Document:

exv10w1

Exhibit
10.1

	 	 	 

	To:

	 	Teleflex Incorporated
	 

	 	155 South Limerick Road
	 

	 	Limerick, PA 19468
	 
	 	 
	From:

	 	Bank of America, N.A.
	 

	 	c/o Merrill Lynch, Pierce, Fenner & Smith Incorporated
	 

	 	One Bryant Park
	 

	 	New York, NY 10036
	 

	 	Attn:                John Servidio
	 

	 	Telephone:      646-855-8900
	 

	 	Facsimile:        704-208-2869
	 
	 	 
	Re:

	 	Convertible Bond Hedge Transaction
	 
	 	 
	Ref. No: 108248233
	 
	 	 
	Date:

	 	August 3, 2010

Dear Sir(s):

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

     1. This Confirmation is subject to, and incorporates, the definitions and provisions of the
2006 ISDA Definitions (the “2006 Definitions”) and the definitions and provisions of the 2002 ISDA
Equity Derivatives Definitions (the “Equity Definitions”, and together with the 2006 Definitions,
the “Definitions”), in each case as published by the International Swaps and Derivatives
Association, Inc. (“ISDA”). In the event of any inconsistency between the 2006 Definitions and the
Equity Definitions, the Equity Definitions will govern. Certain defined terms used herein have the
meanings assigned to them in the Base Indenture to be dated as of August 2, 2010 among
Counterparty, guarantor subsidiaries party thereto and Wells Fargo Bank, N.A., as trustee (the
“Base Indenture”), as amended and supplemented by a Supplemental Indenture to be dated as of August
9, 2010 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”),
relating to the USD 350,000,000 principal amount of 3.875% Convertible Senior Subordinated Notes
due 2017 (the “Convertible Securities”). In the event of any inconsistency between the terms
defined in the Indenture and this Confirmation, this Confirmation shall govern. For the avoidance
of doubt, references herein to sections of the Supplemental Indenture and to the definitions in the
Indenture are based on the draft of the Indenture most recently reviewed by the parties at the time
of execution of this Confirmation. If any relevant sections of the Supplemental Indenture or to
the definitions in the Indenture are changed, added or renumbered between the execution of this
Confirmation and the execution of the Indenture, the parties will amend this Confirmation in good
faith to preserve the economic intent of the parties, as evidenced by such draft of the Indenture.
The parties further acknowledge that references to the Indenture herein are references to the
Indenture as in effect on the date of its execution and if the Indenture is amended, modified or
supplemented following its execution, any such amendment, modification or supplement will be
disregarded for purposes of this Confirmation (other than Section 8(b)(i)(y) below) unless the
parties agree otherwise in writing. The Transaction is subject to early unwind if the closing of
the Convertible Securities is not consummated for any reason, as set forth below in Section 8(k).

     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.

     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 be
subject to an agreement (the “Agreement”) in the form of the 2002 ISDA Master Agreement, as
published by ISDA, as if Dealer and Counterparty had executed an agreement in such form on the date
hereof (but without any Schedule except for (i) the election of US Dollars (“USD”) as the
Termination Currency and (ii) the election that the “Cross Default” provisions of Section 5(a)(vi)
of the Agreement shall apply to both parties, provided that (a) the phrase “or becoming capable at
such time of being declared” shall be deleted from clause (1) of such Section 5(a)(vi); (b) the
following language shall be added to the end thereof: “Notwithstanding the foregoing, a default
under subsection (2) hereof shall not constitute an Event of Default if (i) the default was caused
solely by error or omission of an administrative or operational nature; (ii) funds were available
to enable the party to make the payment when due; and (iii) the payment is made within two Local
Business Days of such party’s receipt of written notice of its failure to pay.”; (c) “Specified
Indebtedness” will have the meaning specified in Section 14 of the Agreement, except that such term
shall not include obligations in respect of deposits received in the ordinary course of a party’s
banking business; and (d) “Threshold Amount” means in relation to Dealer, two percent (2%) of
shareholders’ equity of Bank of America Corporation (the “Dealer Parent”) and in relation to
Counterparty, USD 50 million.

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

     The Transaction hereunder shall be the sole Transaction under the Agreement. If there exists
any ISDA Master Agreement between Dealer and Counterparty or any confirmation or other agreement
between Dealer and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist
between Dealer and Counterparty, then notwithstanding anything to the contrary in such ISDA Master
Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty
are parties, the Transaction shall not be considered a Transaction under, or otherwise governed by,
such existing or deemed ISDA Master Agreement.

     2. The Transaction constitutes 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:
	 	August 3, 2010
	 
	 	 	 	 
	 

	 	Effective Date:
	 	The closing date of the initial issuance of the Convertible Securities.
	 
	 	 	 	 
	 

	 	Option Style:
	 	Modified American, as described under “Procedures for Exercise” below.
	 
	 	 	 	 
	 

	 	Option Type:
	 	Call
	 
	 	 	 	 
	 

	 	Seller:
	 	Dealer
	 
	 	 	 	 
	 

	 	Buyer:
	 	Counterparty
	 
	 	 	 	 
	 

	 	Shares:
	 	The common stock of Counterparty, par value USD 1.00 (Ticker Symbol: “TFX”).
	 
	 	 	 	 
	 

	 	Number of Options:
	 	The number of Convertible Securities in denominations of USD 1,000
principal amount issued by Counterparty on the closing date for the initial issuance
of the Convertible Securities; provided that, the Number of Options shall be
automatically
	 
	 	 	 	 

2 

 

	 	 	 	 	 

	 

	 	 	 	increased as of the date of exercise by the “Underwriters” (as defined
in the Underwriting Agreement), of their option pursuant to Section 2 of the
Underwriting Agreement between Counterparty and Goldman, Sachs & Co., Jefferies &
Company, Inc., Morgan Stanley & Co. Incorporated, Merrill, Lynch, Pierce, Fenner &
Smith Incorporated and J.P. Morgan Securities Inc., as representatives of the
Underwriters (the “Underwriting Agreement”), by the number of Convertible Securities
in denominations of USD 1,000 principal amount issued pursuant to such exercise (such
Convertible Securities, the “Additional Convertible Securities”). For the avoidance
of doubt, the Number of Options outstanding shall be reduced by each exercise of
Options hereunder.
	 
	 	 	 	 
	 

	 	Option Entitlement:
	 	As of any date, a number of Shares per Option equal to the “Conversion
Rate” (as defined in the Indenture, but without regard to any adjustments to the
Conversion Rate pursuant to a Fundamental Change Adjustment or a Discretionary
Adjustment).
	 
	 	 	 	 
	 

	 	Applicable Percentage
	 	[ ]%
	 
	 	 	 	 
	 

	 	Fundamental Change Adjustment:
	 	Any adjustment to the Conversion Rate pursuant to Section
4.06 of the Supplemental Indenture.
	 
	 	 	 	 
	 

	 	Discretionary Adjustment:
	 	Any adjustment to the Conversion Rate pursuant to Section 4.04(f)
or (g) of the Supplemental Indenture.
	 
	 	 	 	 
	 

	 	Strike Price:
	 	As of any date, an amount in USD, rounded to the nearest cent (with 0.5 cents
being rounded upwards), equal to USD 1,000 divided by the Option Entitlement as of
such date.
	 
	 	 	 	 
	 

	 	Number of Shares:
	 	The product of (i) the Number of Options, (ii) the Option Entitlement and
(iii) the Applicable Percentage.
	 
	 	 	 	 
	 

	 	Premium:
	 	USD [ ] (Premium per Option USD [ ]); provided that, if the Number of Options is
increased pursuant to the proviso to the definition of “Number of Options” above, an
additional Premium equal to the product of the number of Options by which the Number
of Options is so increased and the Premium per Option shall be paid on the Additional
Premium Payment Date.
	 
	 	 	 	 
	 

	 	Premium Payment Date:
	 	The Effective Date
	 
	 	 	 	 
	 

	 	Additional Premium Payment Date:
	 	The closing date for the purchase and sale of the
Additional Convertible Securities.
	 
	 	 	 	 
	 

	 	Exchange:
	 	New York Stock Exchange
	 
	 	 	 	 
	 

	 	Related Exchange:
	 	All Exchanges
	 
	 	 	 	 
	Procedures for Exercise:	 	 
	 
	 	 	 	 
	 

	 	Exercise Dates:
	 	Each Conversion Date
	 
	 	 	 	 
	 

	 	Conversion Date:
	 	Each “Conversion Date” (as defined in the Indenture)

3 

 

	 	 	 	 	 

	 

	 	 	 	occurring during the
Exercise Period for Convertible Securities, each in denominations of USD 1,000
principal amount (such Convertible Securities, the “Relevant Convertible Securities”
for such Conversion Date).
	 
	 	 	 	 
	 

	 	Exercise Period:
	 	The period from and excluding the Effective Date to and including the
Expiration Date.
	 
	 	 	 	 
	 

	 	Expiration Date:
	 	The earlier of (i) the last day on which any Convertible Securities remain
outstanding and (ii) the second “Scheduled Trading Day” (as defined in the Indenture)
immediately preceding the “Stated Maturity” (as defined in the Indenture).
	 
	 	 	 	 
	 

	 	Automatic Exercise

on Conversion Dates:
	 	Applicable; and means that on each Conversion Date, a number of Options
equal to the number of Relevant Convertible Securities for such Conversion Date in
denominations of USD 1,000 principal amount shall be automatically exercised, subject
to “Notice of Exercise” below.
	 
	 	 	 	 
	 

	 	Notice Deadline:
	 	In respect of any exercise of Options hereunder on any Conversion Date,
4:00 P.M., New York City time, on the Scheduled Trading Day immediately preceding the
first Scheduled Trading Day of the relevant “Cash Settlement Averaging Period” (as
defined in the Indenture)(or if Counterparty has elected “Physical Settlement” (as
defined in the Indenture), the second Scheduled Trading Day immediately following the
Conversion Date); provided that, in the case of any exercise of Options hereunder in
connection with the conversion of any Relevant Convertible Securities for any
Conversion Date occurring during the period from and including May 1, 2017 (or if
Counterparty has elected Physical Settlement or “Combination Settlement” (as defined
in the Indenture) with the “Specified Dollar Amount” (as defined in the Indenture) of
less than USD 1,000 and such election is effective on the 165th Scheduled
Trading Day prior to the Stated Maturity, which is December 2, 2016, then from and
including such date) to and including the Expiration Date (such period, the “Final
Conversion Period”), the Notice Deadline shall be 4:00 P.M., New York City time, on
the Scheduled Trading Day immediately preceding the Stated Maturity.
	 
	 	 	 	 
	 

	 	Notice of Exercise:
	 	Notwithstanding anything to the contrary in the Equity Definitions,
subject to the provisos below, Dealer shall have no obligation to make any payment or
delivery in respect of any exercise of Options hereunder and such obligation in
respect of such exercise shall be permanently extinguished unless Counterparty
notifies Dealer in writing prior to the Notice Deadline in respect of such exercise,
of (i) the number of Relevant Convertible Securities being

4 

 

	 	 	 	 	 

	 

	 	 	 	converted on the related
Conversion Date, (ii) the scheduled settlement date under the Indenture for the
Relevant Convertible Securities for such Conversion Date, (iii) whether Physical
Settlement, “Cash Settlement” (as defined in the Indenture) or Combination Settlement
will apply to the Relevant Convertible Securities and, if Combination Settlement
applies, the Specified Dollar Amount and (iv) the first Scheduled Trading Day of the
relevant Cash Settlement Averaging Period; provided that:
	 
	 	 	 	 
	 

	 	 	 	(i) in the case of any exercise of Options in
connection with the conversion of any Relevant
Convertible Securities for any Conversion Date
occurring during the Final Conversion Period,
such notice shall include only (x) the number of
Relevant Convertible Securities being converted
during the Final Conversion Period and (y) the
scheduled settlement date under the Indenture for
such Relevant Convertible Securities; and
	 
	 	 	 	 
	 

	 	 	 	(ii) notwithstanding the foregoing, other than
during the Final Conversion Period, such notice
(and the related automatic exercise of such
Options) shall be effective if given after the
relevant Notice Deadline but prior to 4:00 P.M.
(New York City time) on the fifth Scheduled
Trading Day of such Cash Settlement Averaging
Period, in which case the Calculation Agent shall
have the right to adjust the combination
settlement amount, as appropriate to reflect the
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 its not having received such notice prior to
the Notice Deadline.
	 
	 	 	 	 
	 

	 	 	 	Counterparty acknowledges its responsibilities
under applicable securities laws, and in
particular Section 9 and Section 10(b) of the
Exchange Act (as defined below) and the rules and
regulations thereunder, in respect of any
election of a settlement method with respect to
the Convertible Securities.
	 
	 	 	 	 
	 

	 	 	 	For the avoidance of doubt, subject to proviso
(ii) above, if Counterparty fails to give such
notice when due in respect of any exercise of
Options hereunder, Dealer’s obligation to make
any payment or delivery in respect of such
exercise shall be permanently extinguished, and
late notice shall not cure such failure.
	 
	 	 	 	 
	 

	 	Notice
of Final Convertible Security
Settlement Method:
	 	Counterparty shall notify Dealer in writing of the final settlement
method elected (and, if applicable, the Specified Dollar Amount) before 4:00 P.M. (New
York City time) on the earlier to occur of (x) the date

5 

 

	 	 	 	 	 

	 

	 	 	 	on which it makes the
irrevocable election in accordance with Section 4.03(a)(1) of the Supplemental
Indenture and (y) the 165th Scheduled Trading Day prior to the Stated Maturity. The
so-elected settlement method and, if applicable, the related Specified Dollar Amount
shall be applicable to Relevant Convertible Securities with a Conversion Date
occurring during the Final Conversion Period.
	 
	 	 	 	 
	 

	 	Dealer’s Telephone Number
and Telex and/or Facsimile Number
and Contact Details for purpose
of Giving Notice:
	 	As specified in Section 6(b) below.
	 
	 	 	 	 
	Settlement Terms:	 	 
	 
	 	 	 	 
	 

	 	Settlement Date:
	 	For any Exercise Date, the settlement date for the cash (if any) and/or
Shares (if any) to be delivered in respect of the Relevant Convertible Securities for
the relevant Conversion Date under the terms of the Indenture; provided that, the
Settlement Date shall not be prior to the latest of (i) the date one Settlement Cycle
following the final day of the relevant Cash Settlement Averaging Period (and, for the
avoidance of doubt, “Cash Averaging Period” with respect to Physical Settlement means
the Cash Settlement Averaging Period as described under Delivery Obligation Settlement
Method) or (ii) the Exchange Business Day immediately following the date on which
Counterparty gives notice to Dealer of such Settlement Date prior to 12:00 P.M., New
York City time.
	 
