Template:Nutshell Equity Derivatives 9.5

Section 9.5. “Number of Shares to be Delivered”. “Number of Shares to be Delivered” means the number of Shares calculated as set out below:

(a) in respect of an Exercise Date under a Share Option Transaction, a number of Shares equal to the number of Options exercised or deemed exercised on that Exercise Date multiplied by the Option Entitlement;

(b) under a Share Forward Transaction for which “Variable Obligation” is not applicable, the Number of Shares;

(c) under a Share Forward Transaction for which “Variable Obligation” is applicable:

(i) if the Settlement Price is less than or equal to the Forward Floor Price, the Number of Shares;

(ii) if the Settlement Price is greater than the Forward Floor Price but less than or equal to the Forward Cap Price, a number of Shares equal to:

(Foward Floor Price/Equity Derivatives) x Number of Shares; and

(iii) if the Settlement Price is greater than the Forward Cap Price, a number of Shares equal to:

((Forward Floor Price + Settlement Price - Forward Cap Price)/Settlement Price) x Number of Shares

(d) under a Share Swap Transaction, the Number of Shares.

In the event that the number of Shares calculated as set out above comprises any fractional Share, the Number of Shares to be Delivered will include only whole Shares and a Fractional Share Amount will be payable by the relevant party in lieu of such fractional Share.