below 77c the option is said to be 'out of the money', if above, 'in the money'
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