Document:

Exhibit 10.2

 

 

EXECUTION VERSION

 

March 18, 2011

 

To:                              Hawaiian Holdings, Inc.
 3375 Koapaka Street, Suite G-350
 Honolulu, Hawaii 96819

 

From:                  JPMorgan Chase Bank, National Association
  P.O. Box 161
  60 Victoria Embankment
  London EC4Y 0JP
  England

 

Re:                               Base Call Option Transaction

 

The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and conditions of the call option transaction entered into between JPMorgan Chase Bank, National Association (“Dealer”) and  Hawaiian Holdings, Inc.  (“Counterparty”) as of the Trade Date specified below (the “Transaction”).  This letter agreement constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below.  This Confirmation shall replace any previous agreements and serve as the final documentation for the Transaction.

 

The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published by the International Swaps and Derivatives Association, Inc. (“ISDA”) are incorporated into this Confirmation.  In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern.  Certain defined terms used herein are based on terms that are defined in the Prospectus dated November 19, 2009, as supplemented by the Prospectus Supplement dated March 18, 2011 (as so supplemented, the “Prospectus”) relating to the 5.00% Convertible Senior Notes due 2016 (as originally issued by Counterparty, the “Convertible Notes” and each USD 1,000 principal amount of Convertible Notes, a “Convertible Note”) issued by Counterparty in an aggregate initial principal amount of USD 75,000,000 (as increased by up to an aggregate principal amount of USD 11,250,000 if and to the extent that the Underwriter (as defined herein) exercises its option to purchase additional Convertible Notes pursuant to the Underwriting Agreement (as defined herein)) pursuant to an Indenture to be dated March 23, 2011 (the “Base Indenture”), as supplemented by a Supplemental Indenture thereto to be dated March 23, 2011 (the “Supplemental Indenture,” and the Base Indenture as supplemented by the Supplemental Indenture, the “Indenture”), between Counterparty and U.S. Bank National Association, as trustee (the “Trustee”).  In the event of any inconsistency between the terms defined in the Prospectus, the Indenture and this Confirmation, this Confirmation shall govern.  The parties acknowledge that this Confirmation is entered into on the date hereof with the understanding that (i) definitions set forth in the Indenture which are also defined herein by reference to the Indenture and (ii) sections of the Indenture that are referred to herein will conform to the descriptions thereof in the Prospectus.  If any such definitions in the Indenture or any such sections of the Indenture differ from the descriptions thereof in the Prospectus, the descriptions thereof in the Prospectus will govern for purposes of this Confirmation.  The parties further acknowledge that the Supplemental Indenture and Base Indenture section numbers used herein are based on the draft of the Supplemental Indenture or Base Indenture, as the case may be, last reviewed by Dealer as of the date of this Confirmation, and if any such section numbers are changed in the Supplemental Indenture or Base Indenture as executed, the parties will amend this Confirmation in good faith to preserve the intent of the parties.  Subject to the foregoing, references to the Base Indenture or Supplemental Indenture herein are references to the Base Indenture or the Supplemental Indenture, as the case may be, as in effect on the date hereof and on the date of its execution, respectively, and if either the Base Indenture or the Supplemental Indenture is amended following such date, any such amendment will be disregarded for purposes of this Confirmation unless the parties agree otherwise in writing.

 

Each party is hereby advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this Confirmation relates on the terms and conditions set forth below.

 

JPMorgan Chase Bank, National Association

Organised under the laws of the United States as a National Banking Association

Main Office 1111 Polaris Parkway, Columbus, Ohio 43271

Registered as a branch in England & Wales branch No.BR000746

Registered Branch Office 125 London Wall, London EC2Y 5AJ

Authorised and regulated by the Financial Services Authority

 

 

1.             This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this Confirmation relates.  This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the “Agreement”) as if Dealer and Counterparty had executed an agreement in such form (but without any Schedule except for the election of the laws of the State of New York as the governing law (without reference to choice of law doctrine)) on the Trade Date.  In the event of any inconsistency between provisions of the Agreement and this Confirmation, this Confirmation will prevail for the purpose of the Transaction to which this Confirmation relates.  The parties hereby agree that no transaction other than the Transaction to which this Confirmation relates shall be governed by the Agreement.

 

2.             The terms of the particular Transaction to which this Confirmation relates are as follows:

 

	
General Terms.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Trade Date:
    	
 
    	
March 18,   2011
    
	
 
    	
 
    	
 
    
	
Effective Date:
    	
 
    	
The   third Exchange Business Day immediately prior to the Premium Payment Date
    
	
 
    	
 
    	
 
    
	
Option Style:
    	
 
    	
“Modified   American”, as described under “Procedures for Exercise” below
    
	
 
    	
 
    	
 
    
	
Option Type:
    	
 
    	
Call
    
	
 
    	
 
    	
 
    
	
Buyer:
    	
 
    	
Counterparty
    
	
 
    	
 
    	
 
    
	
Seller:
    	
 
    	
Dealer
    
	
 
    	
 
    	
 
    
	
Shares:
    	
 
    	
The   common stock of Counterparty, par value USD 0.01 per share (Exchange symbol   “HA”).
    
	
 
    	
 
    	
 
    
	
Number of Options:
    	
 
    	
75,000.   For the avoidance of doubt, the Number of Options shall be reduced by any   Options exercised by Counterparty. In no event will the Number of Options be   less than zero.
    
	
 
    	
 
    	
 
    
	
Applicable Percentage:
    	
 
    	
40%
    
	
 
    	
 
    	
 
    
	
Option Entitlement:
    	
 
    	
A   number equal to the product of the Applicable Percentage and 126.8730
    
	
 
    	
 
    	
 
    
	
Strike Price:
    	
 
    	
USD   7.8819
    
	
 
    	
 
    	
 
    
	
Premium:
    	
 
    	
USD   6,783,863.20
    
	
 
    	
 
    	
 
    
	
Premium Payment Date:
    	
 
    	
March 23,   2011
    
	
 
    	
 
    	
 
    
	
Exchange:
    	
 
    	
The   NASDAQ Global Market
    
	
 
    	
 
    	
 
    
	
Related Exchange(s):
    	
 
    	
All   Exchanges; provided that   Section 1.26 of the Equity Definitions shall be amended to add the words   “United States” before the word “exchange” in the tenth line of such Section.
    
	
 
    	
 
    	
 
    
	
Excluded Provisions:
    	
 
    	
Section 9.06(g),   Section 9.09 and Section 9.15 of the Supplemental Indenture.
    

 

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Procedures for Exercise.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Conversion Date:
    	
 
    	
With   respect to any conversion of a Convertible Note, the date on which the Holder   (as such term is defined in the Indenture) of such Convertible Note satisfies   all of the requirements for conversion thereof as set forth in   Section 9.02(A) of the Supplemental Indenture.
    
	
 
    	
 
    	
 
    
	
Free Convertibility Date:
    	
 
    	
November 15,   2015
    
	
 
    	
 
    	
 
    
	
Expiration Date:
    	
 
    	
March 15,   2016, subject to earlier exercise.
    
	
 
    	
 
    	
 
    
	
Multiple Exercise:
    	
 
    	
Applicable,   as described under “Automatic Exercise” below.
    
	
 
    	
 
    	
 
    
	
Automatic Exercise:
    	
 
    	
Notwithstanding   Section 3.4 of the Equity Definitions, on each Conversion Date, a number   of Options equal to the number of Convertible Notes in denominations of USD   1,000 as to which such Conversion Date has occurred shall be deemed to be   automatically exercised; provided that   such Options shall be exercised or deemed exercised only if Counterparty, or   the Trustee on behalf of Counterparty, has provided a Notice of Exercise to   Dealer in accordance with “Notice of Exercise” below.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Notwithstanding   the foregoing, in no event shall the number of Options that are exercised or   deemed exercised hereunder exceed the Number of Options.
    
	
 
    	
 
    	
 
    
	
Notice of Exercise:
    	
 
    	
Notwithstanding   anything to the contrary in the Equity Definitions or under “Automatic   Exercise” above, in order to exercise any Options, Counterparty, or the   Trustee on behalf of Counterparty, must notify Dealer in writing before   5:00 p.m. (New York City time) on the Scheduled Valid Day immediately   preceding the scheduled first day of the Settlement Averaging Period (the “Exercise Notice Deadline”) for the   Options being exercised of (i) the number of such Options, (ii) the   scheduled first day of the Settlement Averaging Period and the scheduled   Settlement Date, (iii) the Relevant Settlement Method for such Options,   (iv) if the Relevant Settlement Method for such Options is Combination   Settlement, the fixed amount of cash per Convertible Note that Counterparty   has elected to deliver to Holders (as such term is defined in the Indenture)   of the related Convertible Notes (the “Specified   Cash Amount”) and (v) the settlement date(s) for   delivery of the consideration in respect of each related Convertible Note,   and such notice shall be deemed to include the information, representations,   acknowledgements and agreements required pursuant to “Settlement Method   Election Conditions” below; provided   that notwithstanding the foregoing, such notice (and the related exercise of   Options) shall be effective if given after the Exercise Notice Deadline, but   prior to 4:00 P.M., New York City time, on the fifth Valid Day following   the Exercise Notice Deadline, in which event the Calculation Agent shall have   the right to adjust the delivery obligation under this Confirmation as   appropriate to reflect the reasonable
    

 

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additional   costs (including, but not limited to, hedging mismatches and market losses)   and reasonable expenses incurred by Dealer in connection with its hedging   activities (including the unwinding of any hedge position) as a result of   Dealer not having received such notice on or prior to the Exercise Notice   Deadline and Dealer’s obligation to   make any payment or delivery in respect of such exercise shall not be   extinguished; provided further that   in respect of any Options relating to Convertible Notes with a Conversion   Date occurring on or after the Free Convertibility Date, (A) such notice   may be given on or prior to the second Scheduled Valid Day immediately   preceding the Expiration Date and need only specify the information required   in clauses (i) and (v) above, and (B) if the Relevant   Settlement Method for such Options is not Net Share Settlement, Dealer shall   have received a separate notice (the “Notice   of Final Settlement Method”) in respect of all such Convertible   Notes before 5:00 p.m. (New York City time) on or prior to the Free   Convertibility Date specifying the information required in clauses   (iii) and (iv) above, as well as the information, representations,   acknowledgements and agreements deemed to be included in such notice as set   forth in “Settlement Method Election Conditions” below.
    
	
 
    	
 
    	
 
    
	
Market   Disruption Event:
    	
 
    	
Section 6.3(a) of the Equity   Definitions is hereby replaced in its entirety by the following:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
“‘Market Disruption Event’ means, in   respect of a Share, (i) a failure by the primary United States national   or regional securities exchange or market on which the Shares are listed or   admitted to trading to open for trading during its regular trading session or   (ii) the occurrence or existence prior to 1:00 p.m. (New York City   time) on any Scheduled Valid Day for the Shares for more than one half-hour   period in the aggregate during regular trading hours of any suspension or   limitation imposed on trading (by reason of movements in price exceeding   limits permitted by the relevant stock exchange or otherwise) in the Shares   or in any options, contracts or futures contracts relating to the Shares.”
    
	
 
    	
 
    	
 
    
	
Settlement   Terms.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Settlement   Method:
    	
 
    	
For any Option, Net Share Settlement; provided that if the Relevant Settlement   Method set forth below for such Option is not Net Share Settlement, then the   Settlement Method for such Option shall be such Relevant Settlement Method,   but only if the Settlement Method Election Conditions have been satisfied and   Counterparty, or the Trustee on behalf of Counterparty, shall have notified   Dealer of the Relevant Settlement Method in the Notice of Exercise or Notice   of Final Settlement Method, as applicable, for such Option.
    
	
 
    	
 
    	
 
    
	
Relevant   Settlement Method:
    	
 
    	
In respect of any Option, subject to the   Settlement Method Election Conditions:
    

 

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(i)    if Counterparty elects (or is deemed to have elected) with respect to   a Settlement Method under the Indenture to settle its conversion obligations   in respect of the related Convertible Note entirely in Shares pursuant to   Section 9.02(A)(I) or (C) of the Supplemental Indenture   (together with cash in lieu of fractional Shares) (such settlement method, “Settlement in Shares”), or (ii) if   Counterparty has elected to settle its conversion obligations in respect of   the related Convertible Note (A) in a combination of cash and Shares   pursuant to Section 9.02(A)(III) of the Supplemental Indenture with   a Specified Cash Amount less than USD 1,000 (such settlement method, “Low Cash Combination Settlement”), or   (B) in a combination of cash and Shares pursuant to   Section 9.02(A)(III) or (B) of the Supplemental Indenture with   a Specified Cash Amount equal to USD 1,000 (such settlement method, “Par Cash Combination Settlement”), then,   in each case, the Relevant Settlement Method for such Option shall be Net   Share Settlement;
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(ii)    if Counterparty has elected to settle its conversion obligations in   respect of the related Convertible Note in a combination of cash and Shares   pursuant to Section 9.02(A)(III) of the Supplemental Indenture with   a Specified Cash Amount greater than USD 1,000, then the Relevant Settlement   Method for such Option shall be Combination Settlement; and
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(iii)    if Counterparty has elected to settle its conversion obligations in   respect of the related Convertible Note entirely in cash pursuant to   Section 9.02(A)(II) of the Supplemental Indenture (such settlement   method, “Settlement in Cash”), then   the Relevant Settlement Method for such Option shall be Cash Settlement.
    
	
 
    	
 
    	
 
    
	
Settlement   Method Election Conditions:
    	
 
    	
For any Relevant Settlement Method other   than Net Share Settlement with a Specified Cash Amount equal to USD 1,000,   the Notice of Exercise or Notice of Final Settlement Method, as applicable,   shall be deemed to contain:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(i)    a representation that, on the date of such Notice of Exercise or   Notice of Final Settlement Method, as applicable, Counterparty is not in   possession of any material non-public information with respect to   Counterparty or the Shares;
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(ii)    a representation that Counterparty is electing the settlement method   for the related Convertible Note and such Relevant Settlement Method in good   faith and not as part of a plan or scheme to evade the prohibitions of   Rule 10b-5 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”);
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(iii)    a representation that Counterparty has not entered into or altered any   hedging transaction relating to the Shares corresponding to or offsetting the   Transaction;
    

 

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(iv)    a representation that Counterparty is not electing the settlement   method for the related Convertible Note and such Relevant Settlement Method   to create actual or apparent trading activity in the Shares (or any security   convertible into or exchangeable for the Shares) or to manipulate the price   of the Shares (or any security convertible into or exchangeable for the   Shares); and
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(v)    an acknowledgment by Counterparty that (A) any transaction by   Dealer following Counterparty’s election of the settlement method for the   related Convertible Note and such Relevant Settlement Method shall be made at   Dealer’s sole discretion and for Dealer’s own account and   (B) Counterparty does not have, and shall not attempt to exercise, any   influence over how, when, whether or at what price to effect such   transactions, including, without limitation, the price paid or received per   Share pursuant to such transactions, or whether such transactions are made on   any securities exchange or privately.
    
	
 
    	
 
    	
 
    
	
Net Share   Settlement:
    	
 
    	
If Net Share Settlement is applicable to   any Option exercised or deemed exercised hereunder, Dealer will deliver to   Counterparty, on the relevant Settlement Date for each such Option, a number   of Shares (the “Net Share Settlement Amount”)   equal to the sum, for each Valid Day during the Settlement Averaging Period   for each such Option, of (i) the Daily Option Value for such Valid Day, divided by (ii) the Relevant Price   on such Valid Day, divided by   (iii) the number of Valid Days in the Settlement Averaging Period; provided that in no event shall the Net   Share Settlement Amount for any Option exceed a number of Shares equal to the   Applicable Limit for such Option divided   by the Applicable Limit Price on the Settlement Date for such   Option.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Dealer will deliver cash in lieu of any   fractional Shares to be delivered with respect to any Net Share Settlement   Share Amount valued at the Relevant Price for the last Valid Day of the   Settlement Averaging Period.
    
