Document:

exv10w38

 

Exhibit 10.38

AMENDMENT #3

CARDTRONICS, INC.

(formerly Cardtronics Group, Inc.)

2001 STOCK INCENTIVE PLAN

I. PURPOSE

     Whereas on June 4, 2001, Cardtronics, Inc. (the “Company”) adopted the CARDTRONICS GROUP, INC.
2001 STOCK INCENTIVE PLAN (the “Plan”).

     Whereas, initially the Plan provided that the aggregate number of shares of Common Stock that
may be issued under the Plan shall not exceed 400,920 shares; provided, however, that the number of
shares of Common Stock that may be issued under the Plan shall be increased automatically to
476,114 shares upon the subsequent aggregate capital contribution to the Company of $5,000,000 by
Summit Capital II, L.P., and Summit Capital Parallel II, L.P.(now known as CapStreet II, L.P., and
CapStreet Parallel II, L.P. and herein collectively called “CapStreet”), within one year of the
execution of, and in accordance with, that certain Contribution Agreement dated June 4, 2001, by
and among Summit Capital II, L.P., Summit Capital Parallel II, L.P., Card Pro, Inc., certain
Securityholders of Card Pro, Inc., and the Company;

     Whereas, the above-described additional contribution by CapStreet was timely made and
therefore the aggregate number of shares of Common Stock that could be issued under the Plan
increased to 476,114; and

     Whereas, pursuant to the written consent of the Shareholders the aggregate number of shares
that may be issued under the Plan was increased by 8,000 shares i.e. to 484,114 and such increase
was evidenced by Amendment #1 dated effective January 30, 2004.

     Whereas, on June 23, 2004, pursuant to the unanimous vote of the Board of Directors and the
consent of the majority of shareholders, the aggregate number of shares that may be issued under
the plan was further increased to a maximum of 650,000.

     Whereas, on May 9, 2006, pursuant to the unanimous vote of the Board of Directors on May 9,
2006 and the consent of the majority of shareholders, the aggregate number of shares that may be
issued under the plan was further increased to a maximum of 750,000.

     Now therefore, Section V (a) of the Plan is hereby amended such that nothing to the contrary
in said section and subject to adjustment in the same manner as provided in Paragraph VIII with
respect to shares of Common Stock subject to Options then outstanding, the aggregate number of
shares of Common Stock that may be issued under the Plan shall not exceed 750,000.

Dated
effective May 9, 2006.

	 	 	 	 	 
	 	CARDTRONICS, INC.

 	 
	 	By:  	/s/
Michael E. Keller
 	 
	 	 	Michael E. Keller, Secretary 	 
	 	 	 	 
	 

Cardtronics, Inc.

2001 Stock Incentive Plan

Amendment #3

-1-exv10w39

 

Exhibit 10.39

AMENDMENT #4

CARDTRONICS, INC.

(formerly Cardtronics Group, Inc.)

2001 STOCK INCENTIVE PLAN

I. PURPOSE

     Whereas on June 4, 2001, Cardtronics, Inc. (the “Company”) adopted the CARDTRONICS GROUP, INC.
2001 STOCK INCENTIVE PLAN (the “Plan”).

     Whereas, initially the Plan provided that the aggregate number of shares of Common Stock that
may be issued under the Plan shall not exceed 400,920 shares; provided, however, that the number of
shares of Common Stock that may be issued under the Plan shall be increased automatically to
476,114 shares upon the subsequent aggregate capital contribution to the Company of $5,000,000 by
Summit Capital II, L.P., and Summit Capital Parallel II, L.P.(now known as CapStreet II, L.P., and
CapStreet Parallel II, L.P. and herein collectively called “CapStreet”), within one year of the
execution of, and in accordance with, that certain Contribution Agreement dated June 4, 2001, by
and among Summit Capital II, L.P., Summit Capital Parallel II, L.P., Card Pro, Inc., certain
Securityholders of Card Pro, Inc., and the Company;

     Whereas, heretofore the Plan has been previously amended such that the aggregate number of
shares of Common Stock that could be issued under the Plan had been increased to 750,000; and

     Whereas, during the annual meeting of the Shareholders conducted on August 22, 2007, the
Shareholders consented to increasing in the number of shares that may be issued under the Plan to
850,000.

     Now therefore, Section V(a) of the Plan is hereby amended such that nothing to the contrary in
said section and subject to adjustment in the same manner as provided in Paragraph VIII with
respect to shares of Common Stock subject to Options then outstanding, the aggregate number of
shares of Common Stock that may be issued under the Plan shall not exceed 850,000.

Dated effective August 22, 2007.

	 	 	 	 	 
	 	CARDTRONICS, INC.

 	 
	 	By:  	/s/ Michael E. Keller
 	 
	 	 	Michael E. Keller, Secretary 	 
	 	 	 	 
	 

Cardtronics, Inc.

2001 Stock Incentive Plan

Amendment #4

-1-exv10w40

 

Exhibit 10.40

AMENDMENT #5

CARDTRONICS, INC.

(formerly Cardtronics Group, Inc.)

2001 STOCK INCENTIVE PLAN

     Whereas on June 4, 2001, Cardtronics, Inc. (the “Company”) adopted the CARDTRONICS GROUP, INC.
2001 STOCK INCENTIVE PLAN (the “Plan”).

     Whereas, initially the Plan provided that the aggregate number of shares of Common Stock that
may be issued under the Plan was 400,920 shares.

     Whereas, as expressly provided for in the Plan the aggregate number of shares of Common Stock
that may be issued under the Plan automatically increased to 476,114 upon the subsequent aggregate
capital contribution to the Company of $5,000,000 by Summit Capital II, L.P., and Summit Capital
Parallel II, L.P.(now known as CapStreet II, L.P., and CapStreet Parallel II, L.P. and herein
collectively called “CapStreet”), which occurred on or about January 31, 2002.

     Whereas, heretofore the Plan has been previously amended on several occasions pursuant to the
consent or vote of a majority of the Shareholder such that the aggregate number of shares of Common
Stock that could be issued under the Plan had been increased to 850,000; and

     Whereas, by the written consent of a majority of the Shareholders, the maximum number of
shares that may be issued under the Plan has been increased to 875,000.

     Now therefore, Section V(a) of the Plan is hereby amended such that nothing to the contrary in
said section and subject to adjustment in the same manner as provided in Paragraph VIII with
respect to shares of Common Stock subject to Options then outstanding, the aggregate number of
shares of Common Stock that may be issued under the Plan shall not exceed 875,000.

Dated: November 26, 2007.

	 	 	 	 	 
	 	CARDTRONICS, INC.

 	 
	 	By:  	/s/
Michael
E. Keller 	 
	 	 	Michael E. Keller, Secretary 	 
	 	 	 	 
	 

Cardtronics, Inc.

2001 Stock Incentive Plan

Amendment #5

-1-exv10w1

 

Exhibit 10.1

EXECUTION COPY

Bear, Stearns International Limited

One Canada Square

London, England

December 4, 2007

To: Goodrich Petroleum Corporation

808 Travis Street

Suite 1320

Houston, TX 77002

Attention: David R. Looney

Title: Executive Vice President and Chief Financial Officer

Telephone No.: 713-780-9494

Facsimile No.: 713-780-9254

Re: Issuer Call Spread Transaction

Trade Reference Number: NY55396

Ladies and Gentlemen:

     The purpose of this letter agreement is to confirm the terms and conditions of the Transaction
entered into between Bear, Stearns International Limited (the “Dealer”) and Goodrich Petroleum
Corporation (the “Counterparty”) 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 the Transaction.

     This Confirmation is subject to, and incorporates, the definitions and provisions of the 2000
ISDA Definitions (including the Annex thereto) (the “2000 Definitions”) and the definitions
and provisions of the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”,
and together with the 2000 Definitions, the “Definitions”), in each case as published by
the International Swaps and Derivatives Association, Inc. (“ISDA”). In the event of any
inconsistency between the 2000 Definitions and the Equity Definitions, the Equity Definitions will
govern. The Transaction shall be deemed to consist of Share Option Transactions, each within the
meaning as set forth in the Equity Definitions and each referred to sequentially in Annex A (each,
a “Tranche”).

     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 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 Dealer and Counterparty had executed an agreement in such form
(but without any Schedule and with the elections and modifications specified in Section 10 hereof)
on the Trade Date. In the event of any inconsistency between provisions of this Confirmation and
either the Definitions or the Agreement, this Confirmation will govern. The parties hereby agree
that no Transactions 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 (which is a series
of Options having varying Expiration Dates and Number of Options, but otherwise identical) are
as follows:

1

 

General Terms applicable to each Tranche:

	 	 	 	 	 
	 

	 	Trade Date:
	 	December 4, 2007
	 
	 	 	 	 
	 

	 	Option Style:
	 	European
	 
	 	 	 	 
	 

	 	Option Type:
	 	Call Spread
	 
	 	 	 	 
	 

	 	Buyer:
	 	Counterparty
	 
	 	 	 	 
	 

	 	Seller:
	 	Dealer
	 
	 	 	 	 
	 

	 	Shares:
	 	The common stock of Goodrich Petroleum Corporation (the “Issuer”), par value USD 0.20
per Share (Exchange symbol “GDP”)
	 
	 	 	 	 
	 

	 	Number of Options:
	 	For each Tranche, as specified in Annex A, subject to adjustment pursuant
to Section 8(t). 
	 
	 	 	 	 
	 

	 	Option Entitlement:
	 	One Share per Option
	 
	 	 	 	 
	 

	 	Low Call Strike Price:
	 	USD $23.50
	 
	 	 	 	 
	 

	 	High Call Strike Price:
	 	 USD $32.90
	 
	 	 	 	 
	 

	 	Premium:
	 	USD $10,767,700.00 (Premium per Option: USD $3.7130)
	 
	 	 	 	 
	 

	 	Premium Payment Date:
	 	December 10, 2007.
	 
	 	 	 	 
	 

	 	Exchange:
	 	The New York Stock Exchange
	 
	 	 	 	 
	 

	 	Related Exchange(s):
	 	All Exchanges
	 
	 	 	 	 
	Procedure for Exercise applicable to each Tranche:
	 
	 	 	 	 
	 

	 	Expiration Time:
	 	The Valuation Time
	 
	 	 	 	 
	 

	 	Expiration Date:
	 	For each Tranche, as specified on Annex A (or, if such day is not a
Scheduled Trading Day, the next following Scheduled Trading Day that is not already an
Expiration Date for another Tranche); provided that, notwithstanding anything to the
contrary in the Equity Definitions, if that day is a Disrupted Day, the Calculation
Agent may determine that such Expiration Date is a Disrupted Day in whole or in part,
in which case the Calculation Agent shall, in its discretion, determine the number of
Options for which such day shall be the Expiration Date and (i) allocate the remaining
Options for such Expiration Date to one or more of the remaining Expiration Dates, (ii)
designate the first succeeding Scheduled Trading Day that is not a Disrupted Day and is
not or is not deemed to be an Expiration Date in respect of any other Tranche hereunder
as the Expiration Date for such remaining Options, or (iii) a combination thereof;
provided further that if the Expiration Date for any Tranche (including any portion of
a Tranche whose Expiration Date was postponed as a
result of clause (ii) or (iii) above) has not occurred
as of the Final

2

 

	 	 	 	 	 
	 

	 	 	 	Disruption Date, (a) the Final Disruption Date shall be
deemed to be the Expiration Date and Valuation
Date for each such Tranche, and (b) the
Calculation Agent shall determine the Reference
Price, or Settlement Price, as the case may be, on
the basis of its good faith estimate of the
trading value for the relevant Shares; and
provided further that the Calculation Agent shall
determine the fair market value for the Shares
specified in the proviso above solely on the basis
of the Fair Value Variables (as defined herein).
	 
	 	 	 	 
	 

	 	Final Disruption Date:
	 	The eighth Scheduled Trading Day following, in respect of the
first, second or third twenty-five Tranches, the originally scheduled Expiration Date
for the twenty-fifth Tranche of such group of Tranches.
	 
	 	 	 	 
	 

	 	Automatic Exercise:
	 	Applicable, meaning that, notwithstanding the Equity Definitions, each
Option will be deemed to be automatically exercised at the Expiration Time on the
Expiration Date.
	 
	 	 	 	 
	Valuation applicable to each Tranche:
	 
	 	 	 	 
	 

	 	Valuation Time:
	 	As provided in Section 6.1 of the Equity Definitions.
	 
	 	 	 	 
	 

	 	Valuation Date:
	 	Each Exercise Date.
	 
	 	 	 	 
	 

	 	Market Disruption Event:
	 	 Section 6.3(a)(ii) of the Equity Definitions is hereby amended by
deleting the words “during the one hour period that ends at the relevant Valuation Time”
and replacing them with “at any time at or prior to the relevant Valuation Time”.
	 
	 	 	 	 
	Settlement Terms applicable to each Tranche:
	 
	 	 	 	 
	 

	 	Settlement Currency:
	 	USD
	 
	 	 	 	 
	 

	 	Net Share Settlement:
	 	 In respect of each Tranche, on the Settlement Date Dealer shall
deliver to Counterparty the Share Delivery Quantity free of payment through the Clearance
System to the account advised by Counterparty, provided that if Counterparty shall be
required to make an election pursuant to Section 8(h) below, Dealer may impose additional
requirements or modifications to such Net Share Settlement to reflect such election,
including (i) in the case of a Registered Settlement (as defined in Section 8(h)),
settlement modifications to reflect a single Registered Settlement for all Tranches
hereunder and the payment of underwriting discounts and other fees and (ii) in the case
of a Private Settlement (as defined in Section 8(h)), any adjustments to the terms of
these Tranches that are necessary, in its reasonable judgment, to compensate Dealer for
any discount from the public market price of the Shares that may be incurred in the sale
of the Hedge Shares in such Private Settlement.
	 
	 

	 	 	 	The provisions of Sections 9.1(c), 9.8, 9.9, 9.10,
9.11(as modified below) and 9.12 of the Equity
Definitions will be applicable to each Tranche
hereunder.

3

 

	 	 	 	 	 
	 

	 	Share Delivery Quantity:
	 	A number of Shares, as calculated by the Calculation Agent,
equal to the Net Share Settlement Amount divided by the Settlement Price, plus cash in
lieu of any fractional shares (at the Settlement Price).
	 
	 	 	 	 
	 

	 	Net Share Settlement Amount:
	 	The product of the Number of Options exercised or deemed
exercised multiplied by the Option Entitlement multiplied by the Strike Price
Differential.
	 
