Template:Nutshell Equity Derivatives 3.1(a)

3.1(a) “Exercise Period” means:

(i) For American Options: all Scheduled Trading Days from, and including, the Commencement Date to, and including, the Expiration Date between 9:00 a.m. and the Latest Exercise Time,

(ii) For Bermuda Options: each Potential Exercise Date and the Expiration Date, between 9:00 a.m. and the Latest Exercise Time, and

(iii) For European Options: the Expiration Date between 9:00 a.m. and the Expiration Time.

All such times will be local time in the location specified in the Confirmation for receipt by Seller or Seller’s Agent or, if not specified, local time in the jurisdiction of the Exchange.