Document:

exv10w2

Exhibit 10.2

EXECUTION COPY

JPMorgan Chase Bank, National Association

P.O. Box 161

60 Victoria Embankment

London EC4Y 0JP

England

May 16, 2008

To: TTM Technologies, Inc.

2630 South Harbor Boulevard

Santa Ana, California 92704

Attention: Treasurer

Telephone No.:       (714) 327-3049

Facsimile No.:       (714) 668-9411

Re: Warrants

     The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and
conditions of the Warrants issued by TTM Technologies, Inc. (“Company”) to JPMorgan Chase Bank,
National Association, London Branch (“JPMorgan”) as of the Trade Date specified below (the
"Transaction”). This letter agreement constitutes a “Confirmation” as referred to in the ISDA
Master Agreement specified below. This Confirmation shall replace any previous agreements and
serve as the final documentation for this Transaction.

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

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

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

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

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

 

 

General Terms:

	 	 	 	 	 
	 

	 	Trade Date:
	 	May 16, 2008
	 
	 	 	 	 
	 

	 	Effective Date:
	 	May 20, 2008; provided that the Effective Date shall
not occur and this Confirmation and the Agreement
shall become null and void if JPMorgan has not paid
the Premium on the Premium Payment Date.
	 
	 	 	 	 
	 

	 	Warrants:
	 	Equity call warrants, each giving the holder the
right to purchase one Share at the Strike Price,
subject to the Settlement Terms set forth below.
For the purposes of the Equity Definitions, each
reference to a Warrant herein shall be deemed to be
a reference to a Call Option.
	 
	 	 	 	 
	 

	 	Warrant Style:
	 	European
	 
	 	 	 	 
	 

	 	Seller:
	 	Company
	 
	 	 	 	 
	 

	 	Buyer:
	 	JPMorgan
	 
	 	 	 	 
	 

	 	Shares:
	 	The common stock of Company, par value USD 0.001 per
Share (Exchange symbol “TTMI”)
	 
	 	 	 	 
	 

	 	Number of Warrants:
	 	626,449, subject to adjustment as provided herein.
	 
	 	 	 	 
	 

	 	Warrant Entitlement:
	 	One Share per Warrant
	 
	 	 	 	 
	 

	 	Strike Price:
	 	USD 18.1540
	 
	 	 	 	 
	 

	 	Premium:
	 	USD 1,496,982.00
	 
	 	 	 	 
	 

	 	Premium Payment Date:
	 	May 20, 2008
	 
	 	 	 	 
	 

	 	Exchange:
	 	The NASDAQ Global Select Market
	 
	 	 	 	 
	 

	 	Related Exchange(s):
	 	All Exchanges

Procedures for Exercise:

	 	 	 	 	 
	 

	 	Expiration Time:
	 	The Valuation Time
	 
	 	 	 	 
	 

	 	Expiration Date(s):
	 	Each Scheduled Trading Day during the period
from and including the First Expiration Date and
to and including the 120th Scheduled Trading Day
following the First Expiration Date shall be an
“Expiration Date” for a number of Warrants equal
to the Daily Number of Warrants on such date;
provided that, notwithstanding anything to the
contrary in the Equity Definitions, if any such
date is a Disrupted Day, the Calculation Agent
shall make adjustments, if applicable, to the
Daily Number of Warrants or shall reduce such
Daily Number of Warrants to zero for which such
day shall be an Expiration Date and shall
designate a Scheduled Trading Day or a number of
Scheduled Trading Days as the Expiration Date(s)
for the remaining Daily Number of Warrants or a
portion thereof for the originally scheduled
Expiration Date; and provided further that if
such Expiration Date has not occurred pursuant
to this clause as of the

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	 	 	 	eighth Scheduled
Trading Day following the last scheduled
Expiration Date under this Transaction, the
Calculation Agent shall have the right to
declare such Scheduled Trading Day to be the
final Expiration Date and the Calculation Agent
shall determine its good faith estimate of the
fair market value for the Shares as of the
Valuation Time on that eighth Scheduled Trading
Day or on any subsequent Scheduled Trading Day,
as the Calculation Agent shall determine using
commercially reasonable means.
	 
	 	 	 	 
	 

	 	First Expiration Date:
	 	August 17, 2015 (or if such day is not a
Scheduled Trading Day, the next following
Scheduled Trading Day), subject to Market
Disruption Event below.
	 
	 	 	 	 
	 

	 	Daily Number of Warrants:
	 	For any Expiration Date, the Number of Warrants
that have not expired or been exercised as of
such day, divided by the remaining number of
Expiration Dates (including such day), rounded
down to the nearest whole number, subject to
adjustment pursuant to the provisos to
“Expiration Date(s)”.
	 
	 	 	 	 
	 

	 	Automatic Exercise:
	 	Applicable; and means that a number of Warrants
for each Expiration Date equal to the Daily
Number of Warrants (as adjusted pursuant to the
terms hereof) for such Expiration Date will be
deemed to be automatically exercised; provided
that “In-the-Money” means that the Relevant
Price for such Expiration Date exceeds the
Strike Price for such Expiration Date; and
provided further that all references in Section
3.4(b) of the Equity Definitions to “Physical
Settlement” shall be read as references to “Net
Share Settlement”.
	 
	 	 	 	 
	 

	 	Market Disruption Event:
	 	Section 6.3(a)(ii) of the Equity Definitions is
hereby amended by replacing clause (ii) in its
entirety with “(ii) an Exchange Disruption, or”
and inserting immediately following clause (iii)
the phrase “; in each case that the Calculation
Agent determines is material.”

Valuation:

	 	 	 	 	 
	 

	 	Valuation Time:
	 	Scheduled Closing Time; provided that if the principal
trading session is extended, the Calculation Agent shall
determine the Valuation Time in its reasonable discretion.
	 
	 	 	 	 
	 

	 	Valuation Date:
	 	Each Exercise Date.

Settlement Terms:

	 	 	 	 	 
	 

	 	Settlement Method:
	 	Net Share Settlement.
	 
	 	 	 	 
	 

	 	Net Share Settlement:
	 	On the relevant Settlement Date, Company
shall deliver to JPMorgan the Share Delivery
Quantity of Shares for such Settlement Date
to the account specified hereto free of
payment through the Clearance System.
	 
	 	 	 	 
	 

	 	Share Delivery Quantity:
	 	For any Settlement Date, a number of Shares,
as calculated by the Calculation Agent, equal
to the Net Share Settlement Amount for such
Settlement Date divided by the Settlement
Price on the

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	 	 	 	Valuation Date in respect of
such Settlement Date, rounded down to the
nearest whole number plus any Fractional
Share Amount.
	 
	 	 	 	 
	 

	 	Net Share Settlement Amount:
	 	For any Settlement Date, an amount equal to
the product of (i) the Number of Warrants
exercised or deemed exercised on the relevant
Exercise Date, (ii) the Strike Price
Differential for such Settlement Date and
(iii) the Warrant Entitlement.
	 
	 	 	 	 
	 

	 	Settlement Price:
	 	For any Valuation Date, the per Share
volume-weighted average price as displayed
under the heading “Bloomberg VWAP” on
Bloomberg page TTMI.UQ <equity> AQR (or
any successor thereto) in respect of the
period from the scheduled opening time of the
Exchange to the Scheduled Closing Time on
such Valuation Date (or if such
volume-weighted average price is unavailable,
the market value of one Share on such
Valuation Date, as determined by the
Calculation Agent). Notwithstanding the
foregoing, if (i) any Expiration Date is a
Disrupted Day and (ii) the Calculation Agent
determines that such Expiration Date shall be
an Expiration Date for fewer than the Daily
Number of Warrants, as described above, then
the Settlement Price for the relevant
Valuation Date shall be the volume-weighted
average price per Share on such Valuation
Date on the Exchange, as determined by the
Calculation Agent based on such sources as it
deems appropriate using a volume-weighted
methodology, for the portion of such
Valuation Date for which the Calculation
Agent determines there is no Market
Disruption Event.
	 
	 	 	 	 
	 

	 	Settlement Date(s):
	 	As determined in reference to Section 9.4 of
the Equity Definitions, subject to Section
9(k)(i) hereof.
	 
	 	 	 	 
	 

	 	Other Applicable Provisions:
	 	The provisions of Sections 9.1(c), 9.8, 9.9,
9.11, 9.12 and 10.5 of the Equity
Definitions will be applicable, except that
all references in such provisions to
“Physically-settled” shall be read as
references to “Net Share Settled.” “Net
Share Settled” in relation to any Warrant
means that Net Share Settlement is
applicable to that Warrant.
	 
	 	 	 	 
	 

	 	Representation and Agreement:
	 	Notwithstanding Section 9.11 of the Equity
Definitions, the parties acknowledge that
any Shares delivered to JPMorgan may be,
upon delivery, subject to restrictions and
limitations arising from Company’s status as
issuer of the Shares under applicable
securities laws.

3. Additional Terms applicable to the Transaction:

     Adjustments applicable to the Warrants:

	 	 	 	 	 
	 

	 	Method of Adjustment:
	 	Calculation Agent Adjustment. For the avoidance of
doubt, in making any adjustments under the Equity
Definitions, the Calculation Agent may make
adjustments, if any, to any one or more of the
Strike Price, the Number of Warrants, the Daily
Number of Warrants and the Warrant Entitlement.
Notwithstanding the foregoing, any cash dividends or
distributions on the Shares, whether or not
extraordinary, shall be

4

 

	 	 	 	 	 
	 

	 	 	 	governed by Section 9(f) of
this Confirmation in lieu of Article 10 or Section
11.2(c) of the Equity Definitions.

Extraordinary Events applicable to the Transaction:

	 	 	 	 	 
	 

	 	New Shares:
	 	Section 12.1(i) of the Equity
Definitions is hereby amended 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 American Stock Exchange,
The NASDAQ Global Select Market or The
NASDAQ Global Market (or their
respective successors)”.
	 
	 	 	 	 
	 

	 	Consequence of Merger Events:	 	 
	 
	 	 	 	 
	 

	 	Merger Event:
	 	Applicable, provided that if an event
occurs that constitutes both a Merger
Event under Section 12.1(b) of the
Equity Definitions and an Additional
Termination Event under Section
9(h)(ii)(A) of this Confirmation,
JPMorgan may elect, in its commercially
reasonable judgment, whether the
provisions of Section 12.1(b) of the
Equity Definitions or Section
9(h)(ii)(A) will apply.
	 
	 	 	 	 
	 

	 	     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
JPMorgan may elect, in its commercially
reasonable judgment, Component
Adjustment (Calculation Agent
Determination).
	 
	 	 	 	 
	 

	 	Consequence of Tender Offers:	 	 
	 
	 	 	 	 
	 

	 	Tender Offer:
	 	Applicable; provided however that if an
event occurs that constitutes both a
Tender Offer under Section 12.1(d) of
the Equity Definitions and Additional
Termination Event under Section
9(h)(ii)(C) of this Confirmation,
JPMorgan may elect, in its commercially
reasonable judgment, whether the
provisions of Section 12.3 of the Equity
Definitions or Section 9(h)(ii)(C) will
apply.
	 
	 	 	 	 
	 

	 	     Share-for-Share:
	 	Modified Calculation Agent Adjustment
	 
	 	 	 	 
	 

	 	     Share-for-Other:
	 	Modified Calculation Agent Adjustment
	 
	 	 	 	 
	 

	 	     Share-for-Combined:
	 	Modified Calculation Agent Adjustment
	 
	 	 	 	 
	 

	 	Nationalization, Insolvency or

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

5

 

	 	 	 	 	 
	 	 	 
	 	 The
NASDAQ Global Market (or their
respective successors), such exchange or
quotation system shall thereafter be
deemed to be the Exchange.
	 	 	 
