Document:

LETTER AGREEMENT DATED MAY 5, 2004  HIGH STRIKE CALL

 EXHIBIT 10.1 
  
 

 
  
 JPMorgan Chase Bank 
 P.O. Box 161 
 60 Victoria Embankment 
 London EC4Y 0JP 
 England 
  
 May 5, 2004 
  
 To: LandAmerica Financial Group, Inc. 
 101 Gateway Center Parkway 
 Gateway One 
 Richmond, VA 23235 
 Attention: Chief Financial Officer 
 Telephone No.: 804-267-8114 
 Facsimile No.: 804-267-8833 
  
 Re: Warrants 
  
 Reference: 
  
 The purpose of this letter agreement is to confirm the terms and conditions of the Warrants issued by LandAmerica Financial Group, Inc. (
“Counterparty” or the “Company” ) to JPMorgan Chase Bank, London Branch (“JPMorgan” ) on the Trade Date specified below (the “Transaction” ). This letter agreement constitutes a
“Confirmation” as referred to in the ISDA Master Agreement specified below. This Confirmation shall replace any previous letter and serve as the final documentation for this Transaction. 
  
 The definitions and provisions contained in the 1996 ISDA Equity Derivatives
Definitions (the “Equity Definitions” ), as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. In the event of any inconsistency between the Equity Definitions and this
Confirmation, this Confirmation shall govern. This Transaction shall be deemed to be a Share Option Transaction within the meaning set forth in the Equity Definitions. 
  
 Each party is hereby advised, and each such party acknowledges, that the other party has engaged in, or refrained from
engaging in, substantial financial transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this Confirmation relates on the terms and conditions set forth below. 
  
 1. This Confirmation evidences a complete and binding agreement between JPMorgan and the
Company as to the terms of the Transaction to which this Confirmation relates. This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the “Agreement” ) as if
JPMorgan and the Company had executed an agreement in such form (but without any Schedule except for the election of the laws of the State of New York as the governing law and United States dollars as the Termination Currency) on the Trade Date. In
the event of any inconsistency between provisions of that Agreement and this Confirmation, this Confirmation will prevail for the purpose of the Transaction to which this Confirmation relates. The parties hereby agree that no Transaction other than
the Transaction to which this Confirmation relates shall be governed by the Agreement. 
  
 2. The terms of the particular Transaction to which this Confirmation relates are as follows: 
  
 General Terms: 
  
 Trade Date:
                                        
        May 5, 2004 
  
 A
subsidiary of J.P. Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank.

 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 

			
	 Warrants:
	  	Equity call warrants to be issued by the Company to JPMorgan, each giving the holder the right to purchase one Share at the Strike Price, subject to the Settlement Terms set forth below. For
purposes of the Equity Definitions, each reference to a Warrant shall be deemed to be a reference to a Call Option.
		
	 Warrant Style:
	  	American
		
	 Buyer:
	  	JPMorgan
		
	 Seller:
	  	Company
		
	 Shares:
	  	The common stock of Company, no par value per Share (Exchange symbol “LFG”)
		
	 Number of Warrants:
	  	2,297,038
		
	 Warrant Entitlement:
	  	One Share per Warrant
		
	 Multiple Exercise:
	  	Applicable
		
	 Minimum Number of Warrants:
	  	1
		
	 Maximum Number of Warrants:
	  	2,297,038
		
	 Strike Price:
	  	USD 64.1355
		
	 Premium:
	  	USD 22,489,598.56
		
	 Premium Payment Date:
	  	May 11, 2004
		
	 Exchange:
	  	The New York Stock Exchange
		
	 Related Exchange(s):
	  	The principal exchange(s) for options contracts or futures contracts, if any, with respect to the Shares
		
	 Exercise and Valuation:
	  	 
		
	 Expiration Time:
	  	The Valuation Time
		
	 Expiration Date:
	  	For any Daily Number of Warrants, each date specified as such in Annex A hereto.
		
	 Automatic Exercise:
	  	Applicable; and means that, unless all Warrants have been previously exercised hereunder, a number of Warrants for each Expiration Date equal to the Daily Number of Warrants (as adjusted
pursuant to the terms hereof) for such Expiration Date will be deemed to be automatically exercised.

  
 A subsidiary of J.P.
Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 2 

			
	 Valuation applicable to each Warrant:
	  	 
		
	 Valuation Time:
	  	At the close of trading of the regular trading session on the Exchange.
		
	 Valuation Date:
	  	Each Exercise Date. Notwithstanding anything to the contrary in the Equity Definitions, if there is a Market Disruption Event on any Valuation Date, then the Calculation Agent shall determine
the Settlement Price for such Valuation Date, as the case may be, on the basis of its good faith estimate of the trading value for the relevant Shares.
		
	 Settlement Terms applicable to the Transaction:
	  	 
		
	 Method of Settlement:
	  	Net Share Settlement; and means that, on each Settlement Date, Counterparty shall deliver to JPMorgan the Share Delivery Quantity of Shares for such Settlement Date to the account specified
hereto free of payment through the Clearance System.
		
	 Share Delivery Quantity:
	  	For any Settlement Date, a number of Shares, as calculated by the Calculation Agent, equal to the Net Share Settlement Amount for such Settlement Date divided by the Settlement Price
on the Valuation Date in respect of such Settlement Date, plus cash in lieu of any fractional shares (based on such Settlement Price).
		
	 Net Share Settlement Amount:
	  	For any Settlement Date, an amount equal to (i) the Number of Warrants being exercised on the relevant Exercise Date (or in the case of any exercise (including any Automatic Exercise) on an
Expiration Date, the Daily Number of Warrants for such Expiration Date) multiplied by (ii) the Strike Price Differential for such Settlement Date. For avoidance of doubt, if any Warrants are exercised prior to the first Expiration Date, the
Calculation Agent will proportionately adjust each Daily Number of Warrants to reflect such exercise.
		
	 Strike Price Differential:
	  	(a) If the Settlement Price for any Valuation Date is greater than the Strike Price, an amount equal to the excess of such Settlement Price over the Strike Price; or
		
	 	  	(b) If such Settlement Price is less than or equal to the Strike Price, zero.
		
	 Settlement Price:
	  	For any Valuation Date, the closing sale price per Share quoted by the Exchange (or, if no closing sale price is so quoted, the last reported sale price) as of the Valuation Time on the
Valuation Date.
		
	 Settlement Date:
	  	For any Exercise Date, the date defined as such in Section 6.2 of the Equity Definitions, subject to Section 9(p)(i) hereof.
		
	 Failure to Deliver:
	  	Applicable

  
 A subsidiary of J.P.
Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 3 

			
	 Other Applicable Provisions:
	  	The provisions of Sections 6.6, 6.7, 6.8, 6.9 and 6.10 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-Settled” shall be
read as references to “Net Share Settled”. “Net Share Settled” in relation to any Warrant means that Net Share Settlement is applicable to that Warrant.
		
	 3. Additional Terms applicable to the Transaction:
	  	 
		
	 Adjustments applicable to the Warrants:
	  	 
		
	 Method of Adjustment:
	  	Calculation Agent Adjustment. For avoidance of doubt, in making any adjustments under the Equity Definitions, the Calculation Agent may adjust the Daily Number of Warrants.
		
	 Extraordinary Events applicable to the Transaction:
	  	 
		
	 Consequence of Merger Events
	  	 
		
	 (a) Share-for-Share:
	  	Alternative Obligation; provided that the Calculation Agent will determine if the Merger Event affects the theoretical value of the Transaction and if so JPMorgan in its sole
discretion may elect to make adjustments to the Strike Price and any other term necessary to reflect the characteristics (including volatility, dividend practice and policy and liquidity) of the New Shares. Notwithstanding the foregoing,
Cancellation and Payment shall apply in the event the New Shares are not publicly traded on The New York Stock Exchange or The American Stock Exchange or quoted on the NASDAQ National Market System (or their respective successors).
		
	 (b) Share-for-Other:
	  	Cancellation and Payment
		
	 (c) Share-for-Combined:
	  	Cancellation and Payment
		
	 Nationalization or Insolvency:
	  	Cancellation and Payment
		
	 4. Calculation Agent:
	  	JPMorgan, whose calculations and determinations shall be made in good faith and in a commercially reasonable manner, including with respect to calculations and determinations that are made in
its sole discretion.
		
	 5. Account Details:
	  	 

  
 (a)
Account for payments to Company: 
  
 SunTrust
Bank 
 ABA: 061000104 
 Acct: LandAmerica Financial Group 
 Acct No.: 8801884902 
  
 Account for delivery of Shares to Company: 
  
 To be determined in advance of any such delivery. 
  
 A subsidiary of J.P. Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch
address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 4 

 (b) Account for payments to JPMorgan: 
  
 JPMorgan Chase Bank, New York 
 ABA: 021 000 021 
 Favour: JPMorgan Chase
Bank – London 
 A/C: 0010962009 
 CHASUS33 
  
 Account for delivery of
Shares from JPMorgan: 
  
 DTC 060 
  
 6. Offices: 
  
 The Office of Company for the Transaction is: Inapplicable, Company is not a Multibranch Party. 
  
 The Office of JPMorgan for the Transaction is: 
  
 JPMorgan Chase Bank 
 London Branch 
 P.O. Box 161 
 60 Victoria Embankment 
 London EC4Y 0JP

 England 
  
 7. Notices: For purposes of this Confirmation: 
  

	 	(a)	Address for notices or communications to Company: 

  
 LandAmerica Financial Group, Inc. 
 101
Gateway Center Parkway 
 Gateway One 
 Richmond, VA 23235 
 Attention: Chief Financial Officer 
 Telephone No.: 804-267-8114 
 Facsimile No.:
804-267-8833 
  
 Address for notices or communications to
JPMorgan: 
  
 JPMorgan Chase Bank 
 277 Park Avenue, 11th Floor 
 New York, NY 10172 
 Attention: Kevin J. Moran 
 EDG Corporate Marketing 
 Telephone No: (212) 622-6707 
 Facsimile No:
(212) 622-8534 
  
 A subsidiary of J.P. Morgan Chase & Co.

 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 5 

 8. Representations, Warranties of the Company 
  

	 	(a)	The Company hereby represents and warrants to JPMorgan that the Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of its
jurisdiction of incorporation, with power and authority (corporate and other) to own its properties and conduct its business as set forth or incorporated by reference in or contemplated by the Company’s Annual Report on Form 10-K for the year
ended December 31, 2003 (the “Company’s 2003 10-K” ) and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2004 (collectively, the “Company’s Reports” ); and
has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties, or conducts any business, so as to require such qualification,
other than where the failure to be so qualified or in good standing would not result in any material adverse change, or any development involving a prospective material adverse change, in or affecting the business, financial position,
stockholders’ equity or results of operations of the Company and its subsidiaries, taken as a whole (“Material Adverse Effect”). 

