Template:Nutshell Equity Derivatives 9.5

9.5. “Number of Shares to be Delivered” is calculated as follows:

(a) Share Option Transactions: For an Exercise Date, number of exercised Options x Option Entitlement;

(b) Share Forward Transactions where “Variable Obligation” does not apply: the Number of Shares;

(c) Share Forward Transactions where “Variable Obligation” applies:

(i) if Settlement Price ≤ Forward Floor Price: Number of Shares.

(ii) if Forward Floor Price < Settlement Price ≤ Forward Cap Price: (Foward Floor Price/Equity Derivatives) x Number of Shares; and

(iii) if Settlement Price > Forward Cap Price: ((Forward Floor Price + Settlement Price - Forward Cap Price)/Settlement Price) x Number of Shares

(d) Share Swap Transactions: Number of Shares.

If the Number of Shares to be Delivered comprises any fraction of a Share, it will be rounded down to an integral number of Shares and a Fractional Share Amount will be payable in lieu of the fraction.