Document:

EX-10.9

 

Exhibit 10.9

Confirmation of Additional OTC Convertible Note Hedge

	 	 	 
	Date:

	 	November 15, 2006
	 
	 	 
	To:

	 	General Cable Corporation (“Counterparty”)
	 
	 	 
	From:

	 	WACHOVIA CAPITAL MARKETS, LLC (“Agent”)

Solely as agent of Wachovia Bank, National Association (“Wachovia”)

Wachovia Reference Numbers:

Dear Sir / Madam:

     The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and
conditions of the Transaction entered into between Wachovia Bank, National Association
(“Wachovia”) and General Cable Corporation (“Counterparty”, and collectively with
Wachovia, the “Parties”) on the Trade Date as specified below (the “Transaction”).
This Confirmation constitutes a “Confirmation” as referred to in the Master Agreement specified
below.

     The definitions and provisions contained in the 2000 ISDA Definitions (the “Swap
Definitions”) and the 2002 ISDA Equity Derivatives Definitions (the “Equity
Definitions” and, together with the Swap Definitions, the “Definitions”), in each case
as published by the International Swaps and Derivatives Association, Inc., are incorporated into
this Confirmation. In the event of any inconsistency between the Swap Definitions and the Equity
Definitions, the Equity Definitions will govern, and in the event of any inconsistency between the
Definitions and this Confirmation, this Confirmation will govern. References herein to a
“Transaction” shall be deemed to be references to a “Share Option Transaction” for purposes of the
Equity Definitions and a “Swap Transaction” for the purposes of the Swap Definitions.

     This Confirmation evidences a complete binding agreement between you and us as to the terms of
the Transaction to which this Confirmation relates. This Confirmation (notwithstanding anything to
the contrary herein), shall be subject to, and form part of, an agreement in the 1992 form of the
ISDA Master Agreement (Multicurrency Cross Border) (the “Master Agreement” or
“Agreement”) as if we had executed an agreement in such form (but without any Schedule and
with elections specified in the “ISDA Master Agreement” Section of this Confirmation) on the Trade
Date. In the event of any inconsistency between the provisions of that agreement and this
Confirmation, this Confirmation will prevail for the purpose of this Transaction. The parties
hereby agree that the Transaction evidenced by this Confirmation shall be the only Transaction
subject to and governed by the Agreement.

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

General Terms:

	 	 	 
	Trade Date:

	 	November 15, 2006
	 
	 	 
	Effective Date:

	 	The date of issuance of the Reference Notes.
	 
	 	 
	Option Style:

	 	Modified American, as described under
“Settlement Terms” below.

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	Option Type:

	 	Call
	 
	 	 
	Seller:

	 	Wachovia
	 
	 	 
	Buyer:

	 	Counterparty
	 
	 	 
	Shares:

	 	The shares of common stock, $0.01 par value,
of Counterparty (Security Symbol: “BGC”) or
such other securities or property into which
the Reference Notes are convertible on the
date of determination.
	 
	 	 
	Premium:

	 	$8,414,400
	 
	 	 
	Premium Payment Date:

	 	The date of issuance of the Reference Notes.
	 
	 	 
	Exchange:

	 	New York Stock Exchange
	 
	 	 
	Related Exchange(s):

	 	All Exchanges
	 
	 	 
	Reference Notes:

	 	0.875% Convertible Notes of Counterparty due
2013 in the original amount of
U.S.$315,000,000.
	 
	 	 
	Applicable Portion of the Reference Notes:

	 	

24/355 For the avoidance of doubt, the
Calculation Agent shall, as it deems
necessary, take into account the Applicable
Portion of the Reference Notes in determining
or calculating any delivery or payment
obligations hereunder, whether upon a
Conversion Date (as defined below) or
otherwise.
	 
	 	 
	Note Indenture:

	 	The indenture, dated as of closing of the
issuance of the Reference Notes, between
Counterparty and U.S. Bank National
Association, as trustee relating to the
Reference Notes, as the same may be amended,
modified or supplemented. Certain defined
terms used herein have the meanings assigned
to them in the Note Indenture.
	 
	 	 
	Procedures for Exercise:
	 	 
	 
	 	 
	Potential Exercise Dates:

	 	Each Conversion Date.
	 
	 	 
	Conversion Date:

	 	Each “conversion date” for any Reference Note
pursuant to the terms of the Note Indenture
(the principal amount of Reference Notes so
converted, the “Conversion Amount” with
respect to such Conversion Date) occurring
before the Expiration Date.
	 
	 	 
	 

	 	If the Conversion Amount for any Conversion
Date is less than the aggregate principal
amount of Reference Notes then outstanding,
then the terms of this Transaction shall
continue to apply, subject to the terms and
conditions set forth herein, with respect to
the remaining outstanding principal amount of
the Reference Notes multiplied by the
Applicable Portion of the Reference Notes.
	 
	 	 
	Expiration Period:

	 	The period from and excluding the Trade Date
to and including the Expiration Date.
	 
	 	 
	Expiration Date:

	 	The earliest of (i) the maturity date of the
Reference Notes, (ii) the first day on which
none of such Reference Notes remain
outstanding, whether by virtue of conversion,
issuer repurchase or otherwise and (iii) the
occurrence of an

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	 	Additional Termination Event
and designation of an Early Termination Date
hereunder in respect of the termination of
the Transaction in whole but not in part.
	 
	 	 
	Exercise Notice:

	 	Notwithstanding anything to the contrary in
the Equity Definitions, in order to exercise
any Options hereunder, Buyer shall provide
Seller with written notice prior to 5:00 p.m.
New York City time on the Exchange Business
Day prior to the first Trading Day in the
Conversion Reference Period (both as defined
in the Note Indenture) relating to the
Reference Notes converted on the relevant
Conversion Date of (i) the number of
Reference Notes being converted on the
relevant Conversion Date, (ii) the first
Trading Day in the relevant Conversion
Reference Period for the Reference Notes and
(iii) if any, the applicable Cash Percentage
(as defined in the Note Indenture); provided
that with respect to Reference Notes
converted during the period beginning on
October 15, 2013 and ending on the business
day immediately preceding the Maturity Date
(as defined in the Note Indenture) of the
Reference Notes, the related Exercise Notice
shall be delivered prior to 5:00 p.m. New
York City time on such Maturity Date (as
defined in the Note Indenture); and provided
further that the delivery by Buyer of an
Exercise Notice after the Conversion
Reference Period has commenced but prior to
the close of business on the fifth Trading
Day of such Conversion Reference Period shall
be effective, in which case the Settlement
Method shall be Net Share Settlement but
without regard to subsection (ii) of the
definition of Net Share Settlement and
subject to adjustments to the Net Share
Settlement Amount as specified below.
	 
	 	 
	Wachovia’s Agent’s Telephone Number and
Telex and/or Facsimile Number and Contact
Details for purpose of Giving Notice:

	 	Eric Augustyn or Head Trader
	 

	 	Telephone: 212-214-6225
	 

	 	Facsimile: 212-214-8914
	 
	 	 
	Settlement Terms:
	 	 
	 
	 	 
	Settlement Method:

	 	Net Share Settlement or Net Cash Settlement
consistent with Buyer’s election with respect
to the Reference Notes converted on the
applicable Conversion Date, provided that Net
Share Settlement shall apply in the event
that Buyer elects to deliver any Shares in
connection with the applicable Conversion
Date.
	 
	 	 
	Settlement Date:

	 	Subject to the delivery of an Exercise Notice
to the Seller, the third (3rd)
Exchange Business Day following the final
Trading Day in the applicable Conversion
Reference Period in respect of the relevant
Conversion Date.
	 
	 	 
	Net Share Settlement:

	 	In lieu of the obligations set forth in
Sections 8.1 and 9.1 of the Equity
Definitions, Seller shall deliver to Buyer on
the related Settlement Date (i) a number of
Shares equal to the related Net Share
Settlement Amount, provided that in the event
that the number of Shares calculated
comprises any fractional Share, the number of
Shares to be delivered shall be rounded up or
down to the nearest integral number of Shares
and (ii) (x) an amount in cash equal to the
cash amount, if any, paid by Buyer in excess
of the principal amount of the applicable
Reference Notes for such Conversion Date
under the Note Indenture multiplied by (y)
the Applicable Portion of the Reference
Notes, provided that the delivery obligation
set forth in clause (i) and (ii) of this
paragraph shall be determined excluding any
Shares or cash that Counterparty is obligated
to deliver to holders of the applicable
Reference Notes as a result of any

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	 	adjustments to the Conversion Rate resulting
from (i) an adjustment to the Conversion Rate
made pursuant to Section 4.12 of the Note
Indenture by Counterparty or (ii) an
adjustment to the Conversion Rate as a result
of a Make Whole Premium adjustment pursuant
to Section 4.01(j) of the Note Indenture.
The provisions of Sections 9.1(c), 9.8, 9.9,
9.10, 9.11 and 9.12 of the Equity Definitions
shall apply to any delivery of Shares
hereunder, provided that the Representation
and Agreement in Section 9.11 of the Equity
Definitions shall be modified by excluding
any representations therein relating to
restrictions, obligations, limitations or
requirements under applicable securities laws
solely as a result of the fact that Buyer is
the issuer of the Shares.
	 
	 	 
	Net Cash Settlement:

	 	In lieu of the obligations set forth in
Section 8.1 of the Equity Definitions, on the
Settlement Date Seller shall deliver to Buyer
an amount in cash equal to the related Net
Cash Settlement Amount.
	 
	 	 
	Net Share Settlement Amount:

	 	For each Conversion Date, the number of
Shares equal to the Shares delivered by Buyer
for such Conversion Date under the Note
Indenture multiplied by the Applicable
Portion of the Reference Notes, provided that
if an Exercise Notice with respect to such
Conversion Date has not been delivered to the
Seller prior to the first Trading Day of the
Conversion Reference Period applicable to
such Conversion Date, the Net Share
Settlement Amount for such Conversion Date
shall be adjusted by the Calculation Agent to
account for the reduced number of Trading
Days from the delivery of the Exercise Notice
to the end of the applicable Conversion
Reference Period with respect to such
Conversion Date. No reduction of the Net
Share Settlement Amount shall reduce the Net
Share Settlement Amount below zero.
	 
	 	 
	Net Cash Settlement Amount:

	 	For each Conversion Date, an amount equal to
the cash delivered by the Buyer in excess of
the principal amount of the applicable
Reference Notes for such Conversion Date
under the Note Indenture multiplied by the
Applicable Portion of the Reference Notes,
provided that such cash amount shall be
determined excluding any cash that
Counterparty is obligated to deliver to
holders of the applicable Reference Notes as
a result of any adjustments to the Conversion
Rate resulting from (i) an adjustment to the
Conversion Rate made pursuant to Section 4.12
of the Note Indenture by Counterparty or (ii)
an adjustment to the Conversion Rate as a
result of a Make Whole Premium adjustment
pursuant to Section 4.01(j) of the Note
Indenture.
	 
	 	 
	Adjustments:
	 	 
	 
	 	 
	Method of Adjustment:

	 	Calculation Agent Adjustment; provided that
the terms of this Transaction shall be
adjusted in a manner consistent with
adjustments of the Conversion Rate of the
Reference Notes as provided in the Note
Indenture; provided further (without
limitation of the provisions set forth above
under “Net Share Settlement” and “Net Cash
Settlement Amount”) that no adjustment in
respect of any Potential Adjustment Event or
Extraordinary Event shall be made hereunder
as a result of any adjustments to the
Conversion Rate resulting from (i) an
adjustment to the Conversion Rate made
pursuant to Section 4.12 of the Note
Indenture by Counterparty or (ii) an
adjustment to the Conversion Rate as a result
of a Make Whole Premium adjustment pursuant
to Section 4.01(j) of the Note Indenture.
	 
	 	 
	Potential Adjustment Event:

	 	Notwithstanding Section 11.2(e) of the Equity
Definitions, a “Potential Adjustment Event”
means the occurrence of an event or condition
that would

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	 	result in an adjustment of the
Conversion Rate of the Reference Notes
pursuant to Section 4.06 of the Note
Indenture.
	 
	 	 
	Extraordinary Events:
	 	 
	 
	 	 
	Merger Events:

	 	Notwithstanding Section 12.1(b) of the Equity
Definitions, a “Merger Event” means the
occurrence of any event or condition set
forth in Section 4.10(a) of the Note
Indenture.
	 
	 	 
	Consequences for Merger Events:
	 	 
	 
	 	 
	          Share-for-Share:

	 	The Transaction will be adjusted consistent
with the Reference Notes as provided in the
Note Indenture.
	 
	 	 
	          Share-for-Other:

	 	The Transaction will be adjusted consistent
with the Reference Notes as provided in the
Note Indenture.
	 
	 	 
	          Share-for-Combined:

	 	The Transaction will be adjusted consistent
with the Reference Notes as provided in the
Note Indenture.
	 
	 	 
	Tender Offer:

	 	Applicable, subject to “Consequences of
Tender Offers” below. Notwithstanding
Section 12.1(d) of the Equity Definitions, a
“Tender Offer” means the occurrence of any
event or condition set forth in Section
4.06(a)(7) of the Note Indenture.
	 
	 	 
	Consequences of Tender Offers:

	 	The Transaction will be adjusted consistent
with the Reference Notes as provided in the
Note Indenture.
	 
	 	 
	Nationalization, Insolvency and Delisting:

	 	

Cancellation and Payment (Calculation Agent
Determination), provided Buyer shall
determine whether payment shall be settled in
cash or Shares. 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 or the NASDAQ
National Market System (or their respective
successors, including without limitation the
NASDAQ Global Market and NASDAQ Global Select
Market); if the Shares are immediately
re-listed, re-traded or re-quoted on any such
exchange or quotation system, such exchange
or quotation system shall thereafter be
deemed to be the Exchange.
	 