	 	 	 	 
	 

	 	Delivery Obligation
Settlement Method:
	 	Notwithstanding the settlement method actually
elected by Counterparty to satisfy its conversion obligation in respect of the
Relevant Convertible Securities, for purposes of calculating the Delivery Obligation
only, Counterparty shall be deemed to have elected Combination Settlement in
accordance with Section 4.03(a)(1) of the Supplemental Indenture, provided that, if
Counterparty provides a Notice of Exercise or a Notice of Final Convertible Security
Settlement Method, as the case may be, specifying:
	 
	 	 	 	 
	 

	 	 	 	(i) Cash Settlement, the “Daily Specified Dollar
Amount” (as defined in the Indenture) will be
deemed to equal the actual “Daily Conversion
Value” (as defined in the Indenture);
	 
	 	 	 	 
	 

	 	 	 	(ii) Combination Settlement and a Specified
Dollar Amount greater than or equal to USD
1,000, then such Specified Dollar Amount will
apply;
	 
	 	 	 	 
	 

	 	 	 	(iii) Physical Settlement or Combination
Settlement and with the Specified Dollar Amount
less than USD 1,000, then the Delivery Obligation
will be calculated

6 

 

	 	 	 	 	 

	 

	 	 	 	as if (x) the Specified Dollar
Amount was USD 1,000 per Relevant Convertible
Security and (y) the relevant Cash Settlement
Averaging Period referenced in Section
4.03(a)(2)(c) of the Supplemental Indenture
consisted of 160 Trading Days commencing on (I)
the third Scheduled Trading Day after the
Conversion Date for conversions occurring prior
to the Final Conversion Period or (II) the 162nd
Scheduled Trading Day prior to the Stated
Maturity for conversions occurring during the
Final Conversion Period.
	 
	 	 	 	 
	 

	 	Delivery Obligation:
	 	In lieu of the obligations set forth in Sections 8.1 and 9.1 of the
Equity Definitions, and subject to “Notice of Exercise” above, in respect of an
Exercise Date, Dealer will deliver to Counterparty on the related Settlement Date
(subject to Delivery Obligation Settlement Method above, the “Delivery Obligation”):
	 
	 	 	 	 
	 

	 	 	 	(i) a number of Shares equal to the product of
(x) the number of the Relevant Convertible
Securities, (y) the Applicable Percentage and (z)
the sum of “Daily Deliverable Shares” (as defined
in the Indenture), if any, for all Trading Days
during the relevant Cash Settlement Averaging
Period that Counterparty would have been
obligated to deliver to holder(s) of the Relevant
Convertible Securities for such Conversion Date
in respect of each Relevant Convertible Security
pursuant to Section 4.03(a)(2)(c) of the
Supplemental Indenture (except that such number
of Daily Deliverable Shares shall be determined
without taking into consideration any rounding
pursuant to Section 4.04(i) of the Supplemental
Indenture and such product shall be rounded down
to the nearest whole number) and cash in lieu of
fractional shares, if any, resulting from such
rounding; and/or
	 
	 	 	 	 
	 

	 	 	 	(ii) cash equal to the product of (x) the number
of the Relevant Convertible Securities, (y) the
Applicable Percentage and (z) the sum for all
Trading Days during the relevant Cash Settlement
Averaging Period of the excess, if any on any
such Trading Day, of (A) the “Daily Principal
Portion” (as defined in the Indenture) that
Counterparty would be obligated to deliver to
holder(s) of the Relevant Convertible Securities
for such Conversion Date in respect of each
Relevant Convertible Security pursuant to Section
4.03(a)(2)(c) of the Supplemental Indenture over
(B) the quotient of (1) USD 1,000 divided by (2)
the number of Trading Days during the relevant
Cash Settlement Averaging Period;
	 
	 	 	 	 
	 

	 	 	 	provided that, the Delivery Obligation shall be
determined excluding any Shares and/or cash that
Counterparty is obligated to deliver to holder(s)
of the Relevant Convertible Securities as a
direct or

7 

 

	 	 	 	 	 

	 

	 	 	 	indirect result of any adjustments to
the Conversion Rate pursuant to a Fundamental
Change Adjustment or a Discretionary Adjustment
and any interest payment that Counterparty is (or
would have been) obligated to deliver to
holder(s) of the Relevant Convertible Securities
for such Conversion Date; and
	 
	 	 	 	 
	 

	 	 	 	provided further that, if such exercise relates
to the conversion of Relevant Convertible
Securities in connection with which holders
thereof are entitled to receive additional Shares
and/or cash pursuant to a Fundamental Change
Adjustment, then, notwithstanding the foregoing
proviso, the Delivery Obligation shall include
such additional Shares and/or cash otherwise
excluded pursuant to such proviso, except that
the Delivery Obligation shall be capped so that
the value of the Delivery Obligation (with the
value of any Shares included in the Delivery
Obligation determined by the Calculation Agent
using the open trading price on the last day of
the relevant Cash Settlement Averaging Period)
does not exceed the amount as determined by the
Calculation Agent that would be payable by Dealer
pursuant to Section 6 of the Agreement if such
Conversion Date were an Early Termination Date
resulting from an Additional Termination Event
with respect to which the Transaction was the
sole Affected Transaction and Counterparty was
the sole Affected Party (determined without
regard to Section 8(c) of this Confirmation)
(except that, for purposes of determining such
amount (x) the Number of Options shall be deemed
to be equal to the number of Options exercised on
such Exercise Date and (y) such amount payable
will be determined as if the Fundamental Change
Adjustment provisions were deleted from the
Indenture). The Calculation Agent shall use its
commercially reasonable efforts to apply such cap
to the Delivery Obligation in a manner that
preserves, as reasonably practicable, the
relative proportions of cash and Shares
comprising the Delivery Obligation prior to the
application of such cap. In addition to the cap
described above, in all events the Delivery
Obligation in respect of each Relevant
Convertible Security shall be capped at (x) the
value of the cash and/or Shares deliverable to a
holder of a Relevant Convertible Security under
the Indenture (determined using the settlement
method applicable to such Relevant Convertible
Security under the Indenture and using the open
trading price per Share on the Exchange on the
relevant Settlement Date) (such cash and/or
Shares, the “Convertible Obligation”) minus (y)
USD 1,000. For the avoidance of doubt, if the
Daily Conversion Value for any of the “Trading
Days” (as defined in the Indenture) occurring in
the relevant Cash Settlement Averaging Period is
less than or equal to the quotient

8 

 

	 	 	 	 	 

	 

	 	 	 	of (1) USD
1,000 divided by (2) the number of Trading Days
during the relevant Cash Settlement Averaging
Period per Convertible Security (in denominations
of USD 1,000), Dealer will have no delivery
obligation hereunder in respect of the related
Exercise Date and such Trading Day.
	 
	 	 	 	 
	 

	 	Notice of Convertible
Obligation:
	 	No later than the Exchange Business Day immediately
following the last day of the relevant Cash Settlement Averaging Period, Counterparty
shall give Dealer notice of the final number of Shares and/or amount of cash
comprising the relevant Convertible Obligation; provided that, with respect to any
Exercise Date occurring during the Final Conversion Period, Counterparty may provide
Dealer with a single notice of the aggregate number of Shares and/or amount of cash
comprising the Convertible Obligations for all Exercise Dates occurring during such
period (it being understood, for the avoidance of doubt, that the requirement of
Counterparty to deliver such notice shall not limit Counterparty’s obligations with
respect to Notice of Exercise or Notice of Final Convertible Security Settlement
Method, as set forth above, in any way).
	 
	 	 	 	 
	 

	 	Other Applicable
Provisions:
	 	To the extent Dealer is obligated to deliver Shares
hereunder, the provisions of Sections 9.1(c), 9.8, 9.9, 9.10, 9.11 and 9.12 of the
Equity Definitions will be applicable as if “Physical Settlement” applied to the
Transaction; provided that, the Representation and Agreement contained in Section 9.11
of the Equity Definitions shall be modified by excluding any representations therein
relating to restrictions, obligations, limitations or requirements under applicable
securities laws that exist solely as a result of the fact that Counterparty is the
issuer of the Shares.
	 
	 	 	 	 
	 

	 	Restricted Certificated
Shares:
	 	Notwithstanding anything to the contrary in the Equity
Definitions, Dealer may, in whole or in part, deliver Shares required to be delivered
to Counterparty hereunder in certificated form in lieu of delivery through the
Clearance System. With respect to such certificated Shares, the Representation and
Agreement contained in Section 9.11 of the Equity Definitions shall be modified by
deleting the remainder of the provision after the word “encumbrance” in the fourth
line thereof.
	 
	 	 	 	 
	Adjustments:	 	 
	 
	 	 	 	 
	 

	 	Method of Adjustment:
	 	Notwithstanding Section 11.2(c) of the Equity Definitions, upon the
occurrence of any event or condition set forth in Section 4.04 of the Supplemental
Indenture, the Calculation Agent shall make a corresponding adjustment to the terms
relevant to the exercise, settlement or payment of the Transaction. Promptly upon the
occurrence of any

9 

 

	 	 	 	 	 

	 

	 	 	 	“Adjustment Event” (as defined in the Indenture), Counterparty shall
notify the Calculation Agent of such Adjustment Event and, once the adjustments to be
made to the terms of the Indenture and the Convertible Securities in respect of such
Adjustment Event have been determined, Counterparty shall promptly notify the
Calculation Agent in writing of the details of such adjustments; provided that,
notwithstanding the foregoing, if any Adjustment Event occurs during the Cash
Settlement Averaging Period with respect to a Physical Settlement or Combination
Settlement with a Specified Dollar Amount of less than USD 1,000, but no adjustment
was made to any Convertible Note under the Indenture because the relevant “Holder” (as
defined in the Indenture) was a record owner of the underlying Shares on the related
Conversion Date, then the Calculation Agent shall make an adjustment, as reasonably
determined by it, to the terms hereof in order to account for such Adjustment Event to
preserve the fair value of the Transaction to the parties.
	 
	 	 	 	 
	 

	 	Dividends:
	 	If at any time during the period from and including the Trade Date, to but
excluding the Expiration Date, (i) an ex-dividend date for a regular quarterly cash
dividend occurs with respect to the Shares (an “Ex-Dividend Date”), and that dividend
is less than the Regular Dividend on a per Share basis or (ii) if no Ex-Dividend Date
for a regular quarterly cash dividend occurs with respect to the Shares in any
quarterly dividend period of Counterparty, then the Calculation Agent will make a
corresponding adjustment to any one or more of the Strike Price, Number of Options,
Option Entitlement and/or any other variable relevant to the exercise, settlement,
payment or other terms of the Transaction to preserve the fair value of the Options to
Dealer after taking into account such dividend or lack thereof. “Regular Dividend”
shall mean USD 0.34 per Share per quarter.
	 
	 	 	 	 
	Extraordinary Events:	 	 
	 
	 	 	 	 
	 

	 	Merger Events:
	 	Notwithstanding Section 12.1(b) of the Equity Definitions, a “Merger Event”
means the occurrence of any event or condition set forth in Section 4.07(a) of the
Supplemental Indenture.
	 
	 	 	 	 
	 

	 	Consequences of Merger
Events:
	 	Notwithstanding Section 12.2 of the Equity Definitions, upon
the occurrence of a Merger Event, the Calculation Agent shall make a corresponding
adjustment to the terms relevant to the exercise, settlement or payment of the
Transaction; provided that, such adjustment shall be made without regard to any
adjustment to the Conversion Rate pursuant to a Fundamental Change Adjustment or a
Discretionary Adjustment; provided further that, the Calculation

10 

 

	 	 	 	 	 

	 

	 	 	 	Agent shall make any
such adjustment referenced in this paragraph to preserve the fair value of the
Transaction to the parties immediately prior to the Announcement Date of such Merger
Event and shall make any additional adjustments as of the closing date of such Merger
Event or the date on which the Calculation Agent reasonably determines that such
Merger Event will not occur; and provided further that if, with respect to a Merger
Event, the consideration that holders of Shares receive for the Shares includes shares
of an entity or person not organized under the laws of the United States, any state
thereof or the District of Columbia (such shares, the “Non-US Consideration”), the
Calculation Agent may make adjustments to the Transaction, or request that
Counterparty make Dealer whole, for any additional costs incurred by Dealer resulting
from (i) any non-U.S. withholding tax with respect to such Non-US Consideration, (ii)
any Tax as a result of the Merger Event and/or (iii) changes to the Hedge Positions
maintained by Dealer in connection with such Non-US Consideration.
	 
	 	 	 	 
	 

	 	Notice of Merger
Consideration and
Consequences:
	 	Upon the occurrence of a Merger Event that causes the Shares to be converted
into the right to receive more than a single type of consideration (determined based
in part upon any form of stockholder election), Counterparty shall reasonably promptly
(but in any event prior to the relevant Merger Date) notify the Calculation Agent of
(i) the type and amount of consideration that a holder of Shares would have been
entitled to in the case of reclassifications, consolidations, mergers, sales or
transfers of assets or other transactions that cause Shares to be converted into the
right to receive more than a single type of consideration, (ii) if holders of a
majority of Shares affirmatively make such an election, the weighted average of the
types and amounts of consideration to be received by the holders of Shares that
affirmatively make such an election (or if holders of less than a majority of Shares
affirmatively make such an election, the types and amount of consideration actually
received by such holders), and (iii) the details of the adjustment to be made under
the Indenture in respect of such Merger Event.
	 
	 	 	 	 
	 

	 	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

11 

 

	 	 	 	 	 

	 

	 	 	 	Shares are immediately
re-listed, re-traded or re-quoted on any such exchange or quotation system, such
exchange or quotation system shall thereafter be deemed to be the Exchange.
	 
	 	 	 	 
	Additional Disruption Events:	 	 
	 
	 	 	 	 
	 

	 	(a) Change in Law:
	 	Applicable; provided that, Section 12.9(a)(ii) shall
be amended by inserting, at the end thereof, the words “, after using commercially
reasonable efforts to avoid such increased cost”.
	 
	 	 	 	 
	 

	 	(b) Failure to Deliver:
	 	Applicable
	 
	 	 	 	 
	 

	 	(c) Insolvency Filing:
	 	Applicable
	 
	 	 	 	 
	 

	 	(d) Hedging Disruption:
	 	Applicable; provided that, Section 12.9(a)(v) of
the Equity Definitions is hereby modified 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.”
	 
	 	 	 	 
	 

	 	(e) Increased Cost of Hedging:
	 	Applicable; provided that, Section
12.9(a)(vi) shall be amended by inserting, in the first line thereof after the
word “incur”, the words “, after using commercially reasonable efforts to avoid
any increased costs contemplated hereunder”.
	 
	 	 	 	 
	Hedging Party:	 	Dealer
	 
	 	 	 	 
	Determining Party:	 	Dealer; provided that, upon receipt of written request from
Counterparty, Determining Party shall promptly (but in no event later than within
seven Scheduled Trading Days from the receipt of such request) provide Counterparty
with a written explanation describing in reasonable detail any determination made by
it (including any quotations, market data or information from internal sources used in
making such calculations, but without disclosing Dealer’s proprietary models).
	 
	 	 	 	 
	Non-Reliance:	 	Applicable
	 
	 	 	 	 
	Agreements and Acknowledgments
Regarding Hedging Activities:	 	Applicable
	 
	 	 	 	 
	Additional Acknowledgments:	 	Applicable

12 

 

	 	 	 	 	 

	 

	3. 	Calculation Agent:
	 	Dealer; provided that, upon receipt of written
request from Counterparty, Calculation Agent shall promptly (but in no event later
than within seven Scheduled Trading Days from the receipt of such request) provide
Counterparty with a written explanation describing in reasonable detail any
calculation, adjustment or determination made by it (including any quotations, market
data or information from internal sources used in making such calculations, but
without disclosing Dealer’s proprietary models).

