Document:

Confirmation with Barclays Bank PLC

 EXHIBIT 10.278 
 Portions of this exhibit marked [*] are requested to be treated confidentially. 
  

			
		  	 Barclays Bank PLC
 5 The
North Colonnade
 Canary Wharf, London E14 4BB
 Facsimile:+44(20)77736461
 Telephone: +44 (20) 777 36810

 
 c/o Barclays Capital Inc.
 as Agent for Barclays Bank PLC
 745 Seventh Ave

New York, NY 10019

  

			
	 DATE:
	  	February 14, 2011
		
	 TO:
	  	Pharmaceutical Product Development, Inc.
		
	 Attention:
	  	Mr. Judd Hartman
		  	General Counsel
	Facsimile:	  	 910-558-6951

	 Telephone:
	  	910-558-6928
	 Email:
	  	judd.hartman@ppdi.com
		
	 FROM:
	  	Barclays Capital Inc., acting as Agent for Barclays Bank PLC
	 TELEPHONE:
	  	+1 212 412 4000
		
	 SUBJECT:
	  	Share Repurchase Transaction

 The purpose
of this letter agreement (this “Confirmation”) is to confirm the terms and conditions of the Transaction entered into between Barclays Bank PLC (“Barclays”), through its agent Barclays Capital Inc. (the
“Agent”), and Pharmaceutical Product Development, Inc. (“Counterparty”) on the Trade Date specified below (the “Transaction”). This Confirmation constitutes a “Confirmation”
as referred to in the Master Agreement specified below. Barclays Bank PLC is not a member of the Securities Investor Protection Corporation (“SIPC”). Barclays is regulated by the Financial Services Authority. 

The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published by the
International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern. For purposes of the Equity
Definitions, this Transaction shall be deemed to be a Share Forward Transaction. 
 Each party is hereby advised, and each such party
acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this Confirmation
relates on the terms and conditions set forth below. 
 1. This Confirmation evidences a complete and binding agreement between Barclays and
Counterparty as to the terms of the Transaction to which this Confirmation relates. This Confirmation shall supplement, form a part of, and be subject to, an agreement in the form of the ISDA 1992 Master Agreement (Multicurrency – Cross Border)
(the “Agreement”) as if Barclays and Counterparty had executed an agreement in such form (without any Schedule but with the “Cross-Default” provisions of Section 5(a)(vi) applicable to Barclays and Counterparty with a
“Threshold” of three percent of applicable party’s shareholder equity as of its most recent fiscal year end and with such other elections set forth in this Confirmation) on the Trade Date. In the event of any inconsistency between
provisions of the Agreement and this Confirmation, this Confirmation will prevail for the purpose of the Transaction. The parties hereby agree that no Transaction other than the Transaction to which this Confirmation relates shall be governed by the
Agreement. 

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

General Terms: 
  

			
	 Trade Date:
	  	February 14, 2011
		
	 Seller:
	  	Barclays
		
	 Buyer:
	  	Counterparty
		
	 Shares:
	  	The Common Stock, USD 0.05 par value per share of Counterparty (Ticker symbol “PPDI”).
		
	 Prepayment:
	  	Applicable
		
	 Variable Obligation
	  	Applicable
		
	 Prepayment Amount:
	  	As specified in Schedule A
		
	 Prepayment Date:
	  	The Trade Date.
		
	 Additional Payment:
	  	Counterparty shall pay to Barclays an amount equal to the Additional Payment as specified in Schedule A on the Prepayment Date.
		
	 Initial Hedge Period:
	  	The period (the “Initial Hedge Period”) commencing on the Trade Date and ending on the earlier of (i) [*], and (ii) the Exchange Business Day on which Barclays
completes the purchase of a number of Shares (the “Hedge Shares”) necessary to establish its initial hedge position with respect to this Transaction (such date, the “Hedge Period End Date”). On the first Scheduled
Trading Day immediately following the Hedge Period End Date, Barclays shall provide written notice (the “Confirmation Pricing Supplement”) to Counterparty in substantially the form attached hereto as Exhibit A, of the Hedging Price,
Maximum Shares, Minimum Shares, Maximum Maturity Date, Minimum Maturity Date and first day of the Trading Period. Upon receipt of the Confirmation Pricing Supplement, Counterparty shall promptly execute and return the Confirmation Pricing Supplement
to Barclays; provided that Counterparty’s failure to so execute and return the Confirmation Pricing Supplement shall not affect the binding nature of the Confirmation Pricing Supplement, and the terms set forth therein, if accurately determined
pursuant to the terms of this Confirmation, shall be binding on Counterparty to the same extent, and with the same force and effect, as if Counterparty had executed a written version of the Confirmation Pricing Supplement.
		
	 Hedging Price:
	  	The volume weighted average of the 10b-18 VWAPs for all Scheduled Trading Days on which Barclays purchases Shares on the Exchange during the Initial Hedge Period where the daily
weight for the calculation of the volume weighted average is equal to the quotient of (i) the number of Shares Barclays purchases on such day as part of establishing its hedge position with respect to this Transaction divided by (ii) the total
number of Shares Barclays purchases on the Exchange as part of establishing its hedge position with respect to this Transaction during the Initial Hedge Period.
	
	 [*] Confidential treatment requested; certain information omitted and filed separately with the
SEC.

  
 2 

			
	 Exchange:
	  	NASDAQ Global Select Market
		
	 Related Exchange(s):
	  	All Exchanges
		
	 Calculation Agent:
	  	Barclays
		
	 Valuation:
	  	
		
	 Trading Period:
	  	The period of consecutive Scheduled Trading Days from and including the first Scheduled Trading Day following the Hedge Period End Date to and including the Maximum Maturity
Date, as specified in Schedule A; provided that, Barclays may designate any Scheduled Trading Day on or after the Minimum Maturity Date, as specified in Schedule A, as the last Scheduled Trading Day of the Trading Period. Barclays shall
notify Counterparty of any designation made pursuant to this provision on the Scheduled Trading Day immediately following such designated day.
		
	 Market Disruption Event:
	  	 Section 6.3(a) of the Equity Definitions shall be amended by deleting the words “at any time during the one hour period that
ends at the relevant Valuation Time, Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be” and replacing them with the words “at any time during the regular trading session on the Exchange, without
regard to after hours or any other trading outside of the regular trading session hours”, by amending and restating clause (a)(iii) thereof in its entirety to read as follows: “(iii) an Early Closure that the Calculation Agent reasonably
determines is material” and by adding the words “or (iv) a Regulatory Disruption” after clause (a)(iii) as restated above.
  

Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing
Time” in the fourth line thereof.

		
	 Regulatory Disruption:
	  	A “Regulatory Disruption” shall occur if Barclays, on the advice of counsel, determines in its reasonable discretion that it is appropriate in light of legal,
regulatory or self-regulatory requirements or related policies or procedures for Barclays to refrain from all or any part of the market activity in which it would otherwise engage in connection with this Transaction.
		
	 Disrupted Day:
	  	The definition of “Disrupted Day” in Section 6.4 of the Equity Definitions shall be amended by adding the following sentence after the first sentence: “A Scheduled
Trading Day on which a Related Exchange fails to open during its regular trading session will not be a Disrupted Day if the Calculation Agent determines that such failure will not have a material impact on Barclays’s ability to unwind any
hedging transactions related to the Transaction”.
		
	 Consequence of Disrupted Days:
	  	Notwithstanding anything to the contrary in the Equity Definitions, to the extent that a Disrupted Day occurs during the Initial Hedge Period or the Trading Period, the
Calculation Agent may postpone the Maximum Maturity Date and/or the Minimum Maturity Date. If any Disrupted Day occurs during the Initial Hedge Period or the Trading Period, the Calculation Agent shall determine whether (i) such Disrupted Day is a
Disrupted Day in whole, in which case the 10b-18 VWAP for such Disrupted Day shall not be included for purposes of determining the Hedging

  
 3 

			
		  	Price, if such Disrupted Date occurs during the Initial Hedge Period, or the Forward Price, if such Disrupted Date occurs during the Trading Period, or (ii) such Disrupted Day is
a Disrupted Day only in part, in which case the 10b-18 VWAP for such Disrupted Day shall be determined by the Calculation Agent based on Rule 10b-18 eligible transactions in the Shares on such Disrupted Day effected before the relevant Market
Disruption Event (if any) occurred and/or after the relevant Market Disruption Event (if any) ended. Any day on which the Exchange is scheduled to close prior to its normal closing time shall be considered a Disrupted Day in whole.
		