	
 
    	
 
    	
 
    
	
Combination   Settlement:
    	
 
    	
If Combination Settlement is applicable   to any Option exercised or deemed exercised hereunder, Dealer will deliver to   Counterparty, on the relevant Settlement Date for each such Option:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(i)    an amount of cash (the “Combination   Settlement Cash Amount”) equal to the sum, for each Valid Day   during the Settlement Averaging Period for such Option, of (A) an amount   (the “Daily Combination Settlement Cash   Amount”) equal to the lesser of (1) the product of   (x) the Applicable Percentage and (y) the Specified Cash Amount minus USD 1,000 and (2) the Daily   Option Value, divided by   (B) the number of Valid Days in the Settlement Averaging Period; provided that if the calculation in   clause (A) above results in zero or a negative number for any Valid Day,   the Daily
    

 

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Combination Settlement Cash Amount for   such Valid Day shall be deemed to be zero; and
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(ii)    a number of Shares (the “Combination   Settlement Share Amount”) equal to the sum, for each Valid Day   during the Settlement Averaging Period for such Option, of a number of Shares   for such Valid Day (the “Daily Combination   Settlement Share Amount”) equal to (A) the Daily Option Value   on such Valid Day minus the   Daily Combination Settlement Cash Amount for such Valid Day, divided by (B) the Relevant Price   on such Valid Day, divided by   (C) the number of Valid Days in the Settlement Averaging Period; provided that if the calculation in   clause (A) above results in zero or a negative number for any Valid Day,   the Daily Combination Settlement Share Amount for such Valid Day shall be   deemed to be zero;
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
provided that in no event shall the sum of (x) the Combination   Settlement Cash Amount for any Option and (y) the Combination Settlement   Share Amount for such Option multiplied by   the Applicable Limit Price on the Settlement Date for such Option, exceed the   Applicable Limit for such Option.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Dealer will deliver cash in lieu of any   fractional Shares to be delivered with respect to any Combination Settlement   Share Amount valued at the Relevant Price for the last Valid Day of the   Settlement Averaging Period.
    
	
 
    	
 
    	
 
    
	
Cash   Settlement:
    	
 
    	
If Cash Settlement is applicable to any   Option exercised or deemed exercised hereunder, in lieu of Section 8.1   of the Equity Definitions, Dealer will pay to Counterparty, on the relevant   Settlement Date for each such Option, an amount of cash (the “Cash Settlement Amount”) equal to the   sum, for each Valid Day during the Settlement Averaging Period for such   Option, of (i) the Daily Option Value for such Valid Day, divided by (ii) the number of Valid   Days in the Settlement Averaging Period; provided   that in no event shall the Cash Settlement Amount exceed the Applicable   Limit.
    
	
 
    	
 
    	
 
    
	
Daily Option   Value:
    	
 
    	
For any Valid Day, an amount equal to   (i) the Option Entitlement on such Valid Day, multiplied by (ii) the Relevant Price on such Valid   Day less the Strike Price on such Valid Day; provided   that if the calculation contained in clause (ii) above results in a   negative number, the Daily Option Value for such Valid Day shall be deemed to   be zero. In no event will the Daily Option Value be less than zero.
    
	
 
    	
 
    	
 
    
	
Applicable   Limit:
    	
 
    	
For any Option, an amount of cash equal   to the Applicable Percentage multiplied by   the excess of (i) the aggregate of (A) the amount of cash, if any,   delivered to the Holder of the related Convertible Note upon conversion of   such Convertible Note and (B) the number of Shares, if any, delivered to   the Holder of the related
    

 

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Convertible Note upon conversion of such   Convertible Note multiplied by   the Applicable Limit Price, over (ii) USD 1,000.
    
	
 
    	
 
    	
 
    
	
Applicable   Limit Price:
    	
 
    	
The opening price as displayed under the   heading “Op” on Bloomberg page HA.UQ <equity> (or its equivalent   successor if such page is not available) on the Settlement Date for the   applicable Option; provided   that with respect to any Convertible Note converted on or prior to the   business day immediately preceding March 1, 2016 to which Settlement in   Shares applies and with respect to any Convertible Note converted prior to   November 15, 2015 to which Low Cash Combination Settlement applies, the   Applicable Limit Price is the lesser of the opening price as displayed under   the heading “Op” on Bloomberg page HA.UQ <equity> (or its   equivalent successor if such page is not available) on the Settlement   Date for the Option or on the settlement date for the Convertible Note.
    
	
 
    	
 
    	
 
    
	
Valid Day:
    	
 
    	
A day on which (i) trading in the   Shares generally occurs and (ii) a Market Disruption Event has not   occurred; provided that if the   Shares are not then listed for trading or quotation on or by any exchange,   bureau or other organization, “Valid Day” means a Business Day.
    
	
 
    	
 
    	
 
    
	
Scheduled   Valid Day:
    	
 
    	
A day that is scheduled to be a Valid   Day on the primary United States national securities exchange or market on   which the Shares are listed or admitted for trading. If the Shares are not so   listed or admitted for trading, “Scheduled Valid Day” means a Business Day.
    
	
 
    	
 
    	
 
    
	
Business Day:
    	
 
    	
Each Monday, Tuesday, Wednesday,   Thursday and Friday which is not a day on which banking institutions in New   York, NY are authorized or obligated by law or executive order to close.
    
	
 
    	
 
    	
 
    
	
Relevant   Price:
    	
 
    	
On any Valid Day, the per Share   volume-weighted average price as displayed on Bloomberg (or any successor   service) page HA.UQ <equity> AQR in respect of the period from   9:30 a.m. to 4:00 p.m., New York City time, on such Valid Day; or,   if such price is not available, the market value of one Share on such Valid   Day, as determined by the Calculation Agent in a good faith reasonable manner   using a volume weighted average method; provided   that after the occurrence or effectiveness of an event described in   Section 9.12 of the Supplemental Indenture in which all holders of   Shares receive only cash, the Relevant Price will be the cash price per Share   received by holders of Shares in such event.
    
	
 
    	
 
    	
 
    
	
Settlement   Averaging Period:
    	
 
    	
For any Option and regardless of the   Settlement Method applicable to such Option:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(i)                                     if the related Conversion Date occurs prior to the Free   Convertibility Date, the 30 consecutive Valid Days commencing on, and   including, the third
    
	
 
    	
 
    	
 
    

 

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Business Day following such Conversion   Date; provided that if the   Notice of Exercise for such Option specifies that Settlement in Shares or Low   Cash Combination Settlement applies to the related Convertible Note, the Settlement   Averaging Period shall be the 60 consecutive Valid Day period commencing on,   and including, the second Valid Day immediately following such Conversion   Date; or
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(ii)                                  if the related Conversion Date occurs on or following the Free   Convertibility Date, the 30 consecutive Valid Days commencing on, and   including, the 32nd Scheduled Valid Day   immediately prior to the Expiration Date; provided   that if the Notice of Exercise or Notice of Final Settlement Method, as   applicable, for such Option specifies that Settlement in Shares or Low Cash   Combination Settlement applies to the related Convertible Note, the   Settlement Averaging Period shall be the 60 consecutive Valid Days commencing   on, and including, the 62nd Scheduled Valid Day   immediately prior to the Expiration Date.
    
	
 
    	
 
    	
 
    
	
Settlement   Date:
    	
 
    	
For any Option, the third Business Day   immediately following the last Valid Day of the Settlement Averaging Period   for such Option.
    
	
 
    	
 
    	
 
    
	
Settlement   Currency:
    	
 
    	
USD
    
	
 
    	
 
    	
 
    
	
Other   Applicable Provisions:
    	
 
    	
The provisions of Sections 9.1(c), 9.8,   9.9, 9.11, 9.12 and 10.5 of the Equity Definitions will be applicable, except   that all references in such provisions to “Physically-settled” shall be read   as references to “Share Settled”. “Share Settled” in relation to any Option means   that Net Share Settlement or Combination Settlement is applicable to that   Option.
    
	
 
    	
 
    	
 
    
	
Representation   and Agreement:
    	
 
    	
Notwithstanding anything to the contrary   in Equity Definitions (including, but not limited to, Section 9.11   thereof), the parties acknowledge that (i) any Shares delivered to   Counterparty shall be, upon delivery, subject to restrictions and limitations   arising from Counterparty’s status as issuer of the Shares under applicable   securities laws, (ii) Dealer may deliver any Shares required to be   delivered hereunder in certificated form in lieu of delivery through the   Clearance System and (iii) any Shares delivered to Counterparty may be   “restricted securities” (as defined in Rule 144 under the Securities Act   of 1933, as amended (the “Securities Act”)).
    
	
 
    	
 
    	
 
    
	
3.                                    Additional Terms applicable to the Transaction.
    
	
 
    	
 
    	
 
    
	
Adjustments applicable to the   Transaction:
    	
 
    	
 
    

 

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Potential   Adjustment Events:
    	
 
    	
Notwithstanding   Section 11.2(e) of the Equity Definitions, a “Potential Adjustment   Event” means an occurrence of any event or condition, as set forth in any   Dilution Adjustment Provision, that would result in an adjustment to the   Conversion Rate (as defined in the Indenture) of the Convertible Notes.
    
	
 
    	
 
    	
 
    
	
Method of   Adjustment:
    	
 
    	
Calculation Agent Adjustment, which   means that, notwithstanding Section 11.2(c) of the Equity   Definitions, upon any Potential Adjustment Event that results in an   adjustment to the Conversion Rate (as defined in the Indenture) of the Convertible   Notes, the Calculation Agent shall make a corresponding adjustment to any one   or more of the Strike Price, Number of Options, Option Entitlement and any   other variable relevant to the exercise, settlement or payment for the   Transaction; provided that,   notwithstanding the foregoing, if any Potential Adjustment Event occurs   during the Settlement Averaging Period but no adjustment was made to any   Convertible Note under the Indenture because the relevant Holder (as such   term is defined in the Indenture) was deemed to be a record owner of the   underlying Shares on the related Conversion Date, then the Calculation Agent   shall make an adjustment, as determined by it, to the terms hereof in order   to account for such Potential Adjustment Event.
    
	
 
    	
 
    	
 
    
	
Dilution   Adjustment Provisions:
    	
 
    	
Section 9.06(a), (b), (c), (d),   (e) and (h) and Section 9.08 of the Supplemental Indenture.
    
	
 
    	
 
    	
 
    
	
Extraordinary   Events applicable to the Transaction:
    
	
 
    	
 
    	
 
    
	
Merger Events:
    	
 
    	
Applicable; provided that notwithstanding Section 12.1(b) of   the Equity Definitions, a “Merger Event” means the occurrence of any event or   condition set forth in the definition of “Merger Event” in Section 9.12   of the Supplemental Indenture.
    
	
 
    	
 
    	
 
    
	
Tender Offers:
    	
 
    	
Applicable; provided that notwithstanding Section 12.1(d) of   the Equity Definitions, a “Tender Offer” means the occurrence of any event or   condition set forth in Section 9.06(e) of the Supplemental   Indenture.
    
	
 
    	
 
    	
 
    
	
Consequence of   Merger Events /
    	
 
    	
 
    
	
Tender Offers:
    	
 
    	
Notwithstanding Section 12.2 and Section 12.3 of the   Equity Definitions, upon the occurrence of a Merger Event or a Tender Offer,   the Calculation Agent shall make a corresponding adjustment in respect of any   adjustment under the Indenture to any one or more of the nature of the Shares   (in the case of a Merger Event), Strike Price, Number of Options, Option   Entitlement and any other variable relevant to the exercise, settlement or   payment for the Transaction; provided, however, that such adjustment shall be   made without regard to any adjustment to the Conversion Rate pursuant to any   Excluded Provision that would constitute a Merger Event or Tender Offer; provided further that if, with respect   to a
    

 

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Merger Event or a Tender Offer, (i) the   consideration for the Shares includes (or, at the option of a holder of   Shares, may include) shares of an entity or person that is not a corporation   organized under the laws of the United States, any State thereof or the   District of Columbia or (ii) the Counterparty to the Transaction following   such Merger Event or Tender Offer, will not be a corporation or will not be   the Issuer following such Merger Event or Tender Offer, then Cancellation and   Payment (Calculation Agent Determination) shall apply.
    
	
 
    	
 
    	
 
    
	
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 will 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 NASDAQ Global Select   Market or The NASDAQ Global Market (or their respective successors); if the   Shares are immediately re-listed, re-traded or re-quoted on any of the New   York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global   Market (or their respective successors), such exchange or quotation system   shall thereafter be deemed to be the Exchange.
    
	
 
    	
 
    	
 
    
	
Additional Disruption Events:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Change in Law:
    	
 
    	
Applicable; provided that Section 12.9(a)(ii)(X) of the   Equity Definitions is hereby amended by replacing the word “Shares” with the   phrase “Hedge Positions;” provided further   that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing   the phrase “the interpretation” in the third line thereof with the phrase “or   announcement or statement of the formal or informal interpretation” and (ii) immediately   following the word “Transaction” in clause (X) thereof, adding the phrase “in   the manner contemplated by Hedging Party on the Trade Date.”
    
	
 
    	
 
    	
 
    
	
Failure to Deliver:
    	
 
    	
Not Applicable
    
	
 
    	
 
    	
 
    
	
Hedging Disruption:
    	
 
    	
Applicable; provided that:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(i) Section 12.9(a)(v) of the Equity   Definitions is hereby amended by inserting the following two phrases at the   end of such Section:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
“For the avoidance of doubt, the term   “equity price risk” shall be deemed to include, but shall not be limited to,   stock price and volatility risk. And, for the further avoidance of doubt, any   such transactions or assets referred to in phrases (A) or (B) above must be   available on commercially reasonable pricing terms.”; and
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(ii) Section 12.9(b)(iii) of   the Equity Definitions is hereby amended by inserting in the third line   thereof, after the
    

 

11

 

	
 
    	
 
    	
words “to terminate the Transaction”,   the words “or a portion of the Transaction affected by such Hedging   Disruption”.
    
	
 
    	
 
    	
 
    
	
Increased Cost of Hedging:
    	
 
    	
Applicable
    
	
 
    	
 
    	
 
    
	
Hedging Party:
    	
 
    	
For all applicable Additional Disruption   Events, Dealer.
    
	
 
    	
 
    	
 
    
	
Determining Party:
    	
 
    	
For all applicable Extraordinary Events,   Dealer.
    
	
 
    	
 
    	
 
    
	
Non-Reliance:
    	
 
    	
Applicable
    
	
 
    	
 
    	
 
    
	
Agreements and Acknowledgements
    	
 
    	
 
    
	
Regarding Hedging Activities:
    	
 
    	
Applicable
    
	
 
    	
 
    	
 
    
	
Additional Acknowledgments:
    	
 
    	
Applicable
    
	
 
    	
 
    	
 
    
	
4.                                      Calculation Agent.
    	
 
    	
Dealer; provided   that all determinations made by the Calculation Agent shall be made in good   faith and in a commercially reasonable manner. Following any calculation by   the Calculation Agent hereunder, upon a prior written request by   Counterparty, the Calculation Agent will provide to Counterparty by email to   the email address provided by Counterparty in such prior written request a   report (in a commonly used file format for the storage and manipulation of   financial data) displaying in reasonable detail the basis for such   calculation; provided, however, that in no event will Dealer be obligated to   share with Counterparty any proprietary models used by it or any other party.
    

 

5.                                      Account Details.

 

	
(a)
    	
 
    	
Account for   payments to Counterparty:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
To be provided   by Counterparty.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Account for   delivery of Shares to Counterparty:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
To be provided   by Counterparty.
    