	 	 	 	 
	 

	 	Strike Price Differential:
	 	(a) If the Settlement Price is greater than the Low Call Strike
Price and less than or equal to the High Call Strike Price, an amount equal to the excess
of the Settlement Price over the Low Call Strike Price; or
	 
	 

	 	 	 	(b) If the Settlement Price is greater than the High
Call Strike Price, an amount equal to the excess of the
High Call Strike Price over the Low Call Strike Price;
or
	 
	 	 	 	 
	 

	 	 	 	(c) If the Settlement Price is less than or equal to
the Low Call Strike Price, zero.
	 
	 	 	 	 
	 

	 	Settlement Price:
	 	In respect of any Option exercised or deemed exercised on an Expiration
Date, the per Share volume-weighted average price as displayed under the heading
“Bloomberg VWAP” on Bloomberg page GDP.N <equity> AQR (or any successor thereto) in
respect of the period from the scheduled opening time of the Exchange to the Scheduled
Closing Time of the Exchange on such Expiration Date (or if such volume-weighted average
price is unavailable, the market value of one Share on such Expiration Date, as
determined by the Calculation Agent using a volume-weighted method).
	 
	 	 	 	 
	 

	 	Settlement Date:
	 	As defined in Section 9.4 of the Equity Definitions.
	 
	 	 	 	 
	 

	 	Representation and Agreement:
	 	Notwithstanding Section 9.11 of the Equity Definitions, the
parties acknowledge that any Shares delivered to Counterparty shall be, upon delivery,
subject to restrictions and limitations arising from Counterparty’s status under
applicable securities, corporate and other laws (and the Representations and Agreement
contained in Section 9.11 of the Equity Definitions shall be modified by excluding any
representations therein relating to restrictions, obligations, limitations or
requirements under applicable securities laws as a result of the fact that Counterparty
is the issuer of the Shares).
	 
	Adjustments applicable to each Tranche:
	 
	 	 	 	 
	 

	 	Method of Adjustment:
	 	Calculation Agent Adjustment (including with respect to the terms of Annex
A hereto). For the avoidance of doubt, in making any adjustments under Section 11.2(c) of
the Equity Definitions, the Calculation Agent may make adjustments, if any, solely on the
basis of the Fair Value Variables, to any one
or more of the Low Call Strike Price, the High Call
Strike Price, the Number of Options and the Option
Entitlement.

4

 

	 	 	 	 	 
	Extraordinary Events applicable to each Tranche:
	 
	 	 	 	 
	 

	 	New Shares:
	 	In the definition of “New Shares” in Section 12.1(i) of the Equity
Definitions, the text in subsection (i) shall be deleted in its entirety and replaced
with: “publicly quoted, traded or listed on any of the New York Stock Exchange, the
American Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or
their respective successors)”.
	 
	 	 	 	 
	 

	 	Consequences of Merger Events:	 	 
	 
	 	 	 	 
	 

	 	(a) Share-for-Share:
	 	Modified Calculation Agent Adjustment; provided that any
required adjustment to account for the economic effect on the Transaction of such Merger
Event shall be determined solely on the basis of Fair Value Variables.
	 
	 	 	 	 
	 

	 	(b) Share-for-Other:
	 	Cancellation and Payment (Calculation Agent Determination);
provided that the amount calculated in accordance with Section 12.7(b) and Section 12.8
of the Equity Definitions shall be determined solely on the basis of the Fair Value
Variables in accordance with Section 8(s) of this Confirmation.
	 
	 	 	 	 
	 

	 	(c) Share-for-Combined:
	 	Cancellation and Payment (Calculation Agent Determination) ;
provided that the amount calculated in accordance with Section 12.7(b) and Section 12.8
of the Equity Definitions shall be determined solely on the basis of the Fair Value
Variables in accordance with Section 8(s) of this Confirmation.
	 
	 	 	 	 
	 

	 	Tender Offer:
	 	Applicable, provided that the definition of “Tender Offer” in Section 12.1(d)
of the Equity Definitions is hereby amended by adding the phrase “, or of the
outstanding Shares” before “of the Issuer” in the fourth line thereof and the definition
of “Tender Offer Date” and “Announcement Date” in Sections 12.1(e) and 12.1(l)(ii) of
the Equity Definitions are hereby amended by adding the phrase “or Shares, as
applicable,” after “voting shares”.
	 
	 	 	 	 
	 

	 	Consequences of Tender Offers:	 	 
	 
	 	 	 	 
	 

	 	(a) Share-for-Share:
	 	Modified Calculation Agent Adjustment; provided that any required
adjustment to account for the economic effect on the Transaction of such Tender Offer
shall be determined solely on the basis of Fair Value Variables.
	 
	 	 	 	 
	 

	 	(b) Share-for-Other:
	 	 Modified Calculation Agent Adjustment; provided that any
required adjustment to account for the economic effect on the Transaction of such Tender
Offer shall be determined solely on the basis of Fair Value Variables.
	 
	 	 	 	 
	 

	 	(c) Share-for-Combined:
	 	Modified Calculation Agent Adjustment; provided that any
required adjustment to account for the economic effect on the Transaction of such Tender
Offer shall be determined solely on the basis of Fair Value Variables.
	 
	 	 	 	 
	 

	 	Composition of Combined
Consideration:
	 	Not Applicable

5

 

	 	 	 	 	 
	 

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

	 	Change in Law:
	 	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions shall
be amended by deleting “(X)” and “, or (Y) it will incur a materially increased cost in
performing its obligations under such Transaction (including, without limitation, due to
any increase in tax liability, decrease in tax benefit or other adverse effect on its
tax position)”.
	 
	 	 	 	 
	 

	 	Failure to Deliver:
	 	Applicable
	 
	 	 	 	 
	 

	 	Insolvency Filing:
	 	Applicable
	 
	 	 	 	 
	 

	 	Hedging Disruption:
	 	Applicable but only if the Hedging Party determines that such a Hedging
Disruption could reasonably be expected to have a material adverse effect on Hedging
Party’s expected benefits under this Transaction, including if Dealer makes the
determination under Section 8(h) with respect to the Hedge Shares; provided that it
shall not be a Hedging Disruption if the Hedging Party’s inability as set forth in
Section 12.9(a)(v) is solely due to the deterioration of its creditworthiness.
	 
	 	 	 	 
	 

	 	Increased Cost of Hedging:
	 	Applicable but only if the Hedging Party determines that such an
Increased Cost of Hedging could reasonably be expected to have a material adverse effect
on Hedging Party’s expected benefits under this Transaction. For the avoidance of
doubt, any increased cost of funds as a result of the deterioration of the Hedging
Party’s creditworthiness shall not be an Increased Cost of Hedging.
	 
	 	 	 	 
	 

	 	 	 	Section 12.9(a)(xv) shall be amended by adding,
immediately following the phrase “will be made to
the Transaction” the following: “; provided that
any Price Adjustment shall be determined solely
on the basis of the Fair Value Variables.” In
addition, Section 12.9(b)(vi) shall be amended by
adding the phrase, “, unless a Price Adjustment
would not produce a commercially reasonable
result in which case the Transaction shall be
terminated,”
immediately following the phrase “will be made to the
Transaction” in the fourth line thereof.

6

 

	 	 	 	 	 
	 

	 	Loss of Stock Borrow:
	 	Not Applicable
	 
	 	 	 	 
	 

	 	Increased Cost of Stock Borrow:
	 	Not Applicable
	 
	 	 	 	 
	 

	 	Hedging Party:
	 	Dealer shall be the Hedging Party, where applicable, in connection with all

Additional Disruption Events
	 
	 	 	 	 
	 

	 	Determining Party:
	 	Dealer shall be the Determining Party, where applicable, in

connection with all Additional Disruption Events
	 
	 	 	 	 
	Acknowledgments applicable to the Transaction:
	 
	 	 	 	 
	 

	 	Non-Reliance:
	 	Applicable
	 
	 	 	 	 
	 

	 	Agreements and Acknowledgments
Regarding Hedging Activities:
	 	Applicable
	 
	 	 	 	 
	 

	 	Additional Acknowledgments:
	 	Applicable
	 
	 	 	 	 
	3. Calculation Agent:	 	Dealer. The Calculation Agent will provide Counterparty with reasonable
detail concerning its calculations hereunder (including any assumptions used in making such
calculations) upon request.
	 
	 	 	 	 
	4. Account Details:	 	 

	 	 	 	 	 
	 

	 	(a)
	 	Account for payments to Counterparty:
	 
	 	 	 	 
	 

	 	 	 	Compass Bank of Texas
	 

	 	 	 	ABA# 113010547
	 

	 	 	 	Acct No.: 70744406
	 
	 	 	 	 
	 	 	Account for delivery of Shares to Counterparty:
	 
	 	 	 	 
	 

	 	 	 	American Stock Transfer
	 

	 	 	 	10150 Mallard Creek Road
	 

	 	 	 	Suite 307
	 

	 	 	 	Charlotte, NC 28262
	 

	 	 	 	DWAC #2941
	 

	 	 	 	Reference: Goodrich Petroleum Corporation CUSIP 382410405
	 
	 	 	 	 
	 

	 	(b)
	 	Account for payments to Dealer:
	 
	 	 	 	 
	 

	 	 	 	Citibank
	 

	 	 	 	111 Wall Street, New York, NY
	 

	 	 	 	ABA: 021000089
	 

	 	 	 	A/C Bear Stearns
	 

	 	 	 	A/C #: 09253186
	 

	 	 	 	Sub A/C NZA5
	 

	 	 	 	Sub A/C #: 351-29171-17
	 
	 	 	 	 
	 

	 	 	 	Account for delivery of Shares from Dealer:
	 
	 	 	 	 
	 

	 	 	 	DTC #352

7

 

	 	 	 
	5. Offices:
	 	 
	 
	 	 
	The Office of Counterparty for the Transaction is:

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

	 	London
	 
	 	 
	 

	 	Bear, Stearns International Limited

One Canada Square

London, England
	 
	 	 
	6. Notices: For purposes of this Confirmation:
	 	 

	 	 	 	 	 
	 

	 	(a)
	 	Address for notices or communications to Counterparty:
	 
	 	 	 	 
	 

	 	 	 	 Goodrich Petroleum Corporation
	 

	 	 	 	 808 Travis Street
	 

	 	 	 	 Suite 1320
	 

	 	 	 	 Houston, TX 77002
	 

	 	 	 	 Attention: David R. Looney
	 

	 	 	 	 Telephone No.: 713-780-9494
	 

	 	 	 	 Facsimile No.: 713-780-9254
	 
	 	 	 	 
	 

	 	 	 	Address for notices or communications to Dealer:
	 
	 	 	 	 
	 

	 	 	 	Bear, Stearns International Limited
	 

	 	 	 	One Canada Square
	 

	 	 	 	London, England
	 
	 	 	 	 
	 

	 	 	 	With a copy to:
	 
	 	 	 	 
	 

	 	 	 	Bear, Stearns & Co. Inc.
	 

	 	 	 	383 Madison Avenue
	 

	 	 	 	New York, NY 10179
	 

	 	 	 	Attention: Michael O’Donovan
	 

	 	 	 	Title: Senior Managing Director
	 

	 	 	 	Telephone No: (212) 272-9895
	 

	 	 	 	Facsimile No: (917) 849-0251
	 

	 	 	 	Email: modonovan@bear.com

7. Representations, Warranties and Agreements of the Counterparty:

The representations and warranties of Counterparty set forth in Section 1 of the Underwriting
Agreement dated the date hereof (the “Underwriting Agreement") between the Counterparty and
Bear, Stearns & Co. Inc. and J.P. Morgan Securities Inc., as representatives of the several
underwriters party thereto (the “Representatives”) are true and correct and are hereby deemed
to be repeated to Dealer as if set forth herein; provided that a breach of any such
representation or warranty will not result in an Event of Default under Section 5(a)(iv) of
the Agreement. Counterparty hereby further represents and warrants to and agrees with,
Dealer as of the Trade Date that:

	 	(a)	 	Reserved.
	 
	 	(b)	 	Eligible Contract Participant. Counterparty is an “eligible contract
participant” (as such term is defined in Section 1a(12) of the Commodity Exchange Act,
as amended (the “CEA”)) because one or more of the following is true:

8

 

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

	 	(c)	 	No Material Non-Public Information. Counterparty is not entering into
this Transaction ‘on the basis of’ material nonpublic information about the
Counterparty within the meaning of Rule 10b5-1(b) under the Securities Exchange Act of
1934, as amended (the “Exchange Act”).
	 
	 	(d)	 	No Manipulation. Counterparty 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).
	 
	 	(e)	 	Board Authorization. The Transaction was approved by its board of
directors and publicly announced, solely for the purposes stated in such board
resolution and public disclosure, and Counterparty’s board of directors have duly
authorized any repurchase of Shares pursuant to this Transaction. Counterparty further
represents that there is no internal policy, whether written or oral, of Counterparty
that would prohibit Counterparty from entering into any aspect of the Transaction,
including, but not limited to, the purchases of Shares to be made pursuant hereto.
	 
	 	(f)	 	Required Filings. As of the Trade Date, the Company has made all
required public disclosures and required filings with the Securities and Exchange
Commission, any securities exchange or any other regulatory body with respect to the
Transaction that are required to be made as of the Trade Date.
	 
	 	(g)	 	Investment Company. Counterparty is not and will not be required to
register as an “investment company” as such term is defined in the Investment Company
Act of 1940, as amended.

8. Other Provisions:

	 	(a)	 	Opinions. Counterparty shall deliver to Dealer an opinion of counsel,
dated as of the Effective Date, in form and substance reasonably acceptable to Dealer
with respect to the matters set forth in paragraphs (i), (ii) and (iii) (but not with
respect to applicable law) of Section 3(a) of the Agreement (save that such opinion
will only address the agreements and contracts of Counterparty actually filed or
incorporated in the Counterparty’s Forms 10-K, 10-K/A and 8-K (net of any agreements
terminated and disclosed under Item 1.02 of Form 8-K) and excluding any agreements or
contracts related to benefits, employment or consulting matters).
	 
	 	(b)	 	Reserved.
	 