	 Valuation Time:
	  	Scheduled Closing Time; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in its reasonable
discretion.
		
	 Valuation Date:
	  	The last Scheduled Trading Day during the Trading Period.
		
	 Settlement Terms:
	  	
		
	 Settlement Method Election:
	  	Not Applicable; provided that if the Number of Shares to be Delivered is a negative number, Counterparty may elect Cash Settlement in lieu of Physical Settlement by
written notice to Barclays at any time no later than 9:00 a.m. (New York City time) on the second Scheduled Trading Day immediately following the earlier of (i) the Scheduled Trading Day on which Counterparty receives from Barclays a notice of
designation of the last Scheduled Trading Day of the Trading Period and (ii) the Maximum Maturity Date; provided further that Counterparty on the date of such election provides the representation contained in paragraph 5(p)
below.
		
	 Physical Settlement:
	  	Applicable if the Number of Shares to be Delivered is (1) a positive number, in which case it means that on the Settlement Date Barclays shall deliver to Counterparty the Number
of Shares to be Delivered, or (2) a negative number and Counterparty does not make the election pursuant to the proviso under “Settlement Method Election” above, in which case it means that Counterparty shall deliver to Barclays the
absolute value of such number subject to Physical Settlement by Counterparty and paragraph 5(i) below.
		
	 Forward Price:
	  	The amount equal to the arithmetic average of the 10b-18 VWAPs for all Exchange Business Days in the Trading Period (the “Average 10b-18 VWAP”).
		
	 10b-18 VWAP:
	  	(A) For any Scheduled Trading Day that is not a Disrupted Day, the volume-weighted average price at which the Shares trade as reported in the composite transactions for all
United States securities exchanges on which such Shares are traded (or, if applicable, any successor Exchange), excluding (i) trades that do not settle regular way, (ii) opening (regular way) reported trades in the consolidated system on such
Scheduled Trading Day, (iii) trades that occur in the last ten minutes before the scheduled close of trading on the Exchange on such Scheduled Trading Day and ten minutes before the scheduled close of the primary trading in the market where the
trade is effected, and (iv) trades on such Scheduled Trading Day that do not satisfy the requirements of Rule 10b-18(b)(3) of the Securities Exchange Act of 1934, as

  
 4 

			
		  	amended (the “Exchange Act”), as determined in good faith by the Calculation Agent, or (B) for any Scheduled Trading Day that is a Disrupted Day, an amount
determined in good faith and in a commercially reasonable manner by the Calculation Agent as 10b-18 VWAP pursuant to “Consequence of Disrupted Days” above. Counterparty acknowledges that the Calculation Agent may refer to the Bloomberg
Page “PPDI <Equity> AQR SEC” (or any successor thereto) for any Scheduled Trading Day to determine the 10b-18 VWAP.
		
	 Number of Shares to be Delivered:
	  	A number of Shares equal to the difference between (i) the Share Amount minus (ii) the number of Shares previously delivered pursuant to Initial Share Delivery and Minimum
Share Delivery; provided that a number of Shares less than a whole number shall be rounded upward.
		
	 Share Amount:
	  	The quotient of the Prepayment Amount divided by the Forward Price; provided that if such quotient is (i) greater than the Maximum Shares, the Share Amount shall equal the
Maximum Shares, and (ii) less than the Minimum Shares, the Share Amount shall equal the Minimum Shares.
		
	 Settlement Date:
	  	Three Exchange Business Days following the last Scheduled Trading Day during the Trading Period.
		
	 Initial Shares:
	  	As specified in Schedule A.
		
	 Initial Share Delivery:
	  	Barclays shall deliver a number of Shares equal to the Initial Shares to Counterparty on the Initial Share Delivery Date in accordance with Section 9.4 of the Equity Definitions,
with the Initial Share Delivery Date being deemed to be a “Settlement Date” for purpose of such Section 9.4.
		
	 Initial Share Delivery Date:
	  	The Trade Date.
		
	 Minimum Shares:
	  	As specified in Schedule A.
		
	 Minimum Share Delivery:
	  	Barclays shall deliver the excess, if any, of (i) the Minimum Shares over (ii) the number of the Initial Shares on the Minimum Share Delivery Date in accordance with Section 9.4
of the Equity Definitions, with the Minimum Share Delivery Date being deemed to be a “Settlement Date” for purpose of such Section 9.4.
		
	 Minimum Share Delivery Date:
	  	Three Scheduled Trading Days following the Hedge Period End Date.
		
	 Maximum Shares:
	  	As specified in Schedule A.
		
	 Physical Settlement by Counterparty:
	  	 If Physical Settlement applies and the Counterparty is required to deliver Shares hereunder, Counterparty shall deliver an initial
number of Shares on the Cash Settlement Date (as defined in paragraph 5(h) below) as determined by the following formula (the “Physical Settlement Shares”):
  s 
  p

 
 Where,
 s = the absolute value of the Cash Settlement Amount (as defined in paragraph 5(h) below); and
 p = the Physical Settlement Price

  
 5 

			
		  	 provided, however, that if the Physical Settlement Shares (and any Make-Whole Shares) are not Free Shares or if the parties
have not entered into an Underwriting Agreement, p shall be the price determined by Barclays in a commercially reasonable manner. No fractional Shares shall be delivered in connection with Physical Settlement by Counterparty, and the value of
any fractional Share otherwise deliverable shall be rounded up to the nearest whole Share.
  
 Counterparty has the right to elect that the Physical Settlement Shares (and any Make-Whole Shares, as such term is defined below) shall be (i) fully registered, freely tradable and free and clear of any
lien, charge, claim or other encumbrance (“Free Shares”) with such election being conditional upon the agreement between Barclays and Counterparty of reasonable and customary underwriting terms including but not limited to
indemnification and contribution and due diligence (the “Underwriting Agreement”), or (ii) unregistered Shares (“Restricted Shares”).
  

On the Cash Settlement Date a balance (the “Settlement Balance”) shall be established with an initial balance equal to the absolute value of the
Cash Settlement Amount. Following the sale of the Physical Settlement Shares by Barclays, the Settlement Balance shall be reduced by an amount equal to the aggregate proceeds (net of any brokerage and underwriting commissions and fees, including any
customary private placement fees) received by Barclays upon the sale of the Physical Settlement Shares. If following the sale of some but not all of the Physical Settlement Shares the Settlement Balance has been reduced to zero, no additional
Physical Settlement Shares shall be sold by Barclays and Barclays shall redeliver to Counterparty any remaining Physical Settlement Shares. If following the sale of the Physical Settlement Shares the Settlement Balance has not been reduced to zero,
then Counterparty shall (i) promptly deliver to Barclays an additional number of Shares (the “Make-Whole Shares”) equal to (x) the Settlement Balance as of such date divided by (y) the closing price per Share on the Exchange, as
determined by the Calculation Agent, on the Exchange Business Day immediately preceding the date such Shares are delivered, or, if the Make-Whole Shares are not Free Shares or if the parties have not entered into an Underwriting Agreement with
respect to such Make-Whole Shares, the price determined by Barclays in a commercially reasonable manner (the “Make-Whole Price”) or (ii) promptly deliver to Barclays cash in an amount equal to the then remaining Settlement Balance.
This provision shall be applied successively until the Settlement Balance is reduced to zero.
  
 For the avoidance of doubt, in the event that a Settlement Balance remains following the delivery by Counterparty to Barclays of the Maximum Number of Shares (as defined in paragraph 5(q) herein),
Counterparty shall have no obligation to settle any remaining Settlement Balance via the delivery to of Shares, cash or other consideration to Barclays unless after having used its best efforts to do so, Counterparty was able to obtain all necessary
approvals to issue additional Shares to satisfy such remaining Settlement Balance.

  
 6 

			
	 Physical Settlement Price:
	  	The closing price per Share as quoted by the Exchange at the Valuation Time on the Cash Settlement Date.
		
	 Cash Settlement:
	  	Applicable if the Number of Shares to be Delivered is a negative number and Counterparty makes the election above pursuant to the proviso under “Settlement Method
Election” above, in which case it means that paragraph 5(h) below shall apply.
		
