Looking at the other answers, for a beginner in C, it would look complex due to the tight size of code, I thought I would put this in for a beginner, it might be easier to actually parse the string instead of using strtok...something like this:
#include <stdio.h>
#include <stdlib.h>
#include <string.h>
#include <ctype.h>
char **parseInput(const char *str, int *nLen);
void resizeptr(char ***, int nLen);
int main(int argc, char **argv){
    int maxLen = 0;
    int i = 0;
    char **ptr = NULL;
    char *str = "valgrind --leak-check=yes --track-origins=yes ./a.out";
    ptr = parseInput(str, &maxLen);
    if (!ptr) printf("Error!\n");
    else{
        for (i = 0; i < maxLen; i++) printf("%s\n", ptr[i]);
    }
    for (i = 0; i < maxLen; i++) free(ptr[i]);
    free(ptr);
    return 0;
}
char **parseInput(const char *str, int *Index){
    char **pStr = NULL;
    char *ptr = (char *)str;
    int charPos = 0, indx = 0;
    while (ptr++ && *ptr){
        if (!isspace(*ptr) && *ptr) charPos++;
        else{
            resizeptr(&ptr, ++indx);
            pStr[indx-1] = (char *)malloc(((charPos+1) * sizeof(char))+1);
            if (!pStr[indx-1]) return NULL;
            strncpy(pStr[indx-1], ptr - (charPos+1), charPos+1);
            pStr[indx-1][charPos+1]='\0';
            charPos = 0;
        }
    }
    if (charPos > 0){
        resizeptr(&pStr, ++indx);
        pStr[indx-1] = (char *)malloc(((charPos+1) * sizeof(char))+1);
        if (!pStr[indx-1]) return NULL;
        strncpy(pStr[indx-1], ptr - (charPos+1), charPos+1);
        pStr[indx-1][charPos+1]='\0';
    }
    *Index = indx;
    return (char **)pStr;
}
void resizeptr(char ***ptr, int nLen){
    if (*(ptr) == (char **)NULL){
        *(ptr) = (char **)malloc(nLen * sizeof(char*));
        if (!*(ptr)) perror("error!");
    }else{
        char **tmp = (char **)realloc(*(ptr),nLen);
        if (!tmp) perror("error!");
        *(ptr) = tmp;
    }
}
I slightly modified the code to make it easier. The only string function that I used was strncpy..sure it is a bit long-winded but it does reallocate the array of strings dynamically instead of using a hard-coded MAX_ARGS, which means that the double pointer is already hogging up memory when only 3 or 4 would do, also which would make the memory usage efficient and tiny, by using realloc, the simple parsing is covered by employing isspace, as it iterates using the pointer. When a space is encountered, it reallocates the double pointer, and malloc the offset to hold the string.
Notice how the triple pointers are used in the resizeptr function.. in fact, I thought this would serve an excellent example of a simple C program, pointers, realloc, malloc, passing-by-reference, basic element of parsing a string...
Hope this helps,
Best regards,
Tom.