	 	 	 	 	 	 	 

	 

	 	4. Account Details:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	     Dealer Payment Instructions:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	          [ ]	 	 	 	 
	 

	 	          ABA No.:
	 	[ ]
	 	 
	 

	 	          Acct.:
	 	[ ]	 	 
	 

	 	          Acct. No. :
	 	[ ]	 	 
	 

	 	          SWIFT:
	 	[ ]	 	 
	 
	 	 	 	 	 	 
	 	 	     Counterparty Payment Instructions:
	 
	 	 	 	 	 	 
	 	 	          To be provided by Counterparty.
	 
	 	 	 	 	 	 
	 

	 	5. Offices:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	     The Office of Dealer for the Transaction is:
	 
	 	 	 	 	 	 
	 

	 	          New York	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	     The Office of Counterparty for the Transaction is:
	 
	 	 	 	 	 	 
	 	 	          155 South Limerick Road, Limerick, Pennsylvania 19468
	 
	 	 	 	 	 	 
	 	 	6. Notices: For purposes of this Confirmation:
	 
	 	 	 	 	 	 
	 	 	(a) Address for notices or communications to Counterparty:
	 
	 	 	 	 	 	 
	 

	 	     To:
	 	Teleflex Incorporated	 	 
	 

	 	      Attention:
	 	Richard A. Meier	 	 
	 

	 	 	 	155 South Limerick Road	 	 
	 

	 	 	 	Limerick, Pennsylvania 19468	 	 
	 

	 	     Telephone No.:
	 	(610) 948-5100	 	 
	 

	 	     Facsimile No.:
	 	(610) 948-5101	 	 
	 
	 	 	 	 	 	 
	 	 	(b) Address for notices or communications to Dealer:
	 
	 	 	 	 	 	 
	 	 	     Bank of America, N.A.
	 	 	     c/o Merrill Lynch, Pierce, Fenner & Smith Incorporated
	 	 	     Bank of America Tower at One Bryant Park
	 	 	     New York, New York 10036
	 	 	     Attention:          John Servidio
	 	 	     Telephone No.:      (646) 855-7127
	 	 	     Facsimile No.:       (704) 208-2869
	 
	 	 	 	 	 	 
	 	 	7. Representations, Warranties and Agreements:

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

     (i) On the Trade Date and as of the date of any election by Counterparty of the Share
Termination Alternative under (and as defined in) Section 8(c) below, (A) Counterparty is

13 

 

not aware of any material nonpublic information regarding Counterparty or the Shares and
(B) all reports and other documents filed by Counterparty with the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
when considered as a whole (with the more recent such reports and documents deemed to amend
inconsistent statements contained in any earlier such reports and documents), do not
contain any untrue statement of a material fact or any omission of a material fact required
to be stated therein or necessary to make the statements therein, in the light of the
circumstances in which they were made, not misleading.

     (ii) Without limiting the generality of Section 13.1 of the Equity Definitions,
Counterparty acknowledges that neither Dealer nor any of its affiliates is making any
representations or warranties or taking any position or expressing any view with respect to
the treatment of the Transaction under any accounting standards including ASC Topic 260,
Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480,
Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging – Contracts
in Entity’s Own Equity (or any successor issue statements).

     (iii) Counterparty has not received notice that is the subject of a tender offer made
under Section 14(d)(1) of the Exchange Act and has not commenced any tender offer that
would be subject to Rule 13e-4 under the Exchange Act.

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

     (v) 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
Shares) or to raise or depress the price of the Shares (or any security convertible into or
exchangeable for Shares) for the purposes of inducing the purchase or sale of the Shares by
others.

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

     (vii) On each of the Trade Date, the Premium Payment Date and the Additional Premium
Payment Date, Counterparty is not “insolvent” (as such term is defined under Section
101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy
Code”)) and Counterparty would be able to purchase the Number of Shares in compliance with
the laws of the jurisdiction of Counterparty’s incorporation.

     (viii) The representations and warranties of Counterparty set forth in Section 3 of
the Agreement and Section 1 of the Underwriting Agreement are true and correct as of the
Trade Date and the Effective Date and are hereby deemed to be repeated to Dealer as if set
forth herein.

     (b) Each of Dealer and Counterparty agrees and represents that it is an “eligible contract
participant” as defined in Section 1a(12) of the U.S. Commodity Exchange Act, as amended, and is
entering into the Transaction as principal (and not as agent or in any other capacity, fiduciary or
otherwise) and not for the benefit of any third party.

     (c) Each of Dealer and Counterparty acknowledges that the offer and sale of the Transaction to
Counterparty is intended to be exempt from registration under the Securities Act of 1933, as
amended (the “Securities Act”), by virtue of Section 4(2) thereof. Accordingly, Counterparty
represents and warrants to Dealer that (i) it has the financial ability to bear the economic risk
of its investment in the Transaction and is able to bear a total loss of its investment and its
investments in and liabilities in respect of the Transaction, which it understands are not readily
marketable, are not disproportionate to its net worth, and it is able to bear any loss in
connection with the Transaction, including the loss of its entire investment in the Transaction,
(ii) it is an “accredited investor” as that term is defined in Regulation D as promulgated under
the Securities Act, (iii) it is entering into the Transaction for its own account and without a
view to the distribution or resale thereof, (iv) the assignment, transfer or other disposition of
the Transaction has not been and will not be registered under the Securities Act and is restricted
under this

14 

 

Confirmation, the Securities Act and state securities laws, and (v) its financial
condition is such that it has no need for liquidity with respect to its investment in the
Transaction and no need to dispose of any portion thereof to satisfy any existing or contemplated
undertaking or indebtedness and is capable of assessing the merits of and understanding (on its own
behalf or through independent professional advice), and understands and accepts, the terms,
conditions and risks of the Transaction.

     (d) Dealer represents to Counterparty that Dealer is a “financial institution,” “swap
participant” and “financial participant” within the meaning of Sections 101(22), 101(53C) and
101(22A) of the Bankruptcy Code. The parties hereto agree and acknowledge that they intend for (A)
this Confirmation to be (i) a “securities contract,” as such term is defined in Section 741(7) of
the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection
herewith is a “termination value,” “payment amount” or “other transfer obligation” within the
meaning of Section 362 of the Bankruptcy Code and a “settlement payment” within the meaning of
Section 546 of the Bankruptcy Code, and (ii) a “swap agreement,” as such term is defined in Section
101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in
connection herewith is a “termination value,” “payment amount” or “other transfer obligation”
within the meaning of Section 362 of the Bankruptcy Code and a “transfer” within the meaning of
Section 546 of the Bankruptcy Code, and (B) that Dealer is entitled to the protections afforded by,
among other sections, Sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j),
548(d)(2), 555, 560 and 561 of the Bankruptcy Code.

     (e) As a condition to the effectiveness of the Transaction, Counterparty shall deliver to
Dealer (A) an incumbency certificate, dated as of the Trade Date, of Counterparty in customary form
and (B) an opinion of counsel, dated as of the Effective Date (containing customary exceptions and
qualifications) and reasonably acceptable to Dealer in form and substance, with respect to the
matters set forth in Section 3(a) of the Agreement.

     (f) Counterparty understands no obligations of Dealer to it hereunder will be entitled to the
benefit of deposit insurance and that such obligations will not be guaranteed by any affiliate of
Dealer, except to the extent set forth in Section 8(f), or any governmental agency.

     8. Other Provisions:

     (a) Right to Extend. Dealer may postpone any Exercise Date or Settlement Date or any other
date of valuation or delivery by Dealer, with respect to some or all of the relevant Options (in
which event the Calculation Agent shall make appropriate adjustments to the Delivery Obligation),
if Dealer determines, in its reasonable discretion, that such extension is reasonably necessary or
advisable to preserve Dealer’s hedging or hedge unwind activity hereunder in light of existing
liquidity conditions in the cash market, the stock borrow market or other relevant market or to
enable Dealer to effect purchases of Shares or Share Termination Delivery Units 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.

     (b) Additional Termination Events.

     (i) The occurrence of (x) an event of default with respect to Counterparty under the
terms of the Convertible Securities as set forth in Section 5.01 of the Supplemental
Indenture that results in an acceleration of the Convertible Securities pursuant to the
terms of the Supplemental Indenture, or (y) an Amendment Event, in each case, shall be an
Additional Termination Event with respect to which the Transaction is the sole Affected
Transaction and Counterparty is the sole Affected Party, and (A) in the case of clause (x),
an Early Termination Date shall occur immediately upon the occurrence of such Additional
Termination Event, and (B) in the case of clause (y), Dealer shall be the party entitled to
designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to
determine the amount payable pursuant to Section 6(e) of the Agreement; provided that, in
the case of an Amendment Event, such right to designate an Early Termination Date shall be
automatically extinguished after 45 days following the later of (i) Dealer’s receipt of
Counterparty’s notice of the transaction or transactions contemplated by such Amendment
Event and (ii) the effective date of the transaction or transactions contemplated by

15 

 

such Amendment Event, if any.

     “Amendment Event” means that Counterparty amends, modifies, supplements or obtains a
waiver in respect of any term of the Indenture or the Convertible Securities governing the
principal amount, coupon, maturity, repurchase obligation of Counterparty, redemption right
of Counterparty, any term relating to conversion of the Convertible Securities (including
changes to the conversion price, conversion settlement dates or conversion conditions), or
any term that would require consent of the holders of not less than 100% of the principal
amount of the Convertible Securities to amend, in each case without the prior consent of
Dealer, such consent not to be unreasonably withheld.

     (ii) If any Repurchase Event occurs, (A) Counterparty shall notify Dealer as promptly
as practicable of such event, (B) such an event shall be an Additional Termination Event,
(C) an Early Termination Date shall be deemed to occur automatically on the date of such
notice with respect to a portion of the Transaction relating to a number of Options equal
to the number of Convertible Securities in denominations of USD 1,000 principal amount so
repurchased, exchanged or repaid in connection with such Repurchase Event (the “Affected
Portion”), but payment of the Close-out Amount in respect of such Early Termination Date
shall not be due until one Settlement Cycle following the date on which Dealer delivered
the statement provided pursuant to Section 6(d)(i) of the Agreement, and (D) Counterparty
shall be deemed the sole Affected Party and the Affected Portion shall be deemed the sole
Affected Transaction.

     “Repurchase Event” means the occurrence of any of the following:

     (1) any Convertible Securities are repurchased (whether in connection with or
as a result of a fundamental change, howsoever defined, or for any other reason) by
Counterparty or any of its subsidiaries;

     (2) any Convertible Securities are delivered to Counterparty in exchange for
delivery of any property or assets of Counterparty or any of its subsidiaries
(howsoever described);

     (3) any principal of any of the Convertible Securities is repaid prior to the
final maturity date of the Convertible Securities (whether following acceleration
of the Convertible Notes or otherwise); or

     (4) any Convertible Securities are exchanged by or for the benefit of the
holders thereof for any other securities of Counterparty or any of its affiliates
(or any other property, or any combination thereof) pursuant to any exchange offer
or similar transaction.

For the avoidance of doubt, in the case of each of clauses (1) through (4),
conversions of the Convertible Securities pursuant to the terms of the Indenture
shall not constitute a Repurchase Event.

     (c) Alternative Calculations and Payment on Early Termination and on Certain Extraordinary
Events. If Dealer shall owe Counterparty any amount pursuant to Section 12.6, 12.7 or 12.9 of the
Equity Definitions or pursuant to Section 6(d)(ii) of the Agreement (a “Payment Obligation”),
Counterparty shall have the right, in its sole discretion, to require Dealer to satisfy any such
Payment Obligation by the Share Termination Alternative (as defined below) by giving irrevocable
telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than
4:00 P.M. New York City time on the relevant Announcement Date, Early Termination Date or other
date of cancellation or termination in respect of an Extraordinary Event, as applicable (“Notice of
Share Termination”); provided that, if Counterparty does not elect to require Dealer to satisfy its
Payment Obligation by the Share Termination Alternative, Dealer shall have the right, in its sole
discretion, to elect to satisfy its Payment Obligation by the Share Termination Alternative,
notwithstanding Counterparty’s failure to elect or election to the contrary; and provided further
that, Counterparty shall not have the right to so elect (but, for the

16 

 

avoidance of doubt, Dealer
shall have the right to so elect) in the event of (i) an Insolvency or a Nationalization, in each
case, in which the consideration or proceeds to be paid to holders of Shares consists solely of
cash or (ii) an Event of Default in which Counterparty is the Defaulting Party or a Termination
Event in which Counterparty is the Affected Party, which Event of Default or Termination Event
resulted from an event or events within Counterparty’s control. Upon such Notice of Share
Termination, the following provisions shall apply on the Scheduled Trading Day immediately
following the relevant Announcement Date, Early Termination Date or date of cancellation or
termination in respect of an Extraordinary Event, as applicable:

	 	 	 

	Share Termination Alternative:

	 	Applicable and means that Dealer shall
deliver to Counterparty the Share
Termination Delivery Property on the date
on which the Payment Obligation would
otherwise be due pursuant to Section
12.6, 12.7 or 12.9 of the Equity
Definitions or Section 6(d)(ii) of the
Agreement, as applicable, or such later
date as determined in accordance with the
terms of Section 8(a) or 8(g) of this
Confirmation (the “Share Termination
Payment Date”), in satisfaction of the
Payment Obligation.
	 
	 	 
	Share Termination Delivery 

Property:

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

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

	 	In the case of a Termination Event, Event
of Default, Delisting or Additional
Disruption Event, one Share or, in the
case of an Insolvency or Nationalization,
one Share or 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 Insolvency or
Nationalization, as applicable. If such
Insolvency or Nationalization involves a
choice of consideration to be received by
holders, such holder shall be deemed to
have elected to receive the maximum
possible amount of cash.
	 
	 	 
	Failure to Deliver:

	 	Applicable
	 
	 	 
	Other Applicable Provisions:

	 	If Share Termination Alternative is
applicable, the provisions of Sections
9.1(c), 9.8, 9.9, 9.10, 9.11 and 9.12 of
the Equity Definitions will be applicable
as if “Physical Settlement” applied to
the Transaction, except that all
references to “Shares” shall be read as
references to “Share Termination Delivery
Units”; provided that, the Representation
and Agreement contained in Section 9.11
of the Equity Definitions shall be
modified by excluding any representations
therein relating to restrictions,
obligations, limitations or requirements
under applicable securities laws, with
respect to securities comprising Share
Termination Delivery Units, solely as a
result of the fact that Counterparty is
the issuer of any Share Termination
Delivery Units (or any part thereof).

