Expiration Date

The date on which an options contract becomes void.

The expiration date is the last day an option can be exercised; afterward it is worthless if not in the money. Options lose time value as expiration nears, an effect called time decay. Common expirations include weekly, monthly, and longer-dated LEAPS contracts.

As the expiration date neared, the out-of-the-money option rapidly lost its remaining value.