	 	 
	 	 	Additional Disruption Events:
	 	 
	 	 	 
	 	 
	 	 	Change in Law:
	 	Applicable
	 	 	 
	 	 
	 	 	Failure to Deliver:
	 	Not Applicable
	 	 	 
	 	 
	 	 	Insolvency Filing:
	 	Applicable
	 	 	 
	 	 
	 	 	Hedging Disruption:
	 	Applicable
	 	 	 
	 	 
	 	 	Increased Cost of Hedging:
	 	Not Applicable
	 	 	 
	 	 
	 	 	Loss of Stock Borrow:
	 	Applicable
	 	 	 
	 	 
	 	 	Maximum Stock Loan Rate:
	 	100 basis points
	 	 	 
	 	 
	 	 	Increased Cost of Stock Borrow:
	 	Applicable
	 	 	 
	 	 
	 	 	Initial Stock Loan Rate:
	 	25 basis points

	 	 	 	 	 
	 

	 	Hedging Party:
	 	JPMorgan for all applicable Additional Disruption Events
	 
	 	 	 	 
	 

	 	Determining Party:
	 	JPMorgan for all applicable Extraordinary Events
	 
	 	 	 	 
	 

	 	Non-Reliance:
	 	Applicable
	 
	 	 	 	 
	 

	 	Agreements and Acknowledgments Regarding Hedging Activities:	 	Applicable
	 
	 	 	 	 
	 

	 	Additional Acknowledgments:
	 	Applicable
	 
	 	 	 	 
	4. Calculation Agent:	 	JPMorgan
	 
	 	 	 	 
	5. Account Details:	 	 

	 	(a)	 	Account for payments to Company:

To be provided by Company

	 	 	 	Account for delivery of Shares from Company:

To be provided by Company

	 	(b)	 	Account for payments to JPMorgan:

JPMorgan Chase Bank, N.A., New York

ABA: 021 000 021

Favour: JPMorgan Chase Bank N.A., London

A/C: 0010962009

CHASUS33

Account for delivery of Shares to JPMorgan:

DTC 0060

6

 

6. Offices:

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

The Office of JPMorgan for the Transaction is: London

JPMorgan Chase Bank, National Association

London Branch

P.O. Box 161

60 Victoria Embankment

London EC4Y 0JP

England

7. Notices: For purposes of this Confirmation:

	 	(a)	 	Address for notices or communications to Company:

TTM Technologies, Inc.

2630 South Harbor Boulevard

Santa Ana, California 92704

Attention: Treasurer

Telephone No.:       (714) 327-3049

Facsimile No.:       (714) 668-9411

	 	(b)	 	Address for notices or communications to JPMorgan:

JPMorgan Chase Bank, National Association

277 Park Avenue, 11th Floor

New York, NY 10172

Attention: Mariusz Kwasnik

Title: Operations Analyst

EDG Corporate Marketing

Telephone No: (212) 622-6707

Facsimile No: (212) 622-8534

8. Representations and Warranties of Company

The representations and warranties of Company set forth in Section 3 of the Underwriting Agreement
(the “Underwriting Agreement”) dated as of May 8, 2008 among Company and J.P. Morgan Securities
Inc. and UBS Securities LLC as representatives of the Underwriters party thereto (the
"Underwriters”) are true and correct and are hereby deemed to be repeated to JPMorgan as if set
forth herein. Company hereby further represents and warrants to JPMorgan that:

	 	(a)	 	Company has all necessary corporate power and authority to execute, deliver and
perform its obligations in respect of this Transaction; such execution, delivery and
performance have been duly authorized by all necessary corporate action on Company’s
part; and this Confirmation has been duly and validly executed and delivered by Company
and constitutes its valid and binding obligation, enforceable against Company in
accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and
remedies generally, and subject, as to enforceability, to general principles of equity,
including principles of commercial reasonableness, good faith and fair dealing
(regardless of whether enforcement is sought in a proceeding at law or in equity) and
except that rights to indemnification and contribution hereunder may be limited by
federal or state securities laws or public policy relating thereto.
	 
	 	(b)	 	Neither the execution and delivery of this Confirmation nor the incurrence or
performance of obligations of Company hereunder will conflict with or result in a
breach of the certificate of

7

 

	 	 	 	incorporation or by-laws (or any equivalent documents) of
Company, or any applicable law or regulation, or any order, writ, injunction or decree
of any court or governmental authority or agency, or any agreement or instrument to
which Company or any of its subsidiaries is a party or by which Company or any of its
subsidiaries is bound or to which Company or any of its subsidiaries is subject, or
constitute a default under, or result in the creation of any lien under, any such
agreement or instrument.
	 
	 	(c)	 	No consent, approval, authorization, or order of, or filing with, any
governmental agency or body or any court is required in connection with the execution,
delivery or performance by Company of this Confirmation, except such as have been
obtained or made and such as may be required under the Securities Act of 1933, as
amended (the “Securities Act”) or state securities laws.
	 
	 	(d)	 	The Shares of Company initially issuable upon exercise of the Warrant by the
net share settlement method (the “Warrant Shares”) have been reserved for issuance by
all required corporate action of Company. The Warrant Shares have been duly authorized
and, when delivered against payment therefor (which may include Net Share Settlement in
lieu of cash) and otherwise as contemplated by the terms of the Warrant following the
exercise of the Warrant in accordance with the terms and conditions of the Warrant,
will be validly issued, fully-paid and non-assessable, and the issuance of the Warrant
Shares will not be subject to any preemptive or similar rights.
	 
	 	(e)	 	Company is not and will not be required to register as an “investment company”
as such term is defined in the Investment Company Act of 1940, as amended.
	 
	 	(f)	 	Company is an “eligible contract participant” (as such term is defined in
Section 1a(12) of the Commodity Exchange Act, as amended (the “CEA”)) because one or
more of the following is true:
	 
	 	 	 	Company is a corporation, partnership, proprietorship, organization, trust or other
entity and:

	 	(A)	 	Company has total assets in excess of USD 10,000,000;
	 
	 	(B)	 	the obligations of Company hereunder are guaranteed, or
otherwise supported by a letter of credit or keepwell, support or other
agreement, by an entity of the type described in Section 1a(12)(A)(i) through
(iv), 1a(12)(A)(v)(I), 1a(12)(A)(vii) or 1a(12)(C) of the CEA; or
	 
	 	(C)	 	Company has a net worth in excess of USD 1,000,000 and has
entered into this Agreement in connection with the conduct of Company’s
business or to manage the risk associated with an asset or liability owned or
incurred or reasonably likely to be owned or incurred by Company in the conduct
of Company’s business.

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

9. Other Provisions:

	 	(a)	 	Opinions. Company shall deliver an opinion of counsel, dated as of the
Trade Date, to JPMorgan with respect to the matters set forth in Sections 8(a) through
(d) of this Confirmation.
	 
	 	(b)	 	Repurchase Notices. Company shall, on any day on which Company effects
any repurchase of Shares, promptly give JPMorgan a written notice of such repurchase (a
“Repurchase Notice”) on
such day if following such repurchase, the number of outstanding Shares on such day,
subject to any adjustments provided herein, is (i) less than 41.24 million (in the
case of the first such notice) or (ii) thereafter more than 1.3 million less than
the number of Shares included in the immediately preceding Repurchase Notice.
Company agrees to indemnify and hold harmless JPMorgan and its affiliates and their
respective officers, directors, employees, affiliates, advisors, agents and

8

 

	 	 	 	controlling persons (each, an “Indemnified Person”) from and against any and all
losses (including losses relating to JPMorgan’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, judgments, liabilities and expenses (including reasonable
attorney’s fees), joint or several, which an Indemnified Person actually may become
subject to, as a result of Company’s failure to provide JPMorgan with a Repurchase
Notice on the day and in the manner specified in this paragraph, and to reimburse,
within 30 days, upon written request, each of such Indemnified Persons for any
reasonable legal or other expenses incurred in connection with investigating,
preparing for, providing testimony or other evidence in connection with or defending
any of the foregoing. If any suit, action, proceeding (including any governmental
or regulatory investigation), claim or demand shall be brought or asserted against
the Indemnified Person, such Indemnified Person shall promptly notify Company in
writing, and Company, upon request of the Indemnified Person, shall retain counsel
reasonably satisfactory to the Indemnified Person to represent the Indemnified
Person and any others Company may designate in such proceeding and shall pay the
fees and expenses of such counsel related to such proceeding. Company shall not be
liable for any settlement of any proceeding effected without its written consent,
but if settled with such consent or if there be a final judgment for the plaintiff,
Company agrees to indemnify any Indemnified Person from and against any loss or
liability by reason of such settlement or judgment. Company shall not, without the
prior written consent of the Indemnified Person, effect any settlement of any
pending or threatened proceeding in respect of which any Indemnified Person is or
could have been a party and indemnity could have been sought hereunder by such
Indemnified Person, unless such settlement includes an unconditional release of such
Indemnified Person from all liability on claims that are the subject matter of such
proceeding on terms reasonably satisfactory to such Indemnified Person. If the
indemnification provided for in this paragraph is unavailable to an Indemnified
Person or insufficient in respect of any losses, claims, damages or liabilities
referred to therein, then Company under such paragraph, in lieu of indemnifying such
Indemnified Person thereunder, shall contribute to the amount paid or payable by
such Indemnified Person as a result of such losses, claims, damages or liabilities.
The remedies provided for in this paragraph are not exclusive and shall not limit
any rights or remedies which may otherwise be available to any Indemnified Person at
law or in equity. The indemnity and contribution agreements contained in this
paragraph shall remain operative and in full force and effect regardless of the
termination of this Transaction.
	 
	 	(c)	 	Regulation M. Company is not on the date hereof engaged in a
distribution, as such term is used in Regulation M under the Securities Exchange Act of
1934, as amended (the “Exchange Act”), of any securities of Company, other than (i) a
distribution meeting the requirements of the exception set forth in Rules 101(b)(10)
and 102(b)(7) of Regulation M and (ii) the distribution of USD 175,000,000 principal
amount of Convertible Senior Notes due 2015. Company shall not, until the second
Scheduled Trading Day immediately following the Trade Date, engage in any such
distribution.
	 
	 	(d)	 	No Manipulation. Company is not entering into this Transaction to
create actual or apparent trading activity in the Shares (or any security convertible
into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the
price of the Shares (or any security convertible into or exchangeable for the Shares)
or otherwise in violation of the Exchange Act.
	 
