Document:

Exhibit 10.3 to St. Jude Medical, Inc. Form 8-K dated April 19, 2007

Exhibit 10.3 

	
 

	
 

	
 

	
 

	
 

	
April 19, 2007

	
 

	
 

	
 

	
To:

	
 

	
St. Jude Medical, Inc.

	
 

	
 

	
One Lillehei Plaza

	
 

	
 

	
St. Paul, Minnesota 55117

	
 

	
 

	
Attn: Corporate Secretary

	
 

	
 

	
Telephone: 651-483-2000

	
 

	
 

	
Facsimile: 651-481-7690

	
 

	
 

	
 

	
From:

	
 

	
Bank of America, N.A.

	
 

	
 

	
c/o Banc of America Securities LLC

	
 

	
 

	
9 West 57th Street

	
 

	
 

	
New York, NY 10019

	
 

	
 

	
Attn: John Servidio

	
 

	
 

	
Telephone: 212-847-6527

	
 

	
 

	
Facsimile: 212-230-8610

	
 

	
 

	
 

	
Re:

	
 

	
Issuer Warrant Transaction

	
 

	
 

	
(Transaction Reference Number:
  NY-28866)

Ladies and
Gentlemen:

          The
purpose of this communication (this “Confirmation”) is to set forth the terms
and conditions of the above-referenced transaction entered into on the Trade
Date specified below (the “Transaction”) between Bank of America, N.A.
(“BofA”)
and St. Jude Medical, Inc. (“Issuer”). This communication constitutes a
“Confirmation” as referred to in the ISDA Master Agreement specified below. 

          1.
This Confirmation is subject to, and incorporates, the definitions and
provisions of the 2000 ISDA Definitions (including the Annex thereto) (the “2000
Definitions”) and the definitions and provisions of the 2002 ISDA
Equity Derivatives Definitions (the “Equity Definitions”, and together with the
2000 Definitions, the “Definitions”), in each case as published by
the International Swaps and Derivatives Association, Inc. (“ISDA”).
In the event of any inconsistency between the 2000 Definitions and the Equity
Definitions, the Equity Definitions will govern. For purposes of the Equity
Definitions, each reference herein to a Warrant shall be deemed to be a
reference to a Call Option or an Option, as context requires.

          This
Confirmation evidences a complete and binding agreement between BofA and Issuer
as to the terms of the Transaction to which this Confirmation relates. This Confirmation
shall be subject to an agreement (the “Agreement”)
in the form of the 2002 ISDA Master Agreement (the “ISDA Form”) as if BofA and
Issuer had executed an agreement in such form (without any Schedule but with
the elections set forth in this Confirmation). For the avoidance of doubt, the
Transaction shall be the only transaction under the Agreement.

          All
provisions contained in, or incorporated by reference to, the Agreement will
govern this Confirmation except as expressly modified herein. In the event of
any inconsistency between this Confirmation and either the Definitions or the
Agreement, this Confirmation shall govern. 

          2.
The Transaction is a Warrant Transaction, which shall be considered a Share
Option Transaction for purposes of the Equity Definitions. The terms of the
particular Transaction to which this Confirmation relates are as follows:

General Terms:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Trade Date:

	
 

	
April 19,
  2007

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Effective
  Date:

	
 

	
April 25,
  2007, subject to Section 8(n) below

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Components:

	
 

	
The
  Transaction will be divided into individual Components, each with the terms
  set forth in this Confirmation, and, in particular, with the Number of
  Warrants and Expiration Date set forth in this Confirmation. The payments and
  deliveries to be made upon settlement of the Transaction will be determined
  separately for each Component as if each Component were a separate
  Transaction under the Agreement.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Warrant
  Style:

	
 

	
European

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Warrant
  Type:

	
 

	
Call

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Seller:

	
 

	
Issuer

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Buyer:

	
 

	
BofA

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Shares:

	
 

	
The Common
  Stock of Issuer, par value USD 0.10 per share (Ticker Symbol: “STJ”).

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Number of
  Warrants:

	
 

	
For each
  Component, as provided in Annex A to this Confirmation.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Warrant Entitlement:

	
 

	
One Share per Warrant

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Strike
  Price:

	
 

	
USD60.7320

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Premium:

	
 

	
USD35,040,000.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Premium
  Payment Date:

	
 

	
The
  Effective Date

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Exchange:

	
 

	
New York
  Stock Exchange

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Related
  Exchange:

	
 

	
All
  Exchanges

	
 

	
 

	
 

	
 

	
 

	
Procedures
  for Exercise:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Expiration
  Time:

	
 

	
Valuation
  Time

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Expiration
  Date:

	
 

	
As provided
  in Annex A to this Confirmation (or, if such date is not a Scheduled
  Trading Day, the next following Scheduled Trading Day that is not already an
  Expiration Date for another Component); provided
  that if that date is a Disrupted Day, the Expiration Date for such Component
  shall be the first succeeding Scheduled Trading Day that is not a Disrupted
  Day and is not or is not deemed to be an Expiration Date in respect of any
  other Component of the Transaction hereunder; and provided further that if the Expiration Date has not
  occurred pursuant to the preceding proviso as of the Final Disruption Date,
  the Final Disruption Date shall be the Expiration Date (irrespective of
  whether such date is an Expiration Date occurring on the Final Disruption
  Date in respect of any other Component for the Transaction) and,
  notwithstanding anything to the contrary in this Confirmation or the
  Definitions, the Relevant Price for the Expiration Date shall be the
  prevailing market value per Share determined by the Calculation Agent in a
  commercially reasonable manner. “Final
  Disruption Date” means
  June 24, 2009. Notwithstanding the foregoing and anything to the contrary in
  the Equity Definitions, if a Market Disruption Event occurs on any Expiration
  Date, the Calculation Agent may determine that such Expiration Date is a
  Disrupted Day only in part, in which case the Calculation Agent shall make
  adjustments to the number of Warrants for the relevant Component for which
  such day shall be the Expiration Date and shall designate the Scheduled
  Trading Day determined in the 

2

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
manner described in the immediately preceding sentence as the
  Expiration Date for the remaining Warrants for such Component. Section 6.6 of
  the Equity Definitions shall not apply to any Valuation Date occurring on an
  Expiration Date.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Market
  Disruption Event:

	
 

	
Section
  6.3(a) of the Equity Definitions is hereby amended by deleting the words
  “during the one hour period that ends at the relevant Valuation Time, Latest
  Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the
  case may be,” in clause (ii) thereof.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Automatic
  Exercise:

	
 

	
Applicable;
  and means that each Warrant not previously exercised under the Transaction
  will be deemed to be automatically exercised at the Expiration Time on the Expiration Date unless BofA notifies
  Seller (by telephone or in writing) prior to the Expiration Time on the
  Expiration Date that it does not wish Automatic Exercise to occur, in which
  case Automatic Exercise will not apply.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Issuer’s
  Telephone Number

	
 

	
 

	
 

	
 

	
and Telex
  and/or Facsimile Number

	
 

	
 

	
 

	
 

	
and Contact
  Details for purpose of

	
 

	
 

	
 

	
 

	
Giving
  Notice:

	
 

	
To be
  provided by Issuer.

	
 

	
 

	
 

	
 

	
 

	
Settlement
  Terms:

	
 

	
 

	
 

	
 

	
 

	
 

	
In respect of any Component:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Settlement
  Currency:

	
 

	
USD

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Net Share
  Settlement:

	
 

	
On each
  Settlement Date, Issuer shall deliver to BofA a number of Shares equal to the
  Number of Shares to be Delivered for such Settlement Date to the account
  specified by BofA and cash in lieu of any fractional Shares valued at the
  Relevant Price on the Valuation Date corresponding to such Settlement Date.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Number of
  Shares to be Delivered:

	
 

	
In respect
  of any Exercise Date, subject to the last sentence of Section 9.5 of the
  Equity Definitions, the product of (i) the number of Warrants exercised or
  deemed exercised on such Exercise Date, (ii) the Warrant Entitlement and
  (iii) (A) the excess of the VWAP Price on the Valuation Date occurring on
  such Exercise Date over the Strike Price divided by (B) such VWAP Price.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
The Number
  of Shares to be Delivered shall be delivered by Issuer to BofA no later than
  12 noon (local time in New York City) on the relevant Settlement Date.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
VWAP Price:

	
 

	
For any
  Valuation Date, the Rule 10b-18 dollar volume weighted average price per
  Share for such Valuation Date based on transactions executed during such
  Valuation Date, as reported on Bloomberg Page “STJ.N <Equity> AQR SEC”
  (or any successor thereto) or, in the event such price is not so reported on
  such Valuation Date for any reason, as reasonably determined by the
  Calculation Agent.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Other
  Applicable Provisions:

	
 

	
The
  provisions of Sections 9.1(c), 9.8, 9.9, 9.10, 9.11 (except that the Representation
  and Agreement contained in Section 9.11 of the Equity Definitions shall be
  modified by excluding any representations therein relating to restrictions,
  obligations, limitations or requirements under applicable securities laws as
  a result of the fact that Seller is the Issuer of the Shares) and 9.12 of

3

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
the Equity
  Definitions will be applicable, except that all references in such provisions
  to “Physically-Settled” shall be read as references to “Net Share Settled”.
  “Net Share Settled” in relation to any Warrant means that Net Share
  Settlement is applicable to such Warrant.

