ndrm options - expiration pricing consideration - The Options Clearing

ndrm options - expiration pricing consideration - The Options Clearing

#42187 DATE: NOVEMBER 17, 2017 SUBJECT: NDRM OPTIONS - EXPIRATION PRICING CONSIDERATION NDRM (Adjusted NeuroDerm Ltd. options) will be subject to...

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#42187

DATE:

NOVEMBER 17, 2017

SUBJECT:

NDRM OPTIONS - EXPIRATION PRICING CONSIDERATION

NDRM (Adjusted NeuroDerm Ltd. options) will be subject to special pricing consideration in expiration processing on November 17, 2017. The pricing consideration is due to the undetermined net cash merger consideration amount included in the option deliverable of NDRM as indicated below. These options will continue to be subject to normal exercise based on customary exercise thresholds in OCC’s Ex-by-Ex processing. MEMBERS SHOULD ADVISE THEIR CUSTOMERS TO TAKE THE FOLLOWING CONSIDERATIONS INTO ACCOUNT IN DECIDING TO EXERCISE, OR NOT TO EXERCISE, THESE OPTIONS. NDRM NDRM options are adjusted NeuroDerm Ltd. options, adjusted October 18, 2017, (see OCC Information Memo #42014). The deliverable of NDRM options is: NEW DELIVERABLE PER CONTRACT:

$3,900.00 Cash ($39.00 x 100), less withholdings, if any

As of November 17, 2017, the NDRM Exchange Agent has not determined the final net cash merger consideration applicable in the merger. For purposes of calculating an NDRM price for use in expiration processing, OCC will use the following formula: NDRM = 39.00 This formula includes an estimate for the value of the final net cash merger consideration per NDRM share based on the merger consideration amount before withholdings and not the actual net cash amount per share applicable in the merger. ALL CLEARING MEMBERS ARE REQUESTED TO IMMEDIATELY ADVISE ALL BRANCH OFFICES AND CORRESPONDENTS ON THE ABOVE. For questions regarding this memo, call Investor Services at 1-888-678-4667 or email [email protected] Clearing Members may contact Member Services at 1-800-544-6091 or, within Canada, at 1-800-424-7320, or email [email protected]