Document:

Exhibit 10.1

 

[Dealer name and address]

 

	To:	
        Esperion Therapeutics, Inc.

        3891 Ranchero Drive, Suite 150

        Ann Arbor, MI 48108

	 	 
	From:	[Dealer]
	 	 
	Re:	[Base][Additional] Capped Call Transaction
	 	 
	Date:	November [__], 2020

 

Dear Ladies and Gentlemen:

 

The purpose of this communication (this
 “Confirmation”) is to set forth the terms and conditions of the above-referenced transaction entered into on
the Trade Date specified below (the “Transaction”) between [Dealer] (“Dealer”) and
Esperion Therapeutics, Inc. (“Counterparty”). This communication constitutes a “Confirmation” as
referred to in the ISDA Master Agreement specified below.

 

1. This Confirmation
is subject to, and incorporates, the definitions and provisions of the 2006 ISDA Definitions (the “2006 Definitions”)
and the definitions and provisions of the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”,
and together with the 2006 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 2006 Definitions and
the Equity Definitions, the Equity Definitions will govern and in the event of any inconsistency between terms defined in the Equity
Definitions and this Confirmation, this Confirmation shall govern.

 

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 be subject to an agreement (the “Agreement”) in the form of the 2002 ISDA Master
Agreement as if Dealer and Counterparty had executed an agreement in such form on the Trade Date (but without any Schedule except
for (i) the election of the laws of the State of New York as the governing law (without reference to choice of law doctrine), [(ii)
the election of an executed guarantee of [__________] (“Guarantor”) dated as of the Trade Date in substantially
the form attached hereto as Schedule 1 as a Credit Support Document, (iii) the election of Guarantor as Credit Support Provider
in relation to Dealer]1 and [(ii)][(iv)]
the election that the “Cross Default” provisions of Section 5(a)(vi) of the Agreement shall apply to Dealer, (a) 
with a Threshold Amount” of 3% of the shareholders’ equity of [Dealer’s ultimate parent][Dealer]2
on the Trade Date, (b) “Specified Indebtedness” having the meaning set forth in Section 14 of the Agreement, except
that it shall not include any obligation in respect of deposits received in the ordinary course of Dealer’s banking business,
(c) the phrase “, or becoming capable at such time of being declared,” shall be deleted from clause (1) of such
Section 5(a)(vi) of the Agreement, and (d) the following sentence shall be added to the end of Section 5(a)(vi) of the Agreement:
 “Notwithstanding the foregoing, a default under subsection (2) hereof shall not constitute an Event of Default if (i) the
default was caused solely by error or omission of an administrative or operational nature; (ii) funds were available to enable
the relevant party to make payment when due; and (iii) the payment is made within two Local Business Days of such party’s
receipt of written notice of its failure to pay.”).

 

All provisions contained
in, or incorporated by reference to, the Agreement will govern this Confirmation except as expressly modified herein. In the event
of any inconsistency between this Confirmation and either the Definitions or the Agreement, this Confirmation shall govern.

 

The Transaction
hereunder shall be the sole Transaction under the Agreement. If there exists any ISDA Master Agreement between Dealer and
Counterparty or any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master
Agreement is deemed to exist between Dealer and Counterparty, then notwithstanding anything to the contrary in such ISDA
Master Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty are parties, the
Transaction shall not be considered a Transaction under, or otherwise governed by, such existing or deemed ISDA Master
Agreement.

 

 

1 Requested if Dealer is not the highest rated entity in group, typically from Parent.

2
Include as appropriate for Dealer.

 

    Page 1 of 25

     

    

 

2. The Transaction
constitutes a Share Option Transaction for purposes of the Equity Definitions. The terms of the particular Transaction to which
this Confirmation relates are as follows:

 

General Terms:

 

	Trade Date:	November [__], 2020
	 	 
	Effective Date:	November [__], 2020, or such other date as agreed by the parties in writing.
	 	 
	Components:	The Transaction will be divided into individual Components, each with the terms set forth in this Confirmation, and, in particular, with the Number of Options and Expiration Date set forth in Annex A to this Confirmation.  The exercise, valuation and settlement of the Transaction will be effected separately for each Component as if each Component were a separate Transaction under the Agreement.
	 	 
	Option Style:	“European”, as described under “Procedures for Exercise” below.
	 	 
	Option Type:	Call
	 	 
	Seller:	Dealer
	 	 
	Buyer:	Counterparty
	 	 
	Shares:	The common stock of Counterparty, par value USD 0.001 per share  (Exchange symbol “ESPR”).
	 	 
	Number of Options:	For each Component, as provided in Annex A to this Confirmation.3
	 	 
	Option Entitlement:	One Share per Option
	 	 
	Strike Price:	USD [_____]
	 	 
	Cap Price:	USD [_____]; provided that in no event shall the Cap Price be reduced to an amount less than the Strike Price in connection with any adjustment by the Calculation Agent under this Confirmation.
	 	 
	Number of Shares:	As of any date, a number of Shares equal to the product of (i) the Number of Options and (ii) the Option Entitlement.

 

 

3
For the base capped call, the total should be equal to (i) the number of Convertible
Notes (as defined herein) in principal amount of $1,000 initially issued on the closing date for the Convertible Notes (excluding
any Convertible Notes sold pursuant to the over-allotment option) multiplied by (ii) the relevant initial
conversion rate. For the additional capped call, the total should be equal to (i) the number of additional Convertible Notes
in principal amount of $1,000 multiplied by (ii) the relevant initial conversion rate.

 

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	Premium:	USD [_____] (Premium per Option approximately USD [_____]); Dealer and Counterparty hereby agree that notwithstanding anything to the contrary herein or in the Agreement, following the payment of the Premium, in the event that (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement that is within Counterparty’s control) occurs or is designated with respect to any Transaction and, as a result, Counterparty owes to Dealer the amount calculated under Section 6(d) and Section 6(e) or otherwise under the Agreement (calculated as if the Transactions terminated on such Early Termination Date were the sole Transactions under the Agreement) or (b) Counterparty owes to Dealer, pursuant to Sections 12.2, 12.3, 12.6, 12.7, 12.8 or 12.9 of the Equity Definitions or otherwise under the Equity Definitions, an amount calculated under Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero. 
	 	 
	Premium Payment Date:	The Effective Date
	 	 
	Exchange:	The NASDAQ Global Select Market
	 	 
	Related Exchange:	All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words “United States” before the word “exchange” in the tenth line of such Section.
	 	 
	Procedures for Exercise:	 
	 	 
	Expiration Time:	The Valuation Time
	 	 
	Expiration Date:	For any Component, as provided in Annex A to this Confirmation (or, if such date is not a Scheduled Valid Day, the next following Scheduled Valid Day that is not already an Expiration Date for another Component); provided that if that date is a Disrupted Day, the Expiration Date for such Component shall be the first succeeding Scheduled Valid Day that is not a Disrupted Day and is not or is not deemed to be an Expiration Date in respect of any other Component of the Transaction hereunder; and provided further that in no event shall the Expiration Date be postponed to a date later than the Final Termination Date and, notwithstanding anything to the contrary in this Confirmation or the Equity Definitions, if the Expiration Date is a Disrupted Day, the Relevant Price for such Expiration Date shall be the prevailing market value per Share determined by the Calculation Agent in a good faith and commercially reasonable manner. Notwithstanding the foregoing and anything to the contrary in the Equity Definitions, if a Market Disruption Event occurs on any Expiration Date, the Calculation Agent may determine in a good faith and commercially reasonable manner that such Expiration Date is a Disrupted Day only in part, in which case the Calculation Agent shall make commercially reasonable adjustments to the Number of Options for the relevant Component for which such day shall be the Expiration Date, shall designate the Scheduled Valid Day determined in the manner described in the immediately preceding sentence as the Expiration Date for the remaining Options for such Component and may determine the Relevant Price based on transactions in the Shares on such Disrupted Day taking into account the nature and duration of such Market Disruption Event on such day. Any Scheduled Valid Day on which, as of the date hereof, the Exchange is scheduled to close prior to its normal close of trading shall be deemed not to be a Scheduled Valid Day; if a closure of the Exchange prior to its normal close of trading on any Scheduled Valid Day is scheduled following the date hereof, then such Scheduled Valid Day shall be deemed to be a Disrupted Day in full. Section 6.6 of the Equity Definitions shall not apply to any Valuation Date occurring on an Expiration Date.

 

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	Final Termination Date:	[__________], 20254
	 	 
	Automatic Exercise:	Applicable; and means that the Number of Options for the relevant Component will be deemed to be automatically exercised at the Expiration Time on the Expiration Date for such Component if at such time such Component is In-the-Money, unless Buyer notifies Seller (in writing) prior to the Expiration Time on such Expiration Date that it does not wish Automatic Exercise to occur with respect to such Component, in which case Automatic Exercise will not apply with respect to such Component.  “In-the-Money” means, in respect of any Component, that the Relevant Price on the Expiration Date for such Component is greater than the Strike Price for such Component.
	 	 
	Valuation Time:	At the close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in a good faith and commercially reasonable manner.
	 	 
	Valuation Date:	For any Component, the Expiration Date therefor.
	 	 
	Market Disruption Event:	
        Section 6.3(a) of the Equity Definitions
        is hereby amended by deleting the words “during the one hour period that ends at the relevant Valuation Time, Latest Exercise
        Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be,” in clause (ii) thereof.

         

        Section 6.3(d) of the Equity Definitions
is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth
line thereof.

	 	 
	Settlement Terms:	 
	 	 
	Settlement Method Election:	
        Applicable; provided that (a) Section 7.1
        of the Equity Definitions is hereby amended by replacing the term “Physical Settlement” with the term “Net Share
        Settlement”, (b) Counterparty must make a single irrevocable election for all Components and (c) if Counterparty is
        electing Cash Settlement, such Settlement Method Election would be effective only if Counterparty represents and warrants to Dealer
        in writing on the date of such Settlement Method Election that (i) Counterparty is not in possession of any material non-public
        information regarding Counterparty or the Shares, and (ii) such election is being made in good faith and not as part of a plan
        or scheme to evade compliance with the federal securities laws.

         

        Without limiting the generality
of the foregoing, Counterparty acknowledges its responsibilities under applicable securities laws, and in particular Sections
9 and 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations
promulgated thereunder in respect of such election.

	 	 
	Electing Party:	Counterparty

 

 

4 To be 80 Scheduled Trading Days following the
last scheduled Expiration Date

 

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	Settlement Method Election Date:	The second Scheduled Valid Day prior to the scheduled Expiration Date for the Component with the earliest scheduled Expiration Date.
	 	 
	Default Settlement Method:	Net Share Settlement
	 	 
	Net Share Settlement:	
        With respect to any Component, if Net Share
        Settlement is applicable to the Options exercised or deemed exercised hereunder, Dealer will deliver to Counterparty, on the Settlement
        Date, a number of Shares (the “Net Share Settlement Amount”) equal to (i) the Daily Option Value on the Expiration
        Date of such Component divided by (ii) the Relevant Price on such Expiration Date.

         

        Dealer will deliver cash in lieu
of any fractional Shares to be delivered with respect to any Net Share Settlement Amount valued at the Relevant Price for the
Expiration Date of such Component.

	 	 
	Cash Settlement:	With respect to any Component, if Cash Settlement is applicable to the Options exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the Settlement Date, an amount of cash (the “Cash Settlement Amount”) equal to the Daily Option Value on the Expiration Date of such Component.
	 	 
	Delivery Obligation:	The Net Share Settlement Amount or the Cash Settlement Amount payable or deliverable in respect of all Components on the Settlement Date.
	 	 
	Daily Option Value:	For any Component, an amount equal to (i) the Number of Options in such Component, multiplied by (ii)  the Option Entitlement, multiplied by (iii)(A) the lesser of the Relevant Price on the Expiration Date of such Component and the Cap Price, minus (B) the Strike Price on such Expiration Date; provided that if the calculation contained in clause (ii) above results in a negative number, the Daily Option Value for such Component shall be deemed to be zero. In no event will the Daily Option Value be less than zero.
	 	 
	Valid Day:	A day on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on the Exchange. If the Shares are not listed, quoted or traded on any U.S. securities exchange or any other market, “Valid Day” means a Business Day.
	 	 
	Scheduled Valid Day:	A day that is scheduled to be a Valid Day on the Exchange. If the Shares are not listed, quoted or traded on any U.S. securities exchange or any other market, “Scheduled Valid Day” means a Business Day.
	 	 
	Business Day:	Any day other than a Saturday, a Sunday or other day on which banking institutions are authorized or required by law, regulation or executive order to close or be closed in the State of New York.