	 Settlement Currency:
	  	USD
		
	 Adjustments:
	  	
		
	 Method of Adjustment:
	  	Calculation Agent Adjustment; provided that the Equity Definitions shall be amended by (i) deleting Section 11.2(e)(iii) and (ii) replacing the words “diluting or
concentrative” in Sections 11.2(a), 11.2(c) (in two instances) and 11.2(e)(vii) with the word “economic” and by adding the words “or the Transaction” after the words “theoretical value of the relevant Shares” in
Section 11.2(a), 11.2(c) and 11.2(e)(vii); provided, further that adjustments may be made to account for changes in stock loan rate relative to the relevant Shares.
		
	 Extraordinary Events:
	  	
		
	 New Shares:
	  	Section 12.1(i) of the Equity Definitions is hereby amended by deleting the text in clause (i) in its entirety and replacing it with the phrase “publicly quoted, traded or
listed on any of the New York Stock Exchange, the NASDAQ Global Select Market or the NASDAQ Global Market (or their respective successors)”.
		
	 Share-for-Share:
	  	The definition of “Share-for-Share” set forth in Section 12.1(f) of the Equity Definitions is hereby amended by the deletion of the parenthetical in clause (i)
thereof.
		
	 Cancellation and Payment (Calculation Agent

Determination):
	  	Section 12.7(b) of the Equity Definitions shall be amended by inserting the words “or a Share Forward Transaction” after the words “Option Transaction” in the
first line thereof.
		
	 Consequence of Merger Events:
	  	
		
	 Share-for-Share:
	  	Modified Calculation Agent Adjustment.
		
	 Share-for-Other:
	  	Cancellation and Payment (Calculation Agent Determination).
		
	 Share-for-Combined:
	  	Cancellation and Payment (Calculation Agent Determination); provided that Barclays may elect Component Adjustment.
		
	 Consequence of Tender Offers:
	  	
		
	 Tender Offer:
	  	Applicable
		
	 Share-for-Share:
	  	Modified Calculation Agent Adjustment.
		
	 Share-for-Other:
	  	Modified Calculation Agent Adjustment.
		
	 Share-for-Combined:
	  	Modified Calculation Agent Adjustment.
		
	 Modified Calculation Agent Adjustment:
	  	For greater certainty, the definition of “Modified Calculation Agent Adjustment” in Sections 12.2 and 12.3 of the Equity Definitions shall be amended by (i) adding the
following italicized language after the stipulated parenthetical provision: “(including adjustments to account for changes in volatility, expected dividends, stock loan rate or liquidity relevant to the Shares or
to

  
 7 

			
		  	this Transaction) from the Announcement Date or the Determination Date, as applicable, to the Merger Date (Section 12.2) or Tender Offer Date (Section 12.3).”
and (ii) deleting the phrase “expected dividends,” from such stipulated parenthetical provision.
		
	 Announcement Date:
	  	The definition of “Announcement Date” in Section 12.1 of the Equity Definitions shall be amended by (i) replacing the words “leads to the” in the third and
the fifth lines thereof with the words “, if completed, be the”, (ii) replacing the words “voting shares” in the fifth line thereof with the word “Shares”, (iii) inserting the words “by any entity” after the
word “announcement” in the second and the fourth lines thereof, (iv) inserting the words “or to explore the possibility of engaging in” after the words “engage in” in the second line thereto and (v) inserting the words
“or to explore the possibility of purchasing or otherwise obtaining” after the word “obtain” in the fourth line thereto.
		
	 Announcement Event:
	  	If an Announcement Event has occurred, the Calculation Agent shall have the right to determine the economic effect of the Announcement Event on the theoretical value of this
Transaction (including without limitation any change in volatility, stock loan rate or liquidity relevant to the Shares or to this Transaction) (i) at a time that it deems appropriate, from the Announcement Date to the date of such determination
(the “Determination Date”), and (ii) on the Valuation Date, from the Announcement Date or the Determination Date, as applicable, to the Valuation Date. If any such economic effect is material, the Calculation Agent will either (i)
adjust the terms of this Transaction to reflect such economic effect or (ii) terminate the Transaction, in which case the Determining Party will determine the Cancellation Amount payable by one party to the other. “Announcement
Event” shall mean the occurrence of the Announcement Date of a Merger Event or Tender Offer or potential Merger Event or potential Tender Offer.
		
	 Composition of Combined Consideration:
	  	Not Applicable; provided that, notwithstanding Sections 12.5(b) and 12.1(f) of the Equity Definitions, to the extent that the composition of the consideration for the
relevant Shares pursuant to a Tender Offer or Merger Event could be elected by an actual holder of the Shares, the Calculation Agent will, in its sole discretion, determine such composition.
		
	 Nationalization, Insolvency or Delisting:
	  	Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also
constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, the NASDAQ Global Select Market or the NASDAQ Global Market (or their
respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange.
		
	 Additional Disruption Events:
	  	
		
	 Change in Law:
	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line
thereof with the phrase “or public

  
 8 

			
		  	announcement of the formal or informal interpretation” and (ii) immediately following the word “Transaction” in clause (X) thereof, adding the phrase “in the
manner contemplated by Barclays on the Trade Date”.
		
	 Failure to Deliver:
	  	Not Applicable.
		
	 Insolvency Filing:
	  	 Applicable; provided that the definition of “Insolvency Filing” in Section 12.9 of the Equity Definitions shall be
amended by deleting the clause “provided that proceedings instituted or petitions presented by creditors and not consented to by the Issuer shall not be deemed an Insolvency Filing” at the end of such definition and replacing it with the
following: “; or it has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is
presented for its winding-up or liquidation by a creditor and such proceeding is not dismissed, discharged, stayed or restrained in each case within 60 days of the institution or presentation thereof.”

 
 Section 12.9(b)(i) of the Equity Definitions is hereby amended by adding the
following sentence at the end: “If neither party elects to terminate the Transaction, the Calculation Agent may adjust the terms of the Transaction upon the occurrence of such an event pursuant to Modified Calculation Agent Adjustment (as if
such event were a Tender Offer).”

		
	 Hedging Disruption:
	  	Applicable.
		
	 Increased Cost of Hedging:
	  	Applicable.
		
	 Loss of Stock Borrow:
	  	 Applicable; provided that Sections 12.9(a)(vii) and 12.9(b)(iv) of the Equity Definitions are amended by deleting the words
“at a rate equal to or less than the Maximum Stock Loan Rate” and replacing it with the words “at a Borrow Cost equal to or less than the Maximum Stock Loan Rate”.

 
 For purposes of Section 12.9 of the Equity Definitions, all references to
“Hedging Shares” shall be deemed to be references to Barclays’s short position in respect of the Transaction.

		
	 Borrow Cost:
	  	The cost to borrow the relevant Shares that would be incurred by a third party market participant borrowing such Shares, as determined by the Calculation Agent on the relevant
date of determination. Such costs shall include (a) the spread below FED-FUNDS that would be earned on collateral posted in connection with such borrowed Shares, net of any costs or fees, and (b) any stock loan borrow fee that would be payable for
such Shares, expressed as fixed rate per annum.
		
	 Maximum Stock Loan Rate:
	  	200 basis points.
		
	 Increased Cost of Stock Borrow:
	  	Applicable; provided that (a) Section 12.9(a)(viii) of the Equity Definitions shall be amended by deleting “rate to borrow Shares” and replacing it with
“Borrow Cost” and (b) Section 12.9(b)(v) of the Equity Definitions shall be amended by replacing the word “rate” in clauses (X) and (Y) of the final sentence therein with the words “Borrow Cost”.
		
	 Initial Stock Loan Rate:
	  	25 basis points, as adjusted by the Calculation Agent to reflect any subsequent Price Adjustment due to an Increased Cost of Stock
Borrow.

  
 9 

			
	         FED FUNDS:
	  	“FED FUNDS” means, for any day, the rate set forth for such day opposite the caption “Federal funds”, as such rate is displayed on the page
“FedsOpen <Index> <GO>” on the BLOOMBERG Professional Service, or any successor page; provided that if no rate appears for any day on such page, the rate for the immediately preceding day for which a rate does so appear
shall be used for such day.
		
	         Hedging Party:
	  	Barclays or an affiliate of Barclays that is involved in the hedging of this Transaction for all applicable Additional Disruption Events.
		
