exerciseex·er·cise /ˈeksəsaɪz-ər-/ verb [transitiveT]1formal exercise power/influence/a right etc to use your power, influence or a right that you haveShareholders were encouraged to exercise their right to vote.
2FINANCE exercise an option to buy the property mentioned in an OPTIONThe seller is likely to exercise the option if the market value of the property is above the repurchase price.
—exercise noun [singular]Shares will be allotted or transferred within 28 days of the exercise of an option.