A 10% stock dividend is declared on stock XYZ. You owned one July 55 XYZ call (l.e. exercise price is 55) on the CBOE before this dividend was declared. The terms of the contract after the ex-dividend date will give you the right to purchase 110 shares at an exercise price of 50 110 shares at an exercise price of 55 100 shares at an exercise price of 55 100 shares at an exercise price of 50