	 Determining Party:
	  	Barclays for all applicable Extraordinary Events.
		
	 Acknowledgments:
	  	
		
	 Non-Reliance:
	  	Applicable.
		
	 Agreements and Acknowledgments Regarding

Hedging Activities:
	  	Applicable.
		
	 Additional Acknowledgments:
	  	Applicable.

 3. Mutual Representations, Warranties and
Agreements. 
 Each of Barclays and Counterparty represents and warrants to, and agrees with, the other party that: 

 

	 	(a)	Commodity Exchange Act. It is an “eligible contract participant” within the meaning of Section 1a(12) of the U.S. Commodity Exchange Act, as
amended (the “CEA”). The Transaction has been subject to individual negotiation by the parties. The Transaction has not been executed or traded on a “trading facility” as defined in Section 1a(33) of the CEA;

  

	 	(b)	Securities Act. It is a “qualified institutional buyer” as defined in Rule 144A under the Securities Act, or an “accredited investor” as
defined in Section 2(a)(15)(ii) of the Securities Act; 

  

	 	(c)	ERISA. The assets used in the Transaction (1) are not assets of any “plan” (as such term is defined in Section 4975 of the U.S. Internal
Revenue Code (the “Code”)) subject to Section 4975 of the Code or any “employee benefit plan” (as such term is defined in Section 3(3) of the U.S. Employee Retirement Income Security Act of 1974, as amended
(“ERISA”)) subject to Title I of ERISA, and (2) do not constitute “plan assets” within the meaning of Department of Labor Regulation 2510.3-101, 29 CFR Section 2510-3-101; 

 

	 	(d)	If Barclays or Counterparty purchases any Shares pursuant to this Transaction, such purchase(s) will comply with (i) all laws and regulations applicable to it and
(ii) all contractual obligations of such party; 

  

	 	(e)	Barclays and Counterparty have not and will not directly or indirectly violate any applicable law (including, without limitation, the Securities Act and the Exchange
Act) in connection with the Transaction; and 

  

	 	(f)	Barclays and Counterparty are not entering into the Transaction for the purpose of (i) creating actual or apparent trading activity in the Shares (or any security
convertible into or exchangeable for the Shares) or (ii) raising or depressing or otherwise manipulating the price of the Shares (or any security convertible into or exchangeable for the Shares) or otherwise in violation of the Exchange Act.

  
 10 

 4. Representations, Warranties and Agreements of Counterparty. 

In addition to the representations and warranties in the Agreement and those contained elsewhere herein, Counterparty further represents, warrants and
agrees that: 
  

	 	(a)	Counterparty shall immediately provide written notice to Barclays upon obtaining knowledge of the occurrence of any event that would constitute an Event of Default, a
Potential Event of Default, a Potential Adjustment Event, a Merger Event or any other Extraordinary Event; provided, however, that should Counterparty be in possession of material non-public information regarding Counterparty, Counterparty
shall not communicate such information to Barclays; 

  

	 	(b)	(A) Counterparty is acting for its own account, and it has made its own independent decisions to enter into the Transaction and as to whether the Transaction is
appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary, (B) Counterparty is not relying on any communication (written or oral) of Barclays or any of its affiliates as investment
advice or as a recommendation to enter into the Transaction (it being understood that information and explanations related to the terms and conditions of the Transaction shall not be considered investment advice or a recommendation to enter into the
Transaction) and (C) no communication (written or oral) received from Barclays or any of its affiliates shall be deemed to be an assurance or guarantee as to the expected results of the Transaction; 

 

	 	(c)	Counterparty has (and shall at all times during the Transaction have) the capacity and authority to invest directly in the Shares underlying the Transaction and has not
entered into the Transaction with the intent to avoid any regulatory filings; 

  

	 	(d)	Counterparty’s 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; 

  

	 	(e)	Counterparty’s investments in and liabilities in respect of the Transaction, which it understands are not readily marketable, are not disproportionate to its net
worth, and Counterparty is able to bear any loss in connection with the Transaction, including the loss of its entire investment in the Transaction; 

  

	 	(f)	Counterparty is not as of the Trade Date, and shall not be after giving effect to the transactions contemplated hereby, “insolvent” (as such term is defined
in 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 underlying the Transaction in compliance with the laws
of the jurisdiction of Counterparty’s incorporation or organization; 

  

	 	(g)	the Transaction, and any repurchase of the Shares by Counterparty in connection with the Transaction, is pursuant to a publicly announced Share repurchase program that
has been approved by Counterparty’s board of directors (including engaging in related derivative transactions) and any such repurchase has been, or shall when so required be, publicly disclosed in its periodic filings under the Exchange Act and
its financial statements and notes thereto; 

  

	 	(h)	Counterparty understands, agrees and acknowledges that Barclays has no obligation or intention to register the Transaction under the Securities Act, any state
securities law or other applicable federal securities law; 

  

	 	(i)	each of Counterparty’s filings under the Securities Act, the Exchange Act, or other applicable securities laws that are required to be filed have been filed and as
of the respective dates thereof and as of the date of this representation, such filings when considered as a whole (with the more recent such filings deemed to amend inconsistent statements contained in any earlier such filings) do not contain any
misstatement of a material fact or any omission of a material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading;

  
 11 

	 	(j)	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; 

  

	 	(k)	Counterparty understands, agrees and acknowledges that no obligations of Barclays to it hereunder shall be entitled to the benefit of deposit insurance and that such
obligations shall not be guaranteed by any affiliate of Barclays or any governmental agency; 

  

	 	(l)	without limiting the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that Barclays is not making any representations or warranties
with respect to the treatment of the Transaction under FASB Statements 128, 133, as amended, 149 or 150, EITF Issue No. 00-19, 01-6, 03-6 or 07-5 (or any successor issue statements), under FASB’s Liabilities & Equity Project or under
FASB Staff Position or any other accounting guidance; and 

 5. Other Provisions: 

 

	 	(a)	Method of Delivery. Whenever delivery of funds or other assets is required hereunder by or to Counterparty, such delivery shall be effected through Agent. In
addition, all notices, demands and communications of any kind relating to the Transaction between Barclays and Counterparty shall be transmitted exclusively through Agent. 

 

	 	(b)	Rule 10b-18. 

  

	 	(i)	During the Initial Hedge Period (other than purchases (i) made by Barclays as part of its dynamic adjustment of its hedge of the options embedded in this
Transaction or that Barclays reasonably believes are attributable solely to Barclays and (ii) from affiliates of the Counterparty) and the Cash Settlement Pricing Period (as defined below), if any, and with respect to any purchases executed as
a result of an occurrence of an Additional Termination Event, Barclays agrees to use commercially reasonable efforts to make all purchases of Shares in a manner that would comply with the limitations set forth in clauses (b)(1), (b)(2), (b)(3),
(b)(4) and (c) of Rule 10b-18 under the Securities Exchange Act of 1934 (“Rule 10b-18”), as if such rule was applicable to such purchases. 

 

	 	(ii)	Except as disclosed to Barclays in writing prior to the Trade Date, Counterparty represents and warrants to Barclays that it has not made any purchases of blocks by or
for itself or any of its Affiliated Purchasers pursuant to the one block purchase per week exception in Rule 10b-18(b)(4) under the Exchange Act during each of the four calendar weeks preceding such date (“Rule 10b-18 purchase,”
“blocks” and “Affiliated Purchaser” each as defined in Rule 10b-18). 

  

	 	(iii)	 Counterparty agrees that it (A) will not, on any day during the Initial Hedge Period, the Trading Period and the Cash Settlement Pricing Period,
if any, make, or permit to be made, any public announcement (as defined in Rule 165(f) under the Securities Act) of any Merger Transaction or potential Merger Transaction unless such public announcement is made prior to the opening or after the
close of the regular trading session on the Exchange for the Shares or unless Counterparty reasonably concludes, based on the advice of outside counsel, that it is required to make such an announcement during such a regular trading session;
(B) shall promptly (but in any event prior to the next opening of the regular trading session on the Exchange in the case of such an announcement not made during such a regular trading session) notify Barclays following any such announcement
that such announcement has been made; and (C) shall promptly (but in any event prior to the next opening of the regular trading session on the Exchange) provide Barclays with written notice specifying (i) Counterparty’s average daily
Rule 10b-18 Purchases (as defined in Rule 10b-18) during the three full calendar months immediately preceding the announcement date that were not effected through Barclays or its affiliates and (ii) the number of Shares purchased pursuant to
the proviso in Rule 10b-18(b)(4) under the Exchange Act for the three full calendar months preceding the announcement date. Such written notice shall be deemed to be a certification by Counterparty to Barclays that such information is true and
correct. In addition, 

  
 12 

	 	 
Counterparty shall promptly notify Barclays of the earlier to occur of the completion of such transaction and the completion of the vote by target shareholders. “Merger
Transaction” means any merger, acquisition or similar transaction involving a recapitalization as contemplated by Rule 10b-18(a)(13)(iv) under the Exchange Act. 

