Template:Nutshell Equity Derivatives 9.2

9.2. Physical Settlement of Forward Transactions. For a Settlement Date under a Forward Transaction for which “Physical Settlement” applies, on the relevant Settlement Date:

(a) For a Share Forward Transaction:

(i) Neither “Prepayment” or “Variable Obligation” applies:

Buyer will pay to Seller an amount equal to Forward Price x Number of Shares, and

Seller will deliver the Number of Shares to be Delivered and pay any Fractional Share Amount to Buyer;

(ii) “Prepayment” does not apply and “Variable Obligation” applies:

Buyer will pay to Seller Forward Floor Price x Number of Shares

Seller will deliver the Number of Shares to be Delivered and pay any Fractional Share Amount to Buyer; and

(iii) if “Prepayment” applies, Seller will deliver to Buyer the Number of Shares to be Delivered and will pay the Excess Dividend Amount, if any, and any Fractional Share Amount; and

(b) For a Share Basket Forward Transaction:

(i) Neither “Prepayment” or “Variable Obligation” applies:

Buyer will pay to Seller an amount equal to Forward Price x Number of Baskets, and

Seller will deliver to Buyer Number of Shares of each Issuer in the Basket x Number of Baskets to be Delivered (rounded per Section 9.6) and will pay any Fractional Share Amount to Buyer;

(ii) “Prepayment” does not apply and “Variable Obligation” applies:

Buyer will pay to Seller Forward Floor Price x Number of Baskets' and'

Seller will deliver to Buyer Number of Shares of each Issuer in the Basket x Number of Baskets to be Delivered (rounded per Section 9.6) and will pay any Fractional Share Amount to Buyer; and

(iii) if “Prepayment” applies for each Issuer comprising the Basket, Seller will deliver to Buyer Number of Shares x Number of Baskets to be Delivered (rounded per Section 9.6) and will pay any Excess Dividend Amount or Fractional Share Amount to Buyer.

All payments and deliveries will be made through the Clearance Systems to the specified accounts of the Buyer or the Seller.