  

	 	(b)	The Company hereby represents and warrants to JPMorgan that the Company has all necessary corporate power and authority to execute, deliver and perform its obligations in respect of
this Transaction; such execution, delivery and performance have been duly authorized by all necessary corporate action on the Company’s part; and this Confirmation has been duly authorized by the Company, and when executed and delivered by the
Company (assuming the due authorization, execution and delivery thereof by JPMorgan) shall constitute the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of
commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) and except that rights to indemnification and contribution thereunder may be limited by federal or state
securities laws or public policy relating thereto. 

  

	 	(c)	The Company hereby represents and warrants to JPMorgan that neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations of the Company
hereunder will conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of
its subsidiaries which are “significant subsidiaries” within the meaning of Regulation S-X promulgated under the Securities Act of 1933 (the “Securities Act” ) (each, a “Significant Subsidiary”
and collectively, the “Significant Subsidiaries” ) under, any material indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its Significant Subsidiaries is a
party or by which the Company or any of its Significant Subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, nor will any such action result in any violation of the provisions of the
articles of incorporation or the bylaws of the Company or any applicable law or statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company, its Significant Subsidiaries or any of their
respective properties. 

  

	 	(d)	The Company hereby represents and warrants to JPMorgan that no consent, approval, authorization, order, license, registration or qualification of or with any such court or
governmental agency or body is required in connection with the execution, delivery or performance by the Company of this Confirmation, except such consents, approvals, authorizations, orders, licenses, registrations or qualifications as may be
required under the Securities Act or state securities laws. 

  
 A subsidiary of J.P. Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York
State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 6 

	 	(e)	The Company hereby represents and warrants to JPMorgan that the Shares of the Company initially issuable upon exercise of the Warrant by the net share settlement method (the
“Warrant Shares” ) have been reserved for issuance by all required corporate action of the Company. The Warrant Shares have been duly authorized and, when delivered against payment therefor (which may include Net Share
Settlement in lieu of cash) and otherwise as contemplated by the terms of the Warrant following the exercise of the Warrant in accordance with the terms and conditions of the Warrant, will be validly issued, fully-paid and non-assessable, and the
issuance of the Warrant Shares will not be subject to any preemptive or similar rights. 

  

	 	(f)	The Company hereby represents and warrants to JPMorgan that other than as set forth, incorporated by reference or contemplated in the Company’s Reports, there are no legal or
governmental investigations, actions, suits or proceedings pending or, to the knowledge of the Company, threatened against or affecting the Company or any of its subsidiaries or any of their respective properties or to which the Company or any of
its subsidiaries is or may be a party or to which any property of the Company or any of its subsidiaries is or may be the subject which, if determined adversely to the Company or any of its subsidiaries, could individually or in the aggregate
reasonably be expected to have (i) a Material Adverse Effect or (ii) a material adverse effect on the consummation of the transactions contemplated in this Confirmation. 

  

	 	(g)	The Company hereby represents and warrants to JPMorgan that the Company’s Reports (except the statement on page 41 of the Company’s 2003 10-K and page F-37 of the notes to
the consolidated financial statements included in the Company’s 2003 10-K relating to covenant compliance) do not, as of the Trade Date, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading. 

  

	 	(h)	The Company hereby represents and warrants to JPMorgan that it is an “eligible contract participant” (as such term is defined in Section 1(a)(12) of the Commodity Exchange
Act, as amended. 

  

	 	(i)	The Company hereby represents and warrants to JPMorgan that the Company is not an “investment company” or a company “controlled” by an “investment
company,” in each case within the meaning of the Investment Company Act of 1940, as amended. 

  

	 	(j)	The Company represents and warrants to JPMorgan that the Company and each of its affiliates is not, on the date hereof, in possession of any material non-public information with
respect to Company. 

  

	 	(k)	The Company shall deliver an opinion of counsel, dated as of the Trade Date, to JPMorgan with respect to the matters set forth in clauses (a) to (e) and (h) to (i) of this Section
8, with modifications and qualifications as agreed to by both parties. 

  

	 	(l)	The Company shall deliver a statement of counsel that nothing has come to its attention that causes them to believe that (except for the financial statements and related notes and
schedules to the Company’s Reports, other financial information and data included therein and the statement on page 41 of the Company’s 2003 10-K relating to covenant compliance, as to which such counsel need not express any belief) the
Company’s Reports as of the date such statement is delivered contains, any untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. With respect to such statement, counsel may indicate their belief is based upon their participation in the preparation of the Company’s Reports (and any amendment or supplement thereto) and the review
and discussion of the contents thereof but is without independent check or verification except as specified. 

  
 A subsidiary of J.P. Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number
BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA.

  

 7 

	 	(m)	If the Initial Purchasers party to the Purchase Agreement among the Company and J.P. Morgan Securities Inc., as representative of the initial purchasers, dated as of May 5, 2004,
relating to the purchase of the 3.25% Convertible Senior Debentures due 2034 first putable on May 15, 2014 and issued by the Company on May 11, 2004 with an original principal amount of USD 125,000,000 (the “Convertible
Debentures” ) exercise their right to receive additional Convertible Debentures pursuant to the Initial Purchasers’ option to purchase additional Convertible Debentures, then, at the discretion of the Company, JPMorgan and the Company
will either enter into a new confirmation or amend this Confirmation to provide for such increase in Convertible Debentures (but on pricing terms acceptable to JPMorgan and the Company) (such additional confirmation or amendment to this Confirmation
to provide for the payment to the Company by JPMorgan of the additional premium related thereto). 

  
 9. Other Provisions: 
  

	 	(a)	No Reliance, etc. Each party represents that (i) it is entering into the Transaction evidenced hereby as principal (and not as agent or in any other capacity); (ii)
neither the other party nor any of its agents are acting as a fiduciary for it; (iii) it is not relying upon any representations except those expressly set forth in the Agreement or this Confirmation; (iv) it has not relied on the other party for
any legal, regulatory, tax, business, investment, financial, and accounting advice, and it has made its own investment, hedging, and trading decisions based upon its own judgment and not upon any view expressed by the other party or any of its
agents; and (v) it is entering into this Transaction with a full understanding of the terms, conditions and risks thereof and it is capable of and willing to assume those risks. 

  

	 	(b)	Share De-listing Event. If at any time during the period from and including the Trade Date, to and including the final Valuation Date, the Shares cease to be listed or
quoted on the Exchange for any reason (other than a Merger Event as a result of which the shares of common stock underlying the Options are listed or quoted on The New York Stock Exchange, The American Stock Exchange or the NASDAQ National Market
System (or their respective successors) (the “Successor Exchange”)) and are not immediately re-listed or quoted as of the date of such de-listing on the Successor Exchange, then Cancellation and Payment (as defined in Section 9.6 of
the Equity Definitions treating the “Announcement Date” as the date of first public announcement that the Share De-Listing will occur and the “Merger Date” as the date of the Share De-Listing) shall
apply, and the date of the de-listing shall be deemed the date of termination for purposes of calculating any payment due from one party to the other in connection with the cancellation of this Transaction. If the Shares are immediately re-listed on
a Successor Exchange upon their de-listing from the Exchange, this Transaction shall continue in full force and effect, provided that the Successor Exchange shall be deemed to be the Exchange for all purposes hereunder. In addition, the Calculation
Agent shall make any adjustments it deems necessary to the terms of the Transaction in accordance with Calculation Agent Adjustment method as defined under Section 9.1(c) of the Equity Definitions. 

  

	 	(c)	Repurchase Notices. Company shall, on any day on which Company effects any repurchase of Shares, promptly give JPMorgan a written notice of such repurchase (a
“Repurchase Notice” ) on such day if following such repurchase, the Warrants Equity Percentage as determined on such day is (i) equal to or greater than 8.0% and (ii) greater by 0.5% than the Warrants Equity Percentage
included in the immediately preceding Repurchase Notice (or, in the case of the first such Repurchase Notice, greater than the Warrants Equity Percentage as of the date hereof). The “Warrants Equity Percentage” as of any day is the
fraction (A) the numerator of which is the product of the Number of Warrants and the Warrant Entitlement and (B) the denominator of which is the number of Shares outstanding on such day. Company agrees to indemnify and hold harmless JPMorgan and its
affiliates and their respective officers, directors, employees, affiliates, 

  
 A subsidiary of J.P. Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York
State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 8 

	 	  	advisors, agents and controlling persons (each, an “Indemnified Person” ) from and against any and all losses (including losses relating to JPMorgan’s
hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from hedging activities or cessation of hedging activities and any losses in connection
therewith with respect to this Transaction), claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, which an Indemnified Person actually may become subject to, a result of Company’s
failure to provide JPMorgan with a Repurchase Notice on the day and in the manner specified in this Section 9(c), and to reimburse, within 30 days, upon written request, each of such Indemnified Persons for any reasonable legal or other expenses
incurred in connection with investigating, preparing for, providing testimony or other evidence in connection with or defending any of the foregoing. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or
demand shall be brought or asserted against the Indemnified Person, such Indemnified Person shall promptly notify the Company in writing, and the Company, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory to the
Indemnified Person to represent the Indemnified Person and any others the Company may designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding. Company shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, Company agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such
settlement or judgment. Company shall not, without the prior written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and
indemnity could have been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding on terms
reasonably satisfactory to such Indemnified Person. If the indemnification provided for in this paragraph (c) is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then
Company, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities. The remedies provided for in this paragraph
(c) are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity. The indemnity and contribution agreements contained in this paragraph (c) shall remain operative and in
full force and effect regardless of the termination of this Transaction. 

  

	 	(d)	Regulation M. The Company was not on the Trade Date and is not on the date hereof engaged in a distribution, as such term is used in Regulation M under the Securities
Exchange Act of 1934, as amended ( “Exchange Act” ), of any securities of Company, other than a distribution meeting the requirements of the exception set forth in sections 101(b)(10) and 102(b)(7) of Regulation M. The
Company shall not, until the fifth Exchange Business Day immediately following the Trade Date, engage in any such distribution. 

  

	 	(e)	No Manipulation. The Company is not entering into this Transaction to create actual or apparent trading activity in the Shares (or any security convertible into or
exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares). 

  

	 	(f)	Board Authorization. Company represents that it is entering into the Transaction, solely for the purposes stated in the board resolution authorizing this Transaction
and in its public disclosure. Company further represents that there is no internal policy, whether written or oral, of Company that would prohibit Company from entering into any aspect of this Transaction, including, but not limited to, the sale of
Shares to be made pursuant hereto. 