	 	 
	Additional Disruption Events:
	 	 
	 
	 	 
	          Change in Law:

	 	Applicable
	 
	 	 
	          Failure to Deliver:

	 	Applicable. If there is inability in the
market to deliver Shares due to illiquidity
on a day that would have been a Settlement
Date, then the Settlement Date shall be the
first succeeding Exchange Business Day on
which there is no such inability to deliver,
but in no such event shall the Settlement
Date be later than the date that is two (2)
Exchange Business Days immediately following
what would have been the Settlement Date but
for such inability to deliver.

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	          Insolvency Filing:

	 	Applicable
	 
	 	 
	          Hedging Disruption Event:

	 	Applicable
	 
	 	 
	          Increased Cost of Hedging:

	 	Not Applicable
	 
	 	 
	          Loss of Stock Borrow:

	 	Not Applicable
	 
	 	 
	          Increased Cost of Stock        Borrow:

	 	Not Applicable
	 
	 	 
	          Hedging Party:

	 	Seller
	 
	 	 
	          Determining Party:

	 	Seller
	 
	 	 
	Non-Reliance:

	 	Applicable
	 
	 	 
	Agreements and Acknowledgments
Regarding Hedging Activities:

	 	Applicable
	 
	 	 
	Additional Acknowledgments:

	 	Applicable

Additional Agreements, Representations and Covenants of Buyer, Etc.:

	1.	 	Buyer hereby represents and warrants to Seller, on each day from the Trade Date to and
including the earlier of (i) December 15, 2006 and (ii) the date by which Seller is able to
initially complete a hedge of its position relating to this Transaction, that:

	 	a.	 	it will effect (and cause any “affiliated purchaser” (as defined in Rule 10b-18
promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) to effect) any purchases, direct or indirect (including by means of any
cash-settled or other derivative instrument), of Shares or any security convertible
into or exchangeable or exercisable for Shares solely through Agent in a manner that
would not cause any purchases by Seller of its hedge in connection with this
Transaction not to comply with applicable securities laws; provided that this clause
(a) shall not apply to any transactions in Shares effected directly between Buyer and
its employees pursuant to an employee share incentive or benefit plan;
	 
	 	b.	 	it will not engage in, or be engaged in, any “distribution,” as such term is
defined in Regulation M promulgated under the Exchange Act, other than a distribution
meeting the requirements of the exceptions set forth in sections 101(b)(10) and
102(b)(7) of Regulation M (it being understood that Buyer makes no representation
pursuant to this clause in respect of any action or inaction taken by Seller or any
Underwriter of the Reference Notes); and
	 
	 	c.	 	Buyer has publicly disclosed all material information necessary for Buyer to be
able to purchase or sell Shares in compliance with applicable federal securities laws
and that it has publicly disclosed all material information with respect to its
condition (financial or otherwise).

	2.	 	If Buyer would be obligated to pay cash to, or receive cash from, Seller pursuant to the
terms of this Agreement for any reason without having had the right (other than pursuant to
this paragraph (2)) to elect to deliver or receive Shares in satisfaction of such payment
obligation, then Buyer may elect that such payment obligation shall be satisfied by the
delivery of a number of Shares (or, if the Shares have been converted into other securities or
property in connection with an Extraordinary Event, a number or amount of such other
securities or property as a holder of Shares would be entitled to receive upon the
consummation or closing of such Extraordinary Event) having a cash value equal to the amount
of such payment obligation (such number or amount of Shares or other securities or property to
be delivered to be

6

 

	 	 	determined by the Calculation Agent as the number of Shares or number or
amount of such other securities or property that could be purchased or sold, as applicable, by
Seller over a reasonable period of time for the cash equivalent of such payment obligation).
Settlement relating to any delivery of Shares or other securities or property pursuant to this
paragraph (2) shall occur within a reasonable period of time.

	3.	 	Notwithstanding any provision in the Note Indenture, this Confirmation or the Agreement to
the contrary, each of the “applicable Conversion Rate” (as such term is used in the Note
Indenture), the Net Share Settlement Amount, the Net Cash Settlement Amount and any other
amount computed hereunder by reference to the applicable Conversion Rate shall be determined
without regard to any adjustments to the Conversion Rate made pursuant to Section 4.12 of the
Note Indenture or as a result of a Make Whole Premium adjustment pursuant to Section 4.01(j)
of the Note Indenture.

	4.	 	Notwithstanding Section 6(e) of the Agreement or Sections 12.7 or 12.8 of the Equity
Definitions, if, with respect to the Transaction contemplated hereunder, (A) an Early
Termination Date with respect to any Event of Default or any Termination Event, (B) a Closing
Date with respect to an event described in Section 12.6 of the Equity Definitions, or (C) a
date as of which the Transaction is, or is deemed to have been, terminated or cancelled as a
result of an applicable Additional Disruption Event (any such date, the “Relevant Date”) shall
occur, then in lieu of any payments hereunder pursuant to Sections 6(d)(ii) and 6(e) of the
Agreement or Sections 12.7 or 12.8 of the Equity Definitions, as applicable, (if a calculation
under such sections would otherwise be required) the Calculation Agent shall determine the
number of Shares deliverable by Wachovia to Counterparty on the following basis and the
following provisions shall apply:
	 
	 	 	(i) such Relevant Date shall be the sole Exercise Date hereunder and Automatic Exercise
shall be applicable;
	 
	 	 	(ii) the Settlement Method shall be Net Share Settlement and the provisions set forth above
under “Net Share Settlement” shall apply (but without regard to subsection (ii) thereof, or
any right of the Counterparty to elect to deliver cash in lieu of Remaining Shares pursuant
to Section 4.13(b) of the Note Indenture, or any requirement of Counterparty to deliver an
Exercise Notice) as if a Conversion Date had occurred, the
Conversion Amount were the aggregate principal amount of the Reference Notes then
outstanding, and the Remaining Shares were equal to (X) the excess, if any, of (a) the VWAP
Price on the Relevant Date multiplied by the applicable Conversion Rate over (b) $1,000;
divided by (Y) the VWAP Price on the Relevant Date; provided that, if the Shares
have been converted into other securities or property in connection with an Extraordinary
Event, Seller may deliver a number or amount of such other securities or property as a
holder of the number of Shares that would otherwise be deliverable under this paragraph
would be entitled to receive upon the consummation or closing of such Extraordinary Event.
“VWAP Price” means, on any date, the per Share volume-weighted average price as
displayed under the heading “Bloomberg VWAP” on Bloomberg page BGC <equity> VAP (or
any successor thereto) in respect of the period from 9:45 a.m. to 3:45 p.m. (New York City
time) on such date (or if such volume-weighted average price is unavailable, the market
value of one Share (or, if applicable, the value per Share of the consideration paid or
delivered to holders of Shares at the time of an Extraordinary Event) on such date, as
determined by the Calculation Agent); and
	 
	 	 	(iii) the Settlement Date shall be the date that falls one Settlement Cycle following the
Relevant Date.

	5.	 	Counterparty is not, and after giving effect to the Transaction contemplated hereby, will not
be, an “investment company” as such term is defined in the Investment Company Act of 1940, as
amended.

	6.	 	As of the Trade Date and each date on which a payment or delivery is made by Counterparty
hereunder, (i) the assets of Counterparty at their fair valuation exceed the liabilities of
Counterparty, including contingent liabilities; (ii) the capital of Counterparty is adequate
to conduct its business; and (iii) Counterparty has the ability to pay its debts and other
obligations as such obligations mature and does not intend to, or believe that it will, incur
debt or other obligations beyond its ability to pay as such obligations mature.

7

 

Additional Termination Events:

          The occurrence of any of the following shall be an Additional Termination Event for purposes
of this Transaction:

	1.	 	Amendment Event. If an Amendment Event (as defined below) occurs, Wachovia shall have the
right to designate an Early Termination Date pursuant to Section 6(b) of the Agreement and,
notwithstanding anything to the contrary herein, no payments shall be required under this
Agreement in connection with such Amendment Event.
	 
	 	 	“Amendment Event” means that the Counterparty, without the prior consent of
Seller, amends, modifies, supplements or obtains a waiver of (a) any term of the Note
Indenture or the Reference Notes relating to the principal amount, coupon, maturity or
repurchase obligation of the Counterparty, (b) any material term relating to conversion of
the Reference Notes (including changes to the conversion price, conversion settlement dates
or conversion conditions) or (c) any term that would require consent of the holders of 100%
of the principal amount of the Reference Notes to amend;

	2.	 	Repayment Event. If a Repayment Event (as defined below) occurs, Wachovia shall have the
right to designate an Early Termination Date pursuant to Section 6(b) of the Agreement with
respect to this Transaction to the extent of the principal amount of Reference Notes that
cease to be outstanding as a result of such Repayment Event and, notwithstanding anything to
the contrary herein, no payments shall be required under this Agreement in connection with
such Repayment Event.
	 
	 	 	“Repayment Event” means that (a) any Reference Notes are repurchased (whether in
connection with or as a result of a change of control, howsoever defined, or for any other
reason other than as a result of or in connection with a conversion) by the Counterparty,
(b) any Reference Notes are delivered to the Counterparty in exchange for delivery of any
property or assets of the Counterparty or any of its subsidiaries (howsoever described),
other than as a result of and in connection with a Conversion Date, (c) any principal of any
of the Reference Notes is repaid prior to the Final Maturity Date (as defined in the Note
Indenture) (whether following acceleration of the Reference Notes or otherwise), provided
that no
payments of cash made in respect of the conversion of a Reference Note shall be deemed a
payment of principal under this clause (c), (d) any Reference Notes are exchanged by or for
the benefit of the holders thereof for any other securities of the Counterparty or any of
its Affiliates (or any other property, or any combination thereof) pursuant to any exchange
offer or similar transaction or (e) any of the Reference Notes is surrendered by
Counterparty to the trustee for cancellation, other than registration of a transfer of such
Reference Notes or as a result of and in connection with a Conversion Date; or

Staggered Settlement:

If Seller determines reasonably and in good faith that the number of Shares required to be
delivered to Buyer hereunder on any Settlement Date would exceed 8.0% of all outstanding Shares,
then Seller may, by notice to Buyer on or prior to such Settlement Date (a “Nominal Settlement
Date”), elect to deliver the Shares comprising the related Net Share Settlement Amount on two
or more dates (each, a “Staggered Settlement Date”) or at two or more times on the Nominal
Settlement Date as follows:

	1.	 	in such notice, Seller will specify to Buyer 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 twenty (20) Trading Days following such Nominal Settlement Date) or delivery times and
how it will allocate the Shares it is required to deliver hereunder among the Staggered
Settlement Dates or delivery times;

	2.	 	the aggregate number of Shares that Seller will deliver to Buyer hereunder on all such
Staggered Settlement Dates or delivery times will equal the number of Shares that Seller would
otherwise be required to deliver on such Nominal Settlement Date; and

8

 

	3.	 	the Net Share Settlement terms will apply on each Staggered Settlement Date, except that the
Shares comprising the Net Share Settlement Amount will be allocated among such Staggered
Settlement Dates or delivery times as specified by Seller in the notice referred to in clause
(1) above.

Notwithstanding anything herein to the contrary, solely in connection with a Staggered Settlement
Date, Seller shall be entitled to deliver Shares to Buyer from time to time prior to the date on
which Seller would be obligated to deliver them to Buyer pursuant to Net Share Settlement terms set
forth above, and Buyer agrees to credit all such early deliveries against Seller’s obligations
hereunder in the direct order in which such obligations arise. No such early delivery of Shares
will accelerate or otherwise affect any of Buyer’s obligations to Seller hereunder.

Disposition of Hedge Shares:

Seller shall conduct its hedging activities in connection with the Transaction in a manner that it
believes, based on its reasonable judgment, will not require Counterparty to register under the
Securities Act or any state securities laws the Shares (the “Hedge Shares”) acquired by
Seller for the purpose of hedging its obligations pursuant to the Transaction. In addition,
Counterparty hereby agrees that if, in the reasonable judgment of Seller based on advice of
counsel, the Hedge Shares cannot be sold in the U.S. public market by Seller without registration
under the Securities Act, Counterparty shall, at its election: (i) in order to allow Seller to sell
the Hedge Shares in a registered offering, use commercially reasonable efforts to make available to
Seller an effective registration statement under the Securities Act to cover the resale of such
Hedge Shares and (a) enter into an agreement, in form and substance satisfactory to Seller and
Counterparty, substantially in the form of an underwriting agreement for a registered offering, (b)
provide accountant’s “comfort” letters in customary form for registered offerings of equity
securities, (c) provide disclosure opinions of nationally recognized outside counsel to
Counterparty reasonably acceptable to Seller, (d) provide other customary opinions, certificates
and closing documents customary in form for registered offerings of equity securities and (e)
afford Seller a reasonable opportunity to conduct a “due diligence” investigation with respect to
Counterparty customary in scope for underwritten offerings of equity securities registered for
resale; provided, however, that if Seller, in its sole reasonable discretion, is not satisfied with
access to due diligence materials, the results of its due diligence investigation, or the
procedures and documentation for the registered offering referred to above, then clause (ii) of
this Section shall apply; or (ii) in order to allow Seller 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 by a publicly reporting
company (if Counterparty is a publicly reporting company at such time) to institutional purchasers,
in form and substance satisfactory to Seller and Counterparty, including reasonable and customary
representations, covenants, blue sky and other governmental filings and/or registrations,
indemnities to Seller, due diligence rights (for Seller or any designated buyer of the Hedge Shares
from Seller), opinions and certificates and such other documentation as is customary for private
placements agreements, all reasonably acceptable to Seller (in which case, the Calculation Agent
shall make any adjustments to the terms of the Transaction that it determines are necessary to
reflect an appropriate discount from the public market price of the Shares due to the lack of
liquidity thereof).

