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+Chapter 25: LEAPS 369 
+Striking Price. There is no standardized striking price interval for LEAPS as 
+there is for equity options. If XYZ is a 95-dollar stock, there might be LEAPS with 
+striking prices of 80, 95, and 105. Again, one must look in the newspaper, ask his bro­
+ker, or check the Internet (www.cboe.com) to determine the actual LEAPS striking 
+prices for any specific underlying stock. New striking prices can be introduced when 
+the underlying stock rises or falls too far. For example, if the lowest strike for XYZ 
+were 80 and the stock fell to 80, a new LEAPS strike of 70 might be introduced. 
+Other Basic Factors. LEAPS may be exercised at any time during their life, 
+just as is the case with equity options. Note that this statement regarding exercise is 
+not necessarily true for Index LEAPS or Index Options. See Part V of this book for 
+discussions of index products. 
+Standard LEAPS contracts are for 100 shares of the underlying stock, just as 
+equity options are. The number of shares would be adjusted for stock splits and stock 
+dividends (leading to even more arcane LEAPS symbol problems). LEAPS are quot­
+ed on a per-share basis, as are other listed options. 
+There are position and exercise limits for LEAPS just as there are for other list­
+ed options. One must add his LEAPS position and his regular equity option position 
+together in order to determine his entire position quantity. Exemptions may be 
+obtained for bona fide hedgers of common stock. 
+As time passes, LEAPS eventually have less than 9 months remaining until expi­
+ration. When such a time is reached, the LEAPS are "renamed" and become ordi­
+nary equity options on the underlying security. 
+Example: Assume LEAPS on stock XYZ were initially issued to expire two years 
+hence. Assume that one of these LEAPS is the XYZ January 90; that is, it has a strik­
+ing price of 90 and expires in January, two years from now. Its symbol is WXYAR 
+(WXY being the LEAPS base symbol assigned by the exchange where XYZ is traded, 
+A for January, and R for 90). 
+Fifteen months later, the January LEAPS only have 9 months of life remaining. 
+The LEAPS symbol would be changed from WXYAR to XYZAR (a regular equity 
+option), and the quotes would be listed in the regular equity option section of the 
+newspaper instead of in the LEAPS section. 
+PRICING LEAPS 
+Terms such as in-the-money, out-of-the-money, intrinsic value, time value premium, 
+and parity all apply and have the same definitions. The factors influencing the prices 
+of LEAPS are the same as those for any other option: