Document:

Exhibit 10.2

 

Morgan Stanley & Co. International plc

c/o Morgan Stanley & Co. LLC

1585 Broadway, 5th Floor

New York, NY 10036

 

November 29, 2013                  

 

		To:	Albany Molecular Research, Inc.

26 Corporate Circle

Albany, New York 12212

Attention:          Michael M. Nolan, Vice President Finance, Chief Financial Officer and Treasurer

Telephone No.: (518) 512-2000

 

		Re:	Amendment to Call Option Transaction

 

This letter agreement
(this “Amendment”) amends the terms and conditions of the transaction (the “Transaction”)
evidenced by the letter agreement re: Call Option Transaction between Morgan Stanley & Co. International plc (“Dealer”)
and Albany Molecular Research, Inc. (“Counterparty”) dated as of November 19, 2013 (the “Confirmation”).

 

1.          Definitions.
Capitalized terms used herein without definition shall have the meanings assigned to them in the Confirmation.

 

2.          Representations
and Warranties of Counterparty. Each of the representations and warranties made pursuant to the Agreement and the Confirmation
on the Trade Date and/or the Premium Payment Date are hereby deemed to be repeated on the date hereof and/or on December 4, 2013
(the “Additional Premium Payment Date”), as the case may be, as if:

 

(a)        References
in the Confirmation to “the Trade Date” and “the date hereof” and the reference in the Agreement to “each
date on which a Transaction is entered into”, in each case, were references to the date hereof;

 

(b)        References
in the Agreement to “this Agreement” (1) in the context of execution and delivery thereof, were references to this
Amendment and (2) in all other contexts, were references to the Agreement, as supplemented by the Confirmation, as amended by this
Amendment; and

 

(c)        References
in the Confirmation (1) to “the Transaction” were references to the Transaction, as the terms thereof are amended by
this Amendment and (2) to “this Confirmation” (or related references, such as “hereunder” or “hereby”)
(x) in the context of execution and delivery thereof, were references to this Amendment and (y) in all other contexts, were
references to the Confirmation as amended by this Amendment.

 

3.          Amendment.
The Confirmation is hereby amended as follows:

 

The number
“130,000” opposite the caption “Number of Options” in Section 2 of the Confirmation is hereby replaced
with the number 150,000.

 

4.           Payment
of Additional Premium. On the Additional Premium Payment Date, Counterparty shall make a Premium payment to Dealer in
immediately available funds to an account specified by Dealer in the amount of USD 2,240,000.

 

5.          Opinions. Counterparty shall deliver to Dealer an opinion of
counsel, dated as of the Additional Premium Payment Date, with respect to the matters set forth in Sections 8(a) through (c)
of the Confirmation (giving effect to the deemed amendments under Section 2 above). In respect of obligations under the
Confirmation as amended by this Amendment, delivery of such opinion to Dealer shall be a condition precedent for the purpose
of Section 2(a)(iii) of the Agreement with respect to each such obligation of Dealer under Section 2(a)(i) of
the Agreement.

 

    	 

    	 

    

 

6.      
    Effectiveness. Subject to the immediately succeeding sentence, this Amendment shall become
effective upon execution hereof by the parties hereto. In the event that the sale of “Option Securities” (as such
term is defined in the Purchase Agreement) is not consummated by Counterparty and the Initial Purchasers for any reason, or
Counterparty fails to deliver the opinion of counsel as required under Section 5 above, in each case by 5:00 p.m. on the
Additional Premium Payment Date, or such later date as agreed by the parties (the Additional Premium Payment Date or such
later date, the “Amendment Early Unwind Date”), the amendment in Section 3 hereof and the requirement to
make the Premium payment specified in Section 4 hereof shall be null and void, and the Transaction shall remain and continue
in full force and effect as if this Amendment had not been entered into. Subject to the immediately preceding sentence, all
references in the Confirmation to “the Transaction” are deemed to be references to the Transaction as amended
hereby, and all references to “the Confirmation” are deemed to be references to the Confirmation as
amended hereby. Except as amended hereby, all the terms of the Transaction and provisions in the Confirmation shall remain
and continue in full force and effect and are hereby confirmed in all respects.

 

7.         Counterparts.
This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if
all of the signatures thereto and hereto were upon the same instrument.

 

8.        Governing Law.
The provisions of this Amendment shall be governed by the laws of the State of New York law (without reference to choice of law
doctrine).

 

    	 

    	 

    

 

Please
confirm that the foregoing correctly sets forth the terms of the agreement between Dealer and Counterparty by manually signing
this Amendment or this page hereof as evidence of agreement to such terms and providing the other information requested herein
and returning an executed copy to us.

 

	 	Yours faithfully,
	 	 
	 	MORGAN STANLEY & CO. INTERNATIONAL PLC
	 	 	 
	 	By:	/s/ Joseba Picaza
	 	 	Name: Joseba Picaza
	 	 	Title: Executive Director
	 	 	 
	 	MORGAN STANLEY & CO. LLC
	 	as Agent
	 	 	 
	 	By:	/s/ Sebastian Crapanzano
	 	 	Name: Sebastian Crapanzano
	 	 	Title: Managing Director

 

	Accepted and confirmed	 
	as of the Trade Date:	 
	 	 
	Albany Molecular Research, Inc.	 
	 	 	 
	By:	/s/ Lori M. Henderson	 
	Authorized Signatory	 
	Name:Lori M. Henderson	 

 

[Signature Page for Amendment to Call Option Transaction Confirmation]Exhibit 10.3

 

JPMorgan Chase Bank, National Association

London Branch

25 Bank Street

Canary Wharf

London E14 5JP

England

November 29, 2013

		To:	Albany Molecular Research, Inc.

26 Corporate Circle

Albany, New York 12212

		Attention:	Michael M. Nolan, Vice President Finance, Chief Financial Officer and Treasurer

Telephone No.:   (518) 512-2000

 

		Re:	Additional Warrants

 

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

 

The definitions and
provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published
by the International Swaps and Derivatives Association, Inc. (“ISDA”), are incorporated into this Confirmation.
In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern.

 

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

 

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

 

	General Terms.	 	 
	 	 	 
	Trade Date:	 	November 29, 2013
	 	 	 
	Effective Date:	 	The third Exchange Business Day immediately prior to the Premium Payment Date
	 	 	 
	Warrants:	 	Equity call warrants, each giving the holder the right to purchase a number of Shares equal to the Warrant Entitlement at a price per Share equal to the Strike Price, subject to the terms set forth under the caption “Settlement Terms” below.  For the purposes of the Equity Definitions, each reference to a Warrant herein shall be deemed to be a reference to a Call Option.

  

JPMorgan Chase Bank, National Association

Organised under the laws of the United States
as a National Banking Association.

Main Office 1111 Polaris Parkway, Columbus,
Ohio 43240

Registered as a branch in England &
Wales branch No. BR000746

Registered Branch Office 25 Bank Street,
Canary Wharf, London, E14 5JP

Authorised and regulated by the Financial
Services Authority

  

    	 

    	 

    

  

	Warrant Style:	 	European	 
	 	 	 	 
	Seller:	 	Company	 
	 	 	 	 
	Buyer:	 	Dealer	 
	 	 	 	 
	Shares:	 	The common stock of Company, par value USD 0.01 per Share (Exchange symbol “AMRI”)	 
	 	 	 	 
	Number of Warrants:	 	639,844.  For the avoidance of doubt, the Number of Warrants shall be reduced by any Warrants exercised or deemed exercised hereunder.  In no event will the Number of Warrants be less than zero.	 
	 	 	 	 
