Template:Nutshell Equity Derivatives 3.1

3.1. General Terms Relating to Exercise.

3.1(a) “Exercise Period” means:

(i) For American Options: all Scheduled Trading Days from, and including, the Commencement Date to, and including, the Expiration Date between 9:00 a.m. and the Latest Exercise Time,

(ii) For Bermuda Options: each Potential Exercise Date and the Expiration Date, between 9:00 a.m. and the Latest Exercise Time, and

(iii) For European Options: the Expiration Date between 9:00 a.m. and the Expiration Time.

All such times will be local time in the location specified in the Confirmation for receipt by Seller or Seller’s Agent or, if not specified, local time in the jurisdiction of the Exchange.

3.1(b) “Exercise Date” means the Scheduled Trading Day during the Exercise Period on which such Option is exercised.

3.1(c) “Potential Exercise Date” means each specified as such in a Bermuda Option Confirmation (or, if it is not a Scheduled Trading Day, the next following Scheduled Trading Day), unless it is a Disrupted Day due to an event occurring before the Latest Exercise Time in which case it will be the following undisrupted Scheduled Trading Day, though if eight Scheduled Trading Days in a row are Disrupted Days, the eighth one, even though a Disrupted Day, will be the Potential Exercise Date. In any case, if an Option Transaction is exercised on a Scheduled Trading Day that would have been an Potential Exercise Date had it not been a Disrupted Day, that day will be treated as the Potential Exercise Date when determining whether an Exercise Date has occurred during the Exercise Period.

3.1(d) “Latest Exercise Time” will be specified in the Option Transaction Confirmation (and if it is not, will be the Expiration Time). On the Expiration Date it will be the Expiration Time.

3.1(e) The “Expiration Time” for an Option Transaction will be the time specified or, if not specified, the Valuation Time.

3.1(f) “Expiration Date” will be specified in an Option Transaction Confirmation (or, if it is not a Scheduled Trading Day, the following Scheduled Trading Day), unless that day has become a Disrupted Day before the Latest Exercise Time. In this case it will be the next undisrupted Scheduled Trading Day, though if eight Scheduled Trading Days in a row are Disrupted Days, the eighth one, even though a Disrupted Day, will be the Expiration Date. In any case, if an Option Transaction is exercised on a Scheduled Trading Day that would have been an Expiration Date had it not been a Disrupted Day, that day will be treated as the Expiration Date when determining whether an Exercise Date has occurred during the Exercise Period.