  
 A
subsidiary of J.P. Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank.

 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 9 

	 	(g)	Transfer or Assignment. Company may not transfer any of its rights or obligations under this Transaction without the prior written consent of JPMorgan. JPMorgan
may transfer or assign all or any portion of its rights or obligations under this Transaction without consent of the Company. If JPMorgan, in its sole discretion, determines that its “beneficial ownership” (within the meaning of Section 16
of the Exchange Act and rules promulgated thereunder) exceeds 8.0% or more of the Company’s outstanding Shares and, in its sole discretion, JPMorgan is unable after its commercially reasonable efforts to effect a transfer or assignment on
pricing terms and in a time period reasonably acceptable to JPMorgan that would reduce its “beneficial ownership” to 7.5%, JPMorgan may designate any Exchange Business Day as an Early Termination Date with respect to a portion (the
“Terminated Portion” ) of this Transaction, such that its “beneficial ownership” following such partial termination will be equal to or less than 8.0%. In the event that JPMorgan so designates an Early Termination
Date with respect to a portion of this Transaction, a payment shall be made pursuant to Section 6 of the Agreement as if (i) an Early Termination Date had been designated in respect of a Transaction having terms identical to this Transaction and a
Number of Warrants equal to the Terminated Portion, (ii) the Company and JPMorgan shall both be Affected Parties with respect to such partial termination and (iii) such Transaction shall be the only Terminated Transaction. For the avoidance of
doubt, if JPMorgan assigns or terminates any Warrants hereunder, each Daily Number of Warrants not previously settled as set forth in Annex A hereto shall be reduced proportionally, as calculated by the Calculation Agent. Notwithstanding any other
provision in this Confirmation to the contrary requiring or allowing JPMorgan to purchase, sell, receive or deliver any shares or other securities to or from Company, JPMorgan may designate any of its affiliates to purchase, sell, receive or deliver
such shares or other securities and otherwise to perform JPMorgan’s obligations in respect of this Transaction and any such designee may assume such obligations. JPMorgan shall be discharged of its obligations to Company to the extent of any
such performance. 

  

	 	(h)	Amendment. Paragraph (i) of Section 9.7(b) of the Equity Definitions is hereby amended for purposes of this Transaction by replacing “two-year” with “90
calendar day”. 

  

	 	(i)	Damages. Neither party shall be liable under Section 6.10 of the Equity Definitions for special, indirect or consequential damages, even if informed of the possibility
thereof. 

  

	 	(j)	Early Unwind. In the event the sale of Convertible Debentures is not consummated with the initial purchasers for any reason, other than as a result of a breach by the
initial purchasers, by the close of business in New York on May 11, 2004 (or such later date as agreed upon by the parties) (May 11, 2004 or such later date as agreed upon being the “Early Unwind Date” ), this Transaction
shall automatically terminate (the “Early Unwind” ), on the Early Unwind Date and (i) the Transaction and all of the respective rights and obligations of JPMorgan and Company under the Transaction shall be cancelled and
terminated and (ii) each party shall be released and discharged by the other party from and agrees not to make any claim against the other party with respect to any obligations or liabilities of the other party arising out of and to be performed in
connection with the Transaction either prior to or after the Early Unwind Date; provided that Company shall purchase from JPMorgan on the Early Unwind Date all Shares purchased by JPMorgan or one or more of its affiliates in connection with
hedging this Transaction and assume, or reimburse the cost of, derivatives entered into by JPMorgan or one or more of its affiliates in connection with hedging this Transaction. The purchase price paid by the Company shall be JPMorgan’s actual
cost of such Shares and derivatives as JPMorgan informs Company and shall be paid in immediately available funds on the Early Unwind Date. JPMorgan and Company represent and acknowledge to the other that, subject to the proviso included in the
preceding sentence, upon an Early Unwind, all obligations with respect to the Transaction shall be deemed fully and finally discharged. 

  

	 	(k)	Dividends. If at any time during the period from and including the Trade Date, to but excluding the final Expiration Date, an ex-dividend date for a cash dividend
occurs with respect to the Shares (an “Ex-Dividend Date” ), and that dividend is greater than the Regular Dividend on a per share 

  
 A subsidiary of J.P. Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head
office 270 Park Avenue, New York, USA. 
  

 10 

	 	  	basis, then the forward value of the difference between the Regular Dividend and the per share cash dividend corresponding to that Ex-Dividend Date shall be subtracted from the
Strike Price. “Regular Dividend” shall mean USD 0.10 per Share per quarter. The forward value of any such amount shall be calculated from the Ex-Dividend Date through and including the relevant Settlement Date. The interest rate
used for the calculation of such forward values shall be the mid-market interpolated Eurodollar zero coupon swap rate with a maturity corresponding to the relevant Settlement Date, as determined by JPMorgan. 

  

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

  

	 	(m)	Additional Provisions. 

  
 (i) The first paragraph of Section 9.1(c) of the Equity Definitions is hereby amended to read as follows: (c) ‘If “Calculation Agent
Adjustment” is specified as the method of adjustment in the Confirmation of a Share Option Transaction, then following the declaration by the Issuer of the terms of any Potential Adjustment Event, the Calculation Agent will determine whether
such Potential Adjustment Event has a material effect on the theoretical value of the relevant Shares or Warrants and, if so, will (i) make appropriate adjustment(s), if any, to any one or more of:’ and, the sentence immediately preceding
Section 9.1(c)(ii) is hereby amended by deleting the words “diluting or concentrative”. 
  
 (ii) Section 9.1(e)(vi) of the Equity Definitions is hereby amended by deleting the words “other similar” between “any” and
“event” ; deleting the words “diluting or concentrative” and replacing them with “material” ; and adding the following words at the end of the sentence or “Warrants” . 
  
 (iii) Section 9.6(a)(ii) of the Equity Definitions is hereby amended by (1)
deleting from the third line thereof the word “or” after the word “official” and inserting a comma therefor, and (2) deleting the period at the end of subsection (ii) thereof and inserting the following words “or (C) at
JPMorgan’s option, the occurrence of any of the events specified in Section 5(a)(vii) (1) through (9) of the ISDA Master Agreement with respect to that Issuer”. 
  
 (iv) Notwithstanding Section 9.7 of the Equity Definitions, everything in the first paragraph of Section 9.7(b) of the
Equity Definitions after the words “Calculation Agent” in the third line through the remainder of such Section 9.7 shall be deleted and replaced with the following: 
  
 “based on an amount representing the Calculation Agent’s determination of the fair value to Buyer of an option
with terms that would preserve for Buyer the economic equivalent of any payment or delivery (assuming satisfaction of each applicable condition precedent) by the parties in respect of the relevant Transaction that would have been required after that
date but for the occurrence of the Merger Event, Nationalization, Insolvency or De-Listing Event, as the case may be”. 
  

	 	(n)	No Collateral or Setoff. Notwithstanding any provision of the Agreement or any other agreement between the parties to the contrary, the obligations of the Company
hereunder are not secured by any collateral. Obligations under this Transaction shall not be set off against any other obligations of the parties, whether arising under the Agreement, this Confirmation, under any other agreement between the parties
hereto, by operation of law or otherwise, and no other obligations of the parties shall be set off against obligations under this Transaction, whether arising under the Agreement, this Confirmation, under any other agreement between the parties
hereto, by operation 

  
 A subsidiary of J.P.
Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 11 

	 	  	of law or otherwise, and each party hereby waives any such right of setoff. Any provision in the Agreement with respect to (1) the netting of obligations of the Company or (2) the
satisfaction of the Company’s payment obligations to the extent of JPMorgan’s payment obligations to the Company in the same currency and in the same Transaction (including, without limitation Section 2(c) thereof) shall not apply to the
Company and, for the avoidance of doubt, the Company shall fully satisfy such payment obligations notwithstanding any payment obligation to the Company by JPMorgan in the same currency and in the same Transaction. In calculating any amounts under
Section 6(e) of the Agreement, notwithstanding anything to the contrary in the Agreement, clause (1) of the foregoing sentence shall apply as follows: (A) separate amounts shall be calculated as set forth in such Section 6(e) with respect to (x)
this Transaction and (y) all other Transactions, and (B) such separate amounts shall be payable pursuant to Section 6(d)(ii) of the Agreement. 

  

	 	(o)	Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events. If, in respect of this Transaction, an amount is payable by the Company
to JPMorgan, (i) pursuant to Section 9.7 of the Equity Definitions (except in the event of a Nationalization or Insolvency or a Merger Event, in each case, in which the consideration to be paid to holders of Shares consists solely of cash) or (ii)
pursuant to Section 6(d)(ii) of the Agreement (except in the event of an Event of Default in which Company is the Defaulting Party or a Termination Event in which Company is the Affected Party, other than an Event of Default of the type described in
Section 5(a)(iii), (v), (vi) or (vii) of the Agreement or a Termination Event of the type described in Section 5(b)(i), (ii), (iii), (iv), (v) or (vi) of the Agreement that resulted from an event or events outside Company’s control) (a
“Payment Obligation”), Company may elect, in its sole discretion, to satisfy any such Payment Obligation by the Share Termination Alternative (as defined below) and shall give irrevocable telephonic notice of such election to
JPMorgan, confirmed in writing within one Currency Business Day, between the hours of 9:00 a.m. and 4:00 p.m. New York local time on the Merger Date, the date of the occurrence of the Nationalization or Insolvency, or Early Termination Date, as
applicable (“Notice of Share Termination”). Upon Notice of Share Termination no later than 8:00 a.m. on the Exchange Business Day immediately following the Merger Date, the date of the occurrence of the Nationalization or
Insolvency, or Early Termination Date, as applicable, the following provisions shall apply: 

  

			
	 Share Termination Alternative:
	 	Applicable and means that Company shall deliver to JPMorgan the Share Termination Delivery Property on the date (the “Share Termination Payment Date” ) when the Payment
Obligation would otherwise be due, subject to paragraph (p)(i) below, in satisfaction, subject to paragraph (p)(ii) below, of the Payment Obligation in the manner reasonably requested by JPMorgan free of payment.
		
	 Share Termination Delivery Property:
	 	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall
adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit
Price.
		