	
 
    	
 
    	
 
    
	
(b)
    	
 
    	
Account for payments to Dealer:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Bank:
    	
JPMorgan Chase Bank, N.A.
    
	
 
    	
 
    	
ABA#:
    	
021000021
    
	
 
    	
 
    	
Acct No.:
    	
099997979
    
	
 
    	
 
    	
Beneficiary:
    	
JPMorgan Chase Bank, N.A. New York
    
	
 
    	
 
    	
Ref:
    	
Derivatives
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Account for delivery of Shares from   Dealer:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
DTC 0060
    

 

6.                                      Offices.

 

	
(a)
    	
 
    	
The Office of Counterparty for the   Transaction is:  Inapplicable,   Counterparty is not a Multibranch Party.
    
	
 
    	
 
    	
 
    
	
(b)
    	
 
    	
The Office of Dealer for the Transaction   is: London
    

 

12

 

	
 
    	
 
    	
JPMorgan Chase Bank, National   Association
   London Branch
   P.O. Box 161
   60 Victoria Embankment
   London EC4Y 0JP
   England
    

 

7.                                      Notices.

 

	
(a)
    	
 
    	
Address for notices or communications to   Counterparty:

 

Hawaiian Holdings, Inc.
   3375 Koapaka Street, Suite G-350
   Honolulu, Hawaii 96819
    
	
 
    	
 
    	
Attention:
    	
Treasurer
    
	
 
    	
 
    	
Telephone No.:
    	
(808) 835-3700
    
	
 
    	
 
    	
Facsimile No.:
    	
(808) 835-3690
    
	
 
    	
 
    	
 
    
	
(b)
    	
 
    	
Address for notices or communications to   Dealer:

 

JPMorgan Chase Bank, National   Association
   4 New York Plaza, Floor 18
   New York, NY 10004-2413
    
	
 
    	
 
    	
Attention:
    	
Jason M. Wood
    
	
 
    	
 
    	
Telephone No.:
    	
(415) 315-8783
    
	
 
    	
 
    	
Facsimile No.:
    	
(415) 226-0616
    

 

8.                                      Representations and Warranties of Counterparty.

 

Counterparty hereby represents and warrants to Dealer on the date hereof and on and as of the Premium Payment Date that:

 

(a)                                  Counterparty is duly organized and validly existing and in good standing under the laws of its jurisdiction of incorporation.

 

(b)                                 Counterparty has the corporate power and authority to execute and deliver this Confirmation and to perform its obligations hereunder; and all action required to be taken for the due and proper authorization, execution and delivery by it of this Confirmation and the consummation by it of the transactions contemplated hereby has been duly and validly taken.

 

(c)                                  This Confirmation has been duly authorized by Counterparty and, when duly executed and delivered in accordance with its terms by each of the parties hereto, will constitute a valid and legally binding agreement of Counterparty enforceable against Counterparty in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally or by equitable principles relating to enforceability.

 

(d)                                 The execution, delivery and performance by Counterparty of this Confirmation and the consummation of the transactions contemplated hereby will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of Counterparty or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Counterparty or any of its subsidiaries is a party or by which Counterparty or any of its subsidiaries is bound or to which any of the property or assets of Counterparty or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the charter or by-laws or similar organizational documents of Counterparty or any of its subsidiaries or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority applicable to Counterparty or any of its subsidiaries, except for such conflicts, breaches or violations in clauses (i) and (iii) that would not

 

13

 

have a material adverse effect on Counterparty’s ability to perform its obligations under this Confirmation (a “Material Adverse Effect”).

 

(e)                                  No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by Counterparty of this Confirmation and the consummation of the transactions contemplated hereby for (i) such consents, approvals, authorizations, orders, registrations or qualifications (“Consents”) as may be required under state securities laws or contemplated by this Confirmation or (ii) where the failure to obtain or make any such Consents would not reasonably be expected to have a Material Adverse Effect.

 

(f)                                    Counterparty is not and, after giving effect to the transactions contemplated hereby, will not be required to register as an “investment company” or an entity “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Securities and Exchange Commission thereunder.

 

(g)                                 Counterparty is an “eligible contract participant” (as such term is defined in Section 1a(12) of the Commodity Exchange Act, as amended, other than a person that is an eligible contract participant under Section 1a(12)(C) of the Commodity Exchange Act).

 

(h)                                 Counterparty and each of its affiliates is not, on the date hereof, in possession of any material non-public information with respect to Counterparty or the Shares.

 

9.                                      Other Provisions.

 

(a)                                  Opinions.  Counterparty shall deliver to Dealer an opinion of counsel, dated as of the Trade Date, due incorporation, existence and good standing of Counterparty in Delaware, the due authorization, execution and delivery of this Confirmation, and the absence of conflict of the execution, delivery and performance of this Confirmation with any material agreement required to be filed as an exhibit to Counterparty’s Annual Report on Form 10-K and Counterparty’s constituent documents.

 

(b)                                 Repurchase Notices.  Counterparty shall, on any day on which Counterparty effects any repurchase of Shares, promptly give Dealer a written notice of such repurchase (a “Repurchase Notice”) on the Business Day following the date of such repurchase if following such repurchase, the number of outstanding Shares as determined on such day is (i) less than 50 million (in the case of the first such notice) or (ii) thereafter more than 1 million less than the number of Shares included in the immediately preceding Repurchase Notice.  Counterparty agrees to indemnify and hold harmless Dealer and its affiliates and their respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified Person”) from and against any and all losses (including losses relating to Dealer’s hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction), claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, which an Indemnified Person may become subject to, as a result of Counterparty’s failure to provide Dealer with a Repurchase Notice on the day and in the manner specified in this paragraph.  If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person as a result of Counterparty’s failure to provide Dealer with a Repurchase Notice in accordance with this paragraph, such Indemnified Person shall promptly notify Counterparty in writing, and Counterparty, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others Counterparty may designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding.  Counterparty shall not be liable for any settlement of any proceeding contemplated by this paragraph that is effected without its written consent, such consent not to be unreasonably withheld, but if settled with such consent or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified Person from and

 

14

 

against any loss or liability by reason of such settlement or judgment.  Counterparty shall not, without the prior written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding contemplated by this paragraph that is in respect of which any Indemnified Person is a party and indemnity has been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified Person.  If the indemnification provided for in this paragraph is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then Counterparty hereunder, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities.  The remedies provided for in this paragraph (b) are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity.  The indemnity and contribution agreements contained in this paragraph shall remain operative and in full force and effect regardless of the termination of the Transaction.

 

(c)                                  Regulation M.  Counterparty is not on the Trade Date engaged in a distribution, as such term is used in Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of any equity or equity-linked securities of Counterparty, other than (i) a distribution meeting the requirements of the exception set forth in Rules 101(a), 101(b)(10), 102(a) and 102(b)(7) of Regulation M (the “Exclusions”).  Counterparty shall not, until the second Scheduled Trading Day immediately following the Effective Date, engage in any such distribution (subject to the Exclusions) other than the distribution of the Convertible Notes.

 

(d)                                 No Manipulation.  Counterparty is not entering into the Transaction to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares) in violation of the Exchange Act.

 

(e)                                  Transfer or Assignment.

 

(i)                                     Counterparty shall have the right to transfer or assign its rights and obligations hereunder with respect to all, but not less than all, of the Options hereunder (such Options, the “Transfer Options”); provided that such transfer or assignment shall be subject to reasonable conditions that Dealer may impose, including but not limited to, the following conditions:

 

(A)                              With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification obligations pursuant to Section 9(b);

 

(B)                                Any Transfer Options shall only be transferred or assigned to a third party that is a United States person (as defined in the Internal Revenue Code of 1986, as amended);

 

(C)                                Such transfer or assignment shall be effected on terms, including any reasonable undertakings by such third party (including, but not limited to, an undertaking with respect to compliance with applicable securities laws in a manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and execution of any documentation and delivery of legal opinions with respect to securities laws and other matters by such third party and Counterparty, as are requested and reasonably satisfactory to Dealer;

 

(D)                               Dealer will not, as a result of such transfer and assignment, be required to pay the transferee on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Dealer would have been required to pay to Counterparty in the absence of such transfer and assignment;

 

15

 

(E)                                 An Event of Default, Potential Event of Default or Termination Event will not occur as a result of such transfer and assignment;

 

(F)                                 Without limiting the generality of clause (B), Counterparty shall cause the transferee to make such Payee Tax Representations and to provide such tax documentation as may be reasonably requested by Dealer to permit Dealer to determine that results described in clauses (D) and (E) will not occur upon or after such transfer and assignment; and

 

(G)                                Counterparty shall be responsible for all reasonable costs and expenses, including reasonable counsel fees, incurred by Dealer in connection with such transfer or assignment.

 

(ii)                                  Dealer may, without Counterparty’s consent, transfer or assign all or any part of its rights or obligations under the Transaction at any time to any affiliate of Dealer (A) that has a rating for its long term, unsecured and unsubordinated indebtedness that is equal to or better than the best of Dealer’s credit rating and the credit rating of any guarantor of Dealer’s obligations hereunder, in each case, at the time of the transfer or assignment, or (B) whose obligations hereunder will be guaranteed, pursuant to the terms of a customary guarantee in a form used by Dealer generally for similar transactions, by Dealer or any parent of Dealer that has a credit rating that is equal to or better than the best of Dealer’s credit rating and the credit rating of any guarantor of Dealer’s obligations hereunder, in each case, at the time of the transfer or assignment; provided that any such transfer or assignment shall be subject to the conditions that (I) following such transfer or assignment, the terms and conditions of the Agreement as so transferred or assigned (the “Transferred Agreement”) shall be substantially the same as the terms and conditions of the Agreement immediately prior to such transfer or assignment, (II) Counterparty will not be required to pay to the transferee an amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) of the Transferred Agreement greater than the amount in respect of which Counterparty would have been required to pay to Dealer under Section 2(d)(i)(4) in the absence of the transfer, (III) Counterparty will not receive any payment under the Transferred Agreement from which an amount is required to be withheld or deducted for or on account of a Tax with respect to which no additional amount is required to be paid by the transferee under Section 2(d)(i)(4) of the Transferred Agreement (other than by reason of Section 2(d)(i)(4)(A) or (B) thereof), (IV) neither an Event of Default with respect to which Dealer is the Defaulting Party nor a Termination Event with respect to which Dealer is the sole Affected Party shall have occurred and be continuing at the time of the transfer, and neither an Event of Default nor a Termination Event shall occur as a result of the transfer, (V) each of Dealer and the transferee is a dealer in “notional principal contracts” within the meaning of Section 1.446-3(c)(4)(iii) of the U.S. Treasury Regulations and in other derivatives, and (VI) Dealer has used its good faith efforts to provide prior notice to Counterparty of such transfer and the proposed date of such transfer, and Dealer shall provide written notice to Counterparty reasonably promptly following such transfer. In addition, if at any time (A) the Section 16 Percentage exceeds 7.5%, (B) the Option Equity Percentage exceeds 14.5%, or (C) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such condition described in clauses (A), (B) or (C), an “Excess Ownership Position”), Dealer may, without Counterparty’s consent, transfer or assign all or any part of its rights or obligations under the Transaction to any third party who is a dealer in “notional principal contracts” within the meaning of Section 1.446-3(c)(4)(iii) of the U.S. Treasury Regulations and in other derivatives, and with a rating for its long term, unsecured and unsubordinated indebtedness equal to or better than the lesser of (x) the credit rating of Dealer at the time of the transfer and (y) A- by Standard and Poor’s Rating Group, Inc. or its successor (“S&P”), or A3 by Moody’s Investor Service, Inc. (“Moody’s”) or, if either S&P or Moody’s ceases to rate such debt, at least an equivalent rating or better by a substitute rating agency mutually agreed by Counterparty and Dealer.  If at any time an Excess Ownership Position exists, Dealer

 

16

 

may designate any Exchange Business Day as an Early Termination Date with respect to all or a portion of the Transaction (the “Terminated Portion”) such that following such termination no Excess Ownership Position exists; provided that Dealer may only designate an Early Termination Date pursuant to this Section 9(e)(i) if Dealer has used its good faith efforts to notify Counterparty of such Excess Ownership Position, and Dealer is unable, acting in good faith and after using its commercially reasonable efforts, to effect a transfer or assignment of Options to a third party in accordance with this Section 9(e)(i) on pricing terms reasonably acceptable to Dealer and within a time period reasonably acceptable Dealer such that no Excess Ownership Position exists.  In the event that Dealer so designates an Early Termination Date with respect to a Terminated Portion, a payment shall be made pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to the number of Options underlying the Terminated Portion, (2) Counterparty were the sole Affected Party with respect to such partial termination and (3) the Terminated Portion were the sole Affected Transaction (and, for the avoidance of doubt, the provisions of Section 9(k) shall apply to any amount that is payable by Dealer to Counterparty pursuant to this sentence as if Counterparty was not the Affected Party).  The “Section 16 Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and each person subject to aggregation of Shares with Dealer under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder directly or indirectly beneficially own (as defined under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder) and (B) the denominator of which is the number of Shares outstanding.  The “Option Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the sum of (1) the product of the Number of Options and the Option Entitlement and (2) the aggregate number of Shares underlying any other call option transaction sold by Dealer to Counterparty, and (B) the denominator of which is the number of Shares outstanding.  The “Share Amount” as of any day is the number of Shares that Dealer and any person whose ownership position would be aggregated with that of Dealer (Dealer or any such person, a “Dealer Person”) under any law, rule, regulation, regulatory order or organizational documents or contracts of Counterparty that are, in each case, applicable to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by Dealer in its reasonable discretion.  The “Applicable Share Limit” means a number of Shares equal to (A) the minimum number of Shares that could give rise to reporting or registration obligations or other requirements (including obtaining prior approval from any person or entity) of a Dealer Person, minus (B) 1% of the number of Shares outstanding.

 

(iii)                               Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities, or to make or receive such payment in cash, and otherwise to perform Dealer’s obligations in respect of the Transaction and any such designee may assume such obligations; provided that Dealer shall be discharged of its obligations to Counterparty only to the extent of any such performance.

 

(f)                                    Staggered Settlement.  If upon advice of counsel with respect to applicable legal and regulatory requirements, including any requirements relating to Dealer’s hedging activities hereunder, Dealer reasonably determines that it would not be practicable or advisable to deliver, or to acquire Shares to deliver, any or all of the Shares to be delivered by Dealer on the Settlement Date for the Transaction, Dealer may, by notice to Counterparty on or prior to any Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or more dates (each, a “Staggered Settlement Date”) as follows:

 

17

 

(i)                                     in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (the first of which will be such Nominal Settlement Date and the last of which will be no later than the twentieth (20th) Exchange Business Day following such Nominal Settlement Date) and the number of Shares that it will deliver on each Staggered Settlement Date;

 

(ii)                                  the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered Settlement Dates will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date; and

 

(iii)          if the Net Share Settlement terms set forth above were to apply on the Nominal Settlement Date, then the Net Share Settlement terms will apply on each Staggered Settlement Date, except that the Net Shares will be allocated among such Staggered Settlement Dates as specified by Dealer in the notice referred to in clause (i) above.

 

(g)                                 Role of Agent.  Each party agrees and acknowledges that (i) J.P. Morgan Securities LLC, an affiliate of JPMorgan (“JPMS”), has acted solely as agent and not as principal with respect to the Transaction and (ii) JPMS has no obligation or liability, by way of guaranty, endorsement or otherwise, in any manner in respect of the Transaction (including, if applicable, in respect of the settlement thereof). Each party agrees it will look solely to the other party (or any guarantor in respect thereof) for performance of such other party’s obligations under the Transaction.