	
 

	
 

	
 

	
Adjustments:

	
 

	
 

	
 

	
 

	
 

	
 

	
In respect of any Component:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Method of
  Adjustment:

	
 

	
Calculation
  Agent Adjustment

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Extraordinary
  Dividend:

	
 

	
Any dividend
  or distribution (i) that has an ex-dividend date occurring on or after the
  Trade Date and on or prior to the Expiration Date and (ii) the amount or
  value of which exceeds the Ordinary Dividend Amount for such dividend or
  distribution, as determined by the Calculation Agent.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Ordinary
  Dividend Amount:

	
 

	
USD 0.00.

	
 

	
 

	
 

	
 

	
 

	
Extraordinary
  Events:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Consequences
  of Merger Events:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)
  Share-for-Share:

	
 

	
Modified
  Calculation Agent Adjustment

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)
  Share-for-Other:

	
 

	
Cancellation
  and Payment (Calculation Agent Determination)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(c)
  Share-for-Combined:

	
 

	
Cancellation
  and Payment (Calculation Agent Determination)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Tender
  Offer:

	
 

	
Applicable

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Consequences
  of Tender Offers:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)
  Share-for-Share:

	
 

	
Modified
  Calculation Agent Adjustment

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)
  Share-for-Other:

	
 

	
Cancellation
  and Payment (Calculation Agent Determination) on that portion of the Other
  Consideration that consists of cash; Modified Calculation Agent Adjustment on
  the remainder of the Other Consideration.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(c)
  Share-for-Combined:

	
 

	
Modified
  Calculation Agent Adjustment

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Nationalization,
  Insolvency

	
 

	
 

	
 

	
 

	
or
  Delisting:

	
 

	
Cancellation
  and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section
  12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting
  if the Exchange is located in the United States and the Shares are not
  immediately re-listed, re-traded or re-quoted on any of the New York Stock
  Exchange, the American Stock Exchange or The NASDAQ National Market (or their
  respective successors); if the Shares are immediately re-listed, re-traded or
  re-quoted on any such exchange or quotation system, such exchange or
  quotation system shall thereafter be deemed to be the Exchange.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Additional
  Disruption Events: 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
Change in
  Law:

	
 

	
Applicable, provided
  that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by
  inserting ”on the advice of counsel” after the words “good faith”
  and by deleting subclause (Y) of such Section.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
Failure to
  Deliver:

	
 

	
Applicable

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(c)

	
Insolvency
  Filing:

	
 

	
Applicable

4

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(d)

	
Hedging
  Disruption:

	
 

	
Applicable

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(e)

	
Increased
  Cost of Hedging:

	
 

	
Not
  Applicable

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(f)

	
Loss of
  Stock Borrow:

	
 

	
Applicable

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Maximum
  Stock Loan Rate:

	
 

	
200 bps

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(g)

	
Increased
  Cost of Stock Borrow:

	
 

	
Applicable

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Initial
  Stock Loan Rate:

	
 

	
50 bps

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Hedging
  Party:

	
 

	
BofA for all
  applicable Additional Disruption Events

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Determining
  Party:

	
 

	
BofA for all
  applicable Extraordinary Events

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Non-Reliance:

	
 

	
Applicable

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Agreements
  and Acknowledgments

	
 

	
 

	
 

	
 

	
Regarding
  Hedging Activities:

	
 

	
Applicable

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Additional
  Acknowledgments:

	
 

	
Applicable

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
3.

	
Calculation
  Agent:

	
 

	
BofA

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.

	
Account
  Details:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
BofA Payment
  Instructions:

	
 

	
Provided by Bank of
  America

	
 

	
 

	
 

	
 

	
Issuer
  Payment Instructions:

	
 

	
To be
  provided by Issuer.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
5.

	
Offices:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
The
  Office of BofA for the Transaction is: New York

	
 

	
 

	
 

	
 

	
Bank of
  America, N.A.

	
 

	
c/o Banc
  of America Securities LLC

	
 

	
9 West 57th
  Street, 40th Floor

	
 

	
New York,
  NY 10019

	
 

	
Attention:

	
John
  Servidio

	
 

	
Telephone:

	
212-847-6527

	
 

	
Facsimile:

	
212-230-8610

	
 

	
 

	
 

	
 

	
 

	
 

	
The Office
  of Issuer for the Transaction is: Not applicable

	
 

	
 

	
 

	
 

	
 

	
 

	
6.

	
Notices:
  For purposes of this Confirmation:

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
Address for
  notices or communications to Issuer:

	
 

	
 

	
 

	
 

	
To:

	
St. Jude
  Medical, Inc.

	
 

	
 

	
One Lillehei Plaza

	
 

	
 

	
St. Paul, Minnesota 55117

	
 

	
Attn:

	
Corporate Secretary

	
 

	
Telephone:

	
651-483-2000

	
 

	
Facsimile:

	
651-481-7690 

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
Address for
  notices or communications to BofA:

	
 

	
 

	
 

	
 

	
To:

	
Bank of
  America, N.A.

	
 

	
 

	
c/o Banc
  of America Securities LLC

	
 

	
 

	
9 West 57th
  Street, 40th Floor

	
 

	
 

	
New York,
  NY 10019

	
 

	
Attn:

	
John
  Servidio

	
 

	
Telephone:

	
212-847-6527

	
 

	
Facsimile:

	
212-230-8610

5

          7.
Representations, Warranties and Agreements:

          (a)
In addition to the representations and warranties in the Agreement and those
contained elsewhere herein, Issuer represents and warrants to and for the
benefit of, and agrees with, BofA as follows:

	
 

	
 

	
 

	
          (i)
  On the Trade Date, (A) none of Issuer and its officers and directors is aware
  of any material nonpublic information regarding Issuer or the Shares and (B)
  all reports and other documents filed by Issuer with the Securities and
  Exchange Commission pursuant to the Exchange Act when considered as a whole
  (with the more recent such reports and documents deemed to amend inconsistent
  statements contained in any earlier such reports and documents), do not
  contain any untrue statement of a material fact or any omission of a material
  fact required to be stated therein or necessary to make the statements
  therein, in the light of the circumstances in which they were made, not
  misleading.

	
 

	
 

	
 

	
          (ii)
  Without limiting the generality of Section 13.1 of the Equity Definitions,
  Issuer acknowledges that BofA is not making any representations or warranties
  with respect to the treatment of the Transaction under FASB Statements 133,
  as amended, or 150, EITF Issue No. 00-19 (or any successor issue statements)
  or under FASB’s Liabilities & Equity Project.

	
 

	
 

	
 

	
          (iii)
  Prior to the Trade Date, Issuer shall deliver to BofA a resolution of
  Issuer’s board of directors authorizing the Transaction and such other
  certificate or certificates as BofA shall reasonably request.

	
 

	
 

	
 

	
          (iv)
  Issuer is not entering into this Confirmation to create actual or apparent
  trading activity in the Shares (or any security convertible into or
  exchangeable for Shares) or to raise or depress or otherwise manipulate the
  price of the Shares (or any security convertible into or exchangeable for
  Shares) or otherwise in violation of the Exchange Act. 

	
 

	
 

	
 

	
          (v)
  On any Expiration Date, Issuer shall not, and shall cause its affiliates and
  affiliated purchasers (each as defined in Rule 10b-18) not to, directly or
  indirectly (including, without limitation, by means of a cash-settled or
  other derivative instrument) purchase, offer to purchase, place any bid or
  limit order that would effect a purchase of, or commence any tender offer
  relating to, any Shares (or an equivalent interest, including a unit of
  beneficial interest in a trust or limited partnership or a depository share)
  or any security convertible into or exchangeable for Shares on any Expiration
  Date.