17 

 

     (d) Disposition of Hedge Shares. The parties hereby agree that if, either party determines in
its good faith and reasonable judgment based on the advice of counsel, any Shares (the “Hedge
Shares”) acquired by Dealer for the purpose of hedging its obligations pursuant to the Transaction
cannot be sold in the U.S. public market by Dealer without registration under the Securities Act,
Counterparty shall, at its election: (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 to cover the resale of such Hedge Shares and (A) enter into an agreement, in form
and substance reasonably satisfactory to Dealer and Counterparty, substantially in the form of a
customary underwriting agreement for a registered secondary offering of similar size, (B) provide
accountant’s “comfort” letters in customary form for registered offerings of equity securities of
similar size, (C) provide customary legal opinions (including a disclosure opinion) of nationally
recognized outside counsel to Counterparty in a form customarily addressed to underwriters in
registered underwritten offerings, containing customary assumptions and qualifications of such
outside counsel, each as reasonably acceptable to Dealer, (D) provide other customary opinions,
certificates and closing documents customary in form as those customarily provided to underwriters
of registered offerings of equity securities of similar size and (E) afford Dealer a reasonable
opportunity to conduct a “due diligence” investigation with respect to Counterparty customary in
scope for underwriters of underwritten offerings of equity securities; provided, however, that if
Counterparty elects clause (i) above but the items referred to therein are not completed in a
timely manner, or 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 Section 8(d) 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 similar size, in form and substance reasonably satisfactory to Dealer and
Counterparty, including customary representations, covenants, blue sky and other governmental
filings and/or registrations, indemnities to Dealer, due diligence rights (for Dealer or any
designated buyer of the Hedge Shares from Dealer), opinions and certificates and such other
documentation as is customary for private placements agreements of equity securities of similar
size, all reasonably acceptable to Dealer (in which case, the Calculation Agent shall make any
adjustments, in a commercially reasonable manner 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 “Daily VWAP” (as defined in the Indenture) on such Exchange
Business Days, and in the amounts, requested by Dealer. This Section 8(d) shall survive the
termination, expiration or early unwind of the Transaction. For the avoidance of doubt, under no
circumstances shall Counterparty be obligated to make the election described in clause (iii) of the
preceding sentence.

     (e) Repurchase and Conversion Rate Adjustment Notices. Counterparty shall, at least two
Exchange Business Days prior to any day on which Counterparty effects any repurchase of Shares or
consummates or otherwise engages in any transaction or event (a “Conversion Rate Adjustment Event”)
that could reasonably be expected to lead to an increase in the Conversion Rate, give Dealer a
written notice of such repurchase or Conversion Rate Adjustment Event (a “Repurchase Notice”) on
such day if, following such repurchase or Conversion Rate Adjustment Event, the Notice Percentage
would reasonably be expected to be (i) greater than 9.4% and (ii) greater by 0.5% than the Notice
Percentage included in the immediately preceding Repurchase Notice (or, in the case of the first
such Repurchase Notice, greater than the Notice Percentage as of the date hereof). The “Notice
Percentage” as of any day is the fraction, expressed as a percentage, the numerator of which is the
Number of Shares and the denominator of which is the number of Shares outstanding on such day. In
the event that Counterparty fails to provide Dealer with a Repurchase Notice on the day and in the
manner specified in this Section 8(e) then Counterparty agrees to indemnify and hold harmless
Dealer, its affiliates and their respective directors, officers, employees, agents and controlling
persons (Dealer and each such person being an “Indemnified Party”) from and against any and all
losses (including losses relating to the 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 this Transaction), claims, damages and liabilities (or actions in respect thereof),
joint or several, to which such Indemnified Party may become subject under applicable securities
laws, including without limitation, Section 16 of the Exchange Act or under any state or
federal law, regulation

18 

 

or regulatory order, relating to or arising out of such failure. If for
any reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to
hold harmless any Indemnified Party, then Counterparty shall contribute, to the maximum extent
permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss,
claim, damage or liability. In addition, Counterparty will reimburse any Indemnified Party for all
expenses (including reasonable counsel fees and expenses) as they are incurred (after notice to
Counterparty) in connection with the investigation of, preparation for or defense or settlement of
any pending or threatened claim or any action, suit or proceeding arising therefrom, whether or not
such Indemnified Party is a party thereto and whether or not such claim, action, suit or proceeding
is initiated or brought by or on behalf of Counterparty. This indemnity shall survive the
completion of the Transaction contemplated by this Confirmation and any assignment and delegation
of the Transaction made pursuant to this Confirmation or the Agreement shall inure to the benefit
of any permitted assignee of Dealer.

     (f) Transfer and Assignment. Either party may transfer or assign any of its rights or
obligations under the Transaction with the prior written consent of the non-transferring party,
such consent not to be unreasonably withheld or delayed; provided that, Dealer may transfer or
assign without any consent of Counterparty all its rights and obligations hereunder to any of its
affiliates whose obligations hereunder would be guaranteed by the Dealer Parent; if (i) an Event of
Default, Potential Event of Default, or Termination Event will not occur as a result of such
transfer or assignment and (ii) as a result of such transfer and assignment, Counterparty will not
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 the Counterparty would have been required to pay to the
Dealer in the absence of such transfer and assignment. If at any time at which (1) the Equity
Percentage exceeds 9.0% or (2) Dealer, Dealer Group (as defined below) or any person whose
ownership position would be aggregated with that of Dealer or Dealer Group (Dealer, Dealer Group or
any such person, a “Dealer Person”) under Section 203 of the Delaware General Corporation Law or
other federal, state or local regulations or regulatory orders applicable to ownership of Shares
(“Applicable Laws”), owns, beneficially owns, constructively owns, controls, holds the power to
vote or otherwise meets a relevant definition of ownership in excess of a number of Shares equal to
(x) the number of Shares that would give rise to reporting, registration, filing or notification
obligations or other requirements (including obtaining prior approval by a state or federal
regulator) of a Dealer Person under Applicable Laws and with respect to which such requirements
have not been met or the relevant approval has not been received minus (y) 1% of the number of
Shares outstanding on the date of determination (either such condition described in clause (1), (2)
or (3), an “Excess Ownership Position”), Dealer, in its discretion, is unable to effect a transfer
or assignment to a third party after its commercially reasonable efforts on pricing and terms and
within a time period reasonably acceptable to Dealer such that an Excess Ownership Position no
longer exists, Dealer may designate any Scheduled Trading Day as an Early Termination Date with
respect to a portion (the “Terminated Portion”) of the Transaction, such that an Excess Ownership
Position no longer exists following such partial termination. In the event that Dealer so
designates an Early Termination Date with respect to a portion of the Transaction, a payment or
delivery shall be made pursuant to Section 6 of the Agreement and Section 8(c) of this Confirmation
as if (i) an Early Termination Date had been designated in respect of a Transaction having terms
identical to the Terminated Portion of the Transaction, (ii) Counterparty were the sole Affected
Party with respect to such partial termination, (iii) such portion of the Transaction were the only
Terminated Transaction and (iv) Dealer were the party entitled to designate an Early Termination
Date pursuant to Section 6(b) of the Agreement and to determine the amount payable pursuant to
Section 6(e) of the Agreement. The “Equity 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 any of its
affiliates subject to aggregation with Dealer for purposes of the “beneficial ownership” test under
Section 13 of the Exchange Act and all persons who may form a “group” (within the meaning of Rule
13d-5(b)(1) under the Exchange Act) with Dealer (collectively, “Dealer Group”) “beneficially own”
(within the meaning of Section 13
 of the Exchange Act) without duplication on such day and (B) the
denominator of which is the number of Shares outstanding on such day. Except for the transfer
contemplated in the proviso to the first sentence of this Section 8(f), in the case of a transfer
or assignment by Counterparty or Dealer of its rights and obligations hereunder and under the
Agreement, in whole or in part (any such Options so transferred or assigned, the “Transfer
Options”), to any party, withholding of such consent by the other party (the “Remaining Party”)
shall not be considered unreasonable if such transfer or assignment does

19 

 

not meet the reasonable
conditions that the Remaining Party 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 8(e) or any obligations under
Section 2 (regarding Extraordinary Events) or 8(d) of this Confirmation;

     (B) Any Transfer Options shall only be transferred or assigned to a third party that
is a U.S. 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 transferee (including, but not limited to, undertakings with respect
to compliance with applicable securities laws in a manner that, in the reasonable judgment
of the Remaining Party, will not expose the Remaining Party 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 transferee and the
transferor as are requested and reasonably satisfactory to the Remaining Party;

     (D) The Remaining Party 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 the Remaining Party would have been required to
pay to the transferor in the absence of such transfer and assignment;

     (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), the transferor shall have caused
the transferee to make such Payee Tax Representations and to provide such tax
documentation as may be reasonably requested by the Remaining Party to permit the
Remaining Party to determine that results described in clauses (D) and (E) will not occur
upon or after such transfer and assignment; and

     (G) The transferor shall be responsible for all reasonable costs and expenses,
including reasonable counsel fees, incurred by the Remaining Party in connection with such
transfer or assignment.

     (g) Staggered Settlement. Dealer may, by notice to Counterparty prior to any Settlement Date
(a “Nominal Settlement Date”), if the delivery of Shares owed by Dealer on such Nominal Settlement
Date would otherwise have resulted in an Excess Ownership Position, elect to deliver the Shares on
one or more dates (each, a “Staggered Settlement Date”) or at two or more times on the Nominal
Settlement Date as follows:

     (i) in such notice, Dealer will specify to Counterparty the related Staggered
Settlement Dates (each of which will be on or prior to such Nominal Settlement Date, but
not prior to the earlier of the relevant Conversion Date and the first day of the relevant
Cash Settlement Averaging Period) or delivery times and how it will allocate the Shares it
is required to deliver under “Delivery Obligation” (above) among the Staggered Settlement
Dates or delivery times; and

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

     (h) 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.

     (i) No Netting and Set-off. The provisions of Section 2(c) of the Agreement shall not apply
to the Transaction. Each party waives any and all rights it may have to set-off delivery or
payment obligations it owes to the other party under the Transaction against any delivery or
payment obligations

20 

 

owed to it by the other party, whether arising under the Agreement, under any
other agreement between parties hereto, by operation of law or otherwise.

     (j) Equity Rights. Dealer acknowledges and agrees that this Confirmation is not intended to
convey to it rights with respect to the Transaction that are senior to the claims of common
stockholders in the event of Counterparty’s bankruptcy. For the avoidance of doubt, the parties
agree that the preceding sentence shall not apply at any time other than during Counterparty’s
bankruptcy to any claim arising as a result of a breach by Counterparty of any of its obligations
under this Confirmation or the Agreement. For the avoidance of doubt, the parties acknowledge that
the obligations of Counterparty under this Confirmation are not secured by any collateral that
would otherwise secure the obligations of Counterparty herein under or pursuant to any other
agreement. For the avoidance of doubt, nothing in this Confirmation shall be interpreted as
requiring the Counterparty to deliver cash in respect of the settlement of the Transaction, except
in circumstances where the required cash settlement thereof is permitted for classification of the
contract as equity by ASC 815-40 (formerly EITF 00-19) as in effect on the relevant Trade Date.

     (k) Adjustments. Dealer acknowledges and agrees that any adjustment by the Calculation Agent
to the terms of the Transaction on or after the Trade Date that affects the Delivery Obligation
would be an adjustment that is based on factors that would serve as an input to or theoretical
modeling assumptions for the fair value of a fixed-for-fixed option on equity shares. These
factors may include Counterparty’s stock price and additional variables, including the strike price
of the instrument, term of the instrument, expected dividends or other dilutive activities, stock
borrow cost, interest rates, stock price volatility, Counterparty’s credit spread or the ability to
maintain a standard hedge position in the underlying shares.

     (l) Early Unwind. In the event the sale by Counterparty of the Convertible Securities is not
consummated pursuant to the Underwriting Agreement for any reason by the close of business in New
York on August 9, 2010 (or such later date as agreed upon by the parties, which in no event shall
be later than August 16, 2010)(August 9, 2010 or such later date being the “Early Unwind Date”),
the Transaction shall automatically terminate (the “Early Unwind”) on the Early Unwind Date and the
Transaction and all of the respective rights and obligations of Dealer and Counterparty hereunder
shall be cancelled and terminated and Counterparty shall pay to Dealer, other than in cases
involving a breach of the Underwriting Agreement by the underwriters, an amount in cash equal to
the aggregate amount of costs and expenses relating to the unwinding of Dealer’s hedging activities
in respect of the Transaction (including market losses incurred in reselling any Shares purchased
by Dealer or its affiliates in connection with such hedging activities, unless Counterparty agrees
to purchase any such Shares at the cost at which Dealer purchased such Shares) or, at the election
of Counterparty, deliver to Dealer Shares with a value equal to such amount, as determined by the
Calculation Agent, in which event the parties shall enter into customary and commercially
reasonable documentation relating to the registered or exempt resale of such Shares. Following
such termination, cancellation and payment or delivery, 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 either party arising out of, and to be performed in connection
with, the Transaction either prior to or after the Early Unwind Date. Dealer and Counterparty
represent and acknowledge to the other that upon an Early Unwind and following the payment referred
to above, all obligations with respect to the Transaction shall be deemed fully and finally
discharged.

     (m) Governing Law. THE AGREEMENT, THIS CONFIRMATION AND ALL MATTERS ARISING IN CONNECTION
WITH THE AGREEMENT AND THIS CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CHOICE OF LAW
DOCTRINE, OTHER THAN TITLE 14 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

     (n) Amendment. This Confirmation and the Agreement may not be modified, amended or
supplemented, except in a written instrument signed by Counterparty and Dealer.

     (o) Counterparts. This Confirmation may be executed in several counterparts, each of which
shall be deemed an original but all of which together shall constitute one and the same instrument.

21 

 

     9. 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 by,
among other things, the mutual waivers and certifications provided herein.

     10. Submission to Jurisdiction. Section 13(b) of the Agreement is deleted in its
entirety and replaced by the following:

“Each party hereby irrevocably and unconditionally submits for itself and its property
in any suit, legal action or proceeding relating to the Agreement and/or the Transaction,
or for recognition and enforcement of any judgment in respect thereof, (each,
“Proceedings”) to the exclusive jurisdiction of the Supreme Court of the State of New York,
sitting in New York County, the courts of the United States of America for the Southern
District of New York and appellate courts from any thereof. Nothing in this Confirmation
or the Agreement precludes either party from bringing Proceedings in any other jurisdiction
if (A) the courts of the State of New York or the United States of America for the Southern
District of New York lack jurisdiction over the parties or the subject matter of the
Proceedings or decline to accept the Proceedings on the grounds of lacking such
jurisdiction; (B) the Proceedings are commenced by a party for the purpose of enforcing
against the other party’s property, assets or estate any decision or judgment rendered by
any court in which Proceedings may be brought as provided hereunder; (C) the Proceedings
are commenced to appeal any such court’s decision or judgment to any higher court with
competent appellate jurisdiction over that court’s decisions or judgments if that higher
court is located outside the State of New York or Borough of Manhattan, such as a federal
court of appeals or the U.S. Supreme Court; or (D) any suit, action or proceeding has been
commenced in another jurisdiction by or against the other party or against its property,
assets or estate and, in order to exercise or protect its rights, interests or remedies
under the Agreement or this Confirmation, the party (1) joins, files a claim, or takes any
other action, in any such suit, action or proceeding, or (2) otherwise commences any
Proceeding in that other jurisdiction as the result of that other suit, action or
proceeding having commenced in that other jurisdiction.”

     11. Designation by Dealer. 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 to or from Counterparty, Dealer may designate any of its affiliates to purchase,
sell, receive or deliver such shares or other securities and otherwise to perform Dealer
obligations in respect of the Transaction and any such designee may assume such obligations.
Dealer shall be discharged of its obligations to Counterparty to the extent of any such
performance.

22 

 

     Counterparty hereby agrees (a) to check this Confirmation carefully and immediately
upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to
confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of
the agreement between Dealer and Counterparty with respect to the Transaction, by manually signing
this Confirmation or this page hereof as evidence of agreement to such terms and providing the
other information requested herein and immediately returning an executed copy to John Servidio,
Facsimile No. 704-208-2869.