 

(h)                                 Additional Termination Events. Notwithstanding anything to the contrary in this Confirmation:

 

(i)                                     If an event of default with respect to Counterparty occurs under the terms of the Convertible Notes as set forth in Section 5.1 of the Base Indenture or Section 6.01 of the Supplemental Indenture and results in the Convertible Notes becoming due and payable pursuant to the terms of the Indenture before they would otherwise have been due and payable, then the occurrence of such event shall constitute an Additional Termination Event applicable to the Transaction and, with respect to such Additional Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall be the sole Affected Transaction and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement.

 

(ii)                                  The receipt by Dealer from Counterparty, within the applicable time period set forth under “Notice of Exercise” above, of any Notice of Exercise in respect of Options that relates to Convertible Notes as to which additional Shares would be added to the Conversion Rate pursuant to Section 9.15 of the Supplemental Indenture in connection with a “Fundamental Change” (as defined in the Supplemental Indenture) shall constitute an Additional Termination Event as provided in this Section 9(h)(ii).  Upon receipt of any such Notice of Exercise, Dealer shall designate an Exchange Business Day following such Additional Termination Event (which Exchange Business Day shall be on or as promptly as reasonably practicable after the related settlement date for such Convertible Notes) as an Early Termination Date with respect to the portion of this Transaction corresponding to a number of Options (the “Make-Whole Conversion Options”) equal to the lesser of (A) the number of such Options specified in such Notice of Exercise and (B) the Number of Options as of the date Dealer designates such Early Termination Date and, as of such date, the Number of Options shall be reduced by the number of Make-Whole Conversion Options.  Any payment hereunder with respect to such termination (the “Make-Whole Unwind Payment”) shall be calculated pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to this Transaction and a Number of Options equal to the number of Make-Whole Conversion Options, (2) Counterparty were the sole Affected Party with respect to such Additional Termination Event and (3) the terminated portion of the Transaction were the sole Affected Transaction (and, for the avoidance of doubt, in determining the amount payable

 

18

 

pursuant to Section 6 of the Agreement, the Calculation Agent shall not take into account any adjustments to the Option Entitlement that result from corresponding adjustments to the Conversion Rate pursuant to Section 9.15 of the Supplemental Indenture) and shall take into account the time value of this Transaction with respect to the Expiration Date; provided that the amount of cash deliverable in respect of such early termination by Dealer to Counterparty shall not be greater than the product of (x) the Applicable Percentage and (y) the excess of (I) (1) the number of Make-Whole Conversion Options multiplied by (2) the Conversion Rate (after taking into account any applicable adjustments to the Conversion Rate pursuant to Section 9.15 of the Supplemental Indenture) multiplied by (3) a price per Share determined by the Calculation Agent over (II) the aggregate principal amount of such Convertible Notes, as determined by the Calculation Agent in a commercially reasonable manner.  Counterparty may irrevocably elect, if so designated in its Notice of Exercise to Dealer as set forth above, to receive the Make-Whole Unwind Payment in Shares, in which case, in lieu of making such Make-Whole Unwind Payment as set forth above, Dealer shall deliver to Counterparty, within a commercially reasonable period of time after such designation as determined by Dealer (taking into account existing liquidity conditions and Dealer’s hedging and hedge unwind activity or settlement activity in connection with such delivery) a number of Shares equal to such Make-Whole Unwind Payment divided by a price per Share determined by the Calculation Agent in good faith and in a commercially reasonable manner.

 

(i)                                     Amendments to Equity Definitions.

 

(i)                                     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 Dealer’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 Counterparty.”

 

(ii)                                  Section 12.9(b)(i) of the Equity Definitions is hereby amended by (1) replacing “either party may elect” with “Dealer may elect” and (2) replacing “notice to the other party” with “notice to Counterparty” in the first sentence of such section.

 

(j)                                     No Setoff. Neither party shall have the right to set off any obligation that it may have to the other party under the Transaction against any obligation such other party may have to it, whether arising under the Agreement, this Confirmation or any other agreement between the parties hereto, by operation of law or otherwise.

 

(k)                                  Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events.  If in respect of the Transaction, an amount is payable by Dealer to Counterparty (i) pursuant to Section 12.7 or Section 12.9 of the Equity Definitions or (ii) pursuant to Section 6(d)(ii) of the Agreement (any such amount, a “Payment Obligation”), Counterparty may request Dealer to satisfy the Payment Obligation by the Share Termination Alternative (as defined below) (except that Counterparty shall not have the right to make such an election in the event of (I) a Nationalization, Insolvency, Merger Event or Tender Offer, in each case, in which the consideration to be paid to holders of Shares consists solely of cash, (II) a Merger Event or Tender Offer that is within Counterparty’s control, or (III) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party, other than an Event of Default of the type described in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement or a Termination Event of the type described in Section 5(b) of the Agreement in each case that resulted from an event or events outside Counterparty’s control) and shall give irrevocable telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on the Merger Date, the Tender Offer Date, the Announcement Date (in the case of Nationalization, Insolvency or Delisting), the Early Termination Date or date of cancellation, as applicable; provided that if Counterparty does not

 

19

 

validly request Dealer to satisfy the Payment Obligation by the Share Termination Alternative, Dealer shall have the right, in its sole discretion, to satisfy its Payment Obligation by the Share Termination Alternative, notwithstanding Counterparty’s election to the contrary.

 

	
Share Termination Alternative:
    	
 
    	
If the Share Termination Alternative is   applicable in respect of any Payment Obligation, Dealer shall deliver to   Counterparty the Share Termination Delivery Property on, or within a   commercially reasonable period of time after, the date when the Payment   Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of   the Equity Definitions or Section 6(d)(ii) and 6(e) of the   Agreement, as applicable (the “Share   Termination Payment Date”), in satisfaction of the Payment   Obligation in the manner reasonably requested by Counterparty free of   payment.
    
	
 
    	
 
    	
 
    
	
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 to Dealer of property contained   in one Share Termination Delivery Unit, as determined by the Calculation   Agent in its discretion by commercially reasonable means and notified by the   Calculation Agent to Dealer at the time of notification of the Payment   Obligation. For the avoidance of doubt, the parties agree that in determining   the Share Termination Delivery Unit Price the Calculation Agent may consider   the purchase price paid in connection with the purchase of Share Termination   Delivery Property.
    
	
 
    	
 
    	
 
    
	
Share Termination Delivery Unit:
    	
 
    	
One Share or, if a Merger Event has   occurred and a corresponding adjustment to the Transaction has been made, a   unit 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 Merger Event, as determined by the Calculation Agent.
    
	
 
    	
 
    	
 
    
	
Failure to Deliver:
    	
 
    	
Applicable
    
	
 
    	
 
    	
 
    
	
Other applicable provisions:
    	
 
    	
If Share Termination Alternative is applicable,   the provisions of Sections 9.8, 9.9, 9.11, 9.12 and 10.5 (as modified above)   of the Equity Definitions will be applicable, except that all references in   such provisions to “Physically-settled” shall be read as references to “Share   Termination Settled” and all references to “Shares” shall be read as   references to 
    

 

20

 

	
 
    	
 
    	
“Share Termination Delivery Units”.   “Share Termination Settled” in relation to the Transaction means that the   Share Termination Alternative is applicable to the Transaction.
    

 

(l)                                     Waiver of Jury Trial.  Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction.  Each party (i) certifies that no representative, agent or attorney of either party has represented, expressly or otherwise, that such other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into the Transaction, as applicable, by, among other things, the mutual waivers and certifications provided herein.

 

(m)                               Registration.  Counterparty hereby agrees that if, in the good faith reasonable judgment of Dealer, based on the advice of legal counsel, the Shares (“Hedge Shares”) acquired by Dealer for the purpose of hedging its obligations pursuant to the Transaction cannot be sold in the public market by Dealer without registration under the Securities Act, Counterparty shall, at its election, either (i) in order to allow Dealer to sell the Hedge Shares in a registered offering, make available to Dealer an effective registration statement under the Securities Act and enter into an agreement, in customary form and in substance reasonably satisfactory to Dealer, substantially in the form of an underwriting agreement for a registered secondary offering of equity securities of companies comparable in size, maturity and line of business; provided, however, that if Dealer, in its sole reasonable discretion, is not satisfied with access to due diligence materials, the results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above, then clause (ii) or clause (iii) of this paragraph shall apply at the election of Counterparty, (ii) in order to allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar to private placement purchase agreements customary for private placements of equity securities of companies comparable in size, maturity and line of business (in which case, the Calculation Agent shall make any reasonable adjustments in good faith to the terms of the Transaction that are necessary, in its reasonable judgment, to compensate Dealer for any discount from the public market price of the Shares incurred on the sale of Hedge Shares in a private placement), or (iii) purchase the Hedge Shares from Dealer at the Relevant Price on such Exchange Business Days, and in the amounts, requested by Dealer.

 

(n)                                 Tax Disclosure.  Effective from the date of commencement of discussions concerning the Transaction, Counterparty 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 Counterparty relating to such tax treatment and tax structure.

 

(o)                                 Right to Extend.  Dealer may postpone or add, in whole or in part, any Valid Day or Valid Days during the Settlement Averaging Period or any other date of valuation, payment or delivery by Dealer, with respect to some or all of the Options hereunder, if Dealer determines, in its commercially reasonable judgment, that such action is reasonably necessary or appropriate to preserve Dealer’s hedging or hedge unwind activity hereunder in light of existing liquidity conditions or to enable Dealer to effect purchases of Shares in connection with its hedging, hedge unwind or settlement activity hereunder in a manner that would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be in compliance with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures applicable to Dealer; provided that in no event shall Dealer have the right to extend the Settlement Averaging Period more than 20 Valid Days.

 

(p)                                 Status of Claims in Bankruptcy.   Dealer acknowledges and agrees that this Confirmation is not intended to convey to Dealer rights against Counterparty with respect to the Transaction that are senior to the claims of common stockholders of Counterparty in any United States bankruptcy proceedings of Counterparty; provided that nothing herein shall limit or shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Counterparty of its obligations and

 

21

 

agreements with respect to the Transaction; provided, further, that nothing herein shall limit or shall be deemed to limit Dealer’s rights in respect of any transactions other than the Transaction.

 

(q)                                 Securities Contract; Swap Agreement.  The parties hereto intend for (i) the Transaction to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement payment” and a “transfer” as defined in the Bankruptcy Code.

 

(r)                                    Notice of Certain Other Events. Counterparty covenants and agrees that:

 

(i)                                     promptly following the public announcement of the results of any election by the holders of Shares with respect to the consideration due upon consummation of any consolidation, merger and binding share exchange to which Counterparty is a party, or any sale of all or substantially all of Counterparty’s assets, in each case pursuant to which the Shares will be converted into cash, securities or other property, Counterparty shall give Dealer written notice of the types and amounts of consideration that holders of Shares have elected to receive upon consummation of such transaction or event (the date of such notification, the “Consideration Notification Date”); provided that in no event shall the Consideration Notification Date be later than the date on which such transaction or event is consummated; and

 

(ii)                                  promptly following any adjustment to the Convertible Notes in connection with any Potential Adjustment Event, Merger Event or Tender Offer, Counterparty shall give Dealer written notice of the details of such adjustment.

 

(s)                                  Wall Street Transparency and Accountability Act.  In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, an Excess Ownership Position, or Illegality (as defined in the Agreement)).

 

(t)                                    Early Unwind. In the event the sale of the “Firm Notes” (as defined in the Underwriting Agreement) is not consummated with the Underwriter for any reason by 5:00 p.m. (New York City time) on the Premium Payment Date, or such later date as agreed upon by the parties (the Premium Payment Date or such later date, the “Early Unwind Date”),  the Transaction shall automatically terminate (the “Early Unwind”)  on the Early Unwind Date and (i) the Transaction and all of the respective rights and obligations of Dealer and Counterparty under the Transaction shall be cancelled and terminated and (ii) each party shall be released and discharged by the other party from and agrees not to make any claim against the other party with respect to any obligations or liabilities of the other party arising out of and to be performed in connection with the Transaction either prior to or after the Early Unwind Date; provided that Counterparty shall purchase from Dealer on the Early Unwind Date all Shares purchased by Dealer or one or more of its affiliates in connection with the Transaction at the then prevailing market price.  Each of Dealer and Counterparty represent and acknowledge to the other that, subject to the proviso included in this Section 9(t), upon an Early Unwind, all obligations with respect to the Transaction shall be deemed fully and finally discharged.

 

22

 

(u)                                 Payment by Counterparty. In the event that (i) an Early Termination Date occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event of Default (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result, Counterparty owes to Dealer an amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes to Dealer, pursuant to Section 12.7 or Section 12.9 of the Equity Definitions, an amount calculated under Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero.

 

23

 

Please confirm that the foregoing correctly sets forth the terms of our agreement by signing and returning this Confirmation to EDG Confirmation Group, J.P. Morgan Securities LLC, 277 Park Avenue, 11th Floor, New York, NY 10172-3401, or by fax to (212) 622 8519.

 

	
 
    	
Yours faithfully,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
J.P. MORGAN SECURITIES   LLC,
   as agent for JPMorgan Chase Bank, National Association
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Jason M. Wood
    
	
 
    	
 
    	
Name: Jason M. Wood
    
	
 
    	
 
    	
Title: Managing Director
    

 

 

Accepted and confirmed as of the Trade Date:

 

	
HAWAIIAN HOLDINGS, INC.
    
	
 
    
	
 
    
	
By:
    	
/s/ Peter Ingram
    	
 
    
	
Name:
    	
Peter R. Ingram
    	
 
    
	
Title:
    	
Executive Vice President and Chief   Financial Officer
    	
 
    

 

 

JPMorgan Chase Bank, National Association

Organised under the laws of the United States as a National Banking Association

Main Office 1111 Polaris Parkway, Columbus, Ohio 43271

Registered as a branch in England & Wales branch No. BR000746

Registered Branch Office 125 London Wall, London EC2Y 5AJ

Authorised and regulated by the Financial Services AuthorityExhibit 10.3

 

EXECUTION VERSION

 

THE SECURITIES REPRESENTED HEREBY (THE “WARRANTS”) WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AS THE WARRANTS MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREOF.

 

	
 
    	
March 18,   2011
    

 

	
To:
    	
 
    	
Hawaiian   Holdings, Inc.
    
	
 
    	
 
    	
3375   Koapaka Street, Suite G-350
    
	
 
    	
 
    	
Honolulu,   Hawaii 96819
    
	
 
    	
 
    	
 
    
	
From:
    	
 
    	
UBS   AG, London Branch
    
	
 
    	
 
    	
c/o   UBS Securities LLC
    
	
 
    	
 
    	
299   Park Avenue
    
	
 
    	
 
    	
New   York, NY 10171
    
	
 
    	
 
    	
 
    
	
From:
    	
 
    	
UBS   Securities LLC
    
	
 
    	
 
    	
Solely   as Agent of UBS AG, London Branch
    
	
 
    	
 
    	
299   Park Avenue
    
	
 
    	
 
    	
New   York, NY 10171
    
	
 
    	
 
    	
 
    
	
Re:
    	
 
    	
Base   Warrants
    

 

The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and conditions of the Warrants issued by Hawaiian Holdings, Inc.  (“Company”) to UBS AG, London Branch (“Dealer”) as of the Trade Date specified below (the “Transaction”).  This letter agreement constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below.  This Confirmation shall replace any previous agreements and serve as the final documentation for the Transaction.

 

The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published by the International Swaps and Derivatives Association, Inc. (“ISDA”), are incorporated into this Confirmation. In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern.  The Transaction shall be deemed to be a Share Option Transaction within the meaning set forth in the Equity Definitions.

 

Each party is hereby advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this Confirmation relates on the terms and conditions set forth below.

 

1.             This Confirmation evidences a complete and binding agreement between Dealer and Company as to the terms of the Transaction to which this Confirmation relates.  This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the “Agreement”) as if Dealer and Company had executed an agreement in such form (but without any Schedule except for the election of the laws of the State of New York as the governing law (without reference to choice of law doctrine)) on the Trade Date.  In the event of any inconsistency between provisions of that Agreement and this Confirmation, this Confirmation will prevail for the purpose of the Transaction to which this Confirmation relates.  The parties hereby agree that no Transaction other than the Transaction to which this Confirmation relates shall be governed by the Agreement.

