Template:Nutshell Equity Derivatives 12.2(a)

12.2(a) “Alternative Obligation”, then except for Reverse Mergers, following the Merger Date:

• the relevant New Shares or Other Consideration (as modified by any relevant terms and including any proceeds of any redemption) will be deemed to be the “Shares”
• if relevant, the new issuer will be deemed to be the “Issuer”;
• those New Shares or Other Consideration to which an existing shareholder would be entitled upon completion of the Merger Event will be deemed the relevant “Number of Shares”; and
• the Calculation Agent will make other adjustments to the terms, as necessary (but will not adjust to account solely for changes in volatility, expected dividends, stock loan rate or liquidity).