	
 

	
 

	
 

	
          (vi)
  Issuer is not, and after giving effect to the transactions contemplated
  hereby will not be, an “investment company” as such term is defined in the
  Investment Company Act of 1940, as amended.

	
 

	
 

	
 

	
          (vii)
  On the Trade Date (A) the assets of Issuer at their fair valuation exceed the
  liabilities of Issuer, including contingent liabilities, (B) the capital of
  Issuer is adequate to conduct the business of Issuer and (C) Issuer has the
  ability to pay its debts and obligations as such debts mature and does not
  intend to, or does not believe that it will, incur debt beyond its ability to
  pay as such debts mature.

	
 

	
 

	
 

	
          (viii)
  Issuer shall not take any action to decrease the number of Available Shares
  below the Capped Number (each as defined below).

	
 

	
 

	
 

	
          (ix)
  The representations and warranties of Issuer set forth in Section 3 of the
  Agreement and Section 1 of the Purchase Agreement (the “Purchase Agreement”) dated as of April
  19, 2007 between Issuer and BofA are true and correct and are hereby deemed
  to be repeated to BofA as if set forth herein.

	
 

	
 

	
 

	
          (x)
  Issuer understands no obligations of BofA to it hereunder will be entitled to
  the benefit of deposit insurance and that such obligations will not be
  guaranteed by any affiliate of BofA or any governmental agency.

	
 

	
 

	
          (b)
  Each of BofA and Issuer agrees and represents that it is an “eligible
  contract participant” as defined in Section 1a(12) of the U.S. Commodity
  Exchange Act, as amended.

6

          (c)
Each of BofA and Issuer acknowledges that the offer and sale of the Transaction
to it is intended to be exempt from registration under the Securities Act of
1933, as amended (the “Securities Act”), by virtue of Section 4(2)
thereof. Accordingly, BofA represents and warrants to Issuer that (i) it has
the financial ability to bear the economic risk of its investment in the
Transaction and is able to bear a total loss of its investment, (ii) it is an
“accredited investor” as that term is defined in Regulation D as promulgated
under the Securities Act, (iii) it is entering into the Transaction for its own
account without a view to the distribution or resale thereof and (iv) the
assignment, transfer or other disposition of the Transaction has not been and
will not be registered under the Securities Act and is restricted under this
Confirmation, the Securities Act and state securities laws.

          (d)
Each of BofA and Issuer agrees and acknowledges that BofA is a “financial
institution,” “swap participant” and “financial participant” within the meaning
of Sections 101(22), 101(53C) and 101(22A) of Title 11 of the United States
Code (the “Bankruptcy Code”). The
parties hereto further agree and acknowledge (A) that this Confirmation is (i)
a “securities contract,” as such term is defined in Section 741(7) of the
Bankruptcy Code, with respect to which each payment and delivery hereunder is a
“settlement payment,” as such term is defined in Section 741(8) of the
Bankruptcy Code, and (ii) a “swap agreement,” as such term is defined in
Section 101(53B) of the Bankruptcy Code, with respect to which each payment and
delivery hereunder is a “transfer,” as such term is defined in Section 101(54)
of the Bankruptcy Code, and (B) that BofA is entitled to the protections
afforded by, among other sections, Section 362(b)(6), 362(b)(17), 546(e),
546(g), 555 and 560 of the Bankruptcy Code. 

          (e)
Issuer shall deliver to BofA an opinion of counsel, dated as of the Trade Date
and reasonably acceptable to BofA in form and substance, with respect to the
matters set forth in Section 3(a) of the Agreement. 

          8.
Other Provisions:

          (a)
Alternative
Calculations and Payment on Early Termination and on Certain Extraordinary
Events. If, subject to Section 8(l) below, Issuer shall owe BofA any
amount pursuant to Sections 12.2, 12.3, 12.6, 12.7 or 12.9 of the Equity
Definitions (except in the event of an Insolvency, a Nationalization, a Tender
Offer or a Merger Event, in each case, in which the consideration or proceeds
to be paid to holders of Shares consists solely of cash) or pursuant to Section
6(d)(ii) of the Agreement (except in the event of an Event of Default in which
Issuer is the Defaulting Party or a Termination Event in which Issuer is the
Affected Party, that resulted from an event or events within Issuer’s control)
(a “Payment
Obligation”), Issuer shall have the right, in its sole discretion,
to satisfy any such Payment Obligation by the Share Termination Alternative (as
defined below) by giving irrevocable telephonic notice to BofA, confirmed in
writing within one Scheduled Trading Day, between the hours of 9:00 A.M. and
4:00 P.M. New York City time on the Merger Date, Tender Offer Date,
Announcement Date or Early Termination Date, as applicable (“Notice of
Share Termination”). Upon such Notice of Share Termination, the
following provisions shall apply on the Scheduled Trading Day immediately
following the Merger Date, the Tender Offer Date, Announcement Date or Early
Termination Date, as applicable:

	
 

	
 

	
 

	
Share
  Termination Alternative:

	
 

	
Applicable
  and means that Issuer shall deliver to BofA the Share Termination Delivery
  Property on the date on which the Payment Obligation would otherwise be due
  pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section
  6(d)(ii) of the Agreement, as applicable (the “Share Termination Payment Date”),
  in satisfaction of the Payment Obligation. 

	
 

	
 

	
 

	
Share
  Termination Delivery 

	
 

	
 

	
Property:

	
 

	
A number of
  Share Termination Delivery Units, as calculated by the Calculation Agent,
  equal to the Payment Obligation divided by the Share Termination Unit Price.
  The Calculation Agent shall adjust the Share Termination Delivery Property by
  replacing any fractional portion of a security therein with an amount of cash
  equal to the value of such fractional security based on the values used to
  calculate the Share Termination Unit Price. 

	
 

	
 

	
 

	
Share
  Termination Unit Price:

	
 

	
The value of
  property contained in one Share Termination Delivery Unit on the date such
  Share Termination Delivery Units are to be delivered as Share Termination
  Delivery Property, as determined by the Calculation Agent in its discretion
  by commercially reasonable means and notified by the Calculation Agent to
  Issuer at the time of notification of the Payment Obligation. 

	
 

	
 

	
 

	
Share
  Termination Delivery Unit:

	
 

	
In the case
  of a Termination Event, Event of Default or Delisting, one Share or, in the
  case of an Insolvency, Nationalization, Merger Event or Tender Offer, a unit 

7

	
 

	
 

	
 

	
 

	
 

	
consisting
  of the number or amount of each type of property received by a holder of one
  Share (without consideration of any requirement to pay cash or other
  consideration in lieu of fractional amounts of any securities) in such
  Insolvency, Nationalization, Merger Event or Tender Offer. If such
  Insolvency, Nationalization, Merger Event or Tender Offer involves a choice
  of consideration to be received by holders, such holder shall be deemed to
  have elected to receive the maximum possible amount of cash.

	
 

	
 

	
 

	
Failure to
  Deliver:

	
 

	
Applicable

	
 

	
 

	
 

	
Other
  applicable provisions:

	
 

	
If Share
  Termination Alternative is applicable, the provisions of Sections 9.8, 9.9,
  9.10, 9.11 (except that the Representation and Agreement contained in Section
  9.11 of the Equity Definitions shall be modified by excluding any
  representations therein relating to restrictions, obligations, limitations or
  requirements under applicable securities laws as a result of the fact that
  Seller is the Issuer of the Shares) and 9.12 of the Equity Definitions will
  be applicable, except that all references in such provisions to
  “Physically-Settled” shall be read as references to “settled by Share
  Termination Alternative” and all references to “Shares” shall be read as
  references to “Share Termination Delivery Units”. 