Repurchase Notices:

Counterparty shall, on any day on which Counterparty effects any repurchase of Shares, promptly
give Seller a written notice of such repurchase (a “Repurchase Notice”) on such day if
following such repurchase, the Notice Percentage as determined on such day is (i) greater than 8%
and (ii) greater by 0.5% than the Notice Percentage included in the immediately preceding
Repurchase Notice (or, in the case of the first such Repurchase Notice, greater than the Notice
Percentage as of the date hereof). In the event that Counterparty fails to provide Seller with a
Repurchase Notice on the day and in the manner specified in this section, then Counterparty agrees
to indemnify and hold harmless Seller, its affiliates and their respective directors, officers,
employees, agents and controlling persons (Seller and each such person being an “Indemnified
Party”) from and against any and all losses, claims, damages and liabilities (or actions in
respect thereof), joint or several, to which such Indemnified Party may become subject under
applicable securities laws, including without limitation, Section 16 of the Exchange Act, relating
to or arising out of such failure. If for any reason the foregoing indemnification is unavailable
to any Indemnified Party or insufficient to hold harmless any Indemnified Party, then Counterparty
shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the
Indemnified Party as a result of such loss, claim, damage or liability. In addition, Counterparty
will reimburse any Indemnified Party for all reasonable and documented

9

 

expenses (including
reasonable counsel fees and expenses) as they are incurred (after notice to Counterparty) in
connection with the investigation of, preparation for or defense or settlement of any pending or
threatened claim or any action, suit or proceeding arising therefrom, whether or not such
Indemnified Party is a party thereto and whether or not such claim, action, suit or proceeding is
initiated or brought by or on behalf of Counterparty. This indemnity shall survive the completion
of the Transaction contemplated by this Confirmation and any assignment and delegation of the
Transaction made pursuant to this Confirmation or the Agreement shall inure to the benefit of any
permitted assignee of Seller. Counterparty will not be liable under this Indemnity provision to
the extent that any loss, claim, damage, liability or expense is found in a final judgment by a
court to have resulted from Wachovia’s gross negligence or willful misconduct. The “Notice
Percentage” as of any day is the fraction, expressed as a percentage, (i) the numerator of
which is the product of the number of (a) 60% of the number of outstanding Reference Notes and (b)
the number of Shares per Reference Note equal to the Conversion Rate (as defined in the Note
Indenture) and (ii) the denominator of which is the number of Shares outstanding on such day. The
parties agree that the Confirmation of the OTC Convertible Note Hedge between Counterparty and
Wachovia dated as of November 9, 2006 is hereby amended so that the term “Notice
Percentage” as used therein shall refer to the fraction specified in the definition of
“Notice Percentage” in the preceding sentence.

	 	 	 
	Compliance with Securities Laws:

	 	Each party represents and agrees that, in
connection with this Transaction and all
related or contemporaneous sales and
purchases of Shares by either party,
Buyer, or in the case of Seller, the
person(s) that directly influences the
specific trading decisions of Seller, has
complied and will comply with the
applicable provisions of the Securities
Act of 1933, as amended (the “Securities
Act”), and the Exchange Act, and the
rules and regulations each thereunder,
including, without limitation, Rules
10b-5, 10b-18 and 13e and Regulation M
under the Exchange Act; provided that
each party shall be entitled to rely
conclusively on any information
communicated by the other party
concerning such other party’s market
activities.
	 
	 	 
	 

	 	Each party acknowledges that the offer
and sale of the Transaction to it is
intended to be exempt from registration
under the Securities Act by virtue of
Section 4(2) thereof. Accordingly, Buyer
represents and warrants to Seller that
(i) it has the financial ability to bear
the economic risk of its investment in
the Transaction and is able to bear a
total loss of its investment, (ii) it is
an “accredited investor” as that term is
defined in Regulation D as promulgated
under the Securities Act and (iii) the
disposition of the Transaction is
restricted under this Confirmation, the
Securities Act and state securities laws.
	 
	 	 
	 

	 	Buyer further represents:
	 
	 	 
	 

	 	(a) Buyer is not entering into this
Transaction to create actual or apparent
trading activity in the Shares (or any
security convertible into or exchangeable
for Shares) or to raise or depress or
otherwise manipulate the price of the
Shares (or any security convertible into
or exchangeable for Shares);
	 
	 	 
	 

	 	(b) Buyer acknowledges that as of the
date hereof and without limiting the
generality of Section 13.1 of the Equity
Definitions, Seller is not making any
representations or warranties with
respect to the treatment of the
Transaction under FASB Statements 149 or
150, EITF Issue No. 00-19 (or any
successor issue statements) or under
FASB’s Liabilities & Equity Project.

	 	 	 	 	 
	Details:

	 	Account for payments and
deliveries to Buyer:
	 	

Please forward payment and delivery instructions to
Wachovia in Charlotte, NC. Payments will not be made to Counterparty
without its instructions.

10

 

	 	 	 	 	 
	 

	 	Payments to Wachovia:
	 	WBNA, Charlotte
	 

	 	 	 	ABA: 053-000-219
	 

	 	 	 	A/C: 04659360000127
	 

	 	 	 	Ref: Equity Derivatives

	 	 	 
	Bankruptcy Rights:

	 	In the event of Buyer’s bankruptcy, Seller’s rights in
connection with this Transaction shall not exceed those
rights held by common shareholders. For the avoidance
of doubt, the parties acknowledge and agree that
Seller’s rights with respect to any other claim arising
from this Transaction prior to Buyer’s bankruptcy shall
remain in full force and effect and shall not be
otherwise abridged or modified in connection herewith.
	 
	 	 
	Set-Off:

	 	Each party waives any and all rights it may have to
set-off, whether arising under any agreement,
applicable law or otherwise.
	 
	 	 
	Collateral:

	 	None.
	 
	 	 
	Transfer:

	 	Buyer shall have the right to assign its rights and
delegate its obligations hereunder with respect to any
portion of this Transaction, subject to Seller’s
consent, such consent not to be unreasonably withheld;
provided that such assignment or transfer shall be
subject to receipt by Seller of opinions and documents
reasonably satisfactory to Seller and effected on terms
reasonably satisfactory to the Seller with respect to
any legal and regulatory requirements relevant to the
Seller; provided further that Buyer shall not be
released from its obligation to deliver a Exercise
Notice. If, as determined in Seller’s sole discretion,
(i) its “beneficial ownership” (within the meaning of
Section 13 of the Exchange Act and rules promulgated
thereunder) could be deemed to exceed 8% of
Counterparty’s outstanding Shares or (ii) the quotient
of (x) the product of (a) the Number of Options and (b)
the Option Entitlement divided by (y) the number of
Counterparty’s outstanding Shares (such quotient
expressed as a percentage, the “Option Equity
Percentage”) exceeds 9%, Seller may, without
Counterparty’s consent, transfer or assign all or any
part of its rights or obligations under this
Transaction to reduce such “beneficial ownership” to
7.5% or such Option Equity Percentage to 8.5% to any
third party with a rating for its (or, if applicable,
its Credit Support Provider’s) long term, unsecured and
unsubordinated indebtedness of A- or better by Standard
& Poor’s Ratings Service or its successor (“S&P”), or
A3 or better by Moody’s Investors Service (“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 Company and Seller. If
after Seller’s commercially reasonable efforts, Seller
is unable to effect such a transfer or assignment on
pricing terms reasonably acceptable to Seller and
within a time period reasonably acceptable to Seller of
a sufficient number of Options to reduce (i) Seller’s
“beneficial ownership” (within the meaning of Section
13 of the Exchange Act and rules promulgated
thereunder) to 7.5% of Counterparty’s outstanding
Shares or less or (ii) the Option Equity Percentage to
8.5% or less, Seller 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) its “beneficial ownership”
following such partial termination will be equal to or
less than 7.5% or (ii) the Option Equity Percentage
following such partial termination will be equal to or
less than 8.5%. In the event that Seller so designates
an Early Termination Date with respect to a portion of
this Transaction, the provisions set forth above under
paragraph 4 of “Additional Agreements, Representations
and Covenants of Buyer, Etc.” shall apply in lieu of
Section 6(d)(ii) and 6(e) 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 Options equal to the
Terminated Portion and (ii) such Transaction were the
only Terminated Transaction. In circumstances in which
the foregoing provisions relating to Seller’s right to
transfer or

11

 

	 	 	 
	 

	 	assign its rights or obligations under the
Transaction are not applicable, Seller may transfer any
of its rights or delegate its obligations under this
Transaction with the prior written consent of Buyer,
which consent shall not be unreasonably withheld.

Terms relating to the Agent:

	(a)	 	The Agent is registered as a broker-dealer with the U.S. Securities and Exchange Commission
and the National Association of Securities Dealers, is acting hereunder for and on behalf of
Wachovia solely in its capacity as agent for Wachovia pursuant to instructions from Wachovia,
and is not and will not be acting as the Counterparty’s agent, broker, advisor or fiduciary in
any respect under or in connection with this Transaction.

	(b)	 	In addition to acting as Wachovia’s agent in executing this Transaction, the Agent is
authorized from time to time to give written payment and/or delivery instructions to the
Counterparty directing it to make its payments and/or deliveries under this Transaction to an
account of the Agent for remittance to Wachovia (or its designee), and for that purpose any
such payment or delivery by the Counterparty to the Agent shall be treated as a payment or
delivery to Wachovia.

	(c)	 	Except as otherwise provided herein, any and all notices, demands, or communications of any
kind transmitted in writing by either Wachovia or the Counterparty under or in connection with
this Transaction will be transmitted exclusively by such party to the other party through the
Agent at the following address:

Wachovia Capital Markets, LLC

201 South College Street, 23rd Floor

Charlotte, NC 28288-0601

Facsimile No.: (704) 383-8425

Telephone No.: (704) 715-8086

Attention: Equity Derivatives

	(d)	 	The Agent shall have no responsibility or liability to Wachovia or the Counterparty for or
arising from (i) any failure by either Wachovia or the Counterparty to perform any of their
respective obligations under or in connection with this Transaction, (ii) the collection or
enforcement of any such obligations, or (iii) the exercise of any of the rights and remedies
of either Wachovia or the Counterparty under or in connection with this Transaction. Each of
Wachovia and the Counterparty agrees to proceed solely against the other to collect or enforce
any such obligations, and the Agent shall have no liability in respect of this Transaction
except for its gross negligence or willful misconduct in performing its duties as the agent of
Wachovia.

	(e)	 	Upon written request, the Agent will furnish to Wachovia and the Counterparty the date and
time of the execution of this Transaction and a statement as to the source and amount of any
remuneration received or to be received by the Agent in connection with this Transaction.

12

 

ISDA Master Agreement:

With respect to the Agreement, Seller and Counterparty each agree as follows:

“Specified Entity” means in relation to Seller and in relation to Counterparty for purposes of this
Transaction: Not applicable.

Notwithstanding the definition in Section 14 of the Agreement, “Specified Transaction” shall mean
only the OTC Convertible Note Hedge pursuant to the Confirmation between Counterparty and Wachovia
dated as of November 9, 2006.

The “Cross Default” provisions of Section 5(a)(vi) of the Agreement will not apply to
Seller and will not apply to Counterparty.

The “Credit Event Upon Merger” provisions of Section 5(b)(iv) of the Agreement will not
apply to Seller and Counterparty.

The “Automatic Early Termination” provision of Section 6(a) of the Agreement will not apply
to Seller or to Counterparty.

Payments on Early Termination. For the purpose of Section 6(e) of the Agreement: (i) Loss
shall apply; and (ii) the Second Method shall apply.

“Termination Currency” means USD.

Tax Representations.

	(a)	 	Payer Representations. For the purpose of Section 3(e) of the Agreement, each party
represents to the other party that it is not required by any applicable law, as modified by
the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to
make any deduction or withholding for or on account of any Tax from any payment (other than
interest under Section 2(e), 6(d)(ii), or 6(e) of the Agreement) to be made by it to the other
party under the Agreement. In making this representation, each party may rely on (i) the
accuracy of any representations made by the other party pursuant to Section 3(f) of the
Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of
the Agreement, and the accuracy and effectiveness of any document provided by the other party
pursuant to Section 4(a)(i) or 4(a)(iii) of the Agreement, and (iii) the satisfaction of the
agreement of the other party contained in Section 4(d) of the Agreement; provided that it will
not be a breach of this representation where reliance is placed on clause (ii) above and the
other party does not deliver a form or document under Section 4(a)(iii) of the Agreement by
reason of material prejudice to its legal or commercial position.

	(b)	 	Payee Representations. It is a national banking association organized or formed under the
laws of the United States and is a United States resident for United States federal income tax
purposes.

Delivery Requirements. For the purpose of Sections 4(a)(i) and (ii) of the
Agreement, each party agrees to deliver the following documents:

	(a)	 	Tax forms, documents or certificates to be delivered are:
	 
	 	 	Each party agrees to complete (accurately and in a manner reasonably satisfactory to the
other party), execute, and deliver to the other party, United States Internal Revenue
Service Form W-9 or W-8 BEN, or any successor of such form(s): (i) before the first payment
date under this agreement; (ii) promptly upon reasonable demand by the other party; and
(iii) promptly upon learning that any such form(s) previously provided by the other party
has become obsolete or incorrect.

13

 

	(b)	 	Other documents to be delivered:

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Covered by
	Party Required to	 	 	 	 	 	Section 3(d)
	Deliver Document	 	Document Required to be Delivered	 	When Required	 	Representation
	Counterparty and Seller

	 	Evidence of the authority and
true signatures of each official
or representative signing this
Confirmation
	 	Upon or before the
closing of the
Purchase Agreement
	 	Yes
	 
	 	 	 	 	 	 
	Counterparty

	 	Certified copy of the resolution
of the Board of Directors or
equivalent document authorizing
the execution and delivery of
this Confirmation and such other
certificates as Seller shall
reasonably request
	 	Upon or before
closing of the
Purchase Agreement
	 	Yes

Additional Notice Requirements. Counterparty hereby agrees to promptly deliver to Seller a
copy of all notices and other communications required or permitted to be given to the holders of
any Reference Notes pursuant to the terms of the Note Indenture on the dates so required or
permitted in the Note Indenture and all other notices given and other communications made by
Counterparty in respect of the Reference Notes to holders of any Reference Notes. Counterparty
further covenants to Seller that it shall promptly notify Seller of each Conversion Date, Amendment
Event (including in such notice a detailed description of any such amendment) and Repayment Event
(identifying in such notice the nature of such Repayment Event and the principal amount at maturity
of Reference Notes being paid).

