Document:

exv10w1

Exhibit
10.1

EXECUTION
COPY

JPMorgan Chase Bank, National Association

P.O. Box 161

60 Victoria Embankment

London EC4Y 0JP

England

May 8, 2008

To: TTM Technologies, Inc.

2630 South Harbor Boulevard

Santa Ana, California 92704

Attention: Treasurer

Telephone No.: (714) 327-3049

Facsimile No.: (714) 668-9411

Re: Call Option Transaction

     The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and
conditions of the call option transaction entered into between JPMorgan Chase Bank, National
Association, London Branch (“JPMorgan”) and TTM Technologies, Inc. (“Counterparty”) as of the Trade
Date specified below (the “Transaction”). This letter agreement constitutes a “Confirmation” as
referred to in the ISDA Master Agreement specified below. This Confirmation shall replace any
previous agreements and serve as the final documentation for this Transaction.

     The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the
“Equity Definitions”), as published by the International Swaps and Derivatives Association, Inc.
(“ISDA”) are incorporated into this Confirmation. In the event of any inconsistency between the
Equity Definitions and this Confirmation, this Confirmation shall govern. Certain defined terms
used herein have the meanings assigned to them in the Prospectus Supplement dated May 8, 2008 (the
“Prospectus Supplement”) to the Prospectus dated April 7, 2008 (as so supplemented, the
“Prospectus”) relating to the USD 155,000,000 principal amount of Convertible Senior Notes due
2015, (the “Convertible Notes” and each USD 1,000 principal amount of Convertible Notes, a
“Convertible Note”) issued by Counterparty pursuant to an Indenture to be dated May 14, 2008 (the
“Base Indenture”) and a supplemental indenture to be dated May 14, 2008 (the “Supplemental
Indenture”, together with the Base Indenture, the “Indenture”) between Counterparty and American
Stock Transfer & Trust Company, as trustee. In the event of any inconsistency between the terms
defined in the Prospectus, the Indenture and this Confirmation, this Confirmation shall govern. The
parties acknowledge that this Confirmation is entered into on the date hereof with the
understanding that (i) definitions set forth in the Indenture which are also defined herein by
reference to the Indenture and (ii) sections of the Indenture that are referred to herein will
conform to the descriptions thereof in the Prospectus. If any such definitions in the Indenture or
any such sections of the Indenture differ from the descriptions thereof in the Prospectus, the
descriptions thereof in the Prospectus will govern for purposes of this Confirmation. The parties
further acknowledge that the Supplemental Indenture section numbers used herein are based on the
draft of the Indenture last reviewed by JPMorgan as of the date of this Confirmation, and if any
such section numbers are changed in the Indenture as executed, the parties will amend this
Confirmation in good faith to preserve the intent of the parties. For the avoidance of doubt,
references to the Indenture herein are references to the Indenture as in effect on the date of its
execution and if the Indenture is amended following its execution, any such amendment will be
disregarded for purposes of this Confirmation unless the parties agree otherwise in writing.

     Each party is hereby advised, and each such party acknowledges, that the other party has
engaged in, or refrained from engaging in, substantial financial transactions and has taken other
material actions in

JPMorgan Chase Bank, National Association

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

Main Office 1111 Polaris Parkway, Columbus, Ohio 43271

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

Branch Office 125 London Wall, London EC2Y 5AJ

Authorised and regulated by the Financial Services Authority

 

 

reliance upon the parties’ entry into the Transaction to which this Confirmation relates on
the terms and conditions set forth below.

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

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

General Terms:

	 	 	 
	Trade Date:

	 	May 8, 2008
	 
	 	 
	Effective Date:

	 	The Premium Payment Date; provided that the Effective Date shall not occur
and this Confirmation and the Agreement shall become null and void if Counterparty has
not repaid all amounts outstanding under the Credit Agreement dated as of October 27,
2006 between Counterparty and the guarantors, lenders and agents party thereto and such
Credit Agreement has not been terminated in accordance with its terms on the Premium
Payment Date.
	 