          (b)
Registration/Private
Placement Procedures. (i) If, in the reasonable judgment of BofA,
for any reason, any Shares or any securities of Issuer or its affiliates
comprising any Share Termination Delivery Units deliverable to BofA hereunder
(any such Shares or securities, “Delivered
Securities”) would not be immediately freely transferable by BofA
under Rule 144(k) under the Securities Act of 1933, as amended (the “Securities
Act”) (other than as a result of BofA being an affiliate, as such
term is used in the Securities Act and the rules and regulations thereunder, of
Issuer), then the provisions set forth in this Section 8(b) shall apply. At the
election of Issuer by notice to BofA within one Exchange Business Day after the
relevant delivery obligation arises, but in any event at least one Exchange
Business Day prior to the date on which such delivery obligation is due, either
(A) all Delivered Securities delivered by Issuer to BofA shall be, at the time
of such delivery, covered by an effective registration statement of Issuer for
immediate resale by BofA (such registration statement and the corresponding
prospectus (the “Prospectus”) (including, without limitation, any sections
describing the plan of distribution) in form and content commercially reasonably
satisfactory to BofA) or (B) Issuer shall deliver additional Delivered
Securities so that the value of such Delivered Securities, as determined by the
Calculation Agent to reflect an appropriate liquidity discount, equals the
value of the number of Delivered Securities that would otherwise be deliverable
if such Delivered Securities were freely tradeable (without prospectus
delivery) upon receipt by BofA (such value, the “Freely Tradeable Value”); provided
that Issuer may not make the election described in this clause (B) if, on the
date of its election, it has taken, or caused to be taken, any action that
would make unavailable either the exemption pursuant to Section 4(2) of the
Securities Act for the delivery by Issuer to BofA (or any affiliate designated
by BofA) of the Delivered Securities or the exemption pursuant to Section 4(1)
or Section 4(3) of the Securities Act for resales of the Delivered Securities
by BofA (or any such affiliate of BofA). (For the avoidance of doubt, as used
in this paragraph (b) only, the term “Issuer” shall mean the issuer of the
relevant securities, as the context shall require.)

	
 

	
 

	
 

	
(ii) If
  Issuer makes the election described in clause (b)(i)(A) above:

	
 

	
 

	
 

	
          (A)
  BofA (or an Affiliate of BofA designated by BofA) shall be afforded a
  reasonable opportunity to conduct a due diligence investigation with respect
  to Issuer that is customary in scope for underwritten offerings of equity
  securities and that yields results that are commercially reasonably
  satisfactory to BofA or such Affiliate, as the case may be, in its
  discretion; and

	
 

	
 

	
 

	
          (B)
  BofA (or an Affiliate of BofA designated by BofA) and Issuer shall enter into
  an agreement (a “Registration Agreement”) on commercially
  reasonable terms in connection with the public resale of such Delivered
  Securities by BofA or such Affiliate substantially similar to underwriting
  agreements customary for underwritten offerings of equity securities, in form
  and substance commercially reasonably satisfactory to BofA or such Affiliate
  and Issuer, which Registration Agreement shall include, without limitation,
  provisions substantially similar to those contained in such underwriting
  agreements relating to the indemnification of, and contribution in connection
  with the liability of, BofA and its Affiliates and Issuer, shall provide for
  the payment by Issuer of all expenses in connection with such resale,
  including all registration costs and all fees and expenses of counsel for
  BofA, and shall provide for the delivery of accountants’ “comfort letters” to
  BofA or 

8

	
 

	
 

	
 

	
such
  Affiliate with respect to the financial statements and certain financial
  information contained in or incorporated by reference into the Prospectus.

	
 

	
 

	
 

	
(iii) If
  Issuer makes the election described in clause (b)(i)(B) above:

	
 

	
 

	
 

	
          (A)
  all Delivered Securities shall be delivered to BofA (or any Affiliate of BofA
  designated by BofA) pursuant to the exemption from the registration
  requirements of the Securities Act provided by Section 4(2) thereof;

	
 

	
 

	
 

	
          (B)
  BofA (or an Affiliate of BofA designated by BofA) and any potential
  institutional purchaser of any such Delivered Securities from BofA or such
  Affiliate identified by BofA shall be afforded a commercially reasonable
  opportunity to conduct a due diligence investigation in compliance with
  applicable law with respect to Issuer customary in scope for private
  placements of equity securities (including, without limitation, the right to
  have made available to them for inspection all financial and other records,
  pertinent corporate documents and other information reasonably requested by
  them); 

	
 

	
 

	
 

	
          (C)
  BofA (or an Affiliate of BofA designated by BofA) and Issuer shall enter into
  an agreement (a “Private Placement Agreement”) on
  commercially reasonable terms in connection with the private placement of
  such Delivered Securities by Issuer to BofA or such Affiliate and the private
  resale of such Delivered Securities by BofA or such Affiliate, substantially
  similar to private placement purchase agreements customary for private
  placements of equity securities, in form and substance commercially
  reasonably satisfactory to BofA and Issuer, which Private Placement Agreement
  shall include, without limitation, provisions substantially similar to those
  contained in such private placement purchase agreements relating to the
  indemnification of, and contribution in connection with the liability of,
  BofA and its Affiliates and Issuer, shall provide for the payment by Issuer
  of all expenses in connection with such resale, including all fees and
  expenses of counsel for BofA, shall contain representations, warranties and
  agreements of Issuer reasonably necessary or advisable to establish and
  maintain the availability of an exemption from the registration requirements
  of the Securities Act for such resales, and shall use best efforts to provide
  for the delivery of accountants’ “comfort letters” to BofA or such Affiliate
  with respect to the financial statements and certain financial information
  contained in or incorporated by reference into the offering memorandum
  prepared for the resale of such Shares; and

	
 

	
 

	
 

	
          (D)
  Issuer agrees that any Delivered Securities so delivered to BofA, (i) may be
  transferred by and among BofA and its Affiliates, and Issuer shall effect
  such transfer without any further action by BofA and (ii) after the minimum
  “holding period” within the meaning of Rule 144(d) under the Securities Act
  has elapsed with respect to such Delivered Securities, Issuer shall promptly
  remove, or cause the transfer agent for such Shares or securities to remove,
  any legends referring to any such restrictions or requirements from such
  Delivered Securities upon delivery by BofA (or such Affiliate of BofA) to
  Issuer or such transfer agent of seller’s and broker’s representation letters
  customarily delivered by BofA in connection with resales of restricted
  securities pursuant to Rule 144 under the Securities Act, without any further
  requirement for the delivery of any certificate, consent, agreement, opinion
  of counsel, notice or any other document, any transfer tax stamps or payment
  of any other amount or any other action by BofA (or such affiliate of BofA).

          (c)
Make-whole. If Issuer makes the
election described in clause (b)(i)(B) of paragraph (b) of this Section 8, then
BofA or its affiliate may sell such Shares or Share Termination Delivery Units,
as the case may be, during a period (the “Resale Period”) commencing on the Exchange
Business Day following delivery of such Shares or Share Termination Delivery
Units, as the case may be, and ending on the Exchange Business Day on which
BofA completes the sale of all such Shares or Share Termination Delivery Units,
as the case may be, or a sufficient number of Shares or Share Termination
Delivery Units, as the case may be, so that the realized net proceeds of such
sales exceed the Freely Tradeable Value (such amount of the Freely Tradeable
Value, the “Required Proceeds”).
If any of such delivered Shares or Share Termination Delivery Units remain
after such realized net proceeds exceed the Required Proceeds, BofA shall
return such remaining Shares or Share Termination Delivery Units to Issuer. If
the Required Proceeds exceed the realized net proceeds from such resale, Issuer
shall transfer to BofA by the open of the regular trading session on the
Exchange on the Exchange Trading Day immediately following the last day of the
Resale Period the amount of such excess (the “Additional Amount”) in cash
or in a number of additional Shares (“Make-whole Shares”) in an amount that,
based on the Relevant Price on the last day of the Resale Period (as if such
day was the “Valuation Date” for purposes of computing such Relevant Price),
has a dollar value equal to the Additional Amount. The Resale Period shall
continue to enable the sale of the Make-whole Shares in the manner contemplated
by this Section 8(c). This provision shall be applied successively until the
Additional Amount is equal to zero, subject to Section 8(e). 

9

          (d)
Beneficial
Ownership. Notwithstanding anything to the contrary in the Agreement
or this Confirmation, in no event shall BofA be entitled to receive, or shall
be deemed to receive, any Shares if, upon such receipt of such Shares, the
“beneficial ownership” (within the meaning of Section 13 of the Exchange Act
and the rules promulgated thereunder) of Shares by BofA or any entity that
directly or indirectly controls BofA (collectively, “Buyer Group”) would be equal
to or greater than 9% or more of the outstanding Shares. If any delivery owed
to BofA hereunder is not made, in whole or in part, as a result of this
provision, Issuer’s obligation to make such delivery shall not be extinguished
and Issuer shall make such delivery as promptly as practicable after, but in no
event later than one Exchange Business Day after, BofA gives notice to Issuer
that such delivery would not result in Buyer Group directly or indirectly so
beneficially owning in excess of 9% of the outstanding Shares.