 

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:
    	
 
    	
March 18,   2011
    

 

 

	
Effective   Date:
    	
 
    	
The   third Exchange Business Day immediately prior to the Premium Payment Date, or   such other date as agreed to between the parties, subject to   Section 8(v) below.
    
	
 
    	
 
    	
 
    
	
Warrants:
    	
 
    	
Equity   call warrants, each giving the holder the right to purchase a number of   Shares equal to the Warrant Entitlement at a price per Share equal to the   Strike Price, subject to the terms set forth under the caption “Settlement   Terms” below. For the purposes of the Equity Definitions, each reference to a   Warrant herein shall be deemed to be a reference to a Call Option.
    
	
 
    	
 
    	
 
    
	
Warrant   Style:
    	
 
    	
European
    
	
 
    	
 
    	
 
    
	
Seller:
    	
 
    	
Company
    
	
 
    	
 
    	
 
    
	
Buyer:
    	
 
    	
Dealer
    
	
 
    	
 
    	
 
    
	
Shares:
    	
 
    	
The   common stock of Company, par value USD 0.01 per share (Exchange symbol “HA”)
    
	
 
    	
 
    	
 
    
	
Number   of Warrants:
    	
 
    	
5,709,285.   For the avoidance of doubt, the Number of Warrants shall be reduced by any   Warrants exercised or deemed exercised hereunder. In no event will the Number   of Warrants be less than zero.
    
	
 
    	
 
    	
 
    
	
Warrant   Entitlement:
    	
 
    	
One   Share per Warrant
    
	
 
    	
 
    	
 
    
	
Maximum   Number of Shares:
    	
 
    	
For   any day, 6,017,959 Shares, minus the aggregate   number of Shares delivered prior to such day pursuant to (i) this   Confirmation and (ii) any other substantially similar confirmation for   Warrants sold by Company to Dealer with a trade date within 13 days of the   Trade Date and with expiration dates the same as the Expiration Dates.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Notwithstanding   anything to the contrary in the Agreement, this Confirmation or the Equity   Definitions, in no event shall the Maximum Number of Shares be subject to   adjustment, except for any adjustment pursuant to the terms of this   Confirmation and the Equity Definitions in connection with stock splits or   similar changes to Company’s capitalization.
    
	
 
    	
 
    	
 
    
	
Strike   Price:
    	
 
    	
USD 10.00
    
	
 
    	
 
    	
 
    
	
Premium:
    	
 
    	
USD   6,233,795
    
	
 
    	
 
    	
 
    
	
Premium   Payment Date:
    	
 
    	
March 23,   2011
    
	
 
    	
 
    	
 
    
	
Exchange:
    	
 
    	
The   NASDAQ Global Market
    
	
 
    	
 
    	
 
    
	
Related   Exchange(s):
    	
 
    	
All   Exchanges; provided that Section 1.26   of the Equity Definitions shall be amended to add the words “United States”   before the word “exchange” in the tenth line of such Section.
    

 

2

 

	
Procedures for Exercise.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Expiration   Time:
    	
 
    	
The   Valuation Time
    
	
 
    	
 
    	
 
    
	
Expiration   Dates:
    	
 
    	
Each   Scheduled Trading Day during the period from, and including, the First   Expiration Date to, but excluding, the 90th Scheduled Trading Day following   the First Expiration Date shall be an “Expiration Date” for a number of   Warrants equal to the Daily Number of Warrants on such date; provided that, notwithstanding anything   to the contrary in the Equity Definitions, if any such date is a Disrupted   Day, the Calculation Agent shall make reasonable adjustments, if applicable,   to the Daily Number of Warrants or shall reduce such Daily Number of Warrants   to zero for which such day shall be an Expiration Date and shall designate a   Scheduled Trading Day or a number of Scheduled Trading Days as the Expiration   Date(s) for the remaining Daily Number of Warrants or a portion thereof   for the originally scheduled Expiration Date; and provided    further that if such Expiration Date   has not occurred pursuant to this clause as of the eighth Scheduled Trading   Day following the last scheduled Expiration Date under the Transaction, the   Calculation Agent shall have the right to declare such Scheduled Trading Day   to be the final Expiration Date and the Calculation Agent shall determine its   good faith estimate of the fair market value for the Shares as of the   Valuation Time on that eighth Scheduled Trading Day or on any subsequent   Scheduled Trading Day, as the Calculation Agent shall determine using   commercially reasonable means.
    
	
 
    	
 
    	
 
    
	
First   Expiration Date:
    	
 
    	
June 14,   2016 (or if such day is not a Scheduled Trading Day, the next following   Scheduled Trading Day), subject to Market Disruption Event below.
    
	
 
    	
 
    	
 
    
	
Daily   Number of Warrants:
    	
 
    	
For   any Expiration Date, the Number of Warrants that have not expired or been   exercised as of such day, divided by   the remaining number of Expiration Dates (including such day), rounded down   to the nearest whole number, subject to adjustment pursuant to the provisos   to “Expiration Dates”.
    
	
 
    	
 
    	
 
    
	
Automatic   Exercise:
    	
 
    	
Applicable;   and means that for each Expiration Date, a number of Warrants equal to the   Daily Number of Warrants (as adjusted pursuant to the terms hereof) for such   Expiration Date will be deemed to be automatically exercised. For the   avoidance of doubt, Warrants are not exercisable, and shall not be exercised   or deemed exercised, other than in accordance with the preceding sentence.
    
	
 
    	
 
    	
 
    
	
Market   Disruption Event:
    	
 
    	
Section 6.3(a)(ii) of   the Equity Definitions is hereby amended by replacing clause (ii) in its   entirety with “(ii) an Exchange Disruption, or” and inserting   immediately 
    

 

3

 

	
 
    	
 
    	
following   clause (iii) the phrase “; in each case that the Calculation Agent   determines is material.”
    
	
 
    	
 
    	
 
    
	
Valuation Terms.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Valuation   Time:
    	
 
    	
Scheduled   Closing Time; provided that if the principal   trading session is extended, the Calculation Agent shall determine the   Valuation Time in its reasonable discretion.
    
	
 
    	
 
    	
 
    
	
Valuation   Date:
    	
 
    	
Each   Exercise Date.
    
	
 
    	
 
    	
 
    
	
Settlement Terms.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Settlement   Method Election:
    	
 
    	
Applicable;   provided that Company may elect Cash   Settlement only if on or prior to the Settlement Method Election Date   (i) Company represents and warrants to Dealer in writing on the date of   such election that, as of such date, (A) Company is not aware of any   material nonpublic information concerning itself or the Shares,   (B) Company is electing Cash Settlement in good faith and not as part of   a plan or scheme to evade compliance with the federal securities laws and   (C) the assets of Company at their fair valuation exceed the liabilities   of Company (including contingent liabilities), the capital of Company is   adequate to conduct the business of Company, and Company 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; and (ii) any election of settlement method shall apply to   all Warrants. At any time prior to electing Cash Settlement, Company may,   without the consent of Dealer, amend this Confirmation by notice to Dealer to   eliminate Company’s right to elect Cash Settlement.
    
	
 
    	
 
    	
 
    
	
Electing   Party:
    	
 
    	
Company
    
	
 
    	
 
    	
 
    
	
Settlement   Method Election Date:
    	
 
    	
The   third Scheduled Trading Day immediately preceding the first Expiration Date
    
	
 
    	
 
    	
 
    
	
Default   Settlement Method:
    	
 
    	
Net   Share Settlement
    
	
 
    	
 
    	
 
    
	
Net   Share Settlement:
    	
 
    	
On   the relevant Settlement Date, Company shall deliver to Dealer a number of   Shares equal to the Share Delivery Quantity for such Settlement Date to the   account specified hereto free of payment through the Clearance System.
    
	
 
    	
 
    	
 
    
	
Share   Delivery Quantity:
    	
 
    	
For   any Settlement Date, a number of Shares, as calculated by the Calculation   Agent, equal to the Net Share Settlement Amount for such Settlement Date divided by the Settlement Price on the Valuation Date in   respect of such Settlement Date, rounded down to the nearest whole number plus any Fractional Share Amount; provided   that in no event shall the Share Delivery Quantity for any Settlement Date   exceed the Maximum Number of Shares for such Settlement Date.
    

 

4

 

	
Net   Share Settlement Amount:
    	
 
    	
For   any Settlement Date, an amount equal to the product of (i) the Number of   Warrants exercised or deemed exercised on the relevant Exercise Date, (ii) the Strike Price Differential in respect of   the relevant Valuation Date and (iii) the Warrant Entitlement.
    
	
 
    	
 
    	
 
    
	
Strike   Price Differential:
    	
 
    	
Strike   Price Differential means in respect of each Valuation Date, an amount equal   to the greater of (a) the excess of the relevant Settlement Price over   the Strike Price and (b) zero.
    
	
 
    	
 
    	
 
    
	
Cash   Settlement:
    	
 
    	
For   any Exercise Date, 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 Settlement Price on the Valuation   Date occurring on such Exercise Date over the Strike Price (or, if there is   no such excess, zero).
    
	
 
    	
 
    	
 
    
	
Settlement   Price:
    	
 
    	
For   any Valuation Date, the per Share volume-weighted average price as displayed   under the heading “Bloomberg VWAP” on Bloomberg page HA.UQ   <equity> AQR (or any successor thereto) (“VWAP”)   in respect of the period from the scheduled opening time of the Exchange to   the Scheduled Closing Time on such Valuation Date (or if such volume-weighted   average price is unavailable, the market value of one Share on such Valuation   Date, as determined by the Calculation Agent). Notwithstanding the   foregoing, if (i) any Expiration Date is a Disrupted Day and   (ii) the Calculation Agent determines that such Expiration Date shall be   an Expiration Date for fewer than the Daily Number of Warrants, as described   above, then the Settlement Price for the relevant Valuation Date shall be the   volume-weighted average price per Share on such Valuation Date on the   Exchange, as determined in a good faith reasonable manner by the Calculation   Agent based on such sources as it deems appropriate using a volume-weighted   methodology, for the portion of such Valuation Date for which the Calculation   Agent determines there is no Market Disruption Event.
    
	
 
    	
 
    	
 
    
	
Settlement   Dates:
    	
 
    	
As   determined pursuant to Section 9.4 of the Equity Definitions, subject to   Section 9(l)(i) hereof.
    
	
 
    	
 
    	
 
    
	
Other   Applicable Provisions:
    	
 
    	
The   provisions of Sections 9.1(c), 9.8, 9.9, 9.11, 9.12 and 10.5 of 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 that Warrant.
    
	
 
    	
 
    	
 
    
	
Representation   and Agreement:
    	
 
    	
Notwithstanding   Section 9.11 of the Equity Definitions, the parties acknowledge that any   Shares delivered to Dealer may be, upon delivery, subject to restrictions and   limitations arising from Company’s status as issuer of the Shares under   applicable securities laws.
    

 

5

 

	
3.             Additional   Terms applicable to the Transaction.
    
	
 
    	
 
    	
 
    
	
Adjustments   applicable to the Transaction:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Method   of Adjustment:
    	
 
    	
Calculation   Agent Adjustment; provided that   the parties agree that open market Share repurchases at prevailing market   price or accelerated share repurchases, forward contracts or similar   transactions on customary terms (including without limitation any discount to   average VWAP prices) shall not be considered Potential Adjustment Events. For   the avoidance of doubt, in making any adjustments under the Equity   Definitions, the Calculation Agent may make adjustments, if any, to any one   or more of the Strike Price, the Number of Warrants, the Daily Number of   Warrants and the Warrant Entitlement. Notwithstanding the foregoing, any cash   dividends or distributions on the Shares, whether or not extraordinary, shall   be governed by Section 9(f) of this Confirmation in lieu of   Article 10 or Section 11.2(c) of the Equity Definitions.
    
	
 
    	
 
    	
 
    
	
Extraordinary   Events applicable to the Transaction:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
New   Shares:
    	
 
    	
Section 12.1(i) of   the Equity Definitions is hereby amended (a) by deleting the text in   clause (i) thereof in its entirety (including the word “and” following   clause (i)) and replacing it with the phrase “publicly quoted, traded or   listed (or whose related depositary receipts are publicly quoted, traded or   listed) on any of the New York Stock Exchange, The NASDAQ Global Select   Market or The NASDAQ Global Market or any other United States national   securities exchange (or their respective successors)” and (b) by   inserting immediately prior to the period the phrase “and (iii) of an   entity or person organized under the laws of the United States, any State   thereof or the District of Columbia that also becomes Company under the   Transaction following such Merger Event or Tender Offer”.
    
	
 
    	
 
    	
 
    
	
Consequence   of Merger Events:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Merger   Event:
    	
 
    	
Applicable; provided that if an event   occurs that constitutes both a Merger Event under   Section 12.1(b) of the Equity Definitions and an Additional   Termination Event under Section 9(h)(ii)(B) of this Confirmation,   then (i) if such event does not result in Cancellation and Payment under   Section 12.2 of the Equity Definitions, Dealer may elect, in its   commercially reasonable judgment, whether the provisions of   Section 12.1(b) of the Equity Definitions or Section 9(h)(ii)(B) will   apply, and (ii) otherwise, the provisions of   Section 9(h)(ii)(B) will apply.
    
	
 
    	
 
    	
 
    
	
Share-for-Share:
    	
 
    	
Modified   Calculation Agent Adjustment
    
	
 
    	
 
    	
 
    
	
Share-for-Other:
    	
 
    	
Cancellation   and Payment (Calculation Agent Determination)
    

 

6

 

	
Share-for-Combined:
    	
 
    	
Cancellation   and Payment (Calculation Agent Determination); provided   that Dealer may elect, in its commercially reasonable judgment, Component   Adjustment (Calculation Agent Determination).
    
	
 
    	
 
    	
 
    
	
Consequence   of Tender Offers:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Tender   Offer:
    	
 
    	
Applicable;   provided  that if an   event occurs that constitutes both a Tender Offer under   Section 12.1(d) of the Equity Definitions and   Additional Termination Event under Section 9(h)(ii)(A) of this   Confirmation, then (i) if such event does not result in   Cancellation and Payment under Section 12.3 of the Equity Definitions, Dealer may   elect, in its commercially reasonable judgment, whether the provisions of   Section 12.3 of the Equity Definitions or   Section 9(h)(ii)(A) will apply, and (ii) otherwise, the   provisions of Section 9(h)(ii)(A) will apply; provided further   that for purposes of Section 12.3(d) of the Equity Definitions,   only in the case of a self-tender by Company references in the definition of   Tender Offer under the Equity Definitions to 10% shall be replaced with 20%.
    
	
 
    	
 
    	
 
    
	
Share-for-Share:
    	
 
    	
Modified   Calculation Agent Adjustment
    
	
 
    	
 
    	
 
    
	
Share-for-Other:
    	
 
    	
Modified   Calculation Agent Adjustment
    
	
 
    	
 
    	
 
    
	
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 will 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 NASDAQ Global Select Market or The NASDAQ   Global Market (or their respective successors); if the Shares are immediately   re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The   NASDAQ Global Select Market or The NASDAQ Global Market (or their respective   successors), such exchange or quotation system shall thereafter be deemed to   be the Exchange.
    