	 	 	 	 	 
	 	Yours faithfully,

BANK OF AMERICA, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Agreed and Accepted By:

TELEFLEX INCORPORATED

	 	 	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:exv10w2

Exhibit
10.2

	 	 	 

	To:

	 	Teleflex Incorporated
	 

	 	155 South Limerick Road
	 

	 	Limerick, PA 19468
	 
	 	 
	From:

	 	JPMorgan Chase Bank, National Association
	 

	 	P.O. Box 161
	 

	 	60 Victoria Embankment
	 

	 	London EC4Y 0JP
	 

	 	England
	 
	 	 
	Re:

	 	Convertible Bond Hedge Transaction
	 
	 	 
	Date:

	 	August 3, 2010

Dear Sir(s):

     The purpose of this communication (this “Confirmation”) is to set forth the terms and
conditions of the above-referenced transaction entered into on the Trade Date specified below (the
“Transaction”) between JPMorgan Chase Bank, National Association, London Branch (“Dealer”) and
Teleflex Incorporated (“Counterparty”). This communication constitutes a “Confirmation” as
referred to in the ISDA Master Agreement specified below.

     1. This Confirmation is subject to, and incorporates, the definitions and provisions of the
2006 ISDA Definitions (the “2006 Definitions”) and the definitions and provisions of the 2002 ISDA
Equity Derivatives Definitions (the “Equity Definitions”, and together with the 2006 Definitions,
the “Definitions”), in each case as published by the International Swaps and Derivatives
Association, Inc. (“ISDA”). In the event of any inconsistency between the 2006 Definitions and the
Equity Definitions, the Equity Definitions will govern. Certain defined terms used herein have the
meanings assigned to them in the Base Indenture to be dated as of August 2, 2010 among
Counterparty, guarantor subsidiaries party thereto and Wells Fargo Bank, N.A., as trustee (the
“Base Indenture”), as amended and supplemented by a Supplemental Indenture to be dated as of August
9, 2010 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”),
relating to the USD 350,000,000 principal amount of 3.875% Convertible Senior Subordinated Notes
due 2017 (the “Convertible Securities”). In the event of any inconsistency between the terms
defined in the Indenture and this Confirmation, this Confirmation shall govern. For the avoidance
of doubt, references herein to sections of the Supplemental Indenture and to the definitions in the
Indenture are based on the draft of the Indenture most recently reviewed by the parties at the time
of execution of this Confirmation. If any relevant sections of the Supplemental Indenture or to
the definitions in the Indenture are changed, added or renumbered between the execution of this
Confirmation and the execution of the Indenture, the parties will amend this Confirmation in good
faith to preserve the economic intent of the parties, as evidenced by such draft of the Indenture.
The parties further acknowledge that references to the Indenture herein are references to the
Indenture as in effect on the date of its execution and if the Indenture is amended, modified or
supplemented following its execution, any such amendment, modification or supplement will be
disregarded for purposes of this Confirmation (other than Section 8(b)(i)(y) below) unless the
parties agree otherwise in writing. The Transaction is subject to early unwind if the closing of
the Convertible Securities is not consummated for any reason, as set forth below in Section 8(k).

     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

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

 

 

reliance upon the parties’ entry into the Transaction to which this Confirmation relates on
the terms and conditions set forth below.

     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 be
subject to an agreement (the “Agreement”) in the form of the 2002 ISDA Master Agreement, as
published by ISDA, as if Dealer and Counterparty had executed an agreement in such form on the date
hereof (but without any Schedule except for (i) the election of US Dollars (“USD”) as the
Termination Currency and (ii) the election that the “Cross Default” provisions of Section 5(a)(vi)
of the Agreement shall apply to both parties, provided that (a) the phrase “or becoming capable at
such time of being declared” shall be deleted from clause (1) of such Section 5(a)(vi); (b) the
following language shall be added to the end thereof: “Notwithstanding the foregoing, a default
under subsection (2) hereof shall not constitute an Event of Default if (i) the default was caused
solely by error or omission of an administrative or operational nature; (ii) funds were available
to enable the party to make the payment when due; and (iii) the payment is made within two Local
Business Days of such party’s receipt of written notice of its failure to pay.”; (c) “Specified
Indebtedness” will have the meaning specified in Section 14 of the Agreement, except that such term
shall not include obligations in respect of deposits received in the ordinary course of a party’s
banking business; and (d) “Threshold Amount” means in relation to Dealer, two percent (2%) of
shareholders’ equity of JPMorgan Chase & Co. (the “Dealer Parent”) and in relation to Counterparty,
USD 50 million.

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

     The Transaction hereunder shall be the sole Transaction under the Agreement. If there exists
any ISDA Master Agreement between Dealer and Counterparty or any confirmation or other agreement
between Dealer and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist
between Dealer and Counterparty, then notwithstanding anything to the contrary in such ISDA Master
Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty
are parties, the Transaction shall not be considered a Transaction under, or otherwise governed by,
such existing or deemed ISDA Master Agreement.

     2. The Transaction constitutes 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:
	 	August 3, 2010
	 
	 	 	 	 
	 

	 	Effective Date:
	 	The closing date of the initial issuance of the Convertible Securities.
	 
	 	 	 	 
	 

	 	Option Style:
	 	Modified American, as described under “Procedures for Exercise” below.
	 
	 	 	 	 
	 

	 	Option Type:
	 	Call
	 
	 	 	 	 
	 

	 	Seller:
	 	Dealer
	 
	 	 	 	 
	 

	 	Buyer:
	 	Counterparty
	 
	 	 	 	 
	 

	 	Shares:
	 	The common stock of Counterparty, par value USD 1.00 (Ticker Symbol: “TFX”).
	 
	 	 	 	 
	 

	 	Number of Options:
	 	The number of Convertible Securities in denominations of USD 1,000
principal amount issued by Counterparty on the closing date for the initial
issuance of the Convertible Securities; provided
that, the Number of Options shall be
automatically

2

 

	 	 	 	 	 

	 

	 	 	 	increased as of the date of
exercise by the “Underwriters” (as defined in the
Underwriting Agreement), of their option pursuant
to Section 2 of the Underwriting Agreement
between Counterparty and Goldman, Sachs & Co.,
Jefferies & Company, Inc., Morgan Stanley & Co.
Incorporated, Merrill, Lynch, Pierce, Fenner &
Smith Incorporated and J.P. Morgan Securities
Inc., as representatives of the Underwriters (the
“Underwriting Agreement”), by the number of
Convertible Securities in denominations of USD
1,000 principal amount issued pursuant to such
exercise (such Convertible Securities, the
“Additional Convertible Securities”). For the
avoidance of doubt, the Number of Options
outstanding shall be reduced by each exercise of
Options hereunder.
	 
	 	 	 	 
	 

	 	Option Entitlement:
	 	As of any date, a number of Shares per Option equal to the “Conversion
Rate” (as defined in the Indenture, but without regard to any adjustments to the
Conversion Rate pursuant to a Fundamental Change Adjustment or a Discretionary
Adjustment).
	 
	 	 	 	 
	 

	 	Applicable Percentage
	 	[ ]%
	 
	 	 	 	 
	 

	 	Fundamental Change Adjustment:
	 	Any adjustment to the Conversion Rate pursuant to Section
4.06 of the Supplemental Indenture.
	 
	 	 	 	 
	 

	 	Discretionary Adjustment:
	 	Any adjustment to the Conversion Rate pursuant to Section 4.04(f)
or (g) of the Supplemental Indenture.
	 
	 	 	 	 
	 

	 	Strike Price:
	 	As of any date, an amount in USD, rounded to the nearest cent (with 0.5 cents
being rounded upwards), equal to USD 1,000 divided by the Option Entitlement as of
such date.
	 
	 	 	 	 
	 

	 	Number of Shares:
	 	The product of (i) the Number of Options, (ii) the Option Entitlement and
(iii) the Applicable Percentage.
	 
	 	 	 	 
	 

	 	Premium:
	 	USD [ ] (Premium per Option USD [ ]); provided that, if the Number of Options is
increased pursuant to the proviso to the definition of “Number of Options” above, an
additional Premium equal to the product of the number of Options by which the Number
of Options is so increased and the Premium per Option shall be paid on the Additional
Premium Payment Date.
	 
	 	 	 	 
	 

	 	Premium Payment Date:
	 	The Effective Date
	 
	 	 	 	 
	 

	 	Additional Premium Payment Date:
	 	The closing date for the purchase and sale of the
Additional Convertible Securities.
	 
	 	 	 	 
	 

	 	Exchange:
	 	New York Stock Exchange
	 
	 	 	 	 
	 

	 	Related Exchange:
	 	All Exchanges
	 
	 	 	 	 
	Procedures for Exercise:	 	 
	 
	 	 	 	 
	 

	 	Exercise Dates:
	 	Each Conversion Date
	 
	 	 	 	 
	 

	 	Conversion Date:
	 	Each “Conversion Date” (as defined in the Indenture)

3

 

	 	 	 	 	 

	 

	 	 	 	occurring during the
Exercise Period for Convertible Securities, each in denominations of USD 1,000
principal amount (such Convertible Securities, the “Relevant Convertible Securities”
for such Conversion Date).
	 
	 	 	 	 
	 

	 	Exercise Period:
	 	The period from and excluding the Effective Date to and including the
Expiration Date.
	 
	 	 	 	 
	 

	 	Expiration Date:
	 	The earlier of (i) the last day on which any Convertible Securities remain
outstanding and (ii) the second “Scheduled Trading Day” (as defined in the Indenture)
immediately preceding the “Stated Maturity” (as defined in the Indenture).
	 
	 	 	 	 
	 

	 	Automatic Exercise on Conversion Dates:
	 	Applicable; and means that on each Conversion Date, a number of Options
equal to the number of Relevant Convertible Securities for such Conversion Date in
denominations of USD 1,000 principal amount shall be automatically exercised, subject
to “Notice of Exercise” below.
	 
	 	 	 	 
	 

	 	Notice Deadline:
	 	In respect of any exercise of Options hereunder on any Conversion Date,
4:00 P.M., New York City time, on the Scheduled Trading Day immediately preceding the
first Scheduled Trading Day of the relevant “Cash Settlement Averaging Period” (as
defined in the Indenture)(or if Counterparty has elected “Physical Settlement” (as
defined in the Indenture), the second Scheduled Trading Day immediately following the
Conversion Date); provided that, in the case of any exercise of Options hereunder in
connection with the conversion of any Relevant Convertible Securities for any
Conversion Date occurring during the period from and including May 1, 2017 (or if
Counterparty has elected Physical Settlement or “Combination Settlement” (as defined
in the Indenture) with the “Specified Dollar Amount” (as defined in the Indenture) of
less than USD 1,000 and such election is effective on the 165th Scheduled
Trading Day prior to the Stated Maturity, which is December 2, 2016, then from and
including such date) to and including the Expiration Date (such period, the “Final
Conversion Period”), the Notice Deadline shall be 4:00 P.M., New York City time, on
the Scheduled Trading Day immediately preceding the Stated Maturity.
	 
	 	 	 	 
	 

	 	Notice of Exercise:
	 	Notwithstanding anything to the contrary in the Equity Definitions,
subject to the provisos below, Dealer shall have no obligation to make any payment or
delivery in respect of any exercise of Options hereunder and such obligation in
respect of such
exercise shall be permanently extinguished unless
Counterparty notifies Dealer in writing prior to
the Notice Deadline in respect of such exercise,
of (i) the number of Relevant Convertible
Securities being

4

 

	 	 	 	 	 

	 

	 	 	 	converted on the related
Conversion Date, (ii) the scheduled settlement
date under the Indenture for the Relevant
Convertible Securities for such Conversion Date,
(iii) whether Physical Settlement, “Cash
Settlement” (as defined in the Indenture) or
Combination Settlement will apply to the Relevant
Convertible Securities and, if Combination
Settlement applies, the Specified Dollar Amount
and (iv) the first Scheduled Trading Day of the
relevant Cash Settlement Averaging Period;
provided that:
	 
	 	 	 	 
	 

	 	 	 	(i) in the case of any exercise of Options in
connection with the conversion of any Relevant
Convertible Securities for any Conversion Date
occurring during the Final Conversion Period,
such notice shall include only (x) the number of
Relevant Convertible Securities being converted
during the Final Conversion Period and (y) the
scheduled settlement date under the Indenture for
such Relevant Convertible Securities; and
	 
	 	 	 	 
	 

	 	 	 	(ii) notwithstanding the foregoing, other than
during the Final Conversion Period, such notice
(and the related automatic exercise of such
Options) shall be effective if given after the
relevant Notice Deadline but prior to 4:00 P.M.
(New York City time) on the fifth Scheduled
Trading Day of such Cash Settlement Averaging
Period, in which case the Calculation Agent shall
have the right to adjust the combination
settlement amount, as appropriate to reflect the
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 its not having received such notice prior to
the Notice Deadline.
	 
	 	 	 	 
	 

	 	 	 	Counterparty acknowledges its responsibilities
under applicable securities laws, and in
particular Section 9 and Section 10(b) of the
Exchange Act (as defined below) and the rules and
regulations thereunder, in respect of any
election of a settlement method with respect to
the Convertible Securities.
	 
	 	 	 	 
	 

	 	 	 	For the avoidance of doubt, subject to proviso
(ii) above, if Counterparty fails to give such
notice when due in respect of any exercise of
Options hereunder, Dealer’s obligation to make
any payment or delivery in respect of such
exercise shall be permanently extinguished, and
late notice shall not cure such failure.
	 
	 	 	 	 
	 

	 	Notice of Final Convertible Security
Settlement Method:
	 	Counterparty shall notify Dealer in writing of the final settlement
method elected (and, if applicable, the Specified Dollar Amount) before 4:00 P.M. (New
York City time) on the earlier to occur of (x) the date

5

 

	 	 	 	 	 

	 

	 	 	 	on which it makes the
irrevocable election in accordance with Section 4.03(a)(1) of the Supplemental
Indenture and (y) the 165th Scheduled Trading Day prior to the Stated Maturity. The
so-elected settlement method and, if applicable, the related Specified Dollar Amount
shall be applicable to Relevant Convertible Securities with a Conversion Date
occurring during the Final Conversion Period.
	 
	 	 	 	 
	 

	 	Dealer’s Telephone Number
and Telex and/or Facsimile Number
and Contact Details for purpose of
Giving Notice:
	 	As specified in Section 6(b) below.
	 
	 	 	 	 
	Settlement Terms:	 	 
	 
	 	 	 	 
	 

	 	Settlement Date:
	 	For any Exercise Date, the settlement date for the cash (if any) and/or
Shares (if any) to be delivered in respect of the Relevant Convertible Securities for
the relevant Conversion Date under the terms of the Indenture; provided that, the
Settlement Date shall not be prior to the latest of (i) the date one Settlement Cycle
following the final day of the relevant Cash Settlement Averaging Period (and, for the
avoidance of doubt, “Cash Averaging Period” with respect to Physical Settlement means
the Cash Settlement Averaging Period as described under Delivery Obligation Settlement
Method) or (ii) the Exchange Business Day immediately following the date on which
Counterparty gives notice to Dealer of such Settlement Date prior to 12:00 P.M., New
York City time.
	 