 

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	Relevant Price:	On any Valid Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “ESPR <equity> AQR” (or its equivalent successor if such page is not available) (the “VWAP”) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Valid Day (or if such volume-weighted average price is unavailable at such time, the market value of one Share on such Valid Day, as determined by the Calculation Agent in a good faith and commercially reasonable manner using, if practicable, a volume-weighted average method substantially similar to the method for determining the VWAP). The Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.
	Settlement Date:	For all Components of the Transaction, the date one Settlement Cycle immediately following the Expiration Date for the Component  with the latest scheduled Expiration Date.
	Settlement Currency:	USD
	Other Applicable Provisions:	The provisions of Sections 9.1(c), 9.8, 9.9, 9.11 and 9.12 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Net Share Settlement.”
	Representation and Agreement:	Notwithstanding anything to the contrary in the Equity Definitions (including, but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered to Counterparty shall be, upon delivery, subject to restrictions, obligations and limitations arising from Counterparty's status as issuer of the Shares under applicable securities laws, (ii) Dealer may deliver any Shares required to be delivered hereunder in certificated form in lieu of delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be “restricted securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”)).
	Adjustments:	 
	Method of Adjustment:	Calculation Agent Adjustment; provided that the parties agree that (x) open market Share repurchases at prevailing market prices and (y) Share repurchases through a dealer pursuant to accelerated share repurchases, forward contracts or similar transactions (including, without limitation, any discount to average VWAP prices) that are entered into at prevailing market prices and in accordance with customary market terms for transactions of such type to repurchase the Shares shall not be considered Potential Adjustment Events so long as, in the case of clause (y), after giving effect to such transaction, the aggregate number of Shares repurchased during the term of the Transaction pursuant to all such transactions described in clause (y) would not exceed 20% of the number of Shares outstanding as of the Trade Date, as determined by the Calculation Agent and as adjusted by the Calculation Agent to account for any subdivision or combination with respect to the Shares.
	Extraordinary Events:	 
	New Shares:	In the definition of New Shares in Section 12.1(i) of the Equity Definitions, the text in clause (i) thereof shall be deleted in its entirety and replaced with “publicly quoted, traded or listed on any of The New York Stock Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market (or their respective successors) and of an entity or person organized under the laws of the United States, any State thereof or the District of Columbia”.
	Merger Events:	Applicable

 

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	Consequences of Merger Events:	 
	(a)   Share-for-Share:	Modified Calculation Agent Adjustment
	(b)   Share-for-Other:	Cancellation and Payment (Calculation Agent Determination)
	(c)   Share-for-Combined:	Cancellation and Payment (Calculation Agent Determination); provided that the Calculation Agent may elect Component Adjustment for all or part of the Transaction
	Tender Offer:	Applicable; provided that the definition of “Tender Offer” in Section 12.1(d) of the Equity Definitions will be amended by replacing “10%” with “20%”.
	Consequences of Tender Offers:	 
	(a)   Share-for-Share:	Modified Calculation Agent Adjustment 
	(b)   Share-for-Other:  	Modified Calculation Agent Adjustment
	(c)   Share-for-Combined:	Modified Calculation Agent Adjustment
	Consequences of Announcement Events:	Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to “Tender Offer” shall be replaced by references to “Announcement Event” and references to “Tender Offer Date” shall be replaced by references to “date of such Announcement Event”, (y) the phrase “exercise, settlement, payment or any other terms of the Transaction (including, without limitation, the spread)” shall be replaced with the phrase “Cap Price (provided that in no event shall the Cap Price be less than the Strike Price)” and the words “whether within a commercially reasonable (as determined by the Calculation Agent) period of time prior to or after the Announcement Event” shall be inserted prior to the word “which” in the seventh line, and (z) for the avoidance of doubt, the Calculation Agent shall, in good faith and a commercially reasonable manner, determine whether the relevant Announcement Event has had a material economic effect on the Transaction and, if so, shall adjust the Cap Price accordingly to take into account such economic effect on one or more occasions on or after the date of the Announcement Event up to, and including, the Expiration Date, any Early Termination Date and/or any other date of cancellation, it being understood that any adjustment in respect of an Announcement Event shall take into account any earlier adjustment relating to the same Announcement Event and shall not be duplicative with any other adjustment or cancellation valuation made pursuant to this Confirmation, the Equity Definitions or the Agreement; provided that in no event shall the Cap Price be adjusted to be less than the Strike Price.  An Announcement Event shall be an “Extraordinary Event” for purposes of the Equity Definitions, to which Article 12 of the Equity Definitions is applicable; provided further that upon the Calculation Agent making an adjustment, determined in a commercially reasonable manner, to the Cap Price upon any Announcement Event, then the Calculation Agent shall make an adjustment to the Cap Price upon any announcement regarding the same event that gave rise to the original Announcement Event regarding the abandonment of any such event to the extent necessary to reflect the economic effect of such subsequent announcement on the Transaction (provided that in no event shall the Cap Price be less than the Strike Price).

 

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	Announcement Event:	(i) The public announcement (whether by Counterparty, any agent of Counterparty, any affiliate of Counterparty or a Valid Third Party Entity) of any transaction or event that, if completed, would constitute a Merger Event or Tender Offer, or the announcement by Counterparty of any intention to enter into a Merger Event or Tender Offer, (ii) the public announcement by Counterparty of an intention by Counterparty to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, a Merger Event or Tender Offer, (iii) there occurs a public announcement (whether by Counterparty, any agent of Counterparty, any affiliate of Counterparty or a Valid Third Party Entity) of any potential acquisition or disposition by Counterparty and/or its subsidiaries where the consideration exceeds 35% of the market capitalization of Counterparty as of the date of such announcement, or (iv) any subsequent public announcement (whether by Counterparty, any agent of Counterparty, any affiliate of Counterparty or a Valid Third Party Entity) of a change to a transaction or intention that is the subject of an announcement of the type described in clause (i), (ii) or (iii) of this sentence (including, without limitation, a new announcement relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention); provided that, for the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of a later Announcement Event with respect to such transaction or intention.
	Valid Third Party Entity:	In respect of any transaction, any third party that has a bona fide intent to enter into or consummate such transaction (it being understood and agreed that in determining whether such third party has such a bona fide intent, the Calculation Agent may take into consideration the effect of the relevant announcement by such third party on the Shares and/or options relating to the Shares).
	Notice of Merger Consideration and Consequences:	Upon the occurrence of a Merger Event that causes the Shares to be converted into the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), Counterparty shall reasonably promptly (but in any event prior to the relevant Merger Date) notify the Calculation Agent of (i) the type and amount of consideration that a holder of Shares would have been entitled to in the case of reclassifications, consolidations, mergers, sales or transfers of assets or other transactions that cause Shares to be converted into the right to receive more than a single type of consideration and (ii) the weighted average of the types and amounts of consideration to be received by the holders of Shares that affirmatively make such an election.
	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 Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange.

 

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	Additional Termination Event(s):	Notwithstanding anything to the contrary in the Equity Definitions, if, as a result of an Extraordinary Event, the Transaction would be cancelled or terminated (whether in whole or in part) pursuant to Article 12 of the Equity Definitions, an Additional Termination Event (with the Transaction (or the cancelled or terminated portion thereof) being the Affected Transaction and Counterparty being the sole Affected Party) shall be deemed to occur, and, in lieu of Sections 12.7, 12.8 and 12.9 of the Equity Definitions, Section 6 of the Agreement shall apply to such Affected Transaction.
	Additional Disruption Events:	 
	(a) Change in Law:	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public announcement of, the formal or informal interpretation”, (ii) by adding the phrase “and/or Hedge Position” after the word “Shares” in clause (X) thereof and (iii) by immediately following the word “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date”; and provided further that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the parenthetical beginning after the word “regulation” in the second line thereof with the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or promulgation of new regulations authorized or mandated by existing statute)” and (ii) adding the words “, or holding, acquiring or disposing of Shares or any Hedge Positions relating to,” after the words “obligations under” in clause (Y) thereof.
	(b) Failure to Deliver:	Applicable
	(c) Insolvency Filing:	Applicable
	(d) Hedging Disruption:	
        Applicable; provided that:

         

        (i) Section 12.9(a)(v)
        of the Equity Definitions is hereby amended by inserting the following sentence at the end of such Section:

         

        “For the avoidance
        of doubt, (i) the term “equity price risk” shall be deemed to include, but shall not be limited to, stock price
        and volatility risk, and (ii) the transactions or assets referred to in phrases (A) or (B) above must be available on commercially
        reasonable pricing and other terms.”; and

         

        (ii) Section 12.9(b)(iii) of the
Equity Definitions is hereby amended by inserting in the third line thereof, after the words “to terminate the Transaction”,
the words “or a portion of the Transaction affected by such Hedging Disruption”.

	(e) Increased Cost of Hedging:	Not Applicable
	Hedging Party:	Dealer

 

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	Determining Party:	For all applicable Extraordinary Events, Dealer; all calculations and determinations made by the Determining Party shall be made in good faith and in a commercially reasonable manner; provided that, upon receipt of written request from Counterparty, the Determining Party shall promptly provide Counterparty with a written explanation  describing in reasonable detail any calculation, adjustment or determination made by it (including any quotations, market data or information from internal or external sources used in making such calculation, adjustment or determination, as the case may be, in a commonly used file format for the storage and manipulation of financial data, but without disclosing Determining Party’s proprietary models or other information that may be proprietary or subject to contractual, legal or regulatory obligations to not disclose such information), and shall use commercially reasonable efforts to provide such written explanation within five (5) Exchange Business Days from the receipt of such request.
	Non-Reliance:	Applicable
	Agreements and Acknowledgments Regarding Hedging Activities:	Applicable
	Additional Acknowledgments:	Applicable

 

3. Calculation Agent:
Dealer; provided that, following the occurrence of an Event of Default of the type described in Section 5(a)(vii) of the
Agreement with respect to which Dealer is the sole Defaulting Party, if the Calculation Agent fails to timely make any calculation,
adjustment or determination required to be made by the Calculation Agent hereunder or to perform any obligation of the Calculation
Agent hereunder and such failure continues for five (5) Exchange Business Days following notice to the Calculation Agent by Counterparty
of such failure, Counterparty shall have the right to designate a nationally recognized third-party dealer in over-the-counter
corporate equity derivatives to act, during the period commencing on the date such Event of Default occurred and ending on the
Early Termination Date with respect to such Event of Default, as the Calculation Agent.

 

All calculations and
determinations made by the Calculation Agent shall be made in good faith and in a commercially reasonable manner; provided
that, upon receipt of written request from Counterparty, the Calculation Agent shall promptly provide Counterparty with a written
explanation describing in reasonable detail any calculation, adjustment or determination made by it (including any quotations,
market data or information from internal or external sources used in making such calculation, adjustment or determination, as the
case may be, but without disclosing Dealer's proprietary models or other information that may be proprietary or subject to contractual,
legal or regulatory obligations to not disclose such information), and shall use commercially reasonable efforts to provide such
written explanation within five (5) Exchange Business Days from the receipt of such request.

 

4. Account Details:

 

Dealer Payment Instructions:

 

	Bank:	[____________]
	SWIFT:	[____________]
	Bank Routing:	[____________]
	Acct Name:	[____________]
	Acct No.:	[____________]

 

Counterparty Payment Instructions: To be advised.

 

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5. Offices:

 

The Office of Dealer
for the Transaction is: [____________]

 

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

 

6. Notices: For purposes of this
Confirmation:

 

(a) Address for notices or communications
to Counterparty:

 

		To:	Esperion Therapeutics, Inc.

3891 Ranchero Drive, Suite 150

Ann Arbor, MI 48108

		Attention:	Rick Bartam, CFO
		Telephone:	
		Email:	

 

(b) Address for notices or communications
to Dealer:

 

	To:	[__]

[__]

[__]
	Attention:	[__]
	Telephone:	[__]
	Email:	[__]

 

7. Representations, Warranties and Agreements:

 

(a) In addition to
the representations and warranties in the Agreement and those contained elsewhere herein, Counterparty represents and warrants
to and for the benefit of, and agrees with, Dealer as follows:

 

(i) On the
Trade Date (A) none of Counterparty and its officers and directors is aware of any material non-public information regarding Counterparty
or the Shares, and (B) all reports and other documents filed by Counterparty with the Securities and Exchange Commission pursuant
to the Exchange Act when considered as a whole (with the more recent such reports and documents deemed to amend inconsistent statements
contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission of
a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in
which they were made, not misleading.

 

(ii) Counterparty
is not on the Trade Date engaged in a “distribution,” as such term is defined in Regulation M under the Exchange Act
(“Regulation M”), of any securities of Counterparty, other than a distribution meeting the requirements of the
exceptions set forth in Rules 101(b)(10) and 102(b)(7) of Regulation M. Counterparty shall not, until the second Exchange Business
Day immediately following the Trade Date, engage in any such distribution.

 

(iii) On
the Trade Date, neither Counterparty nor any “affiliated purchaser” (as defined in Rule 10b-18 of the Exchange Act
(“Rule 10b-18”)) shall directly or indirectly (including, without limitation, by means of any cash-settled or
other derivative instrument) purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or commence
any tender offer relating to, any Shares (or an equivalent interest, including a unit of beneficial interest in a trust or limited
partnership or a depository share) or any security convertible into or exchangeable or exercisable for Shares, except through Dealer
[or pursuant to the Share Forward Transaction entered into between Counterparty and Morgan Stanley & Co. LLC on November [__],
2020]5.

 

 

5
Insert if Dealer is not Morgan Stanley

 

    Page 11 of 25

     

    

 

 

(iv) Without
limiting the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that neither Dealer nor any of its
affiliates is making any representations or warranties or taking any position or expressing any view with respect to the treatment
of the Transaction under any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives
and Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging
 – Contracts in Entity's Own Equity (or any successor issue statements).

 

(v) Without
limiting the generality of Section 3(a)(iii) of the Agreement, the Transaction will not violate Rule 13e-1 or Rule 13e-4 under
the Exchange Act.

 

(vi) Prior
to the Trade Date, Counterparty shall deliver to Dealer a resolution of Counterparty’s board of directors authorizing the
Transaction and approving the Transaction and any related hedging activity for purposes of Section 203 of the Delaware General
Corporation Law.

 

(vii) Counterparty
is not entering into this Confirmation to create actual or apparent trading activity in the Shares (or any security convertible
into or exchangeable for Shares) or to manipulate the price of the Shares (or any security convertible into or exchangeable for
Shares) or otherwise in violation of the Exchange Act.

 

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

 

(ix) To
Counterparty’s knowledge, no U.S. state or local law, rule, regulation or regulatory order applicable to the Shares would
give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior
approval from any person or entity) as a result of Dealer or its affiliates owning or holding (however defined) Shares; provided
that no such representation shall be made by Counterparty with respect to any rules and regulations applicable to Dealer (including
the Financial Industry Regulatory Authority, Inc.) arising from Dealer’s status as a regulated entity under applicable law.