Addresses for Notices. For the purpose of Section 12(a) of the Agreement:

Address for notices or communications to Seller for all purposes:

	 	 	 
	Address:

	 	WACHOVIA BANK, NATIONAL ASSOCIATION
	 

	 	c/o Wachovia Capital Markets, LLC
	 

	 	375 Park Avenue
	 

	 	Mailcode: NY4073
	 

	 	New York, NY 10152
	Attention:

	 	Equity Documentation Unit
	Telephone No.:

	 	(212) 214 6100
	Facsimile No.:

	 	(212) 214 5913

Additionally, a copy of all notices pursuant to Sections 5, 6, and 7 as
well as any changes to Counterparty’s address, telephone number or facsimile number should be sent
to:

	 	 	 
	Address:

	 	GMI Counsel
	 

	 	Merrill Lynch World Headquarters
	 

	 	4 World Financial Center
	 

	 	New York, New York 10080
	Attention:

	 	Global Equity Derivatives
	Facsimile No.:

	 	(212) 449-6576
	Telephone No.:

	 	(212) 449-6309

14

 

Address for notices or communications to Counterparty for all purposes:

	 	 	 
	Address:

	 	General Cable Corporation
	 

	 	4 Tesseneer Drive
	 

	 	Highland Heights, KY 41076-9753
	Attention:

	 	Brian J. Robinson
	 

	 	Senior Vice President, Controller and Treasurer
	Telephone No.:

	 	(859) 572-8483
	Facsimile No.:

	 	(859) 572-8441
	 
	 	 
	Address:

	 	General Cable Corporation
	 

	 	4 Tesseneer Drive
	 

	 	Highland Heights, KY 41076-9753
	Attention:

	 	Robert J. Siverd
	 

	 	Executive Vice President,
	 

	 	General Counsel and Secretary
	Telephone No.:

	 	(859) 572-8890
	Facsimile No.:

	 	(859) 572-8444

Process Agent. Seller does not appoint a Process Agent.

Counterparty does not appoint a Process Agent.

Multibranch Party. Wachovia is a Multibranch Party and may act through the following Offices: its
Charlotte Head Office and its London Branch. Section 10 (a) of the Agreement shall be applicable.

Calculation Agent. The Calculation Agent is Seller. Upon the request of either party, the
Calculation Agent (or, in the case of a determination made by a party (including a party acting as
Hedging Party or Determining Party), such party) shall, no later than the 5th Business
Day following such request, provide the parties with a statement showing, in reasonable detail, the
computations (including any relevant quotations) by which it has determined any amount payable or
deliverable under, or any adjustment to the terms of, this Transaction. All judgments,
determinations and calculations hereunder by the Calculation Agent or by a party hereto shall be
performed in good faith and in a commercially reasonable manner.

Credit Support Document.

Seller : Not Applicable.

Counterparty: Not Applicable.

Credit Support Provider.

With respect to Seller: Not Applicable.

With respect to Counterparty: Not Applicable.

Governing Law. This Confirmation will be governed by, and construed in accordance with, the laws
of the State of New York.

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

15

 

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.

Netting of Payments. The provisions of Section 2(c) of the Agreement shall not be
applicable to this Transaction.

Basic Representations. Section 3(a) of the Agreement is hereby amended by the deletion of
“and” at the end of Section 3(a)(iv); the substitution of a semicolon for the period at the
end of Section 3(a)(v) and the addition of Sections 3(a)(vi), as follows:

Eligible Contract Participant; Line of Business. Each party agrees and represents
that it is an “eligible contract participant” as defined in Section 1a(12) of the
U.S. Commodity Exchange Act, as amended (“CEA”), this Agreement and the
Transaction thereunder are subject to individual negotiation by the parties and have
not been executed or traded on a “trading facility” as defined in Section 1a(33) of
the CEA, and it has entered into this Confirmation and this Transaction in
connection with its business or a line of business (including financial
intermediation), or the financing of its business.

Acknowledgements:

	(a)	 	The parties acknowledge and agree that there are no other representations, agreements or
other undertakings of the parties in relation to this Transaction, except as set forth in this
Confirmation.
	 
	(b)	 	The parties hereto intend for:

	 	(i)	 	this Transaction to be a “securities contract” as defined in Section 741(7) of
Title 11 of the United States Code (the “Bankruptcy Code”), qualifying for the
protections under Section 555 of the Bankruptcy Code;
	 
	 	(ii)	 	a party’s right to liquidate this 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 defined in the Bankruptcy
Code;
	 
	 	(iii)	 	all payments for, under or in connection with this Transaction, all payments
for the Shares and the transfer of such Shares to constitute “settlement payments” as
defined in the Bankruptcy Code.

Amendment of Definition of Reference Market-Makers. The definition of “Reference Market-Makers” in
Section 14 is hereby amended by adding in clause (a) after the word “credit” and before the
word “and” the words “or to enter into transactions similar in nature to the Transaction.”

Recording of Conversations. Each party (i) consents to the recording of telephone conversations
between the trading, marketing and other relevant personnel of the parties or any of their
Affiliates in connection with this Agreement or any Transaction or potential Transaction, (ii)
agrees to obtain any necessary consent of, and give any necessary notice of such recording to, its
relevant personnel and those of its Affiliates and (iii) agrees, to the extent permitted by
applicable law, that such recordings may be submitted in evidence in any Proceedings.

Disclosure. Each party hereby acknowledges and agrees that Seller has authorized Counterparty to
disclose this Transaction and any related hedging transaction between the parties if and to the
extent that Counterparty reasonably determines (after consultation with Seller) that such
disclosure is required by law or by the rules of the New York Stock Exchange or any securities
exchange.

Severability. If any term, provision, covenant or condition of this Confirmation, or the
application thereof to any party or circumstance, shall be held to be invalid or unenforceable in
whole or in part for any reason, the remaining terms, provisions, covenants, and conditions hereof
shall continue in full force and effect as if this Confirmation had

16

 

been executed with the invalid
or unenforceable provision eliminated, so long as this Confirmation as so modified continues to
express, without material change, the original intentions of the parties as to the subject matter
of this Confirmation and the deletion of such portion of this Confirmation will not substantially
impair the respective benefits or expectations of parties to this Agreement; provided,
however, that this severability provision shall not be applicable if any provision of
Section 2, 5, 6 or 13 of the Agreement (or any definition or
provision in Section 14 to the extent that it relates to, or is used in or in connection
with any such Section) shall be so held to be invalid or unenforceable.

Affected Parties. For purposes of Section 6(e) of the Agreement, each party shall be
deemed to be an Affected Party in connection with Illegality and any Tax Event.

[Signatures follow on separate page]

17

 

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a
copy of this Confirmation and returning it to us by facsimile at 212-214-5913 (Attention: Equity
Division Documentation Unit, by telephone contact 212-214-6100).

	 	 	 	 	 	 	 	 	 	 	 
	Very truly yours,	 	 	 	 	 	 	 	 
	WACHOVIA CAPITAL MARKETS, LLC,

acting solely in its capacity as Agent
of Wachovia Bank, National Association	 	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION

By: Wachovia Capital Markets, LLC, acting solely in its capacity as its Agent	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Cathleen Burke
 

	 	 
	 	By:
	 	/s/ Cathleen Burke
 

	 	 
	Name:

	 	Cathleen Burke
	 	 	 	Name:
	 	Cathleen Burke	 	 
	Title:

	 	Managing Director
	 	 	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Accepted and confirmed as 

of the date first above written:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	GENERAL CABLE CORPORATION	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Robert J. Siverd
 

	 	 
	 	 	 	 
	 	 
	Name:

	 	Robert J. Siverd	 	 	 	 	 	 	 	 
	Title:

	 	Executive Vice President, General Counsel
and Secretary	 	 	 	 	 	 	 	 

Additional OTC Convertible Note HedgeEX-10.10

 

Exhibit 10.10

Execution Copy

Confirmation of Additional OTC Warrant Transaction

	 	 	 
	Date:

	 	November 15, 2006
	 
	 	 
	To:

	 	General Cable Corporation (“Counterparty”)
	 
	 	 
	From:

	 	Merrill Lynch International (“MLI”)

MLI Reference: 06821088

Dear Sir / Madam:

     The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and
conditions of the above-referenced transaction entered into among Counterparty, MLI and Merrill
Lynch, Pierce, Fenner & Smith Incorporated (the “Agent” or “MLPFS”) on the Trade
Date specified below (the “Transaction”). This Confirmation constitutes a “Confirmation”
as referred to in the Agreement specified below.

     The definitions and provisions contained in the 2000 ISDA Definitions (the “Swap
Definitions”) and the 2002 ISDA Equity Derivatives Definitions (the “Equity
Definitions” and, together with the Swap Definitions, the “Definitions”), in each case
as published by the International Swaps and Derivatives Association, Inc., are incorporated into
this Confirmation. In the event of any inconsistency between the Swap Definitions and the Equity
Definitions, the Equity Definitions will govern, and in the event of any inconsistency between the
Definitions and this Confirmation, this Confirmation will govern. References herein to a
“Transaction” shall be deemed to be references to a “Share Option Transaction” for the purposes of
the Equity Definitions and to a “Swap Transaction” for the purposes of the Swap Definitions. For
purposes of this Transaction, “Warrant Style”, “Warrant Type”, “Number of Warrants” and “Warrant
Entitlement” (each as defined below) shall be used herein as if such terms were referred to as
“Option Style”, “Option Type”, “Number of Options” and “Option Entitlement”, respectively, in the
Definitions.

     This Confirmation evidences a complete binding agreement between you and us as to the terms of
the Transaction to which this Confirmation relates. This Confirmation (notwithstanding anything to
the contrary herein), shall be subject to, and form part of, an agreement in the 1992 form of the
ISDA Master Agreement (Multicurrency Cross Border) (the “Master Agreement” or
“Agreement”) as if we had executed an agreement in such form (but without any Schedule and
with elections specified in the “ISDA Master Agreement” Section of this Confirmation) on the Trade
Date. In the event of any inconsistency between the provisions of that Agreement and this
Confirmation, this Confirmation will prevail for the purpose of this Transaction. The parties
hereby agree that the Transaction evidenced by this Confirmation shall be the only Transaction
subject to and governed by the Agreement.

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

General Terms:

	 	 	 
	Trade Date:

	 	November 15, 2006
	 
	 	 
	Effective Date:

	 	November 15, 2006 (the “scheduled Effective
Date”) subject to cancellation of the OTC
Warrant Transaction prior to 5:00 p.m. (New
York City time) on such date by the
Counterparty or MLI. In the event of such
cancellation, all payments, if any,
previously made hereunder shall be returned
to the person making such payment,
including the Premium, and, in the event of
a

1

 

Execution Copy

	 	 	 
	 	 	cancellation by Counterparty or a
cancellation by MLI for the reason that,
due to events occurring after the time of
execution of this Confirmation, it has
become commercially impracticable for MLI
to perform its obligations under the
Transaction, Counterparty shall pay MLI an
amount equal to the product of (a) the
Number of Warrants and (b) 0.30 multiplied
by an amount equal to the excess, if any,
of the closing price of the Shares on the
Effective Date over the closing price of
the Shares on the Trade Date (the “Break
Expense”); provided that in no event shall
the Break Expense exceed the product of 25%
times U.S.$7,000,000. MLI and Counterparty
agree that actual damages would be
difficult to ascertain under these
circumstances and that the amount of
liquidated damages resulting from the
determination in the preceding sentence is
a good faith estimate of such damages and
not a penalty. Failure by a party to
deliver the documents specified in
paragraph (b) under “Delivery Requirements”
below at or prior to 5:00 p.m. (New York
City time) on the scheduled Effective Date
shall (unless waived by the other party) be
deemed to be a cancellation by the party
failing to deliver.

	 	 	 

	Warrant Style:	 	European

	 	 	 

	Warrant Type:	 	Call

	 	 	 

	Seller:	 	Counterparty

	 	 	 

	Buyer:	 	MLI

	 	 	 

	Shares:	 	Shares of common stock, $0.01 par value, of
Counterparty (Security Symbol: “BGC”).

	 	 	 

	Number of Warrants:	 	198,560

	 	 	 

	Daily Number of Warrants:	 	For any day, the unexercised Number of
Warrants on such day divided by the
remaining number of Expiration Dates
(including such day) and rounded down to
the nearest whole number, with the balance
of the Number of Warrants exercised on the
final Expiration Date.

	 	 	 

	Warrant Entitlement:	 	One (1) Share per Warrant

	 	 	 

	Strike Price:	 	$76.00

	 	 	 

	Premium:	 	$2,264,000

	 	 	 

	Premium Payment Date:	 	The Effective Date; provided no
cancellation of the OTC Warrant Transaction
has occurred prior to 5:00 p.m. (New York
City time) on such date.

	 	 	 

	Exchange:	 	New York Stock Exchange

	 	 	 

	Related Exchange(s):	 	All Exchanges

	 	 	 

	Full Exchange Business Day:	 	A Scheduled Trading Day that has a
scheduled closing time for its regular
trading session at 4:00 p.m. (New York City
time) or the then standard closing time for
regular trading on the Exchange and is not
a Disrupted Day.

	 	 	 

	Procedures for Exercise:	 	 

	 	 	 

	Expiration Time:	 	11:59 p.m. (New York City time).

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	Expiration Dates:

	 	The fifteen (15) consecutive Full Exchange
Business Days beginning on and including
February 13, 2014 each shall be an
Expiration Date for a number of Warrants
equal to the Daily Number of Warrants on
such date.
	 