          (e)
Limitations
on Settlement by Issuer. Notwithstanding anything herein or in the
Agreement to the contrary, in no event shall Issuer be required to deliver
Shares in connection with the Transaction in excess of 46,104,240 Shares (the “Capped
Number”). Issuer represents and warrants (which shall be deemed to
be repeated on each day that the Transaction is outstanding) that the Capped
Number is equal to or less than the number of authorized but unissued Shares of
the Issuer that are not reserved for future issuance in connection with
transactions in the Shares (other than the Transaction) on the date of the
determination of the Capped Number (such Shares, the “Available Shares”). In the
event Issuer shall not have delivered the full number of Shares otherwise
deliverable as a result of this Section 8(e) (the resulting deficit, the “Deficit
Shares”), Issuer shall be continually obligated to deliver, from
time to time until the full number of Deficit Shares have been delivered
pursuant to this paragraph, Shares when, and to the extent, that (i) Shares are
repurchased, acquired or otherwise received by Issuer or any of its
subsidiaries after the Trade Date (whether or not in exchange for cash, fair
value or any other consideration), (ii) authorized and unissued Shares reserved
for issuance in respect of other transactions prior to such date which prior to
the relevant date become no longer so reserved and (iii) Issuer additionally
authorizes and unissued Shares that are not reserved for other transactions.
Issuer shall immediately notify BofA of the occurrence of any of the foregoing
events (including the number of Shares subject to clause (i), (ii) or (iii) and
the corresponding number of Shares to be delivered) and promptly deliver such
Shares thereafter.

          (f) Right to
Extend. BofA may postpone any Exercise Date or any other date of
valuation or delivery with respect to some or all of the relevant Warrants (in
which event the Calculation Agent shall make appropriate adjustments to the
Number of Shares to be Delivered with respect to one or more Components), if BofA
determines, in its reasonable discretion, that such extension is reasonably
necessary or appropriate to preserve BofA’s hedging or hedge unwind activity
hereunder in light of existing liquidity conditions or to enable BofA to effect
purchases of Shares in connection with its hedging, hedge unwind or settlement
activity hereunder in a manner that would, if BofA were Issuer or an affiliated
purchaser of Issuer, be in compliance with applicable legal, regulatory or
self-regulatory requirements, or with related policies and procedures
applicable to BofA.

          (g)
Equity
Rights. BofA acknowledges and agrees that this Confirmation is not
intended to convey to it rights with respect to the Transaction that are senior
to the claims of common stockholders in the event of Issuer’s bankruptcy. For
the avoidance of doubt, the parties agree that the preceding sentence shall not
apply at any time other than during Issuer’s bankruptcy to any claim arising as
a result of a breach by Issuer of any of its obligations under this
Confirmation or the Agreement. For the avoidance of doubt, the parties
acknowledge that this Confirmation is not secured by any collateral that would
otherwise secure the obligations of Issuer herein under or pursuant to any
other agreement.

          (h)
Amendments
to Equity Definitions and the Agreement. The following amendments
shall be made to the Equity Definitions and to the Agreement:

	
 

	
 

	
 

	
          (i)
  The first sentence of Section 11.2(c) of the Equity Definitions, prior to
  clause (A) thereof, is hereby amended to read as follows: ‘(c) If
  “Calculation Agent Adjustment” is specified as the Method of Adjustment in
  the related Confirmation of a Share Option Transaction, then following the
  announcement or occurrence of any Potential Adjustment Event, the Calculation
  Agent will determine whether such Potential Adjustment Event has a material
  effect on the theoretical value of the relevant Shares or options on the
  Shares and, if so, will (i) make appropriate adjustment(s), if any, to any
  one or more of:’ and, the portion of such sentence immediately preceding
  clause (ii) thereof is hereby amended by deleting the words “diluting or
  concentrative” and the words “(provided that no adjustments will be made to
  account solely for changes in volatility, expected dividends, stock loan rate
  or liquidity relative to the relevant Shares)” and replacing such latter
  phrase with the words “(and, for the avoidance of doubt, adjustments may be
  made to account solely for changes in volatility, expected dividends, stock
  loan rate or liquidity relative to the relevant Shares)”; 

10

	
 

	
 

	
 

	
          (ii)
  Section 11.2(e)(vii) of the Equity Definitions is hereby amended by deleting
  the words “diluting or concentrative” and replacing them with “material”;

	
 

	
 

	
 

	
          (iii)
  Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1)
  deleting from the fourth line thereof the word “or” after the word “official”
  and inserting a comma therefor, and (2) deleting the semi-colon at the end of
  subsection (B) thereof and inserting the following words therefor “or (C) at
  BofA’s option, the occurrence of any of the events specified in Section
  5(a)(vii) (1) through (9) of the ISDA Master Agreement with respect to that
  Issuer.”.

          (i)
Transfer
and Assignment. BofA may transfer or assign its rights and
obligations hereunder and under the Agreement, in whole or in part, in a
transaction meeting the requirements of Rule 144A under the Securities Act
without the consent of Issuer (i) to any Affiliate of BofA or (ii) to any
“qualified institutional buyer” as such term is defined in Rule 144A(a) under
the Securities Act; provided that if the transferee or assignee is any person
other than a major financial institution that in the normal course of its
business, acts as a dealer in over-the-counter derivatives transactions, then
BofA shall continue to serve as Calculation Agent. Any other transfer or
assignment of BofA’s rights and obligations hereunder or under the Agreement
shall require the consent of Issuer, which consent shall not be unreasonably
withheld. 

          (j)
Disclosure.
Effective from the date of commencement of discussions concerning the
Transaction, Issuer and each of its employees, representatives, or other agents
may disclose to any and all persons, without limitation of any kind, the tax
treatment and tax structure of the Transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to Issuer relating
to such tax treatment and tax structure.

          (k)
Designation
by BofA. Notwithstanding any other provision in this Confirmation to
the contrary requiring or allowing BofA to purchase, sell, receive or deliver
any Shares or other securities to or from Issuer, BofA may designate any of its
affiliates to purchase, sell, receive or deliver such Shares or other
securities and otherwise to perform BofA obligations in respect of the
Transaction and any such designee may assume such obligations. BofA shall be
discharged of its obligations to Issuer to the extent of any such performance.

          (l)
Netting
and Set-off. 

	
 

	
 

	
 

	
          (i)
  If on any date cash would otherwise be payable or Shares or other property
  would otherwise be deliverable hereunder or pursuant to the Agreement or
  pursuant to any other agreement between the parties by Issuer to BofA and
  cash would otherwise be payable or Shares or other property would otherwise
  be deliverable hereunder or pursuant to the Agreement or pursuant to any
  other agreement between the parties by BofA to Issuer and the type of property
  required to be paid or delivered by each such party on such date is the same,
  then, on such date, each such party’s obligation to make such payment or
  delivery will be automatically satisfied and discharged and, if the aggregate
  amount that would otherwise have been payable or deliverable by one such
  party exceeds the aggregate amount that would otherwise have been payable or
  deliverable by the other such party, replaced by an obligation of the party
  by whom the larger aggregate amount would have been payable or deliverable to
  pay or deliver to the other party the excess of the larger aggregate amount
  over the smaller aggregate amount.

	
 

	
 

	
 

	
          (ii)
  In addition to and without limiting any rights of set-off that a party hereto
  may have as a matter of law, pursuant to contract or otherwise, upon the
  occurrence of an Early Termination Date, BofA shall have the right to
  terminate, liquidate and otherwise close out the Transaction and to set off
  any obligation or right that BofA or any affiliate of BofA may have to or
  against Issuer hereunder or under the Agreement against any right or
  obligation BofA or any of its affiliates may have against or to Issuer,
  including without limitation any right to receive a payment or delivery
  pursuant to any provision of the Agreement or hereunder. In the case of a
  set-off of any obligation to release, deliver or pay assets against any right
  to receive assets of the same type, such obligation and right shall be set
  off in kind. In the case of a set-off of any obligation to release, deliver
  or pay assets against any right to receive assets of any other type, the
  value of each of such obligation and such right shall be determined by the
  Calculation Agent and the result of such set-off shall be that the net
  obligor shall pay or deliver to the other party an amount of cash or assets,
  at the net obligor’s option, with a value (determined, in the case of a
  delivery of assets, by the Calculation Agent) equal to that of the net
  obligation. In determining the value of any obligation to release or deliver
  Shares or any right to receive Shares, the value at any time of such
  obligation or right shall be determined by reference to the market value of
  the Shares at such time, as determined by the Calculation Agent. If an
  obligation or right is unascertained at the time of any such set-off, the
  Calculation Agent may in good faith estimate the amount or value of such
  obligation or right, in 

11

	
 

	
 

	
 

	
which case
  set-off will be effected in respect of that estimate, and the relevant party
  shall account to the other party at the time such obligation or right is
  ascertained.