	Warrant Entitlement:	 	One Share per Warrant	 
	 	 	 	 
	Strike Price:	 	USD 18.9440.	 
	 	 	 	 
	 	 	Notwithstanding anything to the contrary in the Agreement, this Confirmation or the Equity Definitions, in no event shall the Strike Price be subject to adjustment  to the extent that, after giving effect to such adjustment,  the Strike Price would be less than USD 11.83, except for any adjustment pursuant to the terms of this Confirmation and the Equity Definitions in connection with stock splits or similar changes to Company’s capitalization.	 
	 	 	 	 
	Premium: 	 	USD 1,540,000	 
	 	 	 	 
	Premium Payment Date: 	 	December 4, 2013	 
	 	 	 	 
	Exchange: 	 	The NASDAQ Global Select Market	 
	 	 	 	 
	Related Exchange(s): 	 	All Exchanges	 
	 	 	 	 
	Procedures for Exercise.	 	 	 
	 	 	 	 
	Expiration Time: 	 	The Valuation Time	 
	 	 	 	 
	Expiration Dates: 	 	Each Scheduled Trading Day during the period from, and including, the First Expiration Date to, but excluding, the 160th Scheduled Trading Day following the First Expiration Date shall be an “Expiration Date” for a number of Warrants equal to the Daily Number of Warrants on such date; provided that, notwithstanding anything to the contrary in the Equity Definitions, if any such date is a Disrupted Day, the Calculation Agent shall make adjustments, if applicable, to the Daily Number of Warrants or shall reduce such Daily Number of Warrants to zero for which such day shall be an Expiration Date and shall designate a Scheduled Trading Day or a number of Scheduled Trading Days as the Expiration Date(s) for the remaining Daily Number of Warrants or a portion thereof for the originally scheduled Expiration Date; and provided further that if such Expiration Date has not occurred pursuant to this clause as of the eighth Scheduled Trading Day following the last scheduled Expiration Date under the Transaction, the Calculation Agent shall have the right to declare such Scheduled Trading Day to be the final Expiration Date and the Calculation Agent shall determine its good faith estimate of the fair market value for the Shares as of the Valuation Time on that eighth Scheduled Trading Day or on any subsequent Scheduled Trading Day, as the Calculation Agent shall determine using commercially reasonable means.	 

 

    	2

    	 

    

  

	First Expiration Date:	 	February 15, 2019 (or if such day is not a Scheduled Trading Day, the next following Scheduled Trading Day), subject to Market Disruption Event below.
	 	 	 
	Daily Number of Warrants:	 	For any Expiration Date, the Number of Warrants that have not expired or been exercised as of such day, divided by the remaining number of Expiration Dates (including such day), rounded down to the nearest whole number, subject to adjustment pursuant to the provisos to “Expiration Dates”.
	 	 	 
	Automatic Exercise: 	 	Applicable; and means that for each Expiration Date, a number of Warrants equal to the Daily Number of Warrants for such Expiration Date will be deemed to be automatically exercised at the Expiration Time on such Expiration Date.
	 	 	 
	Market Disruption Event:	 	Section 6.3(a) of the Equity Definitions is hereby amended by replacing clause (ii) in its entirety with “(ii) an Exchange Disruption, or” and inserting immediately following clause (iii) the phrase “; in each case that the Calculation Agent determines is material.”
	 	 	 
	 	 	Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the words “Scheduled Closing Time” in the fourth line thereof.
	 	 	 
	Valuation Terms.	 	 
	 	 	 
	Valuation Time:	 	Scheduled Closing Time; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in its reasonable discretion.
	 	 	 
	Valuation Date:	 	Each Exercise Date. 
	 	 	 
	Settlement Terms.	 	 
	 	 	 
	Settlement Method:	 	Net Share Settlement.
	 	 	 
	Net Share Settlement:	 	On the relevant Settlement Date, Company shall deliver to Dealer a number of Shares equal to the Share Delivery Quantity for such Settlement Date to the account specified herein free of payment through the Clearance System, and Dealer shall be treated as the holder of record of such Shares at the time of delivery of such Shares or, if earlier, at 5:00 p.m. (New York City time) on such Settlement Date, and Company shall pay to Dealer cash in lieu of any fractional Share based on the Settlement Price on the relevant Valuation Date.
	 	 	 
	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 for such Settlement Date, rounded down to the nearest whole number, plus any Fractional Share Amount.

  

    	3

    	 

    

  

	Net Share Settlement Amount:	 	For any Settlement Date, an amount equal to the product of (i) the number of Warrants exercised or deemed exercised on the relevant Exercise Date, (ii) the Strike Price Differential for the relevant Valuation Date and (iii) the Warrant Entitlement. 
	 	 	 
	Settlement Price:	 	For any Valuation Date, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page AMRI <equity> AQR (or any successor thereto) in respect of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time on such Valuation Date (or if such volume-weighted average price is unavailable, the market value of one Share on such Valuation Date, as determined by the Calculation Agent).  Notwithstanding the foregoing, if (i) any Expiration Date is a Disrupted Day and (ii) the Calculation Agent determines that such Expiration Date shall be an Expiration Date for fewer than the Daily Number of Warrants, as described above, then the Settlement Price for the relevant Valuation Date shall be the volume-weighted average price per Share on such Valuation Date on the Exchange, as determined by the Calculation Agent based on such sources as it deems appropriate using a volume-weighted methodology, for the portion of such Valuation Date for which the Calculation Agent determines there is no Market Disruption Event.
	 	 	 
	Settlement Dates:	 	As determined pursuant to Section 9.4 of the Equity Definitions, subject to Section 9(k)(i) hereof.
	 	 	 
	Other Applicable Provisions: 	 	The provisions of Sections 9.1(c), 9.8, 9.9, 9.11 and 9.12 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Net Share Settled.” “Net Share Settled” in relation to any Warrant means that Net Share Settlement is applicable to that Warrant.
	 	 	 
	Representation and Agreement:	 	Notwithstanding Section 9.11 of the Equity Definitions, the parties acknowledge that any Shares delivered to Dealer may be, upon delivery, subject to restrictions and limitations arising from Company’s status as issuer of the Shares under applicable securities laws.

  

		3.	Additional Terms applicable to the Transaction.

 

	Adjustments
applicable to the Transaction:	 	 
	 	 	 
	Method of Adjustment:	 	Calculation Agent Adjustment.  For the avoidance of doubt, in making any adjustments under the Equity Definitions, the Calculation Agent may make adjustments, if any, to any one or more of the Strike Price, the Number of Warrants, the Daily Number of Warrants and the Warrant Entitlement.  Notwithstanding the foregoing, any cash dividends or distributions on the Shares, whether or not extraordinary, shall be governed by Section 9(f) of this Confirmation in lieu of Article 10 or Section 11.2(c) of the Equity Definitions.

  

    	4

    	 

    

 

 

	Extraordinary Events applicable to the Transaction:
	 	 	 
	New Shares:	 	Section 12.1(i) of the Equity Definitions is hereby amended (a) by deleting the text in clause (i) thereof in its entirety (including the word “and” following clause (i)) and replacing it with the phrase “publicly quoted, traded or listed (or whose related depositary receipts are publicly quoted, traded or listed) on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors)” and (b) by inserting immediately prior to the period the phrase “and (iii) of an entity or person that is a corporation organized under the laws of the United States, any State thereof or the District of Columbia that either (x) also becomes Company under the Transaction following such Merger Event or Tender Offer or (y) is the parent of Company, provides a full and conditional guarantee of the Company’s obligations under the Transaction and of which Company is a wholly-owned subsidiary”.
	 	 	 
