Answer:
sells an IBM share today at the price of $122
Explanation:
An individual that is the owner of the put options is basically the owner of the individual stock shares of the company. When they place a strike price that is the price that they are planning on selling their shares (such as a sell order) but when they exercise the option that is when they actually sell and doing so would sell their shares at the current price at that moment. Therefore, in this scenario, the holder of the put option sells an IBM share today at the price of $122.