	 	(e)	 	Transfer or Assignment. Company may not transfer any of its rights or
obligations under this Transaction without the prior written consent of JPMorgan.
JPMorgan may, without Company’s consent, transfer or assign all or any part of its
rights or obligations under this Transaction to any third party. If after JPMorgan’s
commercially reasonable efforts, JPMorgan is unable to effect such a transfer or
assignment on pricing terms reasonably acceptable to JPMorgan and within a
time period reasonably acceptable to JPMorgan of a sufficient number of Warrants to
reduce (i) the number of Shares that JPM Group directly or indirectly beneficially
owns (as defined under Section 13 of the Exchange Act and rules promulgated
thereunder) to 8.0% of Company’s outstanding Shares or less or (ii) the quotient of
(x) the sum of (a) the Number of Shares under this Transaction and (b) the “Number
of Shares” (as defined in the Warrant Confirmation dated May 8,

9

 

	 	 	 	2008 between Company
and JPMorgan) divided by (y) the number of Company’s outstanding Shares (such
quotient expressed as a percentage, the “Warrant Equity Percentage”) to 14.5% or
less, JPMorgan may designate any Exchange Business Day as an Early Termination Date
with respect to a portion (the “Terminated Portion”) of this Transaction, such that
(i) the number of Shares that JPM Group directly or indirectly beneficially owns
following such partial termination will be equal to or less than 8.0% of Company’s
outstanding Shares or (ii) the Warrant Equity Percentage following such partial
termination will be equal to or less than 14.5%. In the event that JPMorgan 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 (i) an Early
Termination Date had been designated in respect of a Transaction having terms
identical to this Transaction and a Number of Warrants equal to the Terminated
Portion, (ii) Company shall be the sole Affected Party with respect to such partial
termination and (iii) such Transaction shall be the only Terminated Transaction
(and, for the avoidance of doubt, the provisions of paragraph 9(j) shall apply to
any amount that is payable by Company to JPMorgan pursuant to this sentence).
Notwithstanding any other provision in this Confirmation to the contrary requiring
or allowing JPMorgan to purchase, sell, receive or deliver any Shares or other
securities to or from Company, JPMorgan may designate any of its affiliates to
purchase, sell, receive or deliver such Shares or other securities and otherwise to
perform JPMorgan’s obligations in respect of this Transaction and any such designee
may assume such obligations. JPMorgan shall be discharged of its obligations to
Company to the extent of any such performance. “JPM Group” means JPMorgan and each
business unit of its affiliates subject to aggregation with JPMorgan under Section
13 of the Exchange Act and rules promulgated thereunder.
	 
	 	(f)	 	Dividends. If at any time during the period from and excluding the
Trade Date, to and including the Expiration Date, an ex-dividend date for a cash
dividend occurs with respect to the Shares, then the Calculation Agent will adjust any
of the Strike Price, Number of Warrants and/or Daily Number of Warrants to preserve the
fair value of the Warrants to JPMorgan after taking into account such dividend or lack
thereof.
	 
	 	(g)	 	Role of Agent. Each party agrees and acknowledges that (i) J.P. Morgan
Securities Inc., an affiliate of JPMorgan (“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.
	 
	 	(h)	 	Additional Provisions.

(i) Amendments to the Equity Definitions:

(A) Section 11.2(a) of the Equity Definitions is hereby amended by deleting the
words “a diluting or concentrative” and replacing them with the words “an”; and
adding the phrase “or Warrants” at the end of the sentence.

(B) Section 11.2(c) of the Equity Definitions is hereby amended by (x)
replacing the words “a diluting or concentrative” with “an”, (y) adding the
phrase “or Warrants” after the words “the relevant Shares” in the same sentence
and (z) deleting the phrase “(provided that no adjustments will be made to
account solely for changes in volatility, expected dividends, stock loan rate
or liquidity relative to the relevant Shares)” and replacing it with the phrase
“(and, for the avoidance of doubt, adjustments may be made to account solely
for changes in volatility, expected dividends, stock loan rate or liquidity
relative to the relevant Shares).”

(C) Section 11.2(e)(vii) of the Equity Definitions is hereby amended by
deleting the words “a diluting or concentrative” and replacing them with the
word “a material”; and adding the phrase “or Warrants” at the end of the
sentence.

10

 

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

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

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

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

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

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

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

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

(A) Consummation of (x) any recapitalization, reclassification, or change of
the Shares (other than changes resulting from a subdivision or combination) as
a result of which the Shares will be converted into, or exchanged for, stock,
other securities, other property, or assets or (y) any share exchange,
consolidation, or merger of Company pursuant to which the Shares will be
converted into cash, securities or other property or any sale, lease or other
transfer in one transaction or a series of transactions of all or substantially
all of the consolidated assets of Company and its subsidiaries, taken as a
whole, to any person other than one of Company’s subsidiaries; provided,
however, that a share exchange, consolidation, or merger transaction where the
holders of more than 50% of all classes of the common equity of Company
immediately prior to such transaction own, directly or indirectly, more than
50% of all classes of the common equity of the continuing or surviving
corporation or transferee or the parent thereof immediately after such event
will not constitute an Additional Termination Event.

An Additional Termination Event as a result of Section 9(h)(ii)(A) will not be
deemed to have occurred, however, if at least 90% of the consideration received
or to be received by Company’s common stockholders, excluding cash payments for
fractional shares and cash payments in respect of dissenters’ or appraisal
rights, in connection with the transaction or transactions otherwise
constituting the Additional Termination Event consists of shares of common
stock traded on a United States national securities exchange or which will be
so
traded or quoted when issued or exchanged in connection with an Additional
Termination Event.

(B) There is a default by Company or any of its subsidiaries with respect to
any mortgage, agreement or other instrument under which there may be
outstanding, or by which

11

 

there may be secured or evidenced, any indebtedness
for money borrowed in excess of $15 million in the aggregate of Company and/or
any of its subsidiaries, whether such indebtedness now exists or shall
hereafter be created (x) resulting in such indebtedness becoming or being
declared due and payable or (y) constituting a failure to pay the principal or
interest of any such debt when due and payable at its stated maturity, upon
required repurchase, upon declaration or otherwise.

(C) A “person” or “group” within the meaning of Section 13(d) of the Exchange
Act other than Company, its subsidiaries, or its or their employee benefit
plans, has become the direct or indirect “beneficial owner,” as defined in Rule
13d-3 under the Exchange Act, of the common equity of Company representing more
than 50% of the voting power of such common equity.

(D) Company’s stockholders approve any plan or proposal for the liquidation or
dissolution of Company.

(E) JPMorgan, despite using commercially reasonable efforts, is unable or
reasonably determines that it is impractical (at any time prior to the first
anniversary of the Effective Date), or illegal (at any time prior to the last
Settlement Date), to hedge its obligations pursuant to this Transaction in the
public market without registration under the Securities Act or as a result of
any legal, regulatory or self-regulatory requirements or related policies and
procedures (whether or not such requirements, policies or procedures are
imposed by law or have been voluntarily adopted by JPMorgan).

	 	(i)	 	No Collateral or Setoff. Notwithstanding any provision of the
Agreement or any other agreement between the parties to the contrary, the obligations
of Company hereunder are not secured by any collateral. Neither party shall have the
right to set off any obligation that it may have to the other party under this
Transaction against any obligation such other party may have to it, whether arising
under the Agreement, this Confirmation or any other agreement between the parties
hereto, by operation of law or otherwise.
	 
	 	(j)	 	Alternative Calculations and Payment on Early Termination and on Certain
Extraordinary Events. If, in respect of this Transaction, an amount is payable by
Company to JPMorgan, (i) pursuant to Section 12.7 or Section 12.9 of the Equity
Definitions (except in the event of an Insolvency, Nationalization, Tender Offer or
Merger Event in which the consideration or proceeds to be paid to holders of shares
consists solely of cash) or (ii) pursuant to Section 6(d)(ii) of the Agreement (except
in the event of an Event of Default in which Company is the Defaulting Party or a
Termination Event in which Company is the Affected Party, other than an Event of
Default of the type described in (x) Section 5(a)(iii), (v), (vi), (vii) or (viii) of
the Agreement or (y) a Termination Event of the type described in Section 5(b) of the
Agreement, in the case of both (x) and (y), resulting from an event or events outside
Company’s control) (a “Payment Obligation”), Company shall have the right, in its sole
discretion, to satisfy any such Payment Obligation by the Share Termination Alternative
(as defined below) by giving irrevocable telephonic notice to JPMorgan, confirmed in
writing within one Scheduled Trading Day, no later than 12:00 p.m. New York local time
on the Merger Date, Tender Offer Date, Announcement Date (in the case of a
Nationalization, Insolvency or Delisting), Early Termination Date or date of
cancellation, as applicable; provided that if Company does not validly elect to satisfy
its Payment Obligation by the Share Termination Alternative, JPMorgan shall have the
right to require Company to satisfy its Payment Obligation by the Share Termination
Alternative. Notwithstanding the foregoing, Company’s or JPMorgan’s right to elect
satisfaction of a Payment Obligation in the Share Termination Alternative as set forth
in this clause shall only apply to Transactions under this Confirmation and,
notwithstanding anything to the contrary in the Agreement, (1) separate
amounts shall be calculated with respect to (a) Transactions hereunder and (b) all
other Transactions under the Agreement, and (2) such separate amounts shall be
payable pursuant to Section 6(d)(ii) of the Agreement, subject to, in the case of
clause (a), Company’s Share Termination Alternative right hereunder.

12

 

	 	 	 	 	 
	 

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

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

	 	Share Termination Unit Price:
	 	The value to JPMorgan of property
contained in one Share Termination
Delivery Unit on the date such Share
Termination Delivery Units are to be
delivered as Share Termination
Delivery Property, as determined by
the Calculation Agent in its
discretion by commercially reasonable
means. The Calculation Agent shall
notify Company of such Share
Termination Unit Price at the time of
notification of the Payment
Obligation. In the case of a Private
Placement of Share Termination
Delivery Units that are Restricted
Shares (as defined below), as set
forth in paragraph (k)(i) below, the
Share Termination Unit Price shall be
determined by the discounted price
applicable to such Share Termination
Delivery Units. In the case of a
Registration Settlement of Share
Termination Delivery Units that are
Restricted Shares (as defined below)
as set forth in paragraph (k)(ii)
below, the Share Termination Unit
Price shall be the Settlement Price
on the Merger Date, the Tender Offer
Date, the Announcement Date (in the
case of a Nationalization, Insolvency
or Delisting), the date of
cancellation or the Early Termination
Date, as applicable.
	 
	 	 	 	 
	 

	 	Share Termination Delivery Unit:
	 	In the case of a Termination Event,
Event of Default Additional
Disruption Event or Delisting, one
Share or, in the case of
Nationalization, Insolvency, Tender
Offer or Merger Event, a unit
consisting of the number or amount of
each type of property received by a
holder of one Share (without
consideration of any requirement to
pay cash or other consideration in
lieu of fractional amounts of any
securities) in such Nationalization,
Insolvency, Tender Offer or Merger
Event. If such Nationalization,
Insolvency, Tender Offer or Merger
Event involves a choice of

13

 

	 	 	 	 	 
	 

	 	 	 	consideration to be received by
holders, such holder shall be deemed
to have elected to receive the
maximum possible amount of cash.
	 
	 	 	 	 
	 

	 	Failure to Deliver:
	 	Inapplicable
	 
	 	 	 	 
	 

	 	Other applicable provisions:
	 	If Share Termination Alternative is
applicable, the provisions of
Sections 9.8, 9.9, 9.11, 9.12 and
10.5 (as modified above) of the
Equity Definitions will be
applicable, except that all
references in such provisions to
“Physically-settled” shall be read as
references to “Share Termination
Settled” and all references to
“Shares” shall be read as references
to “Share Termination Delivery
Units”. “Share Termination Settled”
in relation to this Transaction means
that Share Termination Alternative is
applicable to this Transaction.