	Consequence of Merger Events:	 	 
	 	 	 
	Merger Event:	 	Applicable; provided that if an event occurs that constitutes both a Merger Event under Section 12.1(b) of the Equity Definitions and an Additional Termination Event under Section 9(h)(ii)(B) of this Confirmation, Dealer may elect, in its commercially reasonable judgment, whether the provisions of Section 12.2 of the Equity Definitions or Section 9(h)(ii)(B) will apply.
	 	 	 
	Share-for-Share:	 	Modified Calculation Agent Adjustment
	 	 	 
	Share-for-Other:	 	Cancellation and Payment (Calculation Agent Determination)
	 	 	 
	Share-for-Combined:	 	Cancellation and Payment (Calculation Agent Determination); provided that Dealer may elect, in its commercially reasonable judgment, Component Adjustment (Calculation Agent Determination) for all or any portion of the Transaction.
	 	 	 
	Consequence of Tender Offers:	 	 
	 	 	 
	Tender Offer:	 	Applicable; provided that Section 12.1(d) of the Equity Definitions is hereby amended by replacing “10%” with “25%” in the third line thereof; provided further that if an event occurs that constitutes both a Tender Offer under Section 12.1(d) of the Equity Definitions and an Additional Termination Event under Section 9(h)(ii)(A) of this Confirmation, Dealer may elect, in its commercially reasonable judgment, whether the provisions of Section 12.3 of the Equity Definitions or Section 9(h)(ii)(A) will apply.
	 	 	 
	Share-for-Share:	 	Modified Calculation Agent Adjustment
	 	 	 
	Share-for-Other:	 	Modified Calculation Agent Adjustment
	 	 	 
	Share-for-Combined:	 	Modified Calculation Agent Adjustment

  

    	5

    	 

    

  

	Announcement Event:	 	If an Announcement Date occurs in respect of a Merger Event (for the avoidance of doubt, determined without regard to the language in the definition of “Merger Event” following the definition of “Reverse Merger” therein) or Tender Offer (such occurrence, an “Announcement Event”), then on the earliest of the Expiration Date, Early Termination Date or other date of cancellation (the “Announcement Event Adjustment Date”) in respect of each Warrant, the Calculation Agent will determine the economic effect on such Warrant of the Announcement Event (regardless of whether the Announcement Event actually results in a Merger Event or Tender Offer, and taking into account such factors as the Calculation Agent may determine, which are limited to changes in volatility, expected dividends, stock loan rate or liquidity relevant to the Shares or the Transaction whether prior to or after the Announcement Event or for any period of time, including, without limitation, the period from the Announcement Event to the relevant Announcement Event Adjustment Date).  If the Calculation Agent determines that such economic effect on any Warrant is material, then on the Announcement Event Adjustment Date for such Warrant, the Calculation Agent may make such adjustment to the exercise, settlement, payment or any other terms of such Warrant as the Calculation Agent determines appropriate to account for such economic effect, which adjustment shall be effective immediately prior to the exercise, termination or cancellation of such Warrant, as the case may be.
	 	 	 
	Announcement Date:	 	The definition of “Announcement Date” in Section 12.1 of the Equity Definitions is hereby amended by (i) replacing the words “a firm” with the word “any” in the second and fourth lines thereof, (ii) replacing the word “leads to the” with the words “, if completed, would lead to a” in the third and the fifth lines thereof, (iii) replacing the words “voting shares” with the word “Shares” in the fifth line thereof, and (iv) inserting the words “by any entity” after the word “announcement” in the second and the fourth lines thereof.
	 	 	 
	Nationalization, Insolvency or Delisting:	 	Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the Exchange.
	 	 	 
	Additional Disruption Events:	 	 
	 	 	 
	Change in Law:	 	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the word “Shares” with the phrase “Hedge Positions” in clause (X) thereof and (ii) inserting the parenthetical “(including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)” at the end of clause (A) thereof.

 

    	6

    	 

    

  

	Failure to Deliver:	 	Not Applicable
	 	 	 
	Insolvency Filing:	 	Applicable
	 	 	 
	Hedging Disruption:	 	Applicable; provided that:
	 	 	 	 	 
	 	 	(i)	 	Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting the following two phrases at the end of such Section:
	 	 	 	 	 
	 	 	 	 	“For the avoidance of doubt, the term “equity price risk” shall be deemed to include, but shall not be limited to, stock price and volatility risk. And, for the further avoidance of doubt, any such transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing terms.”; and
	 	 	 	 	 
	 	 	(ii)	 	Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof,  after the words “to terminate the Transaction”, the words “or a portion of the Transaction affected by such Hedging Disruption”.

  

	Increased Cost of Hedging:	Not Applicable
	 	 
	Loss of Stock Borrow:	Applicable
	 	 
	Maximum Stock Loan Rate:	200 basis points
	 	 
	Increased Cost of Stock Borrow:	Applicable
	 	 
	Initial Stock Loan Rate:	25 basis points
	 	 
	Hedging Party:	For all applicable Additional Disruption Events, Dealer.
	 	 
	Determining Party:	For all applicable Extraordinary Events, Dealer.
	 	 
	Non-Reliance:	Applicable
	 	 
	Agreements and Acknowledgments 	 
	Regarding Hedging Activities:	Applicable
	 	 
	Additional Acknowledgments:	Applicable

  

	4.	           Calculation Agent.	Dealer; provided that following the occurrence and during the continuation of an Event of Default pursuant to Section 5(a)(vii) of the Agreement with respect to which Dealer is the Defaulting Party, (i) Dealer may designate a nationally or internationally recognized third-party dealer with expertise in over-the-counter corporate equity derivatives (an “Equity Derivatives Dealer”) that is not an affiliate of Dealer and with respect to which no event of the type described in Section 5(a)(vii) of the Agreement is ongoing to replace Dealer as Calculation Agent, or (ii) if Dealer does not so designate any replacement Calculation Agent by the 10th Exchange Business Day following the date a calculation or determination is required to be made hereunder by the Calculation Agent and no such calculation or determination is made, Company shall have the right to designate an independent Equity Derivatives Dealer to replace Dealer as Calculation Agent and, in each case, the parties shall work in good faith to execute any appropriate documentation required by such replacement Calculation Agent.

  

    	7

    	 

    

  

	 	Any determination or calculation by the Calculation Agent pursuant to this Confirmation, the Agreement and the Equity Definitions shall be made in good faith and in a commercially reasonable manner.  In the event the Calculation Agent makes any determination or calculations in any capacity pursuant to this Confirmation, the Agreement or the Equity Definitions, promptly following receipt of a written request from Company, the Calculation Agent shall provide an explanation in reasonable detail of the basis for such determination or calculation, it being understood that the Calculation Agent shall not be obligated to disclose any proprietary models or confidential information used by it for such determination or calculation.

  

		5.	Account Details.

 

		(a)	Account for payments to Company:

 

	Bank:	Wells Fargo Bank
	ABA#:	121000248
	Acct No.:	4123411910
	Beneficiary:	Albany Molecular Research, Inc.

Account for delivery of Shares from Company:

 

To be provided by Company

 

		(b)	Account for payments to Dealer:

 

	Bank:	JPMorgan Chase Bank, N.A.
	ABA#:	021000021
	Acct No.:	099997979
	Beneficiary:	JPMorgan Chase Bank, N.A. New York
	Ref:	Derivatives

 

Account for delivery of Shares to Dealer:

 

DTC 0060

 

		6.	Offices.

 

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

 

		(b)	The Office of Dealer for the Transaction is: London

 

JPMorgan Chase Bank, National Association

London Branch

25 Bank Street

Canary Wharf

London E14 5JP

England

 

    	8

    	 

    

  

		7.	Notices.

 

		(a)	Address for notices or communications to Company:

  

Albany Molecular Research, Inc. 