	 	 
	Option Style:

	 	“Modified American”, as described under “Procedures for Exercise” below
	 
	 	 
	Option Type:

	 	Call
	 
	 	 
	Buyer:

	 	Counterparty
	 
	 	 
	Seller:

	 	JPMorgan
	 
	 	 
	Shares:

	 	The common stock of Counterparty, par value USD 0.001 per Share (Exchange symbol
“TTMI”)
	 
	 	 
	Number of Options:

	 	155,000. For the avoidance of doubt, the Number of Options shall be
reduced by any Options exercised by Counterparty. In no event will the Number of
Options be less than zero.
	 
	 	 
	Applicable Percentage:

	 	50%
	 
	 	 
	Option Entitlement:

	 	As of any date, a number equal to the product of the Applicable
Percentage and the Conversion Rate as of such
date (as defined in the Supplemental Indenture, but
without regard to any adjustments to the Conversion
Rate pursuant to Section 6.04(h), 6.04(i) or 6.07 of
the Supplemental Indenture), for each Convertible
Note.

2

 

	 	 	 
	Strike Price:

	 	USD 15.9630
	 
	 	 
	Premium:

	 	USD 16,942,579.00; provided that no Premium shall be payable on the Premium Payment
Date if the Effective Date does not occur pursuant to the proviso to the definition of
“Effective Date” above.
	 
	 	 
	Premium Payment Date:

	 	May 14, 2008
	 
	 	 
	Exchange:

	 	The NASDAQ Global Select Market
	 
	 	 
	Related Exchange(s):

	 	All Exchanges
	 
	 	 

Procedures for Exercise:

	 	 	 
	Exercise Period(s):

	 	Notwithstanding anything to the contrary in the Equity Definitions, an
Exercise Period shall occur with respect to an Option hereunder only if such Option is
an Exercisable Option (as defined below) and the Exercise Period shall be, in respect of
any Exercisable Option, the period commencing on, and including, the relevant Conversion
Date and ending on, and including, the Scheduled Valid Day immediately preceding the
first day of the relevant Settlement Averaging Period in respect of such Conversion
Date; provided that in respect of Exercisable Options relating to Convertible Notes for
which the relevant Conversion Date occurs on or after the sixty-fifth (65th) Scheduled
Valid Day immediately preceding the Expiration Date (the “Changeover Date”), the final
day of the Exercise Period shall be the Scheduled Valid Day immediately preceding the
Expiration Date.
	 
	 	 
	Conversion Date:

	 	With respect to any conversion of Convertible Notes, the date on which the
Holder (as such term is defined in the Supplemental Indenture) of such Convertible Notes
satisfies all of the requirements for conversion thereof as set forth in Section 6.02(b)
of the Supplemental Indenture.
	 
	 	 
	Exercisable Options:

	 	In respect of each Exercise Period, a number of Options equal to the
number of Convertible Notes surrendered to Counterparty for conversion with respect to
such Exercise Period but no greater than the Number of Options.
	 
	 	 
	Expiration Time:

	 	The Valuation Time
	 
	 	 
	Expiration Date:

	 	May 15, 2015, subject to earlier exercise.
	 
	 	 
	Multiple Exercise:

	 	Applicable, as described under Exercisable Options above.
	 
	 	 
	Automatic Exercise:

	 	Applicable; and means that in respect of an Exercise Period, a number of
Options not previously exercised hereunder equal to the number of Exercisable Options

3

 

	 	 	 
	 

	 	shall be deemed to be exercised on the final day of
such Exercise Period for such Exercisable Options;
provided that such Options shall be deemed exercised
only to the extent that Counterparty has provided a
Notice of Exercise to JPMorgan.
	 
	 	 
	Notice of Exercise:

	 	Notwithstanding anything to the contrary in the Equity Definitions, in
order to exercise any Exercisable Options, Counterparty must notify JPMorgan in writing
before 5:00 p.m. (New York City time) on the Scheduled Valid Day prior to the scheduled
first day of the Settlement Averaging Period for the Exercisable Options being exercised
of (i) the number of such Options and (ii) the scheduled first day of the Settlement
Averaging Period and the scheduled Settlement Date; provided that in respect of
Exercisable Options relating to Convertible Notes with a Conversion Date occurring on or
after the Changeover Date, such notice may be given on or prior to the second Scheduled
Valid Day immediately preceding the Expiration Date and need only specify the number of
such Exercisable Options.
	 