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

	 	(i)	 	If Company elects to settle the Transaction pursuant to this
clause (i) (a “Private Placement Settlement”), then delivery of Restricted
Shares by Company shall be effected in customary private placement procedures
with respect to such Restricted Shares reasonably acceptable to JPMorgan;
provided that Company may not elect a Private Placement Settlement if, on the
date of its election, it has taken, or caused to be taken, any action that
would make unavailable either the exemption pursuant to Section 4(2) of the
Securities
Act for the sale by Company to JPMorgan (or any affiliate designated by
JPMorgan) of the Restricted Shares or the exemption pursuant to Section 4(1)
or Section 4(3) of the Securities Act for resales of the Restricted Shares
by JPMorgan (or any such affiliate of JPMorgan). The Private Placement
Settlement of such Restricted Shares shall include customary
representations, covenants, blue sky and other governmental filings and/or
registrations, indemnities to JPMorgan, due diligence rights (for JPMorgan
or any designated buyer of the Restricted Shares by JPMorgan), opinions and
certificates, and such other documentation as is customary for private
placement agreements, all reasonably acceptable to JPMorgan. In the case of
a Private Placement Settlement,

14

 

	 	 	 	JPMorgan shall determine the appropriate
discount to the Share Termination Unit Price (in the case of settlement of
Share Termination Delivery Units pursuant to paragraph (j) above) or any
Settlement Price (in the case of settlement of Shares pursuant to Section 2
above) applicable to such Restricted Shares in a commercially reasonable
manner and appropriately adjust the number of such Restricted Shares to be
delivered to JPMorgan hereunder; provided that in no event shall such number
be greater than two times the Number of Shares (the “Maximum Amount”).
Notwithstanding the Agreement or this Confirmation, the date of delivery of
such Restricted Shares shall be the Exchange Business Day following notice
by JPMorgan to Company, of such applicable discount and the number of
Restricted Shares to be delivered pursuant to this clause (i). For the
avoidance of doubt, delivery of Restricted Shares shall be due as set forth
in the previous sentence and not be due on the Share Termination Payment
Date (in the case of settlement of Share Termination Delivery Units pursuant
to paragraph (j) above) or on the Settlement Date for such Restricted Shares
(in the case of settlement in Shares pursuant to Section 2 above).
	 
	 	 	 	In the event Company shall not have delivered the full number of Restricted
Shares otherwise applicable as a result of the proviso above relating to the
Maximum Amount (such deficit, the “Deficit Restricted Shares”), Company
shall be continually obligated to deliver, from time to time until the full
number of Deficit Restricted Shares have been delivered pursuant to this
paragraph, Restricted Shares when, and to the extent, that (i) Shares are
repurchased, acquired or otherwise received by Company or any of its
subsidiaries after the Trade Date (whether or not in exchange for cash, fair
value or any other consideration), (ii) authorized and unissued Shares
reserved for issuance in respect of other transactions prior to such date
which prior to the relevant date become no longer so reserved and (iii)
Company additionally authorizes any unissued Shares that are not reserved
for other transactions. Company shall immediately notify JPMorgan of the
occurrence of any of the foregoing events (including the number of Shares
subject to clause (i), (ii) or (iii) and the corresponding number of
Restricted Shares to be delivered) and promptly deliver such Restricted
Shares thereafter.
	 
	 	(ii)	 	If Company elects to settle the Transaction pursuant to this
clause (ii) (a “Registration Settlement”), then Company shall promptly (but in
any event no later than the beginning of the Resale Period) file and use its
reasonable best efforts to make effective under the Securities Act a
registration statement or supplement or amend an outstanding registration
statement in form and substance reasonably satisfactory to JPMorgan, to cover
the resale of such Restricted Shares in accordance with customary resale
registration procedures, including covenants, conditions, representations,
underwriting discounts (if applicable), commissions (if applicable),
indemnities due diligence rights, opinions and certificates, and such other
documentation as is customary for equity resale underwriting agreements, all
reasonably acceptable to JPMorgan. If JPMorgan, in its sole reasonable
discretion, is not satisfied with such procedures and documentation Private
Placement Settlement shall apply. If JPMorgan is satisfied with such
procedures and documentation, it shall sell the Restricted Shares pursuant to
such registration statement during a period (the “Resale Period”) commencing on
the Exchange Business Day following delivery of such Restricted Shares (which,
for the avoidance of doubt, shall be the Share Termination Payment Date in case
of settlement in Share Termination Delivery Units pursuant to paragraph (j)
above or (y) the Settlement Date in respect of
the final Expiration Date for all Daily Number of Warrants) and ending on
the earliest of (i) the Exchange Business Day on which JPMorgan completes
the sale of all Restricted Shares or, in the case of settlement of Share
Termination Delivery Units, a sufficient number of Restricted Shares so that
the realized net proceeds of such sales equals or exceeds the Payment
Obligation (as defined above), (ii) the date upon which all Restricted
Shares have been sold or transferred pursuant to Rule 144 (or similar
provisions then in force) or Rule 145(d)(1) or (2) (or any similar provision
then in force) under the Securities Act and (iii) the date upon which all
Restricted Shares may be sold or transferred by a non-affiliate pursuant to
Rule 144 (or any similar provision then in 

15

 

	 	 	 	force) or Rule 145(d)(3) (or any
similar provision then in force) under the Securities Act. If the Payment
Obligation exceeds the realized net proceeds from such resale, Company shall
transfer to JPMorgan by the open of the regular trading session on the
Exchange on the Exchange Trading Day immediately following the last day of
the Resale Period the amount of such excess (the “Additional Amount”) in
cash or in a number of Shares (“Make-whole Shares”) in an amount that, based
on the Settlement Price on the last day of the Resale Period (as if such day
was the “Valuation Date” for purposes of computing such Settlement Price),
has a dollar value equal to the Additional Amount. The Resale Period shall
continue to enable the sale of the Make-whole Shares. If Company elects to
pay the Additional Amount in Shares, the requirements and provisions for
Registration Settlement shall apply. This provision shall be applied
successively until the Additional Amount is equal to zero. In no event
shall Company deliver a number of Restricted Shares greater than the Maximum
Amount.
	 
	 	(iii)	 	Without limiting the generality of the foregoing, Company
agrees that any Restricted Shares delivered to JPMorgan, as purchaser of such
Restricted Shares, (i) may be transferred by and among JPMorgan and its
affiliates and Company shall effect such transfer without any further action by
JPMorgan and (ii) after the period of 6 months from the Trade Date (or 1 year
from the Trade Date if, at such time, informational requirements of Rule 144(c)
are not satisfied with respect to Company) has elapsed after any Settlement
Date for such Restricted Shares, Company shall promptly remove, or cause the
transfer agent for such Restricted Shares to remove, any legends referring to
any such restrictions or requirements from such Restricted Shares upon request
by JPMorgan (or such affiliate of JPMorgan) to Company or such transfer agent,
without any requirement for the delivery of any certificate, consent,
agreement, opinion of counsel, notice or any other document, any transfer tax
stamps or payment of any other amount or any other action by JPMorgan (or such
affiliate of JPMorgan).

	 	 	 	If the Private Placement Settlement or the Registration Settlement shall not be
effected as set forth in clauses (i) or (ii), as applicable, then failure to effect
such Private Placement Settlement or such Registration Settlement shall constitute
an Event of Default with respect to which Company shall be the Defaulting Party.
	 
	 	(l)	 	Limit on Beneficial Ownership. Notwithstanding any other provisions
hereof, JPMorgan may not exercise any Warrant hereunder or be entitled to take delivery
of any Shares deliverable hereunder, and Automatic Exercise shall not apply with
respect to any Warrant hereunder, to the extent (but only to the extent) that, after
such receipt of any Shares upon the exercise of such Warrant or otherwise hereunder,
JPM Group. would directly or indirectly beneficially own (as such term is defined for
purposes of Section 13(d) of the Exchange Act) in excess of 7.5% of the then
outstanding Shares. Any purported delivery hereunder shall be void and have no effect
to the extent (but only to the extent) that, after such delivery, JPM Group would
directly or indirectly so beneficially own in excess of 7.5% of the then outstanding
Shares. If any delivery owed to JPMorgan hereunder is not made, in whole or in part,
as a result of this provision, Company’s obligation to make such delivery shall not be
extinguished and Company shall make such delivery as promptly as practicable after, but
in no event later than one Business Day after, JPMorgan gives notice to Company that,
after such delivery, JPM Group would not directly or indirectly so beneficially own in
excess of 7.5% of the then outstanding Shares.
	 
	 	(m)	 	Share Deliveries. Company acknowledges and agrees that, to the extent
the holder of this Warrant is not then an affiliate and has not been an affiliate for
90 days (it being understood that JPMorgan will not be considered an affiliate under
this paragraph solely by reason of its receipt of Shares pursuant to this Transaction),
and otherwise satisfies all holding period and other requirements of Rule 144 of the
Securities Act applicable to it, any delivery of Shares or Share Termination Delivery
Property hereunder at any time after 6 months from the Trade Date (or 1 year from the
Trade Date if, at such time, informational requirements of Rule 144(c) are not
satisfied with respect to Company) shall be eligible for resale under Rule 144 of the
Securities Act and Company agrees to promptly remove, or cause the transfer agent for
such Shares or Share Termination

16

 

	 	 	 	Delivery Property, to remove, any legends referring to
any restrictions on resale under the Securities Act from the Shares or Share
Termination Delivery Property. Company further agrees that any delivery of Shares or
Share Termination Delivery Property prior to the date that is 6 months from the Trade
Date (or 1 year from the Trade Date if, at such time, informational requirements of
Rule 144(c) are not satisfied with respect to Company), may be transferred by and among
JPMorgan and its affiliates and Company shall effect such transfer without any further
action by JPMorgan. Notwithstanding anything to the contrary herein, Company agrees
that any delivery of Shares or Share Termination Delivery Property shall be effected by
book-entry transfer through the facilities of DTC, or any successor depositary, if at
the time of delivery, such class of Shares or class of Share Termination Delivery
Property is in book-entry form at DTC or such successor depositary. Notwithstanding
anything to the contrary herein, to the extent the provisions of Rule 144 of the
Securities Act or any successor rule are amended, or the applicable interpretation
thereof by the Securities and Exchange Commission or any court change after the Trade
Date, the agreements of Company herein shall be deemed modified to the extent
necessary, in the opinion of outside counsel of Company, to comply with Rule 144 of the
Securities Act, as in effect at the time of delivery of the relevant Shares or Share
Termination Delivery Property.
	 
	 	(n)	 	Governing Law. New York law (without reference to choice of law
doctrine).
	 
	 	(o)	 	Waiver of Jury Trial. Each party waives, to the fullest extent
permitted by applicable law, any right it may have to a trial by jury in respect of any
suit, action or proceeding relating to this 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 this Transaction, as applicable, by, among
other things, the mutual waivers and certifications provided herein.
	 
	 	(p)	 	Tax Disclosure. Effective from the date of commencement of discussions
concerning the Transaction, Company and each of its employees, representatives, or
other agents may disclose to any and all persons, without limitation of any kind, the
tax treatment and tax structure of the Transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to Company relating to
such tax treatment and tax structure.
	 
	 	(q)	 	Maximum Share Delivery. Notwithstanding any other provision of this
Confirmation or the Agreement, in no event will Company be required to deliver more
than the Maximum Amount of Shares in the aggregate to JPMorgan in connection with this
Transaction, subject to the provisions regarding Deficit Restricted Shares
	 
	 	(r)	 	Right to Extend. JPMorgan may postpone, in whole or in part, any
Expiration Date or any other date of valuation or delivery with respect to some or all
of the relevant Warrants (in which event the Calculation Agent shall make appropriate
adjustments to the Daily Number of Warrants with respect to one or more Expiration
Dates) if JPMorgan determines, in its commercially reasonable judgment, that such
extension is reasonably necessary or appropriate to preserve JPMorgan’s hedging or
hedge unwind activity hereunder in light of existing liquidity conditions or to enable
JPMorgan to effect purchases of Shares in connection with its hedging, hedge unwind or
settlement activity hereunder in a manner that would, if JPMorgan 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
JPMorgan.
	 