 

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

 

(xi) On
and immediately after the Trade Date and the Premium Payment Date, (A) the total assets of Counterparty at their fair valuation
exceed the total liabilities (including contingent liabilities) and the capital (as such terms are defined in Section 154 and Section
244 of the General Corporation Law of the State of Delaware) of Counterparty, (B) the capital of Counterparty is adequate
to conduct the business of Counterparty, and Counterparty’s entry into the Transaction will not impair its capital, (C) Counterparty
has the ability to pay its debts and obligations as such debts mature and does not intend to, or does not believe that it will,
incur debt beyond its ability to pay as such debts mature, (D) Counterparty is not “insolvent” (as such term is defined
under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”))
and (E) Counterparty would be able to purchase the number of Shares with respect to the Transaction in compliance with the laws
of the jurisdiction of Counterparty’s incorporation (including the adequate surplus and capital requirements of Sections
154 and 160 of the General Corporation Law of the State of Delaware).

 

(xii) [Counterparty
acknowledges that the Transaction may constitute a purchase of its equity securities. Counterparty further acknowledges that,
pursuant to the provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”),
Counterparty would be required to agree to certain time-bound restrictions on its ability to purchase its equity securities
if it receives loans, loan guarantees or direct loans (as that term is defined in the CARES Act) under section 4003(b) of the
CARES Act. Counterparty further acknowledges that it may be required to agree to certain time-bound restrictions on its
ability to purchase its equity securities if it receives loans, loan guarantees or direct loans (as that term is defined in
the CARES Act) under programs or facilities established by the Board of Governors of the Federal Reserve System for the
purpose of providing liquidity to the financial system (together with loans, loan guarantees or direct loans under section
4003(b) of the CARES Act, “Governmental Financial Assistance”). Accordingly, Counterparty represents and
warrants that it has not applied for, and prior to the termination or settlement of the Transaction has no present intention
to apply for Governmental Financial Assistance under any governmental program or facility that (a) is established under the
CARES Act or the Federal Reserve Act, as amended, and (b) requires, as a condition of such Governmental Financial Assistance,
that Counterparty agree, attest, certify or warrant that it has not, as of the date specified in such condition, repurchased,
or will not repurchase, any equity security of Counterparty.]6

 

    Page 12 of 25

     

    

 

(b) Each of Dealer
and Counterparty agrees and represents that it is an “eligible contract participant” as defined in Section 1a(18) of
the U.S. Commodity Exchange Act, as amended.

 

(c) Each of Dealer
and Counterparty acknowledges that the offer and sale of the Transaction to it is intended to be exempt from registration under
the Securities Act, by virtue of Section 4(a)(2) thereof. Accordingly, Counterparty represents and warrants to Dealer that (i)
it has the financial ability to bear the economic risk of its investment in the Transaction and is able to bear a total loss of
its investment and its investments in and liabilities in respect of the Transaction, which it understands are not readily marketable,
are not disproportionate to its net worth, and it is able to bear any loss in connection with the Transaction, including the loss
of its entire investment in the Transaction, (ii) it is an “accredited investor” as that term is defined in Regulation
D as promulgated under the Securities Act, (iii) it is entering into the Transaction for its own account and without a view to
the distribution or resale thereof, (iv) the assignment, transfer or other disposition of the Transaction has not been and will
not be registered under the Securities Act and is restricted under this Confirmation, the Securities Act and state securities laws,
and (v) its financial condition is such that it has no need for liquidity with respect to its investment in the Transaction and
no need to dispose of any portion thereof to satisfy any existing or contemplated undertaking or indebtedness and is capable of
assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts,
the terms, conditions and risks of the Transaction.

 

(d) Each of Dealer
and Counterparty agrees and acknowledges that Dealer is a “financial institution,” “swap participant” and
 “financial participant” within the meaning of Sections 101(22), 101(53C) and 101(22A) of the Bankruptcy Code. The parties
hereto further agree and acknowledge (A) that this Confirmation is (i) a “securities contract,” as such term is defined
in Section 741(7) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is
a “termination value,” “payment amount” or “other transfer obligation” within the meaning of
Section 362 of the Bankruptcy Code and a “settlement payment” within the meaning of Section 546 of the Bankruptcy Code,
and (ii) a “swap agreement,” as such term is defined in Section 101(53B) of the Bankruptcy Code, with respect to which
each payment and delivery hereunder or in connection herewith is a “termination value,” “payment amount”
or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “transfer”
within the meaning of Section 546 of the Bankruptcy Code, and (B) that Dealer is entitled to the protections afforded by, among
other sections, Sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j), 548(d)(2), 555, 560 and 561 of the
Bankruptcy Code.

 

(e) As a condition
to the effectiveness of the Transaction, Counterparty shall deliver to Dealer an opinion of counsel, dated as of the Effective
Date and reasonably acceptable to Dealer in form and substance, with respect to certain of the matters set forth in Section 3(a)
of the Agreement and Section 7(a)(viii) hereof; provided that any such opinion of counsel may contain customary exceptions
and qualifications, including, without limitation, exceptions and qualifications relating to indemnification provisions.

 

(f) Counterparty understands
that notwithstanding any other relationship between Counterparty and Dealer and its affiliates, in connection with the Transaction
and any other over-the-counter derivative transactions between Counterparty and Dealer or its affiliates, Dealer or its affiliates
is acting as principal and is not a fiduciary or advisor in respect of any such transaction, including any entry, exercise, amendment,
unwind or termination thereof.

 

 

6 Insert as
applicable for Dealer.

 

    Page 13 of 25

     

    

 

(g) Each party acknowledges
and agrees to be bound by the Conduct Rules of the Financial Industry Regulatory Authority, Inc. applicable to transactions in
options, and further agrees not to violate the position and exercise limits set forth therein.

 

(h) Counterparty represents
and warrants that it has received, read and understands the OTC Options Risk Disclosure Statement and a copy of the most recent
disclosure pamphlet prepared by The Options Clearing Corporation entitled “Characteristics and Risks of Standardized Options”.

 

8. Other Provisions:

 

(a) Right to Extend.
Dealer may divide any Component into additional Components and designate the Expiration Date and the Number of Options for each
such Component if Dealer determines, in good faith and a commercially reasonable manner, that such further division is necessary
or advisable to preserve Dealer’s commercially reasonable hedging or hedge unwind activity hereunder in light of existing
liquidity conditions or to enable Dealer to effect purchases or sales of Shares in connection with its hedging, hedge unwind or
settlement activity hereunder in a manner that would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be
compliant and consistent with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures,
generally applicable to transactions of the type of the Transaction; provided that in no event shall any Expiration Date
for any Component be postponed to a date later than the Final Termination Date.

 

(b) Additional Termination
Events. Promptly (but in any event within ten Scheduled Trading Days) following any repurchase, redemption or conversion of
any of Counterparty’s [__]% Convertible Senior Notes due 2025 (the “Convertible Notes”) issued pursuant
to an Indenture [to be] dated November [__], 2020 between Counterparty and U.S. Bank, National Association, as trustee, Counterparty
may notify Dealer in writing of such repurchase, redemption or conversion, the number of Convertible Notes so repurchased, redeemed
or converted and the number of Shares underlying such Convertible Notes (any such notice, a “Note Repurchase Notice”).
Notwithstanding anything to the contrary in this Confirmation, the receipt by Dealer from Counterparty of (x) any Note Repurchase
Notice, within the applicable time period set forth in the preceding sentence, and (y) a written representation and warranty by
Counterparty that, as of the date of such Note Repurchase Notice, Counterparty is not in possession of any material non-public
information regarding Counterparty or the Shares, shall constitute an Additional Termination Event as provided in this paragraph.
Upon receipt of any such Note Repurchase Notice and the related written representation and warranty, Dealer shall promptly designate
an Exchange Business Day following receipt of such Note Repurchase Notice as an Early Termination Date with respect to the portion
of the Transaction corresponding to a number of Options (the “Repurchase Options”) equal to the lesser of (A)
[__]7% of the number
of Shares underlying the Convertible Notes specified in such Note Repurchase Notice, divided by the Option Entitlement [minus
the “Repurchase Options” (as defined in the Base Capped Call Transaction Confirmation, dated as of November [__], 2020,
between Counterparty and Dealer relating to the Convertible Notes (the “Base Capped Call Transaction Confirmation”)),
if any, that relate to such Convertible Notes (and for purposes of determining whether any Options under this Confirmation or under
the Base Capped Call Transaction Confirmation shall be among the Repurchase Options hereunder or under, and as defined in, the
Base Capped Call Transaction Confirmation, such Convertible Notes shall be allocated first to the Base Capped Call Transaction
Confirmation until all Options thereunder are exercised or terminated)]8
and (B) the aggregate Number of Options as of the date Dealer designates such Early Termination Date and, as of such date, the
aggregate Number of Options shall be reduced by the number of Repurchase Options on a pro rata basis across the Components for
Transaction, as determined by the Calculation Agent. Any payment hereunder with respect to such termination shall be calculated
pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having
terms identical to the Transaction and an aggregate Number of Options equal to the number of Repurchase Options, (2) Counterparty
were the sole Affected Party with respect to such Additional Termination Event and (3) the terminated portion of the Transaction
were the sole Affected Transaction.

 

 

7 Insert
Dealer’s “Applicable Percentage”.

8 Include
for additional capped call transaction.

 

    Page 14 of 25

     

    

 

(c) Alternative
Calculations and Payment on Early Termination and on Certain Extraordinary Events. If (a) an Early Termination Date
(whether as a result of an Event of Default or a Termination Event) occurs or is designated with respect to the Transaction
or (b) the Transaction is cancelled or terminated upon the occurrence of an Extraordinary Event (except as a result of (i) a
Nationalization, Insolvency or Merger Event in which the consideration to be paid to all holders of Shares consists solely of
cash, (ii) a Merger Event or Tender Offer that is within Counterparty’s control, or (iii) an Event of Default in which
Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party, which Event of
Default or Termination Event resulted from an event or events within Counterparty’s control), and if Dealer would owe
any amount to Counterparty pursuant to Section 6(d)(ii) and 6(e) of the Agreement or any Cancellation Amount pursuant to
Article 12 of the Equity Definitions (any such amount, a “Payment Obligation”), then Dealer shall
satisfy the Payment Obligation by the Share Termination Alternative (as defined below) unless (a) Counterparty gives
irrevocable telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m. (New
York City time) on the Merger Date, Tender Offer Date, Announcement Date (in the case of a Nationalization, Insolvency or
Delisting), Early Termination Date or date of cancellation, as applicable, of its election that the Share Termination
Alternative shall not apply, (b) as of the date of such election, Counterparty represents that is not in possession of any
material non-public information regarding Counterparty or the Shares, and that such election is being made in good faith and
not as part of a plan or scheme to evade compliance with the federal securities laws, and (c) Dealer agrees, in its
commercially reasonable discretion, to such election, in which case the provisions of Section 12.7 or Section 12.9 of the
Equity Definitions, or the provisions of Section 6(d)(ii) and 6(e) of the Agreement, as the case may be, shall apply.

 

	 Share Termination Alternative:	If applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property on, or within a commercially reasonable period of time after, the date when the relevant Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable, in satisfaction of such 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, in good faith and in a commercially reasonable manner, 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 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. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery Unit Price the Calculation Agent may consider a variety of factors, including the market price of the Share Termination Delivery Units and/or the purchase price paid in connection with the commercially reasonable purchase of Share Termination Delivery Property.
	Share Termination Delivery Unit:	One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the “Exchange Property”), a unit consisting of the type and amount of such Exchange Property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation Agent.

 

    Page 15 of 25

     

    

 

	Failure to Deliver:	Applicable
	Other Applicable Provisions:	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 (as modified above) of the Equity Definitions and the provisions set forth opposite the caption “Representation and Agreement” in Section 2 will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as references to “Share Termination Delivery Units”.  “Share Termination Settled” in relation to the Transaction means that the Share Termination Alternative is applicable to the Transaction.

 

(d) Disposition
of Hedge Shares. Counterparty hereby agrees that if, in the good faith reasonable judgment of Dealer, based on the advice of
legal counsel, the Shares acquired by Dealer for the purpose of hedging its obligations pursuant to the Transaction (the “Hedge
Shares”) cannot be sold in the U.S. public market by Dealer without registration under the Securities Act, Counterparty
shall, at its election: (i) in order to allow Dealer to sell the Hedge Shares in a registered offering, use its commercially reasonable
efforts to make available to Dealer an effective registration statement under the Securities Act to cover the resale of such Hedge
Shares and (A) enter into an agreement, in form and substance reasonably satisfactory to Dealer, substantially in the form of an
underwriting agreement for a registered offering for companies of a similar size in a similar industry, (B) provide accountant's
 “comfort” letters in customary form for registered offerings of equity securities for companies of a similar size in
a similar industry, (C) provide disclosure opinions of nationally recognized outside counsel to Counterparty in customary form
for registered offerings of equity securities for companies of a similar size in a similar industry, (D) provide other customary
opinions, certificates and closing documents customary in form for registered offerings of equity securities for companies of a
similar size in a similar industry and (E) afford Dealer a reasonable opportunity to conduct a “due diligence” investigation
with respect to Counterparty customary in scope for underwritten offerings of equity securities for companies of a similar size
in a similar industry; provided, however, that, if Counterparty elects clause (i) above but Dealer, in its commercially
reasonable discretion, is not satisfied with access to due diligence materials, the results of its due diligence investigation,
or the procedures and documentation for the registered offering referred to above, then clause (ii) or clause (iii) of this Section
8(d) shall apply at the election of 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 of companies of a similar size in a similar industry, in form and substance commercially reasonably satisfactory
to Dealer using best efforts to include customary representations, covenants, blue sky and other governmental filings and/or registrations,
indemnities to Dealer, due diligence rights (for Dealer or any designated buyer of the Hedge Shares from Dealer), opinions and
certificates and such other documentation as is customary for private placements agreements of equity securities of companies of
a similar size in a similar industry, as is reasonably acceptable to Dealer (in which case, the Calculation Agent shall make any
adjustments to the terms of the Transaction that are necessary, in its good faith and commercially reasonable judgment, to compensate
Dealer for any customary liquidity discount from the public market price of the Shares incurred on the sale of Hedge Shares in
a private placement); provided that no “comfort letter” or accountants’ consent shall be required to be
delivered in connection with any private placements; or (iii) purchase the Hedge Shares from Dealer at the then-current market
price on such Exchange Business Days, and in the amounts and at such time(s), commercially reasonably requested by Dealer. This
Section 8(d) shall survive the termination, expiration or early unwind of the Transaction.