	
 
    	
 
    	
 
    
	
Announcement   Event:
    	
 
    	
If   an Announcement Date occurs in respect of a Merger Event or Tender Offer   (such occurrence, an “Announcement Event”),   then on the earliest of the Expiration Date, Early Termination Date or other   date of cancellation (the “Announcement Event   Adjustment Date”) in respect of each Warrant, the Calculation   Agent will determine the economic effect on such Warrant of the Announcement   Event (regardless of whether the Announcement Event actually results in a   Merger Event or Tender Offer, and taking into account such factors as the   Calculation Agent may determine, including, without limitation, changes in   volatility, expected dividends, stock loan rate or liquidity relevant to the   Shares or the Transaction whether prior to or after the Announcement
    

 

7

 

	
 
    	
 
    	
Event   or for any period of time, including, without limitation, the period from the   Announcement Event to the relevant Announcement Event Adjustment Date). If   the Calculation Agent determines that such economic effect on any Warrant is   material, then on the Announcement Event Adjustment Date for such Warrant,   the Calculation Agent may make such adjustment to the exercise, settlement,   payment or any other terms of such Warrant as the Calculation Agent   determines appropriate to account for such economic effect, which adjustment   shall be effective immediately prior to the exercise, termination or   cancellation of such Warrant, as the case may be.
    
	
 
    	
 
    	
 
    
	
Announcement   Date:
    	
 
    	
The   definition of “Announcement Date” in Section 12.1 of the Equity   Definitions is hereby amended by (i) replacing the words “a firm” with   the word “any” in the second and fourth lines thereof, (ii) replacing   the word “leads to the” with the words “, if completed, would lead to a” in   the third and the fifth lines thereof, (iii) replacing the words “voting   shares” with the word “Shares” in the fifth line thereof, and   (iv) inserting the words “by any entity” after the word “announcement”   in the second and the fourth lines thereof.
    
	
 
    	
 
    	
 
    
	
Additional   Disruption Events:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Change   in Law:
    	
 
    	
Applicable;   provided that   Section 12.9(a)(ii) of the Equity Definitions is hereby amended by   (i) replacing the phrase “the interpretation” in the third line thereof   with the phrase “or announcement or statement of the formal or informal   interpretation,” and (ii) immediately following the word “Transaction”   in clause (X) thereof, adding the phrase “in the manner contemplated by   Hedging Party on the Trade Date”; provided further that   Section 12.9(a)(ii)(X) of the Equity Definitions is hereby amended   by replacing the word “Shares” with the phrase “Hedge Positions.”
    
	
 
    	
 
    	
 
    
	
Failure   to Deliver:
    	
 
    	
Not   Applicable
    
	
 
    	
 
    	
 
    
	
Insolvency   Filing:
    	
 
    	
Applicable
    
	
 
    	
 
    	
 
    
	
Hedging   Disruption:
    	
 
    	
Applicable;   provided that:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(i)            Section 12.9(a)(v) of   the Equity Definitions is hereby amended by inserting the following two   phrases at the end of such Section:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
“For   the avoidance of doubt, the term “equity price risk” shall be deemed to   include, but shall not be limited to, stock price and volatility risk. And,   for the further avoidance of doubt, any such transactions or assets referred   to in phrases (A) or (B) above must be available on commercially   reasonable pricing terms.”; and
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(ii)           Section 12.9(b)(iii) of the Equity   Definitions is hereby amended by inserting in the third line
    

 

8

 

	
 
    	
 
    	
thereof,   after the words “to terminate the Transaction”, the words “or a portion of   the Transaction affected by such Hedging Disruption”.
    
	
 
    	
 
    	
 
    
	
Increased   Cost of Hedging:
    	
 
    	
Applicable
    
	
 
    	
 
    	
 
    
	
Loss   of Stock Borrow:
    	
 
    	
Applicable
    
	
 
    	
 
    	
 
    
	
Maximum   Stock Loan Rate:
    	
 
    	
200   basis points
    
	
 
    	
 
    	
 
    
	
Increased   Cost of Stock Borrow:
    	
 
    	
Applicable
    
	
 
    	
 
    	
 
    
	
Initial   Stock Loan Rate:
    	
 
    	
50   basis points
    
	
 
    	
 
    	
 
    
	
Hedging   Party:
    	
 
    	
For   all applicable Additional Disruption Events, Dealer.
    
	
 
    	
 
    	
 
    
	
Determining   Party:
    	
 
    	
For   all applicable Extraordinary Events, Dealer.
    
	
 
    	
 
    	
 
    
	
Non-Reliance:
    	
 
    	
Applicable
    
	
 
    	
 
    	
 
    
	
Agreements   and Acknowledgments Regarding Hedging Activities:
    	
 
    	
Applicable
    
	
 
    	
 
    	
 
    
	
Additional   Acknowledgments:
    	
 
    	
Applicable
    
	
 
    	
 
    	
 
    
	
4.             Calculation   Agent.
    	
 
    	
Dealer;   provided that all determinations made   by the Calculation Agent shall be made in good faith and in a commercially   reasonable manner. Following any calculation by the Calculation Agent   hereunder, upon a prior written request by Company, the Calculation Agent   will provide to Company by email to the email address provided by Company in   such prior written request a report (in a commonly used file format for the   storage and manipulation of financial data) displaying in reasonable detail   the basis for such calculation; provided, however,   that in no event will Dealer be obligated to share with Company any   proprietary models used by it or any other party.
    
	
 
    	
 
    	
 
    
	
5.             Account   Details.
    
	
 
    
	
(a)           Account for payments to Company:
    
	
 
    
	
To be provided by Company.
    
	
 
    
	
Account for delivery of Shares from Company:
    
	
 
    
	
To be provided by Company.
    
	
 
    
	
(b)           Account for payments to Dealer:
    
	
 
    
	
To be provided by Dealer.
    
	
 
    
	
Account for delivery of Shares to Dealer:
    
	
 
    
	
To be provided by Dealer.
    

 

9

 

	
6.             Offices.
    
	
 
    
	
(a)           The Office of Company for the Transaction is:   Inapplicable, Company is not a Multibranch Party.
    
	
 
    
	
(b)           The Office of Dealer for the Transaction is:   London
    
	
 
    
	
UBS AG, London Branch
    
	
c/o UBS Securities LLC
    
	
299 Park Avenue
    
	
New York, NY 10171
    
	
Attention:
    	
Jason Shrednick
    
	
Telephone No.:
    	
(212)   821-2361
    
	
Facsimile No.:
    	
(212)   882-8014
    
	
 
    
	
7.             Notices.
    
	
 
    
	
(a)           Address for notices or communications to Company:
    
	
 
    
	
Hawaiian   Holdings, Inc. 
    
	
3375   Koapaka Street, Suite G-350
    
	
Honolulu,   Hawaii 96819
    
	
Attention:
    	
Treasurer
    
	
Telephone No.:
    	
(808)   835-3700
    
	
Facsimile No.:
    	
(808)   835-3690
    
	
 
    
	
Address   for notices or communications to Dealer:
    
	
 
    
	
UBS   AG, London Branch
    
	
c/o   UBS Securities LLC
    
	
299   Park Avenue
    
	
New   York, NY 10171
    
	
Attention:
    	
Jason Shrednick
    
	
Telephone No.:
    	
(212)   821-2361
    
	
Facsimile No.:
    	
(212)   882-8014
    
	
 
    	
 
    
	
With a copy to:
    	
 
    
	
 
    	
 
    
	
Address:
    	
Equities   Legal Department
    
	
 
    	
677   Washington Boulevard
    
	
 
    	
Stamford,   CT 06901
    
	
Attention:
    	
Hina   Mehta and Gordon Kiesling
    
	
Telephone No.:
    	
(203)   719-0268
    
	
Facsimile No.:
    	
(203)   719-0680
    

 

8.                                      Representations and Warranties of Company.

 

Company hereby represents and warrants to Dealer on the date hereof, on and as of the Premium Payment Date and, in the case of the representations in Section 8(f), at all times until termination of the Transaction, that:

 

(a)                                  Company is duly organized and validly existing and in good standing under the laws of its jurisdiction of incorporation.

 

(b)                                 Company has the corporate power and authority to execute and deliver this Confirmation and to perform its obligations hereunder; and all action required to be taken for the due and proper authorization, execution and delivery by it of this Confirmation and the consummation by it of the transactions contemplated hereby has been duly and validly taken.

 

10

 

(c)           This Confirmation has been duly authorized by Company and, when duly executed and delivered in accordance with its terms by each of the parties hereto, will constitute a valid and legally binding agreement of Company enforceable against Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally or by equitable principles relating to enforceability.

 

(d)           The execution, delivery and performance by Company of this Confirmation and the consummation of the transactions contemplated hereby will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of Company or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Company or any of its subsidiaries is a party or by which Company or any of its subsidiaries is bound or to which any of the property or assets of Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the charter or by-laws or similar organizational documents of Company or any of its subsidiaries or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority applicable to Company or any of its subsidiaries, except for such conflicts, breaches or violations in clauses (i) and (iii) above that would not have a material adverse effect on Company’s ability to perform its obligations under this Confirmation (“Material Adverse Effect”); provided that, in the case of clause (1) above, such representation and warranty is based on the assumption that any cash payment by Company upon any termination, cancellation or early unwind of the Transaction shall, at the time the cash payment is made, be made in compliance with the terms and conditions of that Amended and Restated Credit Agreement, entered into as of December 10, 2010, by and among the lenders party thereto, Wells Fargo Capital Finance, Inc., as agent, Company and Hawaiian Airlines, Inc., as amended by that certain Waiver, Extension and Amendment under Credit Agreement, dated as of January 24, 2011, and that certain Amendment Number Two to Amended and Restated Credit Agreement, dated as of March 16, 2011.

 

(e)           No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by Company of this Confirmation and the consummation of the transactions contemplated hereby, except for (i) such consents, approvals, authorizations, orders and registrations or qualifications (“Consents”) as may be required under applicable state securities laws, (ii) as may be required and have been or will be obtained under the rules of The NASDAQ Stock Market in connection with the issuance of the Warrant Shares (as defined below) by Company, (iii) as contemplated by Section 9(l) of this Confirmation or (iv) where the failure to obtain or make any such Consents would not reasonably be expected to have a Material Adverse Effect.

 

(f)            A number of Shares equal to the Maximum Number of Shares (as defined below) (the “Warrant Shares”) have been reserved for issuance by all required corporate action of Company.  The Warrant Shares reserved for issuance upon exercise of the Warrants have been duly authorized and reserved and, when issued upon exercise of the Warrants in accordance with the terms of the Warrants, will be validly issued, fully paid and non-assessable, and the issuance of the Warrant Shares will not be subject to any preemptive or similar rights.

 

(g)           Company is not and, after giving effect to the transactions contemplated hereby, will not be required to register as an “investment company” or an entity “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Securities and Exchange Commission thereunder.

 

(h)           Company is an “eligible contract participant”  (as  such  term is  defined in Section 1a(12) of the Commodity Exchange Act, as amended, other than a person that is an eligible contract participant under Section 1a(12)(C) of the Commodity Exchange Act).

 

11

 

(i)            Company and each of its affiliates is not, on the date hereof, in possession of any material non-public information with respect to Company or the Shares.

 

9.             Other Provisions.

 

(a)           Opinions.  Company shall deliver to Dealer an opinion of counsel, dated as of the Trade Date, with respect to due incorporation, existence and good standing of Company in Delaware, the due authorization, execution and delivery of this Confirmation, the matters set forth in Section 8(f) above, and the absence of conflict of the execution, delivery and performance of this Confirmation with any material agreement required to be filed as an exhibit to Company’s Annual Report on Form 10-K and Company’s constituent documents.

 

(b)           Repurchase Notices.  Company shall, on any day on which Company effects any repurchase of Shares, promptly give Dealer a written notice of such repurchase (a “Repurchase Notice”) on the Business Day following the date of such repurchase if following such repurchase, the number of outstanding Shares on such day, subject to any adjustments provided herein, is (i) less than 50 million (in the case of the first such notice) or (ii) thereafter more than 1 million less than the number of Shares included in the immediately preceding Repurchase Notice.  Company agrees to indemnify and hold harmless Dealer and its affiliates and their respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified Person”) from and against any and all losses (including losses relating to Dealer’s hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction), claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, which an Indemnified Person actually may become subject to, as a result of Company’s failure to provide Dealer with a Repurchase Notice on the day and in the manner specified in this paragraph.  If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person, such Indemnified Person shall promptly notify Company in writing, and Company, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others Company may designate in such proceeding and shall pay the reasonable out-of-pocket fees and expenses of such counsel related to such proceeding.  Company shall not be liable for any settlement of any proceeding effected without its written consent, such consent not to be unreasonably withheld, but if settled with such consent or if there be a final judgment for the plaintiff, Company agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such settlement or judgment.  Company shall not, without the prior written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is a party and indemnity has been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified Person.  If the indemnification provided for in this paragraph is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then Company under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities.  The remedies provided for in this paragraph are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity.  The indemnity and contribution agreements contained in this paragraph shall remain operative and in full force and effect regardless of the termination of the Transaction.

 

(c)           Regulation M.  Company is not on the Trade Date engaged in a distribution, as such term is used in Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of any equity or equity-linked securities of Company, other than (i) a distribution meeting the requirements of the exception set forth in Rules 101(a), 101(b)(10), 102(a) and 102(b)(7) of Regulation M (the “Exclusions”).  Company shall not, until the second Scheduled Trading Day

 

12

 

immediately following the Effective Date, engage in any such distribution (subject to the Exclusions) other than the distribution of USD 75,000,000 of 5.00% Convertible Senior Notes due 2016.

 

(d)           No Manipulation.  Company is not entering into the Transaction to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares) or otherwise in violation of the Exchange Act.

 

(e)           Transfer or Assignment.  Company may not transfer any of its rights or obligations under the Transaction without the prior written consent of Dealer.  Dealer may, without Company’s consent, transfer or assign all or any part of its rights or obligations under the Transaction at any time to any third party; provided that any such transfer or assignment shall be subject to the conditions that (I) following such transfer or assignment, the terms and conditions of the Agreement as so transferred or assigned (the “Transferred Agreement”) shall be substantially the same as the terms and conditions of the Agreement immediately prior to such transfer or assignment, (II) Company will not be required to pay to the transferee an amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) of the Transferred Agreement greater than the amount in respect of which Company would have been required to pay to Dealer under Section 2(d)(i)(4) in the absence of the transfer, (III) Company will not receive any payment under the Transferred Agreement from which an amount is required to be withheld or deducted for or on account of a Tax with respect to which no additional amount is required to be paid by the transferee under Section 2(d)(i)(4) of the Transferred Agreement (other than by reason of Section 2(d)(i)(4)(A) or (B) thereof), (IV) neither an Event of Default with respect to which Dealer is the Defaulting Party nor a Termination Event with respect to which Dealer is the sole Affected Party has occurred and is continuing at the time of the transfer, and neither an Event of Default nor a Termination Event shall occur as a result of the transfer, (V) each of Dealer and the transferee is a dealer in “notional principal contracts” within the meaning of Section 1.446-3(c)(4)(iii) of the U.S. Treasury Regulations and in other derivatives, and (VI) Dealer has used its good faith efforts to provide prior notice to Company of such transfer and the proposed date of such transfer, and shall provide written notice to Company reasonably promptly following such transfer.  In addition, if at any time (A) the Section 16 Percentage exceeds 7.5%, (B) the Warrant Equity Percentage exceeds 14.5%, or (C) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such condition described in clauses (A), (B) or (C), an “Excess Ownership Position”), Dealer may, without Company’s consent, transfer or assign all or any part of its rights or obligations under the Transaction to any third party who is a dealer in “notional principal contracts” within the meaning of Section 1.446-3(c)(4)(iii) of the U.S. Treasury Regulations and in other derivatives. If at any time an Excess Ownership Positions exists, Dealer may designate any Exchange Business Day as an Early Termination Date with respect to all or a portion of the Transaction (the “Terminated Portion”) such that following such termination no Excess Ownership Position exists; provided that Dealer may only designate an Early Termination Date pursuant to this Section 9(e) if Dealer has used its good faith efforts to notify Company of the existence of such Excess Ownership Position, and Dealer is unable, acting in good faith and after using its commercially reasonable efforts, to effect a transfer or assignment of Warrants to a third party in accordance with this Section 9(e) on pricing terms reasonably acceptable to Dealer and within a time period reasonably acceptable to Dealer such that no Excess Ownership Position exists.  In the event that Dealer so designates an Early Termination Date with respect to a Terminated Portion, a payment shall be made pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Warrants equal to the number of Warrants underlying the Terminated Portion, (2) Company were the sole Affected Party with respect to such partial termination and (3) the Terminated Portion were the sole Affected Transaction (and, for the avoidance of doubt, the provisions of Section 9(k) shall apply to any amount that is payable by Company to Dealer pursuant to this sentence as if Company was not the Affected Party).  The “Section 16 Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and each person subject to aggregation of Shares with Dealer under Section 13 or Section 16 of the Exchange Act

 

13

 

and rules promulgated thereunder directly or indirectly beneficially own (as defined under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder) and (B) the denominator of which is the number of Shares outstanding.  The “Warrant Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the sum of (1) the product of the Number of Warrants and the Warrant Entitlement and (2) the aggregate number of Shares underlying any other warrants purchased by Dealer from Company, and (B) the denominator of which is the number of Shares outstanding.  The “Share Amount” as of any day is the number of Shares that Dealer and any person whose ownership position would be aggregated with that of Dealer (Dealer or any such person, a “Dealer Person”) under  any  insurance  or  other law,  rule,  regulation,  regulatory  order  or organizational documents or contracts of Company that are, in each case, applicable to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by Dealer in its reasonable discretion.  The “Applicable Share Limit” means a number of Shares equal to (A) the minimum number of Shares that could give rise to reporting or registration obligations or other requirements (including obtaining prior approval from any person or entity) of a Dealer Person minus (B) 1% of the number of Shares outstanding.  Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from Company, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities, or make or receive such payment in cash, and otherwise to perform Dealer’s obligations in respect of the Transaction and any such designee may assume such obligations.  Dealer shall be discharged of its obligations to Company only to the extent of any such performance.