	 	(c)	 	Transfer or Assignment. Counterparty may not transfer any of its
rights or obligations under this Transaction without the prior written consent of
Dealer, except that Counterparty may, without the prior written consent of Dealer,
transfer its rights and obligations in connection with a Share-for-Share Merger Event
to the entity that has become the Issuer as a result of such a

9

 

	 	 	Merger Event. Dealer may, without Counterparty’s consent, transfer or assign all or
any part of its rights or obligations under the Transaction to any third party with
a rating for its long term, unsecured and unsubordinated indebtedness equal to or
better than A- by Standard and Poor’s Rating Group, Inc. or its successor (“S&P”),
or A3 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 Dealer, provided that an Event of
Default, Potential Event of Default or Termination Event will not occur as a result
of such transfer and assignment. If after Dealer’s commercially reasonable efforts,
Dealer is unable to effect such a transfer or assignment on pricing terms reasonably
acceptable to Dealer and within a time period reasonably acceptable to Dealer of a
sufficient number of Options to reduce (i) the “beneficial ownership” (within the
meaning of Section 13 of the Exchange Act and rules promulgated thereunder) of
Counterparty’s outstanding Shares by Dealer and any person subject to aggregation
with Dealer under such Section 13 and such rules to 7.5% or less or (ii) the
quotient of (x) the product of (a) the Number of Options and (b) the Option
Entitlement divided by (y) the number of Counterparty’s outstanding Shares (such
quotient expressed as a percentage, the “Option Equity Percentage”) to 14.5% or
less, Dealer may designate any Exchange Business Day as an Early Termination Date
with respect to a portion (the “Terminated Portion”) of this Transaction, such that
(i) its “beneficial ownership” following such partial termination will be equal to
approximately 7.5% and (ii) the Option Equity Percentage following such partial
termination will be equal to approximately 14.5%. In the event that Dealer 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) Counterparty shall be the sole Affected Party with respect to such
partial termination and (iii) such Transaction shall be the only Terminated
Transaction (and, for the avoidance of doubt, the provisions of Section 8(j) shall
apply to any amount that is payable by Dealer to Counterparty pursuant to this
sentence as if Counterparty was not the Affected Party). 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 to or from
Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive
or deliver such shares or other securities and otherwise to perform Dealer’s
obligations in respect of this Transaction and any such designee may assume such
obligations. Dealer shall be discharged of its obligations to Counterparty to the
extent of any such performance. For the avoidance of doubt, any payment made in
accordance with this paragraph shall be determined solely on the basis of the Fair
Value Variables in accordance with Section 8(s) of this Confirmation.

	(d)	 	Repurchase Notices. Counterparty shall, on any day on which
Counterparty 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
Notice Percentage as determined on such day is (i) greater than 8% and (ii) greater by
0.5% than the Notice Percentage included in the immediately preceding Repurchase Notice
(or, in the case of the first such Repurchase Notice, greater than the Notice
Percentage as of the date hereof). The “Notice Percentage” as of any day is the
fraction, expressed as a percentage, the numerator of which is the Number of Options
multiplied by the Option Entitlement and the denominator of which is the number of
Shares outstanding on such day. In the event that Counterparty fails to provide Dealer
with a Repurchase Notice on the day and in the manner specified in this paragraph, then
Counterparty agrees to indemnify and hold harmless Dealer, its affiliates and their
respective directors, officers, employees, agents and controlling persons (Dealer and
each such person being an “Indemnified Party”) 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 this Transaction), claims, damages, judgments,
liabilities joint or several and expenses (including reasonable attorney’s fees), to
which such Indemnified Party may become subject under applicable

10

 

	 	 	securities laws, including without limitation, Section 16 of the Exchange Act,
relating to or as a result of Counterparty’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 Parties
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 Party as a result of Counterparty’s failure to
provide Dealer with a Repurchase Notice in accordance with this paragraph, such
Indemnified Party shall promptly notify Counterparty in writing, and Counterparty,
upon request of the Indemnified Party, shall retain counsel reasonably satisfactory
to the Indemnified Party to represent the Indemnified Party and any others
Counterparty may designate in such proceeding and shall pay the fees and expenses of
such counsel related to such proceeding. Counterparty shall not be liable for any
settlement of any proceeding contemplated by this paragraph that is effected without
its written consent, but if settled with such consent or if there be a final
judgment against an Indemnified Party, Counterparty agrees to indemnify any
Indemnified Party 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 Party, effect any settlement of any pending or threatened
proceeding contemplated by this paragraph that is in respect of which any
Indemnified Party is or could have been a party and indemnity could have been sought
hereunder by such Indemnified Party, unless such settlement includes an
unconditional release of such Indemnified Party from all liability on claims that
are the subject matter of such proceeding on terms reasonably satisfactory to such
Indemnified Party. If the indemnification provided for in this paragraph is
unavailable to an Indemnified Person or insufficient in respect of any losses,
claims, damages or liabilities referred to therein, then Counterparty hereunder, in
lieu of indemnifying such Indemnified Person hereunder, 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 (d) are
not exclusive and shall not limit any rights or remedies which may otherwise be
available to any Indemnified Party at law or in equity. The indemnity and
contribution agreements contained in this paragraph shall remain operative and in
full force and effect regardless of the termination of this Transaction.

	(e)	 	Early Unwind.

     (i) Failure to Close Initial Shares. In the event the sale of the Initial
Shares (as defined in the Underwriting Agreement) is not consummated with the
underwriters named in the Underwriting Agreement (including, for the avoidance of
doubt, the Hedge Sellers) for any reason or Counterparty fails to deliver to Dealer
opinions of counsel to Counterparty as required pursuant to Section 8(a) hereof by
the close of business in New York on the Closing Date (as defined in the
Underwriting Agreement) (or such later date as agreed upon by the parties) (the
Closing Date or such later date as agreed upon being the “Early Unwind Date”), this
Transaction shall automatically terminate (an “Early Unwind”) on the Early Unwind
Date and (i) the Transaction and all of the respective rights and obligations of
Dealer 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
unless such failure to consummate the sale of Initial Shares resulted solely from a
breach of the Underwriting Agreement by the Representatives in their capacity as
underwriters thereunder, Counterparty shall reimburse Dealer for any costs or
expenses (including market losses) relating to the unwinding of its hedging
activities in connection with the Transaction (including any loss or cost incurred
as a result of its terminating, liquidating, obtaining or reestablishing any hedge
or related trading position). The amount of any such reimbursement shall be
determined by Dealer in good faith using its commercially reasonable discretion and
shall be supported by written evidence of the same, which shall be furnished to

11

 

Counterparty. Dealer shall notify Counterparty of such amount and Counterparty
shall pay such amount in immediately available funds on the Early Unwind Date.
Each of Dealer and Counterparty represents and acknowledges to the other that,
subject to the proviso included in this paragraph, upon an Early Unwind pursuant to
this paragraph (e)(i), all obligations with respect to the Transaction shall be
deemed fully and finally discharged.

     (ii) Failure to Close Hedge Shares. In the event the sale of the Hedge Shares
(as defined in the Underwriting Agreement) is not consummated with the Bear Hedge
Seller (as defined in the Underwriting Agreement) (but not a failure to consummate
the sale of the Initial Shares of which the Hedge Shares are a part, in which case
clause (i) above shall apply), other than solely as a result of a breach by
Counterparty, by the close of business in New York on the Early Unwind Date, this
Transaction shall automatically terminate (an “Early Unwind”) on the Early Unwind
Date and (i) the Transaction and all of the respective rights and obligations of
Dealer 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. Each of Dealer
and Counterparty represents and acknowledges to the other that upon an Early Unwind
pursuant to this paragraph (e)(ii), all obligations with respect to the Transaction
shall be deemed fully and finally discharged.

	(f)	 	Staggered Settlement. If upon advice of counsel with respect to
applicable legal and regulatory requirements, including any requirements relating to
hedging activities in relation hereto, Dealer reasonably determines that it would not
be practicable or advisable to deliver, or to acquire Shares to deliver, any or all of
the Shares to be delivered by Dealer on the Settlement Date for any Tranche (taking
proper account of Settlement Dates under all other Tranches), Dealer may, by notice to
Counterparty on or prior to any Settlement Date (a “Nominal Settlement Date”), elect to
deliver the Shares on two or more dates (each, a “Staggered Settlement Date”) as
follows:

	 	(i).	 	 in such notice, Dealer 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;
	 
	 	(ii).	 	 the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered Settlement Dates
will equal the number of Shares that Dealer would otherwise be required
to deliver on such Nominal Settlement Date; and
	 
	 	(iii).	 	 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 Dealer in the notice referred to in
clause (i) above.

	(g)	 	Right to Extend. Dealer may postpone, in whole or in part, any
Valuation Date or any Settlement Date or any other date of valuation or delivery by
Dealer, with respect to some or all of the Options hereunder, if Dealer determines, in
its commercially reasonable judgment, that such extension is reasonably necessary or
appropriate to preserve Dealer’s hedging or hedge unwind activity hereunder in light of
existing liquidity conditions or to enable Dealer to effect purchases or sales of
Shares in connection with its hedging or settlement activity hereunder in a manner that
would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be in
compliance with applicable legal, regulatory or self-regulatory requirements, or with
related policies and procedures applicable to Dealer.

	(h)	 	Registration/Private Placement. Counterparty hereby agrees that if, in
the good faith reasonable judgment of Dealer, upon advice of nationally recognized
outside legal counsel, the

12

 

	 	 	Shares (“Hedge Shares”) acquired by Dealer in the open market for the purpose of
hedging its obligations pursuant to the Transaction (which, for the avoidance of
doubt, shall not include the Hedge Shares (as defined in the Underwriting
Agreement)) cannot be sold in the public market by Dealer without registration under
the Securities Act of 1933, as amended (the “Securities Act”), Counterparty shall,
at its election, either (i) in order to allow Dealer to sell the Hedge Shares in a
registered offering, (a) make available to Dealer an effective registration
statement under the Securities Act, (b) enter into an agreement, in form and
substance satisfactory to Dealer, substantially in the form of an underwriting
agreement for a registered offering and (c) provide for customary “due diligence”
and other procedures (including accountants’ comfort letters) relating to such
registered offering (a “Registered Settlement”); provided, however, that if Dealer,
in its sole reasonable discretion, is not satisfied with such procedures and
documentation, clause (ii) or clause (iii) of this Section 8(h) shall apply at the
election of the Counterparty; (ii) in order to allow Dealer to sell the Hedge Shares
in a private placement, enter into a private placement agreement substantially
similar to private placement purchase agreements customary for private placements of
equity securities, in form and substance satisfactory to Dealer (in which case, the
Calculation Agent shall make any adjustments to the terms of the Transaction that
are necessary, in its reasonable judgment, to compensate Dealer for any commercially
reasonable discount from the public market price of the Shares incurred on the sale
of Hedge Shares in a private placement) (a “Private Settlement”); or (iii) purchase
the Hedge Shares from Dealer at the Settlement Price on such Scheduled Trading Days,
and in such amounts, requested by Dealer. For the avoidance of doubt, Dealer shall
not exercise its rights under this Section 8(h) unless the Options have been
exercised or the Transaction has otherwise been terminated or cancelled.
	 
	(i)	 	Role of Agent. The Counterparty acknowledges that Bear, Stearns & Co.
Inc. (“BS&C”) has acted as agent for the Dealer (without accepting any liability for
the Dealer’s performance or non-performance of the Dealer’s obligations under the
Transaction) in connection with the execution of this Confirmation on the Dealer’s
behalf. This Confirmation is being provided by BS&C in such capacity. In addition,
Counterparty acknowledges that (i) the date and time of the Transaction evidenced
hereby will be furnished by Dealer and Counterparty upon written request and (ii)
Dealer is regulated by the Financial Services Authority and has entered into this
Transaction as principal.
	 
	(j)	 	Amendments to the Equity Definitions.
	 
	 	 	(i) Section 6.4 of the Equity Definitions is hereby amended by adding the following
sentence after the first sentence: “A Scheduled Trading Day on which a Related
Exchange fails to open during its regular trading session will not be a Disrupted
Day if the Calculation Agent determines that such failure will not have a material
impact on Dealer’s ability to unwind any related hedging transactions.”
	 
	 	 	(ii) The first paragraph of Section 11.2(c) of the Equity Definitions is hereby
amended by (1) replacing the words “diluting or concentrative” in the fifth line
thereof with the word “material” and (2) adding the words “or Options” after the
words “relevant Shares” in the sixth line thereof and the sentence immediately
preceding Section 11.2(c)(ii) is hereby amended by (1) deleting the words “diluting
or concentrative” and (2) replacing 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 Share)” with “(including, without
limitation, adjustments to account solely for changes in volatility, expected
dividends, stock loan rate or liquidity relative to the relevant Share)”.
	 
		 	(iii) Section 11.2(e)(vii) of the Equity Definitions is hereby amended by (1)
replacing the words “diluting or concentrative” with the word “material” and (2)
adding the words “or Options” at the end of the sentence.

13

 

	 	 	(iv) Section 12.1(c) of the Equity Definitions is hereby replaced with the
following: “Merger Date” means the Announcement Date of an event that if consummated
would constitute a Merger Event.
	 
	 	 	(v) Section 12.1(e) of the Equity Definitions is hereby replaced with the following:
“Tender Offer Date” means the Announcement Date of an event that if consummated
would constitute a Tender Offer.
	 
	 	 	(vi) Section 12.6(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) inserting the following phrase prior to the
semi-colon: “or (C) at Dealer’s option, the occurrence of any of the events
specified in Section 5(a)(vii) (1) through (9) of the Agreement with respect to that
Issuer”.
	 
	 	 	(vii) Solely for purposes of applying the Equity Definitions and for purposes of
this Confirmation, any reference to a Strike Price shall be deemed to be a reference
to any of the Low Call Strike Price or the High Call Strike Price, or both, as
appropriate.
	 
	 	 	(viii) Section 12.9(b)(i) of the Equity Definitions is hereby amended by (1)
replacing “either party may elect” with “Dealer may elect” and (2) replacing “notice
to the other party” with “notice to Counterparty” in the first sentence of such
section.
	 
	(k)	 	Netting; Setoff. Each of Counterparty and Dealer shall not net or
set-off its obligations under the Transaction, if any, against its rights against the
other party under any other transaction or instrument. Section 6(f) of the Agreement
shall not apply.
	 