	 Share Termination Unit Price:
	 	The value to JPMorgan of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered

  
 A subsidiary of J.P.
Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 12 

			
	 	 	as Share Termination Delivery Property, as determined by the Calculation Agent in its discretion by commercially reasonable means and notified by the Calculation Agent to Company at the time
of notification of the Payment Obligation. In the case of a Private Placement of Share Termination Delivery Units that are Restricted Shares (as defined below) as set forth in paragraph (p)(i) below, the Share Termination Unit Price shall be
determined by the discounted price applicable to such Share Termination Delivery Units. In the case of a Registered Settlement of Share Termination Delivery Units that are Restricted Shares (as defined below) as set forth in paragraph (p)(ii) below,
the Share Termination Unit Price shall be the Settlement Price as if the Merger Date were the Valuation Date, the date of the occurrence of the Nationalization or Insolvency, or Early Termination Date, as applicable.
		
	 Share Termination Delivery Unit:
	 	In the case of a Termination Event or Event of Default, one Share or, in the case of Nationalization or Insolvency or a Merger Event, a unit consisting of the number or amount of each type of
property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Nationalization or Insolvency or such Merger Event. If a Share
Termination Delivery Unit consists of property other than cash or New Shares, the Calculation Agent will replace such property with cash, New Shares or a combination thereof as components of a Share Termination Delivery Unit in such amounts, as
determined by the Calculation Agent in its discretion by commercially reasonable means, as shall have a value equal to the value of the property so replaced. If such Merger Event involves a choice of consideration to be received by holders, such
holder shall be deemed to have elected to receive the maximum possible amount of cash.
		
	 Failure to Deliver:
	 	Applicable
		
	 Other applicable provisions:
	 	If this Transaction is to be Share Termination Settled, the provisions of Sections 6.6, 6.7, 6.8, 6.9 and 6.10 (as modified above) of the Equity Definitions will be applicable, except that
all references in such provisions to “Physically-Settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as references to “Share Termination Delivery
Units”. “Share Termination Settled” in relation to this Transaction means that Share Termination Settlement is applicable to this Transaction.

  
 A subsidiary of J.P.
Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 13 

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

  

	 	(i)	If the Company elects to settle the Transaction pursuant to this clause (i) (a “Private Placement Settlement” ), then delivery of Restricted Shares by the
Company shall be effected in customary private placement procedures with respect to such Restricted Shares reasonably acceptable to JPMorgan; provided that the Company may not elect a Private Placement Settlement if, on the date of its
election, it has taken, or caused to be taken, any action that would make unavailable either the exemption pursuant to Section 4(2) of the Securities Act for the sale by the Company to JPMorgan (or any affiliate designated by JPMorgan) of the
Restricted Shares or the exemption pursuant to Section 4(1) or Section 4(3) of the Securities Act for resales of the Restricted Shares by JPMorgan (or any such affiliate of JPMorgan). The Private Placement Settlement of such Registered Shares shall
include customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to JPMorgan, due diligence rights (for JPMorgan or any designated buyer of the Restricted Shares by JPMorgan), opinions and
certificates, and such other documentation as is customary for private placement agreements, all reasonably acceptable to JPMorgan. In the case of a Private Placement Settlement, JPMorgan shall determine the appropriate discount to the Share
Termination Unit Price (in the case of settlement of Share Termination Delivery Units pursuant to paragraph (o) above) or any Settlement Price (in the case of settlement of Shares pursuant to Section 2 above) applicable to such Restricted Shares in
a commercially reasonable manner and appropriately adjust the amount of such Restricted Shares to be delivered to JPMorgan hereunder; provided that in no event such number shall be greater than 15,000,000 (the “Maximum Amount”
). Notwithstanding the Agreement or this Confirmation, the date of delivery of such Restricted Shares shall be the Exchange Business Day following notice by JPMorgan to the Company, of such applicable discount and the number of Restricted Shares
to be delivered pursuant to this clause (i). For the avoidance of doubt, delivery of Restricted Shares shall be due as set forth in the previous sentence and not be due on the Share Termination Payment Date (in the case of settlement of Share
Termination Delivery Units pursuant to paragraph (o) above) or on the Settlement Date for such Restricted Shares (in the case of settlement of Shares pursuant to Section 2 above). 

  
 A subsidiary of J.P. Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch
address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 14 

 In the event of a Private Placement, the Net Share Settlement Amount or the Payment Obligation,
respectively, with respect to Restricted Shares, shall be deemed to be the Net Share Settlement Amount or the Payment Obligation, respectively, plus an additional amount (determined from time to time by the Calculation Agent in its commercially
reasonable judgment) attributable to interest that would be earned on such Net Share Settlement Amount or the Payment Obligation, respectively, (increased on a daily basis to reflect the accrual of such interest and reduced from time to time by the
amount of net proceeds received by JPMorgan as provided herein) at a rate equal to the open Federal Funds Rate plus the Spread for the period from, and including, such Settlement Date or the date on which the Payment Obligation is due, respectively,
to, but excluding, the date of on which all of the Restricted Shares have been sold by JPMorgan (or an affiliate of JPMorgan) and calculated on an Actual/360 basis. The foregoing provision shall be without prejudice to JPMorgan’s rights under
the Agreement (including, without limitation, Sections 5 and 6 thereof). 
  
 As used in this Section 9(p)(i), “Spread” means, with respect to any Net Share Settlement Amount or Payment Obligation, respectively, the credit spread over the applicable overnight rate that
would be imposed if JPMorgan were to extend credit to Company in an amount equal to such Net Share Settlement Amount, all as determined by the Calculation Agent using its commercially reasonable judgment as of the related Settlement Date or the date
on which the Payment Obligation is due, respectively. Commercial reasonableness shall take into consideration all factors deemed relevant by the Calculation Agent, which are expected to include, among other things, the credit quality of the Company
(and any relevant affiliates) in the then-prevailing market and the credit spread of similar companies in the relevant industry and other companies having a substantially similar credit quality. 
  

	 	(ii)	If the Company elects to settle the Transaction pursuant to this clause (ii) (a “Registration Settlement” ), then the Company shall promptly (but in any event no
later than the beginning of the Resale Period) file and use its reasonable best efforts to make effective under the Securities Act a registration statement or supplement or amend an outstanding registration statement in form and substance reasonably
satisfactory to JPMorgan, to cover the resale of such Restricted Shares in accordance with customary resale registration procedures, including covenants, conditions, representations, underwriting discounts (if applicable), commissions (if
applicable), indemnities due diligence rights, opinions and certificates, and such other documentation as is customary for equity resale underwriting agreements, all reasonably acceptable to JPMorgan. If JPMorgan is satisfied with such procedures
and documentation, it shall sell the Restricted Shares pursuant to such registration statement during a period (the “Resale Period” ) commencing on the Exchange Business Day following delivery of such Restricted Shares (which, for
the avoidance of doubt, shall be (x) any Settlement Date in the case of an exercise of Shares prior to the first Expiration Date pursuant to Section 2 above, (y) the Share Termination Payment Date in case of settlement of Share Termination Delivery
Units pursuant to paragraph (o) above or (z) the Settlement Date in respect of the final Expiration Date for all Daily Number of Warrants) and ending on the earliest of (i) the Exchange Business Day on which JPMorgan completes the sale of all
Restricted Shares or, in the case of settlement of Share Termination Delivery Units, a sufficient number of Restricted Shares so that the realized net proceeds of such sales exceed the Payment Obligation (as defined above), (ii) the date upon which
all Restricted Shares have been 

  
 A subsidiary
of J.P. Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 15 

 sold or transferred pursuant to Rule 144 (or similar provisions then in force) or Rule 145(d)(1) or (2)
(or any similar provision then in force) under the Securities Act and (iii) the date upon which all Restricted Shares may be sold or transferred by a non-affiliate pursuant to Rule 144(k) (or any similar provision then in force) or Rule 145(d)(3)
(or any similar provision then in force under the Securities Act. If the Payment Obligation exceeds the realized net proceeds from such resale, Company shall transfer to JPMorgan by the open of the regular trading session on the Exchange on the
Exchange Trading Day immediately following the last day of the Resale Period the amount of such excess (the “Additional Amount” ) in cash or in a number of Shares ( “Make-whole Shares” ) in an amount that, based on
the Settlement Price on the last day of the Resale Period (as if such day was the “Valuation Date” for purposes of computing such Settlement Price), has a dollar value equal to the Additional Amount. The Resale Period shall continue to
enable the sale of the Make-whole Shares. If Company elects to pay the Additional Amount in Shares, the requirements and provisions for Registration Settlement shall apply. This provision shall be applied successively until the Additional Amount is
equal to zero. In no event shall the Company deliver a number of Restricted Shares greater than the Maximum Amount. 
  

	 	(iii)	Without limiting the generality of the foregoing, Company agrees that any Restricted Shares delivered to JPMorgan, as purchaser of such Restricted Shares, (i) may be transferred by
and among JPMorgan Chase Bank and its affiliates and Company shall effect such transfer without any further action by JPMorgan and (ii) after the minimum “holding period” within the meaning of Rule 144(d) under the Securities Act has
elapsed after any Settlement Date for such Restricted Shares, Company shall promptly remove, or cause the transfer agent for such Restricted Shares to remove, any legends referring to any such restrictions or requirements from such Restricted Shares
upon delivery by JPMorgan (or such affiliate of JPMorgan) to Company or such transfer agent of seller’s and broker’s representation letters customarily delivered by JPMorgan in connection with resales of restricted securities pursuant to
Rule 144 under the Securities Act, without any further requirement for the delivery of any certificate, consent, agreement, opinion of counsel, notice or any other document, any transfer tax stamps or payment of any other amount or any other action
by JPMorgan (or such affiliate of JPMorgan). 

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

	 	(q)	Limit on Beneficial Ownership. Notwithstanding any other provisions hereof, JPMorgan may not exercise any Warrant hereunder, and Automatic Exercise shall not
apply with respect thereto, to the extent (but only to the extent) that such receipt would result in JPMorgan directly or indirectly beneficially owning (as such term is defined for purposes of Section 13(d) of the Exchange Act) at any time in
excess of 9.0% of the outstanding Shares. Any purported delivery hereunder shall be void and have no effect to the extent (but only to the extent) that such delivery would result in JPMorgan directly or indirectly so beneficially owning in excess of
9.0% of the outstanding Shares. If any delivery owed to JPMorgan hereunder is not made, in whole or in part, as a result of this provision, the Company’s obligation to make such delivery shall not be extinguished and the Company shall make such
delivery as promptly as practicable after, but in no event later than one Business Day after, JPMorgan gives notice to the Company that such delivery would not result in JPMorgan directly or indirectly so beneficially owning in excess of 9.0% of the
outstanding Shares. 

