I am looking at the Jan 10 Put +WVRMB at a strike price of 10. I have never sold a put option and this was interesting because it was such a high price: 4.70/5.10 (Bid/Ask).
However, it is a non-standard option and states that it is for .46 cash in lieu of 32 shares. Could you please explain the dynamic of this option? How would this differ from
selling a normal put? Any help would be appreciated as I am trying to continue to educate myself about options.


The best advice I can give you about non-standard (NS) options is to avoid them.
The probability is very high that they are priced correctly and you have nothing to gain by trying to find some free money.

A normal put grants it's own to sell 100 shares at the strike price.  In this case, that's $10 per share.


But the NS is a warning that this option is very different, and the result of a merger.  see: http://www.cboe.com/publish/TTStockSM/09-027.pdf
for details.

This option, when exercised allows you to sell 32 shares of STD and $0.46 (you sell that cash, so that means you pay it) and in return, you collect the strike price of $10 per share, of $1,000.  STD is currently 16.67, so 32 shares are worth $533.44.

If you sell this put, at expiration you will get the premium, pay the $0.46 per share, and own 32 shares of STD. All for the price of $1,000.

Is that a trade you want to make?  I don't see any advantage.

--
Mark D. Wolfinger