26 Corporate Circle 

Albany, New York 12212 

	Attention: 	Michael M. Nolan, Vice President Finance, Chief Financial Officer and Treasurer
	Telephone No.:	(518) 512-2000

  

		(b)	Address for notices or communications to Dealer:

 

JPMorgan Chase Bank, National Association 

EDG Marketing Support

	Email:  	edg_notices@jpmorgan.com
	 	edg_ny_corporate_sales_support@jpmorgan.com
	Facsimile No:   	1-866-886-4506

  

With a copy to:

 

	Attention:  	Santosh Sreenivasan
	Title:  	Managing Director, Head of Equity-Linked Capital Markets, Americas
	Telephone No:  	1-212-622-5604
	Facsimile No:   	1-212-622-6037

  

		8.	Representations and Warranties of Company.

 

Each of the representations and
warranties of Company set forth in Section 3 of the Purchase Agreement (the “Purchase Agreement”), dated
as of November 19, 2013, between Company and J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC, as representative of
the several initial purchasers (the “Initial Purchasers”), are true and correct and are hereby deemed to be
repeated to Dealer as if set forth herein. Company hereby further represents and warrants to Dealer on the date hereof, on and
as of the Premium Payment Date and, in the case of the representations in Section 8(d), at all times until termination of the Transaction,
that:

 

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

 

		(b)	Neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations
of Company hereunder will conflict with or result in a breach of the certificate of incorporation or by-laws (or any equivalent
documents) of Company, or any applicable law or regulation, or any order, writ, injunction or decree of any court or governmental
authority or agency, or any agreement or instrument filed as an exhibit to, or incorporated by reference into, Company’s
Form 10-K filed on March 18, 2013, as amended, Form 10-Q filed on May 9, 2013, Form 10-Q filed on August 8, 2013 or Form 10-Q filed
on November 8, 2013, in each case, with the Securities and Exchange Commission to which Company or any of its subsidiaries is a
party or by which Company or any of its subsidiaries is bound or to which Company or any of its subsidiaries is subject, or constitute
a default under, or result in the creation of any lien under, any such agreement or instrument.

 

		(c)	No consent, approval, authorization, or order of, or filing with, any governmental agency or body
or any court is required in connection with the execution, delivery or performance by Company of this Confirmation, except such
as have been obtained or made and such as may be required under the Securities Act of 1933, as amended (the “Securities
Act”) or state securities laws.

 

		(d)	A number of Shares equal to the Maximum Number of Shares (as defined below) (the “Warrant
Shares”) have been reserved for issuance by all required corporate action of Company. The Warrant Shares have been duly
authorized and, when delivered against payment therefor (which may include Net Share Settlement in lieu of cash) and otherwise
as contemplated by the terms of the Warrants following the exercise of the Warrants in accordance with the terms and conditions
of the Warrants, 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.

 

    	9

    	 

    

  

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

 

		(f)	Company is an “eligible contract participant” (as such term is defined in Section 1a(18)
of the Commodity Exchange Act, as amended, other than a person that is an eligible contract participant under Section 1a(18)(C)
of the Commodity Exchange Act).

 

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

 

		(h)	No state or local (including any non-U.S. jurisdiction’s) law, rule, regulation or regulatory
order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without
limitation a requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or
holding (however defined) Shares.

 

		(i)	Company (A) is capable of evaluating investment risks independently, both in general and with regard
to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating
the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing;
and (C) has total assets of at least USD 50 million.

 

		9.	Other Provisions.

 

		(a)	Opinions. Company shall deliver to Dealer an opinion of counsel, dated as of the
Trade Date, with respect to the matters set forth in Sections 8(a) through (d) of this Confirmation (subject to customary assumptions,
exceptions and qualifications). Delivery of such opinion to Dealer shall be a condition precedent for the purpose of Section 2(a)(iii)
of the Agreement with respect to each obligation of Dealer under Section 2(a)(i) of the Agreement.

 

		(b)	Repurchase Notices. Company shall, on any day on which Company effects any repurchase
of Shares, promptly give Dealer a written notice of such repurchase (a “Repurchase Notice”) on such day if following
such repurchase, the number of outstanding Shares on such day, subject to any adjustments provided herein, is (i) less than 30.589
million (in the case of the first such notice) or (ii) thereafter more than 0.945 million less than the number of Shares included
in the immediately preceding Repurchase Notice. Company agrees to indemnify and hold harmless Dealer 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 Dealer’s hedging activities as a consequence
of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from
hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction),
claims, damages, judgments, liabilities and reasonable expenses (including reasonable attorney’s fees), joint or several,
which an Indemnified Person actually may become subject to, as a result of Company’s failure to provide Dealer with a Repurchase
Notice on the day and in the manner specified in this paragraph, and to reimburse, within 30 days, upon written request, each of
such Indemnified Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing
testimony or other evidence in connection with or defending any of the foregoing. If any suit, action, proceeding (including any
governmental or regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person as a result
of Company’s failure to timely provide Dealer with a Repurchase Notice in accordance with this paragraph, such Indemnified
Person shall promptly notify Company in writing, and Company, upon request of the Indemnified Person, shall retain counsel reasonably
satisfactory to the Indemnified Person to represent the Indemnified Person and any others Company may designate in such proceeding
and shall pay the reasonable fees and expenses of such counsel related to such proceeding. Company shall not be liable for any
settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment
for the plaintiff, Company agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such
settlement or judgment. Company shall not, without the prior written consent of the Indemnified Person, effect any settlement of
any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnity could
have been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified
Person from all liability on claims that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified
Person. If the indemnification provided for in this paragraph is unavailable to an Indemnified Person or insufficient in respect
of any losses, claims, damages or liabilities referred to therein, then Company under such paragraph, in lieu of indemnifying such
Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses,
claims, damages or liabilities. The remedies provided for in this paragraph are not exclusive and shall not limit any rights or
remedies which may otherwise be available to any Indemnified Person at law or in equity. The indemnity and contribution agreements
contained in this paragraph shall remain operative and in full force and effect regardless of the termination of the Transaction.

 

    	10

    	 

    

  

		(c)	Regulation M. Company is not on the Trade Date engaged in a distribution, as such
term is used in Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of
any securities of Company, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and
102(b)(7) of Regulation M. Company shall not, until the second Scheduled Trading Day immediately following the Effective Date,
engage in any such distribution.