  

	 	(r)	Share Deliveries. The Company acknowledges and agrees that, to the extent the holder of this Warrant is not then an affiliate and has not been an affiliate for
90 days (it being understood that 

  
 A subsidiary
of J.P. Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 16 

 JPMorgan will not be considered an affiliate under this Section 9(r) solely by reason of its receipt of
Shares pursuant to this Transaction), any delivery of Shares or Share Termination Property hereunder at any time after 2 years from the Trade Date shall be eligible for resale under Rule 144(k) of the Securities Act and the Company agrees to
promptly remove, or cause the transfer agent for such Shares or Share Termination Property, to remove, any legends referring to any restrictions on resale under the Securities Act from the Shares or Share Termination Property. The Company further
agrees, for any delivery of Shares or Share Termination Property hereunder at any time after 1 year from the Trade Date but within 2 years of the Trade Date, to the to the extent the holder of this Warrant then satisfies the holding period and other
requirements of Rule 144 of the Securities Act, to promptly remove, or cause the transfer agent for such Restricted Share to remove, any legends referring to any such restrictions or requirements from such Restricted Shares. Such Restricted Shares
will be de-legended upon delivery by JPMorgan (or such affiliate of JPMorgan) to the Company or such transfer agent of customary seller’s and broker’s representation letters in connection with resales of restricted securities pursuant to
Rule 144 of the Securities Act, without any further requirement for the delivery of any certificate, consent, agreement, opinion of counsel, notice or any other document, any transfer tax stamps or payment of any other amount or any other action by
JPMorgan (or such affiliate of JPMorgan). The Company further agrees that any delivery of Shares or Share Termination Delivery Property prior to the date that is 1 year from the Trade Date, may be transferred by and among JPMorgan and its affiliates
and the Company shall effect such transfer without any further action by JPMorgan. Notwithstanding anything to the contrary herein, the Company agrees that any delivery of Shares or Share Termination Delivery Property shall be effected by book-entry
transfer through the facilities of DTC, or any successor depositary, if at the time of delivery, such class of Shares or class of Share Termination Delivery Property is in book-entry form at DTC or such successor depositary. 
  

	 	(s)	Governing Law. New York law (without reference to choice of law doctrine). 

  

	 	(t)	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.

  
 A subsidiary of J.P. Morgan Chase & Co.

 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 17 

 

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

  
  

			
	J.P. Morgan Securities Inc., as agent for
	JPMorgan Chase Bank
	
	 By:/s/ J.F. Smith

	 Authorized Signatory

	Name:	 	James F. Smith, V.P.

  
  
  

			
	 Accepted and confirmed
 as of the Trade Date:

	
	LandAmerica Financial Group, Inc.
	
	 By:/s/ G. William Evans

	 Authorized Signatory

	Name:	 	G. William Evans

  
 A subsidiary of J.P.
Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 Annex A 
  

					
	Number

	  	 Expiration Date

	  	 Daily Number of Warrants

	1.	  	February 20, 2014	  	38,282
	2.	  	February 21, 2014	  	38,284
	3.	  	February 24, 2014	  	38,284
	4.	  	February 25, 2014	  	38,284
	5.	  	February 26, 2014	  	38,284
	6.	  	February 27, 2014	  	38,284
	7.	  	February 28, 2014	  	38,284
	8.	  	March 3, 2014	  	38,284
	9.	  	March 4, 2014	  	38,284
	10.	  	March 5, 2014	  	38,284
	11.	  	March 6, 2014	  	38,284
	12.	  	March 7, 2014	  	38,284
	13.	  	March 10, 2014	  	38,284
	14.	  	March 11, 2014	  	38,284
	15.	  	March 12, 2014	  	38,284
	16.	  	March 13, 2014	  	38,284
	17.	  	March 14, 2014	  	38,284
	18.	  	March 17, 2014	  	38,284
	19.	  	March 18, 2014	  	38,284
	20.	  	March 19, 2014	  	38,284
	21.	  	March 20, 2014	  	38,284
	22.	  	March 21, 2014	  	38,284
	23.	  	March 24, 2014	  	38,284
	24.	  	March 25, 2014	  	38,284
	25.	  	March 26, 2014	  	38,284
	26.	  	March 27, 2014	  	38,284
	27.	  	March 28, 2014	  	38,284
	28.	  	March 31, 2014	  	38,284
	29.	  	April 1, 2014	  	38,284
	30.	  	April 2, 2014	  	38,284
	31.	  	April 3, 2014	  	38,284
	32.	  	April 4, 2014	  	38,284
	33.	  	April 7, 2014	  	38,284
	34.	  	April 8, 2014	  	38,284
	35.	  	April 9, 2014	  	38,284
	36.	  	April 10, 2014	  	38,284
	37.	  	April 11, 2014	  	38,284
	38.	  	April 14, 2014	  	38,284
	39.	  	April 15, 2014	  	38,284
	40.	  	April 16, 2014	  	38,284
	41.	  	April 17, 2014	  	38,284
	42.	  	April 21, 2014	  	38,284
	43.	  	April 22, 2014	  	38,284
	44.	  	April 23, 2014	  	38,284
	45.	  	April 24, 2014	  	38,284
	46.	  	April 25, 2014	  	38,284
	47.	  	April 28, 2014	  	38,284
	48.	  	April 29, 2014	  	38,284
	49.	  	April 30, 2014	  	38,284
	50.	  	May 1, 2014	  	38,284
	51.	  	May 2, 2014	  	38,284
	52.	  	May 5, 2014	  	38,284
	53.	  	May 6, 2014	  	38,284
	54.	  	May 7, 2014	  	38,284
	55.	  	May 8, 2014	  	38,284
	56.	  	May 9, 2014	  	38,284
	57.	  	May 12, 2014	  	38,284
	58.	  	May 13, 2014	  	38,284
	59.	  	May 14, 2014	  	38,284
	60.	  	May 15, 2014	  	38,284

  
 A subsidiary of J.P.
Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 19LETTER AGREEMENT DATED MAY 5, 2005/LOW STRIKE CALL

 EXHIBIT 10.2 
  
 

 
  
 JPMorgan Chase Bank 
 P.O. Box 161 
 60 Victoria Embankment 
 London EC4Y 0JP 
 England 
  
 May 5, 2004 
  
 To: LandAmerica Financial Group, Inc. 
 101 Gateway Center Parkway 
 Gateway One 
 Richmond, VA 23235 
 Attention: Chief Financial Officer 
 Telephone No.: 804-267-8114 
 Facsimile No.: 804-267-8833 
  
 Re: Call Option Transaction 
  
 Reference: 
  
 The purpose of this letter agreement is to confirm the terms and conditions of the Transaction entered into between JPMorgan Chase Bank, London Branch (
“JPMorgan” ) and LandAmerica Financial Group, Inc.( “Counterparty” or the “Company” ) on the Trade Date specified below (the “Transaction” ). This letter agreement constitutes a
“Confirmation” as referred to in the ISDA Master Agreement specified below. This Confirmation shall replace any previous letter and serve as the final documentation for this Transaction. 
  
 The definitions and provisions contained in the 1996 ISDA Equity Derivatives
Definitions (the “Equity Definitions” ), as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. In the event of any inconsistency between the Equity Definitions and this
Confirmation, this Confirmation shall govern. Certain defined terms used herein have the meanings assigned to them in the Indenture to be dated May 11, 2004 between Counterparty and JPMorgan Chase Bank, as trustee (the “Indenture” )
relating to USD 125,000,000 principal amount of 3.25% Convertible Senior Debentures due 2034 (the “Convertible Debentures” ). In the event of any inconsistency between the terms defined in the Indenture and this Confirmation, the
Confirmation shall govern. 
  
 Each party is hereby advised, and
each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this
Confirmation relates on the terms and conditions set forth below. 
  
 1. This
Confirmation evidences a complete and binding agreement between JPMorgan and the Counterparty as to the terms of the Transaction to which this Confirmation relates. This Confirmation shall supplement, form a part of, and be subject to an agreement
in the form of the 2002 ISDA Master Agreement (the “Agreement” ) as if JPMorgan and the Company had executed an agreement in such form (but without any Schedule except for the election of the laws of the State of New York as the
governing law and United States dollars as the Termination Currency) on the Trade Date. In the event of any inconsistency between provisions of that Agreement and this Confirmation, this Confirmation will prevail for the purpose of the Transaction
to which this Confirmation relates. The parties hereby agree that no Transaction other than the Transaction to which this Confirmation relates shall be governed by the Agreement. 
  
 A subsidiary of J.P. Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head
office 270 Park Avenue, New York, USA. 

 

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

			
	 General Terms:
	 	 
		
	 Trade Date:
	 	May 5, 2004
		
	 Option Style:
	 	“Modified American”, as set forth under “Exercise and Valuation” below
		
	 Option Type:
	 	Call
		
	 Buyer:
	 	Counterparty
		
	 Seller:
	 	JPMorgan
		
	 Shares:
	 	The common stock of Counterparty, no par value per Share (Exchange symbol “LFG” )
		
	 Number of Options:
	 	As of any date, a number equal to the Conversion Rate (as defined in the Indenture, but without regard to 15.05 (h) of the Indenture), multiplied by the number of Convertible
Debentures in denominations of USD 1,000 principal amount issued by the Counterparty (each such USD 1,000 principal amount, a “Convertible Debenture”). For the avoidance of doubt, the Number of Options shall be reduced by (i) any
Options exercised by the Counterparty upon an Early Exercise (as defined below) and (ii) any Options exercised by the Counterparty in respect of an Exercise Period (as defined below) relating to the Convertible Debentures. In no event shall the
Number of Options be less than zero.
		
	 Option Entitlement:
	 	One Share per Option
		
	 Strike Price:
	 	USD 54.4180; provided that if the Company has specified May 15, 2014 as a redemption date for the Convertible Debentures pursuant to the terms of the Indenture, the Strike Price will
be multiplied by 100.25%.
		
	 Premium:
	 	USD 32,049,483.69
		
	 Premium Payment Date:
	 	May 11, 2004
		
	 Exchange:
	 	The New York Stock Exchange
		
	 Related Exchange(s):
	 	The principal exchange(s) for options contracts or futures contracts, if any, with respect to the Shares
		
	Exercise and Valuation:	 	 
		
	 Exercise Period:
	 	Notwithstanding the Equity Definitions, the Exercise Period shall be, in respect of the Exercise Options (as defined below), each period commencing from the date a

  
 A subsidiary of J.P.
Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 2 

 

 
  

			
	 	 	notice of conversion is submitted to the Counterparty by a holder of Convertible Debentures to and including the Exchange Business Day immediately preceding the first day of the Cash
Settlement Averaging Period for such Exercise Options; provided that if the Company has specified May 15, 2014 as a redemption date for the Convertible Debentures pursuant to the terms of the Indenture, the final day of the Exercise Period
shall be May 14, 2014; provided further that if the Company has not specified May 15, 2014 as a redemption date for the Convertible Debentures pursuant to the terms of the Indenture, notices of conversion received by the Company from holders
of Convertible Debentures following the date that is twelve (12) Exchange Business Days prior to May 15, 2014 shall not result in the commencement of an Exercise Period and no Exercise Options will be exercised or deemed exercised in respect of such
notices of conversion of Convertible Debentures.
		