	 	 	 	 
	 

	 	Delivery Obligation Settlement Method:
	 	Notwithstanding the settlement method actually
elected by Counterparty to satisfy its conversion obligation in respect of the
Relevant Convertible Securities, for purposes of calculating the Delivery Obligation
only, Counterparty shall be deemed to have elected Combination Settlement in
accordance with Section 4.03(a)(1) of the Supplemental Indenture, provided that, if
Counterparty provides a Notice of Exercise or a Notice of Final Convertible Security
Settlement Method, as the case may be, specifying:
	 
	 	 	 	 
	 

	 	 	 	(i) Cash Settlement, the “Daily Specified Dollar
Amount” (as defined in the Indenture) will be
deemed to equal the actual “Daily Conversion
Value” (as defined in the Indenture);
	 
	 	 	 	 
	 

	 	 	 	(ii) Combination Settlement and a Specified
Dollar Amount greater than or equal to USD
1,000, then such Specified Dollar Amount will
apply;
	 
	 	 	 	 
	 

	 	 	 	(iii) Physical Settlement or Combination
Settlement and with the Specified Dollar Amount
less than USD 1,000, then the Delivery Obligation
will be calculated

6

 

	 	 	 	 	 

	 

	 	 	 	as if (x) the Specified Dollar
Amount was USD 1,000 per Relevant Convertible
Security and (y) the relevant Cash Settlement
Averaging Period referenced in Section
4.03(a)(2)(c) of the Supplemental Indenture
consisted of 160 Trading Days commencing on (I)
the third Scheduled Trading Day after the
Conversion Date for conversions occurring prior
to the Final Conversion Period or (II) the 162nd
Scheduled Trading Day prior to the Stated
Maturity for conversions occurring during the
Final Conversion Period.
	 
	 	 	 	 
	 

	 	Delivery Obligation:
	 	In lieu of the obligations set forth in Sections 8.1 and 9.1 of the
Equity Definitions, and subject to “Notice of Exercise” above, in respect of an
Exercise Date, Dealer will deliver to Counterparty on the related Settlement Date
(subject to Delivery Obligation Settlement Method above, the “Delivery Obligation”):
	 
	 	 	 	 
	 

	 	 	 	(i) a number of Shares equal to the product of
(x) the number of the Relevant Convertible
Securities, (y) the Applicable Percentage and (z)
the sum of “Daily Deliverable Shares” (as defined
in the Indenture), if any, for all Trading Days
during the relevant Cash Settlement Averaging
Period that Counterparty would have been
obligated to deliver to holder(s) of the Relevant
Convertible Securities for such Conversion Date
in respect of each Relevant Convertible Security
pursuant to Section 4.03(a)(2)(c) of the
Supplemental Indenture (except that such number
of Daily Deliverable Shares shall be determined
without taking into consideration any rounding
pursuant to Section 4.04(i) of the Supplemental
Indenture and such product shall be rounded down
to the nearest whole number) and cash in lieu of
fractional shares, if any, resulting from such
rounding; and/or
	 
	 	 	 	 
	 

	 	 	 	(ii) cash equal to the product of (x) the number
of the Relevant Convertible Securities, (y) the
Applicable Percentage and (z) the sum for all
Trading Days during the relevant Cash Settlement
Averaging Period of the excess, if any on any
such Trading Day, of (A) the “Daily Principal
Portion” (as defined in the Indenture) that
Counterparty would be obligated to deliver to
holder(s) of the Relevant Convertible Securities
for such Conversion Date in respect of each
Relevant Convertible Security pursuant to Section
4.03(a)(2)(c) of the Supplemental Indenture over
(B) the quotient of (1) USD 1,000 divided by (2)
the number of Trading Days during the relevant
Cash Settlement Averaging Period;
	 
	 	 	 	 
	 

	 	 	 	provided that, the Delivery Obligation shall be
determined excluding any Shares and/or cash that
Counterparty is obligated to deliver to holder(s)
of the Relevant Convertible Securities as a
direct or

7

 

	 	 	 	 	 

	 

	 	 	 	indirect result of any adjustments to
the Conversion Rate pursuant to a Fundamental
Change Adjustment or a Discretionary Adjustment
and any interest payment that Counterparty is (or
would have been) obligated to deliver to
holder(s) of the Relevant Convertible Securities
for such Conversion Date; and
	 
	 	 	 	 
	 

	 	 	 	provided further that, if such exercise relates
to the conversion of Relevant Convertible
Securities in connection with which holders
thereof are entitled to receive additional Shares
and/or cash pursuant to a Fundamental Change
Adjustment, then, notwithstanding the foregoing
proviso, the Delivery Obligation shall include
such additional Shares and/or cash otherwise
excluded pursuant to such proviso, except that
the Delivery Obligation shall be capped so that
the value of the Delivery Obligation (with the
value of any Shares included in the Delivery
Obligation determined by the Calculation Agent
using the open trading price on the last day of
the relevant Cash Settlement Averaging Period)
does not exceed the amount as determined by the
Calculation Agent that would be payable by Dealer
pursuant to Section 6 of the Agreement if such
Conversion Date were an Early Termination Date
resulting from an Additional Termination Event
with respect to which the Transaction was the
sole Affected Transaction and Counterparty was
the sole Affected Party (determined without
regard to Section 8(c) of this Confirmation)
(except that, for purposes of determining such
amount (x) the Number of Options shall be deemed
to be equal to the number of Options exercised on
such Exercise Date and (y) such amount payable
will be determined as if the Fundamental Change
Adjustment provisions were deleted from the
Indenture). The Calculation Agent shall use its
commercially reasonable efforts to apply such cap
to the Delivery Obligation in a manner that
preserves, as reasonably practicable, the
relative proportions of cash and Shares
comprising the Delivery Obligation prior to the
application of such cap. In addition to the cap
described above, in all events the Delivery
Obligation in respect of each Relevant
Convertible Security shall be capped at (x) the
value of the cash and/or Shares deliverable to a
holder of a Relevant Convertible Security under
the Indenture (determined using the settlement
method applicable to such Relevant Convertible
Security under the Indenture and using the open
trading price per Share on the Exchange on the
relevant Settlement Date) (such cash and/or
Shares, the “Convertible Obligation”) minus (y)
USD 1,000. For the avoidance of doubt, if the
Daily Conversion Value
for any of the “Trading Days” (as defined in the
Indenture) occurring in the relevant Cash
Settlement Averaging Period is less than or equal
to the quotient

8

 

	 	 	 	 	 

	 

	 	 	 	of (1) USD 1,000 divided by (2)
the number of Trading Days during the relevant
Cash Settlement Averaging Period per Convertible
Security (in denominations of USD 1,000), Dealer
will have no delivery obligation hereunder in
respect of the related Exercise Date and such
Trading Day.
	 
	 	 	 	 
	 

	 	Notice of Convertible Obligation:
	 	No later than the Exchange Business Day immediately
following the last day of the relevant Cash Settlement Averaging Period, Counterparty
shall give Dealer notice of the final number of Shares and/or amount of cash
comprising the relevant Convertible Obligation; provided that, with respect to any
Exercise Date occurring during the Final Conversion Period, Counterparty may provide
Dealer with a single notice of the aggregate number of Shares and/or amount of cash
comprising the Convertible Obligations for all Exercise Dates occurring during such
period (it being understood, for the avoidance of doubt, that the requirement of
Counterparty to deliver such notice shall not limit Counterparty’s obligations with
respect to Notice of Exercise or Notice of Final Convertible Security Settlement
Method, as set forth above, in any way).
	 
	 	 	 	 
	 

	 	Other Applicable Provisions:
	 	To the extent Dealer is obligated to deliver Shares
hereunder, the provisions of Sections 9.1(c), 9.8, 9.9, 9.10, 9.11 and 9.12 of the
Equity Definitions will be applicable as if “Physical Settlement” applied to the
Transaction; provided that, the Representation and Agreement contained in Section 9.11
of the Equity Definitions shall be modified by excluding any representations therein
relating to restrictions, obligations, limitations or requirements under applicable
securities laws that exist solely as a result of the fact that Counterparty is the
issuer of the Shares.
	 
	 	 	 	 
	 

	 	Restricted Certificated Shares:
	 	Notwithstanding anything to the contrary in the Equity
Definitions, Dealer may, in whole or in part, deliver Shares required to be delivered
to Counterparty hereunder in certificated form in lieu of delivery through the
Clearance System. With respect to such certificated Shares, the Representation and
Agreement contained in Section 9.11 of the Equity Definitions shall be modified by
deleting the remainder of the provision after the word “encumbrance” in the fourth
line thereof.
	Adjustments:	 	 
	 

	 	Method of Adjustment:
	 	Notwithstanding Section 11.2(c) of the Equity Definitions, upon the
occurrence of any event or condition set forth in Section 4.04 of the Supplemental
Indenture, the Calculation Agent shall
make a corresponding adjustment to the terms
relevant to the exercise, settlement or payment
of the Transaction. Promptly upon the occurrence
of any

9

 

	 	 	 	 	 

	 

	 	 	 	“Adjustment Event” (as defined in the
Indenture), Counterparty shall notify the
Calculation Agent of such Adjustment Event and,
once the adjustments to be made to the terms of
the Indenture and the Convertible Securities in
respect of such Adjustment Event have been
determined, Counterparty shall promptly notify
the Calculation Agent in writing of the details
of such adjustments; provided that,
notwithstanding the foregoing, if any Adjustment
Event occurs during the Cash Settlement Averaging
Period with respect to a Physical Settlement or
Combination Settlement with a Specified Dollar
Amount of less than USD 1,000, but no adjustment
was made to any Convertible Note under the
Indenture because the relevant “Holder” (as
defined in the Indenture) was a record owner of
the underlying Shares on the related Conversion
Date, then the Calculation Agent shall make an
adjustment, as reasonably determined by it, to
the terms hereof in order to account for such
Adjustment Event to preserve the fair value of
the Transaction to the parties.
	 
	 	 	 	 
	 

	 	Dividends:
	 	If at any time during the period from and including the Trade Date, to but
excluding the Expiration Date, (i) an ex-dividend date for a regular quarterly cash
dividend occurs with respect to the Shares (an “Ex-Dividend Date”), and that dividend
is less than the Regular Dividend on a per Share basis or (ii) if no Ex-Dividend Date
for a regular quarterly cash dividend occurs with respect to the Shares in any
quarterly dividend period of Counterparty, then the Calculation Agent will make a
corresponding adjustment to any one or more of the Strike Price, Number of Options,
Option Entitlement and/or any other variable relevant to the exercise, settlement,
payment or other terms of the Transaction to preserve the fair value of the Options to
Dealer after taking into account such dividend or lack thereof. “Regular Dividend”
shall mean USD 0.34 per Share per quarter.
	 
	 	 	 	 
	Extraordinary Events:	 	 
	 
	 	 	 	 
	 

	 	Merger Events:
	 	Notwithstanding Section 12.1(b) of the Equity Definitions, a “Merger Event”
means the occurrence of any event or condition set forth in Section 4.07(a) of the
Supplemental Indenture.
	 
	 	 	 	 
	 

	 	Consequences of Merger Events:
	 	Notwithstanding Section 12.2 of the Equity Definitions, upon
the occurrence of a Merger Event, the Calculation Agent shall make a corresponding
adjustment to the terms relevant to the exercise, settlement or payment of the
Transaction; provided that, such adjustment shall be made without regard to
any adjustment to the Conversion Rate pursuant to
a Fundamental Change Adjustment or a
Discretionary Adjustment; provided further that,
the Calculation

10

 

	 	 	 	 	 

	 

	 	 	 	Agent shall make any such
adjustment referenced in this paragraph to
preserve the fair value of the Transaction to the
parties immediately prior to the Announcement
Date of such Merger Event and shall make any
additional adjustments as of the closing date of
such Merger Event or the date on which the
Calculation Agent reasonably determines that such
Merger Event will not occur; and provided further
that if, with respect to a Merger Event, the
consideration that holders of Shares receive for
the Shares includes shares of an entity or person
not organized under the laws of the United
States, any state thereof or the District of
Columbia (such shares, the “Non-US
Consideration”), the Calculation Agent may make
adjustments to the Transaction, or request that
Counterparty make Dealer whole, for any
additional costs incurred by Dealer resulting
from (i) any non-U.S. withholding tax with
respect to such Non-US Consideration, (ii) any
Tax as a result of the Merger Event and/or (iii)
changes to the Hedge Positions maintained by
Dealer in connection with such Non-US
Consideration.
	 
	 	 	 	 
	 

	 	Notice of Merger Consideration and
Consequences:
	 	Upon the occurrence of a Merger Event that causes the Shares to be converted
into the right to receive more than a single type of consideration (determined based
in part upon any form of stockholder election), Counterparty shall reasonably promptly
(but in any event prior to the relevant Merger Date) notify the Calculation Agent of
(i) the type and amount of consideration that a holder of Shares would have been
entitled to in the case of reclassifications, consolidations, mergers, sales or
transfers of assets or other transactions that cause Shares to be converted into the
right to receive more than a single type of consideration, (ii) if holders of a
majority of Shares affirmatively make such an election, the weighted average of the
types and amounts of consideration to be received by the holders of Shares that
affirmatively make such an election (or if holders of less than a majority of Shares
affirmatively make such an election, the types and amount of consideration actually
received by such holders), and (iii) the details of the adjustment to be made under
the Indenture in respect of such Merger Event.
	 
	 	 	 	 
	 

	 	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

11

 

	 	 	 	 	 

	 

	 	 	 	Shares are immediately re-listed, re-traded or
re-quoted on any such exchange or quotation
system, such exchange or quotation system shall
thereafter be deemed to be the Exchange.
	 
	 	 	 	 
	Additional Disruption Events:	 	 
	 
	 	 	 	 
	 

	 	(a) Change in Law:
	 	Applicable; provided that, Section 12.9(a)(ii) shall
be amended by inserting, at the end thereof, the words “, after using commercially
reasonable efforts to avoid such increased cost”.
	 
	 	 	 	 
	 

	 	(b) Failure to Deliver:
	 	Applicable
	 
	 	 	 	 
	 

	 	(c) Insolvency Filing:
	 	Applicable
	 
	 	 	 	 
	 

	 	(d) Hedging Disruption:
	 	Applicable; provided that, Section 12.9(a)(v) of
the Equity Definitions is hereby modified 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.”
	 

	 	(e) Increased Cost of Hedging:
	 	Applicable; provided that, Section
12.9(a)(vi) shall be amended by inserting, in the first line thereof after the
word “incur”, the words “, after using commercially reasonable efforts to avoid
any increased costs contemplated hereunder”.
	 
	 	 	 	 
	Hedging Party:	 	Dealer
	 
	 	 	 	 
	Determining Party:	 	Dealer; provided that, upon receipt of written request from
Counterparty, Determining Party shall promptly (but in no event later than within
seven Scheduled Trading Days from the receipt of such request) provide Counterparty
with a written explanation describing in reasonable detail any determination made by
it (including any quotations, market data or information from internal sources used in
making such calculations, but without disclosing Dealer’s proprietary models).
	 