 

    Page 16 of 25

     

    

 

(e) Repurchase
Notices. Counterparty shall, at least one Scheduled Valid Day prior to any day on which Counterparty intends to effect
any repurchase of Shares, give Dealer written notice of such repurchase (a “Repurchase Notice”) on such
day if, following such repurchase, the Notice Percentage would reasonably be expected to be (i) greater than [__]9%
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 aggregate
Number of Shares plus the number of Shares underlying any other capped call transactions sold by Dealer to
Counterparty 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 Section 8(e) 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 the Transaction),
claims, damages and liabilities (or actions in respect thereof), joint or several, to which such Indemnified Party may become
subject under applicable securities laws, including without limitation, Section 16 of the Exchange Act or under any U.S.
state or federal law, regulation or regulatory order, in each case relating to or arising out of such failure. If for any
reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold harmless any Indemnified
Party, then Counterparty shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the
Indemnified Party as a result of such loss, claim, damage or liability. In addition, Counterparty will reimburse any
Indemnified Party for all reasonable expenses (including reasonable counsel fees and expenses) as they are incurred (after
notice to Counterparty) in connection with the investigation of, preparation for or defense or settlement of any pending or
threatened claim or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a party
thereto and whether or not such claim, action, suit or proceeding is initiated or brought by or on behalf of Counterparty, in
each case relating to or arising out of such failure. This indemnity shall survive the completion of the Transaction
contemplated by this Confirmation and any assignment and delegation of the Transaction made pursuant to this Confirmation or
the Agreement and shall inure to the benefit of any permitted assignee of Dealer.

 

(f) Transfer and
Assignment. Dealer may transfer or assign any of its rights or obligations under the Transaction with the prior written
consent of Counterparty, such consent not to be unreasonably withheld or delayed; provided that Dealer may transfer or
assign without any consent of Counterparty its rights and obligations hereunder, in whole or in part, to (A) any affiliate of
Dealer whose obligations would be guaranteed by Dealer or Dealer’s ultimate parent or (B) any person (including any
affiliate of Dealer whose obligations are not guaranteed in the manner described in clause (A)) or any person whose
obligations would be guaranteed by a person (a “Designated Transferee”), in either case under this clause
(B), with a rating for its long-term, unsecured and unsubordinated indebtedness at least equivalent to Dealer’s (or its
guarantor’s); provided, however, that, in the case of this clause (B), in no event shall the credit rating of
the Designated Transferee or its guarantor (whichever is higher) be lower than A3 from Moody’s Investor Service, Inc.
or its successor or A- from Standard and Poor’s Rating Group, Inc. or its successor; provided further that (i)
Dealer will notify Counterparty in writing promptly following any transfer or assignment to a Designated Transferee, (ii) as
a result of any such transfer or assignment, Counterparty will not be required to pay the transferee or assignee of such
rights or obligations on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than the amount, if
any, that Counterparty would have been required to pay Dealer in the absence of such transfer or assignment and (iii) the
transferee or assignee shall provide Counterparty with a complete and accurate U.S. Internal Revenue Service Form W-9 or W-8
(as applicable) prior to becoming a party to the Transaction. If at any time at which (1) the Equity Percentage exceeds 8.0%
or (2) Dealer, Dealer Group (as defined below) or any person whose ownership position would be aggregated with that of Dealer
or Dealer Group (Dealer, Dealer Group or any such person, a “Dealer Person”) under Section 203 of the
Delaware General Corporation Law or other federal, state or local law, rule, regulation or regulatory order or organizational
documents or contracts of Counterparty applicable to ownership of Shares (“Applicable Restrictions”),
owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of
ownership in excess of a number of Shares equal to (x) the number of Shares that would give rise to reporting, registration,
filing or notification obligations or other requirements (including obtaining prior approval by a state or federal regulator)
of a Dealer Person under Applicable Restrictions and with respect to which such requirements have not been met or the
relevant approval has not been received minus (y) 1% of the number of Shares outstanding on the date of determination
(either such condition described in clause (1) or (2), an “Excess Ownership Position”), if Dealer, in its
reasonable discretion, is unable to effect a transfer or assignment to a third party in accordance with the requirements set
forth above after its commercially reasonable efforts on pricing and terms and within a time period reasonably acceptable to
Dealer such that an Excess Ownership Position no longer exists, Dealer may designate any Scheduled Valid Day as an Early
Termination Date with respect to a portion (the “Terminated Portion”) of the Transaction, such that an
Excess Ownership Position no longer exists following such partial termination. In the event that Dealer so designates an
Early Termination Date with respect to a portion of the Transaction, a payment or delivery shall be made pursuant to Section
6 of the Agreement and Section 8(c) of this Confirmation as if (i) an Early Termination Date had been designated in respect
of a Transaction having terms identical to the Terminated Portion of the Transaction, (ii) Counterparty were the sole
Affected Party with respect to such partial termination, (iii) such portion of the Transaction were the only Terminated
Transaction and (iv) Dealer were the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the
Agreement and to determine the amount payable pursuant to Section 6(e) of the Agreement. The “Equity
Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of
Shares that Dealer and any of its affiliates subject to aggregation with Dealer for purposes of the “beneficial
ownership” test under Section 13 of the Exchange Act and all persons who may form a “group” (within the
meaning of Rule 13d-5(b)(1) under the Exchange Act) with Dealer (collectively, “Dealer Group”)
 “beneficially own” (within the meaning of Section 13 of the Exchange Act) without duplication on such day and (B)
the denominator of which is the number of Shares outstanding on such day.

 

 

 

9 To be 0.5% higher than (i)
the number of Shares underlying all capped call transactions (including any additional capped call transactions and any pre-existing
call options) of the Dealer with the largest number of options, divided by (ii) total Shares outstanding.

 

    Page 17 of 25

     

    

 

Counterparty may transfer
or assign any of its rights or obligations under the Transaction with the prior written consent of Dealer, such consent not to
be unreasonably withheld or delayed. In the case of a transfer or assignment by Counterparty of its rights and obligations hereunder
and under the Agreement, in whole or in part (any such Options so transferred or assigned, the “Transfer Options”),
to any party, withholding of such consent by Dealer shall not be considered unreasonable if such transfer or assignment does not
meet the reasonable conditions that Dealer may impose including, but not limited to, the following conditions:

 

(A) With
respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification obligations pursuant to
Section 8(e) or any obligations under Section 2 (regarding Extraordinary Events) or 8(d) of this Confirmation;

 

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

 

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

 

(D) Dealer
will not, as a result of such transfer and assignment, be required to pay the transferee on any payment date an amount under Section
2(d)(i)(4) of the Agreement greater than an amount that Dealer would have been required to pay to Counterparty in the absence of
such transfer and assignment;

 

(E) An Event
of Default, Potential Event of Default or Termination Event will not occur as a result of such transfer and assignment;

 

(F) Without
limiting the generality of clause (B), Counterparty shall have caused the transferee to make such Payee Tax Representations and
to provide such tax documentation as may be reasonably requested by Dealer to permit Dealer to determine that results described
in clauses (B) and (D) will not occur upon or after such transfer and assignment; and

 

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

 

    Page 18 of 25

     

    

 

(g) Staggered Settlement.
If Dealer determines commercially reasonably and in good faith that the number of Shares required to be delivered to Counterparty
hereunder on any Settlement Date would result in an Excess Ownership Position, then Dealer may, by notice to Counterparty prior
to such Settlement Date (a “Nominal Settlement Date”), elect to deliver any Shares due to be delivered on two
or more dates (each, a “Staggered Settlement Date”) or at two or more times on the Nominal Settlement Date as
follows:

 

(i) in such
notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (each of which will be on or prior to the 20th
Exchange Business Day after such Nominal Settlement Date) or delivery times and how it will allocate the Shares it is required
to deliver under “Delivery Obligation” (above) among the Staggered Settlement Dates or delivery times; and

 

(ii) the
aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered Settlement Dates and delivery
times will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date; provided
that in no event shall any Staggered Settlement Date be a date later than the Final Termination Date.

 

(h) 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.

 

(i) No Netting and Set-off. The provisions
of Section 2(c) of the Agreement shall not apply to the Transaction. Each party waives any and all rights it may have to set-off
delivery or payment obligations it owes to the other party under the Transaction against any delivery or payment obligations owed
to it by the other party, whether arising under the Agreement, under any other agreement between parties hereto, by operation of
law or otherwise.

 

(j) Equity Rights.
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. For the avoidance of
doubt, the parties acknowledge that the obligations of Counterparty under this Confirmation are not secured by any collateral that
would otherwise secure the obligations of Counterparty herein under or pursuant to any other agreement.

 

(k) Early Unwind.
In the event the sale of the [Firm Securities]10
[Additional Securities]11
(as defined in the Purchase Agreement, dated as of November [__], 2020, among Morgan Stanley & Co. LLC and Jefferies LLC, as
representatives of the several initial purchasers thereto, and Counterparty (the “Purchase Agreement”)) is not
consummated pursuant to the Purchase Agreement for any reason by the close of business in New York on November [__], 202012
(or such later date as agreed upon by the parties which in no event shall be later than the second Scheduled Valid Day following
November [__], 2020) (such date or such later date as agreed upon being the “Accelerated Unwind Date”), the
Transaction shall automatically terminate on the Accelerated 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 Accelerated Unwind Date.

 

(l) Illegality.
The parties agree that, for the avoidance of doubt, for purposes of Section 5(b)(i) of the Agreement, “any applicable
law” shall include the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any rules and regulations
promulgated thereunder and any similar law or regulation, without regard to Section 739 of the Dodd-Frank Wall Street Reform
and Consumer Protection Act of 2010 or any similar legal certainty provision in any legislation enacted, or rule or
regulation promulgated, on or after the Trade Date, and the consequences specified in the Agreement, including without
limitation, the consequences specified in Section 6 of the Agreement, shall apply to any Illegality arising from any such
act, rule or regulation.

 

 

 

10 Include for base capped call
transaction

11 Include for additional capped
call transaction

12 For the base capped call, to
be the scheduled closing date for the Firm Securities. For the additional capped call, to be the scheduled closing date for the
Additional Securities.

 

    Page 19 of 25

     

    

 

(m) Amendments to
Equity Definitions and the Agreement. The following amendments shall be made to the Equity Definitions and the Agreement:

 

(i) solely
for purposes of applying the Equity Definitions and for purposes of this Confirmation, any reference in the Equity Definitions
to a Strike Price shall be deemed to be a reference to either of the Strike Price or the Cap Price, or both, as appropriate;

 

(ii) for
the purpose of any adjustment under Section 11.2(c) of the Equity Definitions, the first sentence of Section 11.2(c) of the Equity
Definitions, prior to clause (A) thereof, is hereby amended to read as follows: “If “Calculation Agent Adjustment”
is specified as the Method of Adjustment in the related Confirmation of a Share Option Transaction, then following the announcement
or occurrence of any Potential Adjustment Event, the Calculation Agent will determine whether such Potential Adjustment Event has,
in the commercially reasonable judgment of the Calculation Agent, a material economic effect on the theoretical value of the relevant
Shares or options on the Shares (provided that such event is not based on (x) an observable market, other than the market
for Counterparty’s own stock or (y) an observable index, other than an index calculated and measured solely by reference
to Counterparty’s own operations) and, if so, will (i) make appropriate adjustment(s), if any, determined in a commercially
reasonable manner, to any one or more of:”, and the portion of such sentence immediately preceding clause (ii) thereof is
hereby amended by deleting the words “diluting or concentrative” and the words “(provided that no adjustments
will be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant
Shares)” and replacing such latter phrase with the words “(provided that, solely in the case of Sections 11.2(e)(i),
(ii)(A), (iv) and (v), no adjustments will be made to account solely for changes in volatility, expected dividends, stock loan
rate or liquidity relative to the relevant Shares but, for the avoidance of doubt, solely in the case of Sections 11.2(e)(ii)(B)
through (D), (iii), (vi) and (vii), adjustments may be made to account solely for changes in volatility, expected dividends, stock
loan rate or liquidity relative to the relevant Shares)”;

 

(iii) Section
11.2(a) of the Equity Definitions is hereby amended by (1) deleting the words “in the determination of the Calculation Agent,
a diluting or concentrative effect” and replacing these words with “in the commercially reasonable judgment of the
Calculation Agent, a material economic effect”; and (2) adding at the end thereof “; provided that such
event is not based on (i) an observable market, other than the market for Counterparty’s own stock or (ii) an observable
index, other than an index calculated and measured solely by reference to Counterparty’s own operations”;

 

(iv) Section
11.2(e)(vii) of the Equity Definitions is hereby amended and restated as follows: “any other corporate event involving the
Issuer that in the commercially reasonable judgment of the Calculation Agent has a material economic effect on the theoretical
value of the Shares or options on the Shares; provided that such corporate event involving the Issuer is not based on (a)
an observable market, other than the market for Counterparty’s own stock or (b) an observable index, other than an index
calculated and measured solely by reference to Counterparty’s own operations.”; and

 

(v) Section
12.7(b) of the Equity Definitions is hereby amended by deleting the words “(and in any event within five Exchange Business
Days) by the parties after” appearing after the words “agreed promptly” and replacing with the words “by
the parties on or prior to”; and

 

(vi) Section 2(a)(iii) of the
Agreement is hereby amended by (A) replacing the comma at the end of the second line of such Section with the word “and”,
(B) deleting the word “and” immediately before subsection (3) and (C) deleting clause “(3)” in its entirety.