 

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

 

		(e)	Transfer or Assignment. Company may not transfer any of its rights or obligations
under the Transaction without the prior written consent of Dealer. Dealer may, without Company’s consent, transfer or assign
all or any part of its rights or obligations under the Transaction to any affiliate of Dealer, and Dealer may, with Company’s
consent (such consent not to be unreasonably withheld), transfer or assign all or any part of its rights or obligations under the
Transaction to any third party. If at any time at which (A) the Section 16 Percentage exceeds 7.5%, (B) the Warrant Equity Percentage
exceeds 15.7%, or (C) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such condition described in clauses
(A), (B) or (C), an “Excess Ownership Position”), Dealer is unable after using its commercially reasonable efforts
to effect a transfer or assignment of Warrants to a third party on pricing terms reasonably acceptable to Dealer and within a time
period reasonably acceptable to Dealer such that no Excess Ownership Position exists, then Dealer may designate any Exchange Business
Day as an Early Termination Date with respect to a portion of the Transaction (the “Terminated Portion”), such
that following such partial termination no Excess Ownership Position exists. In the event that Dealer so designates an Early Termination
Date with respect to a Terminated Portion, a payment shall be made pursuant to Section 6 of the Agreement as if (1) an Early Termination
Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Warrants equal to
the number of Warrants underlying the Terminated Portion, (2) Company were the sole Affected Party with respect to such partial
termination and (3) the Terminated Portion were the sole Affected Transaction (and, for the avoidance of doubt, the provisions
of Section 9(j) shall apply to any amount that is payable by Company to Dealer pursuant to this sentence as if Company was not
the Affected Party). The “Section 16 Percentage” as of any day is the fraction, expressed as a percentage, (A)
the numerator of which is the number of Shares that Dealer and each person subject to aggregation of Shares with Dealer under Section
13 or Section 16 of the Exchange Act and rules promulgated thereunder directly or indirectly beneficially own (as defined under
Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder) and (B) the denominator of which is the number of
Shares outstanding. The “Warrant Equity Percentage” as of any day is the fraction, expressed as a percentage,
(A) the numerator of which is the sum of (1) the product of the Number of Warrants and the Warrant Entitlement and (2) the aggregate
number of Shares underlying any other warrants purchased by Dealer from Company, and (B) the denominator of which is the number
of Shares outstanding. The “Share Amount” as of any day is the number of Shares that Dealer and any person whose
ownership position would be aggregated with that of Dealer (Dealer or any such person, a “Dealer Person”) under
any law, rule, regulation, regulatory order or organizational documents or contracts of Company that are, in each case, applicable
to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls,
holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by
Dealer in its reasonable discretion. The “Applicable Share Limit” means a number of Shares equal to (A) the
minimum number of Shares that could give rise to reporting or registration obligations or other requirements (including obtaining
prior approval from any person or entity) of a Dealer Person, or could result in an adverse effect on a Dealer Person, under any
Applicable Restriction, as determined by Dealer in its reasonable discretion, minus (B) 1% of the number of Shares outstanding.
Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive
or deliver any Shares or other securities, or make or receive any payment in cash, to or from Company, Dealer may designate any
of its affiliates to purchase, sell, receive or deliver such Shares or other securities, or make or receive such payment in cash,
and otherwise to perform Dealer’s obligations in respect of the Transaction and any such designee may assume such obligations.
Dealer shall be discharged of its obligations to Company only to the extent of any such performance.

 

    	11

    	 

    

  

		(f)	Dividends. If at any time during the period from
and including the Effective Date, to and including the last Expiration Date, an ex-dividend date for a cash dividend occurs with
respect to the Shares (an “Ex-Dividend Date”), then the Calculation Agent will adjust any of the Strike Price,
Number of Warrants and/or Daily Number of Warrants to preserve the fair value of the Warrants to Dealer after taking into
account such dividend.

 

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

 

		(h)	Additional Provisions.

 

		(i)	Amendments to the Equity Definitions:

 

		(A)	Section 11.2(a) of the Equity Definitions is hereby amended by deleting
the words “a diluting or concentrative” and replacing them with the words “a material economic”; and adding
the phrase “or Warrants; provided that such
event is not based on (a) an observable market, other than the market for the Company’s own stock or (b) an observable index,
other than an index calculated measured solely by reference to Company’s own operations” at the end of the sentence.

 

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

 

		(C)	Section 11.2(e)(vii) of the Equity Definitions
is hereby amended by deleting the words “a diluting or concentrative” and replacing them with the word “a material
economic”; and adding the phrase “or Warrants; provided that such event is not based on (a) an observable
market, other than the market for the Company’s own stock or (b) an observable index, other than an index calculated measured
solely by reference to Company’s own operations” at the end
of the sentence.

 

		(D)	Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) deleting from the fourth
line thereof the word “or” after the word “official” and inserting a comma therefor, and (2) deleting the
semi-colon at the end of subsection (B) thereof and inserting the following words therefor “or (C) 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.”

 

    	12

    	 

    

  

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

 

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

 

		(y)	replacing the phrase “neither the Non-Hedging Party nor the Lending Party lends Shares”
with the phrase “such Lending Party does not lend Shares” in the penultimate sentence.

 

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

 

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

 

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

 

		(ii)	Notwithstanding anything to the contrary in this Confirmation, upon the occurrence of one of the
following events, with respect to the Transaction, (1) Dealer shall have the right to designate such event an Additional Termination
Event and designate an Early Termination Date pursuant to Section 6(b) of the Agreement, (2) Company shall be deemed the sole Affected
Party with respect to such Additional Termination Event and (3) the Transaction, or, at the election of Dealer in its sole discretion,
any portion of the Transaction, shall be deemed the sole Affected Transaction; provided that if Dealer so designates an
Early Termination Date with respect to a portion of the Transaction, (a) a payment shall be made pursuant to Section 6 of
the Agreement as if an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction
and a Number of Warrants equal to the number of Warrants included in the terminated portion of the Transaction, and (b) for
the avoidance of doubt, the Transaction shall remain in full force and effect except that the Number of Warrants shall be reduced
by the number of Warrants included in such terminated portion:

 

		(A)	A “person” or “group” within the meaning of Section 13(d) of the Exchange
Act, other than Company, its subsidiaries and its and their employee benefit plans, has become the direct or indirect “beneficial
owner,” as defined in Rule 13d-3 under the Exchange Act, of the common equity of Company representing more than 50% of the
voting power of such common equity. Notwithstanding the foregoing, any transaction or transactions set forth in this clause (A)
shall not constitute an Additional Termination Event if (x) at least 90% of the consideration received or to be received by
all holders of the Shares, excluding cash payments for fractional Shares and cash payments made pursuant to dissenters’ appraisal
rights, in connection with such transaction or transactions consists of shares of common stock that are listed or quoted on any
of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors)
or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions, and (y) as a
result of such transaction or transactions, the Shares will consist of such consideration, excluding cash payments for fractional
Shares and cash payments made pursuant to dissenters’ appraisal rights.

 

    	13

    	 

    

		(B)	Consummation of (I) any recapitalization, reclassification or change of the Shares (other than
changes resulting from a share split or share combination or changes solely in par value) as a result of which all or substantially
all of the Shares would be converted into, or exchanged for, stock, other securities, other property or assets or (II) any share
exchange, consolidation or merger of Company pursuant to which the Shares will be converted into cash, securities or other property
or assets or (III) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially
all of the consolidated assets of Company and its subsidiaries, taken as a whole, to any person other than one of Company’s
subsidiaries. Notwithstanding the foregoing, any transaction or transactions set forth in this clause (B) shall not constitute
an Additional Termination Event if (x) at least 90% of the consideration received or to be received by all holders of the
Shares, excluding cash payments for fractional Shares and cash payments made pursuant to dissenters’ appraisal rights, in
connection with such transaction or transactions consists of shares of common stock that are listed or quoted on any of The New
York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors) or will
be so listed or quoted when issued or exchanged in connection with such transaction or transactions, and (y) as a result of
such transaction or transactions, the Shares will consist of such consideration, excluding cash payments for fractional Shares
and cash payments made pursuant to dissenters’ appraisal rights.

 

		(C)	Default by Company or any of its significant subsidiaries (as defined in Article 1, Rule 1-02 of
Regulation S-X) with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there
may be secured or evidenced, any indebtedness for money borrowed in excess of USD 10 million (or its foreign currency equivalent)
in the aggregate of Company and/or of any such significant subsidiary, whether such indebtedness now exists or shall hereafter
be created (i) resulting in such indebtedness becoming or being declared due and payable prior to its stated maturity or (ii) constituting
a failure to pay the principal or interest of any such debt when due and payable (after the expiration of all applicable grace
periods) at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, and such acceleration
shall not have been rescinded or annulled or such failure to pay shall not have been cured, as the case may be, within 30 days
after written notice to Company has been received.