	 	(s)	 	Status of Claims in Bankruptcy. JPMorgan acknowledges and agrees that
this Confirmation is not intended to convey to JPMorgan rights against Company with
respect to the Transaction that are senior to the claims of common stockholders of
Company in any United States bankruptcy proceedings of Company; provided that nothing
herein shall limit or shall be deemed to limit JPMorgan’s right to pursue remedies in
the event of a breach by Company of its obligations and agreements with respect to the
Transaction; provided, further, that nothing herein shall limit or shall be deemed to
limit JPMorgan’s rights in respect of any transactions other than the Transaction.

17

 

	 	(t)	 	Securities Contract; Swap Agreement. The parties hereto intend for:
(a) the Transaction to be a “securities contract” and a “swap agreement” as defined in
the Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”), and
the parties hereto to be entitled to the protections afforded by, among other Sections,
Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code; (b)
a party’s right to liquidate the Transaction and to exercise any other remedies upon
the occurrence of any Event of Default under the Agreement with respect to the other
party to constitute a “contractual right” as described in the Bankruptcy Code; and (c)
each payment and delivery of cash, securities or other property hereunder to constitute
a “margin payment” or “settlement payment” and a “transfer” as defined in the
Bankruptcy Code.
	 
	 	(u)	 	Delivery or Receipt of Cash. For the avoidance of doubt, other than
receipt of the Premium by Company, nothing in this Confirmation shall be interpreted as
requiring Company to deliver or receive cash in respect of the settlement of the
Transaction contemplated by this Confirmation, except in circumstances where the cash
settlement thereof is within Company’s control (including, without limitation, where an
Event of Default by Company has occurred under Section 5(a)(ii) or Section 5(a)(iv) of
the Agreement, where Company elects to deliver or receive cash or fails timely to elect
to deliver or receive Share Termination Delivery Property in respect of the settlement
of such Transaction) or in those circumstances in which holders of the Shares would
also receive cash.
	 
	 	(v)	 	Future Agreement. Company agrees not to enter into any agreement
(including, without limitation, any credit facility) that would prohibit Company from
performing its obligations hereunder (including, without limitation, pursuant to
Section 6(d)(ii) of the Agreement).

18

 

     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: /s/
Jason M. Wood                                              

Authorized Signatory

Name: Jason M. Wood

Accepted and confirmed

as of the Trade Date:

TTM Technologies, Inc.

By: /s/
Steven W. Richards                                                            

Authorized Signatory

Name: Steven W. Richards

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 Authorityexv10w3

Exhibit 10.3

EXECUTION COPY

UBS AG, London Branch

c/o UBS Securities LLC

299 Park Avenue

New York, NY 10171

Attn: Dmitriy Mandel and Paul Stowell

Telephone: (212) 821-2100

Facsimile: (212) 821-4610

May 16, 2008

To: TTM Technologies, Inc.

2630 South Harbor Boulevard

Santa Ana, California 92704

Attention: Treasurer

Telephone No.: (714) 327-3049

Facsimile No.: (714) 668-9411

Re: Call Option Transaction

     The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and
conditions of the call option transaction entered into between UBS AG, London Branch (“UBS”)
represented by UBS Securities LLC (“Agent”) as its agent and TTM Technologies, Inc.
(“Counterparty”) as of the Trade Date specified below (the “Transaction”). This letter agreement
constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. This
Confirmation shall replace any previous agreements and serve as the final documentation for this
Transaction.

     The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the
“Equity Definitions”), as published by the International Swaps and Derivatives Association, Inc.
(“ISDA”) are incorporated into this Confirmation. In the event of any inconsistency between the
Equity Definitions and this Confirmation, this Confirmation shall govern. Certain defined terms
used herein have the meanings assigned to them in the Prospectus Supplement dated May 8, 2008 (the
“Prospectus Supplement”) to the Prospectus dated April 7, 2008 (as so supplemented, the
“Prospectus”) relating to the USD 175,000,000 principal amount of Convertible Senior Notes due
2015, (the “Convertible Notes” and each USD 1,000 principal amount of Convertible Notes, a
“Convertible Note”) issued by Counterparty pursuant to an Indenture dated May 14, 2008 (the “Base
Indenture”) and a supplemental indenture dated May 14, 2008 (the “Supplemental Indenture”, together
with the Base Indenture, the “Indenture”) between Counterparty and American Stock Transfer & Trust
Company, as trustee. In the event of any inconsistency between the terms defined in the
Prospectus, the Indenture and this Confirmation, this Confirmation shall govern. The parties
acknowledge that this Confirmation is entered into on the date hereof with the understanding that
(i) definitions set forth in the Indenture which are also defined herein by reference to the
Indenture and (ii) sections of the Indenture that are referred to herein will conform to the
descriptions thereof in the Prospectus. If any such definitions in the Indenture or any such
sections of the Indenture differ from the descriptions thereof in the Prospectus, the descriptions
thereof in the Prospectus will govern for purposes of this Confirmation. For the avoidance of
doubt, 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 following its execution, any such amendment will
be disregarded for purposes of this Confirmation unless the parties agree otherwise in writing.

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

1. This Confirmation evidences a complete and binding agreement between UBS and Counterparty as to
the terms of the Transaction to which this Confirmation relates. This Confirmation shall
supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master
Agreement (the “Agreement”)

 

 

as if UBS and Counterparty had executed an agreement in such form (but without any Schedule except
for the election of the laws of the State of New York as the governing law) on the Trade Date. In
the event of any inconsistency between provisions of that Agreement and this Confirmation, this
Confirmation will prevail for the purpose of the Transaction to which this Confirmation relates.
The parties hereby agree that no Transaction other than the Transaction to which this Confirmation
relates shall be governed by the Agreement.

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

General Terms:

	 	 	 	 	 
	 

	 	Trade Date:
	 	May 16, 2008
	 

	 	Effective Date:
	 	May 20, 2008; provided that the Effective Date shall not occur and
this Confirmation and the Agreement shall become null and void if
Counterparty has not paid the Premium on the Premium Payment Date.
	 

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

	 	Option Type:
	 	Call
	 

	 	Buyer:
	 	Counterparty
	 

	 	Seller:
	 	UBS
	 

	 	Shares:
	 	The common stock of Counterparty, par value USD 0.001 per Share
(Exchange symbol “TTMI”)
	 

	 	Number of Options:
	 	20,000. For the avoidance of doubt, the Number of Options shall be
reduced by any Options exercised by Counterparty. In no event will
the Number of Options be less than zero.
	 

	 	Applicable
Percentage:
	 	50%
	 

	 	Option Entitlement:
	 	As of any date, a number equal to the product of the Applicable
Percentage and the Conversion Rate as of such date (as defined in the
Supplemental Indenture, but without regard to any adjustments to the
Conversion Rate pursuant to Section 6.04(h), 6.04(i) or 6.07 of the
Supplemental Indenture), for each Convertible Note.
	 

	 	Strike Price:
	 	USD 15.9630
	 

	 	Premium:
	 	USD 2,186,139.00
	 

	 	Premium Payment
Date:
	 	May 20, 2008
	 

	 	Exchange:
	 	The NASDAQ Global Select Market
	 

	 	Related Exchange(s):
	 	All Exchanges

Procedures for Exercise:

2

 

	 	 	 	 	 
	 

	 	Exercise Period(s):
	 	Notwithstanding anything to the contrary in the Equity
Definitions, an Exercise Period shall occur with respect
to an Option hereunder only if such Option is an
Exercisable Option (as defined below) and the Exercise
Period shall be, in respect of any Exercisable Option,
the period commencing on, and including, the relevant
Conversion Date and ending on, and including, the
Scheduled Valid Day immediately preceding the first day
of the relevant Settlement Averaging Period in respect
of such Conversion Date; provided that in respect of
Exercisable Options relating to Convertible Notes for
which the relevant Conversion Date occurs on or after
the sixty-fifth (65th) Scheduled Valid Day immediately
preceding the Expiration Date (the “Changeover Date”),
the final day of the Exercise Period shall be the
Scheduled Valid Day immediately preceding the Expiration
Date.
	 

	 	Conversion Date:
	 	With respect to any conversion of Convertible Notes, the
date on which the Holder (as such term is defined in the
Supplemental Indenture) of such Convertible Notes
satisfies all of the requirements for conversion thereof
as set forth in Section 6.02(b) of the Supplemental
Indenture.
	 

	 	Exercisable Options:
	 	In respect of each Exercise Period, a number of Options
equal to the number of Convertible Notes surrendered to
Counterparty for conversion with respect to such
Exercise Period but no greater than the Number of
Options.
	 

	 	Expiration Time:
	 	The Valuation Time
	 

	 	Expiration Date:
	 	May 15, 2015, subject to earlier exercise.
	 

	 	Multiple Exercise:
	 	Applicable, as described under Exercisable Options above.
	 

	 	Automatic Exercise:
	 	Applicable; and means that in respect of an Exercise
Period, a number of Options not previously exercised
hereunder equal to the number of Exercisable Options
shall be deemed to be exercised on the final day of such
Exercise Period for such Exercisable Options; provided
that such Options shall be deemed exercised only to the
extent that Counterparty has provided a Notice of
Exercise to UBS.
	 

	 	Notice of Exercise:
	 	Notwithstanding anything to the contrary in the Equity
Definitions, in order to exercise any Exercisable
Options, Counterparty must (A) have exercised all
Options under the Call Option Confirmation dated May 8,
2008 between Counterparty and UBS and (B) notify UBS in
writing before 5:00 p.m. (New York City time) on the
Scheduled Valid Day prior to the scheduled first day of
the Settlement Averaging Period for the Exercisable
Options being exercised of (i) the number of such
Options and (ii) the scheduled first day of the

3

 

	 	 	 	 	 
	 

	 	 	 	Settlement Averaging Period and the scheduled Settlement
Date; provided that in respect of Exercisable Options
relating to Convertible Notes with a Conversion Date
occurring on or after the Changeover Date, such notice
may be given on or prior to the second Scheduled Valid
Day immediately preceding the Expiration Date and need
only specify the number of such Exercisable Options.
	 

	 	Valuation Time:
	 	At the close of trading of the regular trading session
on the Exchange; provided that if the principal trading
session is extended, the Calculation Agent shall
determine the Valuation Time in its reasonable
discretion.
	 

	 	Market Disruption
Event:
	 	Section 6.3(a) of the Equity Definitions is hereby
replaced in its entirety by the following:
	 

	 	 	 	“‘Market Disruption Event’ means in respect of a Share,
(i) a failure by the primary United States national or
regional securities exchange or market on which Shares
are listed or admitted to trading to open for trading
during its regular trading session or (ii) the
occurrence or existence for more than one half-hour
period in the aggregate on any Scheduled Valid Day for
the Shares of any suspension or limitation imposed on
trading (by reason of movements in price exceeding
limits permitted by the relevant stock exchange or
otherwise) in the Shares or in any options, contracts or
future contracts relating to the Shares, and such
suspension or limitation occurs or exists at any time
before 1:00 p.m. (New York City time) on such day.”

Settlement Terms:

	 	 	 	 	 
	 

	 	Settlement Method:
	 	Net Share Settlement
	 	 
	 

	 	Net Share Settlement:
	 	UBS will deliver to Counterparty,
on the relevant Settlement Date, a
number of Shares equal to the Net
Shares in respect of any
Exercisable Option exercised or
deemed exercised hereunder. In no
event will the Net Shares be less
than zero.
	 