	(l)	 	Alternative Calculations and Payment on Early Termination and on Certain
Extraordinary Events. If, in respect of the Transaction, an amount is payable by
Dealer to Counterparty, (i) pursuant to Sections 12.2, 12.3, 12.6, 12.7 or 12.9 of the
Equity Definitions (except in the event of a Nationalization, Insolvency, Merger Event
or Tender Offer, 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) or 6(e) of the
Agreement (except in the event of an Event of Default in which Counterparty is the
Defaulting Party or a Termination Event in which Counterparty is the Affected Party,
other than an Event of Default of the type described in Section 5(a)(ii),(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 in each case that resulted
from an event or events outside Counterparty’s control) (in each case as modified by
Section 8(s) of this Confirmation) (a “Payment Obligation”), Counterparty shall have
the right to require Dealer to satisfy any such Payment Obligation by the Share
Termination Alternative (as defined below) by giving irrevocable telephonic notice to
Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m.
New York local time on the Merger Date, Tender Offer Date, Early Termination Date or
date of cancellation, as applicable (“Notice of Share Termination”); provided that if
the Counterparty does not validly request that Dealer satisfy its Payment Obligation by
the Share Termination Alternative, Dealer shall have the right, in its sole discretion,
to satisfy its Payment Obligation by the Share Termination Alternative, notwithstanding
Counterparty’s lack of election or election to the contrary. Upon Notice of Share
Termination, the following provisions shall apply:

	 	 	 
	Share Termination Alternative:

	 	Applicable and means that Dealer
shall deliver to Counterparty the Share Termination Delivery Property on, or
within a commercially reasonable period of time after, the date when the
Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of
the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as

14

 

	 	 	 
	 

	 	applicable (the “Share Termination Payment
Date”), in satisfaction of the Payment
Obligation in the manner reasonably
requested by Counterparty free of payment.
	 
	 	 
	Share Termination Delivery Property:

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

	 	The value to Dealer of property
contained in one Share Termination Delivery Unit, as determined by the
Calculation Agent in its discretion by commercially reasonable means and
notified by the Calculation Agent to Dealer at the time of notification of the
Payment Obligation.
	 
	 	 
	Share Termination Delivery Unit:

	 	 In the case of a Termination Event,
Event of Default or Delisting, one Share or, in the case of Nationalization or
Insolvency, Merger Event or Tender Offer, a unit consisting of the number or
amount of each type of property received by a holder of one Share (without
consideration of any requirement to pay cash or other consideration in lieu of
fractional amounts of any securities) in such Nationalization, Insolvency,
Merger Event or Tender Offer, as determined by the Calculation Agent. If a
Share Termination Delivery Unit consists of property other than cash or New
Shares and if Counterparty provides irrevocable written notice to the
Calculation Agent on or prior to the relevant date that it elects to have
Dealer deliver cash, New Shares or a combination thereof (in such proportion as
Counterparty designates) in lieu of such other property, 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
Nationalization, Insolvency, Merger Event or Tender Offer 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

15

 

	 	 	 
	Other applicable provisions:

	 	If Share Termination Settlement is
applicable to the Transaction, the provisions of Sections 9.8, 9.9, 9.10, 9.11
and 9.12 of the Equity Definitions will be applicable, except that all
references in such provisions to “Shares” shall be read as references to “Share
Termination Delivery Units”.

	(m)	 	Restriction on Repurchases. Counterparty hereby covenants and agrees
that neither it nor any of its “affiliated purchasers” (as defined under Rule 10b-18
under the Exchange Act) shall effect any repurchase of Shares on any Expiration Date
for any Tranche; provided that Counterparty may effect repurchases of Common Stock
pursuant to exercises of outstanding options, warrants or other contracts or
securities, so long as such purchases are not made on the Exchange or cause any other
person to purchase Shares on the Exchange.
	 
	(n)	 	Status of Claims in Bankruptcy. Dealer acknowledges and agrees that
this Confirmation is not intended to convey to it rights with respect to the
Transaction that are senior to the claims of common stockholders in the event of
Counterparty’s bankruptcy. For the avoidance of doubt, the parties agree that the
preceding sentence shall not apply at any time other than during Counterparty’s
bankruptcy to any claim arising as a result of a breach by Counterparty of any of its
obligations under this Confirmation or the Agreement.
	 
	(o)	 	Securities Contract; Swap Agreement. The parties hereto intend for:
(a) the Transaction to be a “securities contract” and a “swap agreement” as defined in
the Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”), and
the parties hereto to be entitled to the protections afforded by, among other Sections,
Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code; (b)
a party’s right to liquidate the Transaction and to exercise any other remedies upon
the occurrence of any Event of Default under the Agreement with respect to the other
party to constitute a “contractual right” as described in the Bankruptcy Code; and (c)
each payment and delivery of cash, securities or other property hereunder to constitute
a “margin payment” or “settlement payment” and a “transfer” as defined in the
Bankruptcy Code.
	 
	(p)	 	Reserved.
	 
	(q)	 	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.
	 
	(r)	 	Tax Disclosure. Effective from the date of commencement of
discussions concerning the Transaction, Counterparty and each of its employees,
representatives, or other agents may disclose to any and all persons, without
limitation of any kind, the tax treatment and tax structure of the Transaction and all
materials of any kind (including opinions or other tax analyses) that are provided to
Counterparty relating to such tax treatment and tax structure.
	 
	(s)	 	Agreement in Respect of any Early Termination Amount or Cancellation
Amount. Notwithstanding anything to the contrary herein, in the Agreement or in
the Equity Definitions, in the event that 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 the Transaction is terminated pursuant to Article 12 of
the Equity Definitions, the Calculation Agent, or the party that otherwise makes the
determination pursuant to the Agreement, as the case may be, shall determine the Early
Termination Amount or Cancellation Amount, as applicable, for the Transaction as equal
to the difference between (a) the Early Termination Amount or the

16

 

	 	 	Cancellation Amount, as applicable, for the Transaction, determined solely on the
basis of the Fair Value Variables (as defined below), that would otherwise be
payable by Dealer to Counterparty (if any), and (b) the amount payable by
Counterparty to Dealer in respect of the Transaction determined in accordance with
the make-whole tables set forth in Annex B attached hereto (the “Make-Whole
Amount”); provided that in no event will such Early Termination Amount or
Cancellation Amount result in payment owing to Dealer as a result of such Early
Termination Date or termination of the Transaction.
	 
	 	 	“Fair Value Variables” mean, with respect to any calculation or determination of
the fair value of any Transaction to Dealer or an amount payable by or to Dealer
hereunder, any combination of one or more of the following variables: (i) interest
rates of 4.0% per annum, (ii) dividends of $0 per quarter, (iii) volatility or
volatilities (which, for the avoidance of doubt, shall include the entire
volatility surface) at the time of such calculation or determination, (iv) changes
to all outstanding Shares, such as in the case of stock splits, stock dividends and
mergers, (v) stock price experience prior to, and at the time of, such calculation
or determination (including experience as to liquidity of the Shares, and whether
based on available market price information, or estimates of trading prices for
blocks of shares, or other relevant information as to prevailing market prices) and
(vi) any and all variables related to time; provided that, under no circumstances,
will such a calculation or determination be based on or otherwise take into account
(i) the stock prices at which Dealer’s open or terminated hedging transactions are
effected or the actual number of shares in Dealer’s open or terminated hedging
transactions (or underlying derivative instruments used as hedges by Dealer) or
(ii) actual or expected losses or costs incurred by Dealer in connection with
terminating, liquidating or re-establishing any hedge related to such Transaction
(or any gain resulting from any of them). Notwithstanding any of the foregoing, if
the Emerging Issues Task Force (“EITF”) or the Financial Accounting Standards Board
(“FASB”) confirm that use of (x) current or refreshed interest rates, (y) current
or expected dividends, and/or (z) hedge gains or losses in the calculations of any
Early Termination Amount and/or any Cancellation Amount is not inconsistent with
the meaning of “indexed to a company’s own stock” under the relevant U.S. Generally
Accepted Accounting Principles, then the “Fair Value Variables” shall include such
broader definition of (I) interest rates, (II) dividends, and/or (III) hedge gains
or losses.
	 
	(t)	 	Distribution of the Initial Hedge Shares. If the Bear Hedge Seller is
unable to sell Hedge Shares purchased by it from the Counterparty pursuant to the
Underwriting Agreement on one or more Exchange Business Days prior to the Final Sale
Date solely because (i) the Registration Statement or Prospectus (each as defined in
the Underwriting Agreement) is not available for use on such Exchange Business Day
pursuant to the Underwriting Agreement, or (ii) the Registration Statement or
Prospectus is, in the view of counsel to Dealer, unusable on such Exchange Business
Day, in each case whether due to technical fault or omissions or mis-statements of fact
or otherwise, the Calculation Agent will adjust the terms of the Tranches (including,
without limitation, the Number of Options, the Low Call Strike Price and the High Call
Strike Price) to reflect the economic effects of Dealer’s inability to establish or
adjust its hedge position on the affected Exchange Business Day(s) with respect to the
Tranches on the theoretical value of the Tranches to Dealer as a result of the Bear
Hedge Seller’s inability to sell the relevant number of Hedge Shares on the relevant
affected Exchange Business Day, solely based on the Fair Value Variables in accordance
with Section 8(s) above. The “Final Sale Date” will be the 60th Prospectus Availability
Date following the Closing Date. A “Prospectus Availability Date” is an Exchange
Business Day on which the Prospectus and Registration Statement are usable in
accordance with the first sentence of this Section 8(t).
	 
	(u)	 	Required Filings. Company agrees to make all public disclosures and
required filings with the Securities and Exchange Commission, any securities exchange
or any other regulatory body that are required with respect to the Transaction.

17

 

9. ISDA Master Agreement:

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

PART 1

TERMINATION PROVISIONS

	(a)	 	“Specified Entity” means in relation to Dealer for the purpose of:

	 	 	 
	Section 5(a)(v) (Default under Specified Transaction):

	 	Not Applicable
	Section 5(a)(vi) (Cross Default):

	 	Not Applicable
	Section 5(a)(vii) (Bankruptcy):

	 	Not Applicable
	Section 5(b)(v) (Credit Event upon Merger):

	 	Not Applicable
	 
	 	 
	and in relation to Counterparty for the purpose of:
	 	 
	 
	 	 
	Section 5(a)(v) (Default under Specified Transaction):

	 	Not Applicable
	Section 5(a)(vi) (Cross Default)

	 	Not Applicable
	Section 5(a)(vii) (Bankruptcy)

	 	Not Applicable
	Section 5(b)(v) (Credit Event upon Merger):

	 	Not Applicable

	(b)	 	Section 5(a)(v) (Default under Specified Transaction) will not apply to Dealer or
Counterparty.
	 
	(c)	 	The “Cross-Default” provisions of Section 5(a)(vi) will not apply to Dealer and will not
apply to Counterparty.
	 
	(d)	 	The “Automatic Early Termination” provision of Section 6(a) will not apply to Dealer or
Counterparty.
	 
	(e)	 	Force Majeure Event. Notwithstanding anything to the contrary contained in the Agreement,
Section 5(b)(ii) of the Agreement shall not apply and, for the avoidance of doubt, a Force
Majeure Event shall not constitute a Termination Event with respect to Counterparty or Dealer.
	 
	(f)	 	“Termination Currency” means United States Dollars.

PART 3

AGREEMENT TO DELIVER DOCUMENTS

For the purpose of Section 4(a)(i) and (ii) of the Agreement, each party agrees to deliver the
following documents, as applicable:

	(a)	 	Tax forms, documents or certificates to be delivered are: none
	 
	(b)	 	Other Documents to be delivered are: not applicable

PART 4

MISCELLANEOUS

	(a)	 	Offices. The provisions of Section 10(a) will apply to the Agreement.

18

 

	(b)	 	Governing Law. The Agreement will be governed by and construed in accordance with the laws
of the State of New York, without reference to choice of law doctrine.
	 
	(c)	 	Deduction or Withholding for Tax. So long as Counterparty is organized under the laws of the
United States or any State thereof, the provisions of Section 2(d)(i)(4) of the Agreement
shall not apply to the Counterparty with respect to the Transaction.
	 
	(d)	 	Fully Paid Transactions. The condition precedent in Section 2(a)(iii)(1) shall not apply to a
payment and delivery owing by a party if the other party shall have satisfied in full all its
payment or delivery obligations under Section 2(a)(i) of the Agreement and shall at the
relevant time have no future payment or delivery obligations, whether absolute or contingent,
under Section 2(a)(i).
	 
	(e)	 	Credit Support Document. Details of any Credit Support Documents:
	 
	 	 	In relation to Dealer: the Guarantee dated as of even date herewith made by Dealer’s Credit
Support Provider in favor of Counterparty; and in relation to Counterparty: none.
	 
	(f)	 	Credit Support Provider.

	 	1.	 	With respect to Dealer, The Bear Stearns Companies Inc.; and with respect to
Counterparty, not applicable.

19

 

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

	 	 	 	 	 
	 	Very truly yours,

BEAR, STEARNS & CO. INC., as agent for Bear

Stearns International Limited

 	 
	 	By:  	/s/ Michael O’Donovan
 	 
	 	Authorized Signatory 	 
	 	Name:
Title:  	 Michael O’Donovan

Senior Managing Director 	 
	 

Accepted and confirmed

as of the Trade Date:

GOODRICH PETROLEUM CORPORATION

	 	 	 	 	 
	 	 	 
	 	By:  	            /s/ David R. Looney
 	 
	 	 	Authorized Signatory 	 
	 	 	Name:
Title:  	 David R. Looney
Title:
Executive Vice President and Chief Financial Officer 	 
	 

 

 

