Options advice, page-23

I have a newbie question on options

By buying IMUOA let's say at 2.6 (today's close), am I just buying the right to the exercisable option, and there is a cost of actually exercising them on top of that (2.6 cents per share?)

Sorry I know this probably sounds like a dumb question, just trying to get my head around it. I have free options on other shares, given to me as part of SPP's which I can choose to exercise at the strike price, but I didn't have to pay for the actual option. What happens in the above instance?

Thanks!