	 	Net Shares:
	 	In respect of any Exercisable
Option exercised or deemed
exercised, a number of Shares equal
to (A) the sum of the quotients,
for each Valid Day during the
Settlement Averaging Period for
such Exercisable Option, of (x) the
Option Entitlement on such Valid
Day multiplied by (y) the Relevant
Price on such Valid Day less the
Strike Price, divided by (z) such
Relevant Price, divided by (B) the
number of Valid Days in the
Settlement Averaging Period;
provided, however, that if the
calculation contained in clause (y)
above results in a negative number,
such number shall be replaced with
the number “zero”. UBS will
deliver cash in lieu of any
fractional Shares to be delivered
with respect to any Net

4

 

	 	 	 	 	 
	 

	 	 	 	Shares
valued at the Relevant Price for
the last Valid Day of the
Settlement Averaging Period.
	 

	 	Valid Day:
	 	A day on which (i) trading in the
Shares generally occurs on the
Exchange or, if the Shares are not
then listed on the Exchange, on the
principal other United States
national or regional securities
exchange on which the Shares are
then listed or, if the Shares are
not then listed on a United States
national or regional securities
exchange, on the principal other
market on which the Shares are then
traded and (ii) there is no Market
Disruption Event.
	 

	 	Scheduled Valid Day:
	 	A day on which trading in the
Shares is scheduled to occur on the
principal United States national or
regional securities exchange or
market on which the Shares are
listed or admitted for trading.
	 

	 	Relevant Price:
	 	On any Valid Day, the per Share
volume-weighted average price as
displayed under the heading
“Bloomberg VWAP” on Bloomberg page
TTMI.UQ <equity> AQR (or any
successor thereto) in respect of
the period from the scheduled
opening time of the Exchange to the
Scheduled Closing Time of the
Exchange on such Valid Day (or if
such volume-weighted average price
is unavailable, the market value of
one Share on such Valid Day, as
determined by the Calculation Agent
using a volume-weighted method).
	 

	 	Settlement Averaging Period:
	 	For any Exercisable Option, (x) if
Counterparty has, on or prior to
the Changeover Date, delivered a
Notice of Exercise to UBS with
respect to such Exercisable Option
with a Conversion Date occurring
prior to the Changeover Date, the
sixty (60) consecutive Valid Days
commencing on and including the
second Scheduled Valid Day
following such Conversion Date, or
(y) if Counterparty has, on or
following the Changeover Date,
delivered a Notice of Exercise to
UBS with respect to such
Exercisable Option with a
Conversion Date occurring on or
following the Changeover Date, the
sixty (60) consecutive Valid Days
commencing on, and including, the
sixty-second (62nd) Scheduled Valid
Day immediately prior to the
Expiration Date.
	 

	 	Settlement Date:
	 	For any Exercisable Option, the
date Shares will be delivered with
respect to the Convertible Notes
related to such Exercisable
Options, under the terms of the
Supplemental Indenture.
	 

	 	Settlement Currency:
	 	USD
	 

	 	Other Applicable Provisions:
	 	The provisions of Sections 9.1(c),
9.8, 9.9, 9.11, 9.12 and 10.5 of
the Equity Definitions will be
applicable, except that all
references in such provisions to
“Physically-settled” shall be read
as references to “Net Share
Settled”. “Net Share Settled” in
relation to any

5

 

	 	 	 	 	 
	 

	 	 	 	Option means that
Net Share Settlement is applicable
to that Option.
	 

	 	Representation and Agreement:
	 	Notwithstanding Section 9.11 of the
Equity Definitions, the parties
acknowledge that any Shares
delivered to Counterparty shall be,
upon delivery, subject to
restrictions and limitations
arising from Counterparty’s status
as issuer of the Shares under
applicable securities laws.

3. Additional Terms applicable to the Transaction:

	 	 	 	 	 
	 

	 	Adjustments applicable to the Transaction:	 	 
	 	 
	 

	 	Potential Adjustment Events:
	 	Notwithstanding Section 11.2(e) of the
Equity Definitions, a “Potential Adjustment
Event” means an occurrence of any event or
condition, as set forth in Section 6.04 of
the Supplemental Indenture that would
result in an adjustment to the Conversion
Rate of the Convertible Notes; provided
that in no event shall there be any
adjustment hereunder as a result of an
adjustment to the Conversion Rate pursuant
to Section 6.04(h), 6.04(i) or 6.07 of the
Supplemental Indenture.
	 	 
	 

	 	Method of Adjustment:
	 	Calculation Agent Adjustment, and means
that, notwithstanding Section 11.2(c) of
the Equity Definitions, upon any adjustment
to the Conversion Rate of the Convertible
Notes pursuant to the Supplemental
Indenture (other than Sections 6.04(h),
6.04(i) and 6.07 of the Supplemental
Indenture), the Calculation Agent will make
a corresponding adjustment to any one or
more of the Strike Price, the Option
Entitlement and any other variable relevant
to the exercise, settlement or payment for
the Transaction.
	 

	 	Extraordinary Events applicable to the
Transaction:	 	 
	 	 
	 

	 	Merger Events:
	 	Applicable; provided that notwithstanding
Section 12.1(b) of the Equity Definitions,
a “Merger Event” means the occurrence of
any event or condition set forth in Section
6.05 of the Supplemental Indenture.
	 

	 	Tender Offers:
	 	Applicable; provided that notwithstanding
Section 12.1(d) of the Equity Definitions,
a “Tender Offer” means the occurrence of
any event or condition set forth in Section
6.04(e) of the Supplemental Indenture.
	 	 
	 

	 	Consequence of Merger Events/Tender
Offers:
	 	Notwithstanding Section 12.2 and Section
12.3 of the Equity Definitions, upon the
occurrence of a Merger Event or a Tender
Offer, the Calculation Agent shall make a
corresponding adjustment in respect of any
adjustment under the Supplemental Indenture
to any one or more of the nature of the
Shares, Strike Price, the Option
Entitlement and any other variable relevant
to the exercise, settlement or payment for
the Transaction; provided, however, that
such adjustment shall be made without
regard to any adjustment

6

 

	 	 	 	 	 
	 

	 	 	 	to the Conversion
Rate for the issuance of additional shares
as set forth in Section 6.07 of the
Supplemental Indenture; provided further
that if, with respect to a Merger Event or
a Tender Offer, the consideration for the
Shares includes (or, at the option of a
holder of Shares, may include) shares of an
entity or person not organized under the
laws of the United States, any State
thereof or the District of Columbia,”
Cancellation and Payment shall apply.
	 

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

	 	Additional Disruption Events:	 	 
	 

	 	Change in Law:
	 	Applicable
	 

	 	Failure to Deliver:
	 	Applicable
	 

	 	Determining Party:
	 	For all applicable Extraordinary Events, UBS
	Non-Reliance:	 	Applicable
	Agreements and Acknowledgements Regarding Hedging
Activities:	 	Applicable
	Additional Acknowledgments:	 	Applicable

4. Calculation Agent: UBS

5. Account Details:

	 	(a)	 	Account for payments to Counterparty:
	 
	 	 	 	    To be provided by Counterparty
	 
	 	 	 	Account for delivery of Shares to Counterparty:
	 
	 	 	 	    To be provided by Counterparty
	 
	 	(b)	 	Account for payments to UBS:
	 
	 	 	 	    UBS AG Stamford
	 
	 	 	 	    SWIFT: UBSWUS33XXX
	 
	 	 	 	    Bank Routing: 026-007-993
	 
	 	 	 	    Account Name: UBS AG, London Branch

7

 

	 	 	 	    Account No. : 101-WA-140007-000
	 
	 	 	 	Account for delivery of Shares from UBS:
	 
	 	 	 	    To be provided by UBS

6. Offices:

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

The Office of UBS for the Transaction is: London

UBS AG

100 Liverpool Street

London EC2M 2RH

United Kingdom

Telephone: +44 207 568 0687

Facsimile: +44 207 568 9895/6

7. Notices: For purposes of this Confirmation:

	 	 	 	 	 	 	 
	 	 	(a)	 	Address for notices or communications to Counterparty:
	 	 
	 	 	 	 	  TTM Technologies, Inc.

   2630 South Harbor Boulevard

  Santa Ana, California 92704

  Attention: Treasurer

  Telephone No.: (714) 327-3049

  Facsimile No.: (714) 668-9411

	 
	 	 	 	 	 	 
	 	 	(b)	 	Address for notices or communications to UBS:
	 	 
	 

	 	 	 	To:
	 	UBS AG, London Branch
	 

	 	 	 	 	 	c/o UBS Securities LLC
	 

	 	 	 	 	 	299 Park Avenue
	 

	 	 	 	 	 	New York, NY 10171
	 

	 	 	 	Attn:
	 	Dmitriy Mandel and Sanjeet Dewal
	 

	 	 	 	Telephone:
	 	(212) 821-2100
	 

	 	 	 	Facsimile:
	 	(212) 821-4610
	 	 
	 

	 	 	 	With a copy to:	 	 
	 	 
	 

	 	 	 	To:
	 	Equities Legal Department
	 

	 	 	 	 	 	677 Washington Boulevard
	 

	 	 	 	 	 	Stamford, CT 06901
	 

	 	 	 	Attn:
	 	David Kelly and Gordon Kiesling
	 

	 	 	 	Telephone:
	 	(203) 719-0268
	 

	 	 	 	Facsimile:
	 	(203) 719-5627
	 	 
	 

	 	 	 	and:	 	 
	 	 
	 

	 	 	 	To:
	 	Equities Volatility Trading
	 

	 	 	 	 	 	677 Washington Boulevard
	 

	 	 	 	 	 	Stamford, CT 06901
	 

	 	 	 	Attn:
	 	Brian Ward
	 

	 	 	 	Telephone:
	 	(203) 719-7330
	 

	 	 	 	Facsimile:
	 	(203) 719-7910

8

 

8. Representations and Warranties of Counterparty

The representations and warranties of Counterparty set forth in Section 3 of the Underwriting
Agreement (the “Underwriting Agreement”) dated as of May 8, 2008 between Counterparty and J.P.
Morgan Securities Inc. and UBS Securities LLC as representatives of the Underwriters party thereto
(the “Underwriters”) are true and correct and are hereby deemed to be repeated to UBS as if set
forth herein. Counterparty hereby further represents and warrants to UBS that:

	 	(a)	 	Counterparty has all necessary corporate power and authority to execute,
deliver and perform its obligations in respect of this Transaction; such execution,
delivery and performance have been duly authorized by all necessary corporate action
on Counterparty’s part; and this Confirmation has been duly and validly executed and
delivered by Counterparty and constitutes its valid and binding obligation,
enforceable against Counterparty in accordance with its terms, subject to applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar
laws affecting creditors’ rights and remedies generally, and subject, as to
enforceability, to general principles of equity, including principles of commercial
reasonableness, good faith and fair dealing (regardless of whether enforcement is
sought in a proceeding at law or in equity) and except that rights to indemnification
and contribution hereunder may be limited by federal or state securities laws or
public policy relating thereto.
	 
	 	(b)	 	Neither the execution and delivery of this Confirmation nor the incurrence or
performance of obligations of Counterparty hereunder will conflict with or result in a
breach of the certificate of incorporation or by-laws (or any equivalent documents) of
Counterparty, or any applicable law or regulation, or any order, writ, injunction or
decree of any court or governmental authority or agency, or any agreement or
instrument to which Counterparty or any of its subsidiaries is a party or by which
Counterparty or any of its subsidiaries is bound or to which Counterparty or any of
its subsidiaries is subject, or constitute a default under, or result in the creation
of any lien under, any such agreement or instrument.
	 