ANNEX A

	 	 	 	 	 	 	 	 	 
	Tranche	 	Expiration Date	 	Shares
	1
	 	 	5/18/2009	 	 	 	38,666.67	 
	2
	 	 	5/19/2009	 	 	 	38,666.67	 
	3
	 	 	5/20/2009	 	 	 	38,666.67	 
	4
	 	 	5/21/2009	 	 	 	38,666.67	 
	5
	 	 	5/22/2009	 	 	 	38,666.67	 
	6
	 	 	5/26/2009	 	 	 	38,666.67	 
	7
	 	 	5/27/2009	 	 	 	38,666.67	 
	8
	 	 	5/28/2009	 	 	 	38,666.67	 
	9
	 	 	5/29/2009	 	 	 	38,666.67	 
	10
	 	 	6/1/2009	 	 	 	38,666.67	 
	11
	 	 	6/2/2009	 	 	 	38,666.67	 
	12
	 	 	6/3/2009	 	 	 	38,666.67	 
	13
	 	 	6/4/2009	 	 	 	38,666.67	 
	14
	 	 	6/5/2009	 	 	 	38,666.67	 
	15
	 	 	6/8/2009	 	 	 	38,666.67	 
	16
	 	 	6/9/2009	 	 	 	38,666.67	 
	17
	 	 	6/10/2009	 	 	 	38,666.67	 
	18
	 	 	6/11/2009	 	 	 	38,666.67	 
	19
	 	 	6/12/2009	 	 	 	38,666.67	 
	20
	 	 	6/15/2009	 	 	 	38,666.67	 
	21
	 	 	6/16/2009	 	 	 	38,666.67	 
	22
	 	 	6/17/2009	 	 	 	38,666.67	 
	23
	 	 	6/18/2009	 	 	 	38,666.67	 
	24
	 	 	6/19/2009	 	 	 	38,666.67	 
	25
	 	 	6/22/2009	 	 	 	38,666.67	 
	26
	 	 	11/16/2009	 	 	 	38,666.67	 
	27
	 	 	11/17/2009	 	 	 	38,666.67	 
	28
	 	 	11/18/2009	 	 	 	38,666.67	 
	29
	 	 	11/19/2009	 	 	 	38,666.67	 
	30
	 	 	11/20/2009	 	 	 	38,666.67	 
	31
	 	 	11/23/2009	 	 	 	38,666.67	 
	32
	 	 	11/24/2009	 	 	 	38,666.67	 
	33
	 	 	11/25/2009	 	 	 	38,666.67	 
	34
	 	 	11/30/2009	 	 	 	38,666.67	 
	35
	 	 	12/1/2009	 	 	 	38,666.67	 
	36
	 	 	12/2/2009	 	 	 	38,666.67	 
	37
	 	 	12/3/2009	 	 	 	38,666.67	 
	38
	 	 	12/4/2009	 	 	 	38,666.67	 
	39
	 	 	12/7/2009	 	 	 	38,666.67	 
	40
	 	 	12/8/2009	 	 	 	38,666.67	 
	41
	 	 	12/9/2009	 	 	 	38,666.67	 
	42
	 	 	12/10/2009	 	 	 	38,666.67	 
	43
	 	 	12/11/2009	 	 	 	38,666.67	 
	44
	 	 	12/14/2009	 	 	 	38,666.67	 
	45
	 	 	12/15/2009	 	 	 	38,666.67	 

A-1

 

	 	 	 	 	 	 	 	 	 
	Tranche	 	Expiration Date	 	Shares
	46
	 	 	12/16/2009	 	 	 	38,666.67	 
	47
	 	 	12/17/2009	 	 	 	38,666.67	 
	48
	 	 	12/18/2009	 	 	 	38,666.67	 
	49
	 	 	12/21/2009	 	 	 	38,666.67	 
	50
	 	 	12/22/2009	 	 	 	38,666.67	 
	51
	 	 	5/18/2010	 	 	 	38,666.67	 
	52
	 	 	5/19/2010	 	 	 	38,666.67	 
	53
	 	 	5/20/2010	 	 	 	38,666.67	 
	54
	 	 	5/21/2010	 	 	 	38,666.67	 
	55
	 	 	5/24/2010	 	 	 	38,666.67	 
	56
	 	 	5/25/2010	 	 	 	38,666.67	 
	57
	 	 	5/26/2010	 	 	 	38,666.67	 
	58
	 	 	5/27/2010	 	 	 	38,666.67	 
	59
	 	 	5/28/2010	 	 	 	38,666.67	 
	60
	 	 	6/1/2010	 	 	 	38,666.67	 
	61
	 	 	6/2/2010	 	 	 	38,666.67	 
	62
	 	 	6/3/2010	 	 	 	38,666.67	 
	63
	 	 	6/4/2010	 	 	 	38,666.67	 
	64
	 	 	6/7/2010	 	 	 	38,666.67	 
	65
	 	 	6/8/2010	 	 	 	38,666.67	 
	66
	 	 	6/9/2010	 	 	 	38,666.67	 
	67
	 	 	6/10/2010	 	 	 	38,666.67	 
	68
	 	 	6/11/2010	 	 	 	38,666.67	 
	69
	 	 	6/14/2010	 	 	 	38,666.67	 
	70
	 	 	6/15/2010	 	 	 	38,666.67	 
	71
	 	 	6/16/2010	 	 	 	38,666.67	 
	72
	 	 	6/17/2010	 	 	 	38,666.67	 
	73
	 	 	6/18/2010	 	 	 	38,666.67	 
	74
	 	 	6/21/2010	 	 	 	38,666.67	 
	75
	 	 	6/22/2010	 	 	 	38,666.67	 
	 

A-2

 

ANNEX B

Notwithstanding anything to the contrary herein, in the Agreement or in the Equity Definitions, in
the event that an Early Termination Date (whether as a result of an Event of Default or a
Termination Event) occurs or is designated with respect to any Transaction or any Transaction is
terminated pursuant to Article 12 of the Equity Definitions, Dealer shall determine the Early
Termination Amount or Cancellation Amount, as applicable, for such Transaction or Transactions as
equal to the difference between (a) the Early Termination Amount or the Cancellation Amount, as
applicable, for such Transaction or Transactions, determined by Dealer solely on the basis of the
Fair Value Variables, that would otherwise be payable by Dealer to Counterparty (if any), and (b)
the Make-Whole Amount payable by Counterparty to Dealer in respect of such Transaction or
Transactions determined in accordance with the make-whole tables set forth below.

     The Make-Whole Amount will be determined by Seller as the sum of, for each of the three
Buckets constituting the Transaction, an amount derived by multiplying (i) the Bucket Number of
Options as of the opening of business on the related Early Termination Date or the date on which
the Transaction is terminated or cancelled under Section 12 of the Equity Definitions (for the
purposes of this Annex B, the “Termination Date”) and (ii) an amount in U.S. Dollars set forth on
the relevant make-whole table for such Bucket below, based on (x) the amount of time (“Time
Passed”) by which the Termination Date follows the Trade Date (which is set forth in the first row
of each grid under the heading “Time”), (y) the price of one Share prior to the event resulting in
the Termination Date expressed as percentage of an initial stock price of USD $23.50 (the “Original
Stock Price”), as determined by the Calculation Agent in its sole reasonable judgment (which is set
forth in the third row of each grid under the heading “Percent of original stock”), and (z) the
percentage increase in the price of one Share following the event resulting in the Termination Date
expressed as a percentage of the Original Stock Price, as determined by the Calculation Agent in
its sole reasonable judgment (which is set forth in the first column of each grid under the heading
“Stock after (% of stock before)”). The first twenty-five, second twenty-five and third twenty-five
Tranches will each be a “Bucket”. The make whole tables for the first Bucket are those with the
heading “18 month trade”, the second Bucket are those with the heading “24 month trade” and third
Bucket are those with the heading “30 month trade”. The “Bucket Number of Options” for any
Termination Date is the Number of Options with respect to each Tranche in the related Bucket for
which the Valuation Date has not occurred on the Termination Date.

     The exact stock prices, before and after the relevant event, and the exact Termination Date
may not be set forth in the tables below, in which case:

	 	1.	 	If the Termination Date is between two dates set forth on the tables below, the
Calculation Agent will determine two relevant amounts by reference to the two tables below
listing the date immediately preceding the Termination Date and the date immediately
following the Termination Date. Such amounts will each be determined as follows:

	 	a.	 	(i) if the “Percent of Original Stock” amount is between two “Percent
of Original Stock” amounts listed on the tables, the relevant amount will be
determined by a straight-line interpolation between the amounts set forth for the
higher and lower stock price amounts, and (ii) if the “Percent of Original Stock”
amount is less than the lowest “Percent of Original Stock” amount listed on the
tables, then the 40% “Percent of Original Stock” column listed on the table will
be used for the purposes of the calculation, and (iii) if the “Percent of Original
Stock” amount is greater than the highest “Percent of Original Stock” amount
listed on the tables, then the 160% “Percent of Original Stock” column listed on
the table will be used for the purposes of the calculation; and
	 
	 	b.	 	(i) if the “Stock after (% of stock before)” amount is between two
“Stock after (% of stock before)” amounts listed on the tables, the relevant
amount will be determined by a straight-line interpolation between the amounts set
forth for the higher and lower stock price amounts, and (ii) if the “Stock after
(% of stock before)” amount is less than the

B-1

 

	 	 	 	lowest “Stock after (% of stock before)” amount listed on the tables (for the
avoidance of doubt, less than 100% of the “Stock before” price), then the 40%
“Stock after (% of stock before)” row listed on the table will be used for the
purposes of the calculation, and (iii) if the “Stock after (% of stock before)”
amount is greater than the highest “Stock after (% of stock before)” amount listed
on the tables, then the 160% “Stock after (% of stock before)” row listed on the
table will be used for the purposes of the calculation.

	 	2.	 	If the Termination Date is between two dates set forth on the tables below, the
Make-Whole Amount will be determined by a straight-line interpolation between the two
dates of the amounts determined pursuant to (a) and (b) above. If the Terminate Date is
on a date set forth on one of the tables below, the Make-Whole Amount will be the amount
determined pursuant to (a) and (b) above.

     For the avoidance of doubt, upon the occurrence of any event permitting the Calculation Agent
to make adjustments to the terms of the Transaction, the Calculation Agent shall adjust any
variable, term or calculation of the make-whole tables set forth below to preserve the economic
intent of the parties as of the Trade Date solely based on the Fair Value Variables in accordance
with Section 8(s) of the Confirmations, including without limitation (x) any adjustment as a result
of Potential Adjustment Event, Extraordinary Event or otherwise as set forth in this Confirmation
and (y) any adjustment to the composition of Fair Value Variables as a result of an EITF
confirmation described in Section 8(s) above (which adjustment may include, without limitation, the
elimination of all or a portion of such tables to the extent that the EITF confirms the use
interest rates, dividends, and/or hedge gains or losses in the calculation of an Early Termination
Amount or Cancellation Amount).

Time 0

18 month trade

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percent of original stock
->	 	 	40	%	 	 	50	%	 	 	60	%	 	 	70	%	 	 	80	%	 	 	90	%	 	 	100	%	 	 	110	%	 	 	120	%	 	 	130	%	 	 	140	%	 	 	150	%	 	 	160	%
	 	 	 	 	 
	 	 	9.4	 	 	 	11.75	 	 	 	14.1	 	 	 	16.45	 	 	 	18.8	 	 	 	21.15	 	 	 	23.5	 	 	 	25.85	 	 	 	28.2	 	 	 	30.55	 	 	 	32.9	 	 	 	35.25	 	 	 	37.6	 
	Stock after (% of stock before)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	40	%	 	 
	 	 	0.488	 	 	 	0.927	 	 	 	1.529	 	 	 	2.104	 	 	 	2.455	 	 	 	2.460	 	 	 	2.095	 	 	 	1.417	 	 	 	0.521	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	50	%	 	 
	 	 	0.431	 	 	 	0.760	 	 	 	1.195	 	 	 	1.581	 	 	 	1.770	 	 	 	1.680	 	 	 	1.309	 	 	 	0.717	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	60	%	 	 
	 	 	0.376	 	 	 	0.601	 	 	 	0.884	 	 	 	1.112	 	 	 	1.184	 	 	 	1.057	 	 	 	0.744	 	 	 	0.299	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	70	%	 	 
	 	 	0.325	 	 	 	0.459	 	 	 	0.616	 	 	 	0.727	 	 	 	0.736	 	 	 	0.624	 	 	 	0.411	 	 	 	0.135	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	80	%	 	 
	 	 	0.281	 	 	 	0.343	 	 	 	0.411	 	 	 	0.450	 	 	 	0.439	 	 	 	0.373	 	 	 	0.265	 	 	 	0.138	 	 	 	0.009	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	90	%	 	 
	 	 	0.251	 	 	 	0.267	 	 	 	0.282	 	 	 	0.290	 	 	 	0.283	 	 	 	0.263	 	 	 	0.234	 	 	 	0.202	 	 	 	0.172	 	 	 	0.147	 	 	 	0.129	 	 	 	0.119	 	 	 	0.114	 
	 	100	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 
	 	110	%	 	 
	 	 	0.253	 	 	 	0.269	 	 	 	0.281	 	 	 	0.282	 	 	 	0.269	 	 	 	0.245	 	 	 	0.216	 	 	 	0.187	 	 	 	0.162	 	 	 	0.144	 	 	 	0.134	 	 	 	0.130	 	 	 	0.131	 
	 	120	%	 	 
	 	 	0.297	 	 	 	0.357	 	 	 	0.399	 	 	 	0.392	 	 	 	0.331	 	 	 	0.232	 	 	 	0.117	 	 	 	0.010	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	130	%	 	 
	 	 	0.375	 	 	 	0.505	 	 	 	0.581	 	 	 	0.543	 	 	 	0.390	 	 	 	0.163	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	140	%	 	 
	 	 	0.491	 	 	 	0.707	 	 	 	0.809	 	 	 	0.707	 	 	 	0.417	 	 	 	0.018	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	150	%	 	 
	 	 	0.645	 	 	 	0.956	 	 	 	1.067	 	 	 	0.863	 	 	 	0.391	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	160	%	 	 
	 	 	0.836	 	 	 	1.244	 	 	 	1.338	 	 	 	0.991	 	 	 	0.300	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 

Time 6m

18 month trade

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percent of original
stock ->	 	 	40	%	 	 	50	%	 	 	60	%	 	 	70	%	 	 	80	%	 	 	90	%	 	 	100	%	 	 	110	%	 	 	120	%	 	 	130	%	 	 	140	%	 	 	150	%	 	 	160	%
	 	 	 	 	 
