### Comment:
That’s mixing up a few things.  His options give him the right to sell at expiration.  If the underlying price is &gt;310 the options expire worthless.  If it’s &lt;310 then he has 2 choices.  Sell the options making $50k for every dollar it’s below 310 or exercise the options/sell the shares for 310 each and buy them at market.  Nobody would exercise.

### REPLY:
Ah ok it's starting to make sense, thanks for the explanation

### END.