 

		(D)	A final judgment for the payment of USD 10 million (or its foreign currency equivalent) or more
(excluding any amounts covered by insurance) rendered against Company or any of its significant subsidiaries (as defined in Article
1, Rule 1-02 of Regulation S-X), which judgment is not discharged or stayed within 60 days after (I) the date on which the right
to appeal thereof has expired if no such appeal has commenced, or (II) the date on which all rights to appeal have been extinguished.

 

		(E)	Dealer, despite using commercially reasonable efforts, is unable or reasonably determines that
it is impractical or illegal, to effect a commercially reasonable hedge of its exposure with respect to the Transaction in the
public market without registration under the Securities Act or as a result of any legal, regulatory or self-regulatory requirements
or related policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily
adopted by Dealer).

 

		(F)	On any day during the period from and including the Trade Date, to and including the earlier of
(x) the final Expiration Date and (y) the Share Reservation Date (if any), (I) the Notional Unwind Shares (as defined below) as
of such day exceeds a number of Shares equal to 60% of the Maximum Number of Shares, or (II) Company makes a public announcement
of any transaction or event that, in the reasonable opinion of Dealer would, upon consummation of such transaction or upon the
occurrence of such event, as applicable, and after giving effect to any applicable adjustments hereunder, cause the Notional Unwind
Shares immediately following the consummation of such transaction or the occurrence of such event to exceed a number of Shares
equal to 60% of the Maximum Number of Shares. The “Notional Unwind Shares” as of any day is a number of Shares
equal to (1) the amount that would be payable pursuant to Section 6 of the Agreement (determined as of such day as if an Early
Termination Date had been designated in respect of the Transaction and as if the Company were the sole Affected Party and the Transaction
were the sole Affected Transaction), divided by (2) the Settlement Price (determined as if such day were a Valuation Date).

 

    	14

    	 

    

  

		(i)	No Collateral or Setoff. Notwithstanding any provision of the Agreement or any other
agreement between the parties to the contrary, the obligations of Company hereunder are not secured by any collateral. Each party
waives any and all rights it may have to set off obligations arising under the Agreement and the Transaction against other obligations
between the parties, whether arising under any other agreement, applicable law or otherwise.

 

		(j)	Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events.

 

		(i)	If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event)
occurs or is designated with respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of
an Extraordinary Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be
paid to holders of Shares consists solely of cash, (ii) a Merger Event or Tender Offer that is within Company’s control,
or (iii) 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), (vii) or (viii) of the Agreement or a Termination
Event of the type described in Section 5(b) of the Agreement, in each case that resulted from an event or events outside Company’s
control), and if Company would owe any amount to Dealer pursuant to Section 6(d)(ii) of the Agreement or any Cancellation Amount
pursuant to Article 12 of the Equity Definitions (any such amount, a “Payment Obligation”), then Company shall
satisfy the Payment Obligation by the Share Termination Alternative (as defined below), unless (a) Company gives irrevocable
telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time)
on the Merger Date, Tender Offer Date, Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination
Date or date of cancellation, as applicable, of its election that the Share Termination Alternative shall not apply, (b) Company
remakes the representation set forth in Section 8(g) as of the date of such election and (c) Dealer agrees, in its sole discretion,
to such election, in which case the provisions of Section 12.7 or Section 12.9 of the Equity Definitions, or the provisions of
Section 6(d)(ii) of the Agreement, as the case may be, shall apply.

 

	Share Termination Alternative: 	If applicable, Company shall deliver to Dealer the Share Termination Delivery Property on the date (the “Share Termination Payment Date”) on which the Payment Obligation would otherwise be due pursuant to Section 12.7 or Section 12.9 of the Equity Definitions or Section 6(d)(ii) of the Agreement, as applicable, subject to Section 9(k)(i) below, in satisfaction, subject to Section 9(k)(ii) below, of the relevant Payment Obligation, in the manner reasonably requested by Dealer free of payment. 
	 	 
	Share Termination Delivery Property: 	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the relevant Payment Obligation divided by the Share Termination Unit Price.  The Calculation Agent shall adjust the amount of Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price (without giving effect to any discount pursuant to Section 9(k)(i)).

 

 

    	15

    	 

    

  

	Share Termination Unit Price: 	The value to Dealer 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.  In the case of a Private Placement of Share Termination Delivery Units that are Restricted Shares (as defined below), as set forth in Section 9(k)(i) below, the Share Termination Unit Price shall be determined by the discounted price applicable to such Share Termination Delivery Units.  In the case of a Registration Settlement of Share Termination Delivery Units that are Restricted Shares (as defined below) as set forth in Section 9(k)(ii) below, notwithstanding the foregoing, the Share Termination Unit Price shall be the Settlement Price on the Merger Date, Tender Offer Date, Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable.  The Calculation Agent shall notify Company of the Share Termination Unit Price at the time of notification of such Payment Obligation to Company or, if applicable, at the time the discounted price applicable to the relevant Share Termination Units is determined pursuant to Section 9(k)(i).  
	 	 
	Share Termination Delivery Unit: 	One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the “Exchange Property”), a unit consisting of the type and amount of Exchange Property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Nationalization, Insolvency or Merger Event.  If such Nationalization, Insolvency or Merger Event involves a choice of Exchange Property to be received by holders, such holder shall be deemed to have elected to receive the maximum possible amount of cash.
	 	 
	Failure to Deliver: 	Inapplicable
	 	 
	Other applicable provisions: 	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9, 9.11 and 9.12 (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 the Transaction means that the Share Termination Alternative is applicable to the Transaction.

  

		(ii)	Notwithstanding anything to the contrary in this Confirmation, any Payment Obligation under this
Confirmation shall, for all purposes, be calculated prior to the Share Reservation Date (if any) as if the Maximum Number of Shares
were equal to two times the Number of Shares but any deliveries under Section 9(j)(i), Section 6(d)(ii) of the Agreement or Article
12 of the Equity Definitions, as the case may be, shall be limited to the Maximum Number of Shares as defined in Section 9(p)(i)
hereof.

 

    	16

    	 

    

  

		(k)	Registration/Private Placement Procedures. If, in the reasonable opinion of Dealer,
based on the advice of counsel, following any delivery of Shares or Share Termination Delivery Property to Dealer hereunder, such
Shares or Share Termination Delivery Property would be in the hands of Dealer 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 Dealer waives the need for registration/private placement
procedures set forth in (i) and (ii) below. Notwithstanding the foregoing, solely in respect of any Daily Number of Warrants exercised
or deemed exercised on any Expiration Date, Company shall elect, prior to the first Settlement Date for the first applicable Expiration
Date, a Private Placement Settlement or Registration Settlement for all deliveries of Restricted Shares for all such Expiration
Dates which election shall be applicable to all remaining Settlement Dates for such Warrants and the procedures in clause (i) or
clause (ii) below shall apply for all such delivered Restricted Shares on an aggregate basis commencing after the final Settlement
Date for such Warrants. The Calculation Agent shall make reasonable adjustments to settlement terms and provisions under this Confirmation
to reflect a single Private Placement or Registration Settlement for such aggregate Restricted Shares delivered hereunder. For
the avoidance of doubt, these adjustments will only be commercially reasonable in nature (and will be limited to adjustments for
changes in volatility, expected dividends, stock loan rate or liquidity relevant to the Shares and the ability to maintain a commercially
reasonable hedge position in the underlying shares) and will not impact the Company’s unilateral right to settle in shares.