 

(n) Governing Law; Exclusive Jurisdiction.

 

    Page 20 of 25

     

    

 

(i) THE
AGREEMENT, THIS CONFIRMATION AND ALL MATTERS ARISING IN CONNECTION WITH THE AGREEMENT AND THIS CONFIRMATION SHALL BE GOVERNED BY,
AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CHOICE OF LAW DOCTRINE,
OTHER THAN TITLE 14 OF ARTICLE 5 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

(ii) Section 13(b) of the
Agreement is deleted in its entirety and replaced by the following:

 

“Each
party hereby irrevocably and unconditionally submits for itself and its property in any suit, legal action or proceeding relating
to this Confirmation or the Agreement, or for recognition and enforcement of any judgment in respect thereof, (each, “Proceedings”)
to the exclusive jurisdiction of the Supreme Court of the State of New York, sitting in New York County, the courts of the United
States of America for the Southern District of New York and appellate courts from any thereof. Nothing in this Confirmation or
the Agreement precludes either party from bringing Proceedings in any other jurisdiction if (A) the courts of the State of New
York or the United States of America for the Southern District of New York lack jurisdiction over the parties or the subject matter
of the Proceedings or decline to accept the Proceedings on the grounds of lacking such jurisdiction; (B) the Proceedings are commenced
by a party for the purpose of enforcing against the other party’s property, assets or estate any decision or judgment rendered
by any court in which Proceedings may be brought as provided hereunder; (C) the Proceedings are commenced to appeal any such court’s
decision or judgment to any higher court with competent appellate jurisdiction over that court’s decisions or judgments if
that higher court is located outside the State of New York or Borough of Manhattan, such as a federal court of appeals or the U.S.
Supreme Court; or (D) any suit, action or proceeding has been commenced in another jurisdiction by or against the other party or
against its property, assets or estate and, in order to exercise or protect its rights, interests or remedies under this Confirmation
or the Agreement, the party (1) joins, files a claim, or takes any other action, in any such suit, action or proceeding, or (2)
otherwise commences any Proceeding in that other jurisdiction as the result of that other suit, action or proceeding having commenced
in that other jurisdiction.”

 

(o) Adjustments.
For the avoidance of doubt, whenever the Calculation Agent or Determining Party is called upon to make an adjustment pursuant to
the terms of this Confirmation or the Equity Definitions to take into account the effect of an event, the Calculation Agent or
Determining Party shall make such adjustment by reference to the effect of such event on the Hedging Party, assuming that the Hedging
Party maintains a commercially reasonable hedge position.

 

(p) Delivery or
Receipt of Cash. For the avoidance of doubt, other than payment of the Premium by Counterparty, nothing in this Confirmation
shall be interpreted as requiring Counterparty to cash settle the Transaction, except in circumstances where cash settlement is
within Counterparty’s control (including, without limitation, where Counterparty elects to deliver or receive cash) or in
those circumstances in which holders of Shares would also receive cash.

 

(q) Waiver of Jury
Trial. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THE AGREEMENT, THIS CONFIRMATION OR ANY TRANSACTIONS CONTEMPLATED HEREBY. 

 

(r) Amendment.
This Confirmation and the Agreement may not be modified, amended or supplemented, except in a written instrument signed by Counterparty
and Dealer.

 

(s) Counterparts.
This Confirmation may be executed in several counterparts, each of which shall be deemed an original but all of which together
shall constitute one and the same instrument.

 

(t) Tax Matters.

 

    Page 21 of 25

     

    

 

(i) Payee
Representations.

 

For the purpose
of Section 3(f) of the Agreement, Counterparty makes the following representation to Dealer:

 

Counterparty
is a corporation and a U.S. person (as that term is defined in Section 7701(a)(30) of the Code and used in Section 1.1441-4(a)(3)(ii)
of the Treasury Regulations) for U.S. federal income tax purposes.

 

For the purpose
of Section 3(f) of the Agreement, Dealer makes the following representation to Counterparty:

 

[Dealer is a U.S.
person or a disregarded entity owned solely by a U.S. person (as that term is used in Section 1.1441-4(a)(3)(ii) of the United
States Treasury Regulations) for U.S. federal income tax purposes.]13

 

(ii) Tax
Documentation. For the purpose of Sections 4(a)(i) and (ii) of the Agreement, Counterparty agrees to deliver to Dealer one
duly executed and completed United States Internal Revenue Service Form W-9 (or successor thereto) and Dealer agrees to deliver
to Counterparty, as applicable, a U.S. Internal Revenue Service Form W-8 or Form W-9 (or successor thereto). Such forms or documents
shall be delivered upon (i) execution of this Confirmation, and (ii) reasonable request of the other party.

 

(u) Withholding
Tax imposed on payments to non-US counterparties under the United States Foreign Account Tax Compliance Act. “Indemnifiable
Tax”, as defined in Section 14 of the Agreement, shall not include any U.S. federal withholding tax imposed or collected
pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any
agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted
pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a
 "FATCA Withholding Tax"). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding
of which is required by applicable law for the purposes of Section 2(d) of the Agreement.

 

(v) HIRE Act. 
 “Indemnifiable Tax”, as defined in Section 14 of the Agreement, shall not include any tax imposed on payments treated
as dividends from sources within the United States under Section 871(m) of the Code or any regulations issued thereunder. For the
avoidance of doubt, any such tax imposed under Section 871(m) of the Code is a Tax the deduction or withholding of which is required
by applicable law for the purposes of Section 2(d) of the Agreement.

 

(w) [Insert Agency Boilerplate, and QFC
Language, If Applicable]

 

 

 

13 Include
appropriate Payee Representation for Dealer

 

    Page 22 of 25

     

    

 

Please confirm that
the foregoing correctly sets forth the terms of our agreement by sending to us a letter or telex substantially similar to this
facsimile, which letter or telex sets forth the material terms of the Transaction to which this Confirmation relates and indicates
your agreement to those terms.

 

 

		Yours faithfully,
	 	 
	 	[DEALER]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Agreed and Accepted By:	 
	 	 
	ESPERION THERAPEUTICS, INC.	 
	 	 
	By	 	 
	 	Name:	 
	 	Title:	 

 

    Page 23 of 25

     

    

 

Schedule 1

 

[Form of Guarantee]

 

    Page 24 of 25

     

    

 

Annex A

 

For each Component of the Transaction, the Number of Options
and Expiration Date is set forth below.

 

	Component Number	Number of Options	Expiration Date
	1	 	 
	2	 	 
	3	 	 
	4	 	 
	5	 	 
	6	 	 
	7	 	 
	8	 	 
	9	 	 
	10	 	 
	11	 	 
	12	 	 
	13	 	 
	14	 	 
	15	 	 
	16	 	 
	17	 	 
	18	 	 
	19	 	 
	20	 	 
	21	 	 
	22	 	 
	23	 	 
	24	 	 
	25	 	 
	26	 	 
	27	 	 
	28	 	 
	29	 	 
	30	 	 
	31	 	 
	32	 	 
	33	 	 
	34	 	 
	35	 	 
	36	 	 
	37	 	 
	38	 	 
	39	 	 
	40	 	 
	 	 	 

 

    Page 25 of 25Exhibit 10.2

 

November 11,
2020

 

	From:	Morgan Stanley & Co. LLC

                                                                                1585 Broadway, 5th Floor

                                                                                New York, NY 10036

 

	To:	Esperion Therapeutics, Inc.

                                                              3891 Ranchero Drive, Suite 150

                                                              Ann Arbor, MI 48108

 

	Re:	Forward Stock Purchase Transaction

 

 

Dear Sir / Madam:

 

The purpose of this
letter agreement (this “Confirmation”) is to confirm the terms and conditions of the transaction entered into
between Morgan Stanley & Co. LLC (“Dealer”) and Esperion Therapeutics, Inc. (“Issuer”
or “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 agreements and serve as the final documentation for the Transaction.

 

The definitions and
provisions contained in the 2006 ISDA Definitions (the “Swap Definitions”) and the 2002 ISDA Equity Derivatives
Definitions (the “Equity Definitions” and together with the Swap Definitions, the “Definitions”)
in each case as published by the International Swaps and Derivatives Association, Inc. (“ISDA”), are incorporated
into this Confirmation. In the event of any inconsistency between the Swap Definitions and the Equity Definitions, the Equity Definitions
shall govern and in the event of any inconsistency between the Definitions and this Confirmation, this Confirmation shall govern.

 

1.              This
Confirmation evidences a complete binding agreement between Counterparty and Dealer as to the terms of the Transaction to which
this Confirmation relates. This Confirmation (notwithstanding anything to the contrary herein) shall be subject to an agreement
in the form of the 2002 ISDA Master Agreement (the “Master Agreement”) as if Dealer and Counterparty had executed
an agreement in such form (but without any Schedule except for (i) the election of the laws of the State of New York as the governing
law (without reference to choice of law doctrine), (ii) the election of US Dollars (“USD”) as the Termination
Currency and (iii) (a) the election that the “Cross Default” provisions of Section 5(a)(vi) of the Master Agreement
shall apply to Dealer with a “Threshold Amount” of three percent of the shareholders’ equity of Morgan Stanley,
(b) the phrase “, or becoming capable at such time of being declared,” shall be deleted from clause (1) of such Section
5(a)(vi), (c) “Specified Indebtedness” shall have the meaning specified in Section 14 of the Agreement, except that
such term shall not include obligations in respect of deposits received in the ordinary course of Dealer’s banking business
and (d) the following language shall be added to the end thereof: “Notwithstanding the foregoing, a default under subsection
(2) hereof shall not constitute an Event of Default if (x) the default was caused solely by error or omission of an administrative
or operational nature; (y) funds were available to enable the party to make the payment when due; and (z) the payment is made within
two Local Business Days of such party’s receipt of written notice of its failure to pay.”) on the Trade Date. In the
event of any inconsistency between the provisions of the Master Agreement and this Confirmation, this Confirmation will prevail
for the purpose of the Transaction to which this Confirmation relates. The parties hereby agree that no transaction other than
the Transaction to which this Confirmation relates shall be governed by the Master Agreement.

 

2.              The
Transaction constitutes a Share Forward for purposes of the Equity Definitions. The terms of the particular Transaction to which
this Confirmation relates are as follows:

 

    Page 1 of 19

     

    

 

	General Terms:	 
	 	 
	Trade Date:	November 11, 2020
	 	 
	Effective Date:	November 16, 2020, subject to cancellation of the Transaction as provided in Section 7(c) “Early Unwind” below.
	 	 
	Seller:	Dealer
	 	 
	Buyer:	Counterparty
	 	 
	Shares:	The shares of common stock, USD 0.001 par value per Share, of Counterparty (Ticker Symbol: “ESPR”).
	 	 
	Number of Shares:	Initially 1,994,198 Shares. On each Settlement Date, the Number of Shares shall be reduced by the Daily Number of Shares delivered by Dealer to Counterparty on such Settlement Date.  
	 	 
	Daily Number of Shares:	For any Valuation Date occurring prior to the Maturity Date, the number of Shares specified by Dealer in the related Settlement Notice (as defined below under “Valuation Dates”), which shall not exceed the Number of Shares on such Valuation Date, and for the Valuation Date occurring on the Maturity Date, if any, the Number of Shares on such Valuation Date. 
	 	 
	Maturity Date:	November 15, 2025 (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day).
	 	 
	Forward Price:	USD 27.58
	 	 
	Prepayment:	Applicable
	 	 
	Prepayment Amount:	USD 55,000,000.00
	 	 
	Prepayment Date:	The Effective Date, so long as no cancellation of the Transaction has occurred as provided in Section 7(c) “Early Unwind.”
	 	 
	Exchange:	The NASDAQ Global Select Market
	 	 
	Related Exchange(s):	All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words “United States” before the word “exchange” in the tenth line of such section.
	 	 
	Calculation Agent:	
        Dealer; provided that following
        the occurrence and during the continuance of an Event of Default of the type described in Section 5(a)(vii) of the Master Agreement
        with respect to which Dealer is the sole Defaulting Party, Counterparty shall have the right to designate a nationally recognized
        third-party dealer in over-the-counter corporate equity derivatives to act, during the period commencing on the first date the
        Calculation Agent fails to timely make such calculation, adjustment or determination or to perform such obligation, as the case
        may be, and ending on the earlier of the Early Termination Date with respect to such Event of Default and the date on which such
        Event of Default is no longer continuing, as determined by the Calculation Agent.

         

        All calculations and determinations
by the Calculation Agent shall be made in good faith and in a commercially reasonable manner. Following any calculation by the
Calculation Agent hereunder, upon written request by Counterparty, the Calculation Agent will provide to Counterparty by email
to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage
and manipulation of financial data) displaying in reasonable detail the basis for such calculation; provided, however,
that in no event will the Calculation Agent be obligated to share with Counterparty any proprietary or confidential data or information
or any proprietary or confidential models used by it.

 

    Page 2 of 19

     

    

 

	Settlement Terms:	 
	 	 
	Physical Settlement:	Applicable.  In lieu of Section 9.2(a)(iii) of the Equity Definitions, Dealer will deliver to Counterparty the Daily Number of Shares for the related Valuation Date on the relevant Settlement Date.  Section 9.11 of the Equity Definitions shall be amended by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws arising as a result of the fact that Counterparty is the Issuer of the Shares.
	 	 