 

	 	(c)	Rule 10b5-1. It is the intent of the parties that this Transaction comply with the requirements of Rule 10b5-1(c)(1)(i)(B) of the Exchange Act (“Rule
10b5-1”), and the parties agree that this Confirmation shall be interpreted to comply with the requirements of Rule 10b5-1(c), and Counterparty shall take no action that results in this Transaction not so complying with such requirements.
Without limiting the generality of the preceding sentence, Counterparty acknowledges and agrees that (A) Counterparty does not have, and shall not attempt to exercise, any influence over how, when or whether Barclays effects any purchases in
connection with this Transaction, (B) during the Initial Hedge Period, the Trading Period and the Cash Settlement Pricing Period, if any, neither Counterparty nor its officers or employees shall, directly or indirectly, communicate any
information regarding Counterparty or the Shares to any employee of Barclays or its affiliates who is directly involved with the hedging of and trading with respect to this Transaction, (C) Counterparty is entering into this Transaction in good
faith and not as part of a plan or scheme to evade compliance with federal securities laws including, without limitation, Rule 10b-5 and (D) Counterparty will not alter or deviate from this Confirmation or enter into or alter a corresponding
hedging transaction with respect to the Shares. Counterparty also acknowledges and agrees that any amendment, modification, waiver or termination of this Confirmation must be effected in accordance with the requirements for the amendment or
termination of a “plan” as defined in Rule 10b5-1(c). Without limiting the generality of the foregoing, any such amendment, modification, waiver or termination shall be made in good faith and not as part of a plan or scheme to evade the
prohibitions of Rule 10b-5 and no such amendment, modification or waiver shall be made at any time at which Counterparty or any officer or director of Counterparty is aware of any material non-public information regarding Counterparty or the Shares.
Nothing in this section 5(c) shall limit any termination rights that the Counterparty may have pursuant to this Confirmation. 

  

	 	(d)	Company Purchases. Without the prior written consent of Barclays, which consent will not be unreasonably delayed or denied, and except for purchases which are
not solicited by or on behalf of Counterparty, its affiliates or affiliated purchasers (each as defined in Rule 10b-18 of the Exchange Act) or repurchase of unvested restricted stock upon termination of the holder’s of such stock employment by
Counterparty or purchases executed by Barclays or an Affiliate of Barclays, Counterparty shall not purchase, and shall cause its affiliates or affiliated purchasers not to directly or indirectly (including, without limitation, by means of any
cash-settled or other derivative instrument) purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or commence any tender offer relating to, any Shares (or an equivalent interest, including a unit of beneficial
interest in a trust or limited partnership or a depository share) or any security convertible into or exchangeable or exercisable for Shares during the Initial Hedge Period, the Trading Period and the Cash Settlement Pricing Period, if any.

  

	 	(e)	Regulation M. Counterparty is not on the date hereof and shall not become prior to the Settlement Date or the final Cash Settlement Date (as defined below), if
applicable, engaged in a distribution, as such term is used in Regulation M under the Exchange Act, of any securities of Counterparty, other than a distribution meeting the requirements of the exception set forth in Section 102(b)(7) or
(c)(1)(i) of Regulation M under the Exchange Act. 

  

	 	(f)	 Additional Termination Event. Notwithstanding any other provision hereof, an “Additional Termination Event” shall occur and
Counterparty shall be the sole Affected Party pursuant to such Additional Termination Event if on any day occurring after the Trade Date and on or prior to the last Scheduled Trading Day in the Trading Period Counterparty declares a distribution,
issue or dividend to existing holders of the Shares with an ex-dividend date on or prior to the Valuation Date of (i) an extraordinary cash dividend, (ii) a regular quarterly dividend in an amount greater than the Regular Dividend as
specified in Schedule A, (iii) securities or share capital of another issuer acquired or owned (directly or indirectly) by Counterparty as a result of a spin-off or other similar transaction or (iv) any other type of securities (other than
Shares, 

  
 13 

	 	 
which may constitute a Potential Adjustment Event), rights or warrants or other assets, in any case for payment (cash or other consideration) at less than the prevailing market price as
determined by Barclays. 

  

	 	(g)	Additional Adjustment Event. If on any day, occurring after the Trade Date and on or prior to the last Scheduled Trading Day in the Trading Period, Counterparty
declares a distribution, issue or dividend to existing holders of the Shares with an ex-dividend date on or prior to the Valuation Date that is earlier than the expected ex-dividend date specified in Schedule A, the Calculation Agent shall make such
adjustments to the exercise, settlement, payment or any other terms of the Transaction as the Calculation Agent determines appropriate to account for the economic effect on the Transaction of such event. 

 

	 	(h)	Cash Settlement by Counterparty. If Cash Settlement applies, Counterparty may elect to pay to Barclays on each Cash Settlement Date an amount in cash equal to
the Cash Settlement Amount for such Cash Settlement Date; provided that Counterparty on the date of such election provides the representation contained in paragraph 5(p) below. “Cash Settlement Dates” shall mean three
Currency Business Days immediately following each Exchange Business Day on which Barclays delivers to Counterparty a Hedge Repurchase Notice. “Cash Settlement Amount” shall mean, with respect to each Cash Settlement Date, the
product of (i) the number of Hedge Repurchase Shares, as specified in the applicable Hedge Repurchase Notice, multiplied by (ii) the volume weighted average price at which Barclays purchased such Shares on the Scheduled Trading Day
related to such Cash Settlement Date. “Cash Settlement Pricing Period” shall mean the period commencing on the third Scheduled Trading Day immediately following the last Scheduled Trading Day of the Trading Period and ending on the
Exchange Business Day on which Barclays completes the purchase of a number of shares equal to the absolute value of the Number of Shares to be Delivered (each such Share, a “Hedge Repurchase Share”). With respect to each Scheduled
Trading Day during the Cash Settlement Pricing Period, Barclays shall deliver a notice (each such notice, a “Hedge Repurchase Notice”) to the Counterparty of the number of Hedge Repurchase Shares purchased by Barclays on such
Scheduled Trading Day. 

  

	 	(i)	Share Delivery Conditions. If Counterparty elects or is deemed to elect for Physical Settlement by Counterparty to apply, Counterparty may deliver Free Shares in
respect of its settlement obligations only if the following conditions have been satisfied (the “Registration Provisions”): (i) a registration statement (“Registration Statement”) (which may be a shelf
registration statement filed pursuant to Rule 415 under the Securities Act of 1933, as amended) covering public resale by Barclays (or an affiliate thereof) of any Shares delivered by Counterparty to Barclays under such Physical Settlement by
Counterparty (“Settlement Shares”) shall have been filed with, and declared effective by, the Securities and Exchange Commission (the “SEC”) no later than one Scheduled Trading Day prior to the Settlement Date and
such Registration Statement continues to be in effect at all times to and including the date that Barclays or its affiliate(s) has fully and finally sold any Settlement Shares hereunder, (ii) the contents of such registration statement and of
any prospectus supplement to the prospectus included therein (including, without limitation, any sections describing the plan of distribution) shall be reasonably satisfactory to Barclays, (iii) Barclays shall have been afforded a reasonable
opportunity to conduct a due diligence investigation with respect to Counterparty customary in scope for transactions pursuant to which Barclays (or an affiliate thereof) acts as an underwriter of equity securities and the results of such
investigation are satisfactory to Barclays, in its discretion, and (iv) as of the Settlement Date, an agreement between Barclays and Counterparty of reasonable and customary underwriting terms including but not limited to indemnification and
contribution and due diligence (the “Underwriting Agreement”) shall have been entered into with Barclays in connection with the public resale of the Settlement Shares by Barclays (or an affiliate thereof). Notwithstanding the
foregoing, if Counterparty elects for Physical Settlement by Counterparty to apply and Counterparty delivers Restricted Shares in respect of its settlement obligation, Barclays shall attempt to sell the Settlement Shares, if any, pursuant to an
exemption from registration under the Securities Act by soliciting bids from interested parties in a manner exempt from registration. 

