Suppose you hold LLL employee stock options representing options to buy 10,400 shares of LLL stock. LLL accountants estimated the value of these options using the Black-Scholes-Merton formula and the following assumptions:

S= current stock price = $24.67

K= option strike price = $25

r= risk-free interest rate = .042

= stock volatility = .32

T= time to expiration = 3.5 years

You wish to hedge your position by buying put options with three-month expirations and a $30 strike price. How many put option contracts are required? (Note that such a trade may not be permitted by the covenants of many ESO plans. Even if the trade were permitted, it could be considered unethical.)