	 	 	9.4	 	 	 	11.75	 	 	 	14.1	 	 	 	16.45	 	 	 	18.8	 	 	 	21.15	 	 	 	23.5	 	 	 	25.85	 	 	 	28.2	 	 	 	30.55	 	 	 	32.9	 	 	 	35.25	 	 	 	37.6	 
	Stock after (% of stock before)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	40	%	 	 
	 	 	0.326	 	 	 	0.628	 	 	 	1.260	 	 	 	2.135	 	 	 	2.983	 	 	 	3.498	 	 	 	3.481	 	 	 	2.891	 	 	 	1.826	 	 	 	0.458	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	50	%	 	 
	 	 	0.308	 	 	 	0.543	 	 	 	1.026	 	 	 	1.671	 	 	 	2.256	 	 	 	2.543	 	 	 	2.389	 	 	 	1.788	 	 	 	0.842	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	60	%	 	 
	 	 	0.290	 	 	 	0.460	 	 	 	0.797	 	 	 	1.226	 	 	 	1.579	 	 	 	1.689	 	 	 	1.473	 	 	 	0.952	 	 	 	0.224	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	70	%	 	 
	 	 	0.273	 	 	 	0.380	 	 	 	0.585	 	 	 	0.828	 	 	 	1.002	 	 	 	1.008	 	 	 	0.813	 	 	 	0.449	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	80	%	 	 
	 	 	0.257	 	 	 	0.310	 	 	 	0.406	 	 	 	0.512	 	 	 	0.572	 	 	 	0.547	 	 	 	0.429	 	 	 	0.243	 	 	 	0.031	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	90	%	 	 
	 	 	0.245	 	 	 	0.259	 	 	 	0.284	 	 	 	0.309	 	 	 	0.319	 	 	 	0.305	 	 	 	0.269	 	 	 	0.219	 	 	 	0.167	 	 	 	0.122	 	 	 	0.089	 	 	 	0.071	 	 	 	0.066	 
	 	100	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 
	 	110	%	 	 
	 	 	0.246	 	 	 	0.264	 	 	 	0.288	 	 	 	0.307	 	 	 	0.305	 	 	 	0.279	 	 	 	0.236	 	 	 	0.187	 	 	 	0.142	 	 	 	0.110	 	 	 	0.092	 	 	 	0.088	 	 	 	0.093	 
	 	120	%	 	 
	 	 	0.272	 	 	 	0.344	 	 	 	0.438	 	 	 	0.495	 	 	 	0.467	 	 	 	0.348	 	 	 	0.172	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	130	%	 	 
	 	 	0.322	 	 	 	0.490	 	 	 	0.687	 	 	 	0.778	 	 	 	0.672	 	 	 	0.380	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	140	%	 	 
	 	 	0.403	 	 	 	0.705	 	 	 	1.023	 	 	 	1.119	 	 	 	0.869	 	 	 	0.327	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	150	%	 	 
	 	 	0.522	 	 	 	0.990	 	 	 	1.427	 	 	 	1.483	 	 	 	1.018	 	 	 	0.160	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	160	%	 	 
	 	 	0.683	 	 	 	1.341	 	 	 	1.879	 	 	 	1.836	 	 	 	1.090	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 

B-2

 

Time 12m

18 month trade

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percent of original
stock ->	 	 	40	%	 	 	50	%	 	 	60	%	 	 	70	%	 	 	80	%	 	 	90	%	 	 	100	%	 	 	110	%	 	 	120	%	 	 	130	%	 	 	140	%	 	 	150	%	 	 	160	%
	 	 	 	 	 
	 	 	9.4	 	 	 	11.75	 	 	 	14.1	 	 	 	16.45	 	 	 	18.8	 	 	 	21.15	 	 	 	23.5	 	 	 	25.85	 	 	 	28.2	 	 	 	30.55	 	 	 	32.9	 	 	 	35.25	 	 	 	37.6	 
	Stock after (% of stock before)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	40	%	 	 
	 	 	0.243	 	 	 	0.299	 	 	 	0.606	 	 	 	1.459	 	 	 	2.916	 	 	 	4.583	 	 	 	5.774	 	 	 	5.908	 	 	 	4.806	 	 	 	2.714	 	 	 	0.114	 	 	 	0.000	 	 	 	0.000	 
	 	50	%	 	 
	 	 	0.242	 	 	 	0.287	 	 	 	0.533	 	 	 	1.206	 	 	 	2.330	 	 	 	3.565	 	 	 	4.348	 	 	 	4.226	 	 	 	3.093	 	 	 	1.195	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	60	%	 	 
	 	 	0.242	 	 	 	0.276	 	 	 	0.460	 	 	 	0.953	 	 	 	1.749	 	 	 	2.566	 	 	 	2.976	 	 	 	2.669	 	 	 	1.621	 	 	 	0.080	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	70	%	 	 
	 	 	0.241	 	 	 	0.265	 	 	 	0.388	 	 	 	0.706	 	 	 	1.192	 	 	 	1.639	 	 	 	1.771	 	 	 	1.420	 	 	 	0.628	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	80	%	 	 
	 	 	0.240	 	 	 	0.253	 	 	 	0.319	 	 	 	0.480	 	 	 	0.707	 	 	 	0.883	 	 	 	0.876	 	 	 	0.630	 	 	 	0.201	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	90	%	 	 
	 	 	0.240	 	 	 	0.244	 	 	 	0.264	 	 	 	0.308	 	 	 	0.365	 	 	 	0.399	 	 	 	0.377	 	 	 	0.295	 	 	 	0.177	 	 	 	0.061	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	100	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 
	 	110	%	 	 
	 	 	0.240	 	 	 	0.247	 	 	 	0.274	 	 	 	0.324	 	 	 	0.370	 	 	 	0.374	 	 	 	0.315	 	 	 	0.211	 	 	 	0.099	 	 	 	0.016	 	 	 	0.000	 	 	 	0.000	 	 	 	0.017	 
	 	120	%	 	 
	 	 	0.243	 	 	 	0.279	 	 	 	0.401	 	 	 	0.598	 	 	 	0.746	 	 	 	0.697	 	 	 	0.413	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	130	%	 	 
	 	 	0.252	 	 	 	0.352	 	 	 	0.650	 	 	 	1.070	 	 	 	1.303	 	 	 	1.068	 	 	 	0.367	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	140	%	 	 
	 	 	0.271	 	 	 	0.485	 	 	 	1.042	 	 	 	1.716	 	 	 	1.949	 	 	 	1.357	 	 	 	0.079	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	150	%	 	 
	 	 	0.308	 	 	 	0.697	 	 	 	1.579	 	 	 	2.485	 	 	 	2.584	 	 	 	1.474	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	160	%	 	 
	 	 	0.370	 	 	 	1.002	 	 	 	2.248	 	 	 	3.313	 	 	 	3.126	 	 	 	1.376	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 

Time 18m

18 month trade

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percent of original
stock ->	 	 	40	%	 	 	50	%	 	 	60	%	 	 	70	%	 	 	80	%	 	 	90	%	 	 	100	%	 	 	110	%	 	 	120	%	 	 	130	%	 	 	140	%	 	 	150	%	 	 	160	%
	 	 	 	 	 
	 	 	9.4	 	 	 	11.75	 	 	 	14.1	 	 	 	16.45	 	 	 	18.8	 	 	 	21.15	 	 	 	23.5	 	 	 	25.85	 	 	 	28.2	 	 	 	30.55	 	 	 	32.9	 	 	 	35.25	 	 	 	37.6	 
	Stock after (% of stock before)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	40	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.591	 	 	 	8.537	 	 	 	15.722	 	 	 	15.161	 	 	 	13.128	 	 	 	1.102	 	 	 	0.000	 	 	 	0.000	 
	 	50	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.530	 	 	 	7.053	 	 	 	12.656	 	 	 	11.712	 	 	 	9.543	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	60	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.470	 	 	 	5.569	 	 	 	9.589	 	 	 	8.263	 	 	 	5.958	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	70	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.409	 	 	 	4.085	 	 	 	6.523	 	 	 	4.815	 	 	 	2.393	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	80	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.349	 	 	 	2.601	 	 	 	3.460	 	 	 	1.550	 	 	 	0.153	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	90	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.288	 	 	 	1.129	 	 	 	0.859	 	 	 	0.284	 	 	 	0.113	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	100	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 
	 	110	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.243	 	 	 	0.636	 	 	 	1.066	 	 	 	0.316	 	 	 	0.180	 	 	 	0.000	 	 	 	0.000	 	 	 	0.079	 	 	 	0.237	 
	 	120	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.424	 	 	 	2.474	 	 	 	2.437	 	 	 	0.351	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.234	 
	 	130	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.260	 	 	 	1.604	 	 	 	4.956	 	 	 	3.803	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.232	 
	 	140	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.593	 	 	 	3.719	 	 	 	7.479	 	 	 	4.536	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.229	 
	 	150	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.251	 	 	 	1.838	 	 	 	6.011	 	 	 	9.830	 	 	 	3.672	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.226	 
	 	160	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.424	 	 	 	3.719	 	 	 	8.302	 	 	 	11.111	 	 	 	2.221	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.224	 

B-3

 

Time 0

24 month trade

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percent of original
stock ->	 	 	40	%	 	 	50	%	 	 	60	%	 	 	70	%	 	 	80	%	 	 	90	%	 	 	100	%	 	 	110	%	 	 	120	%	 	 	130	%	 	 	140	%	 	 	150	%	 	 	160	%
	 	 	 	 	 
	 	 	9.4	 	 	 	11.75	 	 	 	14.1	 	 	 	16.45	 	 	 	18.8	 	 	 	21.15	 	 	 	23.5	 	 	 	25.85	 	 	 	28.2	 	 	 	30.55	 	 	 	32.9	 	 	 	35.25	 	 	 	37.6	 
	Stock after (% of stock before)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	40	%	 	 
	 	 	0.642	 	 	 	1.085	 	 	 	1.539	 	 	 	1.845	 	 	 	1.901	 	 	 	1.680	 	 	 	1.217	 	 	 	0.576	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	50	%	 	 
	 	 	0.542	 	 	 	0.861	 	 	 	1.167	 	 	 	1.341	 	 	 	1.315	 	 	 	1.082	 	 	 	0.679	 	 	 	0.164	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	60	%	 	 
	 	 	0.448	 	 	 	0.656	 	 	 	0.839	 	 	 	0.919	 	 	 	0.857	 	 	 	0.658	 	 	 	0.357	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	70	%	 	 
	 	 	0.365	 	 	 	0.482	 	 	 	0.574	 	 	 	0.599	 	 	 	0.539	 	 	 	0.403	 	 	 	0.216	 	 	 	0.007	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	80	%	 	 
	 	 	0.299	 	 	 	0.349	 	 	 	0.385	 	 	 	0.386	 	 	 	0.349	 	 	 	0.280	 	 	 	0.193	 	 	 	0.101	 	 	 	0.014	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	90	%	 	 
	 	 	0.255	 	 	 	0.267	 	 	 	0.274	 	 	 	0.272	 	 	 	0.261	 	 	 	0.242	 	 	 	0.220	 	 	 	0.198	 	 	 	0.178	 	 	 	0.162	 	 	 	0.151	 	 	 	0.143	 	 	 	0.140	 
	 	100	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 
	 	110	%	 	 
	 	 	0.256	 	 	 	0.267	 	 	 	0.270	 	 	 	0.264	 	 	 	0.250	 	 	 	0.230	 	 	 	0.209	 	 	 	0.190	 	 	 	0.174	 	 	 	0.163	 	 	 	0.156	 	 	 	0.153	 	 	 	0.153	 
	 	120	%	 	 
	 	 	0.307	 	 	 	0.345	 	 	 	0.354	 	 	 	0.323	 	 	 	0.261	 	 	 	0.183	 	 	 	0.103	 	 	 	0.032	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	130	%	 	 
	 	 	0.394	 	 	 	0.470	 	 	 	0.475	 	 	 	0.394	 	 	 	0.250	 	 	 	0.078	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	140	%	 	 
	 	 	0.515	 	 	 	0.633	 	 	 	0.618	 	 	 	0.459	 	 	 	0.199	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	150	%	 	 
	 	 	0.669	 	 	 	0.825	 	 	 	0.770	 	 	 	0.502	 	 	 	0.098	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	160	%	 	 
	 	 	0.852	 	 	 	1.038	 	 	 	0.919	 	 	 	0.513	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 

Time 6m

24 month trade

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percent of original
stock ->	 	 	40	%	 	 	50	%	 	 	60	%	 	 	70	%	 	 	80	%	 	 	90	%	 	 	100	%	 	 	110	%	 	 	120	%	 	 	130	%	 	 	140	%	 	 	150	%	 	 	160	%
	 	 	 	 	 
	 	 	9.4	 	 	 	11.75	 	 	 	14.1	 	 	 	16.45	 	 	 	18.8	 	 	 	21.15	 	 	 	23.5	 	 	 	25.85	 	 	 	28.2	 	 	 	30.55	 	 	 	32.9	 	 	 	35.25	 	 	 	37.6	 
	Stock after (% of stock before)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	40	%	 	 
	 	 	0.488	 	 	 	0.927	 	 	 	1.529	 	 	 	2.104	 	 	 	2.455	 	 	 	2.460	 	 	 	2.095	 	 	 	1.417	 	 	 	0.521	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	50	%	 	 
	 	 	0.431	 	 	 	0.760	 	 	 	1.195	 	 	 	1.581	 	 	 	1.770	 	 	 	1.680	 	 	 	1.309	 	 	 	0.717	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	60	%	 	 
	 	 	0.376	 	 	 	0.601	 	 	 	0.884	 	 	 	1.112	 	 	 	1.184	 	 	 	1.057	 	 	 	0.744	 	 	 	0.299	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	70	%	 	 
	 	 	0.325	 	 	 	0.459	 	 	 	0.616	 	 	 	0.727	 	 	 	0.736	 	 	 	0.624	 	 	 	0.411	 	 	 	0.135	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	80	%	 	 
	 	 	0.281	 	 	 	0.343	 	 	 	0.411	 	 	 	0.450	 	 	 	0.439	 	 	 	0.373	 	 	 	0.265	 	 	 	0.138	 	 	 	0.009	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	90	%	 	 
	 	 	0.251	 	 	 	0.267	 	 	 	0.282	 	 	 	0.290	 	 	 	0.283	 	 	 	0.263	 	 	 	0.234	 	 	 	0.202	 	 	 	0.172	 	 	 	0.147	 	 	 	0.129	 	 	 	0.119	 	 	 	0.114	 
	 	100	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 
	 	110	%	 	 
	 	 	0.253	 	 	 	0.269	 	 	 	0.281	 	 	 	0.282	 	 	 	0.269	 	 	 	0.245	 	 	 	0.216	 	 	 	0.187	 	 	 	0.162	 	 	 	0.144	 	 	 	0.134	 	 	 	0.130	 	 	 	0.131	 
	 	120	%	 	 
	 	 	0.297	 	 	 	0.357	 	 	 	0.399	 	 	 	0.392	 	 	 	0.331	 	 	 	0.232	 	 	 	0.117	 	 	 	0.010	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	130	%	 	 
	 	 	0.375	 	 	 	0.505	 	 	 	0.581	 	 	 	0.543	 	 	 	0.390	 	 	 	0.163	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	140	%	 	 
	 	 	0.491	 	 	 	0.707	 	 	 	0.809	 	 	 	0.707	 	 	 	0.417	 	 	 	0.018	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	150	%	 	 
	 	 	0.645	 	 	 	0.956	 	 	 	1.067	 	 	 	0.863	 	 	 	0.391	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	160	%	 	 
	 	 	0.836	 	 	 	1.244	 	 	 	1.338	 	 	 	0.991	 	 	 	0.300	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 