  
 14 

 Counterparty agrees that any Registration Statement it files for purposes of Physical
Settlement by Counterparty pursuant to the provisions above, at the time the same becomes effective, will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein to make the statements
therein not misleading. Counterparty represents that any prospectus delivered to Barclays in connection with sales made under the Registration Statement (as such prospectus may be supplemented from time to time) will not include an untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

 

	 	(j)	Transfer or Assignment. Counterparty may not transfer or assign any of its rights or obligations under the Transaction without the prior written consent of
Barclays. Notwithstanding any provision of the Agreement to the contrary, Barclays may, subject to applicable law, freely transfer and assign all of its rights and obligations under the Transaction without the consent of Counterparty to any
affiliate of Barclays whose obligations hereunder are guaranteed by Barclays. 

 If at any time at which
(1) the Equity Percentage exceeds 9.0% or (2) Barclays, Barclays Group (as defined below) or any person whose ownership position would be aggregated with that of Barclays or Barclays Group (Barclays, Barclays Group or any such person, a
“Barclays Person”) under any relevant state corporate law or any state or federal bank holding company or banking laws, 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 or registration obligations or other requirements (including obtaining prior approval by a state or federal regulator) of a Barclays 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) 1.0% of the number of Shares outstanding on the date of determination (either such condition described in clause (1) or (2), an “Excess Ownership
Position”) and Barclays is unable, after commercially reasonable efforts, to effect a transfer or assignment on pricing terms and within a time period reasonably acceptable to it of all or a portion of the Transaction such that an Excess
Ownership Position no longer exists, Barclays 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. In the event that Barclays so designates an Early Termination Date with respect to a portion of this Transaction, a payment shall be made pursuant to Section 6 of the Agreement as if (x) an Early Termination Date had been
designated in respect of a Transaction having terms identical to this Transaction and a Number of Shares equal to the Terminated Portion, (y) Counterparty shall be the sole Affected Party with respect to such partial termination and
(z) such Transaction shall be the only Terminated Transaction (and, for the avoidance of doubt, the provisions of paragraph 5(o) shall apply to any amount that is payable by Barclays to Counterparty pursuant to this sentence). 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 Barclays and any of its affiliates subject to aggregation with Barclays, 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 Barclays (“Barclays Group”),
beneficially own (within the meaning of Section 13 of the Exchange Act) on such day and (B) the denominator of which is the number of Shares outstanding on such day. 
 Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Barclays to purchase, sell, receive or deliver any Shares or other securities to or from Counterparty,
Barclays may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities and otherwise to perform Barclays’ obligations in respect of the Transaction and any such designee may assume such obligations.
Barclays shall be discharged of its obligations to Counterparty to the extent of any such performance. 
  

	 	(k)	 Role of Agent. Each of Barclays and Counterparty acknowledges to and agrees with the other party hereto and to and with the Agent that
(i) the Agent is acting as agent for Barclays under 

  
 15 

	 	 
the Transaction pursuant to instructions from such party, (ii) the Agent is not a principal or party to the Transaction, and may transfer its rights and obligations with respect to the
Transaction, (iii) the Agent shall have no responsibility, obligation or liability, by way of issuance, guaranty, endorsement or otherwise in any manner with respect to the performance of either party under the Transaction, (iv) Barclays
and the Agent have not given, and Counterparty is not relying (for purposes of making any investment decision or otherwise) upon, any statements, opinions or representations (whether written or oral) of Barclays or the Agent, other than the
representations expressly set forth in this Confirmation or the Agreement, and (v) each party agrees to proceed solely against the other party, and not the Agent, to collect or recover any money or securities owed to it in connection with the
Transaction. Each party hereto acknowledges and agrees that the Agent is an intended third party beneficiary hereunder. Counterparty acknowledges that the Agent is an affiliate of Barclays. For the avoidance of doubt, any performance by Counterparty
of its obligations (including notice obligations) through or by means of the Agent’s agency for Barclays shall constitute good performance of Counterparty’s obligations hereunder to Barclays; however, performance by Barclays of its
obligations hereunder (including notice obligations) to Counterparty through or by means of the Agent’s agency for Barclays shall not constitute good performance of Barclays’s obligations hereunder unless and then only to the extent that
Counterparty actually receives the benefit of such performance. 

  

	 	(l)	Regulatory Provisions. The time of dealing for the Transaction will be confirmed by Barclays upon written request by Counterparty. The Agent will furnish to
Counterparty upon written request a statement as to the source and amount of any remuneration received or to be received by the Agent in connection with a Transaction. 

 

	 	(m)	Netting and Setoff. Obligations under the Transaction shall not be netted, recouped or set off (including pursuant to Section 6 of the Agreement) against
any other obligations of the parties, whether arising under the Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise, and no other obligations of the parties shall be netted, recouped
or set off (including pursuant to Section 6 of the Agreement) against obligations under the Transaction, whether arising under the Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or
otherwise, and each party hereby waives any such right of setoff, netting or recoupment; provided that both parties agree that subparagraph (ii) of Section 2(c) of the Agreement shall apply to the Transaction, except that upon the
occurrence of an Event of Default or Termination Event with respect to a party who is the Defaulting Party or the Affected Party (“X”), the other party (“Y”) will have the right (but not be obliged) without prior
notice to X or any other person to set-off or apply any obligation of X under the Transaction owed to Y (or any Affiliate of Y) (whether or not matured or contingent and whether or not arising under the Agreement, and regardless of the currency,
place of payment or booking office of the obligation) against any obligation of Y (or any Affiliate of Y) under an Equity Contract owed to X (whether or not matured or contingent and whether or not arising under the Agreement, and regardless of the
currency, place of payment or booking office of the obligation). Y will give notice to the other party of any set-off effected under this paragraph. “Equity Contract” shall mean for purposes of this paragraph any transaction
relating to Shares between X and Y (or any Affiliate of Y) that qualifies as ‘equity’ under applicable accounting rules. Amounts (or the relevant portion of such amounts) subject to set-off may be converted by Y into the Termination
Currency at the rate of exchange at which such party would be able, acting in a reasonable manner and in good faith, to purchase the relevant amount of such currency. If any obligation is unascertained, Y may in good faith estimate that obligation
and set-off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. Nothing in this section shall be effective to create a charge or other security interest. 

 

	 	(n)	 Staggered Settlement. Barclays may, by notice to Counterparty on or prior to any Settlement Date (a “Nominal Settlement Date”),
elect to deliver any Shares deliverable on such Nominal Settlement Date on two 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, Barclays
will specify to Counterparty the related Staggered Settlement Dates (each of which will be on or prior to such 

  
 16 

	 	 
Nominal Settlement Date) or delivery times and how it will allocate the Shares it is required to deliver under the applicable settlement method above among the Staggered Settlement Dates or
delivery times; and (ii) the aggregate number of Shares that Barclays will deliver to Counterparty hereunder on all such Staggered Settlement Dates and delivery times will equal the number of Shares that Barclays would otherwise be required to
deliver on such Nominal Settlement Date. 

