Template:Nutshell Equity Derivatives 12.2(e)

12.3(d) If “Modified Calculation Agent Adjustment (Tender Offers)” is specified then, after the Merger Date, the Issuer and the Shares will not change, but Calculation Agent will either (i) adjust the Transaction to account for the economic effect of the Merger Offer in its determination, or (ii) if that would not produce a commercially reasonable result, terminate the Transaction, in which case “Cancellation and Payment” will under Section 12.7 (and for an Option Transaction, “Calculation Agent Determination” will apply).