Time 12m

24 month trade

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percent of original
stock ->	 	 	40	%	 	 	50	%	 	 	60	%	 	 	70	%	 	 	80	%	 	 	90	%	 	 	100	%	 	 	110	%	 	 	120	%	 	 	130	%	 	 	140	%	 	 	150	%	 	 	160	%
	 	 	 	 	 
	 	 	9.4	 	 	 	11.75	 	 	 	14.1	 	 	 	16.45	 	 	 	18.8	 	 	 	21.15	 	 	 	23.5	 	 	 	25.85	 	 	 	28.2	 	 	 	30.55	 	 	 	32.9	 	 	 	35.25	 	 	 	37.6	 
	Stock after (% of stock before)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	40	%	 	 
	 	 	0.326	 	 	 	0.628	 	 	 	1.260	 	 	 	2.135	 	 	 	2.983	 	 	 	3.498	 	 	 	3.481	 	 	 	2.891	 	 	 	1.826	 	 	 	0.458	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	50	%	 	 
	 	 	0.308	 	 	 	0.543	 	 	 	1.026	 	 	 	1.671	 	 	 	2.256	 	 	 	2.543	 	 	 	2.389	 	 	 	1.788	 	 	 	0.842	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	60	%	 	 
	 	 	0.290	 	 	 	0.460	 	 	 	0.797	 	 	 	1.226	 	 	 	1.579	 	 	 	1.689	 	 	 	1.473	 	 	 	0.952	 	 	 	0.224	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	70	%	 	 
	 	 	0.273	 	 	 	0.380	 	 	 	0.585	 	 	 	0.828	 	 	 	1.002	 	 	 	1.008	 	 	 	0.813	 	 	 	0.449	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	80	%	 	 
	 	 	0.257	 	 	 	0.310	 	 	 	0.406	 	 	 	0.512	 	 	 	0.572	 	 	 	0.547	 	 	 	0.429	 	 	 	0.243	 	 	 	0.031	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	90	%	 	 
	 	 	0.245	 	 	 	0.259	 	 	 	0.284	 	 	 	0.309	 	 	 	0.319	 	 	 	0.305	 	 	 	0.269	 	 	 	0.219	 	 	 	0.167	 	 	 	0.122	 	 	 	0.089	 	 	 	0.071	 	 	 	0.066	 
	 	100	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 
	 	110	%	 	 
	 	 	0.246	 	 	 	0.264	 	 	 	0.288	 	 	 	0.307	 	 	 	0.305	 	 	 	0.279	 	 	 	0.236	 	 	 	0.187	 	 	 	0.142	 	 	 	0.110	 	 	 	0.092	 	 	 	0.088	 	 	 	0.093	 
	 	120	%	 	 
	 	 	0.272	 	 	 	0.344	 	 	 	0.438	 	 	 	0.495	 	 	 	0.467	 	 	 	0.348	 	 	 	0.172	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	130	%	 	 
	 	 	0.322	 	 	 	0.490	 	 	 	0.687	 	 	 	0.778	 	 	 	0.672	 	 	 	0.380	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	140	%	 	 
	 	 	0.403	 	 	 	0.705	 	 	 	1.023	 	 	 	1.119	 	 	 	0.869	 	 	 	0.327	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	150	%	 	 
	 	 	0.522	 	 	 	0.990	 	 	 	1.427	 	 	 	1.483	 	 	 	1.018	 	 	 	0.160	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	160	%	 	 
	 	 	0.683	 	 	 	1.341	 	 	 	1.879	 	 	 	1.836	 	 	 	1.090	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 

B-4

 

Time 18m

24 month trade

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percent of original
stock ->	 	 	40	%	 	 	50	%	 	 	60	%	 	 	70	%	 	 	80	%	 	 	90	%	 	 	100	%	 	 	110	%	 	 	120	%	 	 	130	%	 	 	140	%	 	 	150	%	 	 	160	%
	 	 	 	 	 
	 	 	9.4	 	 	 	11.75	 	 	 	14.1	 	 	 	16.45	 	 	 	18.8	 	 	 	21.15	 	 	 	23.5	 	 	 	25.85	 	 	 	28.2	 	 	 	30.55	 	 	 	32.9	 	 	 	35.25	 	 	 	37.6	 
	Stock after (% of stock before)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	40	%	 	 
	 	 	0.243	 	 	 	0.299	 	 	 	0.606	 	 	 	1.459	 	 	 	2.916	 	 	 	4.583	 	 	 	5.774	 	 	 	5.908	 	 	 	4.806	 	 	 	2.714	 	 	 	0.114	 	 	 	0.000	 	 	 	0.000	 
	 	50	%	 	 
	 	 	0.242	 	 	 	0.287	 	 	 	0.533	 	 	 	1.206	 	 	 	2.330	 	 	 	3.565	 	 	 	4.348	 	 	 	4.226	 	 	 	3.093	 	 	 	1.195	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	60	%	 	 
	 	 	0.242	 	 	 	0.276	 	 	 	0.460	 	 	 	0.953	 	 	 	1.749	 	 	 	2.566	 	 	 	2.976	 	 	 	2.669	 	 	 	1.621	 	 	 	0.080	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	70	%	 	 
	 	 	0.241	 	 	 	0.265	 	 	 	0.388	 	 	 	0.706	 	 	 	1.192	 	 	 	1.639	 	 	 	1.771	 	 	 	1.420	 	 	 	0.628	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	80	%	 	 
	 	 	0.240	 	 	 	0.253	 	 	 	0.319	 	 	 	0.480	 	 	 	0.707	 	 	 	0.883	 	 	 	0.876	 	 	 	0.630	 	 	 	0.201	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	90	%	 	 
	 	 	0.240	 	 	 	0.244	 	 	 	0.264	 	 	 	0.308	 	 	 	0.365	 	 	 	0.399	 	 	 	0.377	 	 	 	0.295	 	 	 	0.177	 	 	 	0.061	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	100	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 
	 	110	%	 	 
	 	 	0.240	 	 	 	0.247	 	 	 	0.274	 	 	 	0.324	 	 	 	0.370	 	 	 	0.374	 	 	 	0.315	 	 	 	0.211	 	 	 	0.099	 	 	 	0.016	 	 	 	0.000	 	 	 	0.000	 	 	 	0.017	 
	 	120	%	 	 
	 	 	0.243	 	 	 	0.279	 	 	 	0.401	 	 	 	0.598	 	 	 	0.746	 	 	 	0.697	 	 	 	0.413	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	130	%	 	 
	 	 	0.252	 	 	 	0.352	 	 	 	0.650	 	 	 	1.070	 	 	 	1.303	 	 	 	1.068	 	 	 	0.367	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	140	%	 	 
	 	 	0.271	 	 	 	0.485	 	 	 	1.042	 	 	 	1.716	 	 	 	1.949	 	 	 	1.357	 	 	 	0.079	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	150	%	 	 
	 	 	0.308	 	 	 	0.697	 	 	 	1.579	 	 	 	2.485	 	 	 	2.584	 	 	 	1.474	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	160	%	 	 
	 	 	0.370	 	 	 	1.002	 	 	 	2.248	 	 	 	3.313	 	 	 	3.126	 	 	 	1.376	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 

Time 24m

24 month trade

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percent of original
stock ->	 	 	40	%	 	 	50	%	 	 	60	%	 	 	70	%	 	 	80	%	 	 	90	%	 	 	100	%	 	 	110	%	 	 	120	%	 	 	130	%	 	 	140	%	 	 	150	%	 	 	160	%
	 	 	 	 	 
	 	 	9.4	 	 	 	11.75	 	 	 	14.1	 	 	 	16.45	 	 	 	18.8	 	 	 	21.15	 	 	 	23.5	 	 	 	25.85	 	 	 	28.2	 	 	 	30.55	 	 	 	32.9	 	 	 	35.25	 	 	 	37.6	 
	Stock after (% of stock before)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	40	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.591	 	 	 	8.537	 	 	 	15.722	 	 	 	15.161	 	 	 	13.128	 	 	 	1.102	 	 	 	0.000	 	 	 	0.000	 
	 	50	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.530	 	 	 	7.053	 	 	 	12.656	 	 	 	11.712	 	 	 	9.543	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	60	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.470	 	 	 	5.569	 	 	 	9.589	 	 	 	8.263	 	 	 	5.958	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	70	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.409	 	 	 	4.085	 	 	 	6.523	 	 	 	4.815	 	 	 	2.393	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	80	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.349	 	 	 	2.601	 	 	 	3.460	 	 	 	1.550	 	 	 	0.153	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	90	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.288	 	 	 	1.129	 	 	 	0.859	 	 	 	0.284	 	 	 	0.113	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	100	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 
	 	110	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.243	 	 	 	0.636	 	 	 	1.066	 	 	 	0.316	 	 	 	0.180	 	 	 	0.000	 	 	 	0.000	 	 	 	0.079	 	 	 	0.237	 
	 	120	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.424	 	 	 	2.474	 	 	 	2.437	 	 	 	0.351	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.234	 
	 	130	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.260	 	 	 	1.604	 	 	 	4.956	 	 	 	3.803	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.232	 
	 	140	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.593	 	 	 	3.719	 	 	 	7.479	 	 	 	4.536	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.229	 
	 	150	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.251	 	 	 	1.838	 	 	 	6.011	 	 	 	9.830	 	 	 	3.672	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.226	 
	 	160	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.424	 	 	 	3.719	 	 	 	8.302	 	 	 	11.111	 	 	 	2.221	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.224	 

B-5

 

Time 0

30 month trade

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percent of original
stock ->	 	 	40	%	 	 	50	%	 	 	60	%	 	 	70	%	 	 	80	%	 	 	90	%	 	 	100	%	 	 	110	%	 	 	120	%	 	 	130	%	 	 	140	%	 	 	150	%	 	 	160	%
	 	 	 	 	 
	 	 	9.4	 	 	 	11.75	 	 	 	14.1	 	 	 	16.45	 	 	 	18.8	 	 	 	21.15	 	 	 	23.5	 	 	 	25.85	 	 	 	28.2	 	 	 	30.55	 	 	 	32.9	 	 	 	35.25	 	 	 	37.6	 
	Stock after (% of stock before)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	40	%	 	 
	 	 	0.748	 	 	 	1.130	 	 	 	1.428	 	 	 	1.540	 	 	 	1.429	 	 	 	1.113	 	 	 	0.638	 	 	 	0.062	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	50	%	 	 
	 	 	0.613	 	 	 	0.875	 	 	 	1.057	 	 	 	1.090	 	 	 	0.955	 	 	 	0.675	 	 	 	0.293	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	60	%	 	 
	 	 	0.490	 	 	 	0.652	 	 	 	0.748	 	 	 	0.737	 	 	 	0.615	 	 	 	0.404	 	 	 	0.136	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	70	%	 	 
	 	 	0.386	 	 	 	0.471	 	 	 	0.513	 	 	 	0.489	 	 	 	0.403	 	 	 	0.270	 	 	 	0.113	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	80	%	 	 
	 	 	0.306	 	 	 	0.341	 	 	 	0.353	 	 	 	0.335	 	 	 	0.291	 	 	 	0.228	 	 	 	0.158	 	 	 	0.088	 	 	 	0.025	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	90	%	 	 
	 	 	0.256	 	 	 	0.264	 	 	 	0.266	 	 	 	0.260	 	 	 	0.247	 	 	 	0.231	 	 	 	0.214	 	 	 	0.197	 	 	 	0.183	 	 	 	0.172	 	 	 	0.164	 	 	 	0.159	 	 	 	0.156	 
	 	100	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 
	 	110	%	 	 
	 	 	0.257	 	 	 	0.262	 	 	 	0.261	 	 	 	0.252	 	 	 	0.239	 	 	 	0.223	 	 	 	0.207	 	 	 	0.193	 	 	 	0.182	 	 	 	0.174	 	 	 	0.169	 	 	 	0.167	 	 	 	0.167	 
	 	120	%	 	 
	 	 	0.307	 	 	 	0.326	 	 	 	0.316	 	 	 	0.279	 	 	 	0.223	 	 	 	0.161	 	 	 	0.101	 	 	 	0.051	 	 	 	0.012	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	130	%	 	 
	 	 	0.390	 	 	 	0.424	 	 	 	0.392	 	 	 	0.301	 	 	 	0.175	 	 	 	0.041	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	140	%	 	 
	 	 	0.502	 	 	 	0.546	 	 	 	0.474	 	 	 	0.306	 	 	 	0.086	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	150	%	 	 
	 	 	0.639	 	 	 	0.686	 	 	 	0.554	 	 	 	0.285	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	160	%	 	 
	 	 	0.798	 	 	 	0.834	 	 	 	0.623	 	 	 	0.230	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 

Time 6m

30 month trade

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percent of original
stock ->	 	 	40	%	 	 	50	%	 	 	60	%	 	 	70	%	 	 	80	%	 	 	90	%	 	 	100	%	 	 	110	%	 	 	120	%	 	 	130	%	 	 	140	%	 	 	150	%	 	 	160	%
	 	 	 	 	 
	 	 	9.4	 	 	 	11.75	 	 	 	14.1	 	 	 	16.45	 	 	 	18.8	 	 	 	21.15	 	 	 	23.5	 	 	 	25.85	 	 	 	28.2	 	 	 	30.55	 	 	 	32.9	 	 	 	35.25	 	 	 	37.6	 
	Stock after (% of stock before)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	40	%	 	 
	 	 	0.642	 	 	 	1.085	 	 	 	1.539	 	 	 	1.845	 	 	 	1.901	 	 	 	1.680	 	 	 	1.217	 	 	 	0.576	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	50	%	 	 
	 	 	0.542	 	 	 	0.861	 	 	 	1.167	 	 	 	1.341	 	 	 	1.315	 	 	 	1.082	 	 	 	0.679	 	 	 	0.164	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	60	%	 	 
	 	 	0.448	 	 	 	0.656	 	 	 	0.839	 	 	 	0.919	 	 	 	0.857	 	 	 	0.658	 	 	 	0.357	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	70	%	 	 
	 	 	0.365	 	 	 	0.482	 	 	 	0.574	 	 	 	0.599	 	 	 	0.539	 	 	 	0.403	 	 	 	0.216	 	 	 	0.007	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	80	%	 	 
	 	 	0.299	 	 	 	0.349	 	 	 	0.385	 	 	 	0.386	 	 	 	0.349	 	 	 	0.280	 	 	 	0.193	 	 	 	0.101	 	 	 	0.014	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	90	%	 	 
	 	 	0.255	 	 	 	0.267	 	 	 	0.274	 	 	 	0.272	 	 	 	0.261	 	 	 	0.242	 	 	 	0.220	 	 	 	0.198	 	 	 	0.178	 	 	 	0.162	 	 	 	0.151	 	 	 	0.143	 	 	 	0.140	 
	 	100	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 
	 	110	%	 	 
	 	 	0.256	 	 	 	0.267	 	 	 	0.270	 	 	 	0.264	 	 	 	0.250	 	 	 	0.230	 	 	 	0.209	 	 	 	0.190	 	 	 	0.174	 	 	 	0.163	 	 	 	0.156	 	 	 	0.153	 	 	 	0.153	 
	 	120	%	 	 
	 	 	0.307	 	 	 	0.345	 	 	 	0.354	 	 	 	0.323	 	 	 	0.261	 	 	 	0.183	 	 	 	0.103	 	 	 	0.032	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	130	%	 	 
	 	 	0.394	 	 	 	0.470	 	 	 	0.475	 	 	 	0.394	 	 	 	0.250	 	 	 	0.078	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	140	%	 	 
	 	 	0.515	 	 	 	0.633	 	 	 	0.618	 	 	 	0.459	 	 	 	0.199	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	150	%	 	 
	 	 	0.669	 	 	 	0.825	 	 	 	0.770	 	 	 	0.502	 	 	 	0.098	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	160	%	 	 
	 	 	0.852	 	 	 	1.038	 	 	 	0.919	 	 	 	0.513	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 

