A. James Boness is correct in stating that the orientation of my paper “Elements of a Theory of Stock-Option Value” is more oriented to valuation problems for executive stock options than to valuations arising in the New York put and call market. However, Boness, in his earlier article, stated that “its generality suggests that it is equally appropriate to an analysis of the values of stock warrants, convertible issues, and with modification, executive (non-negotiable) stock-options.” My article is an attempt to define one modification that is necessary.