	Valuation Dates:	
        (a) Any Scheduled Trading Day following
        the Effective Date designated by Dealer in a written notice (a “Settlement Notice”) that is delivered to Counterparty
        at least two Scheduled Trading Days prior to such Valuation Date, specifying (i) the Daily Number of Shares for each such Valuation
        Date and (ii) the related Settlement Date(s) and (b) the Maturity Date.

         

        If, on any Exchange Business Day,
the number of outstanding 4.00% Convertible Senior Subordinated Notes due 2025 (as originally issued by Counterparty, including
pursuant to the exercise by the Initial Purchasers (as defined below) of their option to purchase additional 4.00% Convertible
Senior Subordinated Notes due 2025 pursuant to the Purchase Agreement (as defined below), the “Convertible Notes”)
in denominations of USD 1,000 principal amount is reduced as a result of a conversion, repurchase, redemption or otherwise (the
date of any such reduction, a “Note Reduction Date”), then Counterparty may at any time following a Note Reduction
Date provide written notice of such reduction to Dealer (such notice, a “Notional Excess Notice”), which written
notice shall include (x) the percentage reduction of the number of then outstanding Convertible Notes in denominations of USD
1,000 principal amount effective as of such Note Reduction Date, (y) a representation and warranty by Counterparty that, as of
the date of such Notional Excess Notice, Counterparty is not in possession of any material nonpublic information regarding Counterparty
or the Shares and that the delivery of such Notional Excess Notice is being made in good faith and not as part of a plan or scheme
to evade compliance with federal securities laws and (z) a repetition of the representations and warranties contained in Section
6(d), (e), (g) and (j) hereunder. Promptly following the date 30 calendar days immediately following the date on which Dealer
receives a Notional Excess Notice from Counterparty (taking into consideration the amount of time necessary to complete any related
unwind activity with respect to Dealer’s commercially reasonable Hedge Positions), Dealer shall deliver a Settlement Notice
to Counterparty designating one or more Valuation Dates and related Settlement Dates with respect to an aggregate Daily Number
of Shares equal to the product of the (i) Number of Shares effective as of such Note Reduction Date and (ii) percentage reduction
of the number of then outstanding Convertible Notes in denominations of USD 1,000 principal amount effective as of such Note Reduction
Date.

 

 

    Page 3 of 19

     

    

 

	 	In addition, if, on any Exchange Business Day (a “Measurement Day”), Dealer determines in its commercially reasonable discretion that the cost to borrow a number of Shares equal to the Number of Shares as of such Measurement Day (x) is less than 25 basis points and (y) has been less than 25 basis points for 25 out of the 30 consecutive Exchange Business Days immediately preceding such Measurement Day (a “Stock Borrow Determination”), then, promptly following the date 90 calendar days immediately following such Stock Borrow Determination (taking into consideration the amount of time necessary to complete any related commercially reasonable unwind activity with respect to Dealer’s commercially reasonable Hedge Positions), Dealer shall deliver a Settlement Notice to Counterparty designating a Valuation Date and related Settlement Date with respect to a Daily Number of Shares equal to the Number of Shares as of the date of such Settlement Notice.
	 	 
	Market Disruption Event:	The definition of “Market Disruption Event” in Section 6.3(a) of the Equity Definitions is hereby amended (A) by deleting the words “at any time during the one hour period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be” and inserting the words “at any time on any Valuation Date” after the word “material,” in the third line thereof, and (B) by replacing the words “or (iii) an Early Closure.” therein with “(iii) an Early Closure, or (iv) a Regulatory Disruption.”
	 	 
	 	Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line thereof.
	 	 
	Regulatory Disruption:	Any event that Dealer, in its commercially reasonable discretion and in good faith, based on the advice of legal counsel, determines makes it advisable with regard to any legal, regulatory or self-regulatory requirements or related policies and procedures applicable to Dealer (provided that such requirements, policies and procedures relate to legal or regulatory issues and are generally applicable in similar situations and applied in a consistent manner in similar transactions), including any requirements, policies or procedures relating to Dealer’s commercially reasonable hedging activities hereunder, to refrain from or decrease any market activity in connection with the Transaction.  Dealer shall notify Counterparty as soon as commercially reasonably practicable (but in no event later than two Scheduled Trading Days) that a Regulatory Disruption has occurred and the Valuation Dates affected by it, and Dealer shall promptly notify Counterparty of any termination of such Regulatory Disruption.  
	Dividends:	 
	 	 
	Dividend Payment:	In lieu of Section 9.2(a)(iii) of the Equity Definitions, Dealer will pay to Counterparty the Dividend Amount on the Dividend Payment Date.
	 	 
	Dividend Amount:	(a) 100% of the per Share amount of any cash dividend declared by the Issuer to holders of record of a Share on any record date occurring during the period from, and including, the Effective Date to, but excluding, the final Settlement Date, multiplied by (b) the Number of Shares on such record date (excluding, for the avoidance of doubt, any Shares delivered by Dealer to Counterparty on such record date, if such record date is a Settlement Date).

 

    Page 4 of 19

     

    

 

	Dividend Payment Date:	The second Currency Business Day immediately following each date on which the relevant Dividend Amount is paid by the Issuer to shareholders of record.
	 	 
	Share Adjustments:	 
	 	 
	Method of Adjustment:	Calculation Agent Adjustment; provided that the payment of any cash dividend or distribution on the Shares shall not constitute a Potential Adjustment Event but instead shall be governed by the provisions set forth under the heading “Dividends” above; provided further that the parties agree that open market Share repurchases at prevailing market price or accelerated share repurchases, forward contracts or similar transactions (including without limitation any discount to average VWAP prices) that are entered into at prevailing market prices and in accordance with customary market terms for transactions of such type to repurchase Shares shall not be considered Potential Adjustment Events, except to the extent that, after giving effect to such transactions, the aggregate number of Shares repurchased during the term of the Transaction pursuant to all such transactions would exceed 20% of the number of Shares outstanding as of the Trade Date, as determined by the Calculation Agent.
	 	 
	Extraordinary Events:	 
	 	 
	New Shares:	In the definition of New Shares in Section 12.1(i) of the Equity Definitions, the text in clause (i) shall be deleted in its entirety and replaced with “publicly quoted, traded or listed on any of the New York Stock Exchange, The NASDAQ Global Select Market, The NASDAQ Global Market or The NASDAQ Capital Market (or their respective successors)”.
	 	 
	Consequences of Merger Events:	 
	 	 
	Share-for-Share:	Calculation Agent Adjustment
	 	 
	Share-for-Other:	Calculation Agent Adjustment or Cancellation and Payment, at the sole commercially reasonable election of Dealer
	 	 
	Share-for-Combined:	Calculation Agent Adjustment or Cancellation and Payment, at the sole commercially reasonable election of Dealer
	 	 
	Consequences of Tender Offers:	 
	 	 
	Tender Offer:	Applicable; provided that the definition of “Tender Offer” in Section 12.1(d) of the Equity Definitions is hereby amended by replacing the phrase “greater than 10% and less than 100% of the outstanding voting shares of the Issuer” with “(x) greater than 15% and less than 100% of the outstanding Shares in respect of any Tender Offer made by any entity or person other than the Issuer or any subsidiary thereof or (y) greater than 20% and less than 100% of the outstanding Shares in respect of any Tender Offer made by the Issuer or any subsidiary thereof”.

 

    Page 5 of 19

     

    

 

	Share-for-Share:	Calculation Agent Adjustment
	 	 
	Share-for-Other:	Calculation Agent Adjustment
	 	 
	Share-for-Combined:	Calculation Agent Adjustment
	 	 
	Calculation Agent Adjustment:	If, with respect to a Merger Event or a Tender Offer, the consideration for the Shares includes (or, at the option of a holder of Shares, may include) shares of an entity or person that is not a corporation or is not organized under the laws of the United States, any State thereof or the District of Columbia, then Cancellation and Payment may apply at Dealer’s commercially reasonable election.
	 	 
	Composition of Combined Consideration:	Not Applicable
	 	 
	Nationalization, Insolvency or Delisting:	Cancellation and Payment; provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market,  The NASDAQ Global Market or The NASDAQ Capital Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market, The NASDAQ Global Market or The NASDAQ Capital Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the Exchange.  For purposes of this Confirmation (x) the phrase “will be cancelled” in the first line of Section 12.6(c)(ii) of the Equity Definitions shall be replaced with the phrase “may be cancelled by Dealer in its commercially reasonable discretion” and (y) the words “if so cancelled” shall be inserted immediately following the word “and” in the second line of Section 12.6(c)(ii) of the Equity Definitions.  
	 	 
	Additional Disruption Events:	 
	 	 
	Change in Law:	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public announcement of, the formal or informal interpretation”, (ii) replacing the word “Shares” where it appears in clause (X) thereof with the words “Hedge Position”, (iii) adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date” immediately following the word “Transaction” in clause (X) thereof, and (iv) replacing the parenthetical beginning after the word “regulation” in the second line thereof the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption, effectiveness or promulgation of new regulations authorized or mandated by existing statute)”.
	 	 
	Failure to Deliver:	Applicable

 

    Page 6 of 19

     

    

 

	Hedging Disruption:	Applicable  
	 	 
	Increased Cost of Hedging:	Applicable  
	 	 
	Loss of Stock Borrow:	Not Applicable
	 	 
	Increased Cost of Stock Borrow:	Not Applicable
	 	 
	Hedging Party:	For all applicable Additional Disruption Events, Dealer.  For the avoidance of doubt, whenever the Calculation Agent is called upon to make an adjustment or determination pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of an event on the Hedging Party, the Calculation Agent shall make such adjustment or determination by reference to the effect of such event on Hedging Party, assuming that Hedging Party maintains a commercially reasonable Hedge Position.
	 	 
	Determining Party:	For all applicable Extraordinary Events, Dealer.  All calculations and determinations by the Determining Party shall be made in good faith and in a commercially reasonable manner.  Following any calculation by the Determining Party hereunder, upon written request by Counterparty, the Determining Party will provide to Counterparty by email to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such calculation; provided, however, that in no event will the Determining Party be obligated to share with Counterparty any proprietary or confidential data or information or any proprietary or confidential models used by it.
	 	 
	Hedging Adjustments:	For the avoidance of doubt, whenever the Calculation Agent is called upon to make an adjustment pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of an event, the Calculation Agent shall make such adjustment by reference to the effect of such event on Dealer, assuming that Dealer maintains a commercially reasonable Hedge Position.
	 	 
	Non-Reliance:	Applicable
	 	 
	Agreements and Acknowledgements Regarding Hedging Activities:	Applicable
	 	 
	Additional Acknowledgements:	Applicable

 

	3.	Account Details:

 

		(a)	Account for payments to Counterparty:

 

To be provided by Counterparty.

 

Account for delivery of Shares
to Counterparty:

 

To be provided by Counterparty.

 

    Page 7 of 19

     

    

 

		(b)	Account for payments to Dealer:

 

To be provided by Dealer.

 

Account for delivery of Shares
from Dealer:

 

To be provided by Dealer.

 

	4.	Offices:

 

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

 

The Office of Dealer for the Transaction
is: New York

 

Morgan Stanley & Co. LLC

1585 Broadway, 5th Floor

New York, NY 10036

 

	5.	Notices: For purposes of this Confirmation:

 

		(a)	Address for notices or communications to Counterparty:

 

with a copy to:

 

		(b)	Address for notices or communications to Dealer:

 

With a copy to:    

 

    Page 8 of 19

     

    

 

6.             Representations,
Warranties and Agreements. 

 

I.               Representations,
Warranties and Agreements of Counterparty. Each of the representations and warranties of Counterparty set forth in Section
1 of the Purchase Agreement (the “Purchase Agreement”), dated as of November
11, 2020, between Counterparty and Morgan Stanley & Co. LLC and Jefferies LLC, as representatives of the Initial Purchasers
party thereto (the “Initial Purchasers”), are true and correct and are hereby
deemed to be repeated to Dealer as if set forth herein. Furthermore, in addition to the representations set forth in the Master
Agreement, Counterparty represents and warrants to, and agrees with, Dealer, on the date hereof, that:

 

(a)    
 (i) It is not entering into the Transaction on behalf of or for the accounts of any other person or entity, and will not
transfer or assign its obligations under the Transaction or any portion of such obligations to any other person or entity except
in compliance with applicable laws and the terms of the Transaction; (ii) it understands that the Transaction is subject to complex
risks which may arise without warning and may at times be volatile, and that losses may occur quickly and in unanticipated magnitude;
(iii) it has consulted with its legal advisor(s) and has reached its own conclusions about the Transaction, and any legal, regulatory,
tax, accounting or economic consequences arising from the Transaction; (iv) it has concluded that the Transaction is suitable in
light of its own investment objectives, financial condition and expertise; and (v) neither Dealer nor any of its affiliates has
advised it with respect to any legal, regulatory, tax, accounting or economic consequences arising from the Transaction, and neither
Dealer nor any of its affiliates is acting as agent, or advisor for Counterparty in connection with the Transaction.

 

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

 

(c)    
The reports and other documents filed by Counterparty with the U.S. Securities and Exchange Commission (“SEC”)
pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), when considered as a whole
(with the more recent such reports and documents deemed to update prior statements and amend inconsistent statements contained
in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission of a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they
were made, not misleading. Counterparty is not in possession of any material nonpublic information regarding the business, operations
or prospects of Counterparty or the Shares.

 

(d)   
Counterparty is not entering into the Transaction or delivering any Notional Excess Notice to create actual or apparent
trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to manipulate the price of
the Shares (or any security convertible into or exchangeable for the Shares) in violation of the Exchange Act.