	 	 
	Exercise Dates:

	 	Each Expiration Date
	 
	 	 
	Automatic Exercise:

	 	Applicable; provided that Section 3.4(a) of
the Equity Definitions shall apply to Net
Physical Settlement; and provided further
that, unless all Warrants have been
previously exercised hereunder, a number of
Warrants for each Expiration Date equal to
the Daily Number of Warrants for such
Expiration Date shall be deemed to be
automatically exercised.
	 
	 	 
	Counterparty’s Telephone
Number and Telex and/or
Facsimile Number and
Contact Details for purpose
of Giving Notice:

	 	

General Cable Corporation

4 Tesseneer Drive

Highland Heights, KY 41076-9753

Attention: Brian J. Robinson 

Senior Vice President, Controller and Treasurer 

Facsimile No.: (859) 572-8441

Telephone No.: (859) 572-8483

	 
	 	 
	 

	 	Attention: Robert J. Siverd

Executive Vice President, General Counsel and Secretary

Telephone No.: (859) 572-8890

Facsimile No.: (859) 572-8444
	 
	 	 
	Merrill Lynch Financial Centre

	 	2 King Edward Street

	 

	 	London EC1A 1HQ

Attention: Manager, Fixed Income Settlements

Facsimile No.: +44 207 995 2004

Telephone No.: +44 207 995 3769
	 
	 	 
	Valuation:
	 	 
	 
	 	 
	Valuation Dates:

	 	Each Exercise Date
	 
	 	 
	Settlement Terms:
	 	 
	 
	 	 
	Settlement Price:

	 	For each Valuation Date, the Volume
Weighted Average Price of the Shares
(“VWAP”) calculated from 9:45 a.m. to 3:45
p.m., as observed on the Bloomberg “VAP”
Page. Section 6.3(a) of the Equity
Definitions is hereby amended by replacing
the words “during the one hour period that
ends at the relevant Valuation Time, Latest
Exercise Time, Knock-in Valuation Time or
Knock-out Valuation Time, as the case may
be” with the following words: “prior to
3:45 p.m. on the relevant Valuation Date”.
	 
	 	 
	Settlement Method:

	 	Net Physical Settlement only.
	 
	 	 
	Net Physical Settlement:

	 	Subject to “Covenants relating to Net
Physical Settlement” below, Counterparty
shall deliver to MLI on the Settlement Date
a number of Shares (the “Delivered

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	 	Shares”)
equal to the Share Delivery Quantity,
provided that in the event that the number
of Shares calculated comprises any
fractional Share, the Share Delivery
Quantity shall be rounded up or down to the
nearest integral number of Shares.
	 
	 	 
	 
	 	 
	Share Delivery Quantity:

	 	For each Exercise Date, a number of Shares,
as calculated by the Calculation Agent,
equal to the Net Physical Settlement Amount
for such Exercise Date divided by the
Settlement Price on the Valuation Date in
respect of such Settlement Date.
	 
	 	 
	Net Physical Settlement Amount:

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

	 	For any Valuation Date, (i) if the
Settlement Price is greater than the Strike
Price, an amount equal to the excess of
such Settlement Price over the Strike Price
for such Valuation Date or (ii) if such
Settlement Price is less than or equal to
the Strike Price, zero.
	 
	 	 
	Settlement Date:

	 	Settlement with respect to each Exercise
Date shall occur on the third
(3rd) Full Exchange Business Day
following the final Valuation Date,
provided that MLI shall have the right to
request by prior written notice to
Counterparty a Settlement Date with respect
to any Exercise Date and the related Share
Delivery Quantity that is three (3) Full
Exchange Business Days following such
Exercise Date. Such request shall not
unreasonably be denied.
	 
	 	 
	Covenants relating to Net
Physical Settlement:

	 	

If, on or before the 30th
Business Day following delivery of Shares
hereunder, MLI notifies the Counterparty
that MLI has reasonably determined after
advice from counsel that there is a
considered risk that such Shares are
subject to restrictions on transfer in the
hands of MLI pursuant to the rules and
regulations promulgated under the
Securities Act of 1933, as amended
(“Securities Act”), then Counterparty shall
either (i) deliver Shares that are covered
by an effective registration statement of
Counterparty for immediate resale by MLI or
(ii) agree to deliver additional Shares in
the amount and manner specified in
sub-paragraph (B) or (C), as applicable,
hereto.

	 
	 	 
	 

	 	(A) If Counterparty elects to deliver
Shares as described in above clause (i),
then Counterparty shall
	 
	 	 
	 

	 	(a) afford MLI a reasonable opportunity to
conduct a due diligence investigation with
respect to Counterparty that is customary
in scope for underwritten offerings of
equity securities registered for resale;
	 
	 	 
	 

	 	(b) promptly file and use commercially
reasonable efforts to obtain the
effectiveness of a registration statement
for immediate resale (the “Registration
Statement”) in form and content reasonably
satisfactory to MLI and filed pursuant to
Rule 415 under the Securities Act, and such
prospectuses as MLI may reasonably request
to comply with the applicable prospectus
delivery requirements (the “Prospectus”)
for the resale by MLI of such number of
Shares as MLI shall reasonably specify in
accordance with this paragraph, such
Registration Statement to be effective and
Prospectus to be current until the earliest
of the date on which (1) all Delivered
Shares have been sold by MLI, (2) MLI has
advised Counterparty that it no longer
requires that such Registration Statement
be effective, (3) all remaining Delivered
Shares could be sold by MLI without
registration pursuant to Rule 144
promulgated under the Securities Act

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	 	(the
“Registration Period”) or (4) Counterparty
has provided a legal opinion of nationally
recognized counsel in form and substance
satisfactory to MLI (with customary
assumptions and exceptions) that the Shares
issuable upon exercise of these Warrants
will be freely tradable under the
Securities Act upon delivery to MLI and not
subject to any legend restricting
transferability. It is understood that the
Registration Statement and Prospectus may
cover a number of Shares equal to the
aggregate number of Shares (if any)
reasonably estimated by MLI to be
potentially deliverable by Counterparty in
connection with Net Physical Settlement
hereunder (not to exceed the Maximum
Deliverable Share Amount) and shall be
subject to the same suspension of sales
during “blackout dates” as provided in the
following paragraph; and
	 
	 	 
	 

	 	(c) Counterparty will enter into a
registration rights agreement with MLI in
form and substance reasonably acceptable to
MLI and Counterparty (“Registration Rights
Agreement”), which agreement will contain
among other things, customary
representations and warranties and
indemnification, restrictions on sales
during “blackout dates”, provide for
delivery of comfort letters, opinions of
counsel, due diligence rights and other
rights relating to the registration of a
number of Shares equal to the number of
Delivered Shares and other Shares
deliverable hereunder up to the Maximum
Deliverable Share Amount.
	 
	 	 
	 

	 	(d) Counterparty shall promptly pay to MLI
a $0.04 per Share fee with all Shares
delivered in connection with Net Physical
Settlement pursuant to a Registration
Statement.
	 
	 	 
	 

	 	(B) If Counterparty elects to deliver
Shares as described in above clause (ii),
then
	 
	 	 
	 

	 	(a) Counterparty shall afford MLI and any
potential institutional purchaser of any
Shares identified by MLI a reasonable
opportunity to conduct a due diligence
investigation with respect to Counterparty
that is customary in scope for private
placements of equity securities by a
publicly reporting company (if Counterparty
is a publicly reporting company at such
time) to institutional purchasers subject
to execution of any customary
confidentiality agreements;
	 
	 	 
	 

	 	(b) Counterparty shall enter into an
agreement (a “Private Placement Agreement”)
with MLI on commercially reasonable terms
in connection with the private placement of
such Shares by Counterparty to MLI or an
affiliate and the private resale of such
shares by MLI or such affiliate,
substantially similar to private placement
purchase agreements customary for private
placements of equity securities by a
publicly reporting company (if Counterparty
is a publicly reporting company at such
time) to institutional purchasers, in form
and substance commercially reasonably
satisfactory to MLI and Counterparty, which
Private Placement Agreement shall include
reasonable and customary provisions
relating to the indemnification of, and
contribution in connection with the
liability of, MLI and its affiliates, shall
provide for the payment by Counterparty of
all reasonable expenses in connection with
such resale, including all reasonable and
documented fees and expenses of counsel for
MLI, shall contain representations,
warranties and agreements of Counterparty
reasonably necessary or advisable to
establish and maintain the availability of
an exemption from the registration
requirements of the Securities Act for such
resales, and shall use reasonable best
efforts to provide for the delivery of
accountants’ “comfort letters” to MLI or
such affiliate with respect to the
financial statements and certain financial
information contained in or incorporated by
reference into any offering memorandum
prepared for the resale of such Shares;

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	 	(c) MLI shall sell the Delivered Shares in
a commercially reasonable manner, in good
faith and in accordance with the terms and
limitations set forth in the Private
Placement Agreement until the amount
received by MLI for the sale of the Shares
(the “Proceeds Amount”) is equal to the Net
Physical Settlement Amount. Any remaining
Delivered Shares shall be returned to
Counterparty. If the Proceeds Amount is
less than the Net Physical Settlement
Amount, Counterparty shall promptly deliver
upon notice from MLI additional Shares to
MLI until the dollar amount from the sale
of such Shares by MLI equals the difference
between the Net Physical Settlement Amount
and the Proceeds Amount. In no event shall
Counterparty be required to deliver to MLI
a number of Shares greater than the Maximum
Deliverable Share Amount.
	 
	 	 
	 

	 	(C) Notwithstanding the foregoing: (I) if
Counterparty has elected to deliver Shares as
described in clause (i) above and either (a)
Counterparty does not provide for the sale of the
Shares under the Registration Statement as
provided in the Registration Rights Agreement or
(b) some Shares cannot be registered under the
Registration Statement due to Rule 415(a)(4)
under the Securities Act, then the provisions of
sub-paragraph (B) shall apply to the extent
Counterparty has not satisfied its obligations
hereunder by the delivery of Shares pursuant to
sub-paragraph (A). (II) If sub-paragraph (B) is
applicable and Counterparty fails to satisfy its
obligations under such sub-paragraph (B), then
Counterparty may deliver unregistered Shares of
equivalent value to the Net Physical Settlement
Amount (or, if applicable, the unsatisfied
portion thereof). The value of any unregistered
Shares so delivered shall be discounted to
reflect an appropriate liquidity discount
(determined by MLI in good faith and in a
commercially reasonable manner). (III) If some
or all of the Delivered Shares cannot be used to
close out stock loans in the shares of
Counterparty entered into to establish or
maintain short positions by MLI in connection
with this Transaction without a prospectus being
required by applicable law to be delivered to
such lender, then the value of any such Delivered
Shares shall reflect an additional discount of
0.15% below the value otherwise determined under
this heading “Covenants relating to Net Physical
Settlement” and the number of Shares deliverable
shall be correspondingly increased. MLI and
Counterparty agree that actual damages would be
difficult to ascertain under these circumstances
and that the amount of liquidated damages
resulting from the determination in the preceding
sentence is a good faith estimate of such damages
and not a penalty. In no event shall
Counterparty be required to top-up any delivery
in cash or deliver to MLI a number of Shares
greater than the Maximum Deliverable Share
Amount.
	 
	 	 
	Limitations on Net Physical 

Settlement by Counterparty:

	 	

Notwithstanding anything herein or in the
Agreement to the contrary, the number of Shares
that may be delivered at settlement by
Counterparty shall not exceed the product of 1.20
times the initial Number of Warrants at any time
(“Maximum Deliverable Share Amount”), as adjusted
by the Calculation Agent to account for any
subdivision, stock-split, reclassification or
similar dilutive event with respect to the
Shares.
	 
	 	 
	 

	 	Counterparty represents and warrants that the
number of Available Shares as of the Trade Date
is greater than the Maximum Deliverable Share
Amount. Counterparty covenants and agrees that
Counterparty shall not take any action of
corporate governance or otherwise to reduce the
number of Available Shares below the Maximum
Deliverable Share Amount.
	 
	 	 
	 

	 	For this purpose, “Available Shares” means the
number of Shares Counterparty currently has
authorized (but not issued and outstanding) less
the maximum number of Shares that may be required
to be issued by Counterparty in

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	 	connection with
stock options, convertibles, and other
commitments of Counterparty that may require the
issuance or delivery of Shares in connection
therewith.
	 
	 	 
	Dividends:
	 	 
	 
	 	 
	Extraordinary Dividends:

	 	Any and all dividends declared by the Issuer for
which the ex-dividend date occurs during the
period from, and including, the Trade Date to,
and including, the date on which Counterparty has
fully performed its obligations to deliver Shares
hereunder.
	 
	 	 
	Adjustments:
	 	 
	 
	 	 
	Method of Adjustment:

	 	Calculation Agent Adjustment
	 
	 	 
	Extraordinary Events:
	 	 
	 
	 	 
	Consequences of Merger Events:

	 	(a) Share-for-Share: Calculation Agent Adjustment
	 
	 	 
	 

	 	(b) Share-for-Other: Calculation Agent Adjustment
	 
	 	 
	 

	 	(c) Share-for-Combined: Calculation Agent
Adjustment
	 
	 	 
	Tender Offer:

	 	Applicable
	 
	 	 
	Consequences of Tender Offers:

	 	(a) Share-for-Share: Calculation Agent Adjustment
	 
	 	 
	 

	 	(b) Share-for-Other: Calculation Agent Adjustment
	 
	 	 
	 

	 	(c) Share-for-Combined: Calculation
Agent
Adjustment
	 
	 	 
	Nationalization, Insolvency 

or Delisting:

	 	 

Cancellation and Payment (subject to satisfaction
by delivery of Shares as set forth in “Early
Termination” below). 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 or
the NASDAQ National Market System (or their
respective successors, including without
limitation the NASDAQ Global Market and NASDAQ
Global Select Market); if the Shares are
immediately re-listed, re-traded or re-quoted on
any such exchange or quotation system, such
exchange or quotation system shall thereafter be
deemed to be the Exchange.
	 