 

(f)            Dividends.  If at any time during the period from and including the Effective Date, to and including the last Expiration Date, an ex-dividend date for a cash dividend occurs with respect to the Shares (an “Ex-Dividend Date”), then the Calculation Agent will adjust any of the Strike Price, Number of Warrants and/or Daily Number of Warrants to preserve the fair value of the Warrants to Dealer after taking into account such dividend.

 

(g)           Matters Relating to Agent.  UBS Securities LLC shall act as “agent” (the “Agent”) for Dealer within the meaning of Rule 15a-6 under the Exchange Act in connection with this Transaction. Dealer notifies Company that (i) the Agent acts solely as agent on a disclosed basis with respect to the transactions contemplated hereunder, and (ii) the Agent has no obligation, by guaranty, endorsement or otherwise, with respect to the obligations of Dealer hereunder, either with respect to the delivery of cash or Shares, either at the beginning or the end of the transactions contemplated hereby. Each of Dealer and Company acknowledges and agrees to look solely to the other for performance hereunder, and not to the Agent.

 

(h)           Additional Provisions.

 

(i)            Amendments to the Equity Definitions:

 

(A)          With respect to any Potential Adjustment Event, Section 11.2(a) of the Equity Definitions is hereby amended by deleting the words “a diluting or concentrative” and replacing them with the words “a material”; and adding the phrase “or Warrants” at the end of the sentence.

 

(B)           Section 11.2(c) of the Equity Definitions is hereby amended by (x) replacing the words “a diluting or concentrative” with “a material”, (y) adding the phrase “or Warrants” after the words “the relevant Shares” in the same sentence and (z) deleting the phrase “(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 it with the phrase “(provided that, solely in the case of Sections 11.2(e)(i), (ii)(A), (iv) and (v), no adjustments will be made to account solely for changes in volatility, expected dividends, stock

 

14

 

loan rate or liquidity relative to the relevant Shares but, for the avoidance of doubt, solely in the case of Sections 11.2(e)(ii)(B) through (D), (iii), (vi) and (vii), adjustments may be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares).”

 

(C)           Section 11.2(e)(vii) of the Equity Definitions is hereby amended by adding the phrase “or Warrants” at the end of the sentence.

 

(D)          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 Dealer’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.”

 

(E)           Section 12.9(b)(iv) of the Equity Definitions is hereby amended by:

 

(x)            deleting (1) subsection (A) in its entirety, (2) the phrase “or (B)” following subsection (A) and (3) the phrase “in each case” in subsection (B); and

 

(y)           deleting the phrase “neither the Non-Hedging Party nor the Lending Party lends Shares in the amount of the Hedging Shares or” in the penultimate sentence.

 

(F)           Section 12.9(b)(v) of the Equity Definitions is hereby amended by:

 

(x)            adding the word “or” immediately before subsection “(B)” and deleting the comma at the end of subsection (A); and

 

(y)           (1) deleting subsection (C) in its entirety, (2) deleting the word “or” immediately preceding subsection (C) and (3) deleting the penultimate sentence in its entirety and replacing it with the sentence “The Hedging Party will determine the Cancellation Amount payable by one party to the other.”

 

(ii)           Notwithstanding anything to the contrary in this Confirmation, upon the occurrence of one of the following events, with respect to the Transaction, (1) Dealer shall have the right to designate such event an Additional Termination Event and designate an Early Termination Date pursuant to Section 6(b) of the Agreement, (2) Company shall be deemed the sole Affected Party with respect to such Additional Termination Event and (3) the Transaction shall be deemed the sole Affected Transaction:

 

(A)          A “person” or “group” (as those terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than Company, its subsidiaries or its and their employee benefit plans files a Schedule 13D or a Schedule TO, or any successor schedule, form or report under the Exchange Act disclosing, or Company otherwise becomes aware, that such person or group is or has become the “beneficial owner” (as that term is used in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% or more of the total outstanding voting power of all classes of the capital stock of Company entitled to vote generally in the election of its directors.

 

(B)           There occurs a sale, transfer, lease, conveyance or other disposition of all or substantially all of Company’s consolidated property or assets to any “person” or “group” (as those terms are used in Sections 13(d) and 14(d) of the Exchange Act), including any group acting for the purpose of acquiring, holding, voting or

 

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disposing of securities within the meaning of Rule 13d-5(b)(1) under the Exchange Act;

 

(C)           Company consolidates with, or merges with or into, another person or any person consolidates with, or merges with or into, Company, unless either (I) the persons that “beneficially owned,” directly or indirectly, the shares of Company’s voting stock immediately prior to such consolidation or merger “beneficially own,” directly or indirectly, immediately after such consolidation or merger, shares of the surviving or continuing corporation’s voting stock representing at least a majority of the total outstanding voting power of all outstanding classes of voting stock of the surviving or continuing corporation in substantially the same proportion as such ownership immediately prior to such consolidation or merger; or (II) at least 90% of the consideration (other than cash payments for fractional shares or pursuant to statutory appraisal rights) in such consolidation or merger consists of common stock or depositary receipts in respect of common stock listed and traded or quoted on the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors) (or which will be so listed and traded or quoted when issued or exchanged in connection with such consolidation or merger).

 

(D)          Any of the following persons cease for any reason to constitute a majority of Company’s board of directors: (I) individuals who on the Effective Date constituted Company’s board of directors; and (II) any new directors whose election to Company’s board of directors or whose nomination for election by Company’s shareholders was approved by at least a majority of Company’s directors then still in office, or by a nominating committee thereof consisting of directors, either who were directors on the Effective Date or whose election or nomination for election was previously so approved.

 

(E)           Company is liquidated or dissolved or holders of its capital stock approve any plan or proposal for its liquidation or dissolution.

 

(F)           Dealer, despite using commercially reasonable efforts, is unable or reasonably determines, based on the advice of legal counsel, that it is impractical or illegal, to hedge its exposure with respect to the Transaction in the public market without registration under the Securities Act or as a result of 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 Dealer).

 

(G)           If on any day during the period from and including the  Trade  Date,  to  and including the final Expiration Date, (I) the Threshold Unwind Shares (as defined below) as of such day exceeds a number of Shares equal to 66% of the Maximum Number of Shares, or (II) Company makes a public announcement of any transaction or event that, in the reasonable opinion of Dealer would, upon consummation of such transaction or upon the occurrence of such event, as applicable, and after giving effect to any applicable adjustments hereunder, cause the Threshold Unwind Shares immediately following the consummation of such transaction or the occurrence of such event to exceed a number of Shares equal to 66% of the Maximum Number of Shares.  The “Threshold Unwind Shares” as of any day is a number of Shares equal to (1) the amount that would be payable pursuant to Section 6 of the Agreement (determined as of such day as if an Early Termination Date had been designated in respect of the Transaction and as if Company were the sole Affected Party and the Transaction were the sole Affected Transaction), divided by (2) the Settlement Price (determined as if such day were a Valuation Date).

 

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(i)                                  [Reserved]

 

(j)            No Collateral or Setoff.  Notwithstanding any provision of the Agreement or any other agreement between the parties to the contrary, the obligations of Company hereunder are not secured by any collateral.  Obligations under the Transaction shall not be set off by Company against any other obligations of the parties, whether arising under the Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise.  Any provision in the Agreement with respect to the satisfaction of Company’s payment obligations to the extent of Dealer’s payment obligations to Company in the same currency and in the same Transaction (including, without limitation Section 2(c) thereof) shall not apply to Company and, for the avoidance of doubt, Company shall fully satisfy such payment obligations notwithstanding any payment obligation to Company by Dealer in the same currency and in the same Transaction. In calculating any amounts under Section 6(e) of the Agreement, notwithstanding anything to the contrary in the Agreement, (1) separate amounts shall be calculated as set forth in such Section 6(e) with respect to (a) the Transaction and (b) all other Transactions, and (2) such separate amounts shall be payable pursuant to Section 6(d)(ii) of the Agreement.  For the avoidance of doubt and notwithstanding anything to the contrary provided in this Section 9(i), in the event of bankruptcy or liquidation of either Company or Dealer, neither party shall have the right to set off any obligation that it may have to the other party under the Transaction against any obligation such other party may have to it, whether arising under the Agreement, this Confirmation or any other agreement between the parties hereto, by operation of law or otherwise.

 

(k)           Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events.

 

(i)            If, in respect of the Transaction, an amount is payable by Company to Dealer, (A) pursuant to Section 12.7 or Section 12.9 of the Equity Definitions or (B) pursuant to Section 6(d)(ii) of the Agreement (any such amount, a “Payment Obligation”), Company shall have the right, in its sole discretion, to satisfy the Payment Obligation by the Share Termination Alternative (as defined below) (except that Company shall not have the right to make such an election in the event of (I) a Nationalization, Insolvency, Merger Event or Tender Offer in which the consideration to be paid to holders of Shares consists solely of cash, (II) a Merger Event or Tender Offer that is within Company’s control, or (III) an Event of Default in which Company is the Defaulting Party or a Termination Event in which Company is the Affected Party, other than an Event of Default of the type described in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement or a Termination Event of the type described in Section 5(b) of the Agreement, in each case that resulted from an event or events outside Company’s control (collectively, the “Share Termination Exceptions”)) and shall give irrevocable telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m.  (New  York  City time)  on  the  Merger Date, Tender Offer Date, Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable; provided that if Company does not validly elect to satisfy the Payment Obligation by the Share Termination Alternative, Dealer shall have the right to require Company to satisfy its Payment Obligation by the Share Termination Alternative.

 

Share Termination Alternative:                          If the Share Termination Alternative is applicable in respect of any Payment Obligation, Company shall deliver to Dealer the Share Termination Delivery Property on the date (the “Share Termination Payment Date”) on which the Payment Obligation would otherwise be due pursuant to Section 12.7 or Section 12.9 of the Equity Definitions or Section 6(d)(ii) of the Agreement, as applicable, subject to Section 9(l)(i) below, in satisfaction, subject to Section 9(l)(ii) below, of the Payment Obligation in the manner reasonably requested by Dealer free of payment.

 

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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 amount of 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 to Dealer 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. The Calculation Agent shall notify Company of such Share Termination Unit Price at the time of notification of the Payment Obligation. In the case of a Private Placement of Share Termination Delivery Units that are Restricted Shares (as defined below), as set forth in Section 9(l)(i) below, the Share Termination Unit Price shall be determined by the discounted price applicable to such Share Termination Delivery Units. In the case of a Registration Settlement of Share Termination Delivery Units that are Restricted Shares (as defined below) as set forth in Section 9(l)(ii) below, the Share Termination Unit Price shall be the Settlement Price on the Merger Date, the Tender Offer Date, the Announcement Date (in the case of a Nationalization, Insolvency or Delisting), the date of cancellation or the Early Termination Date, as applicable.

 

Share Termination Delivery Unit:                      In the case of a Termination Event, Event of Default Additional Disruption Event or Delisting, one Share or, in the case of Nationalization, Insolvency, Tender Offer or Merger Event, a unit 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 Nationalization, Insolvency, Tender Offer or Merger Event. If such Nationalization, Insolvency, Tender Offer or Merger Event 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:                                                 Inapplicable

 

Other applicable provisions:                              If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9, 9.11, 9.12 and 10.5 (as modified above) of the Equity Definitions will be applicable, except that all references in such

 

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provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as references to “Share Termination Delivery Units”. “Share Termination Settled” in relation to the Transaction means that the Share Termination Alternative is applicable to the Transaction.

 

(ii)           Notwithstanding anything to the contrary in this Confirmation, any Payment Obligation under this Confirmation shall, for all purposes, be calculated as if the Maximum Number of Shares were equal to two times the Number of Shares (without regard to the limitations on adjustment set forth in the second paragraph opposite the caption “Maximum Number of Shares” in Section 2) but any deliveries under Section 9(j)(i) shall be limited to the Maximum Number of Shares as defined in Section 2 hereof.

 

(iii)          Notwithstanding anything to the contrary in this Confirmation, if, in respect of the Transaction, an amount (a “Cash Payment Amount”) is payable by Company to Dealer, (A) pursuant to Section 12.7 or Section 12.9 of the Equity Definitions or (B) pursuant to Section 6(d)(ii) of the Agreement, in each case, pursuant to the Share Termination Exceptions, Dealer shall have the right, but not the obligation, to elect for the provisions set forth in Section 9(k)(i) and 9(k)(ii) to apply to such Cash Payment Amount as if (x) it were a Payment Obligation and (y) Dealer elected to require Company to satisfy its Payment Obligation by the Share Termination Alternative pursuant to the proviso in Section 9(k)(i).

 

(l)            Registration/Private Placement Procedures.  If, in the reasonable opinion of Dealer, based on the advice of legal counsel, following any delivery of Shares or Share Termination Delivery Property to Dealer hereunder, such Shares or Share Termination Delivery Property would be in the hands of Dealer subject to any applicable restrictions with respect to any registration or qualification requirement or prospectus delivery requirement for such Shares or Share Termination Delivery Property pursuant to any applicable federal or state securities law (including, without limitation, any such requirement arising under Section 5 of the Securities Act as a result of such Shares or Share Termination Delivery Property being “restricted securities”, as such term is defined in Rule 144 under the Securities Act, or as a result of the sale of such Shares or Share Termination Delivery Property being subject to paragraph (c) of Rule 145 under the Securities Act) (such Shares or Share Termination Delivery Property, “Restricted Shares”), then delivery of such Restricted Shares shall be effected pursuant to either clause (i) or (ii) below at the election of Company, unless Dealer waives the need for registration/private placement procedures set forth in (i) and (ii) below.  Notwithstanding the foregoing, solely in respect of any Daily Number of Warrants exercised or deemed exercised on any Expiration Date, Company shall elect, prior to the first Settlement Date for the First Expiration Date, a Private Placement Settlement or Registration Settlement for all deliveries of Restricted Shares for all such Expiration Dates which election shall be applicable to all Settlement Dates for such Warrants and the procedures in clause (i) or clause (ii) below shall apply for all such delivered Restricted Shares on an aggregate basis commencing after the final Settlement Date for such Warrants.  The Calculation Agent shall in good faith make commercially reasonable adjustments to settlement terms and provisions under this Confirmation to reflect a single Private Placement or Registration Settlement for such aggregate Restricted Shares delivered hereunder.