	
 

	
 

	
 

	
          (iii)
  Notwithstanding any provision of the Agreement (including without limitation
  Section 6(f) thereof) and this Confirmation (including without limitation
  this Section 8(l)) or any other agreement between the parties to the
  contrary, (A) Issuer shall not net or set off its obligations under the
  Transaction against its rights against BofA under any other transaction or
  instrument; (B) BofA may net and set off any rights of BofA against Issuer
  arising under the Transaction only against obligations of BofA to Issuer
  arising under any transaction or instrument if such transaction or instrument
  does not convey rights to BofA senior to the claims of common stockholders in
  the event of Issuer’s bankruptcy; and (C) in the event of Issuer’s
  bankruptcy, BofA waives any and all rights it may have to set-off in respect
  of the Transaction, whether arising under agreement, applicable law or
  otherwise. BofA will give notice to Issuer of any netting or set off effected
  under this provision.

          (m)
Additional Termination Event. If
BofA reasonably determines that it is advisable to terminate a portion of the
Transaction so that BofA’s related hedging activities will comply with
applicable securities laws, rules or regulations, an Additional Termination
Event shall occur in respect of which (1) Issuer shall be the sole Affected
Party and (2) the Transaction shall be the sole Affected Transaction.

          (n)
Effectiveness. If, prior to the
Effective Date, BofA reasonably determines that it is advisable to cancel the
Transaction because of concerns that BofA’s related hedging activities could be
viewed as not complying with applicable securities laws, rules or regulations,
the Transaction shall be cancelled and shall not become effective, and neither
party shall have any obligation to the other party in respect of the
Transaction.

          (o)
Waiver of
Trial by Jury. EACH OF ISSUER AND BUYER HEREBY IRREVOCABLY WAIVES (ON
ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS
STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
RELATING TO THE TRANSACTION OR THE ACTIONS OF BUYER OR ITS AFFILIATES IN THE
NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.

          (p)
Governing
Law. THIS CONFIRMATION SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK IN CONNECTION WITH ALL MATTERS RELATING HERETO AND WAIVE
ANY OBJECTION TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH
RESPECT TO, THESE COURTS.

12

          Issuer
hereby agrees (a) to check this Confirmation carefully and immediately
upon receipt so that errors or discrepancies can be promptly identified and
rectified and (b) to confirm that the foregoing (in the exact form
provided by BofA) correctly sets forth the terms of the agreement between BofA
and Issuer with respect to the Transaction, by manually signing this
Confirmation or this page hereof as evidence of agreement to such terms and
providing the other information requested herein and immediately returning an
executed copy to John Servidio, Facsimile No. 212-230-8610.

	
 

	
 

	
 

	
 

	
 

	
 

	
Yours
  faithfully,

	
 

	
 

	
 

	
 

	
 

	
BANK OF
  AMERICA, N.A.

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Christopher Hutmaker

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Name: Christopher Hutmaker

	
 

	
 

	
 

	
Title: Principal

	
 

	
 

	
 

	
 

	
Agreed and
  Accepted By:

	
 

	
 

	
 

	
 

	
 

	
ST. JUDE MEDICAL,
  INC. 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ John C. Heinmiller

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Name: John C. Heinmiller

	
 

	
 

	
 

	
Title: Executive Vice President and Chief Financial Officer

	
 

	
 

13

Annex A

For each
Component of the Transaction, the Number of Warrants and Expiration Date is set
forth below.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Component Number

	
 

	
Number of Warrants

	
 

	
Expiration Date

	
 

	

	
 

	

	
 

	

	
 

	
1.

	
 

	
576,303.00

	
 

	
April 15, 2009

	
 

	
2.

	
 

	
576,303.00

	
 

	
April
  16, 2009

	
 

	
3.

	
 

	
576,303.00

	
 

	
April
  17, 2009

	
 

	
4.

	
 

	
576,303.00

	
 

	
April
  20, 2009

	
 

	
5.

	
 

	
576,303.00

	
 

	
April
  21, 2009

	
 

	
6.

	
 

	
576,303.00

	
 

	
April
  22, 2009

	
 

	
7.

	
 

	
576,303.00

	
 

	
April
  23, 2009

	
 

	
8.

	
 

	
576,303.00

	
 

	
April
  24, 2009

	
 

	
9.

	
 

	
576,303.00

	
 

	
April
  27, 2009

	
 

	
10.

	
 

	
576,303.00

	
 

	
April
  28, 2009

	
 

	
11

	
 

	
576,303.00

	
 

	
April
  29, 2009

	
 

	
12

	
 

	
576,303.00

	
 

	
April
  30, 2009

	
 

	
13

	
 

	
576,303.00

	
 

	
May
  1, 2009

	
 

	
14

	
 

	
576,303.00

	
 

	
May
  4, 2009

	
 

	
15

	
 

	
576,303.00

	
 

	
May
  5, 2009

	
 

	
16

	
 

	
576,303.00

	
 

	
May
  6, 2009

	
 

	
17

	
 

	
576,303.00

	
 

	
May
  7, 2009

	
 

	
18

	
 

	
576,303.00

	
 

	
May
  8, 2009

	
 

	
19

	
 

	
576,303.00

	
 

	
May
  11, 2009

	
 

	
20

	
 

	
576,303.00

	
 

	
May
  12, 2009

	
 

	
21

	
 

	
576,303.00

	
 

	
May
  13, 2009

	
 

	
22

	
 

	
576,303.00

	
 

	
May
  14, 2009

	
 

	
23

	
 

	
576,303.00

	
 

	
May
  15, 2009

	
 

	
24

	
 

	
576,303.00

	
 

	
May
  18, 2009

	
 

	
25

	
 

	
576,303.00

	
 

	
May
  19, 2009

	
 

	
26

	
 

	
576,303.00

	
 

	
May
  20, 2009

	
 

	
27

	
 

	
576,303.00

	
 

	
May
  21, 2009

	
 

	
28

	
 

	
576,303.00

	
 

	
May
  22, 2009

	
 

	
29

	
 

	
576,303.00

	
 

	
May
  26, 2009

	
 

	
30

	
 

	
576,303.00

	
 

	
May
  27, 2009

	
 

	
31

	
 

	
576,303.00

	
 

	
May
  28, 2009

	
 

	
32

	
 

	
576,303.00

	
 

	
May
  29, 2009

	
 

	
33

	
 

	
576,303.00

	
 

	
June
  1, 2009

	
 

	
34

	
 

	
576,303.00

	
 

	
June
  2, 2009

	
 

	
35

	
 

	
576,303.00

	
 

	
June
  3, 2009

	
 

	
36

	
 

	
576,303.00

	
 

	
June
  4, 2009

	
 

	
37

	
 

	
576,303.00

	
 

	
June
  5, 2009

	
 

	
38

	
 

	
576,303.00

	
 

	
June
  8, 2009

	
 

	
39

	
 

	
576,303.00

	
 

	
June
  9, 2009

	
 

	
40

	
 

	
576,303.00

	
 

	
June
  10, 2009

14Exhibit 10.4 to St. Jude Medical, Inc. Form 8-K dated April 19, 2007

Exhibit 10.4 

STOCK PURCHASE PLAN ENGAGEMENT AGREEMENT

Stock Purchase Plan Engagement Agreement dated as of April 25, 2007 (this “Agreement”) between St. Jude Medical, Inc., a Minnesota corporation (the “Company”), and Banc of America Securities LLC (“Broker”), acting as agent for the Company.

WHEREAS, the Company desires to establish a trading plan (subject to the terms and provisions of this Agreement, the “Plan”) that qualifies for the safe harbors provided by Rule 10b-18 (“Rule 10b-18”) and Rule 10b5-1 (“Rule 10b5-1”) each under the Securities Exchange Act of 1934, as amended (the “Exchange Act”); and

WHEREAS, the Company wishes to engage Broker as its exclusive agent to make purchases of shares of the common stock, par value $0.10, of the Company (the “Securities”) on its behalf under the Plan;

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants, agreements, representations and warranties contained in this Agreement and intending to be legally bound, the parties agree as follows:

	
            1.
 	
            ENGAGEMENT OF BROKER. 
 

The Company hereby engages the Broker as the Company’s exclusive agent to purchase the Securities during the term of this Agreement. Subject to the terms and conditions set forth herein, Broker hereby accepts such appointment and engagement.  

	
            2.
 	
            TERMS OF THE PLAN.
 

A.            Broker is authorized to begin purchasing the Securities as agent for the Company pursuant to the Plan on April 26, 2007, after the execution of this Agreement by both parties, and shall cease purchasing the Securities on the Termination Date (as defined below). The time period beginning on the date purchases are to first be made to the date of the termination of the Plan is referred to herein as the “Plan Period”.