	 	(c)	 	No consent, approval, authorization, or order of, or filing with, any
governmental agency or body or any court is required in connection with the execution,
delivery or performance by Counterparty of this Confirmation, except such as have been
obtained or made and such as may be required under the Securities Act of 1933, as
amended (the “Securities Act”) or state securities laws.
	 
	 	(d)	 	Counterparty is not and will not be required to register as an “investment
company” as such term is defined in the Investment Company Act of 1940, as amended.
	 
	 	(e)	 	It is an “eligible contract participant” (as such term is defined in Section
1a(12) of the Commodity Exchange Act, as amended (the “CEA”)) because one or more of
the following is true:
	 
	 	 	 	Counterparty is a corporation, partnership, proprietorship, organization, trust or
other entity and:

	 	(A)	 	Counterparty has total assets in excess of USD 10,000,000;
	 
	 	(B)	 	the obligations of Counterparty hereunder are guaranteed, or
otherwise supported by a letter of credit or keepwell, support or other
agreement, by an entity of the type described in Section 1a(12)(A)(i) through
(iv), 1a(12)(A)(v)(I), 1a(12)(A)(vii) or 1a(12)(C) of the CEA; or
	 
	 	(C)	 	Counterparty has a net worth in excess of USD 1,000,000 and
has entered into this Agreement in connection with the conduct of
Counterparty’s business or to

9

 

	 	 	 	manage the risk associated with an asset or
liability owned or incurred or
reasonably likely to be owned or incurred by Counterparty in the conduct of
Counterparty’s business.

	 	(f)	 	Each of it and its affiliates is not, on the date hereof, in possession of
any material non-public information with respect to Counterparty.

9. Other Provisions:

	 	(a)	 	Opinions. Counterparty shall deliver to UBS an opinion of counsel,
dated as of the Trade Date, with respect to the matters set forth in Sections 8(a)
through (c) of this Confirmation.
	 
	 	(b)	 	Repurchase Notices. Counterparty shall, on any day on which
Counterparty effects any repurchase of Shares, promptly give UBS a written notice of
such repurchase (a “Repurchase Notice”) on such day if following such repurchase, the
number of outstanding Shares as determined on such day is (i) less than 41.24 million
(in the case of the first such notice) or (ii) thereafter more than 1.3 million less
than the number of Shares included in the immediately preceding Repurchase Notice.
Counterparty agrees to indemnify and hold harmless UBS and its affiliates and their
respective officers, directors, employees, affiliates, advisors, agents and
controlling persons (each, an “Indemnified Person”) from and against any and all
losses (including losses relating to UBS’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, judgments, liabilities and expenses (including reasonable attorney’s fees),
joint or several, which an Indemnified Person may become subject to, as a result of
Counterparty’s failure to provide UBS with a Repurchase Notice on the day and in the
manner specified in this paragraph, and to reimburse, within 30 days, upon written
request, each of such Indemnified Persons for any reasonable legal or other expenses
incurred in connection with investigating, preparing for, providing testimony or other
evidence in connection with or defending any of the foregoing. If any suit, action,
proceeding (including any governmental or regulatory investigation), claim or demand
shall be brought or asserted against the Indemnified Person as a result of
Counterparty’s failure to provide UBS with a Repurchase Notice in accordance with this
paragraph, such Indemnified Person shall promptly notify Counterparty in writing, and
Counterparty, upon request of the Indemnified Person, shall retain counsel reasonably
satisfactory to the Indemnified Person to represent the Indemnified Person and any
others Counterparty may designate in such proceeding and shall pay the fees and
expenses of such counsel related to such proceeding. Counterparty shall not be liable
for any settlement of any proceeding contemplated by this paragraph that is effected
without its written consent, but if settled with such consent or if there be a final
judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified Person
from and against any loss or liability by reason of such settlement or judgment.
Counterparty shall not, without the prior written consent of the Indemnified Person,
effect any settlement of any pending or threatened proceeding contemplated by this
paragraph that is in respect of which any Indemnified Person is or could have been a
party and indemnity could have been sought hereunder by such Indemnified Person,
unless such settlement includes an unconditional release of such Indemnified Person
from all liability on claims that are the subject matter of such proceeding on terms
reasonably satisfactory to such Indemnified Person. If the indemnification provided
for in this paragraph is unavailable to an Indemnified Person or insufficient in
respect of any losses, claims, damages or liabilities referred to therein, then
Counterparty hereunder, in lieu of indemnifying such Indemnified Person thereunder,
shall contribute to the amount paid or payable by such Indemnified Person as a result
of such losses, claims, damages or liabilities. The remedies provided for in this
paragraph (b) are not exclusive and shall not limit any rights or remedies which may
otherwise be

10

 

	 	 	 	available to any Indemnified Party at law or in equity. The indemnity
and contribution
agreements contained in this paragraph shall remain operative and in full force and
effect regardless of the termination of this Transaction.
	 
	 	(c)	 	Regulation M. Counterparty is not on the date hereof engaged in a
distribution, as such term is used in Regulation M under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), of any securities of Counterparty, other
than (i) a distribution meeting the requirements of the exception set forth in Rules
101(b)(10) and 102(b)(7) of Regulation M and (ii) the distribution of the Convertible
Notes. Counterparty shall not, until the second Scheduled Trading Day immediately
following the Trade Date, engage in any such distribution.
	 
	 	(d)	 	No Manipulation. Counterparty is not entering into this Transaction
to create actual or apparent trading activity in the Shares (or any security
convertible into or exchangeable for the Shares) or to raise or depress or otherwise
manipulate the price of the Shares (or any security convertible into or exchangeable
for the Shares) or otherwise in violation of the Exchange Act.
	 
	 	(e)	 	Transfer or Assignment. (i) Counterparty shall have the right to
transfer or assign its rights and obligations hereunder with respect to all, but not
less than all, of the Options hereunder (such Options, the “Transfer Options”);
provided that such transfer or assignment shall be subject to reasonable conditions
that UBS may impose, including, but not limited, to the following conditions:

(A) With respect to any Transfer Options, Counterparty shall not be released
from its notice and indemnification obligations pursuant to Section 9(b) or any
obligations under Section 9(o) or 9(t) of this Confirmation;

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

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

(D) UBS 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 UBS would have been required to pay
to Counterparty 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), Counterparty shall cause the
transferee to make such Payee Tax Representations and to provide such tax
documentation as may be reasonably requested by UBS to permit UBS to determine
that results described in clauses (D) and (E) will not occur upon or after such
transfer and assignment; and

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

(ii) UBS may, without Counterparty’s consent, transfer or assign all or any part
of its rights or obligations under the Transaction to any third party with a rating
for its long term, unsecured and unsubordinated indebtedness equal to or better
than the lesser of (1)

11

 

the credit rating of UBS at the time of the transfer and (2)
AA by Standard and Poor’s
Rating Group, Inc. or its successor (“S&P”), or Aa3 by Moody’s Investor Service,
Inc. (“Moody’s”) or, if either S&P or Moody’s ceases to rate such debt, at least an
equivalent rating or better by a substitute rating agency mutually agreed by
Counterparty and UBS. If after UBS’s commercially reasonable efforts, UBS is
unable to effect such a transfer or assignment on pricing terms reasonably
acceptable to UBS and within a time period reasonably acceptable to UBS of a
sufficient number of Options to reduce (1) the number of shares that UBS Group
directly or indirectly beneficially owns to 8.0% of Counterparty’s outstanding
Shares or less or (2) the quotient of (x) the sum of (A) the Number of Shares under
this Transaction and (B) the “Number of Shares” (as defined in the Call Option
Confirmation dated May 8, 2008 between Counterparty and UBS) divided by (y) the
number of Counterparty’s outstanding Shares (such quotient expressed as a
percentage, the “Option Equity Percentage”) to 14.5% or less, UBS may designate any
Exchange Business Day as an Early Termination Date with respect to a portion (the
“Terminated Portion”) of this Transaction, such that (1) the number of Shares that
UBS Group directly or indirectly beneficially owns following such partial
termination will be equal to or less than 8.0% of Counterparty’s outstanding Shares
or (2) the Option Equity Percentage following such partial termination will be
equal to or less than 14.5%. In the event that UBS 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 (1) an Early Termination Date had
been designated in respect of a Transaction having terms identical to this
Transaction and a Number of Options equal to the Terminated Portion, (2)
Counterparty shall be the sole Affected Party with respect to such partial
termination and (3) such Transaction shall be the only Terminated Transaction (and,
for the avoidance of doubt, the provisions of Section 9(l) shall apply to any
amount that is payable by UBS to Counterparty pursuant to this sentence as if
Counterparty was not the Affected Party). “UBS Group” means UBS and each business
unit of its affiliates subject to aggregation with UBS under Section 13 of the
Exchange Act and rules promulgated thereunder.

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

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

	 	(a)	 	in such notice, UBS will specify to Counterparty the related
Staggered Settlement Dates (the first of which will be such Nominal Settlement
Date and the last of which will be no later than the twentieth (20th) Exchange
Business Day following such Nominal Settlement Date) and the number of Shares
that it will deliver on each Staggered Settlement Date;
	 
	 	(b)	 	the aggregate number of Shares that UBS will deliver to
Counterparty hereunder on all such Staggered Settlement Dates will equal the
number of Shares that UBS would otherwise be required to deliver on such
Nominal Settlement Date; and
	 
	 	(c)	 	if the Net Share Settlement terms set forth above were to
apply on the Nominal Settlement Date, then the Net Share Settlement terms will
apply on each Staggered Settlement Date, except that the Net Shares will be
allocated among

12

 

	 	 	 	such Staggered Settlement Dates as specified by UBS in the notice referred
to in clause (a) above.

	 	(g)	 	Role of Agent. Each party agrees and acknowledges that (i) Agent is
acting as agent for both parties but does not guarantee the performance of either
party and neither UBS nor Counterparty shall contact the other with respect to any
matter relating to the Transaction without the direct involvement of Agent; (ii) Agent
is not a member of the Securities Investor Protection Corporation; (iii) Agent, UBS
and Counterparty each hereby acknowledges that any transactions by UBS or Agent in the
Shares will be undertaken by UBS or Agent, as the case may, as principal for its own
account; (iv) without limiting the obligations of UBS or Agent hereunder or in the
Agreement, all of the actions to be taken by UBS and Agent in connection with the
Transaction, including but not limited to any exercise of any rights with respect to
the Options, shall be taken by UBS or Agent independently and without any advance or
subsequent consultation with Counterparty; and (v) Agent is not authorized to act as
agent for Counterparty except to the extent required to satisfy the requirements of
Rule 15a-6 under the Exchange Act in respect of the Options described hereunder.
	 
	 	(h)	 	Dividends. If at any time during the period from and excluding the
Trade Date, to but excluding the Expiration Date, an ex-dividend date for a cash
dividend occurs with respect to the Shares, then the Calculation Agent will make a
corresponding adjustment to any one or more of the Strike Price, Number of Options,
the Option Entitlement and/or any other variable relevant to the exercise, settlement
or payment for the Transaction to preserve the fair value of the Options to UBS after
taking into account such dividend or lack thereof.
	 