	 	 	 	 
	Non-Reliance:	 	Applicable
	 
	 	 	 	 
	Agreements and
Acknowledgments

Regarding Hedging Activities:	 	Applicable
	 
	 	 	 	 
	Additional Acknowledgments:	 	Applicable

12

 

	 	 	 

	3. Calculation Agent:

	 	Dealer; provided that, upon receipt of written
request from Counterparty, Calculation Agent shall promptly (but in no event later
than within seven Scheduled Trading Days from the receipt of such request) provide
Counterparty with a written explanation describing in reasonable detail any
calculation, adjustment or determination made by it (including any quotations, market
data or information from internal sources used in making such calculations, but
without disclosing Dealer’s proprietary models).
	4. Account Details:
	 	 

     Dealer Payment Instructions:

[ ]

ABA No.:[ ]

Acct.: [ ]

Acct. No.:[ ]

SWIFT: [ ]

     Counterparty Payment Instructions:

To be provided by Counterparty.

5. Offices:

     The Office of Dealer for the Transaction is: London

JPMorgan Chase Bank, National Association

London Branch

P.O. Box 161

60 Victoria Embankment

London EC4Y 0JP

England

     The Office of Counterparty for the Transaction is:

155 South Limerick Road, Limerick, Pennsylvania 19468

	6.	 	Notices: For purposes of this Confirmation:

	(a)	 	Address for notices or communications to Counterparty:

To: Teleflex Incorporated

Attn: Richard A. Meier

155 South Limerick Road

Limerick, Pennsylvania 19468

Telephone: (610) 948-5100

Facsimile: (610) 948-5101

	(b)	 	Address for notices or communications to Dealer:

To: JPMorgan Chase Bank, National Association

4 New York Plaza, Floor 18

New York, NY 10004-2413

Attention: Mariusz Kwasnik

Title: Operations Analyst, EDG Corporate Marketing

Telephone No.: (212) 623-7223

Facsimile No.: (212) 623-7719

	7.	 	Representations, Warranties and Agreements:

13

 

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

     (i) On the Trade Date and as of the date of any election by Counterparty of the Share
Termination Alternative under (and as defined in) Section 8(c) below, (A) Counterparty is
not aware of any material nonpublic information regarding Counterparty or the Shares and
(B) all reports and other documents filed by Counterparty with the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
when considered as a whole (with the more recent such reports and documents deemed to amend
inconsistent statements contained in any earlier such reports and documents), do not
contain any untrue statement of a material fact or any omission of a material fact required
to be stated therein or necessary to make the statements therein, in the light of the
circumstances in which they were made, not misleading.

     (ii) Without limiting the generality of Section 13.1 of the Equity Definitions,
Counterparty acknowledges that neither Dealer nor any of its affiliates is making any
representations or warranties or taking any position or expressing any view with respect to
the treatment of the Transaction under any accounting standards including ASC Topic 260,
Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480,
Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging — Contracts
in Entity’s Own Equity (or any successor issue statements).

     (iii) Counterparty has not received notice that is the subject of a tender offer made
under Section 14(d)(1) of the Exchange Act and has not commenced any tender offer that
would be subject to Rule 13e-4 under the Exchange Act.

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

     (v) 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
Shares) or to raise or depress the price of the Shares (or any security convertible into or
exchangeable for Shares) for the purposes of inducing the purchase or sale of the Shares by
others.

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

     (vii) On each of the Trade Date, the Premium Payment Date and the Additional Premium
Payment Date, Counterparty is not “insolvent” (as such term is defined under Section
101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy
Code”)) and Counterparty would be able to purchase the Number of Shares in compliance with
the laws of the jurisdiction of Counterparty’s incorporation.

     (viii) The representations and warranties of Counterparty set forth in Section 3 of
the Agreement and Section 1 of the Underwriting Agreement are true and correct as of the
Trade Date and the Effective Date and are hereby deemed to be repeated to Dealer as if set
forth herein.

     (b) Each of Dealer and Counterparty agrees and represents that it is an “eligible contract
participant” as defined in Section 1a(12) of the U.S. Commodity Exchange Act, as amended, and is
entering into the Transaction as principal (and not as agent or in any other capacity, fiduciary or
otherwise) and not for the benefit of any third party.

     (c) Each of Dealer and Counterparty acknowledges that the offer and sale of the Transaction to
Counterparty is intended to be exempt from registration under the Securities Act of 1933, as
amended (the “Securities Act”), by virtue of Section 4(2) thereof. Accordingly, Counterparty
represents and warrants to Dealer that (i) it has the financial ability to bear the economic risk
of its investment in the Transaction and is able to bear a total loss of its investment and its
investments in and liabilities in respect of the Transaction, which it understands are not readily
marketable, are not disproportionate to its net

14

 

worth, and it is able to bear any loss in connection with the Transaction, including the loss
of its entire investment in the Transaction, (ii) it is an “accredited investor” as that term is
defined in Regulation D as promulgated under the Securities Act, (iii) it is entering into the
Transaction for its own account and without a view to the distribution or resale thereof, (iv) the
assignment, transfer or other disposition of the Transaction has not been and will not be
registered under the Securities Act and is restricted under this Confirmation, the Securities Act
and state securities laws, and (v) its financial condition is such that it has no need for
liquidity with respect to its investment in the Transaction and no need to dispose of any portion
thereof to satisfy any existing or contemplated undertaking or indebtedness and is capable of
assessing the merits of and understanding (on its own behalf or through independent professional
advice), and understands and accepts, the terms, conditions and risks of the Transaction.

     (d) Dealer represents to Counterparty that Dealer is a “financial institution,” “swap
participant” and “financial participant” within the meaning of Sections 101(22), 101(53C) and
101(22A) of the Bankruptcy Code. The parties hereto agree and acknowledge that they intend for (A)
this Confirmation to be (i) a “securities contract,” as such term is defined in Section 741(7) of
the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection
herewith is a “termination value,” “payment amount” or “other transfer obligation” within the
meaning of Section 362 of the Bankruptcy Code and a “settlement payment” within the meaning of
Section 546 of the Bankruptcy Code, and (ii) a “swap agreement,” as such term is defined in Section
101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in
connection herewith is a “termination value,” “payment amount” or “other transfer obligation”
within the meaning of Section 362 of the Bankruptcy Code and a “transfer” within the meaning of
Section 546 of the Bankruptcy Code, and (B) that Dealer is entitled to the protections afforded by,
among other sections, Sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j),
548(d)(2), 555, 560 and 561 of the Bankruptcy Code.

     (e) As a condition to the effectiveness of the Transaction, Counterparty shall deliver to
Dealer (A) an incumbency certificate, dated as of the Trade Date, of Counterparty in customary form
and (B) an opinion of counsel, dated as of the Effective Date (containing customary exceptions and
qualifications) and reasonably acceptable to Dealer in form and substance, with respect to the
matters set forth in Section 3(a) of the Agreement.

     8. Other Provisions:

     (a) Right to Extend. Dealer may postpone any Exercise Date or Settlement Date or any other
date of valuation or delivery by Dealer, with respect to some or all of the relevant Options (in
which event the Calculation Agent shall make appropriate adjustments to the Delivery Obligation),
if Dealer determines, in its reasonable discretion, that such extension is reasonably necessary or
advisable to preserve Dealer’s hedging or hedge unwind activity hereunder in light of existing
liquidity conditions in the cash market, the stock borrow market or other relevant market or to
enable Dealer to effect purchases of Shares or Share Termination Delivery Units 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.

     (b) Additional Termination Events.

     (i) The occurrence of (x) an event of default with respect to Counterparty under the
terms of the Convertible Securities as set forth in Section 5.01 of the Supplemental
Indenture that results in an acceleration of the Convertible Securities pursuant to the
terms of the Supplemental Indenture, or (y) an Amendment Event, in each case, shall be an
Additional Termination Event with respect to which the Transaction is the sole Affected
Transaction and Counterparty is the sole Affected Party, and (A) in the case of clause (x),
an Early Termination Date shall occur immediately upon the occurrence of such Additional
Termination Event, and (B) in the case of clause (y), Dealer shall be the party entitled to
designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to
determine the amount payable pursuant to Section 6(e) of the Agreement; provided that, in
the case of an Amendment Event, such right to designate an Early Termination Date shall be
automatically extinguished after 45 days following the later of (i) Dealer’s receipt of
Counterparty’s notice of the transaction or transactions contemplated by such

15

 

Amendment Event and (ii) the effective date of the transaction or transactions
contemplated by such Amendment Event, if any.

     “Amendment Event” means that Counterparty amends, modifies, supplements or obtains a
waiver in respect of any term of the Indenture or the Convertible Securities governing the
principal amount, coupon, maturity, repurchase obligation of Counterparty, redemption right
of Counterparty, any term relating to conversion of the Convertible Securities (including
changes to the conversion price, conversion settlement dates or conversion conditions), or
any term that would require consent of the holders of not less than 100% of the principal
amount of the Convertible Securities to amend, in each case without the prior consent of
Dealer, such consent not to be unreasonably withheld.

     (ii) If any Repurchase Event occurs, (A) Counterparty shall notify Dealer as promptly
as practicable of such event, (B) such an event shall be an Additional Termination Event,
(C) an Early Termination Date shall be deemed to occur automatically on the date of such
notice with respect to a portion of the Transaction relating to a number of Options equal
to the number of Convertible Securities in denominations of USD 1,000 principal amount so
repurchased, exchanged or repaid in connection with such Repurchase Event (the “Affected
Portion”), but payment of the Close-out Amount in respect of such Early Termination Date
shall not be due until one Settlement Cycle following the date on which Dealer delivered
the statement provided pursuant to Section 6(d)(i) of the Agreement, and (D) Counterparty
shall be deemed the sole Affected Party and the Affected Portion shall be deemed the sole
Affected Transaction.

          “Repurchase Event” means the occurrence of any of the following:

          (1) any Convertible Securities are repurchased (whether in connection with or
as a result of a fundamental change, howsoever defined, or for any other reason) by
Counterparty or any of its subsidiaries;

          (2) any Convertible Securities are delivered to Counterparty in exchange for
delivery of any property or assets of Counterparty or any of its subsidiaries
(howsoever described);

          (3) any principal of any of the Convertible Securities is repaid prior to the
final maturity date of the Convertible Securities (whether following acceleration
of the Convertible Notes or otherwise); or

          (4) any Convertible Securities are exchanged by or for the benefit of the
holders thereof for any other securities of Counterparty or any of its affiliates
(or any other property, or any combination thereof) pursuant to any exchange offer
or similar transaction.

For the avoidance of doubt, in the case of each of clauses (1) through (4),
conversions of the Convertible Securities pursuant to the terms of the Indenture
shall not constitute a Repurchase Event.

     (c) Alternative Calculations and Payment on Early Termination and on Certain Extraordinary
Events. If Dealer shall owe Counterparty any amount pursuant to Section 12.6, 12.7 or 12.9 of the
Equity Definitions or pursuant to Section 6(d)(ii) of the Agreement (a “Payment Obligation”),
Counterparty shall have the right, in its sole discretion, to require Dealer to satisfy any such
Payment Obligation by the Share Termination Alternative (as defined below) by giving irrevocable
telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than
4:00 P.M. New York City time on the relevant Announcement Date, Early Termination Date or other
date of cancellation or termination in respect of an Extraordinary Event, as applicable (“Notice of
Share Termination”); provided that, if Counterparty does not elect to require Dealer to satisfy its
Payment Obligation by the Share Termination Alternative, Dealer shall have the right, in its sole
discretion, to elect to satisfy its Payment Obligation by the Share Termination Alternative,
notwithstanding Counterparty’s failure to elect or election

16

 

to the contrary; and provided further that, Counterparty shall not have the right to so elect
(but, for the avoidance of doubt, Dealer shall have the right to so elect) in the event of (i) an
Insolvency or a Nationalization, in each case, in which the consideration or proceeds to be paid to
holders of Shares consists solely of cash or (ii) an Event of Default in which Counterparty is the
Defaulting Party or a Termination Event in which Counterparty is the Affected Party, which Event of
Default or Termination Event resulted from an event or events within Counterparty’s control. Upon
such Notice of Share Termination, the following provisions shall apply on the Scheduled Trading Day
immediately following the relevant Announcement Date, Early Termination Date or date of
cancellation or termination in respect of an Extraordinary Event, as applicable:

	 	 	 

	Share Termination Alternative:

	 	Applicable and means that Dealer shall
deliver to Counterparty the Share
Termination Delivery Property on the date
on which the Payment Obligation would
otherwise be due pursuant to Section
12.6, 12.7 or 12.9 of the Equity
Definitions or Section 6(d)(ii) of the
Agreement, as applicable, or such later
date as determined in accordance with the
terms of Section 8(a) or 8(g) of this
Confirmation (the “Share Termination
Payment Date”), in satisfaction of the
Payment Obligation.
	 
	 	 
	Share Termination Delivery 

Property:

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

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

	 	In the case of a Termination Event, Event
of Default, Delisting or Additional
Disruption Event, one Share or, in the
case of an Insolvency or Nationalization,
one Share or 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 Insolvency or
Nationalization, as applicable. If such
Insolvency or Nationalization involves a
choice of consideration to be received by
holders, such holder shall be deemed to
have elected to receive the maximum
possible amount of cash.
	 
	 	 
	Failure to Deliver:

	 	Applicable
	 
	 	 
	Other Applicable Provisions:

	 	If Share Termination Alternative is
applicable, the provisions of Sections
9.1(c), 9.8, 9.9, 9.10, 9.11 and 9.12 of
the Equity Definitions will be applicable
as if “Physical Settlement” applied to
the Transaction, except that all
references to “Shares” shall be read as
references to “Share Termination Delivery
Units”; provided that, the Representation
and Agreement contained in Section 9.11
of the Equity Definitions shall be
modified by excluding any representations
therein relating to restrictions,
obligations, limitations or requirements
under applicable securities laws, with
respect to securities comprising Share
Termination Delivery Units, solely as a
result of the fact that Counterparty is
the issuer of any Share Termination
Delivery Units (or any part thereof).

17

 

     (d) Disposition of Hedge Shares. The parties hereby agree that if, either party determines in
its good faith and reasonable judgment based on the advice of counsel, any Shares (the “Hedge
Shares”) acquired by Dealer for the purpose of hedging its obligations pursuant to the Transaction
cannot be sold in the U.S. public market by Dealer without registration under the Securities Act,
Counterparty shall, at its election: (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 to cover the resale of such Hedge Shares and (A) enter into an agreement, in form
and substance reasonably satisfactory to Dealer and Counterparty, substantially in the form of a
customary underwriting agreement for a registered secondary offering of similar size, (B) provide
accountant’s “comfort” letters in customary form for registered offerings of equity securities of
similar size, (C) provide customary legal opinions (including a disclosure opinion) of nationally
recognized outside counsel to Counterparty in a form customarily addressed to underwriters in
registered underwritten offerings, containing customary assumptions and qualifications of such
outside counsel, each as reasonably acceptable to Dealer, (D) provide other customary opinions,
certificates and closing documents customary in form as those customarily provided to underwriters
of registered offerings of equity securities of similar size and (E) afford Dealer a reasonable
opportunity to conduct a “due diligence” investigation with respect to Counterparty customary in
scope for underwriters of underwritten offerings of equity securities; provided, however, that if
Counterparty elects clause (i) above but the items referred to therein are not completed in a
timely manner, or 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 Section 8(d) 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 similar size, in form and substance reasonably satisfactory to Dealer and
Counterparty, including customary representations, covenants, blue sky and other governmental
filings and/or registrations, indemnities to Dealer, due diligence rights (for Dealer or any
designated buyer of the Hedge Shares from Dealer), opinions and certificates and such other
documentation as is customary for private placements agreements of equity securities of similar
size, all reasonably acceptable to Dealer (in which case, the Calculation Agent shall make any
adjustments, in a commercially reasonable manner 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 “Daily VWAP” (as defined in the Indenture) on such Exchange
Business Days, and in the amounts, requested by Dealer. This Section 8(d) shall survive the
termination, expiration or early unwind of the Transaction. For the avoidance of doubt, under no
circumstances shall Counterparty be obligated to make the election described in clause (iii) of the
preceding sentence.

