Summary: the contract giving him the right at his option to deliver to the maker or seller of the contract a certain number of shares of stock at a fixed price on or before a stipulated date In the above contract the holder may deliver to the endorser of the contract 100 shares of XYZ common stock at 70 any time before the expiration date August 20 at his option
Image Dimensions: 475 x 415
Image originally found here.