B.             (i)          On each Trading Day during the Plan Period on which no Market Disruption Event (as defined below) occurs, Broker shall purchase as agent for the Company and for the account of the Company the lesser of (a) the maximum number of Securities that the Company could purchase under Rule 10b-18 and (b) number of Securities that Broker is able, subject to market conditions and principles of best execution, to purchase as agent for the Company and for the account of the Company on such Trading Day using commercially reasonable means in accordance with the guidelines set forth below (the “Guidelines”). The dollar value of the
Securities purchased pursuant to this Plan, including commissions, shall not exceed $75,407,693.22 (the “Maximum Aggregate Dollar Amount of Securities”).

	
            Purchase Price Range 
 	
            Maximum Number of Shares to be 
Purchased on each Trading Day
 
	
            Greater than or equal to $50.00
 	
            0 shares
 
	
            Less than $50.00
 	
            Up to $8,378,632.58 of shares
 

The Company shall pay to Broker a commission of $0.02 per Security so purchased.

(ii)           A “Trading Day” is any day during the Plan Period that the New York Stock Exchange, Inc. (the “Principal Market”) is open for business and the Securities trade regular way on the Principal Market. “Market Disruption Event” has the meaning set forth in Section 6.3(a) of the 2002 Equity Derivatives Definitions, as published by the International Swaps and Derivatives Association, Inc., and references therein to “Exchange” shall be deemed to be references to the Principal Market.

(iii)          Any Securities so purchased shall be purchased under ordinary principles of best execution at the then-prevailing market price. Subject to the terms set forth in this Agreement, Broker shall have full discretion with respect to the execution of all purchases, and the Company acknowledges and agrees that the Company does not have, and shall not attempt to exercise, any influence over how, when or whether to effect such purchases of Securities pursuant to the Plan. The Company acknowledges and agrees that, in acting under this Agreement, Broker will be an independent contractor and will not be acting as the Company’s trustee or fiduciary or in any similar capacity.

 

 

 

 (iv)         In the event that Broker, in its discretion, determines that it is appropriate with regard to any legal, regulatory or self-regulatory requirements or related policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Broker, and including without limitation Rule 10b-18, Rule 10b-5, Regulation 13D-G and Regulation 14E under the Exchange Act, “Requirements”) for Broker to refrain from purchasing Securities or to purchase fewer than the otherwise applicable Number of Shares to be Purchased on any Trading Day during the Plan Period, then Broker may, in its discretion, elect that the Number of Shares to be Purchased for such Trading Day shall be reduced for such day
to an amount determined by Broker in its discretion as appropriate with regard to any Requirements. 

(v)           Any Number of Shares to be Purchased (and the corresponding purchase price limits or ranges) set forth in the Guidelines shall be adjusted automatically on a proportionate basis to take into account any stock split, reverse stock split or stock dividend with respect to the Securities or any change in capitalization with respect to the Company or any similar event that occurs during the Plan Period, as determined by Broker in good faith and a commercially reasonable manner.

C.            Broker may purchase Securities on the Principal Market, any national securities exchange, in the over-the-counter market, on an automated trading system or otherwise.

D.            Broker shall use good faith efforts to execute all purchase transactions under this Agreement in accordance with the timing, price and volume restrictions contained in subparagraphs (2), (3) and (4) of Rule 10b-18. Nothing herein shall preclude the purchase by Broker of the Securities for its own account, or the solicitation or execution of purchase or sale orders of the Securities for the account of Broker’s clients. Please be advised that, due to the manual process involved in executing and reporting trades on the floor of the New York Stock Exchange, Inc. (the “NYSE”), a trade that is otherwise compliant with the price restrictions of Rule 10b-18 may appear to have been effected outside of the price restriction.
Such a condition typically occurs as a result of the delays inherent in the NYSE specialist process of reporting a trade to the Consolidated Tape. In those instances in which there is a delay between the execution and reporting of a trade by the specialist on the NYSE floor, a trade reported to the Consolidated Tape by another market may cause the NYSE trade report to appear as an “uptick”, i.e., a trade executed at a price higher than the highest independent bid or last sale price. These conditions are more likely to occur in actively traded stocks.

E.            It is the intent of the parties that this Agreement and the Plan comply with the requirements of Rule 10b5-1(c)(1)(i)(B) of the Exchange Act, and the parties agree that this Agreement shall be interpreted to comply with the requirements of Rule 10b5-1(c) and the Company shall take no action that results in this transaction not so complying with such requirements.   

F.             The Company also acknowledges and agrees that any amendment, modification or waiver of this Agreement or the Plan, must be effected in accordance with the requirements for the amendment of a “plan” as defined in Rule 10b5-1(c). Without limiting the generality of the foregoing, any such amendment, modification or waiver shall be made in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5 under the Exchange Act, and no such amendment, modification or waiver shall be made at any time at which the Company is aware of any material nonpublic information concerning the Company or the Securities. Upon any amendment, modification or waiver of this Agreement or the Plan, the Company shall immediately deliver to Broker a letter
substantially in the form of Exhibit A hereto.

	
            3.
 	
            REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY.
 

A.            The Company is not entering this Agreement “on the basis of” (as defined in Rule 10b5-1(b) under the Exchange Act) any material nonpublic information concerning the Securities or the business, operations or prospects of the Company.   

B.            During the Plan Period, the Company agrees not to enter into or alter any corresponding or hedging transaction or position with respect to the securities covered by the Plan (including, without limitation, with respect to any securities convertible or exchangeable into the Securities) and agrees not to alter or deviate from the terms of the Plan.

C.            The Company agrees that, during the Plan Period, neither the Company nor its officers or employees shall, directly or indirectly, communicate any information relating to the Securities or the Company to any employee of Broker or its affiliates involved in trading the Securities in connection with the transactions contemplated hereby, who currently include the individuals specified in Annex A hereto.

D.            The execution and delivery of this Agreement and the consummation of the transactions herein contemplated will not (i) result in a breach of any of the terms or provisions of, or constitute a default under, any 

 

 

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agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound, nor will such action result in any violation of the provisions of the certificate of incorporation, by-laws or other constitutive documents of the Company or any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their respective properties or (ii) conflict with or exceed the authority granted under resolutions of the board of directors of the Company authorizing this Agreement or the consummation of the Plan.

E.            The Company has made, and shall use its best efforts during the Plan Period to make in a timely manner, all filings required to be made by it with the Securities and Exchange Commission, any securities exchange or any other regulatory body with respect to the transactions contemplated hereby. The Company agrees to immediately notify Broker of any failure or delay in making any such filings when due.

F.             Without the prior written consent of Broker, the Company agrees that during the Plan Period (or until the Plan has been terminated, if earlier) the Company shall not, directly or indirectly (including, without limitation, by means of a cash-settled or other derivative instrument) purchase, offer to purchase, place any bid or limit order that would effect a purchase of, any Securities (or an equivalent interest, including a unit of beneficial interest in a trust or limited partnership or a depository share) or any security convertible into or exchangeable for Securities, except for any Securities tendered to or withheld by the Company to satisfy the exercise price of any stock option or to satisfy tax withholding obligations upon the exercise of any stock option or the
vesting of any restricted stock under the Company’s stock plans. 

G.            The Company shall notify Broker prior to the opening of trading in the Securities on any day on which the Company makes, or expects to be made, any public announcement (as defined in Rule 165(f) under the Securities Act) of any merger, acquisition, or similar transaction involving a recapitalization relating to the Company (other than any such transaction in which the consideration consists solely of cash and there is no valuation period), and shall promptly notify Broker with information relating to actual purchases by the Company during the three calendar months preceding such announcement (unless Broker already has such information relating to actual purchases by the Company). The Company acknowledges that if the Company does not provide such notice and information to Broker,
Broker may in it is discretion cease any purchase activity hereunder after such an announcement is made by the Company until such time as the Company provides Broker with the necessary information.

H.            The Company shall, on the business day prior to the intended date of such purchase, notify Broker of the intention on the part of any affiliated purchaser, as defined in Rule 10b-18, of the Company to purchase Securities on any day if such purchase is to be effected otherwise than through Broker pursuant to this Agreement and Broker shall refrain from purchasing any Securities hereunder on the day following receipt of such notice. The Company shall be solely responsible for any purchases made by Broker as the Company’s agent prior to Broker’s receipt of such written notice. Notwithstanding the foregoing, if Broker receives such notice, Broker may nevertheless be entitled to make, and the Company shall be solely responsible for, a purchase hereunder pursuant to a bid
made before such notice is received by Broker. The Company shall be solely responsible for notifying Broker of any purchases of Securities by any such affiliated purchaser, and the Company agrees to indemnify and hold harmless Broker for any failure to so notify Broker or any error in any such notification. The Company also acknowledges that purchases of Securities by any such affiliated purchaser (including without limitation any purchases caused or influenced by any action of the Company) may cause the Number of Shares to be Purchased on any Trading Day to be reduced pursuant to Section 2.B(iv) above. The Company acknowledges that any action it takes that causes or influences any purchase of Securities by any affiliated purchaser must comply with the standards set forth in Section 2.F above.