 

		(i)	If Company elects to settle the Transaction pursuant to this clause (i) (a “Private Placement
Settlement”), then delivery of Restricted Shares by Company shall be effected in customary private placement procedures
with respect to such Restricted Shares commercially reasonably acceptable to Dealer; provided that Company may not elect
a Private Placement Settlement if, on the date of its election, it has taken, or caused to be taken, any action that would make
unavailable either the exemption pursuant to Section 4(2) of the Securities Act for the sale by Company to Dealer (or any affiliate
designated by Dealer) 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 Dealer (or any such affiliate of Dealer). The Private Placement Settlement of such Restricted
Shares shall include customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities
to Dealer, due diligence rights (for Dealer or any designated buyer of the Restricted Shares by Dealer), provide for Counterparty
using best efforts to deliver opinions and certificates, and such other documentation as is customary for private placement agreements,
all commercially reasonably acceptable to Dealer. In the case of a Private Placement Settlement, Dealer shall determine the appropriate
discount to the Share Termination Unit Price (in the case of settlement of Share Termination Delivery Units pursuant to Section
9(j) above) or any Settlement Price (in the case of settlement of Shares pursuant to Section 2 above) applicable to such Restricted
Shares in a commercially reasonable manner and appropriately adjust the number of such Restricted Shares to be delivered to Dealer
hereunder. Notwithstanding anything to the contrary in the Agreement or this Confirmation, the date of delivery of such Restricted
Shares shall be the Exchange Business Day following notice by Dealer to Company, of such applicable discount and the number of
Restricted Shares to be delivered pursuant to this clause (i). For the avoidance of doubt, delivery of Restricted Shares shall
be due as set forth in the previous sentence and not be due on the Share Termination Payment Date (in the case of settlement of
Share Termination Delivery Units pursuant to Section 9(j) above) or on the Settlement Date for such Restricted Shares (in the case
of settlement in Shares pursuant to Section 2 above).

 

    	17

    	 

    
 

		(ii)	If Company elects to settle the Transaction pursuant to this clause (ii) (a “Registration
Settlement”), then Company shall promptly (but in any event no later than the beginning of the Resale Period) file and
use commercially 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 Dealer, 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 Dealer. If Dealer, in its
sole reasonable discretion, is not satisfied with such procedures and documentation Private Placement Settlement shall apply. If
Dealer 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) the Share Termination Payment Date in case of settlement in Share Termination
Delivery Units pursuant to Section 9(j) above or (y) the Settlement Date in respect of the final Expiration Date for all Daily
Number of Warrants) and ending on the earliest of (i) the Exchange Business Day on which Dealer completes the sale of all Restricted
Shares or, in the case of settlement of Share Termination Delivery Units, a sufficient number of Restricted Shares so that the
realized net proceeds of such sales equals or exceeds the Payment Obligation (as defined above), (ii) the date upon which all Restricted
Shares have been sold or transferred pursuant to Rule 144 (or similar provisions then in force) or Rule 145(d)(2) (or any similar
provision then in force) under the Securities Act and (iii) the date upon which all Restricted Shares may be sold or transferred
by a non-affiliate pursuant to Rule 144 (or any similar provision then in force) or Rule 145(d)(2) (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 Dealer by the open of the regular trading session on the Exchange on the Exchange Trading
Day immediately following such resale 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 such day (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; provided that Company shall be permitted
to suspend or delay any Resale Period for customary “black-out” periods. 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. For the avoidance of doubt, Dealer shall cease selling Make-whole Shares, and the
Resale Period shall terminate, when the Additional Amount has been reduced to zero, and if at such time, Dealer holds any excess
Make-whole Shares, such Shares shall promptly be returned to Company. In no event shall Company deliver a number of Restricted
Shares greater than the Maximum Number of Shares.

 

		(iii)	Without limiting the generality of the foregoing, Company agrees that (A) any Restricted Shares
delivered to Dealer may be transferred by and among Dealer and its affiliates and Company shall effect such transfer without any
further action by Dealer and (B) after the period of 6 months from the Trade Date (or 1 year from the Trade Date if, at such time,
informational requirements of Rule 144(c) under the Securities Act are not satisfied with respect to Company) has elapsed in respect
of any Restricted Shares delivered to Dealer, Company shall promptly remove, or cause the transfer agent for such Restricted Shares
to remove, any legends referring to any such restrictions or requirements from such Restricted Shares upon request by Dealer (or
such affiliate of Dealer) to Company or such transfer agent, without any requirement for the delivery of any certificate, consent,
agreement, opinion of counsel, notice or any other document, any transfer tax stamps or payment of any other amount or any other
action by Dealer (or such affiliate of Dealer). Notwithstanding anything to the contrary herein, to the extent the provisions of
Rule 144 of the Securities Act or any successor rule are amended, or the applicable interpretation thereof by the Securities and
Exchange Commission or any court change after the Trade Date, the agreements of Company herein shall be deemed modified to the
extent necessary, in the opinion of outside counsel of Company, to comply with Rule 144 of the Securities Act, as in effect at
the time of delivery of the relevant Shares or Share Termination Delivery Property.

 

		(iv)	If the Private Placement Settlement or the Registration Settlement (and one subsequent Private
Placement 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.

 

    	18

    	 

    

  

		(l)	Limit on Beneficial Ownership. Notwithstanding any other provisions hereof, Dealer
may not exercise any Warrant hereunder or be entitled to take delivery of any Shares deliverable hereunder, and Automatic Exercise
shall not apply with respect to any Warrant hereunder, to the extent (but only to the extent) that, after such receipt of any Shares
upon the exercise of such Warrant or otherwise hereunder and after taking into account any Shares deliverable to Dealer under the
letter agreement dated November 19, 2013 between Dealer and Company regarding Base Warrants (the “Base Warrant Confirmation”),
(i) the Section 16 Percentage would exceed 7.5%, or (ii) the Share Amount would exceed the Applicable Share Limit. Any purported
delivery hereunder shall be void and have no effect to the extent (but only to the extent) that, after such delivery and after
taking into account any Shares deliverable to Dealer under the Base Warrant Confirmation, (i) the Section 16 Percentage would exceed
7.5%, or (ii) the Share Amount would exceed the Applicable Share Limit. If any delivery owed to Dealer hereunder is not made, in
whole or in part, as a result of this provision, Company’s obligation to make such delivery shall not be extinguished and
Company shall make such delivery as promptly as practicable after, but in no event later than one Business Day after, Dealer gives
notice to Company that, after such delivery, (i) the Section 16 Percentage would not exceed 7.5%, and (ii) the Share Amount would
not exceed the Applicable Share Limit.

 

		(m)	Share Deliveries. Notwithstanding anything to the contrary herein, Company agrees
that any delivery of Shares or Share Termination Delivery Property shall be effected by book-entry transfer through the facilities
of DTC, or any successor depositary, if at the time of delivery, such class of Shares or class of Share Termination Delivery Property
is in book-entry form at DTC or such successor depositary.

 

		(n)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable
law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party
(i) certifies that no representative, agent or attorney of the other party has represented, expressly or otherwise, that such other
party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges
that it and the other party have been induced to enter into the Transaction, as applicable, by, among other things, the mutual
waivers and certifications provided herein.

 

		(o)	Tax Disclosure. Effective from the date of commencement of discussions concerning
the Transaction, Company and each of its employees, representatives, or other agents may disclose to any and all persons, without
limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions
or other tax analyses) that are provided to Company relating to such tax treatment and tax structure.

 

		(p)	Maximum Share Delivery.

