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Exercise the stock option if it is valuable, its expiration date is imminent and you want to remain exposed to further price action in the underlying stock. The firm that is selected is then responsible for fulfilling the terms of the contract; delivering the underlying security if it's a stock options exercise vs. sell option being exercised or paying for the underlying security if it's a put option. As the owner of the shares, you now have the choice of selling them or holding them.
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