Will PSD hold 1 seats in all 27 Brazilian governorships (the 26 states and the Federal District), counted together as a single aggregate body for purposes of this Contract after the 2026 Brazilian gubernatorial elections?

If PSD wins the most governorships following the 2026 Brazilian gubernatorial elections, then the market resolves to Yes. A governorship is won when the candidate is declared elected by the electoral authority and either the challenge period has expired, legal challenges are resolved, or the candidate has taken office as governor. Party affiliation is based on the party under which the candidate was elected, regardless of later changes. In case of ties for a rank, all tied parties at that rank resolve to Yes with values split proportionally. If a ranking is skipped due to ties (e.g., two parties tie for #1, next is #3), markets for the skipped rank (#2) resolve to No.