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⚡IMPACT LEVEL 3 — NOTEWORTHY

Epstein File EFTA01353450: Holder (DS10)

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This document is an educational or informational text about options trading, discussing the risks and profit potential for option holders. It explains the relationship between option pricing, time to expiration, and the ability of option holders to realize profits through exercise or sale, marked as confidential.

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Excerpt 1
The more an option is out of the money and the shorter the remaining time to expiration, the greater the risk that an option **holder** will lose all or part
Excerpt 2
This does not necessarily mean that an option must be worthwhile to exercise in order for a **holder** to realize a profit.
Excerpt 3
Instead, it may be possible for the **holder** to realize a profit by selling an option prior to its expiration 59 CONFIDENTIAL - PURSUANT P. 6(e) CONFIDENTIAL

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