 

(e)     Counterparty
is not on the Trade Date, or on the date Counterparty delivers any Notional Excess Notice, engaged in a distribution, as such
term is used in Regulation M under the Exchange Act of any securities of Counterparty, other than a distribution meeting the
requirements of the exception set forth in Rules 101(b)(10) and 102(b)(7) of Regulation M. Counterparty shall not, until the
second Scheduled Trading Day immediately following the Effective Date, engage in any such distribution. Counterparty shall
not, during (x) the period beginning on, and including, the 41st Scheduled Trading Day immediately preceding November 15,
2025 and ending on, and including, the second Scheduled Trading Day immediately following November 15, 2025, (y) the period
beginning on, and including, the date on which Counterparty repurchases Convertible Notes in connection with a
 “Fundamental Change” (as such term is defined in the indenture governing the Convertible Notes (the
 “Indenture”)) or redeems Convertible Notes pursuant to the terms of the Indenture, Counterparty or any
subsidiary thereof enters into any agreement to repurchase or exchange any Convertible Notes other than pursuant to the terms
of the Indenture or Counterparty or any subsidiary thereof repurchases or exchanges Convertible Notes pursuant to a tender
offer for the Convertible Notes (each such event, a “Repurchase”), and ending on, and including, the
second Scheduled Trading Day immediately following completion by Dealer of any unwind activity with respect to Dealer’s
Hedge Positions as a result of any such Repurchase (provided that Dealer shall complete such activity within 40
Scheduled Trading Days (excluding any Scheduled Trading Day on which a Market Disruption Event occurs) of any such
Repurchase) or (z) the period beginning on, and including, the date of any Notional Excess Notice or Stock Borrow
Determination and ending on, and including, the second Scheduled Trading Day immediately following completion by Dealer of
any unwind activity with respect to Dealer’s Hedge Positions as a result of such Notional Excess Notice or Stock Borrow
Determination (any period described in clause (x), clause (y) or clause (z), a “Prohibited Period”),
engage in any such distribution, other than a distribution meeting the requirements of one of the exceptions set forth in
Rule 101(b) and Rule 102(b) of Regulation M. Counterparty shall give contemporaneous written notice to Dealer of any
Repurchase, and Dealer shall give prompt written notice to Counterparty of its completion of any unwind activity with respect
to Dealer’s Hedge Positions as a result of such Repurchase.

 

    Page 9 of 19

     

    

 

(f)     
The Transaction was approved by the board of directors of Counterparty, and Counterparty is entering into the Transaction
solely for the purposes stated in such board resolution. There is no internal policy of Counterparty, whether written or oral,
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.

 

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

 

(h)    
On and immediately after the Trade Date and the Prepayment Date (A) the total assets of Counterparty at their fair
valuation exceed the total liabilities (including contingent liabilities) and the capital (as such terms are defined in Section
154 and Section 244 of the General Corporation Law of the State of Delaware) of Counterparty, (B) the capital of Counterparty
is adequate to conduct the business of Counterparty, and Counterparty’s entry into the Transaction will not impair its capital,
(C) Counterparty has the ability to pay its debts and obligations as such debts mature and does not intend to, or does not
believe that it will, incur debt beyond its ability to pay as such debts mature, (D) Counterparty is not “insolvent”
(as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy
Code”)) and (E) Counterparty would be able to purchase Shares with an aggregate purchase price equal to the Prepayment
Amount in compliance with the laws of the jurisdiction of Counterparty’s incorporation (including the adequate surplus and
capital requirements of Sections 154 and 160 of the General Corporation Law of the State of Delaware).

 

(i)     
Counterparty has made, and will make, all filings required to be made by it with the SEC with respect to the Transaction
contemplated hereby.

 

(j)      Neither
the execution and delivery of this Confirmation or any Notional Excess Notice nor the incurrence or performance of obligations
of Counterparty hereunder will (i) conflict with or result in a breach of the certificate of incorporation or by-laws (or
any equivalent documents) of Counterparty, or (ii) violate any applicable law or regulation, or any order, writ, injunction or
decree of any court or governmental authority or agency, or (iii) conflict with or result in a breach of any agreement or instrument
to which Counterparty is a party or by which Counterparty is bound or to which Counterparty is subject, or constitute a default
under, or result in the creation of any lien under, any such agreement or instrument, except, in the case of clauses (ii) and
(iii), as would not reasonably be expected to have a material adverse effect on Counterparty.

 

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

 

(l)     
Counterparty is not and, after giving effect to the transactions contemplated in this Confirmation, will not be required
to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.

 

(m)  
To the knowledge of Counterparty, no U.S. state or local law, rule, regulation or regulatory order applicable to the Shares
would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain
prior approval from any person or entity) as a result of Dealer or its affiliates owning or holding (however defined) Shares, other
than any regulation that Dealer would be subject to as a result of its being a regulated entity under various applicable laws,
including U.S. securities laws and FINRA.

 

    Page 10 of 19

     

    

 

(n)   
 On the Trade Date and on any day during a Prohibited Period, neither Counterparty nor any “affiliated purchaser”
(as defined in Rule 10b-18 under the Exchange Act) shall directly or indirectly (including, without limitation, by means of any
cash-settled or other derivative instrument) purchase, offer to purchase, place any bid or limit order that would effect a purchase
of, or commence any tender offer relating to, any Shares (or an equivalent interest, including a unit of beneficial interest in
a trust or limited partnership or a depository share) or any security convertible into or exchangeable or exercisable for Shares,
excluding the call option transactions entered into with Dealer, Goldman Sachs & Co. LLC, Barclays Bank PLC and Nomura Global
Financial Products Inc. on or about the date hereof.

 

(o)   
Counterparty acknowledges that the Transaction may constitute a purchase of its equity securities. Counterparty further
acknowledges that, pursuant to the provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”),
Counterparty would be required to agree to certain time-bound restrictions on its ability to purchase its equity securities if
it receives loans, loan guarantees or direct loans (as that term is defined in the CARES Act) under section 4003(b) of the CARES
Act. Counterparty further acknowledges that it may be required to agree to certain time-bound restrictions on its ability to purchase
its equity securities if it receives loans, loan guarantees or direct loans (as that term is defined in the CARES Act) under programs
or facilities established by the Board of Governors of the Federal Reserve System for the purpose of providing liquidity to the
financial system (together with loans, loan guarantees or direct loans under section 4003(b) of the CARES Act, “Governmental
Financial Assistance”). Accordingly, Counterparty represents and warrants that it has not applied for, and prior to the
termination or settlement of the Transaction has no present intention to apply for Governmental Financial Assistance under any
governmental program or facility that (a) is established under the CARES Act or the Federal Reserve Act, as amended, and (b) requires,
as a condition of such Governmental Financial Assistance, that Counterparty agree, attest, certify or warrant that it has not,
as of the date specified in such condition, repurchased, or will not repurchase, any equity security of Counterparty.

 

II.            
Representations and Warranties of Counterparty and Dealer. Counterparty and Dealer hereby represent and warrant to
Dealer and Counterparty, respectively, on the date hereof that:

 

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

 

(b)   
Each of Dealer and Counterparty acknowledges that the offer and sale of the Transaction to it is intended to be exempt from
registration under the Securities Act, by virtue of Section 4(a)(2) thereof. Accordingly, Counterparty represents and warrants
to Dealer that (i) it has the financial ability to bear the economic risk of its investment in the Transaction and is able to bear
a total loss of its investment, (ii) it is an “accredited investor” as that term is defined in Regulation D as promulgated
under the Securities Act, (iii) it is entering into the Transaction for its own account without a view to the distribution or resale
thereof and (iv) the assignment, transfer or other disposition of the Transaction has not been and will not be registered under
the Securities Act and is restricted under this Confirmation, the Securities Act and state securities laws.

 

7.              Other
Provisions.

 

(a)    
Opinions. As a condition to the effectiveness of the Transaction, Counterparty shall deliver to Dealer an
opinion of counsel, dated as of the Effective Date and reasonably acceptable to Dealer in form and substance, with respect to the
matters set forth in Section 3(a) of the Agreement and Section 6.I(l) hereof; provided that any such opinion of counsel
may contain customary exceptions and qualifications, including, without limitation, exceptions and qualifications relating to indemnification
provisions.

 

(b)    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 would reasonably be expected to be (i) greater than 7.66% 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 Shares and the denominator of which is the
number of Shares outstanding on such day. Counterparty agrees to indemnify and hold harmless Dealer and its affiliates and
their respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an
 “Indemnified Person”) from and against any and all commercially reasonable losses (including commercially
reasonable losses relating to Dealer’s commercially reasonable hedging activities as a consequence of becoming, or of
the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from hedging
activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction),
claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, which an
Indemnified Person may become subject to, as a result of Counterparty’s failure to provide Dealer with a Repurchase
Notice on the day and in the manner specified in this paragraph, and to reimburse, within 30 days, upon written request, each
of such Indemnified Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing
for, providing testimony or other evidence in connection with or defending any of the foregoing. If any suit, action,
proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against the
Indemnified Person as a result of Counterparty’s failure to provide Dealer with a Repurchase Notice in accordance with
this paragraph, such Indemnified Person shall promptly notify Counterparty in writing, and Counterparty, upon request of the
Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified
Person and any others Counterparty may designate in such proceeding and shall pay the reasonable out of pocket fees and
expenses of such counsel related to such proceeding. Counterparty shall not be liable for any settlement of any proceeding
contemplated by this paragraph that is effected without its written consent, but if settled with such consent or if there be
a final judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified Person from and against any loss or
liability by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of the
Indemnified Person, effect any settlement of any pending or threatened proceeding contemplated by this paragraph that is in
respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such
Indemnified Person, unless such settlement includes an unconditional release of such Indemnified Person from all liability on
claims that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified Person. If the
indemnification provided for in this paragraph is unavailable to an Indemnified Person or insufficient in respect of any
losses, claims, damages or liabilities referred to therein, then Counterparty hereunder, in lieu of indemnifying such
Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such
losses, claims, damages or liabilities. The remedies provided for in this paragraph (b) are not exclusive and shall not limit
any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity. The indemnity and
contribution agreements contained in this paragraph shall remain operative and in full force and effect regardless of the
termination of the Transaction.

 

    Page 11 of 19

     

    

 

(c)    
Early Unwind. In the event the sale of the Convertible Notes pursuant to the Purchase Agreement is not consummated
with the Initial Purchasers for any reason, or Counterparty fails to deliver to Dealer an opinion of counsel as required pursuant
to Section 7(a), in each case by 12:00 p.m. (New York City time) on the Prepayment Date, or such later date as agreed upon by the
parties (the Prepayment Date or such later date, the “Early Unwind Date”), the Transaction shall automatically
terminate (the “Early Unwind”) on the Early Unwind Date and (i) the Transaction and all of the respective rights
and obligations of Dealer and 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, all
obligations with respect to the Transaction shall be deemed fully and finally discharged.

 

(d)   
Transfer or Assignment.

 

(i) Dealer may,
without Counterparty’s consent, transfer or assign (a “Transfer”) all or any part of its rights or
obligations under the Transaction (A) to any affiliate of Dealer (1) that has a rating for its long term, unsecured and
unsubordinated indebtedness that is equal to or better than Dealer’s credit rating at the time of such Transfer or (2)
whose obligations hereunder will be guaranteed, pursuant to the terms of a customary guarantee in a form used by Dealer
generally for similar transactions, by Dealer or its ultimate parent or (B) to any other third party with a rating for its
long term, unsecured and unsubordinated indebtedness (or to any other third party whose obligations are guaranteed by an
entity with a rating for its long term, unsecured and unsubordinated indebtedness) equal to or better than the lesser of (1)
the credit rating of Dealer at the time of the transfer and (2) 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
rating agency mutually agreed by Counterparty and Dealer. Dealer shall promptly provide written notice to Counterparty of any
such Transfer. If at any time at which (A) the Section 16 Percentage exceeds 8.0%, (B) the Forward Equity Percentage exceeds
14.5%, or (C) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such condition described in clauses
(A), (B) or (C), an “Excess Ownership Position”), Dealer is unable after using its commercially reasonable
efforts to effect a transfer or assignment of a portion of the Transaction to a third party on pricing terms commercially
reasonably acceptable to Dealer and within a time period commercially reasonably acceptable to Dealer such that no Excess
Ownership Position exists, then Dealer may designate any Exchange Business Day as an Early Termination Date with respect to a
portion of the Transaction (the “Terminated Portion”), such that following such partial termination no
Excess Ownership Position exists. In the event that Dealer so designates an Early Termination Date with respect to a portion
of the Transaction, a payment shall be made pursuant to Section 6 of the Master Agreement as if (1) an Early Termination Date
had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Shares equal to the
number of Shares underlying the Terminated Portion, (2) Counterparty were the sole Affected Party with respect to such
partial termination and (3) the Terminated Portion were the sole Affected Transaction (and, for the avoidance of doubt, the
provisions of Section 7(f) shall apply to any amount that is payable by Dealer to Counterparty pursuant to this sentence as
if Counterparty was not the Affected Party). The “Section 16 Percentage” as of any day is the fraction,
expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and each person subject to
aggregation of Shares with Dealer under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder
directly or indirectly beneficially own (as defined under Section 13 or Section 16 of the Exchange Act and rules promulgated
thereunder) and (B) the denominator of which is the number of Shares outstanding. The “Forward Equity
Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the sum of (1)
the Number of Shares and (2) the aggregate number of Shares underlying any call option transactions sold by Dealer to
Counterparty and (B) the denominator of which is the number of Shares outstanding. The “Share Amount” as
of any day is the number of Shares that Dealer and any person whose ownership position would be aggregated with that of
Dealer (Dealer or any such person, a “Dealer Person”) under any law, rule, regulation, regulatory order or
organizational documents or contracts of Counterparty that are, in each case, applicable to ownership of Shares
(“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to
vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by Dealer in its
commercially reasonable discretion. The “Applicable Share Limit” means a number of Shares equal to (A) the
minimum number of Shares that could give rise to reporting or registration obligations or other requirements (including
obtaining prior approval from any person or entity) of a Dealer Person, or could result in an adverse effect on a Dealer
Person, under any Applicable Restriction, as determined by Dealer in its commercially reasonable discretion, minus (B)
1% of the number of Shares outstanding.