	 	 
	Determining Party:

	 	As specified under “Early Termination”
	 
	 	 
	 

	 	For the avoidance of doubt, with respect to any
Extraordinary Events hereunder, upon the
occurrence of Cancellation and Payment in whole
or in part, the parties agree that,
notwithstanding anything to the contrary in the
Equity Definitions, the provisions set forth in
the Early Termination section below shall apply.
	 
	 	 
	Additional Disruption Events:
	 	 
	 
	 	 
	Change in Law:

	 	Applicable

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	Failure to Deliver:	 	Not Applicable
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	Insolvency Filing:	 	Applicable
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	Hedging Disruption Event:	 	Applicable
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	Increased Cost of Hedging:	 	Not Applicable
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	Loss of Stock Borrow:	 	Applicable
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	Maximum Stock Loan Rate:	 	0.75%
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	Increased Cost of Stock Borrow:	 	Applicable
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	Initial Stock Loan Rate:	 	0.25%
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	Hedging Party:	 	MLI
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	Determining Party:	 	As specified under “Early Termination”
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	Non-Reliance:	 	Applicable
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	Agreements and Acknowledgments Regarding Hedging Activities:
	 	Applicable	 	

	 	 	 	 	 	 	 	 	 

	Additional Acknowledgments:	 	Applicable
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	Other Provisions:	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	Additional Agreements:	 	If Counterparty would be obligated (but for the
provisions of this paragraph) to pay cash to MLI
pursuant to the terms of this Agreement for any
reason, then such payment obligation shall be
satisfied by the delivery to MLI of a number of
Shares (whether registered or unregistered)
having a cash value equal to the amount of such
payment obligation (such number of Shares to be
delivered to be determined by the Calculation
Agent to determine the number of Shares that
could be sold by MLI over a reasonable period of
time to realize the cash equivalent of such
payment obligation taking into account any
applicable discount (determined by the
Calculation Agent) to reflect any restrictions on
transfer as well as the market value of the
Shares). Settlement relating to any delivery of
Shares pursuant to this paragraph shall occur
within a reasonable period of time. The number
of Shares delivered pursuant to this paragraph
shall not exceed the Maximum Deliverable Share
Amount and shall be subject to the provisions
under “Early Termination” hereof regarding
Proceeds Amount.
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	Early Termination:	 	Notwithstanding Section 6(e) of the Agreement or
Sections 12.7 or 12.8 of the Equity Definitions,
if, with respect to the Transaction contemplated
hereunder, (A) an Early Termination Date with
respect to any Event of Default or any
Termination Event, (B) a Merger Date with respect
to any Merger Event or Tender Offer Date with
respect to a Tender Offer, (C) a Closing Date
with respect to an event described in Section
12.6 of the Equity Definitions, or (D) date as of
which the Transaction is, or is deemed to have
been, terminated or cancelled as a result of an
applicable Additional Disruption Event (any such
date, the “Relevant Date”) shall occur, then in
lieu of calculating any payments hereunder
pursuant to Section 6(e) of the Agreement or
Sections 12.7 or 12.8 of
	 	 	 	 	 	 

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	 	the Equity Definitions,
as applicable, (if a calculation under such
sections would otherwise be required), the
Calculation Agent shall determine the number of
Shares deliverable by Counterparty to MLI on the
following basis:
	 
	 	 
	 

	 	(1) such Relevant Date shall be the sole Exercise
Date hereunder and Automatic Exercise shall be
applicable to the unexercised Number of Warrants
(the “Unexpired Number”);
	 
	 	 
	 

	 	(2) the Settlement Method shall be Net Share
Settlement;
	 
	 	 
	 

	 	(3) Counterparty shall deliver to MLI the Net
Share Settlement Amount on the Settlement Date
with respect to such Relevant Date (“Early
Termination Stock Settlement”); provided that, if
Counterparty is delivering Shares as a result of
a Merger Event, the Settlement Date for such
delivery will be immediately prior to the
effective time of the Merger Event and the Shares
will be deemed delivered at such time such that
MLI will be a holder of the Shares prior to such
effective time;
	 
	 	 
	 

	 	(4) Net Share Settlement Amount shall mean
(subject to the Maximum Deliverable Share Amount)
a number of Shares equal to the sum of (A) the
Share Delivery Quantity (as defined herein) and
(B) the product of (x) the additional Shares per
Warrant (the "Additional Shares”) determined by
reference to the table attached as Annex A hereto
based on the date on which such Relevant Date
occurs and the VWAP Price on such date, (y) the
Unexpired Number, and (z) the Warrant
Entitlement;
	 
	 	 
	 

	 	(5) with respect to the determination of
Additional Shares, if the actual VWAP Price is
between two VWAP Price amounts in the table or
the Relevant Date is between two Relevant Dates
in the table, the Additional Shares shall be
determined by a straight-line interpolation
between the number of Additional Shares set forth
for the next higher and next lower VWAP Price
amounts and the two nearest Relevant Dates, as
applicable, based on a 365-day year; and
	 
	 	 
	 

	 	(6) with respect to any adjustment to the terms
of the Transaction, the Calculation Agent, shall
correspondingly adjust the Additional Shares
and/or the VWAP Prices (each as set forth in the
table in Annex A hereto) as of any date of such
adjustments; provided, for the avoidance of
doubt, that any such adjustments shall be made
consistently with the applicable provisions of
this Confirmation and the Equity Definitions.
For the avoidance of doubt, any calculations made
by the Calculation Agent with respect to this
Transaction pursuant to Section 11.2(c), Section
12.2(d) or Section 12.3(c) of the Equity
Definitions may take into account the Calculation
Agent’s determination of the fair market value of
the Shares under the then prevailing
circumstances.
	 
	 	 
	 

	 	On or prior to the Relevant Date, if so requested
by MLI upon advice of counsel, Counterparty shall
enter into a registration rights agreement with
MLI in form and substance reasonably acceptable
to MLI and Counterparty (which agreement will
contain among other things, reasonable customary
representations and warranties and
indemnification, restrictions on sales during
“blackout dates”, and provide for delivery of
comfort letters, opinions of counsel, due
diligence rights and other customary rights) and
Counterparty shall satisfy the conditions
contained therein and Counterparty shall file and
use its commercially reasonable efforts to obtain
the effectiveness a Registration Statement
pursuant to Rule 415 under the Securities Act.
If and when such Registration Statement shall
have been declared effective by the Securities
and Exchange Commission, Counterparty shall have
made available to MLI such

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	 	Prospectuses as MLI
may reasonably request to comply with the
applicable prospectus delivery requirements for
the resale by MLI of such number of Shares as MLI
shall specify (or, if greater, the number of
Shares that Counterparty shall specify). Such
Registration Statement shall be effective and
Prospectus shall be current until the earliest of
the date on which (i) all Shares delivered by
Counterparty in connection with an Early
Termination Date, (ii) MLI has advised
Counterparty that it no longer requires that such
Registration Statement be effective, (iii) all
remaining Shares could be sold by MLI without
registration pursuant to Rule 144 promulgated
under the Securities Act (the “Termination
Registration Period”) or (iv) Counterparty has
provided a legal opinion of nationally recognized
counsel in form and substance satisfactory to MLI
(with customary assumptions and exceptions) that
the Shares issuable upon exercise of these
Warrants will be freely tradable under the
Securities Act upon delivery to MLI and not
subject to any legend restricting
transferability. It is understood that the
Registration Statement and Prospectus will cover
a number of Shares equal to the number of Shares
plus the aggregate number of Shares (if any)
reasonably estimated by MLI to be potentially
deliverable by Counterparty in connection with
Early Termination Stock Settlement hereunder, but
in no event exceeding the Maximum Deliverable
Share Amount. On each day during the Termination
Registration Period Counterparty shall represent
that each of its filings under the Securities
Act, the Exchange Act or other applicable
securities laws that are required to be filed
have been filed and that, as of the respective
dates thereof and as of the date of this
representation, they do not contain any untrue
statement of a material fact or omission of a
material fact required to be stated therein or
necessary to make the statements made, in the
light of the circumstances under which they were
made, not misleading.
	 
	 	 
	 

	 	If Counterparty does not deliver Shares subject
to an effective Registration Statement as set
forth above (or if some or all of the Shares
delivered cannot be used to close out stock loans
in the shares of Counterparty entered into to
establish or maintain short positions by MLI in
connection with this Transaction without a
prospectus being required by applicable law to be
delivered to such lender), the provisions of
sub-paragraphs (B) and (C) set forth above under
“Covenants Relating to Net Physical Settlement”
shall apply, mutatis mutandis, as if the Net
Physical Settlement Amount were the Transaction
Early Termination Amount. “Transaction Early
Termination Amount” means the Net Share
Settlement Amount multiplied by the Settlement
Price. In no event shall Counterparty be
required to deliver to MLI a number of Shares
greater than the Maximum Deliverable Share
Amount.
	 
	 	 
	Compliance With Securities Laws:

	 	Counterparty represents and agrees that it has
complied, and will comply, in connection with
this Transaction and all related or
contemporaneous sales and purchases of Shares,
with the applicable provisions of the Securities
Act, the Exchange Act and the rules and
regulations promulgated thereunder, including,
without limitation, Rule 10b-5 and 13e and
Regulation M under the Exchange Act.
	 
	 	 
	 

	 	Each party acknowledges that the offer and sale
of the Transaction to it is intended to be exempt
from registration under the Securities Act by
virtue of Section 4(2) thereof. Accordingly,
each party represents and warrants to the other
party that (i) it has the financial ability to
bear the economic risk of entering into the
Transaction and is able to bear a total loss of
its investment, (ii) it is an “accredited
investor” as that term is defined in Regulation D
as promulgated under the Securities Act and (iii)
the disposition of this Transaction and the
Shares is restricted under this Confirmation, the
Securities Act and state securities laws.

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	 	Counterparty further represents and warrants that:
	 
	 	 
	 

	 	(a) 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 Shares) or
to raise or depress or otherwise manipulate the
price of the Shares (or any security convertible
into or exchangeable for Shares);
	 
	 	 
	 

	 	(b) Counterparty represents and acknowledges that
as of the date hereof and without limiting the
generality of Section 13.1 of the Equity
Definitions, MLI is not making any
representations or warranties with respect to the
treatment of the Transaction under FASB
Statements 149 or 150, EITF Issue No. 00-19 (or
any successor issue statements) or under FASB’s
Liabilities & Equity Project;
	 
	 	 
	 

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

	 	(d) As of the Trade Date and each date on which a
payment or delivery is made by Counterparty
hereunder, (i) the assets of Counterparty at
their fair valuation exceed the liabilities of
Counterparty, including contingent liabilities;
(ii) the capital of Counterparty is adequate to
conduct its business; and (iii) Counterparty has
the ability to pay its debts and other
obligations as such obligations mature and does
not intend to, or believe that it will, incur
debt or other obligations beyond its ability to
pay as such obligations mature.
	 
	 	 
	Account Details:

	 	Account for payments to Counterparty:
	 

	 	
PNC Bank, Ohio, N.A.

201 East Fifth Street

Cincinnati, Ohio 45201

ABA Number: 042000398

Account Name: General Cable Corporation

Account Number: 4074093412

SWIFT: PNCCUS33

	 
	 	 
	 

	 	Account for payments to MLI:
	 
	 	 
	 

	 	Chase Manhattan Bank, New York

ABA#: 021-000-021

FAO: ML Equity Derivatives

A/C: 066213118

	 
	 	 
	

	 	Account for delivery of Shares to
MLI: [To be advised]
	 
	 	 
	Agreement Regarding Shares:

	 	Counterparty agrees that, in respect of any
Shares delivered to MLI, such Shares shall be,
upon such delivery, duly and validly authorized,
issued and outstanding, fully paid and
non-assessable and subject to no adverse claims
of any other party. The issuance of such Shares
does not and will not require the consent,
approval, authorization, registration or
qualification of any government authority, except
such as shall have been obtained on or before the
delivery date of any Shares or as may be required
in connection with any Registration Statement
relating to any Shares.
	 
	 	 
	Bankruptcy Rights:

	 	In the event of Counterparty’s bankruptcy, MLI’s
rights in connection with this Transaction shall
not exceed those rights held by common
shareholders. For the

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	 	avoidance of doubt, the
parties acknowledge and agree that MLI’s rights
with respect to any other claim arising from this
Transaction prior to Counterparty’s bankruptcy
shall remain in full force and effect and shall
not be otherwise abridged or modified in
connection herewith.
	 
	 	 
	Set-Off:

	 	Each party waives any and all rights it may have
to set-off, whether arising under any agreement,
applicable law or otherwise.
	 
	 	 
	Transfer:

	 	Neither party may transfer its rights and
delegate its obligations under this Transaction
without the prior written consent of the other
party, which shall not be unreasonably withheld.
Either party may assign its rights and delegate
its obligations hereunder, in whole or in part,
to any other person (an “Assignee”) with the
prior consent of the other party, effective (the
“Transfer Effective Date”) upon delivery to such
party of an executed acceptance and assumption by
the Assignee (an “Assumption”) of the transferred
obligations of the assigning party under this
Transaction (the “Transferred Obligations”).
Notwithstanding any other provision in this
Confirmation to the contrary requiring or
allowing MLI to purchase, sell, receive or
deliver any Shares or other securities to or from
Counterparty, MLI may designate any of its
affiliates to purchase, sell, receive or deliver
such Shares or other securities and otherwise to
perform MLI’s obligations in respect of this
Transaction and any such designee may assume such
obligations. MLI shall be discharged of its
obligations to Counterparty to the extent of any
such performance.
	 
	 	 
	Regulation:

	 	MLI is regulated by The Securities and Futures
Authority Limited.
	 