	 	(i)	 	Additional Termination Events. Notwithstanding anything to the
contrary in this Confirmation if an event of default with respect to Counterparty
shall occur under the terms of the Convertible Notes as set forth in Section 6.01 of
the Base Indenture or Section 7.01 of the Supplemental Indenture, then such event of
default shall constitute an Additional Termination Event applicable to the Transaction
and, with respect to such event of default (A) Counterparty shall be deemed to be the
sole Affected Party and the Transaction shall be the sole Affected Transaction and (B)
UBS shall be the party entitled to designate an Early Termination Date pursuant to
Section 6(b) of the Agreement.
	 
	 	(j)	 	Amendments to Equity Definitions. (i) Section 12.6(a)(ii) of the
Equity Definitions is hereby amended by (1) deleting from the fourth line thereof the
word “or” after the word “official” and inserting a comma therefor, and (2) deleting
the semi-colon at the end of subsection (B) thereof and inserting the following words
therefor “or (C) at UBS’s option, the occurrence of any of the events specified in
Section 5(a)(vii)(1) through (9) of the ISDA Master Agreement with respect to that
Issuer.”
	 

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

	 	(k)	 	Setoff. Neither party shall have the right to set off any
obligation that it may have to the other party under this Transaction against any
obligation such other party may have to it, whether arising under the Agreement,
this Confirmation or any other agreement between the parties hereto, by operation
of law or otherwise.

	 	(l)	 	Alternative Calculations and Payment on Early Termination and on Certain
Extraordinary Events. If in respect of this Transaction, an amount is payable by
UBS to Counterparty (i) pursuant to Section 12.7 or Section 12.9 of the Equity
Definitions or (ii) pursuant to Section 6(d)(ii) of the Agreement (a “Payment
Obligation”), Counterparty may request UBS to satisfy any such Payment Obligation by
the Share Termination Alternative (as defined below) (except that Counterparty shall
not make such an election

13

 

	 	 	 	in the event of a Nationalization, Insolvency, a Merger Event or Tender Offer, in
each case, in which the consideration to be paid to holders of Shares consists
solely of cash, or an Event of Default in which Counterparty is the Defaulting
Party or a Termination Event in which Counterparty is the Affected Party, other
than an Event of Default of the type described in Section 5(a)(iii), (v), (vi),
(vii) or (viii) of the Agreement or a Termination Event of the type described in
Section 5(b) of the Agreement in each case that resulted from an event or events
outside Counterparty’s control) and shall give irrevocable telephonic notice to
UBS, confirmed in writing within one Currency Business Day, no later than 12:00
p.m. New York local time on the Merger Date, the Announcement Date (in the case of
Nationalization, Insolvency or Delisting), the Early Termination Date or date of
cancellation, as applicable; provided that if Counterparty does not validly request
UBS to satisfy its Payment Obligation by the Share Termination Alternative, UBS
shall have the right, in its sole discretion, to satisfy its Payment Obligation by
the Share Termination Alternative, notwithstanding Counterparty’s election to the
contrary. In calculating any amounts under Section 6(e) of the Agreement,
notwithstanding anything to the contrary in the Agreement, (1) separate amounts
shall be calculated as set forth in Section 6(e) with respect to (i) this
Transaction and (ii) all other Transactions, and (2) such separate amounts shall be
payable pursuant to Section 6(d)(ii) of the Agreement.

	 	 	 	 	 
	 

	 	Share Termination Alternative:
	 	Applicable and means that UBS
shall deliver to Counterparty
the Share Termination Delivery
Property on, or within a
commercially reasonable period
of time after, the date when
the Payment Obligation would
otherwise be due pursuant to
Section 12.7 or 12.9 of the
Equity Definitions or Section
6(d)(ii) and 6(e) of the
Agreement, as applicable (the
“Share Termination Payment
Date”), in satisfaction of the
Payment Obligation in the
manner reasonably requested by
Counterparty free of payment.
	 

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

	 	Share Termination Unit Price:
	 	The value to UBS of property
contained in one Share
Termination Delivery Unit, as
determined by the Calculation
Agent in its discretion by
commercially reasonable means
and notified by the
Calculation Agent to UBS at
the time of notification of
the Payment Obligation. For
the avoidance of doubt, the
parties agree that in
determining the Share
Termination Delivery Unit
Price the Calculation Agent
may consider the purchase
price paid in connection with
the

14

 

	 	 	 	 	 
	 

	 	 	 	purchase of Share
Termination Delivery Property.
	 

	 	Share Termination Delivery Unit:
	 	One Share or, if a Merger
Event has occurred and a
corresponding adjustment to
this Transaction has been
made, a unit consisting of the
number or amount of each type
of property received by a
holder of one Share (without
consideration of any
requirement to pay cash or
other consideration in lieu of
fractional amounts of any
securities) in such Merger
Event, as determined by the
Calculation Agent.
	 

	 	Failure to Deliver:
	 	Applicable
	 

	 	Other applicable provisions:
	 	If Share Termination
Alternative is applicable, the
provisions of Sections 9.8,
9.9, 9.11, 9.12 and 10.5 (as
modified above) of the Equity
Definitions will be
applicable, except that all
references in such provisions
to “Physically-settled” shall
be read as references to
“Share Termination Settled”
and all references to “Shares”
shall be read as references to
“Share Termination Delivery
Units”. “Share Termination
Settled” in relation to this
Transaction means that Share
Termination Alternative is
applicable to this
Transaction.

	 	(m)	 	Governing Law. New York law (without reference to choice of law
doctrine).
	 
	 	(n)	 	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 this Transaction. Each party (i) certifies
that no representative, agent or attorney of either party has represented, expressly
or otherwise, that such other party would not, in the event of such a suit, action or
proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the
other party have been induced to enter into this Transaction, as applicable, by, among
other things, the mutual waivers and certifications provided herein.
	 
	 	(o)	 	Registration. Counterparty hereby agrees that if, in the good faith
reasonable judgment of UBS, the Shares (“Hedge Shares”) acquired by UBS for the
purpose of hedging its obligations pursuant to this Transaction cannot be sold in the
public market by UBS without registration under the Securities Act, Counterparty
shall, at its election, either (i) in order to allow UBS to sell the Hedge Shares in a
registered offering, make available to UBS an effective registration statement under
the Securities Act and enter into an agreement, in form and substance satisfactory to
UBS, substantially in the form of an underwriting agreement for a registered secondary
offering; provided, however, that if UBS, in its reasonable discretion, based on its
customary practices for similar offerings, is not satisfied with access to due
diligence materials, the results of its due diligence investigation, or the procedures
and documentation for the registered offering referred to above, then clause (ii) or
clause (iii) of this paragraph shall apply at the election of Counterparty, (ii) in
order to allow UBS 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, in form and
substance satisfactory to UBS (in which case, the Calculation Agent shall make any

15

 

	 	 	 	adjustments to the terms of this Transaction that are necessary, in its reasonable
judgment, to compensate UBS 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 UBS at the Reference Price on such Exchange Business Days, and
in the amounts, requested by UBS.
	 
	 	(p)	 	Tax Disclosure. Effective from the date of commencement of
discussions concerning the Transaction, Counterparty and each of its employees,
representatives, or other agents may disclose to any and all persons, without
limitation of any kind, the tax treatment and tax structure of the Transaction and all
materials of any kind (including opinions or other tax analyses) that are provided to
Counterparty relating to such tax treatment and tax structure.
	 
	 	(q)	 	Right to Extend. If, in its commercially reasonable judgment and
based on the advice of counsel, UBS determines that, in light of existing liquidity
conditions, its hedging or hedge unwind activity hereunder would not be advisable in
light of applicable laws and regulations and interpretations thereof, then UBS may
postpone, in whole or in part, any Settlement Date or any other date of valuation or
delivery with respect to some or all of
the Options hereunder, to the extent that such extension is reasonably necessary or
appropriate to address such applicable laws and regulations.
	 
	 	(r)	 	Status of Claims in Bankruptcy. UBS acknowledges and agrees that
this Confirmation is not intended to convey to UBS rights against Counterparty with
respect to the Transaction that are senior to the claims of common stockholders of
Counterparty in any United States bankruptcy proceedings of Counterparty; provided
that nothing herein shall limit or shall be deemed to limit UBS’s 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 UBS’s rights in respect of any transactions other than the
Transaction.
	 
	 	(s)	 	Securities Contract; Swap Agreement. The parties hereto intend for:
(a) the Transaction to be a “securities contract” and a “swap agreement” as defined in
the Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”), and
the parties hereto to be entitled to the protections afforded by, among other
Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the
Bankruptcy Code; (b) a party’s right to liquidate the Transaction and to exercise any
other remedies upon the occurrence of any Event of Default under the Agreement with
respect to the other party to constitute a “contractual right” as described in the
Bankruptcy Code; and (c) each payment and delivery of cash, securities or other
property hereunder to constitute a “margin payment” or “settlement payment” and a
“transfer” as defined in the Bankruptcy Code.
	 
	 	(t)	 	Additional Provisions. Counterparty covenants and agrees that as
promptly as practicable following the public announcement of any consolidation, merger
and binding share exchange to which Counterparty is a party, or any sale of all or
substantially all of Counterparty’s assets, in each case pursuant to which the Shares
will be converted into cash, securities or other property, Counterparty shall notify
UBS in writing of the types and amounts of consideration that holders of Shares have
elected to receive upon consummation of such transaction or event (the date of such
notification, the “Consideration Notification Date”); provided that in no event shall
the Consideration Notification Date be later than the date on which such transaction
or event is consummated.
	 
	 	(u)	 	Receipt or Delivery of Cash. For the avoidance of doubt, other than
payment of the Premium by Counterparty, nothing in this Confirmation shall be
interpreted as requiring Counterparty to receive or deliver cash in respect of the
settlement of the Transaction contemplated by this Confirmation, except in
circumstances where the cash settlement thereof is within Counterparty’s control
(including, without limitation, where an Event of 

16

 

	 	 	 	Default by Counterparty has occurred
under Section 5(a)(ii) or Section 5(a)(iv) of the Agreement, where Counterparty elects
to receive or deliver cash or fails timely to elect to receive or deliver Share
Termination Delivery Property in respect of the settlement of such Transaction) or in
those circumstances in which holders of the Shares would also receive cash.

17

 

     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 UBS AG, London Branch) correctly sets forth the
terms of the agreement between UBS AG, London Branch, 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 Equity Risk Management (Corporates), Facsimile No. (212) 821-4610.

	 	 	 	 	 
	 	Yours faithfully,

UBS AG, LONDON BRANCH

 	 
	 	By:  	 /s/
D. Mandel	 
	 	 	Name:  	 Dmitriy Mandel	 
	 	 	Title:  	 Executive Director	 
	 
	 	 	 
	 	By:  	
 /s/ Daniel S. Hoverman	 
	 	 	Name:  	 Daniel S. Hoverman	 
	 	 	Title:  	 Director	 
	 
	 	UBS SECURITIES LLC, as agent

 	 
	 	By:  	 /s/
D. Mandel	 
	 	 	Name:  	 Dmitriy Mandel	 
	 	 	Title:  	 Executive Director	 
	 
	 	 	 
	 	By:  	
 /s/ Daniel S. Hoverman	 
	 	 	Name:  	 Daniel S. Hoverman	 
	 	 	Title:  	 Director	 
	 

	 	 	 	 	 
	 

	 	 	 	 
	Agreed and Accepted By:	 	 
	 
	 	 	 	 
	TTM TECHNOLOGIES, INC.	 	 
	 
	 	 	 	 
	By:
	 	 /s/ Steven W. Richards	 	 
	 

	 	 	 	 
	Name:
	 	 Steven W. Richards	 	 
	Title:
	 	 EVP, CFO and Secretary

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