Template:Nutshell Equity Derivatives 3.1(a)

3.1(a) “Exercise Period” means, unless otherwise specified in the related Confirmation,

(i) for an American Option, 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 a Bermuda Option, each Potential Exercise Date and the Expiration Date, between 9:00 a.m. and the Latest Exercise Time, and

(iii) for a European Option, the Expiration Date between 9:00 a.m. and the Expiration Time.

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