	 Exercise Options:
	 	The lesser of (i) the Number of Options and (ii) a number of Options equal to the Conversion Rate (but without regard to any adjustment under Section 15.05(h) of the Indenture) of Convertible
Debentures surrendered to Counterparty for conversion times the number of such Convertible Debentures.
		
	 Expiration Time:
	 	The Valuation Time
		
	 Expiration Date:
	 	Subject to the second proviso in the definition of Exercise Period above, in respect of any Exercise Options, the earliest of (i) May 15, 2014, (ii) the final day of the Exercise Period in
respect of such Exercise Options, and (iii) the day the Number of Options is zero.
		
	 Multiple Exercise:
	 	Applicable, as described herein.
		
	 Automatic Exercise:
	 	Applicable; and means that in respect of any Exercise Period a number of Options not previously exercised hereunder equal to the Exercise Options shall be deemed to be exercised on the
Expiration Date for the Exercise Period relating to such Exercise Options; provided that Counterparty has notified JPMorgan (in writing or orally) of the first day of the Cash Settlement Averaging Period and the Settlement Date for and the
number of such Exercise Options on or prior to such Expiration Date; provided further that if the Company has specified May 15, 2014 as a redemption date for the Convertible Debentures pursuant to the terms of the Indenture, the notice
required pursuant to the preceding proviso need not specify the first day of the Cash Settlement Averaging Period or the Settlement Date.

  
 A subsidiary of J.P.
Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 3 

 

 
  

			
	 Notice of Exercise:
	 	Notwithstanding anything to the contrary in the Equity Definitions, in order to exercise any Options (whether an exercise of Exercise Options relating to the conversion of Convertible
Debentures or an Early Exercise) Counterparty must notify JPMorgan (in writing or orally) at least one Exchange Business Day prior to the first day of the Cash Settlement Averaging Period for the Options being exercised of (i) the number of such
Options and (ii) the first day of the Cash Settlement Averaging Period and the Settlement Date; provided that if the Company has specified May 15, 2014 as a redemption date for the Convertible Debentures pursuant to the terms of the
Indenture, such notice may be given on or prior to the Expiration Date for such Exercise Options and need only specify the number of such Exercise Options.
		
	 Valuation Time:
	 	At the close of trading of the regular trading session on the Exchange
		
	 Early Exercise:
	 	The Counterparty may at any time, and from time to time, from the Trade Date to and including April 15, 2014, exercise all or any portion of the unexercised Options as set forth in its notice
of exercise to JPMorgan.
		
	 	 	Settlement Terms:
		
	 Net Share Settlement:
	 	Applicable
		
	 Net Shares:
	 	In respect of any Option exercised or deemed exercised, a number of Shares equal to sum of the quotients, for each Valid Day during the Cash Settlement Averaging Period for such Option, of
(i) the Relevant Price, less the Strike Price, divided by (ii) the Reference Price on such Valid Day, divided by (iii) 10. JPMorgan will deliver cash in lieu of any fractional Shares valued at the Relevant Price.
		
	 Valid Day:
	 	An Exchange Business Day on which the Exchange is open for trading during its regular trading session and there is no Market Disruption Event with respect to the Shares.
		
	 Relevant Price:
	 	In respect of any Option exercised or deemed exercised, the average of the Reference Prices for each Valid Day during the Cash Settlement Averaging Period for such Options.
		
	 Reference Price
	 	The official closing price per Share on the Exchange at the Valuation Time.

  
 A subsidiary of J.P.
Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 4 

 

 
  

			
	 Cash Settlement Averaging Period
	  	(i) In respect of an Early Exercise, the ten (10) consecutive Valid Days immediately following the receipt by JPMorgan of a notice of exercise delivered by Counterparty as provided above and
(ii) for any Exercise Options relating to the conversion of Convertible Debentures, (x) if the Company has not specified May 15, 2014 as a redemption date for the Convertible Debentures pursuant to the terms of the Indenture, the ten (10)
consecutive Valid Days commencing on and including the second Exchange Business Day following the receipt by the Company of a notice of voluntary conversion by a holder of Convertible Debentures or (y) if the Company has specified May 15, 2014 as a
redemption date for the Convertible Debentures pursuant to the terms of the Indenture, the ten (10) consecutive Valid Days commencing on and including May 1, 2014.
		
	 Settlement Date:
	  	For any Options exercised or deemed exercised, the Settlement Date shall be the Exchange Business Day following the last day of the Cash Settlement Averaging Period.
		
	 Failure to Deliver:
	  	Applicable
		
	 Other Applicable Provisions:
	  	The provisions of Sections 6.6, 6.7, 6.8, 6.9 and 6.10 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-Settled” shall be
read as references to “Net Share Settled”. “Net Share Settled” in relation to any Option means that Net Share Settlement is applicable to that Option.
		
	 	  	3. Additional Terms applicable to the Transaction:
		
	Adjustments applicable to the Transaction:	  	 
		
	 Potential Adjustment Events:
	  	Notwithstanding Section 9.1(e) of the Equity Definitions, a “Potential Adjustment Event” means any occurrence of any event or condition, as set forth in Section 15.05 of the
Indenture that would result in an adjustment to the Conversion Rate of the Convertible Debentures; provided that in no event shall there be any adjustment hereunder as a result of an adjustment to the Conversion Rate pursuant to Section
15.05(h) of the Indenture.
		
	 Method of Adjustment:
	  	Calculation Agent Adjustment, and means that, notwithstanding Section 9.1(c) of the Equity Definitions, upon any adjustment to the Conversion Rate of the Convertible Debentures pursuant to
the Indenture (other than Section 15.05(h) of the Indenture), the Calculation Agent will make a corresponding adjustment to any one or more of the Strike Price, Number of Options, the Option Entitlement and any other variable relevant to the
exercise, settlement or payment for the Transaction.

  
 A subsidiary of J.P.
Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 5 

 

 
  
  

			
		
	 	  	Extraordinary Events applicable to the Transaction:
		
	 Merger Events:
	  	Notwithstanding Section 9.2(a) of the Equity Definitions, a “Merger Event” means the occurrence of any event or condition set forth in Section 12.01 of the
Indenture.
		
	 Consequence of Merger Events:
	  	Notwithstanding Section 9.3 of the Equity Definitions, upon the occurrence of a Merger Event, the Calculation Agent shall make a corresponding adjustment in respect of any adjustment under
the Indenture to any one or more of the nature of the Shares, Strike Price, Number of Options, the Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction.
		
	 Additional Termination Events:
	  	If an event of default with respect to Counterparty shall occur under the terms of the Convertible Debentures as set forth in Section 7.01 of the Indenture, then such event shall constitute
an Additional Termination Event applicable to this Transaction and, with respect to such event (i) Counterparty shall be deemed to be Affected Party and JPMorgan shall be deemed to be the party that is not the Affected Party and (ii) JPMorgan shall
be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement.
		
	 4. Calculation Agent:
	  	JPMorgan, whose calculations and determinations shall be made in good faith and in a commercially reasonable manner, including with respect to calculations and determinations that are made in
its sole discretion.

  
 5. Account Details: 
  

	 	(a)	Account for payments to Counterparty: 

  
     SunTrust Bank 
     ABA: 061000104 
     Acct: LandAmerica Financial Group 
     Acct No.: 8801884902 
  
   Account for delivery of Shares to Counterparty: 
  
     To be determined in advance of any such delivery. 
  

	 	(b)	Account for payments to JPMorgan: 

  
     JPMorgan Chase Bank, New York 
     ABA: 021 000 021 
     Favour: JPMorgan Chase Bank – London

     A/C: 0010962009 CHASUS33 
  

A subsidiary of J.P. Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number
BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA.

  

 6 

 

 
  
 Account for delivery of
Shares from JPMorgan: 
  
     DTC 060

  
 6. Offices: 
  
 The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party. 
  
 The Office of JPMorgan for the Transaction is: 
  
     JP Morgan Chase Bank 
     London Branch 
     P.O. Box 161 
     60 Victoria Embankment 
     London EC4Y 0JP 
     England 
  
 7. Notices: For purposes of this
Confirmation: 
  

	 	(a)	Address for notices or communications to Counterparty: 

  
     LandAmerica Financial Group, Inc. 
     101 Gateway Center Parkway 
     Gateway One 
     Richmond, VA 23235 
     Attention: Chief Financial Officer 
     Telephone No.: 804-267-8114 
     Facsimile No.: 804-267-8833 
  
 Address for notices or communications to JPMorgan: 
  
     JPMorgan Chase Bank 
     277 Park Avenue, 11th Floor 
     New York, NY 10172 
     Attention: Kevin J. Moran 
     EDG Corporate Marketing 
     Telephone No.: (212) 622-6707 
     Facsimile No.: (212) 622-8534 
  
 8. Representations, Warranties of the Counterparty 
  

	 	(a)	The Counterparty hereby represents and warrants to JPMorgan that the Counterparty has been duly incorporated and is validly existing as a corporation in good standing under the laws
of its jurisdiction of incorporation, with power and authority (corporate and other) to own its properties and conduct its business as described in the Offering Memorandum relating to the Convertible Debentures dated May 5, 2004 (the
“Offering Memorandum”); and has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties, or conducts any
business, so as to require such qualification, other than where the failure to be so qualified or in good standing would not result in any material adverse change, or any development involving a prospective material adverse change, in or affecting
the business, financial position, stockholders’ equity or results of operations of the Counterparty and its subsidiaries, taken as a whole ( “Material Adverse Effect ”). 

  
 A subsidiary of J.P. Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch
address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 7 

 

 
  

	 	(b)	The Counterparty hereby represents and warrants to JPMorgan that the Counterparty has all necessary corporate power and authority to execute, deliver and perform its obligations in
respect of this Transaction; such execution, delivery and performance have been duly authorized by all necessary corporate action on the Counterparty’s part; and this Confirmation has been duly authorized by the Counterparty, and when executed
and delivered by the Counterparty (assuming the due authorization, execution and delivery thereof by JPMorgan) shall constitute the legal, valid and binding obligation of the Counterparty, enforceable against the Counterparty in accordance with its
terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity,
including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) and except that rights to indemnification and contribution thereunder may be limited by
federal or state securities laws or public policy relating thereto. 