Time 12m

30 month trade

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percent of original
stock ->	 	 	40	%	 	 	50	%	 	 	60	%	 	 	70	%	 	 	80	%	 	 	90	%	 	 	100	%	 	 	110	%	 	 	120	%	 	 	130	%	 	 	140	%	 	 	150	%	 	 	160	%
	 	 	 	 	 
	 	 	9.4	 	 	 	11.75	 	 	 	14.1	 	 	 	16.45	 	 	 	18.8	 	 	 	21.15	 	 	 	23.5	 	 	 	25.85	 	 	 	28.2	 	 	 	30.55	 	 	 	32.9	 	 	 	35.25	 	 	 	37.6	 
	Stock after (% of stock before)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	40	%	 	 
	 	 	0.488	 	 	 	0.927	 	 	 	1.529	 	 	 	2.104	 	 	 	2.455	 	 	 	2.460	 	 	 	2.095	 	 	 	1.417	 	 	 	0.521	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	50	%	 	 
	 	 	0.431	 	 	 	0.760	 	 	 	1.195	 	 	 	1.581	 	 	 	1.770	 	 	 	1.680	 	 	 	1.309	 	 	 	0.717	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	60	%	 	 
	 	 	0.376	 	 	 	0.601	 	 	 	0.884	 	 	 	1.112	 	 	 	1.184	 	 	 	1.057	 	 	 	0.744	 	 	 	0.299	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	70	%	 	 
	 	 	0.325	 	 	 	0.459	 	 	 	0.616	 	 	 	0.727	 	 	 	0.736	 	 	 	0.624	 	 	 	0.411	 	 	 	0.135	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	80	%	 	 
	 	 	0.281	 	 	 	0.343	 	 	 	0.411	 	 	 	0.450	 	 	 	0.439	 	 	 	0.373	 	 	 	0.265	 	 	 	0.138	 	 	 	0.009	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	90	%	 	 
	 	 	0.251	 	 	 	0.267	 	 	 	0.282	 	 	 	0.290	 	 	 	0.283	 	 	 	0.263	 	 	 	0.234	 	 	 	0.202	 	 	 	0.172	 	 	 	0.147	 	 	 	0.129	 	 	 	0.119	 	 	 	0.114	 
	 	100	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 
	 	110	%	 	 
	 	 	0.253	 	 	 	0.269	 	 	 	0.281	 	 	 	0.282	 	 	 	0.269	 	 	 	0.245	 	 	 	0.216	 	 	 	0.187	 	 	 	0.162	 	 	 	0.144	 	 	 	0.134	 	 	 	0.130	 	 	 	0.131	 
	 	120	%	 	 
	 	 	0.297	 	 	 	0.357	 	 	 	0.399	 	 	 	0.392	 	 	 	0.331	 	 	 	0.232	 	 	 	0.117	 	 	 	0.010	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	130	%	 	 
	 	 	0.375	 	 	 	0.505	 	 	 	0.581	 	 	 	0.543	 	 	 	0.390	 	 	 	0.163	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	140	%	 	 
	 	 	0.491	 	 	 	0.707	 	 	 	0.809	 	 	 	0.707	 	 	 	0.417	 	 	 	0.018	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	150	%	 	 
	 	 	0.645	 	 	 	0.956	 	 	 	1.067	 	 	 	0.863	 	 	 	0.391	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	160	%	 	 
	 	 	0.836	 	 	 	1.244	 	 	 	1.338	 	 	 	0.991	 	 	 	0.300	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 

B-6

 

Time 18m

30 month trade

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percent of original
stock ->	 	 	40	%	 	 	50	%	 	 	60	%	 	 	70	%	 	 	80	%	 	 	90	%	 	 	100	%	 	 	110	%	 	 	120	%	 	 	130	%	 	 	140	%	 	 	150	%	 	 	160	%
	 	 	 	 	 
	 	 	9.4	 	 	 	11.75	 	 	 	14.1	 	 	 	16.45	 	 	 	18.8	 	 	 	21.15	 	 	 	23.5	 	 	 	25.85	 	 	 	28.2	 	 	 	30.55	 	 	 	32.9	 	 	 	35.25	 	 	 	37.6	 
	Stock after (% of stock before)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	40	%	 	 
	 	 	0.326	 	 	 	0.628	 	 	 	1.260	 	 	 	2.135	 	 	 	2.983	 	 	 	3.498	 	 	 	3.481	 	 	 	2.891	 	 	 	1.826	 	 	 	0.458	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	50	%	 	 
	 	 	0.308	 	 	 	0.543	 	 	 	1.026	 	 	 	1.671	 	 	 	2.256	 	 	 	2.543	 	 	 	2.389	 	 	 	1.788	 	 	 	0.842	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	60	%	 	 
	 	 	0.290	 	 	 	0.460	 	 	 	0.797	 	 	 	1.226	 	 	 	1.579	 	 	 	1.689	 	 	 	1.473	 	 	 	0.952	 	 	 	0.224	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	70	%	 	 
	 	 	0.273	 	 	 	0.380	 	 	 	0.585	 	 	 	0.828	 	 	 	1.002	 	 	 	1.008	 	 	 	0.813	 	 	 	0.449	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	80	%	 	 
	 	 	0.257	 	 	 	0.310	 	 	 	0.406	 	 	 	0.512	 	 	 	0.572	 	 	 	0.547	 	 	 	0.429	 	 	 	0.243	 	 	 	0.031	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	90	%	 	 
	 	 	0.245	 	 	 	0.259	 	 	 	0.284	 	 	 	0.309	 	 	 	0.319	 	 	 	0.305	 	 	 	0.269	 	 	 	0.219	 	 	 	0.167	 	 	 	0.122	 	 	 	0.089	 	 	 	0.071	 	 	 	0.066	 
	 	100	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 
	 	110	%	 	 
	 	 	0.246	 	 	 	0.264	 	 	 	0.288	 	 	 	0.307	 	 	 	0.305	 	 	 	0.279	 	 	 	0.236	 	 	 	0.187	 	 	 	0.142	 	 	 	0.110	 	 	 	0.092	 	 	 	0.088	 	 	 	0.093	 
	 	120	%	 	 
	 	 	0.272	 	 	 	0.344	 	 	 	0.438	 	 	 	0.495	 	 	 	0.467	 	 	 	0.348	 	 	 	0.172	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	130	%	 	 
	 	 	0.322	 	 	 	0.490	 	 	 	0.687	 	 	 	0.778	 	 	 	0.672	 	 	 	0.380	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	140	%	 	 
	 	 	0.403	 	 	 	0.705	 	 	 	1.023	 	 	 	1.119	 	 	 	0.869	 	 	 	0.327	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	150	%	 	 
	 	 	0.522	 	 	 	0.990	 	 	 	1.427	 	 	 	1.483	 	 	 	1.018	 	 	 	0.160	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	160	%	 	 
	 	 	0.683	 	 	 	1.341	 	 	 	1.879	 	 	 	1.836	 	 	 	1.090	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 

Time 24m

30 month trade

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percent of original
stock ->	 	 	40	%	 	 	50	%	 	 	60	%	 	 	70	%	 	 	80	%	 	 	90	%	 	 	100	%	 	 	110	%	 	 	120	%	 	 	130	%	 	 	140	%	 	 	150	%	 	 	160	%
	 	 	 	 	 
	 	 	9.4	 	 	 	11.75	 	 	 	14.1	 	 	 	16.45	 	 	 	18.8	 	 	 	21.15	 	 	 	23.5	 	 	 	25.85	 	 	 	28.2	 	 	 	30.55	 	 	 	32.9	 	 	 	35.25	 	 	 	37.6	 
	Stock after (% of stock before)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	40	%	 	 
	 	 	0.243	 	 	 	0.299	 	 	 	0.606	 	 	 	1.459	 	 	 	2.916	 	 	 	4.583	 	 	 	5.774	 	 	 	5.908	 	 	 	4.806	 	 	 	2.714	 	 	 	0.114	 	 	 	0.000	 	 	 	0.000	 
	 	50	%	 	 
	 	 	0.242	 	 	 	0.287	 	 	 	0.533	 	 	 	1.206	 	 	 	2.330	 	 	 	3.565	 	 	 	4.348	 	 	 	4.226	 	 	 	3.093	 	 	 	1.195	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	60	%	 	 
	 	 	0.242	 	 	 	0.276	 	 	 	0.460	 	 	 	0.953	 	 	 	1.749	 	 	 	2.566	 	 	 	2.976	 	 	 	2.669	 	 	 	1.621	 	 	 	0.080	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	70	%	 	 
	 	 	0.241	 	 	 	0.265	 	 	 	0.388	 	 	 	0.706	 	 	 	1.192	 	 	 	1.639	 	 	 	1.771	 	 	 	1.420	 	 	 	0.628	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	80	%	 	 
	 	 	0.240	 	 	 	0.253	 	 	 	0.319	 	 	 	0.480	 	 	 	0.707	 	 	 	0.883	 	 	 	0.876	 	 	 	0.630	 	 	 	0.201	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	90	%	 	 
	 	 	0.240	 	 	 	0.244	 	 	 	0.264	 	 	 	0.308	 	 	 	0.365	 	 	 	0.399	 	 	 	0.377	 	 	 	0.295	 	 	 	0.177	 	 	 	0.061	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	100	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 
	 	110	%	 	 
	 	 	0.240	 	 	 	0.247	 	 	 	0.274	 	 	 	0.324	 	 	 	0.370	 	 	 	0.374	 	 	 	0.315	 	 	 	0.211	 	 	 	0.099	 	 	 	0.016	 	 	 	0.000	 	 	 	0.000	 	 	 	0.017	 
	 	120	%	 	 
	 	 	0.243	 	 	 	0.279	 	 	 	0.401	 	 	 	0.598	 	 	 	0.746	 	 	 	0.697	 	 	 	0.413	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	130	%	 	 
	 	 	0.252	 	 	 	0.352	 	 	 	0.650	 	 	 	1.070	 	 	 	1.303	 	 	 	1.068	 	 	 	0.367	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	140	%	 	 
	 	 	0.271	 	 	 	0.485	 	 	 	1.042	 	 	 	1.716	 	 	 	1.949	 	 	 	1.357	 	 	 	0.079	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	150	%	 	 
	 	 	0.308	 	 	 	0.697	 	 	 	1.579	 	 	 	2.485	 	 	 	2.584	 	 	 	1.474	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	160	%	 	 
	 	 	0.370	 	 	 	1.002	 	 	 	2.248	 	 	 	3.313	 	 	 	3.126	 	 	 	1.376	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 

Time 30m

30 month trade

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percent of original
stock ->	 	 	40	%	 	 	50	%	 	 	60	%	 	 	70	%	 	 	80	%	 	 	90	%	 	 	100	%	 	 	110	%	 	 	120	%	 	 	130	%	 	 	140	%	 	 	150	%	 	 	160	%
	 	 	 	 	 
	 	 	9.4	 	 	 	11.75	 	 	 	14.1	 	 	 	16.45	 	 	 	18.8	 	 	 	21.15	 	 	 	23.5	 	 	 	25.85	 	 	 	28.2	 	 	 	30.55	 	 	 	32.9	 	 	 	35.25	 	 	 	37.6	 
	Stock after (% of stock before)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	40	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.591	 	 	 	8.537	 	 	 	15.722	 	 	 	15.161	 	 	 	13.128	 	 	 	1.102	 	 	 	0.000	 	 	 	0.000	 
	 	50	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.530	 	 	 	7.053	 	 	 	12.656	 	 	 	11.712	 	 	 	9.543	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	60	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.470	 	 	 	5.569	 	 	 	9.589	 	 	 	8.263	 	 	 	5.958	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	70	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.409	 	 	 	4.085	 	 	 	6.523	 	 	 	4.815	 	 	 	2.393	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	80	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.349	 	 	 	2.601	 	 	 	3.460	 	 	 	1.550	 	 	 	0.153	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	90	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.288	 	 	 	1.129	 	 	 	0.859	 	 	 	0.284	 	 	 	0.113	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 
	 	100	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 
	 	110	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.243	 	 	 	0.636	 	 	 	1.066	 	 	 	0.316	 	 	 	0.180	 	 	 	0.000	 	 	 	0.000	 	 	 	0.079	 	 	 	0.237	 
	 	120	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.424	 	 	 	2.474	 	 	 	2.437	 	 	 	0.351	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.234	 
	 	130	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.239	 	 	 	0.260	 	 	 	1.604	 	 	 	4.956	 	 	 	3.803	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.232	 
	 	140	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.240	 	 	 	0.593	 	 	 	3.719	 	 	 	7.479	 	 	 	4.536	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.229	 
	 	150	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.251	 	 	 	1.838	 	 	 	6.011	 	 	 	9.830	 	 	 	3.672	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.226	 
	 	160	%	 	 
	 	 	0.239	 	 	 	0.239	 	 	 	0.424	 	 	 	3.719	 	 	 	8.302	 	 	 	11.111	 	 	 	2.221	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.000	 	 	 	0.224	 

B-7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00133-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00133-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00133-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00133-of-00352.parquet"}]]