Template:Nutshell Equity Derivatives 12.5

12.5. Composition of Combined Consideration. For any “Share-for-Combined” Merger Event or Tender Offer:

(a) If “Composition of Combined Consideration” applies:

(i) where a holder of the Option Entitlement or Number of Shares could determine the Combined Consideration and could receive New Shares as part of it, the Combined Consideration will be New Shares to the maximum permitted value; and

(ii) if such a holder could make any election other than New Shares, the Combined Consideration will be determined as follows:

(A) the deliveree/payee may determine the composition by giving to the deliveror/payor at least two Scheduled Trading Days’ notice before the deadline for the relevant election; and

(B) otherwise, the deliveror/payor will determine the Composition of Combined Consideration.

(b) If “Composition of Combined Consideration” does not apply:

(i) to where a holder of the Option Entitlement or Number of Shares could determine the Combined Consideration and could receive New Shares as part of it, the Combined Consideration will be New Shares to the maximum permitted value; and

(ii) if such a holder could make any election other than New Shares, the Calculation Agent will determine Combined Consideration.