  

	 	(c)	The Counterparty hereby represents and warrants to JPMorgan that neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations of the
Counterparty hereunder will conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the
Counterparty or any of its subsidiaries which are “significant subsidiaries” within the meaning of Regulation S-X promulgated under the Securities Act of 1933 (the “Securities Act” ) (each, a “Significant
Subsidiary” and collectively, the “Significant Subsidiaries” ) under, any material indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Counterparty or any of its Significant
Subsidiaries is a party or by which the Counterparty or any of its Significant Subsidiaries is bound or to which any of the property or assets of the Counterparty or any of its subsidiaries is subject, nor will any such action result in any
violation of the provisions of the articles of incorporation or the bylaws of the Counterparty or any applicable law or statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Counterparty,
its Significant Subsidiaries or any of their respective properties. 

  

	 	(d)	The Counterparty hereby represents and warrants to JPMorgan that no consent, approval, authorization, order, license, registration or qualification of or with any such court or
governmental agency or body is required in connection with the execution, delivery or performance by the Counterparty of this Confirmation, except such consents, approvals, authorizations, orders, licenses, registrations or qualifications as may be
required under the Securities Act or state securities laws. 

  

	 	(e)	The Counterparty hereby represents and warrants to JPMorgan that other than as set forth, incorporated by reference or contemplated in the Offering Memorandum, there are no legal or
governmental investigations, actions, suits or proceedings pending or, to the knowledge of the Counterparty, threatened against or affecting the Counterparty or any of its subsidiaries or any of their respective properties or to which the
Counterparty or any of its subsidiaries is or may be a party or to which any property of the Counterparty or any of its subsidiaries is or may be the subject which, if determined adversely to the Counterparty or any of its subsidiaries, could
individually or in the aggregate reasonably be expected to have a (i) Material Adverse Effect or (ii) a material adverse effect on the consummation of the transactions contemplated in this Confirmation. 

  
 A subsidiary of J.P. Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch
address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 8 

 

 
  

	 	(f)	The Counterparty hereby represents and warrants to JPMorgan that the Offering Memorandum and the documents incorporated by reference therein (except the statement on page 41 of the
Company’s Annual Report on Form 10-K for the year ended December 31, 2003 (the “Counterparty’s 2003 10-K” ) and page F-37 of the notes to the consolidated financial statements included in the Counterparty’s 2003 10-K
relating to covenant compliance) do not, as of the Trade Date, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided, however, this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information relating to any initial purchaser furnished to the
Counterparty in writing by such initial purchaser. 

  

	 	(g)	The Counterparty hereby represents and warrants to JPMorgan that it is an “eligible contract participant” (as such term is defined in Section 1(a)(12) of the Commodity
Exchange Act, as amended). 

  

	 	(h)	The Counterparty hereby represents and warrants to JPMorgan that the Counterparty is not an “investment company” or a company “controlled” by an “investment
company”, in each case within the meaning of the Investment Company Act of 1940, as amended. 

  

	 	(i)	The Counterparty represents and warrants to JPMorgan that the Counterparty and each of its affiliates is not, on the date hereof, in possession of any material non-public
information with respect to Counterparty. 

  

	 	(j)	The Counterparty shall deliver an opinion of counsel, dated as of the Trade Date, to JPMorgan with respect to the matters set forth in clauses (a) to (d) and (g) to (h) of this
Section 8, with modifications and qualifications as agreed to by both parties. 

  

	 	(k)	The Counterparty shall deliver a statement of counsel that nothing has come to its attention that causes them to believe that (except for the financial statements and related notes
and schedules to the Offering Memorandum, other financial information and data included therein, as to which such counsel need not express any belief) the Offering Memorandum when issued contained, or as of the date such statement is delivered
contains, any untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. With respect to such
statement, counsel may indicate their belief is based upon their participation in the preparation of the Offering Memorandum (and any amendment or supplement thereto) and the review and discussion of the contents thereof but is without independent
check or verification except as specified. 

  

	 	(l)	If the Initial Purchasers party to the Purchase Agreement among the Counterparty and J.P. Morgan Securities Inc., as representative of the initial purchasers, dated as of May 5,
2004, relating to the purchase of the Convertible Debentures exercise their right to receive additional Convertible Debentures pursuant to the Initial Purchasers’ option to purchase additional Convertible Debentures, then, at the discretion of
the Counterparty, JPMorgan and the Counterparty will either enter into a new confirmation or amend this Confirmation to provide for such increase in Convertible Debentures (but on pricing terms acceptable to JPMorgan and the Counterparty) (such
additional confirmation or amendment to this Confirmation to provide for the payment by the Counterparty to JPMorgan of the additional premium related thereto). 

  
 A subsidiary of J.P. Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head
office 270 Park Avenue, New York, USA. 
  

 9 

 

 
  
 9. Other Provisions: 
  

	 	(a)	No Reliance, etc. Each party represents that (i) it is entering into the Transaction evidenced hereby as principal (and not as agent or in any other capacity); (ii)
neither the other party nor any of its agents are acting as a fiduciary for it; (iii) it is not relying upon any representations except those expressly set forth in the Agreement or this Confirmation; (iv) it has not relied on the other party for
any legal, regulatory, tax, business, investment, financial, and accounting advice, and it has made its own investment, hedging, and trading decisions based upon its own judgment and not upon any view expressed by the other party or any of its
agents; and (v) it is entering into this Transaction with a full understanding of the terms, conditions and risks thereof and it is capable of and willing to assume those risks. 

  

	 	(b)	Share De-listing Event. If at any time during the period from and including the Trade Date, to and including May 15, 2014, the Shares cease to be listed or quoted on
the Exchange for any reason (other than a Merger Event as a result of which the shares of common stock underlying the Options are listed or quoted on The New York Stock Exchange, The American Stock Exchange or the NASDAQ National Market System (or
their respective successors) (the “Successor Exchange” )) and are not immediately relisted or quoted as of the date of such de-listing on the Successor Exchange, then Cancellation and Payment (as defined in Section 9.6 of the Equity
Definitions treating the “Announcement Date” as the date of first public announcement that the Share De-Listing will occur and the “Merger Date” as the date of the Share De-Listing) shall apply, and the date of the
de-listing shall be deemed the date of termination for purposes of calculating any payment due from one party to the other in connection with the cancellation of this Transaction. If the Shares are immediately re-listed on a Successor Exchange upon
their de-listing from the Exchange, this Transaction shall continue in full force and effect, provided that the Successor Exchange shall be deemed to be the Exchange for all purposes hereunder. In addition, the Calculation Agent shall make any
adjustments it deems necessary to the terms of the Transaction in accordance with Calculation Agent Adjustment method as defined under Section 9.1(c) of the Equity Definitions. 

  

	 	(c)	Repurchase Notices. Counterparty shall, on any day on which Counterparty effects any repurchase of Shares, promptly give JPMorgan a written notice of such repurchase
(a “Repurchase Notice” ) on such day if following such repurchase, the Options Equity Percentage as determined on such day is (i) equal to or greater than 8.0% and (ii) greater by 0.5% than the Options Equity Percentage included in
the immediately preceding Repurchase Notice (or, in the case of the first such Repurchase Notice, greater than the Options Equity Percentage as of the date hereof). The “Options Equity Percentage” as of any day is the fraction (A)
the numerator of which is the product of the Number of Options and the Option Entitlement and (B) the denominator of which is the number of Shares outstanding on such day. Counterparty agrees to indemnify and hold harmless JPMorgan and its
affiliates and their respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified Person” ) from and against any and all losses (including losses relating to JPMorgan’s
hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from hedging activities or cessation of hedging activities and any losses in connection
therewith with respect to this Transaction), claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, which an Indemnified Person may become subject to, as a result of Counterparty’s
failure to provide JPMorgan with a Repurchase Notice on the day and in the manner specified in this Section 9(c), and to reimburse, within 30 days, upon written 

  
 A subsidiary of J.P. Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head
office 270 Park Avenue, New York, USA. 
  

 10 

 

 
  
 request, each of such
Indemnified Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony or other evidence in connection with or defending any of the foregoing. If any suit, action, proceeding
(including any governmental or regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person, such Indemnified Person shall promptly notify the Counterparty in writing, and the Counterparty, upon request of
the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others the Counterparty may designate in such proceeding and shall pay the fees and expenses of such counsel
related to such proceeding. Counterparty shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, Counterparty agrees to
indemnify any Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of the Indemnified Person, effect any settlement of any pending or threatened
proceeding in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified Person from
all liability on claims that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified Person. If the indemnification provided for in this paragraph (c) is unavailable to an Indemnified Person or insufficient in
respect of any losses, claims, damages or liabilities referred to therein, then Counterparty, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such
losses, claims, damages or liabilities. The remedies provided for in this paragraph (c) are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity. The indemnity and
contribution agreements contained in this paragraph (c) shall remain operative and in full force and effect regardless of the termination of this Transaction. 
  

	 	(d)	Regulation M. The Counterparty was not on the Trade Date and is not on the date hereof engaged in a distribution, as such term is used in Regulation M under the
Securities Exchange Act of 1934, as amended (“Exchange Act”), of any securities of Counterparty, other than a distribution meeting the requirements of the exception set forth in sections 101(b)(10) and 102(b)(7) of Regulation M. The
Counterparty shall not, until the fifth Exchange Business Day immediately following the Trade Date, engage in any such distribution. 

  

	 	(e)	No Manipulation. The Counterparty is not entering into this Transaction to create actual or apparent trading activity in the Shares (or any security convertible into
or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares). 

  

	 	(f)	Number of Repurchased Shares. Counterparty represents that it could have purchased Shares, in an amount equal to the product of the Number of Options and the Option
Entitlement, on the Exchange or otherwise, in compliance with applicable law, its organizational documents and any orders, decrees, contractual agreements binding upon Counterparty, on the Trade Date. 

  

	 	(g)	Board Authorization. Each of this Transaction and the issuance of the Convertible Debentures was approved by its board of directors and publicly announced, solely for
the purposes stated in such board resolution and public disclosure and, prior to any exercise of Options hereunder, Counterparty’s board of directors will have duly authorized any repurchase of Shares pursuant to this Transaction. Counterparty
further represents that 

  
 A subsidiary of J.P.
Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 11 

 

 
  
 there is no internal policy,
whether written or oral, of Counterparty that would prohibit Counterparty from entering into any aspect of this Transaction, including, but not limited to, the purchases of Shares to be made pursuant hereto. 
  

