Template:Nutshell Equity Derivatives 3.3(a)

3.3(a) If “Multiple Exercise” applies to an American Option or a Bermuda Option, Buyer may exercise any part of the unexercised Options on any Scheduled Trading Day during the Exercise Period but may not exercise fewer than the Minimum Number of Options or more than the Maximum Number of Options on any one Scheduled Trading Day, and where an “Integral Multiple” is specified, only in that Integral Multiple.

An attempted exercise on any Scheduled Trading Day of:

(i) more than the Maximum Number of Options will be treated as an exercise of the Maximum Number of Options only (and the excess will remain unexercised);

(ii) fewer than the Minimum Number of Options will be ineffective; and

(iii) an amount of Options that is not in the Integral Multiple will be rounded down to the next lowest Integral Multiple (and the excess will remain unexercised).