Template:Nutshell Equity Derivatives 3.2

3.2. Procedure for Exercise.

(a) Notice: Unless Automatic Exercise applies, Buyer must give irrevocable notice during the Exercise Period to Seller to exercise an Option.

(b) Late notices: For American Options, a notice given after the Latest Exercise Time on a Scheduled Trading Day will be effective on the following Scheduled Trading Day in the Exercise Period (if there is one).

(c) Multiple Exercise: Where Multiple Exercise applies, Buyer must specify how many Options it is exercising on each Exercise Date.

(d) Written confirmation of oral notices: Buyer will execute and deliver to Seller a written confirmation confirming any oral exercise within one Scheduled Trading Day however, failure by to provide such confirmation will not affect the validity of an oral notice.