I.              The Company agrees that neither the Company nor any of its affiliates or agents shall take any action that would cause Regulation M under the Exchange Act (“Regulation M”) to be applicable to any purchases of Securities, or any security for which the Securities are a reference security (as defined in Regulation M), by the Company or any of its affiliated purchasers (as defined in Regulation M) during the Plan Period.

J.             The Company represents and warrants that it has publicly disclosed on April 19, 2007 its intention to institute a program for the acquisition of the Securities as contemplated hereby.

K.            The Company acknowledges and agrees that it is not relying, and has not relied, upon Broker or any affiliate of Broker with respect to the legal, accounting, tax or other implications of this Agreement and that it has conducted its own analyses of the legal, accounting, tax and other implications hereof. The Company further acknowledges and agrees that neither Broker nor any affiliate of Broker has acted as its advisor in any capacity in connection with this Agreement or the transactions contemplated hereby. The Company is entering into this Agreement with a full understanding of all of the terms and risks hereof (economic and otherwise), has adequate expertise in financial matters to evaluate those terms and risks and is capable of assuming (financially and otherwise) those risks.

 

 

3

	
            4.
 	
            TERMINATION.
 

A.            This Agreement and the Plan shall terminate on the Termination Date. “Termination Date” means the earliest to occur of (i) the close of business on May 8, 2007, (ii) the close of business on the date that the Maximum Aggregate Dollar Amount of Securities have been purchased, (iii) any Optional Termination Date (as defined below), (iv) the date on which any Required Termination Notice (as defined below) is received by Broker, (v) the date that the Company or any other person publicly announces a tender or exchange offer with respect to the Securities or a merger, acquisition, reorganization, recapitalization or comparable transaction affecting the Securities as a result of which the Securities are to be exchanged or
converted into shares of another company and (vi) the date that Broker becomes aware of the commencement or impending commencement of any proceedings in respect of or triggered by the Company’s bankruptcy or insolvency. 

B.            This Agreement may be terminated by either party hereto on written notice to the other party in accordance with Section 5.D. below (the date of any such termination, an “Optional Termination Date”).   

C.            If, at any time during the Plan Period, any legal or regulatory restriction that is applicable to the Company or the Company’s affiliates would prohibit any purchase pursuant to the Plan, the Company agrees to give Broker notice of such restriction in accordance with clause (i) of Section 5.D below as soon as practicable (such notice, a “Required Termination Notice”). Such notice shall indicate the anticipated duration of the restriction, but shall not include any other information about the nature of the restriction or its applicability to the Company or otherwise communicate any material nonpublic information about the Company or the Securities to Broker. 

D.            Notwithstanding the termination of this Agreement, the Company shall be solely responsible for any purchases made by Broker on the Company’s behalf prior to Broker’s receipt of any notice of termination, and if Broker receives such notice, Broker may nevertheless be entitled to make, and the Company shall be solely responsible for, a purchase hereunder pursuant to a bid made before such notice is received by Broker.

	
            5.
 	
            GENERAL.
 

A.          Payment for the purchase price of Securities purchased under the Plan for the account of the Company, plus applicable commission, will be delivered to Broker’s account, which Broker shall specify in writing to the Company from time to time, on a normal three-day settlement basis. Broker shall give the Company at least 30 days prior notice before changing such account.

B.            The parties hereto agree and acknowledge that Broker is a “stockbroker” within the meaning of Section 101(53A) of Title 11 of the United States Code (the “Bankruptcy Code”). The parties hereto further agree and acknowledge that this Agreement is a “securities contract,” as such term is defined in Section 741(7) of the Bankruptcy Code, and Broker is entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 546(e) and 555 of the Bankruptcy Code.

C.            This Agreement constitutes the entire agreement between the parties with respect to the Plan and supercedes any prior agreements or understandings with regard to the Plan. 

D.            All notices to Broker under this Agreement shall be given to Broker, ATTN: Chip Gibbs, by (i) facsimile at (415) 835-2514 followed by telephonic confirmation at (212) 583-8354 or (ii) by certified mail or overnight courier to the address below:

Banc of America Securities LLC

ATTN: Chip Gibbs

9 W. 57th Street

40th Floor

New York, NY 10019

All notices to the Company under this Agreement shall be given to Company, ATTN:  John C. Heinmiller, in the manner specified by this Agreement by (i) facsimile at (651) 482-8318 followed by telephonic confirmation at (651) 483-2000 or (ii) by certified mail or overnight courier to the address below:

St. Jude Medical, Inc. 

One Lillehei Plaza

St. Paul, MN 55117

ATTN:  John C. Heinmiller 

 

 

4

E.            The Company’s rights and obligations under this Agreement may not be assigned or delegated without the written consent of Broker, and Broker’s rights and obligations under this Agreement may not be assigned or delegated without written consent of the Company.

F.             If any provision of this Agreement is or becomes inconsistent with any applicable present or future law, rule or regulation, that provision will be deemed modified or, if necessary, rescinded in order to comply with the relevant law, rule or regulation. All other provisions of this Agreement will continue and remain in full force and effect.

G.            THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK. The parties hereto irrevocably submit to the non-exclusive jurisdiction of the Federal and state courts located in the Borough of Manhattan, in the City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

H.            EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

 

5

IN WITNESS WHEREOF, the undersigned have signed this Agreement as of the date first written above. 

 

	
             
 	
            ST. JUDE MEDICAL, INC. 
 
	 
	
             
 	
            By:  
 	
            /s/ John C. Heinmiller   
 
	
             
 	
             
 	
            Name:   John C. Heinmiller
Title:     Executive Vice President and Chief Financial Officer
 
	 
	 
	
             
 	
            BANC OF AMERICA SECURITIES LLC 
 
	 
	
             
 	
            By:  
 	
            /s/ David Moran   
 
	
             
 	
             
 	
            Name:   David Moran
Title:     Managing Director 
 
	 

ANNEX A

 

The Company agrees that, during the Plan Period, neither the Company nor its officers or employees shall, directly or indirectly, communicate any information relating to the Securities or the Company to any employee of Broker or its affiliates involved in trading the Securities in connection with the transactions contemplated hereby, who currently include the following individuals: Dmitry S. Genkin, Sean W. Groenewald, Soo-Il Lee, Anthony P. Paquette, Marc Mezzadri and John Wall, and such other employees as may be identified to the Company in writing by Broker from time to time.

 

 

Annex A-1

EXHIBIT A

 

[Company Letterhead]

 

[Date]

Banc of America Securities LLC

9 West 57th Street

New York, NY 10019

Attn: Chip Gibbs

	
             
 	
            Re:
 	
            [Amendment/Modification/Waiver] of Stock Purchase Plan Engagement Agreement
 

Ladies and Gentlemen:

Reference is made to the Stock
Purchase Plan Engagement Agreement (the “Repurchase Agreement”) dated as
of April 25, 2007 between St. Jude Medical, Inc. (the “Company”) and Banc of
America Securities LLC (“Broker”). 

In connection with the [amendment/modification/waiver] of the Repurchase Agreement, the Company hereby represents and warrants to Broker that on the date hereof the Company is not aware of any material nonpublic information regarding the Company, and that its decision to [amend/modify/seek a waiver of] the Repurchase Agreement was made in good faith and not as a part of a plan or scheme to evade the prohibitions of Rule 10b-5 under the Securities Exchange Act of 1934, as amended.

 

	
            Very truly yours,
 
	
            ST. JUDE MEDICAL, INC. 
 
	
            By:
 	
             
 
	
             
 	
            Name:
 	
            John C. Heinmiller
 
	
             
 	
            Title:
 	
            Executive Vice President and Chief Financial Officer
 

 

	
            Acknowledged and agreed to as of
 the date first above written,
 
	
            BANC OF AMERICA SECURITIES LLC
 
	
            By:
 	
             
 
	
             
 	
            Name:
 	
             
 
	
             
 	
            Title:
 	
             
 

 

 

 

Exhibit A-1

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