	 	 
	Indemnity:

	 	Each party (the “Indemnifying Party”) agrees to
indemnify the other party, its Affiliates and
their respective directors, officers, agents and
controlling parties (each such person being an
“Indemnified Party”) from and against any and all
losses, claims, damages and liabilities, joint
and several, to which such Indemnified Party may
become subject because of a breach of any
representation or covenant hereunder, in the
Agreement or any other agreement relating to the
Agreement or Transaction and will reimburse
Indemnified Party for all reasonable expenses
(including reasonable legal fees and expenses) as
they are incurred in connection with the
investigation of, preparation for, or defense of,
any pending or threatened claim or any action or
proceeding arising therefrom, whether or not such
Indemnified Party is a party thereto. The
Indemnifying Party will not be liable under the
foregoing Indemnity provision to the extent that
any loss, claim, damage, liability or expense is
found in a final judgment by a court to have
resulted from an Indemnified Party’s gross
negligence or willful misconduct.

Additional Agreements, Representations and Covenants of Counterparty, Etc.:

	(a)	 	Counterparty hereby represents and warrants to MLI, on each day from the Trade Date to and
including the earlier of (i) December 15, 2006, and (ii) the date by which MLI is able to
initially complete a hedge of its position created by this Transaction, that:

	 	(1)	 	it will not, and will not permit any person or entity subject to its control
to, bid for or purchase Shares during such period except pursuant to transactions or
arrangements which have been approved by MLI or an affiliate of MLI; and
	 
	 	(2)	 	it has publicly disclosed all material information necessary for it to be able
to purchase or sell Shares in compliance with applicable federal securities laws and
that it has publicly disclosed all material information with respect to its condition
(financial or otherwise).

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	(b)	 	No collateral shall be required by either party for any reason in connection with this
Transaction.
	 
	(c)	 	MLI shall not be entitled to exercise any Warrant or take delivery of any Shares deliverable
hereunder, and Automatic Exercise shall not apply with respect to any Warrant, to the extent
(but only to the extent) that the receipt of any Shares upon the exercise of such Warrant or
otherwise hereunder would result in MLI, or its ultimate parent entity becoming, directly or
indirectly, the beneficial owner (as such term is defined for purposes of Section 13(d) of the
Exchange Act) at any time of more than 8.0 percent of the class of the Counterparty’s
outstanding equity securities that is comprised of the Shares (an “Excess Share
Owner”).
	 
	 	 	MLI shall provide prior notice to Counterparty if the exercise of any Warrant or delivery of
Shares hereunder would cause MLI to become, directly or indirectly, an Excess Share Owner;
provided that the failure of MLI to provide such notice shall not alter the
effectiveness of the provisions set forth in the preceding sentence and any purported
exercise or delivery in violation of such provisions shall be void and have no effect. If
any delivery owed to MLI hereunder is not made, in whole or in part, as a result of this
provision, Counterparty’s obligation to make such delivery shall not be extinguished and
Counterparty shall make such delivery as promptly as practicable after MLI gives notice that
such delivery would not result in MLI being an Excess Share Owner; provided that any such
notice must be delivered by MLI no later than June 5, 2014.
	 
	 	 	If MLI is not entitled to exercise any Warrant because such exercise would cause MLI to
become, directly or indirectly, an Excess Share Owner and MLI thereafter disposes of Shares
owned by it or any action is taken that would then permit MLI to exercise such Warrant
without such exercise causing it to become, directly or indirectly, an Excess Share Owner,
then MLI shall provide notice of the taking of such action to Counterparty and such Warrant
shall then become exercisable by MLI to the extent such Warrant is otherwise or had
otherwise become exercisable hereunder; provided that any such notice must be delivered by
MLI no later than June 5, 2014. In such event, the Expiration Date with respect to such
Warrant shall be the date on which Counterparty receives such notice from MLI, and the
related Settlement Date shall be as soon as reasonably practicable after receipt of such
notice but no more than three (3) Exchange Business Days thereafter (but in no event shall
the Settlement Date occur prior to the date on which it would have otherwise occurred but
for the provisions of this subsection); provided that the related Net Physical
Settlement Amount shall be the same as the Net Physical Settlement Amount but for the
provisions of this subsection. In addition, within 30 calendar days of a Settlement Date,
Counterparty shall use its reasonable efforts to refrain from activities that could
reasonably be expected to result in MLI’s ownership of Shares exceeding 10% of all issued
and outstanding Shares.

Matters Relating to Agent:

	1.	 	MLPFS will be responsible for the operational aspects of the Transactions effected through
it, such as record keeping, reporting, and confirming Transactions to Counterparty and MLI;
	 
	2.	 	Unless MLI is a “major U.S. institutional investor,” as defined in Rule 15a-6 of the Exchange
Act, neither Counterparty not MLI will contact the other without the direct involvement of
MLPFS;
	 
	3.	 	MLPFS’s sole role under this Agreement and with respect to any Transaction is as an agent of
Counterparty and MLI on a disclosed basis and MLPFS shall have no responsibility or liability
to Counterparty or MLI hereunder except for gross negligence or willful misconduct in the
performance of its duties as agent. MLPFS is authorized to act as agent for MLI, but only to
the extent expressly required to satisfy the requirements of Rule 15a-6 under the Exchange Act
in respect of the Options described hereunder. MLPFS shall have no authority to act as agent
for Counterparty generally or with respect to transactions or other matters governed by this
Agreement, except to the extent expressly required to satisfy the requirements of Rule 15a-6
or in accordance with express instructions from Counterparty.

ISDA Master Agreement:

With respect to the Agreement, MLI and Counterparty each agree as follows:

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“Specified Entity” means in relation to Seller and in relation to Counterparty for purposes of this
Transaction: Not applicable.

Notwithstanding the definition in Section 14 of the Agreement, “Specified Transaction” shall mean
only the OTC Warrant Transaction pursuant to the Confirmation between Counterparty and Dealer dated
as of November 9, 2006.

The “Cross Default” provisions of Section 5(a)(vi) of the Agreement shall not apply to MLI or
Counterparty.

The “Credit Event Upon Merger” provisions of Section 5(b)(iv) of the Agreement will not
apply to MLI and Counterparty.

The “Automatic Early Termination” provision of Section 6(a) of the Agreement will not apply
to MLI or to Counterparty.

Payments on Early Termination. For the purpose of Section 6(e) of the Agreement: (i) Loss
shall apply; and (ii) the Second Method shall apply.

“Termination Currency” means USD.

Tax Representations.

	(I)	 	Payer Representations. For the purpose of Section 3(e) of the Agreement, each party
represents to the other party that it is not required by any applicable law, as modified by
the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to
make any deduction or withholding for or on account of any Tax from any payment (other than
interest under Section 2(e), 6(d)(ii), or 6(e) of the Agreement) to be made by it to the other
party under the Agreement. In making this representation, each party may rely on (i) the
accuracy of any representations made by the other party pursuant to Section 3(f) of the
Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of
the Agreement, and the accuracy and effectiveness of any document provided by the other party
pursuant to Section 4(a)(i) or 4(a)(iii) of the Agreement, and (iii) the satisfaction of the
agreement of the other party contained in Section 4(d) of the Agreement; provided that
it will not be a breach of this representation where reliance is placed on clause (ii) above
and the other party does not deliver a form or document under Section 4(a)(iii) of the
Agreement by reason of material prejudice to its legal or commercial position.
	 
	(II)	 	Payee Representations. For the purpose of Section 3(f) of the Agreement, each party makes
the following representations to the other party:

	 	(i)	 	MLI represents that it is a corporation organized under the laws of England and
Wales.
	 
	 	(ii)	 	Counterparty represents that it is a corporation incorporated in Delaware.

Delivery Requirements. For the purpose of Sections 4(a)(i) and (ii) of the
Agreement, each party agrees to deliver the following documents:

	(a)	 	Tax forms, documents or certificates to be delivered are:
	 
	 	 	Each party agrees to complete (accurately and in a manner reasonably satisfactory to the
other party), execute, and deliver to the other party, United States Internal Revenue
Service Form W-9 or W-8 BEN, or any successor of such form(s): (i) before the first payment
date under this agreement; (ii) promptly upon reasonable demand by the other party; and
(iii) promptly upon learning that any such form(s) previously provided by the other party
has become obsolete or incorrect.

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(b) Other documents to be delivered:

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Covered by
	Party Required to	 	 	 	 	 	Section 3(d)
	Deliver Document	 	Document Required to be Delivered	 	When Required	 	Representation
	Counterparty and MLI

	 	Evidence of the authority and
true signatures of each official
or representative signing this
Confirmation
	 	Upon or before the

scheduled Effective

Date
	 	Yes
	 
	 	 	 	 	 	 
	Counterparty

	 	Certified copy of the resolution
of the Board of Directors or
equivalent document authorizing
the execution and delivery of
this Confirmation and such other
certificate or certificates as
MLI shall reasonably request
	 	Upon or before the

scheduled Effective

Date
	 	Yes
	 
	 	 	 	 	 	 
	MLI

	 	Guarantee of its Credit Support
Provider, substantially in the
form of Exhibit A attached
hereto, together with evidence
of the authority and true
signatures of the signatories,
if applicable
	 	Upon or before the

scheduled Effective

Date
	 	Yes

Addresses
for Notices: For the purpose of Section 12(a) of the Agreement:

Address for notices or communications to MLI for all purposes:

	 	 	 	 	 
	 

	 	Address:
	 	Merrill Lynch International
	 

	 	 	 	Merrill Lynch Financial Centre
	 

	 	 	 	2 King Edward Street
	 

	 	 	 	London EC1A 1HQ
	 

	 	Attention:
	 	Manager, Fixed Income Settlements
	 

	 	Facsimile No.:
	 	44 207 995 2004
	 

	 	Telephone No.:
	 	44 207 995 3769
	 
	 	 	 	 
	Address for notices or communications to Counterparty for all purposes:
	 
	 	 	 	 
	 

	 	Address:
	 	General Cable Corporation
	 

	 	 	 	4 Tesseneer Drive
	 

	 	Attention:
	 	Highland Heights, KY 41076-9753

Brian J. Robinson
	 

	 	 	 	Senior Vice President, Controller and Treasurer
	 

	 	Telephone No.:
	 	(859) 572-8483
	 

	 	Facsimile No.:
	 	(859) 572-8441
	 
	 	 	 	 
	 

	 	Address:
	 	General Cable Corporation
	 

	 	 	 	4 Tesseneer Drive
	 

	 	 	 	Highland Heights, KY 41076-9753
	 

	 	Attention:
	 	Robert J. Siverd
	 

	 	 	 	Executive Vice President, General Counsel and Secretary
	 

	 	Telephone No.:
	 	(859) 572-8890
	 

	 	Facsimile No.:
	 	(859) 572-8444
	 
	 	 	 	 

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	Process Agent: For the purpose of Section 13(c) of the Agreement, MLI appoints as its process agent:
	 
	 	 	 	 
	 

	 	Address:
	 	Merrill Lynch, Pierce, Fenner & Smith Incorporated
	 

	 	 	 	222 Broadway, 16th Floor
	 

	 	 	 	New York, New York 10038
	 

	 	Attention:
	 	Litigation Department
	 
	 	 	 	 
	 	 	Counterparty does not appoint a Process Agent.

Multibranch Party. For the purpose of Section 10(c) of the Agreement: Neither MLI nor
Counterparty is a Multibranch Party.

Calculation Agent. The Calculation Agent is MLI. Upon the request of either party, the
Calculation Agent (or, in the case of a determination made by a party (including a party acting as
Determining Party or Hedging Party), such party) shall, no later than the 5th Business
Day following such request, provide the parties with a statement showing, in reasonable detail, the
computations (including any relevant quotations) by which it has determined any amount payable or
deliverable under, or any adjustment to the terms of, this Transaction. All judgments,
determinations and calculations hereunder by the Calculation Agent or by a party hereto shall be
performed in good faith and in a commercially reasonable manner.

Credit Support Document.

MLI: Guarantee of ML & Co. in the form attached hereto as Exhibit A.

Counterparty: Not Applicable

Credit Support Provider.

With respect to MLI: ML & Co.

With respect to Counterparty: Not Applicable.

Governing Law. This Confirmation will be governed by, and construed in accordance with, the laws
of the State of New York.

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.

Netting of Payments. The provisions of Section 2(c) of the Agreement shall not be
applicable to this Transaction.

Basic Representations. Section 3(a) of the Agreement is hereby amended by the deletion of
“and” at the end of Section 3(a)(iv); the substitution of a semicolon for the period at the
end of Section 3(a)(v) and the addition of Sections 3(a)(vi), as follows:

Eligible Contract Participant; Line of Business. Each party agrees and represents
that it is an “eligible contract participant” as defined in Section 1a(12) of the
U.S. Commodity Exchange Act, as amended (“CEA”), this Agreement and the
Transaction thereunder are subject to individual negotiation by the parties and have
not been executed or traded on a “trading facility” as defined in Section 1a(33) of
the CEA, and it has entered into this Confirmation and this Transaction in
connection with its business or a line of business (including financial
intermediation), or the financing of its business.

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Acknowledgements:

	(a)	 	The parties acknowledge and agree that there are no other representations, agreements or other
undertakings of the parties in relation to this Transaction, except as set forth in this
Confirmation.
	 
	(b)	 	The parties hereto intend for:

	 	(i)	 	this Transaction to be a “securities contract” as defined in Section 741(7) of
Title 11 of the United States Code (the “Bankruptcy Code”), qualifying for the
protections under Section 555 of the Bankruptcy Code;
	 
	 	(ii)	 	a party’s right to liquidate this 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 defined in the Bankruptcy
Code;
	 
	 	(iii)	 	all payments for, under or in connection with this Transaction, all payments
for the Shares and the transfer of such Shares to constitute “settlement payments” as
defined in the Bankruptcy Code.

Amendment of Section 6(d)(ii). Section 6(d)(ii) of the Agreement is modified by
deleting the words “on the day” in the second line thereof and substituting therefor “on the day
that is three Local Business Days after the day”. Section 6(d)(ii) is further modified by
deleting the words “two Local Business Days” in the fourth line thereof and substituting therefor
“three Local Business Days.”

Amendment of Definition of Reference Market-Makers. The definition of “Reference Market-Makers” in
Section 14 is hereby amended by adding in clause (a) after the word “credit” and before the
word “and” the words “or to enter into transactions similar in nature to the Transactions.”