 

(i)            If Company elects to settle the Transaction pursuant to this clause (i) (a “Private Placement Settlement”), then delivery of Restricted Shares by Company shall be effected in customary private placement procedures with respect to such Restricted Shares reasonably acceptable to Dealer; provided that Company may not elect a Private Placement Settlement 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 sale by Company to Dealer (or any affiliate designated by

 

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Dealer) of the Restricted Shares or the exemption pursuant to Section 4(1) or Section 4(3) of the Securities Act for resales of the Restricted Shares by Dealer (or any such affiliate of Dealer).  The Private Placement Settlement of such Restricted Shares shall include customary representations, covenants, blue sky, if any, and other governmental filings and/or registrations, indemnities to Dealer, due diligence rights (for Dealer or any designated buyer of the Restricted Shares by Dealer), opinions and certificates, and such other documentation as is customary for private placement agreements of companies of comparable size, maturity and line of business, all reasonably acceptable to Dealer.  In the case of a Private Placement Settlement, Dealer shall, subject to the execution by such recipients of customary confidentiality agreements acceptable to Company determine the appropriate discount to the Share Termination Unit Price (in the case of settlement of Share Termination Delivery Units pursuant to Section 9(k) above) or any Settlement Price (in the case of settlement of Shares pursuant to Section 2 above) applicable to such Restricted Shares in a commercially reasonable manner and appropriately adjust the number of such Restricted Shares to be delivered to Dealer hereunder.  Notwithstanding the Agreement or this Confirmation, the date of delivery of such Restricted Shares shall be the Exchange Business Day following notice by Dealer to Company, of such applicable discount and the number of Restricted Shares to be delivered pursuant to this clause (i).  For the avoidance of doubt, delivery of Restricted Shares shall be due as set forth in the previous sentence and not be due on the Share Termination Payment Date (in the case of settlement of Share Termination Delivery Units pursuant to Section 9(k) above) or on the Settlement Date for such Restricted Shares (in the case of settlement in Shares pursuant to Section 2 above).

 

(ii)           If Company elects to settle the Transaction pursuant to this clause (ii) (a “Registration Settlement”), then Company shall promptly (but in any event no later than the beginning of the Resale Period) file and use its commercially reasonable efforts to cause to become effective under the Securities Act a registration statement or supplement or amend an outstanding registration statement in form and substance reasonably satisfactory to Dealer, to cover the resale of such Restricted Shares in accordance with customary resale registration procedures, including covenants, conditions, representations, underwriting discounts (if applicable), commissions (if applicable), indemnities, due diligence rights, opinions and certificates, and such other documentation as is customary for equity resale underwriting agreements of companies of comparable size, maturity and line of business, all reasonably acceptable to Dealer, subject to the execution by such recipients of customary confidentiality agreements acceptable to Company.  If Dealer, in its reasonable discretion, is not satisfied with such procedures and documentation, Private Placement Settlement shall apply.  If Dealer is satisfied with such procedures and documentation, it shall sell the Restricted Shares pursuant to such registration statement during a period (the “Resale Period”) commencing on the Exchange Business Day following delivery of such Restricted Shares (which, for the avoidance of doubt, shall be (x) the Share Termination Payment Date in case of settlement in Share Termination Delivery Units pursuant to Section 9(k) above or (y) the Settlement Date in respect of the final Expiration Date for all Daily Number of Warrants) and ending on the earliest of (i) the Exchange Business Day on which Dealer completes the sale of all Restricted Shares or, in the case of settlement of Share Termination Delivery Units, a sufficient number of Restricted Shares so that the realized net proceeds of such sales equals or exceeds the Payment Obligation (as defined above), (ii) the date upon which all Restricted Shares have been sold or transferred pursuant to Rule 144 (or similar provisions then in force) or Rule 145(d)(2) (or any similar provision then in force) under the Securities Act and (iii) the date upon which all Restricted Shares may be sold or transferred by a non-affiliate pursuant to Rule 144 (or any similar provision then in force) or Rule 145(d)(2) (or any similar provision then in force) under the Securities Act.  If the Payment Obligation exceeds the realized net proceeds from such resale, Company shall transfer to Dealer 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

 

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“Additional Amount”) in cash or in a number of Shares (“Make-whole Shares”) in an amount that, based on the Settlement Price on the last day of the Resale Period (as if such day was the “Valuation Date” for purposes of computing such Settlement Price), has a dollar value equal to the Additional Amount.  The Resale Period shall continue to enable the sale of the Make-whole Shares.  If Company elects to pay the Additional Amount in Shares, the requirements and provisions for Registration Settlement shall apply.  This provision shall be applied successively until the Additional Amount is equal to zero.  In no event shall Company deliver a number of Restricted Shares greater than the Maximum Number of Shares.

 

(iii)          Without limiting the generality of the foregoing, Company agrees that any Restricted Shares delivered to Dealer, as purchaser of such Restricted Shares, (i) may be transferred by and among Dealer and its affiliates and Company shall effect such transfer without any further action by Dealer and (ii) after the period of 6 months from the Trade Date (or 1 year from the Trade Date if, at such time, informational requirements of Rule 144(c) are not satisfied with respect to Company) has elapsed after any Settlement Date for such Restricted Shares, Company shall promptly remove, or cause the transfer agent for such Restricted Shares to remove, any legends referring to any such restrictions or requirements from such Restricted Shares upon request by Dealer (or such affiliate of Dealer) to Company or such transfer agent, without any 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 Dealer (or such affiliate of Dealer).

 

If the Private Placement Settlement or the Registration Settlement shall not be effected as set forth in clauses (i) or (ii), as applicable, then failure to effect such Private Placement Settlement or such Registration Settlement shall constitute an Event of Default with respect to which Company shall be the Defaulting Party.

 

(m)                               Limit on Beneficial Ownership.  Notwithstanding any other provisions hereof, Dealer may not exercise any Warrant hereunder or be entitled to take delivery of any Shares deliverable hereunder, and Automatic Exercise shall not apply with respect to any Warrant hereunder, to the extent (but only to the extent) that, after such receipt of any Shares upon the exercise of such Warrant or otherwise hereunder, (i) the Section 16 Percentage would exceed 7.5%, or (ii) the Share Amount would exceed the Applicable Share Limit.  Any purported delivery hereunder shall be void and have no effect to the extent (but only to the extent) that, after such delivery, (i) the Section 16 Percentage would exceed 7.5%, or (ii) the Share Amount would exceed the Applicable Share Limit. If any delivery owed to Dealer hereunder is not made, in whole or in part, as a result of this provision, Company’s obligation to make such delivery shall not be extinguished and Company shall make such delivery as promptly as practicable after, but in no event later than one Business Day after, Dealer gives notice to Company that, after such delivery, (i) the Section 16 Percentage would not exceed 7.5%, and (ii) the Share Amount would not exceed the Applicable Share Limit.

 

(n)                                 Share Deliveries. Company acknowledges and agrees that, to the extent the holder of this Warrant is not then an affiliate and has not been an affiliate for 90 days (it being understood that Dealer will not be considered an affiliate under this paragraph solely by reason of its receipt of Shares pursuant to the Transaction), and otherwise satisfies all holding period and other requirements of Rule 144 of the Securities Act applicable to it, any delivery of Shares or Share Termination Delivery Property hereunder at any time after 6 months from the Trade Date (or 1 year from the Trade Date if, at such time, informational requirements of Rule 144(c) are not satisfied with respect to Company) shall be eligible for resale under Rule 144 of the Securities Act and Company agrees to promptly remove, or cause the transfer agent for such Shares or Share Termination Delivery Property, to remove, any legends referring to any restrictions on resale under the Securities Act from the Shares or Share Termination Delivery Property.  Company further agrees that any delivery of Shares or Share Termination Delivery Property prior to the date

 

21

 

that is 6 months from the Trade Date (or 1 year from the Trade Date if, at such time, informational requirements of Rule 144(c) are not satisfied with respect to Company), may be transferred by and among Dealer and its affiliates (in accordance with the provisions of applicable law) and Company shall effect such transfer without any further action by Dealer.  Notwithstanding anything to the contrary herein, Company agrees that any delivery of Shares or Share Termination Delivery Property shall be effected by book-entry transfer through the facilities of DTC, or any successor depositary, if at the time of delivery, such class of Shares or class of Share Termination Delivery Property is in book-entry form at DTC or such successor depositary.  Notwithstanding anything to the contrary herein, to the extent the provisions of Rule 144 of the Securities Act or any successor rule are amended, or the applicable interpretation thereof by the Securities and Exchange Commission or any court change after the Trade Date, the agreements of Company herein shall be deemed modified to the extent necessary to comply with Rule 144 of the Securities Act, as in effect at the time of delivery of the relevant Shares or Share Termination Delivery Property.

 

(o)                                 Waiver of Jury Trial.  Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction.  Each party (i) certifies that no representative, agent or attorney of the other party has represented, expressly or otherwise, that such other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into the Transaction, as applicable, by, among other things, the mutual waivers and certifications provided herein.

 

(p)                                 Tax Disclosure.  Effective from the date of commencement of discussions concerning the Transaction, Company 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 Company relating to such tax treatment and tax structure.

 

(q)                                 Maximum Share Delivery.

 

(i)                                     Notwithstanding any other provision of this Confirmation, the Agreement or the Equity Definitions, in no event will Company at any time be required to deliver a number of Shares greater than the Maximum Number of Shares to Dealer in connection with the Transaction.

 

(ii)                                  In the event Company shall not have delivered to Dealer the full number of Shares or Restricted Shares otherwise deliverable by Company to Dealer pursuant to the terms of the Transaction because Company has insufficient authorized but unissued Shares (such deficit, the “Deficit Shares”), Company shall be continually obligated to deliver, from time to time, Shares or Restricted Shares, as the case may be, to Dealer until the full number of Deficit Shares have been delivered pursuant to this Section 9(q)(ii), when, and to the extent that, (A) Shares are repurchased, acquired or otherwise received by Company or any of its subsidiaries after the  Trade  Date  (whether  or  not  in  exchange for  cash, fair value or any other consideration), (B) authorized and unissued Shares reserved for issuance in respect of other transactions prior to such date that prior to the relevant date become no longer so reserved or (C) Company additionally authorizes any unissued Shares that are not reserved for other transactions; provided that in no event shall Company deliver any Shares or Restricted Shares to Dealer pursuant to this Section 9(q)(ii) to the extent that such delivery would cause the aggregate number of Shares and Restricted Shares delivered to Dealer to exceed the Maximum Number of Shares.  Company shall immediately notify Dealer of the occurrence of any of the foregoing events (including the number of Shares subject to clause (A), (B) or (C) and the corresponding number of Shares or Restricted Shares, as the case may be, to be delivered) and promptly deliver such Shares or Restricted Shares, as the case may be, thereafter.

 

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(r)                                    Wall Street Transparency and Accountability Act.  In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, an Excess Ownership Position, or Illegality (as defined in the Agreement)).

 

(s)                                  Right to Extend.  Dealer may postpone, in whole or in part, any Expiration 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 Daily Number of Warrants with respect to one or more Expiration Dates) if Dealer determines, in its commercially reasonable judgment, that such extension is reasonably necessary or appropriate to preserve Dealer’s hedging or hedge unwind activity hereunder in light of existing liquidity conditions or to enable Dealer to effect purchases of Shares in connection with its hedging, hedge unwind or settlement activity hereunder in a manner that would, if Dealer 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 Dealer.

 

(t)                                    Status of Claims in Bankruptcy.   Dealer acknowledges and agrees that this Confirmation is not intended to convey to Dealer rights against Company with respect to the Transaction that are senior to the claims of common stockholders of Company in any United States bankruptcy proceedings of Company; provided that nothing herein shall limit or shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Company of its obligations and agreements with respect to the Transaction; provided, further, that nothing herein shall limit or shall be deemed to limit Dealer’s rights in respect of any transactions other than the Transaction.

 

(u)                                 Securities Contract; Swap Agreement.  The parties hereto intend for (i) the Transaction to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement payment” and a “transfer” as defined in the Bankruptcy Code.

 

(v)                                 Early Unwind. In the event the sale of the “Firm Notes” (as defined in the Underwriting Agreement) is not consummated with the Underwriter for any reason by 5:00 p.m. (New York City time) on the Premium Payment Date, or such later date as agreed upon by the parties (the Premium Payment Date or such later date the “Early Unwind Date”),  the Transaction shall automatically terminate (the “Early Unwind”),  on the Early Unwind Date and (i) the Transaction and all of the respective rights and obligations of Dealer and Company under the Transaction shall be cancelled and terminated and (ii) each party shall be released and discharged by the other party from and agrees not to make any claim against the other party with respect to any obligations or liabilities of the other party arising out of and to be performed in connection with the Transaction either prior to or after the Early Unwind Date; provided that Company shall purchase from Dealer on the Early Unwind Date all Shares purchased by Dealer or one or more of its affiliates in connection with the Transaction at the then prevailing market price.  Each of Dealer and Company represent and acknowledge to the other that, subject to the proviso included in this Section 9(v), upon an Early Unwind, all obligations with respect to the Transaction shall be deemed fully and finally discharged.

 

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(w)                               Payment by Dealer. In the event that (i) an Early Termination Date occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event of Default (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result, Dealer owes to Company an amount calculated under Section 6(e) of the Agreement, or (ii) Dealer owes to Company, pursuant to Section 12.7 or Section 12.9 of the Equity Definitions, an amount calculated under Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero.

 

(x)            Delivery or Receipt of Cash. For the avoidance of doubt, other than receipt of the Premium by Company, nothing in this Confirmation shall be interpreted as requiring Company to deliver or receive cash in respect of the settlement of the Transaction contemplated by this Confirmation, except in circumstances where the cash settlement thereof is within Company’s control (including, without limitation, where an Event of Default by Company has occurred under Section 5(a)(ii) or Section 5(a)(iv) of the Agreement, where Company elects to deliver or receive cash or fails timely to elect to deliver or receive Share Termination Delivery Property in respect of the settlement of such Transaction) or in those circumstances in which holders of the Shares would also receive cash.

 

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Please confirm that the foregoing correctly sets forth the terms of our agreement by signing and returning this Confirmation.

 

Yours faithfully,

 

 

	
 
    	
UBS   AG, LONDON BRANCH
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Gordon S.   Kiesling
    
	
 
    	
Name: Gordon S.   Kiesling
    
	
 
    	
Title: 
    	
 Executive Director and Counsel 
    
	
 
    	
 
    	
 Region Americas Legal
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ David Kelly
    
	
 
    	
Name: David Kelly
    
	
 
    	
Title: 
    	
 Managing Director and Counsel 
    
	
 
    	
 
    	
 Region Americas Legal
    
	
 
    	
 
    
	
 
    	
UBS   SECURITIES LLC, 
   as agent for UBS AG, London Branch
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jason   Shrednick
    
	
 
    	
Name: Jason   Shrednick
    
	
 
    	
Title: Executive   Director
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jennifer Van   Nest
    
	
 
    	
Name: Jennifer Van   Nest
    
	
 
    	
Title: Director
    
				

 

Accepted and confirmed as of the Trade Date:

 

	
HAWAIIAN HOLDINGS, INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Peter Ingram
    	
 
    
	
Name:
    	
Peter R. Ingram
    	
 
    
	
Title:
    	
Executive Vice President and Chief Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}]]