     (e) Repurchase and Conversion Rate Adjustment Notices. Counterparty shall, at least two
Exchange Business Days prior to any day on which Counterparty effects any repurchase of Shares or
consummates or otherwise engages in any transaction or event (a “Conversion Rate Adjustment Event”)
that could reasonably be expected to lead to an increase in the Conversion Rate, give Dealer a
written notice of such repurchase or Conversion Rate Adjustment Event (a “Repurchase Notice”) on
such day if, following such repurchase or Conversion Rate Adjustment Event, the Notice Percentage
would reasonably be expected to be (i) greater than 9.4% and (ii) greater by 0.5% than the Notice
Percentage included in the immediately preceding Repurchase Notice (or, in the case of the first
such Repurchase Notice, greater than the Notice Percentage as of the date hereof). The “Notice
Percentage” as of any day is the fraction, expressed as a percentage, the numerator of which is the
Number of Shares and the denominator of which is the number of Shares outstanding on such day. In
the event that Counterparty fails to provide Dealer with a Repurchase Notice on the day and in the
manner specified in this Section 8(e) then Counterparty agrees to indemnify and hold harmless
Dealer, its affiliates and their respective directors, officers, employees, agents and controlling
persons (Dealer and each such person being an “Indemnified Party”) from and against any and all
losses (including losses relating to the 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 this Transaction), claims, damages and liabilities (or actions in respect thereof),
joint or several, to which such Indemnified Party may become subject under applicable securities
laws,

18

 

including without limitation, Section 16 of the Exchange Act or under any state or federal
law, regulation or regulatory order, relating to or arising out of such failure. If for any reason
the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold
harmless any Indemnified Party, then Counterparty shall contribute, to the maximum extent permitted
by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim,
damage or liability. In addition, Counterparty will reimburse any Indemnified Party for all
expenses (including reasonable counsel fees and expenses) as they are incurred (after notice to
Counterparty) in connection with the investigation of, preparation for or defense or settlement of
any pending or threatened claim or any action, suit or proceeding arising therefrom, whether or not
such Indemnified Party is a party thereto and whether or not such claim, action, suit or proceeding
is initiated or brought by or on behalf of Counterparty. This indemnity shall survive the
completion of the Transaction contemplated by this Confirmation and any assignment and delegation
of the Transaction made pursuant to this Confirmation or the Agreement shall inure to the benefit
of any permitted assignee of Dealer.

     (f) Transfer and Assignment. Either party may transfer or assign any of its rights or
obligations under the Transaction with the prior written consent of the non-transferring party,
such consent not to be unreasonably withheld or delayed; provided that, Dealer may transfer or
assign without any consent of Counterparty all its rights and obligations hereunder to any of its
affiliates whose obligations hereunder would be guaranteed by the Dealer Parent; if (i) an Event of
Default, Potential Event of Default, or Termination Event will not occur as a result of such
transfer or assignment and (ii) as a result of such transfer and assignment, Counterparty will not
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 the Counterparty would have been required to pay to the
Dealer in the absence of such transfer and assignment. If at any time at which (1) the Equity
Percentage exceeds 9.0% (2) the Option Equity Percentage exceeds 14.5% or (3) Dealer, Dealer Group
(as defined below) or any person whose ownership position would be aggregated with that of Dealer
or Dealer Group (Dealer, Dealer Group or any such person, a “Dealer Person”) under Section 203 of
the Delaware General Corporation Law or other federal, state or local regulations or regulatory
orders applicable to ownership of Shares (“Applicable Laws”), owns, beneficially owns,
constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of
ownership in excess of a number of Shares equal to (x) the number of Shares that would give rise to
reporting, registration, filing or notification obligations or other requirements (including
obtaining prior approval by a state or federal regulator) of a Dealer Person under Applicable Laws
and with respect to which such requirements have not been met or the relevant approval has not been
received minus (y) 1% of the number of Shares outstanding on the date of determination (either such
condition described in clause (1), (2) or (3), an “Excess Ownership Position”), Dealer, in its
discretion, is unable to effect a transfer or assignment to a third party after its commercially
reasonable efforts on pricing and terms and within a time period reasonably acceptable to Dealer
such that an Excess Ownership Position no longer exists, Dealer may designate any Scheduled Trading
Day as an Early Termination Date with respect to a portion (the “Terminated Portion”) of the
Transaction, such that an Excess Ownership Position no longer exists following such partial
termination. In the event that Dealer so designates an Early Termination Date with respect to a
portion of the Transaction, a payment or delivery shall be made pursuant to Section 6 of the
Agreement and Section 8(c) of this Confirmation as if (i) an Early Termination Date had been
designated in respect of a Transaction having terms identical to the Terminated Portion of the
Transaction, (ii) Counterparty were the sole Affected Party with respect to such partial
termination, (iii) such portion of the Transaction were the only Terminated Transaction and (iv)
Dealer were the party entitled to designate an Early Termination Date pursuant to Section 6(b) of
the Agreement and to determine the amount payable pursuant to Section 6(e) of the Agreement. The
“Equity 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 any of its affiliates subject to aggregation with
Dealer for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act and all
persons who may form a “group” (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) with
Dealer (collectively, “Dealer Group”) “beneficially own” (within the meaning of Section 13 of the
Exchange Act) without duplication on such day and (B) the denominator of which is the number of
Shares outstanding on such day. The “Option Equity Percentage” as of any day is the fraction,
expressed as a percentage, (1) the numerator of which is the sum of (x) the product of (i) the
Number of Options, (ii) the Option Entitlement and (iii) the Applicable Percentage and (y) the
aggregate number of Shares underlying any other call option transaction sold by Dealer to
Counterparty, and (2) the denominator of which is the

19

 

number of Shares outstanding. Except for the transfer contemplated in the proviso to the
first sentence of this Section 8(f), in the case of a transfer or assignment by Counterparty or
Dealer of its rights and obligations hereunder and under the Agreement, in whole or in part (any
such Options so transferred or assigned, the “Transfer Options”), to any party, withholding of such
consent by the other party (the “Remaining Party”) shall not be considered unreasonable if such
transfer or assignment does not meet the reasonable conditions that the Remaining Party 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 8(e) or any obligations under
Section 2 (regarding Extraordinary Events) or 8(d) of this Confirmation;

     (B) Any Transfer Options shall only be transferred or assigned to a third party that
is a U.S. 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 transferee (including, but not limited to, undertakings with respect
to compliance with applicable securities laws in a manner that, in the reasonable judgment
of the Remaining Party, will not expose the Remaining Party 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 transferee and the
transferor as are requested and reasonably satisfactory to the Remaining Party;

     (D) The Remaining Party 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 the Remaining Party would have been required to
pay to the transferor in the absence of such transfer and assignment;

     (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), the transferor shall have caused
the transferee to make such Payee Tax Representations and to provide such tax
documentation as may be reasonably requested by the Remaining Party to permit the
Remaining Party to determine that results described in clauses (D) and (E) will not occur
upon or after such transfer and assignment; and

     (G) The transferor shall be responsible for all reasonable costs and expenses,
including reasonable counsel fees, incurred by the Remaining Party in connection with such
transfer or assignment.

     (g) Staggered Settlement. Dealer may, by notice to Counterparty prior to any Settlement Date
(a “Nominal Settlement Date”), if the delivery of Shares owed by Dealer on such Nominal Settlement
Date would otherwise have resulted in an Excess Ownership Position, elect to deliver the Shares on
one or more dates (each, a “Staggered Settlement Date”) or at two or more times on the Nominal
Settlement Date as follows:

     (i) in such notice, Dealer will specify to Counterparty the related Staggered
Settlement Dates (each of which will be on or prior to such Nominal Settlement Date, but
not prior to the earlier of the relevant Conversion Date and the first day of the relevant
Cash Settlement Averaging Period) or delivery times and how it will allocate the Shares it
is required to deliver under “Delivery Obligation” (above) among the Staggered Settlement
Dates or delivery times; and

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

     (h) 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

20

 

to such tax treatment and tax structure.

     (i) No Netting and Set-off. The provisions of Section 2(c) of the Agreement shall not apply
to the Transaction. Each party waives any and all rights it may have to set-off delivery or
payment obligations it owes to the other party under the Transaction against any delivery or
payment obligations owed to it by the other party, whether arising under the Agreement, under any
other agreement between parties hereto, by operation of law or otherwise.

     (j) Equity Rights. Dealer acknowledges and agrees that this Confirmation is not intended to
convey to it rights with respect to the Transaction that are senior to the claims of common
stockholders in the event of Counterparty’s bankruptcy. For the avoidance of doubt, the parties
agree that the preceding sentence shall not apply at any time other than during Counterparty’s
bankruptcy to any claim arising as a result of a breach by Counterparty of any of its obligations
under this Confirmation or the Agreement. For the avoidance of doubt, the parties acknowledge that
the obligations of Counterparty under this Confirmation are not secured by any collateral that
would otherwise secure the obligations of Counterparty herein under or pursuant to any other
agreement. For the avoidance of doubt, nothing in this Confirmation shall be interpreted as
requiring the Counterparty to deliver cash in respect of the settlement of the Transaction, except
in circumstances where the required cash settlement thereof is permitted for classification of the
contract as equity by ASC 815-40 (formerly EITF 00-19) as in effect on the relevant Trade Date.

     (k) Adjustments. Dealer acknowledges and agrees that any adjustment by the Calculation Agent
to the terms of the Transaction on or after the Trade Date that affects the Delivery Obligation
would be an adjustment that is based on factors that would serve as an input to or theoretical
modeling assumptions for the fair value of a fixed-for-fixed option on equity shares. These
factors may include Counterparty’s stock price and additional variables, including the strike price
of the instrument, term of the instrument, expected dividends or other dilutive activities, stock
borrow cost, interest rates, stock price volatility, Counterparty’s credit spread or the ability to
maintain a standard hedge position in the underlying shares.

     (l) Early Unwind. In the event the sale by Counterparty of the Convertible Securities is not
consummated pursuant to the Underwriting Agreement for any reason by the close of business in New
York on August 9, 2010 (or such later date as agreed upon by the parties, which in no event shall
be later than August 16, 2010)(August 9, 2010 or such later date being the “Early Unwind Date”),
the Transaction shall automatically terminate (the “Early Unwind”) on the Early Unwind Date and the
Transaction and all of the respective rights and obligations of Dealer and Counterparty hereunder
shall be cancelled and terminated and Counterparty shall pay to Dealer, other than in cases
involving a breach of the Underwriting Agreement by the underwriters, an amount in cash equal to
the aggregate amount of costs and expenses relating to the unwinding of Dealer’s hedging activities
in respect of the Transaction (including market losses incurred in reselling any Shares purchased
by Dealer or its affiliates in connection with such hedging activities, unless Counterparty agrees
to purchase any such Shares at the cost at which Dealer purchased such Shares) or, at the election
of Counterparty, deliver to Dealer Shares with a value equal to such amount, as determined by the
Calculation Agent, in which event the parties shall enter into customary and commercially
reasonable documentation relating to the registered or exempt resale of such Shares. Following
such termination, cancellation and payment or delivery, 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 either party arising out of, and to be performed in connection
with, the Transaction either prior to or after the Early Unwind Date. Dealer and Counterparty
represent and acknowledge to the other that upon an Early Unwind and following the payment referred
to above, all obligations with respect to the Transaction shall be deemed fully and finally
discharged.

     (m) Governing Law. THE AGREEMENT, THIS CONFIRMATION AND ALL MATTERS ARISING IN CONNECTION
WITH THE AGREEMENT AND THIS CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CHOICE OF LAW
DOCTRINE, OTHER THAN TITLE 14 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

     (n) Amendment. This Confirmation and the Agreement may not be modified, amended or
supplemented, except in a written instrument signed by Counterparty and Dealer.

21

 

     (o) Counterparts. This Confirmation may be executed in several counterparts, each of which
shall be deemed an original but all of which together shall constitute one and the same instrument.

     9. 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 by,
among other things, the mutual waivers and certifications provided herein.

     10. Submission to Jurisdiction. Section 13(b) of the Agreement is deleted in its
entirety and replaced by the following:

“Each party hereby irrevocably and unconditionally submits for itself and its property
in any suit, legal action or proceeding relating to the Agreement and/or the Transaction,
or for recognition and enforcement of any judgment in respect thereof, (each,
“Proceedings”) to the exclusive jurisdiction of the Supreme Court of the State of New York,
sitting in New York County, the courts of the United States of America for the Southern
District of New York and appellate courts from any thereof. Nothing in this Confirmation
or the Agreement precludes either party from bringing Proceedings in any other jurisdiction
if (A) the courts of the State of New York or the United States of America for the Southern
District of New York lack jurisdiction over the parties or the subject matter of the
Proceedings or decline to accept the Proceedings on the grounds of lacking such
jurisdiction; (B) the Proceedings are commenced by a party for the purpose of enforcing
against the other party’s property, assets or estate any decision or judgment rendered by
any court in which Proceedings may be brought as provided hereunder; (C) the Proceedings
are commenced to appeal any such court’s decision or judgment to any higher court with
competent appellate jurisdiction over that court’s decisions or judgments if that higher
court is located outside the State of New York or Borough of Manhattan, such as a federal
court of appeals or the U.S. Supreme Court; or (D) any suit, action or proceeding has been
commenced in another jurisdiction by or against the other party or against its property,
assets or estate and, in order to exercise or protect its rights, interests or remedies
under the Agreement or this Confirmation, the party (1) joins, files a claim, or takes any
other action, in any such suit, action or proceeding, or (2) otherwise commences any
Proceeding in that other jurisdiction as the result of that other suit, action or
proceeding having commenced in that other jurisdiction.”

     11. Role of Agent. Each party agrees and acknowledges that (i) J.P. Morgan
Securities Inc., an affiliate of Dealer (“JPMSI”), has acted solely as agent and not as principal
with respect to this Transaction and (ii) JPMSI has no obligation or liability, by way of guaranty,
endorsement or otherwise, in any manner in respect of this 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 this
Transaction.

     12. Designation by Dealer. 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 to or from Counterparty, Dealer may designate any of its affiliates to purchase,
sell, receive or deliver such shares or other securities and otherwise to perform Dealer
obligations in respect of the Transaction and any such designee may assume such obligations.
Dealer shall be discharged of its obligations to Counterparty to the extent of any such
performance.

22

 

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

	 	 	 	 	 
	 	Very truly yours,

J.P. Morgan Securities Inc., as agent for 

JPMorgan Chase Bank, National Association

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	Name: 	 
	 

Accepted and confirmed

as of the Trade Date:

	 	 	 	 	 
	 	TELEFLEX INCORPORATED

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

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

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