Consent to Recording. Each party consents to the recording of the telephone conversations of
trading and marketing personnel of the parties and their Affiliates in connection with this
Confirmation. To the extent that one party records telephone conversations (the “Recording Party”)
and the other party does not (the “Non-Recording Party”), the Recording Party shall in the event of
any dispute, make a complete and unedited copy of such party’s tape of the entire day’s
conversations with the Non-Recording Party’s personnel available to the Non-Recording Party. The
Recording Party’s tapes may be used by either party in any forum in which a dispute is sought to be
resolved and the Recording Party will retain tapes for a consistent period of time in accordance
with the Recording Party’s policy unless one party notifies the other that a particular transaction
is under review and warrants further retention.

Disclosure. Each party hereby acknowledges and agrees that MLI has authorized Counterparty to
disclose this Transaction and any related hedging transaction between the parties if and to the
extent that Counterparty reasonably determines (after consultation with MLI) that such disclosure
is required by law or by the rules of the New York Stock Exchange or any securities exchange.

Severability. If any term, provision, covenant or condition of this Confirmation, or the
application thereof to any party or circumstance, shall be held to be invalid or unenforceable in
whole or in part for any reason, the remaining terms, provisions, covenants, and conditions hereof
shall continue in full force and effect as if this Confirmation had been executed with the invalid
or unenforceable provision eliminated, so long as this Confirmation as so modified continues to
express, without material change, the original intentions of the parties as to the subject matter
of this Confirmation and the deletion of such portion of this Confirmation will not substantially
impair the respective benefits or expectations of parties to this Agreement; provided,
however, that this severability provision shall not be applicable if any provision of
Section 2, 5, 6 or 13 of the Agreement (or any definition or
provision in Section 14 to the extent that it relates to, or is used in or in connection
with any such Section) shall be so held to be invalid or unenforceable.

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Affected Parties. For purposes of Section 6(e) of the Agreement, each party shall be
deemed to be an Affected Party in connection with Illegality and any Tax Event.

[Signatures follow on separate page]

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     Please confirm that the foregoing correctly sets forth the terms of our agreement by executing
the copy of this Confirmation enclosed for that purpose and returning it to us.

	 	 	 	 	 
	 	Very truly yours,

MERRILL LYNCH INTERNATIONAL

 	 
	 	By:  	/s/ Fran Jacobson
 	 
	 	Name: Fran Jacobson 	 
	 	Title: Authorized Signatory 	 	 
	 

Confirmed as of the date first above written:

GENERAL CABLE CORPORATION

	 	 	 	 	 
	By:

	 	/s/ Robert J. Siverd
	 	 
	 

	 	 	 	 
	Name: Robert J. Siverd	 	 
	Title: Executive Vice President, General Counsel
and Secretary	 	 

Acknowledged and agreed as to matters to the Agent:

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

Solely in its capacity as Agent hereunder

	 	 	 	 
	By:

	 	/s/ Brian Carroll	 
	 

	 	 	 
	Name: Brian Carroll	 
	Title: Authorized Signatory	 

OTC Warrant Confirmation

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EXHIBIT A

GUARANTEE OF MERRILL LYNCH & CO., INC.

     FOR VALUE RECEIVED, receipt of which is hereby acknowledged, MERRILL LYNCH & CO., INC., a
corporation duly organized and existing under the laws of the State of Delaware (“ML & Co.”),
hereby unconditionally guarantees to General Cable Corporation (the “Company”), the due and
punctual payment of any and all amounts payable by Merrill Lynch International, a company organized
under the laws of England and Wales (“ML”), under the terms of the Confirmation of OTC Warrant
Transaction between the Company and ML (ML as Buyer), dated as of November 15, 2006 (the
“Confirmation”), including, in case of default, interest on any amount due, when and as the same
shall become due and payable, whether on the scheduled payment dates, at maturity, upon declaration
of termination or otherwise, according to the terms thereof. In case of the failure of ML
punctually to make any such payment, ML & Co. hereby agrees to make such payment, or cause such
payment to be made, promptly upon demand made by the Company to ML & Co.; provided, however that
delay by the Company in giving such demand shall in no event affect ML & Co.’s obligations under
this Guarantee. This Guarantee shall remain in full force and effect or shall be reinstated (as
the case may be) if at any time any payment guaranteed hereunder, in whole or in part, is rescinded
or must otherwise be returned by the Company upon the insolvency, bankruptcy or reorganization of
ML or otherwise, all as though such payment had not been made.

     ML & Co. hereby agrees that its obligations hereunder shall be unconditional, irrespective of
the validity, regularity or enforceability of the Confirmation; the absence of any action to
enforce the same; any waiver or consent by the Company concerning any provisions thereof; the
rendering of any judgment against ML or any action to enforce the same; or any other circumstances
that might otherwise constitute a legal or equitable discharge of a guarantor or a defense of a
guarantor. ML covenants that this guarantee will not be discharged except by complete payment of
the amounts payable under the Confirmation. This Guarantee shall continue to be effective if ML
merges or consolidates with or into another entity, loses its separate legal identity or ceases to
exist.

     ML & Co. hereby waives diligence; presentment; protest; notice of protest, acceleration, and
dishonor; filing of claims with a court in the event of insolvency or bankruptcy of ML; all demands
whatsoever, except as noted in the first paragraph hereof; and any right to require a proceeding
first against ML.

     ML & Co. hereby certifies and warrants that this Guarantee constitutes the valid obligation of
ML & Co. and complies with all applicable laws.

     This Guarantee shall be governed by, and construed in accordance with, the laws of the State
of New York.

     This Guarantee may be terminated at any time by notice by ML & Co. to the Company given in
accordance with the notice provisions of the Confirmation, effective upon receipt of such notice by
the Company or such later date as may be specified in such notice; provided, however, that this
Guarantee shall continue in full force and effect with respect to any obligation of ML under the
Confirmation arising before or after such termination.

     This Guarantee becomes effective concurrent with the effectiveness of the Confirmation,
according to its terms.

20

 

     IN WITNESS WHEREOF, ML & Co. has caused this Guarantee to be executed in its corporate name by
its duly authorized representative.

	 	 	 	 	 
	 	MERRILL LYNCH & CO., INC.

 	 
	 	By:  	/s/ Patricia Kroplewnicki
 	 
	 	 	Name:  	Patricia Kroplewnicki 	 
	 	 	Title:
Date:  	Designated Signatory
November 15, 2006
 	 

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Annex A

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Relevant Date
	VWAP	 	15-Nov-	 	15-May-	 	15-Nov-	 	15-May-	 	15-Nov-	 	15-May-	 	15-Nov-	 	15-May-	 	15-Nov-	 	15-May-	 	15-Nov-	 	15-May-	 	15-Nov-	 	15-May-	 	15-Nov-
	Price	 	06	 	07	 	07	 	08	 	08	 	09	 	09	 	10	 	10	 	11	 	11	 	12	 	12	 	13	 	13
	$	39.50	 	 	 	0.393	 	 	 	0.466	 	 	 	0.437	 	 	 	0.408	 	 	 	0.377	 	 	 	0.345	 	 	 	0.311	 	 	 	0.275	 	 	 	0.216	 	 	 	0.179	 	 	 	0.134	 	 	 	0.088	 	 	 	0.044	 	 	 	0.008	 	 	 	0.000	 
	$	40.00	 	 	 	0.397	 	 	 	0.469	 	 	 	0.440	 	 	 	0.411	 	 	 	0.381	 	 	 	0.349	 	 	 	0.315	 	 	 	0.278	 	 	 	0.220	 	 	 	0.183	 	 	 	0.138	 	 	 	0.091	 	 	 	0.045	 	 	 	0.009	 	 	 	0.000	 
	$	45.00	 	 	 	0.434	 	 	 	0.501	 	 	 	0.473	 	 	 	0.445	 	 	 	0.415	 	 	 	0.383	 	 	 	0.350	 	 	 	0.314	 	 	 	0.255	 	 	 	0.217	 	 	 	0.170	 	 	 	0.119	 	 	 	0.067	 	 	 	0.018	 	 	 	0.000	 
	$	50.00	 	 	 	0.468	 	 	 	0.529	 	 	 	0.502	 	 	 	0.475	 	 	 	0.446	 	 	 	0.415	 	 	 	0.382	 	 	 	0.346	 	 	 	0.288	 	 	 	0.249	 	 	 	0.201	 	 	 	0.148	 	 	 	0.091	 	 	 	0.032	 	 	 	0.000	 
	$	55.00	 	 	 	0.498	 	 	 	0.554	 	 	 	0.528	 	 	 	0.501	 	 	 	0.474	 	 	 	0.444	 	 	 	0.412	 	 	 	0.377	 	 	 	0.319	 	 	 	0.281	 	 	 	0.232	 	 	 	0.178	 	 	 	0.118	 	 	 	0.050	 	 	 	0.001	 
	$	60.00	 	 	 	0.525	 	 	 	0.576	 	 	 	0.551	 	 	 	0.526	 	 	 	0.499	 	 	 	0.470	 	 	 	0.439	 	 	 	0.405	 	 	 	0.348	 	 	 	0.310	 	 	 	0.263	 	 	 	0.208	 	 	 	0.146	 	 	 	0.073	 	 	 	0.004	 
	$	65.00	 	 	 	0.550	 	 	 	0.596	 	 	 	0.573	 	 	 	0.548	 	 	 	0.522	 	 	 	0.494	 	 	 	0.464	 	 	 	0.431	 	 	 	0.376	 	 	 	0.339	 	 	 	0.292	 	 	 	0.237	 	 	 	0.175	 	 	 	0.098	 	 	 	0.012	 
	$	70.00	 	 	 	0.572	 	 	 	0.615	 	 	 	0.592	 	 	 	0.568	 	 	 	0.543	 	 	 	0.516	 	 	 	0.487	 	 	 	0.455	 	 	 	0.402	 	 	 	0.365	 	 	 	0.319	 	 	 	0.266	 	 	 	0.204	 	 	 	0.127	 	 	 	0.029	 
	$	75.00	 	 	 	0.593	 	 	 	0.632	 	 	 	0.610	 	 	 	0.587	 	 	 	0.563	 	 	 	0.536	 	 	 	0.508	 	 	 	0.477	 	 	 	0.426	 	 	 	0.390	 	 	 	0.346	 	 	 	0.294	 	 	 	0.233	 	 	 	0.156	 	 	 	0.055	 
	$	80.00	 	 	 	0.562	 	 	 	0.597	 	 	 	0.576	 	 	 	0.554	 	 	 	0.531	 	 	 	0.505	 	 	 	0.478	 	 	 	0.448	 	 	 	0.398	 	 	 	0.364	 	 	 	0.321	 	 	 	0.270	 	 	 	0.212	 	 	 	0.137	 	 	 	0.039	 
	$	85.00	 	 	 	0.523	 	 	 	0.556	 	 	 	0.535	 	 	 	0.514	 	 	 	0.491	 	 	 	0.467	 	 	 	0.441	 	 	 	0.412	 	 	 	0.363	 	 	 	0.330	 	 	 	0.288	 	 	 	0.240	 	 	 	0.183	 	 	 	0.112	 	 	 	0.023	 
	$	90.00	 	 	 	0.489	 	 	 	0.519	 	 	 	0.499	 	 	 	0.479	 	 	 	0.457	 	 	 	0.433	 	 	 	0.408	 	 	 	0.380	 	 	 	0.334	 	 	 	0.301	 	 	 	0.261	 	 	 	0.214	 	 	 	0.160	 	 	 	0.093	 	 	 	0.014	 
	$	100.00	 	 	 	0.433	 	 	 	0.458	 	 	 	0.440	 	 	 	0.421	 	 	 	0.400	 	 	 	0.378	 	 	 	0.355	 	 	 	0.329	 	 	 	0.285	 	 	 	0.255	 	 	 	0.218	 	 	 	0.175	 	 	 	0.126	 	 	 	0.066	 	 	 	0.008	 
	$	110.00	 	 	 	0.388	 	 	 	0.409	 	 	 	0.392	 	 	 	0.374	 	 	 	0.355	 	 	 	0.335	 	 	 	0.313	 	 	 	0.288	 	 	 	0.248	 	 	 	0.220	 	 	 	0.185	 	 	 	0.146	 	 	 	0.102	 	 	 	0.050	 	 	 	0.006	 
	$	120.00	 	 	 	0.352	 	 	 	0.370	 	 	 	0.353	 	 	 	0.337	 	 	 	0.319	 	 	 	0.300	 	 	 	0.279	 	 	 	0.256	 	 	 	0.219	 	 	 	0.192	 	 	 	0.161	 	 	 	0.125	 	 	 	0.085	 	 	 	0.040	 	 	 	0.005	 
	$	130.00	 	 	 	0.321	 	 	 	0.337	 	 	 	0.321	 	 	 	0.306	 	 	 	0.289	 	 	 	0.271	 	 	 	0.251	 	 	 	0.230	 	 	 	0.195	 	 	 	0.171	 	 	 	0.141	 	 	 	0.108	 	 	 	0.073	 	 	 	0.034	 	 	 	0.005	 
	$	140.00	 	 	 	0.296	 	 	 	0.309	 	 	 	0.295	 	 	 	0.280	 	 	 	0.264	 	 	 	0.247	 	 	 	0.229	 	 	 	0.209	 	 	 	0.176	 	 	 	0.153	 	 	 	0.126	 	 	 	0.096	 	 	 	0.063	 	 	 	0.030	 	 	 	0.005	 
	$	150.00	 	 	 	0.274	 	 	 	0.285	 	 	 	0.272	 	 	 	0.258	 	 	 	0.243	 	 	 	0.227	 	 	 	0.209	 	 	 	0.191	 	 	 	0.160	 	 	 	0.138	 	 	 	0.113	 	 	 	0.086	 	 	 	0.056	 	 	 	0.027	 	 	 	0.004	 

22

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