Österreichische Volksbanken-Aktiengesellschaft ... - Volksbank AG

§ 5
(Option right)
(1) Option right. The Issuer grants to each Warrantholder the right to receive for each Warrant
either a cash amount in the Specified Currency (the Redemption Amount, as defined
below) or, if fulfilment by physical delivery of the Underlyings is specified (see item 12
of the Final Terms), to receive (in case of Call-Warrants) or deliver (in case of Put-
Warrants) the respective Underlyings pursuant to § 12 of these Conditions.
(2) Redemption amount. The Redemption Amount corresponds to the higher of (i) zero and
(ii) the difference between:
(a) the Final Value of the Underlying pursuant to § 8 on the respective Exercise Date
(as defined above) and the respective base value (as defined in the Term Sheet and
in item 16 of the Final Terms) (the Base Value) in the case of Call-Warrants; or
(b) the respective base value (as defined in the Term Sheet and in item 16 of the Final
Terms) (the Base Value) and the Final Value of the Underlying pursuant to § 8 on
the respective Exercise Date (as defined above) in the case of Put-Warrants,
multiplied by the Subscription Rate and commercially rounded to two figures following
the decimal point. If the Underlying is an index, one index point corresponds to one Euro.
(3) Subscription rate. The subscription rate is specified in the Term Sheet and in the Final
Terms (item 19) and is expressed as a decimal number (the Subscription Rate).
§ 6
(Exercise of option right)
(1) Minimum exercise number. Option rights may only be exercised in the minimum exercise
number (see item 17 of the Final Terms) (the Minimum Exercise Number) or a
whole-numbered multiple thereof. An exercise of less Warrants than the Minimum Exercise
Number is invalid and has no effect. An exercise of more Warrants than the Minimum
Exercise Number whose number is not divisible by the Minimum Exercise Number,
counts as an exercise of the next smaller number of Warrants which is divisible by the
Minimum Exercise Number.
(2) Exercise notice. The respective Warrantholder has to submit a written notice (the Exercise
Notice) to the Warrant Agent pursuant to § 15 in order to validly exercise its option
right. The Exercise Notice shall be binding, unconditional and irrevocable. The submission
of the Exercise Notice to the Warrant Agent is deemed to be effected on the day of
the submission when effected until 10:00 hours, Vienna local time; otherwise it is deemed
to be effected on the Business Day following the day of submission.
(3) Delivery of Warrants. The Warrantholder has to deliver the respective number of Warrants,
but at least the Minimum Exercise Number at the latest together with submitting the
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