 

		(i)	Notwithstanding any other provision of this Confirmation, the Agreement or the Equity Definitions,
in no event will Company at any time be required to deliver a number of Shares greater than the Maximum Number of Shares to Dealer
in connection with the Transaction, subject to the provisions regarding Deficit Shares in Section 9(p)(ii). The “Maximum
Number of Shares” shall be (x) prior to the Share Reservation Date (if any), 703,828 Shares and (y) on and after the
Share Reservation Date (if any), two times the product of the Number of Warrants as of the Trade Date, and the Warrant Entitlement.

 

		(ii)	In the event Company shall not have delivered to Dealer the full number of Shares or Restricted
Shares otherwise deliverable by Company to Dealer pursuant to the terms of the Transaction because Company has insufficient authorized
but unissued Shares (such deficit, the “Deficit Shares”), Company shall be continually obligated to deliver,
from time to time, Shares or Restricted Shares, as the case may be, to Dealer until the full number of Deficit Shares have been
delivered pursuant to this Section 9(p)(ii), when, and to the extent that, (A) Shares are repurchased, acquired or otherwise received
by Company or any of its subsidiaries after the Trade Date (whether or not in exchange for cash, fair value or any other consideration),
(B) authorized and unissued Shares previously reserved for issuance in respect of other transactions become no longer so reserved
or (C) Company additionally authorizes any unissued Shares that are not reserved for other transactions; provided that in
no event shall Company deliver any Shares or Restricted Shares to Dealer pursuant to this Section 9(p)(ii) to the extent that such
delivery would cause the aggregate number of Shares and Restricted Shares delivered to Dealer to exceed two times the Number of
Shares. Company shall immediately notify Dealer of the occurrence of any of the foregoing events (including the number of Shares
subject to clause (A), (B) or (C) and the corresponding number of Shares or Restricted Shares, as the case may be, to be delivered)
and promptly deliver such Shares or Restricted Shares, as the case may be, thereafter.

 

    	19

    	 

    

  

The “Share
Reservation Date” (if any) shall be the first date on which Company has (x) held a meeting of its stockholders and obtained
the requisite stockholder approvals for an amendment to the Restated Certificate of Incorporation of Company to increase the number
of authorized and unissued Shares, such that Company can reserve for issuance upon exercise and settlement or termination of the
Transaction and any similar transactions entered into between Dealer and Company during the 35 calendar day period beginning on,
and including, November 19, 2013 (such similar transactions, the “Additional Transactions”), by all required
corporate action of Company, a number of Shares equal to the sum of (A) two times the product of the Number of Warrants as of the
Trade Date, and the Warrant Entitlement as of the relevant date of reservation (such product, the “Transaction
Reservation Number”), and (B) two times the product of the aggregate number of warrants for the Additional Transactions
as of the date on which Dealer and Company entered into such Additional Transactions, and the warrant entitlement (or similar
term) for each such Additional Transaction as of the relevant date of reservation (such product, the “Additional Transaction
Reservation Number”), (y) reserved for issuance upon exercise and settlement or termination of the Transaction, by all
required corporate action of Company, a number of Shares equal to the Transaction Reservation Number and (z) reserved for issuance
upon exercise and settlement or termination of all Additional Transactions, by all required corporate action of Company, a number
of Shares equal to the Additional Transaction Reservation Number. Promptly following (but in any event within three Exchange Business
Days of) the Share Reservation Date, Company shall notify Dealer in writing that the Share Reservation Date has occurred.

 

		(q)	Right to Extend. Dealer may postpone or add, in whole or in part, any Expiration
Date or any other date of valuation or delivery with respect to some or all of the relevant Warrants (in which event the Calculation
Agent shall make appropriate adjustments to the Daily Number of Warrants with respect to one or more Expiration Dates) if Dealer
determines, in its commercially reasonable judgment, that such extension is reasonably necessary or appropriate to preserve Dealer’s
commercially reasonable hedging or hedge unwind activity hereunder in light of existing liquidity conditions or to enable Dealer
to effect purchases of Shares in connection with its commercially reasonable hedging, hedge unwind or settlement activity hereunder
in a manner that would, if Dealer were Issuer or an affiliated purchaser of Issuer, be in compliance with applicable legal, regulatory
or self-regulatory requirements, or with related policies and procedures applicable to Dealer; provided that no such Expiration
Date or other date of valuation or delivery may be postponed or added more than 30 Exchange Business Days after the original Expiration
Date or other date of valuation or delivery, as the case may be.

 

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

 

		(s)	Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction
to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the
United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded
by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s
right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement
with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii)
each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement
payment” and a “transfer” as defined in the Bankruptcy Code.

 

    	20

    	 

    

  

		(t)	Wall Street Transparency and Accountability Act. In connection with Section 739 of
the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither
the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall
limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement
this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs,
regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including,
but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, an Excess Ownership Position,
or Illegality (as defined in the Agreement)).

 

		(u)	Agreements and Acknowledgments Regarding Hedging. Company understands, acknowledges
and agrees that: (A) at any time on and prior to the last Expiration Date, Dealer and its affiliates may buy or sell Shares or
other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust
its commercially reasonable hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in
the market for Shares other than in connection with hedging activities in relation to the Transaction; (C) Dealer shall make its
own determination as to whether, when or in what manner any hedging or market activities in securities of Issuer shall be conducted
and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Settlement Prices;
provided that such hedging shall be executed in good faith and in a commercially reasonable manner; and (D) any market activities
of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as well as the Settlement
Prices, each in a manner that may be adverse to Company.

 

		(v)	Early Unwind. In the event the sale of the “Option Securities” (as defined
in the Purchase Agreement) is not consummated with the Initial Purchasers for any reason, or Company fails to deliver to Dealer
opinions of counsel as required pursuant to Section 9(a), in each case by 5:00 p.m. (New York City time) on the Premium Payment
Date, or such later date as agreed upon by the parties (the Premium Payment Date or such later date the “Early Unwind
Date”), the 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 Dealer 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. Each of Dealer and Company represents
and acknowledges to the other that upon an Early Unwind, all obligations with respect to the Transaction shall be deemed fully
and finally discharged.

 

		(w)	Payment by Dealer. In the event that (i) an Early Termination Date occurs or is designated
with respect to the Transaction as a result of a Termination Event or an Event of Default (other than an Event of Default arising
under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result, Dealer owes to Company an amount calculated under Section
6(e) of the Agreement, or (ii) Dealer owes to Company, pursuant to Section 12.7 or Section 12.9 of the Equity Definitions, an amount
calculated under Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero.

  

    	21

    	 

    

  

 

Please confirm that
the foregoing correctly sets forth the terms of our agreement by executing this Confirmation and returning it to J.P. Morgan Securities
LLC, 383 Madison Ave, New York, NY 10179, and by email to EDG_Notices@jpmorgan.com and EDG_NY_Corporate_Sales_Support@jpmorgan.com.

 

Very truly yours,

 

	
        J.P. Morgan Securities LLC,
as agent for JPMorgan Chase Bank, National Association

	 
	By: 	/s/ Yun Xie
	Authorized Signatory
	Name:      Yun Xie

 

Accepted and confirmed

as of the Trade Date:

 

	Albany Molecular Research, Inc.
	 
	By: 	/s/ Lori M. Henderson
	Authorized Signatory
	Name:       Lori M. Henderson

 

JPMorgan Chase Bank, National Association

Organised under the laws of the United States
as a National Banking Association.

Main Office 1111 Polaris Parkway, Columbus,
Ohio 43240

Registered as a branch in England &
Wales branch No. BR000746

Registered Branch Office 25 Bank Street,
Canary Wharf, London, E14 5JP

Authorised and regulated by the Financial
Services Authority

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]