  

	 	(o)	Alternative Calculations and Counterparty Payment on Early Termination and on Certain Extraordinary Events. If Barclays owes Counterparty or if Counterparty owes
Barclays any amount in connection with the Transaction (i) pursuant to Sections 12.2, 12.3, 12.6, 12.7 or 12.9 of the Equity Definitions or (ii) pursuant to Section 6(d)(ii) of the Agreement (a “Payment Obligation”),
Counterparty shall have the right, in its sole discretion, to satisfy or to require Barclays to satisfy, as the case may be, any such Payment Obligation by delivery of Termination Delivery Units (as defined below) by giving irrevocable telephonic
notice to Barclays, confirmed in writing within one Scheduled Trading Day, no later than noon New York time on the Early Termination Date or other date the Transaction is cancelled or terminated, as applicable, where such notice shall include a
representation and warranty from Counterparty that it is not, as of the date of the telephonic notice and the date of such written notice, aware of any material non-public information concerning itself or the Shares (where “material” shall
have the meaning set forth in paragraph 5(p) below) (“Notice of Counterparty Termination Delivery”); provided that if Counterparty does not elect to require Barclays to satisfy its Payment Obligation by delivery of
Termination Delivery Units, Barclays shall have the right (without regard to the exceptions set forth in clauses (i) and (ii) above), in its sole discretion, to elect to satisfy its Payment Obligation by delivery of Termination Delivery
Units, 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 avoidance of doubt, Barclays shall have the right to so elect)
in the event of (i) an Insolvency, a Nationalization or a Merger Event, in each case, in which the consideration or proceeds to be paid to holders of Shares consists solely of cash or (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. Within a commercially reasonable period of time
following receipt of a Notice of Counterparty Termination Delivery, Barclays shall deliver to Counterparty or Counterparty shall deliver to Barclays, as the case may be, a number of Termination Delivery Units having a fair market value (net of any
brokerage and underwriting commissions and fees, including any customary private placement fees) equal to the amount of such Payment Obligation (such number of Termination Delivery Units to be delivered to be determined by the Calculation Agent as
the number of whole Termination Delivery Units that could be sold over a commercially reasonable period of time to generate proceeds equal to the cash equivalent of such payment obligation). If the provisions set forth in this paragraph are
applicable, the provisions of Sections 9.8, 9.9, 9.10, 9.11 (modified as described above) and 9.12 of the Equity Definitions shall be applicable, except that all references to “Shares” shall be read as references to “Termination
Delivery Units.” “Termination Delivery Units” means in the case of a Termination Event, Event of Default or Delisting, one Share or, in the case of Nationalization, Insolvency, Tender Offer or Merger Event, a unit consisting of
the number or amount of each type of property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Nationalization, Insolvency, Tender
Offer or Merger Event; provided that if such Nationalization, Insolvency, Tender Offer or Merger Event involves a choice of consideration to be received by holders, such holder shall be deemed to have elected to receive the maximum possible
amount of cash. 

  

	 	(p)	No Material Non-Public Information. On the Trade Date, Counterparty represents and warrants to Barclays that it is not aware of any material non-public
information concerning itself or the Shares. “Material” information for these purposes is any information to which an investor would reasonably attach importance in reaching a decision to buy, sell or hold Shares.

  
 17 

	 	(q)	Maximum Number of Shares. The number of Shares that may be issued under any settlement by Counterparty pursuant to this Confirmation, the Definitions or the
Agreement will be limited to the total Shares authorized but not outstanding, reduced by the total amount of contingently issuable Shares. In any event, the number of Shares issuable by Counterparty at settlement shall not exceed [*] Shares. If the
number of Shares to be issued at settlement by Counterparty exceeds the limit in the first sentence of this provision, Counterparty will use its best efforts to obtain all necessary approvals to issue additional Shares to enable it to satisfy all
obligations hereunder. 

  

	 	(r)	Tax Disclosure. Notwithstanding anything to the contrary herein, in the Equity Definitions or in the Agreement, and notwithstanding any express or implied claims
of exclusivity or proprietary rights, the parties (and each of their employees, representatives or other agents) are authorized to disclose to any and all persons, beginning immediately upon commencement of their discussions and 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 by either party to the other relating to such tax treatment and tax structure.

  

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

  

	 	(t)	No Collateral. Notwithstanding any provision of this Confirmation, the Agreement, Equity Definitions or any other agreement between the parties to the contrary,
the obligations of Counterparty under the Transaction are not secured by any collateral. 

  

	 	(u)	Securities Contract; Swap Agreement. The parties hereto agree and acknowledge that Barclays is one or more of 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 further agree and acknowledge (A) that this Confirmation is (i) a
“securities contract,” as such term is defined in Section 741(7) of the Bankruptcy Code, with respect to which each payment and delivery hereunder 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” or a “transfer” 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,” a “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 Barclays is entitled to
the protections afforded by, among other sections, Section 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. 

 

	 	(v)	Payments on Early Termination. The parties hereto agree that for the Transaction, for the purposes of Section 6(e) of the Agreement, Second Method and Loss
will apply. 

  

	 	(w)	Binding Contract. This Confirmation, as supplemented by the Confirmation Pricing Supplement, is a “qualified financial contract”, as such term is
defined in Section 5-701(b)(2) of the General Obligations Law of New York (the “General Obligations Law”); (ii) the Confirmation Pricing Supplement constitutes a “confirmation in writing sufficient to indicate that a
contract has been made between the parties” hereto, as set forth in Section 5-701(b)(3)(b) of the General Obligations Law; and (iii) this Confirmation constitutes a prior “written contract” as set forth in
Section 5-701(b)(1)(b) of the General Obligations Law, and each party hereto intends and agrees to be bound by this Confirmation, as supplemented by the Confirmation Pricing Supplement. Barclays and Counterparty further agree and acknowledge
that this Confirmation, as supplemented by the Confirmation Pricing Supplement, constitutes a contract 

  

	[*]	 Confidential treatment requested; certain information omitted and filed separately with the SEC. 

  
 18 

	 	 
“for the sale or purchase of a security”, as set forth in Section 8-113 of the Uniform Commercial Code of New York. 

 

	 	(x)	Right to Extend. Barclays may postpone any potential Valuation Date or postpone or extend any other date of valuation or delivery with respect to some or all of
the relevant Shares, if Barclays determines, in its reasonable discretion, that such postponement or extension is reasonably necessary or appropriate to preserve Barclays’ hedging or hedge unwind activity hereunder in light of existing
liquidity conditions (including but not limited to the liquidity in the stock borrow market) or to enable Barclays to effect purchases or sale of Shares in connection with its hedging, hedge unwind or settlement activity hereunder in a manner that
would, if Barclays were Issuer or an affiliated purchaser of Issuer, be in compliance with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures applicable to Barclays. 

 

	 	(y)	Governing Law. The law of the State of New York (without reference to choice of law doctrine). 

 

	 	(y)	Waiver of Jury Trial. EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT,
ACTION OR PROCEEDING RELATING TO THE TRANSACTION. EACH PARTY (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF SUCH A SUIT,
ACTION OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTY HAVE BEEN INDUCED TO ENTER INTO THE TRANSACTION, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS PROVIDED
HEREIN. 

 6. Account Details: 
  

	 	(a)	Account for payments to Counterparty: 

 Pharmaceutical Product Development, Inc. 
 ABA:
       026009593 
 Acct:         PPD Inc 

Acct No.: 002373417894 
 Account for delivery of Shares to Counterparty: 
 Pharmaceutical Product
Development, Inc. 
 Bank: Bank of New York 
 ABA#: 021000018 
 A/C # 8900692839 

A/C Name: Barclays Capital 
 F/B/O: Pharmaceutical Product Development 
 A/C #: 938-91205-11-200 

 

	 	(b)	Account for payments to Barclays: 

Bank: Barclays Bank plc NY 
 ABA# 026 00 2574
 BIC: BARCUS33 

Acct: 50038524 

Beneficiary: BARCGB33 
 Ref: Barclays Bank plc London Equity Derivatives 
 7. Offices: 

The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party. 

The Office of Barclays for the Transaction is: Inapplicable, Barclays is not a Multibranch Party. 

  
 19 

 8. Notices: 
 For purposes of this Confirmation: 
  

	 	(a)	Address for notices or communications to Counterparty: 

 Pharmaceutical Product Development, Inc. 
 Attention:
          General Counsel 
 Telephone No.:  910-558-6928 

Facsimile No.:     910-558-6951 
  

	 	(b)	Address for notices or communications to Barclays: 

 Barclays Bank PLC 
 c/o Barclays Capital Inc. 

745 Seventh Ave. 

New York, NY 10019 
 Attn:                 Paul Robinson 
 Telephone:       (+1) 212-526-0111 

Facsimile:         (+1) 917-522-0458 

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. 

  
 20 

 Counterparty hereby agrees to check this Confirmation and to confirm that the foregoing correctly sets forth
the terms of the Transaction by signing in the space provided below and returning to Barclays a facsimile of the fully-executed Confirmation to Barclays at (+1) 917-522-0458. Originals shall be provided for your execution upon your request.