	 	(h)	Transfer or Assignment. Neither party may transfer any of its rights or obligations under this Transaction without the prior written consent of the non-transferring
party; provided that if, as determined at JPMorgan’s sole discretion, its “beneficial ownership” (within the meaning of Section 16 of the Exchange Act and rules promulgated thereunder) exceeds 8.0% of Counterparty’s
outstanding Shares, JPMorgan may transfer or assign a number of Options sufficient to reduce such “beneficial ownership” to 7.5% to any third party with a rating for its long term, unsecured and unsubordinated indebtedness of A+ or better
by Standard and Poor’s Rating Group, Inc. or its successor (“S&P”), or A1 or better by Moody’s Investor Service, Inc. (“Moody’s”) or, if either S&P or Moody’s ceases to rate such debt, at
least an equivalent rating or better by a substitute agency rating mutually agreed by Counterparty and JPMorgan. If, in the discretion of JPMorgan, JPMorgan is unable to effect such transfer or assignment after its commercially reasonable efforts on
pricing terms reasonably acceptable to JPMorgan and within a time period reasonably acceptable to JPMorgan, JPMorgan may designate any Exchange Business Day as an Early Termination Date with respect to a portion (the “Terminated
Portion”) of this Transaction, such that its “beneficial ownership” following such partial termination will be equal to or less than 8.0%. In the event that JPMorgan so designates an Early Termination Date with respect to a
portion of this Transaction, a payment shall be made pursuant to Section 6 of the Agreement as if (i) an Early Termination Date had been designated in respect of a Transaction having terms identical to this Transaction and a Number of Options equal
to the Terminated Portion, (ii) the Counterparty and JPMorgan shall both be Affected Parties with respect to such partial termination and (iii) such Transaction shall be the only Terminated Transaction. Notwithstanding any other provision in this
Confirmation to the contrary requiring or allowing JPMorgan to purchase, sell, receive or deliver any shares or other securities to or from Counterparty, JPMorgan may designate any of its affiliates to purchase, sell, receive or deliver such shares
or other securities and otherwise to perform JPMorgan’s obligations in respect of this Transaction and any such designee may assume such obligations. JPMorgan shall be discharged of its obligations to Counterparty to the extent of any such
performance. 

  

	 	(i)	Staggered Settlement. If (i) JPMorgan determines reasonably and in good faith that the number of Shares required to be delivered to Counterparty hereunder or, in
delivering such Shares, its “beneficial ownership” (within the meaning of Section 16 of the Exchange Act and rules promulgated thereunder) on any Settlement Date would exceed 8.0% of all outstanding Shares, (ii) there is a Market
Disruption Event during the Cash Settlement Averaging Period or (iii) JPMorgan determines reasonably and in good faith that there is not sufficient liquidity in the borrow market for the Shares, then JPMorgan may, by notice to Counterparty on or
prior to such Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or more dates (each, a “Staggered Settlement Date”) as follows: 

  

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

  

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

  
 A subsidiary of J.P. Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York
State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 12 

 

 
  

	 	(c)	the Net Share Settlement terms will apply on each Staggered Settlement Date, except that the Net Shares will be allocated among such Staggered Settlement Dates as specified by
JPMorgan in the notice referred to in clause (a) above. 

  

	 	(j)	Amendment. Paragraph (i) of Section 9.7(b) of the Equity Definitions is hereby amended for purposes of this Transaction by replacing “two-year” with “90
calendar day”. 

  

	 	(k)	Damages. Neither party shall be liable under Section 6.10 of the Equity Definitions for special, indirect or consequential damages, even if informed of the possibility
thereof. 

  

	 	(l)	Early Unwind. In the event the sale of Convertible Debentures is not consummated with the initial purchasers for any reason, other than as a result of a breach by the
initial purchasers, by the close of business in New York on May 11, 2004 (or such later date as agreed upon by the parties) (May 11, 2004 or such later date as agreed upon being the “Early Unwind Date”), this Transaction shall
automatically terminate (the “Early Unwind”), on the Early Unwind Date and (i) the Transaction and all of the respective rights and obligations of JPMorgan and Counterparty under the Transaction shall be cancelled and terminated and
(ii) each party shall be released and discharged by the other party from and agrees not to make any claim against the other party with respect to any obligations or liabilities of the other party arising out of and to be performed in connection with
the Transaction either prior to or after the Early Unwind Date; provided that Counterparty shall purchase from JPMorgan on the Early Unwind Date all Shares purchased by JPMorgan or one or more of its affiliates in connection with hedging this
Transaction and assume, or reimburse the cost of, derivatives entered into by JPMorgan or one or more of its affiliates in connection with hedging this Transaction. The purchase price paid by the Counterparty shall be JPMorgan’s actual cost of
such Shares and derivatives as JPMorgan informs Counterparty and shall be paid in immediately available funds on the Early Unwind Date. JPMorgan and Counterparty represent and acknowledge to the other that, subject to the proviso included in the
preceding sentence, upon an Early Unwind, all obligations with respect to the Transaction shall be deemed fully and finally discharged. 

  

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

  

	 	(n)	Additional Provisions. 

  
 (i) Section 9.6(a)(ii) of the Equity Definitions is hereby amended by (1) deleting from the third line thereof the word “or” after the word
“official” and inserting a comma therefor, and (2) deleting the period at the end of subsection (ii) thereof and inserting the following words “or (C) at JPMorgan’s option, the occurrence of any of the events specified in Section
5(a)(vii) (1) through (9) of the ISDA Master Agreement with respect to that Issuer”. 
  
 A subsidiary of J.P. Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York
State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 13 

 

 
  
 (ii) Notwithstanding Section
9.7 of the Equity Definitions, everything in the first paragraph of Section 9.7(b) of the Equity Definitions after the words “Calculation Agent” in the third line through the remainder of such Section 9.7 shall be deleted and replaced with
the following: 
  
 “based on an amount representing the
Calculation Agent’s determination of the fair value to Buyer of an option with terms that would preserve for Buyer the economic equivalent of any payment or delivery (assuming satisfaction of each applicable condition precedent) by the parties
in respect of the relevant Transaction that would have been required after that date but for the occurrence of the Nationalization or De-Listing Event, as the case may be”. 
  

	 	(o)	No Collateral or Setoff. Notwithstanding any provision of the Agreement or any other agreement between the parties to the contrary, the obligations of Counterparty
hereunder are not secured by any collateral. Obligations under this Transaction shall not be set off against any other obligations of the parties, whether arising under the Agreement, this Confirmation, under any other agreement between the parties
hereto, by operation of law or otherwise, and no other obligations of the parties shall be set off against obligations under this Transaction, whether arising under the Agreement, this Confirmation, under any other agreement between the parties
hereto, by operation of law or otherwise, and each party hereby waives any such right of setoff. In calculating any amounts under Section 6(e) of the Agreement, notwithstanding anything to the contrary in the Agreement, (1) separate amounts shall be
calculated as set forth in such Section 6(e) with respect to (i) this Transaction and (ii) all other Transactions, and (2) such separate amounts shall be payable pursuant to Section 6(d)(ii) of the Agreement. 

  

	 	(p)	Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events. If in respect of this Transaction, an amount is payable by JPMorgan to
Counterparty (i) pursuant to Section 9.7 of the Equity Definitions or (ii) pursuant to Section 6(d)(ii) of the Agreement (a “Payment Obligation”), JPMorgan may elect, in its sole discretion, to satisfy any such Payment
Obligation by the Share Termination Alternative (as defined below) by giving irrevocable telephonic notice of such election to Counterparty, confirmed in writing within one Currency Business Day, between the hours of 9:00 a.m. and 4:00 p.m. New York
local time on the Merger Date or Early Termination Date, as applicable (“Notice of Share Termination”). Upon Notice of Share Termination no later than 8:00 a.m. on the Exchange Business Day immediately following the Merger
Date or Early Termination Date, as applicable, the following provisions shall apply: 

  

			
	                  Share Termination Alternative:	 	Applicable and means that JPMorgan shall deliver to Counterparty the Share Termination Delivery Property on the date when the Payment Obligation would otherwise be due pursuant to Section 9.7
of the Equity Definitions or Section 6(d)(ii) of the Agreement, as applicable (the “Share Termination Payment Date”), in satisfaction of the Payment Obligation in the manner reasonably requested by Counterparty free of
payment.
		
	                  Share Termination Delivery Property:	 	A number of Share Termination Delivery Units, as calculated by the Calculation

  
 A subsidiary of J.P.
Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 14 

 

 
  

			
	 	 	Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall adjust the Share Termination Delivery Property by replacing any fractional
portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.
		
	 Share Termination Unit Price:
	 	The value to JPMorgan of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered as Share Termination Delivery
Property, as determined by the Calculation Agent in its discretion by commercially reasonable means and notified by the Calculation Agent to JPMorgan at the time of notification of the Payment Obligation.
		
	 Share Termination Delivery Unit:
	 	One Share or, if a Merger Event has occurred and a corresponding adjustment to this Transaction has been made, a unit consisting of the number or amount of each type of property received by a
holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Merger Event, as determined by the Calculation Agent.
		
	 Failure to Deliver:
	 	Applicable
		
	 Other applicable provisions:
	 	If this Transaction is to be Share Termination Settled, the provisions of Sections 6.6, 6.7, 6.8, 6.9 and 6.10 (as modified above) of the Equity Definitions will be applicable, except that
all references in such provisions to “Physically-Settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as references to “Share Termination Delivery
Units” . “Share Termination Settled” in relation to this Transaction means that Share Termination Settlement is applicable to this Transaction.

  

	 	(q)	Governing Law. New York law (without reference to choice of law doctrine). 

  

	 	(r)	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 

  
 A subsidiary of J.P. Morgan Chase & Co. 
 Incorporated with Limited
Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA.

 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 15 

 

 
 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. 
  
 A subsidiary of J.P. Morgan
Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA. 
  

 16 

 

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

  
 Very truly yours, 
  

			
	 J.P. Morgan Securities Inc., as agent for
 JPMorgan Chase Bank

	
	 By: /s/ J.F. Smith

	Authorized Signatory
	Name:	 	James F. Smith, V.P.

  

			
	 Accepted and confirmed
 as of the Trade
Date:

	
	LandAmerica Financial Group, Inc.
	
	 By: /s/ G. William Evans

	Authorized Signatory
	Name: G. William Evans	 	 

  
 A subsidiary of J.P.
Morgan Chase & Co. 
 Incorporated with Limited Liability as a New York State chartered commercial bank. 
 Registered in England branch number BR000746. Authorised by the FSA. 
 Registered branch address 125 London Wall, London, EC2Y 5AJ. Head office 270 Park Avenue, New York, USA.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]