 

    Page 12 of 19

     

    

 

(ii) 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 the Transaction and any such
designee may assume such obligations (a “Dealer Affiliated Entity”). Dealer shall be discharged of its obligations
to Counterparty to the extent of any such performance by such Dealer Affiliated Entity of Dealer’s obligations hereunder.

 

(e)    
Staggered Settlement. If upon advice of counsel with respect to any legal, regulatory or self-regulatory requirements
or related policies or procedures applicable to Dealer, including any requirements, policies or procedures relating to Dealer’s
commercially reasonable hedging activities hereunder that would be customarily applicable to transactions of this type by Dealer,
Dealer commercially 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 any Settlement Date for the Transaction, Dealer may, by notice to Counterparty
on or prior to such Settlement Date (a “Nominal Settlement Date”), elect to deliver the Daily Number of Shares
otherwise deliverable on such Nominal Settlement Date on two or more dates (each, a “Staggered Settlement Date”)
or at two or more times on a Nominal Settlement Date as follows:

 

		(1)	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 or
delivery times;

 

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

 

    Page 13 of 19

     

    

 

 

		(3)	the
                                         Physical Settlement terms will apply on each Staggered Settlement Date, except that the
                                         Daily Number of Shares otherwise deliverable on such Nominal Settlement Date will be
                                         allocated among such Staggered Settlement Dates or delivery times as specified by Dealer
                                         in the notice referred to in clause (1) above.

 

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

 

(f)     
Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events. If (a) an
Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with respect
to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of an Extraordinary Event, and if Dealer
would owe any amount to Counterparty pursuant to Section 6(d)(ii) of the Master Agreement or any Cancellation Amount pursuant
to Article 12 of the Equity Definitions (any such amount, a “Payment Obligation”), then Dealer shall satisfy
the Payment Obligation by the Share Termination Alternative (as defined below).

 

	Share Termination Alternative:	If
                                         applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property
                                         on, or within a commercially reasonable period of time after, the date when the relevant
                                         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 Master Agreement, as applicable (the
                                         “Share Termination Payment Date”), in satisfaction of such 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, in
                                         good faith and in a commercially reasonable manner, 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 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.
                                         For the avoidance of doubt, the parties agree that in determining the Share Termination
                                         Delivery Unit Price the Calculation Agent may consider the purchase price paid in connection
                                         with the commercially reasonable purchase of Share Termination Delivery Property or the
                                         per Share unwind price of any Share-linked Hedge Positions, provided that such
                                         purchase price or unwind price, as the case may be, reflects the then prevailing market
                                         price of the Share Termination Delivery Property.

 

	Share Termination Delivery Unit:	One
                                         Share or, if the Shares have changed into cash or any other property or the right to
                                         receive cash or any other property as the result of a Nationalization, Insolvency or
                                         Merger Event (any such cash or other property, the “Exchange Property”),
                                         a unit consisting of the type and amount of such Exchange Property received by a holder
                                         of one Share (without consideration of any requirement to pay cash or other consideration
                                         in lieu of fractional amounts of any securities) in such Nationalization, Insolvency
                                         or Merger Event, as determined by the Calculation Agent.

 

    Page 14 of 19

     

    

 

	Failure to Deliver:	Applicable

 

	Other applicable provisions:	If
                                         Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and
                                         9.11 of the Equity Definitions will be applicable, except that all references in such
                                         provisions to “Physically-settled” shall be read as references to “Share
                                         Termination Settled” and all references to “Shares” shall be read as
                                         references to “Share Termination Delivery Units”; provided that the
                                         Representation 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 any Share Termination Delivery Units (or any part
                                         thereof). “Share Termination Settled” in relation to the Transaction means
                                         that the Share Termination Alternative is applicable to the Transaction.

 

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

 

(h)   
No Collateral, Netting or Setoff. Notwithstanding any provision of the Master Agreement, or any other agreement
between the parties, to the contrary, no collateral is transferred in connection with the Transaction. Obligations under the Transaction
shall not be netted, recouped or set off (including pursuant to Section 6 of the Master Agreement) against any other obligations
of the parties, whether arising under the Master Agreement, this Confirmation, under any other agreement between the parties hereto,
by operation of law or otherwise, and no other obligations of the parties shall be netted, recouped or set off (including pursuant
to Section 6 of the Master Agreement) against obligations under the Transaction, whether arising under the Master Agreement, this
Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise, and each party hereby waives
any such right of setoff, netting or recoupment.

 

    Page 15 of 19

     

    

 

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

 

(j)     
Governing Law. This Confirmation will be governed by, and construed in accordance with, the laws of the State
of New York (without reference to choice of law doctrine).

 

(k)   
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 either party has represented, expressly or otherwise, that such other party would
not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and
the other party have been induced to enter into the Transaction, as applicable, by, among other things, the mutual waivers and
certifications provided herein.

 

(l)     
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.

 

(m)  
Right to Extend. Dealer may postpone or add, in whole or in part, any Valuation Dates and related Settlement
Dates, or any other date of valuation, payment or delivery by Dealer, with respect to some or all of the Number of Shares hereunder,
if Dealer reasonably determines, in its good faith and commercially reasonable discretion, based on advice of counsel in the case
of the immediately following clause (ii), that such action is reasonably necessary or appropriate (i) to preserve Dealer’s
commercially reasonable hedging or hedge unwind activity hereunder in light of existing liquidity conditions or (ii) to enable
Dealer to effect purchases of Shares in connection with its commercially reasonable hedging, hedge unwind or settlement activity
hereunder in a manner that would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be in compliance with
applicable legal, regulatory or self-regulatory requirements or related policies and procedures applicable to Dealer, including
any requirements, policies or procedures relating to Dealer’s commercially reasonable hedging activities hereunder; provided
that in no event shall Dealer have the right to so postpone or add any Valuation Date(s), Settlement Date(s) or any other
date of valuation, payment or delivery beyond the 40th Scheduled Trading Day (excluding any Scheduled Trading Day on which a Market
Disruption Event occurs) immediately following the Maturity Date.

 

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

 

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

 

(p)   
Delivery or Receipt of Cash. For the avoidance of doubt, other than payment of the Prepayment Amount by Counterparty
and receipt by Counterparty of any payment pursuant to the provisions under the heading “Dividends” in Section 2 above,
nothing in this Confirmation shall be interpreted as requiring Counterparty to pay or receive cash, except in circumstances where
payment or receipt of cash is within Counterparty's control or in those circumstances in which holders of Shares would also receive
cash.

 

    Page 16 of 19

     

    

 

(q)   
Notice. Counterparty shall, upon obtaining knowledge of the occurrence of any event that would, with the
giving of notice, the passage of time or the satisfaction of any condition, constitute an Event of Default in respect of which
it would be the Defaulting Party, a Termination Event in respect of which it would be an Affected Party, a Potential Adjustment
Event or an Extraordinary Event (including without limitation an Additional Disruption Event), notify Dealer within one Scheduled
Trading Day of the occurrence of obtaining such knowledge.

 

(r)     
Agreements and Acknowledgements Regarding Hedging. Counterparty understands, acknowledges and agrees that:
(i) at any time on and prior to the final Valuation Date, Dealer and its affiliates may buy or sell Shares or other securities
or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust its commercially
reasonable hedge position with respect to the Transaction; (ii) Dealer and its affiliates also may be active in the market for
Shares other than in connection with commercially reasonable hedging activities in relation to the Transaction; (iii) Dealer shall
make its own determination as to whether, when or in what manner any commercially reasonable hedging or market activities in securities
of Counterparty shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with
respect to the Forward Price; and (iv) any market activities of Dealer and its affiliates with respect to Shares may affect the
market price and volatility of Shares in a manner that may be adverse to Counterparty.

 

(s)    
Tax Matters.

 

(i)
Withholding Tax imposed on payments to non-US counterparties under the United States Foreign Account Tax Compliance Act.
 “Tax” and “Indemnifiable Tax”, each as defined in Section 14 of the Master Agreement, shall not include
any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code
of 1986, as amended (the “Code”), any current or future regulations or official interpretations thereof, any
agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted
pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a
 “FATCA Withholding Tax”). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding
of which is required by applicable law for the purposes of Section 2(d) of the Master Agreement.

 

(ii)
Incorporation of ISDA 2015 Section 871(m) Protocol Provisions. To the extent that either party to the Master Agreement
with respect to this Transaction is not an adhering party to the ISDA 2015 Section 871(m) Protocol published by the International
Swaps and Derivatives Association, Inc. on November 2, 2015 and available at www.isda.org, as may be amended, supplemented, replaced
or superseded from time to time (the “871(m) Protocol”), the parties agree that the provisions and amendments
contained in the Attachment to the 871(m) Protocol are incorporated into and apply to the Master Agreement with respect to this
Transaction as if set forth in full herein. The parties further agree that, solely for purposes of applying such provisions and
amendments to the Master Agreement with respect to this Transaction, references to “each Covered Master Agreement”
in the 871(m) Protocol will be deemed to be references to the Master Agreement with respect to this Transaction, and references
to the “Implementation Date” in the 871(m) Protocol will be deemed to be references to the Trade Date of this Transaction.

 

(iii)
Tax documentation. Counterparty and Dealer shall provide to each other valid U.S. Internal Revenue Service Form W-9, or
if applicable, Form W-8 BEN, Form W-8 BEN-E, or other applicable Form W-8, or any successor(s) thereto, (a) on or before the date
of execution of this Confirmation and (b) promptly upon learning that any such tax form previously provided has become obsolete
or incorrect, and further shall promptly provide such other tax forms and documents as reasonably requested.

 

    Page 17 of 19

     

    

 

		(iv)	Payee
                                         Tax Representations.

 

(A)           For
the purpose of Section 3(f) of the Master Agreement, Counterparty makes the representations below:

 

Counterparty
is a U.S. person (as that term is defined in Section 7701(a)(30) of the Code and used in Section 1.1441-4(a)(3)(ii) of the Treasury
Regulations) for U.S. federal income tax purposes

 

(B)            For
the purpose of Section 3(f) of the Master Agreement, Dealer makes the representations below:

 

Dealer
is a U.S. person or a disregarded entity owned solely by a U.S. person (as that term is used in Section 1.1441-4(a)(3)(ii) of
the United States Treasury Regulations) for U.S. federal income tax purposes.

 

(t)
US QFC Stay. The parties agree that (i) to the extent that prior to the date hereof both parties have adhered to
the 2018 ISDA U.S. Resolution Stay Protocol (the “Protocol”), the terms of the Protocol are incorporated into
and form a part of this Confirmation, and for such purposes this Confirmation shall be deemed a Protocol Covered Agreement and
each party shall be deemed to have the same status as Regulated Entity and/or Adhering Party as applicable to it under the Protocol;
(ii) to the extent that prior to the date hereof the parties have executed a separate agreement the effect of which is to amend
the qualified financial contracts between them to conform with the requirements of the QFC Stay Rules (the “Bilateral
Agreement”), the terms of the Bilateral Agreement are incorporated into and form a part of this Confirmation and each
party shall be deemed to have the status of “Covered Entity” or “Counterparty Entity” (or other similar
term) as applicable to it under the Bilateral Agreement; or (iii) if clause (i) and clause (ii) do not apply, the terms of Section
1 and Section 2 and the related defined terms (together, the “Bilateral Terms”) of the form of bilateral template
entitled “Full-Length Omnibus (for use between U.S. G-SIBs and Corporate Groups)” published by ISDA on November 2,
2018 (currently available on the 2018 ISDA U.S. Resolution Stay Protocol page at www.isda.org and a copy of which is available
upon request), the effect of which is to amend the qualified financial contracts between the parties thereto to conform with the
requirements of the QFC Stay Rules, are hereby incorporated into and form a part of this Confirmation, and for such purposes this
Confirmation shall be deemed a “Covered Agreement,” Dealer shall be deemed a “Covered Entity” and Counterparty
shall be deemed a “Counterparty Entity.” In the event that, after the date of this Confirmation, both parties hereto
become adhering parties to the Protocol, the terms of the Protocol will replace the terms of this paragraph. In the event of any
inconsistencies between this Confirmation and the terms of the Protocol, the Bilateral Agreement or the Bilateral Terms (each,
the “QFC Stay Terms”), as applicable, the QFC Stay Terms will govern. Terms used in this paragraph without
definition shall have the meanings assigned to them under the QFC Stay Rules. For purposes of this paragraph, references to “this
Confirmation” include any related credit enhancements entered into between the parties or provided by one to the other.
 “QFC Stay Rules” means the regulations codified at 12 C.F.R. 252.2, 252.81–8, 12 C.F.R. 382.1-7 and 12 C.F.R.
47.1-8, which, subject to limited exceptions, require an express recognition of the stay-and-transfer powers of the FDIC under
the Federal Deposit Insurance Act and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform and
Consumer Protection Act and the override of default rights related directly or indirectly to the entry of an affiliate into certain
insolvency proceedings and any restrictions on the transfer of any covered affiliate credit enhancements.

 

[Signatures
to follow on separate page]

 

    Page 18 of 19

     

    

 

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

 

	 	MORGAN STANLEY & CO.
    LLC
	 	 
	 	By:	/s/ Darren McCarley
	 	 	Name:	Darren McCarley
	 	 	Title: 	Managing Director

 

Confirmed as
of the date first

above written:

 

ESPERION
THERAPEUTICS, INC.    

 

	By:	/s/
    Tim M. Mayleben	 
	 	Name:	Tim M. Mayleben	 
	 	Title:	President and Chief Executive Officer	 

 

    Page 19 of 19

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