  

					
	Very truly yours,
	
	 BARCLAYS CAPITAL INC.,
 acting solely as Agent in connection with this Transaction

		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

					
	Accepted and confirmed as of the Trade Date:
	
	PHARMACEUTICAL PRODUCT DEVELOPMENT, INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
 21 

 SCHEDULE A 
 For the purposes of the Transaction, the following terms shall have the following values/meanings: 
  

			
	 1. Prepayment Amount:
	  	USD 200,000,000.00
		
	 2. Additional Payment:
	  	USD [*]
		
	 3. Maximum Maturity Date:
	  	[*]
		
	 4. Minimum Maturity Date:
	  	[*]
		
	 5. Initial Shares:
	  	4,152,250
		
	 6. Minimum Shares:
	  	The number of Shares equal to the quotient of (i) the Prepayment Amount divided by (ii) [*]% of the Hedging Price.
		
	 7. Maximum Shares:
	  	The number of Shares equal to the quotient of (i) the Prepayment Amount divided by (ii) [*]% of the Hedging Price.
		
	 8. Regular Dividend:
	  	USD 0.15 per Share per quarter, with ex-dividend dates occurring on March 11, 2011, June 13, 2011, and September 13, 2011.

 

	[*]	 Confidential treatment requested; certain information omitted and filed separately with the SEC. 

 EXHIBIT A 

CONFIRMATION PRICING SUPPLEMENT 
 This Confirmation Pricing Supplement is the Confirmation Pricing Supplement referred to in the Confirmation dated as of February 14, 2011 between Barclays Bank PLC and Pharmaceutical Product
Development, Inc. 
 For all purposes under the Confirmation, the following terms of the Confirmation shall be as specified below: 

 

			
	1.	  	Hedging Price:
                        USD[    ]
		
	2.	  	Maximum Maturity Date:       [DATE]
		
	3.	  	Minimum Maturity Date:       [DATE]
		
	4.	  	Maximum Shares:                    [    ]
		
	5.	  	Minimum Shares:                    [    ]
		
	6.	  	First day of Trading Period:  [    ]

 Please acknowledge the foregoing by signing this Confirmation Pricing Supplement and returning a copy to us at facsimile number 646-885-9546 (United States of America), Attention: Documentation.

  

					
	 Yours Sincerely,

 

	 BARCLAYS CAPITAL INC.,
 acting solely as Agent in connection with this Transaction

		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

					
	PHARMACEUTICAL PRODUCT DEVELOPMENT, INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
 23Twelfth Amendment to Lease Agreement

 Exhibit 10.279 
 TWELFTH LEASE AMENDMENT 
 THIS TWELFTH LEASE AMENDMENT (this
“Amendment”) is entered into by and between GREENWAY OFFICE CENTER L.L.C. (the “Landlord”) and PPD DEVELOPMENT, LP (the “Tenant”). 

RECITALS: 
 A. Tenant (as successor to PPD Development, LLC) and Landlord (as successor to Greenway Properties, Inc. f/k/a Western Center Properties, Inc.) have entered into that certain Lease dated April 30,
2001, as amended on August 15, 2001, August 25, 2003, March 22, 2004, May 17, 2004, December 14, 2004, June 3, 2005, July 29, 2005, March 1, 2006, August 31,
2007, September 25, 2007, and March 31, 2008, with respect to certain space in the building located at 8551 Research Way, Middleton, Wisconsin (collectively, the “Lease”); and 

B. Tenant desires to add Suite 140 and remove Suite 150 from the Premises, subject to the terms and conditions set forth herein.

 AGREEMENT: 
 FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which the parties hereby acknowledge, Landlord and Tenant agree as follows: 

1. Addition of Suite 140. Effective February 1, 2011 (the “Suite 140 Expansion Date”), Suite 140, consisting of
20,646 rentable square feet (depicted on the attached Exhibit A-1) (“Suite 140”), shall be added to the Premises. As of the Suite 140 Expansion Date, Tenant shall pay to Landlord the following monthly base rent for Suite 140: 

 

									
	 Period or Months of Term
	  	Annual Rate Per
Square 
Foot	 	  	Monthly Base Rent	 
	 02/01/2011 to 07/31/2011
	  	$	14.75	  	  	$	16,027.10	* 
	 08/01/2011 to 02/29/2012
	  	$	14.75	  	  	$	25,377.38	  
	 03/01/2012 to 02/28/2013
	  	$	15.12	  	  	$	26,011.81	  
	 03/01/2013 to 02/28/2014
	  	$	15.50	  	  	$	26,662.10	  
	 03/01/2014 to 02/28/2015
	  	$	15.88	  	  	$	27,328.66	  
	 03/01/2015 to 02/29/2016
	  	$	16.28	  	  	$	28,011.87	  
	 03/01/2016 to 02/28/2017
	  	$	16.69	  	  	$	28,712.17	  
	 03/01/2017 to 02/28/2018
	  	$	17.11	  	  	$	29,429.97	  
	 03/01/2018 to 05/30/2018
	  	$	17.53	  	  	$	30,165.72	  

  

	*	From February 1, 2011 through July 31, 2011, Tenant’s monthly base rent for Suite 140 shall only be based on 13,039 square feet, even though Tenant is
permitted to occupy all of Suite 140. 

 In accordance with the Lease, Tenant shall pay its prorated share of
Common Area Expenses (as defined in Section 4.4 of the Lease) to Landlord. As of the Suite 140 Expansion Date, Tenant’s prorated share of Common Area Expenses shall be 10.82 percent. 

2. Right to Reduce Premises. Tenant shall have the right to reduce the size of Suite 140 by 7,607 rentable square feet (depicted
on the attached Exhibit A-2 as Suite 145) effective February 1, 2012 (“Reduction Date”), upon providing at least 150 days’ advance written notice to Landlord. Tenant will be responsible for all construction costs associated with
the demising of the Suite 140 space from Suite 145 and Tenant shall have the option to complete such work using Tenant’s contractors that are reasonably acceptable to Landlord. Tenant’s rental obligations under the Lease shall be reduced
to reflect the removal of Suite 145 from the Premises as of the Reduction Date regardless of whether the construction associated with the demise of Suite 140 from Suite 145 has been completed. In the event Tenant does not exercise its right to
reduce Suite 140 as stated above, Landlord shall pay to Tenant the amount of $76,070.00 by February 1, 2012 (the “Suite 140 Payment”). Notwithstanding anything to the contrary in the Lease, in the event Tenant is entitled to the Suite
140 Payment and Landlord does not make the full Suite 140 Payment by February 1, 2010, Tenant may, in its sole discretion, after giving Landlord written notice of 

 
such failure to make such payment and thirty (30) days to make the payment, credit the amount of the February 1, 2012 Payment that Landlord has failed to make against any monthly base
rent or other rent obligation that may be payable under the Lease. 
 3. Termination of Suite 150. Effective
February 1, 2011, Suite 150, consisting of 13,039 rentable square feet, shall be deleted from the Premises, without penalty or future obligation. 
 4. Miscellaneous. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original. All capitalized terms not defined herein shall have the meaning ascribed
to them in the Lease. Except as otherwise expressly stated in this Amendment, the terms and conditions of the Lease are hereby ratified and affirmed and shall remain in full force and effect. In the event of conflict between the provisions of this
Amendment and the terms of the Lease, the provisions of this Amendment will control. 
 IN WITNESS WHEREOF, Landlord and
Tenant have entered into this Amendment as of the date it is executed by both of the parties. 
  

											
	TENANT:	 		 	LANDLORD:
			
	PPD DEVELOPMENT, LP	 		 	GREENWAY OFFICE CENTER L.L.C.
			
	By: PPD GP, LLC, Its General Partner	 		 	By: T. Wall Properties L.L.C., Its Manager
						
	By: 	 	/s/ William J. Sharbaugh	 		 		 	By:	 	/s/ Randall J. Guenther
	Name:	 	William J. Sharbaugh	 		 		 		 	Randall J. Guenther,
	Title:	 	Chief Operating Officer	 		 		 		 	President & Chief Financial Officer
						
	Date:	 	January 31, 2011	 		 		 	Date:	 	February 10, 2011

  
 2 

 EXHIBIT A-1 
 OUTLINE AND LOCATION OF SUITE 140 

 

 

  
 3 

 EXHIBIT A-2 
 OUTLINE AND LOCATION OF DEMISED SPACE IN SUITE 140 

 

 

  
 4

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