	 	 
	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 its reasonable discretion.
	 
	 	 
	Market Disruption Event:

	 	Section 6.3(a) of the Equity Definitions is hereby replaced in its
entirety by the following:
	 
	 	 
	 

	 	“‘Market Disruption Event’ means in respect of a
Share, (i) a failure by the primary United States
national or regional securities exchange or market on
which Shares are listed or admitted to trading to
open for trading during its regular trading session
or (ii) the occurrence or existence for more than one
half-hour period in the aggregate on any Scheduled
Valid Day for the Shares of any suspension or
limitation imposed on trading (by reason of movements
in price exceeding limits permitted by the relevant
stock exchange or otherwise) in the Shares or in any
options, contracts or future contracts relating to
the Shares, and such suspension or limitation occurs
or exists at any time before 1:00 p.m. (New York City
time) on such day.”

Settlement Terms:

	 	 	 
	Settlement Method:

	 	Net Share Settlement
	 
	 	 
	Net Share Settlement:

	 	JPMorgan will deliver to Counterparty, on the relevant
Settlement Date, a number of Shares equal to the Net Shares in respect of any
Exercisable Option exercised or deemed exercised hereunder. In no event will the Net
Shares be less than zero.

4

 

	 	 	 
	Net Shares:

	 	In respect of any Exercisable Option exercised or deemed exercised, a
number of Shares equal to (A) the sum of the quotients, for each Valid Day during the
Settlement Averaging Period for such Exercisable Option, of (x) the Option Entitlement
on such Valid Day multiplied by (y) the Relevant Price on such Valid Day less the Strike
Price, divided by (z) such Relevant Price, divided by (B) the number of Valid Days in
the Settlement Averaging Period; provided, however, that if the calculation contained in
clause (y) above results in a negative number, such number shall be replaced with the
number “zero”. JPMorgan will deliver cash in lieu of any fractional Shares to be
delivered with respect to any Net Shares valued at the Relevant Price for the last Valid
Day of the Settlement Averaging Period.
	 
	 	 
	Valid Day:

	 	A day on which (i) trading in the Shares generally occurs on the Exchange
or, if the Shares are not then listed on the Exchange, on the principal other United
States national or regional securities exchange on which the Shares are then listed or,
if the Shares are not then listed on a United States national or regional securities
exchange, on the principal other market on which the Shares are then traded and (ii)
there is no Market Disruption Event.
	 
	 	 
	Scheduled Valid Day:

	 	A day on which trading in the Shares is scheduled to occur on the
principal United States national or regional securities exchange or market on which the
Shares are listed or admitted for trading.
	 
	 	 
	Relevant Price:

	 	On any Valid Day, the per Share volume-weighted average price as displayed
under the heading “Bloomberg VWAP” on Bloomberg page TTMI.UQ <equity> AQR (or any
successor thereto) in respect of the period from the scheduled opening time of the
Exchange to the Scheduled Closing Time of the Exchange on such Valid Day (or if such
volume-weighted average price is unavailable, the market value of one Share on such
Valid Day, as determined by the Calculation Agent using a volume-weighted method).
	 
	 	 
	Settlement Averaging Period:

	 	For any Exercisable Option, (x) if Counterparty has, on or prior
to the Changeover Date, delivered a Notice of Exercise to JPMorgan with respect to such
Exercisable Option with a Conversion Date occurring prior to the Changeover Date, the
sixty (60) consecutive Valid Days commencing on and including the second Scheduled Valid
Day following such Conversion Date, or (y) if Counterparty has, on or following the
Changeover Date, delivered a Notice of Exercise to JPMorgan with respect to such
Exercisable Option with a Conversion Date occurring on or following the Changeover Date,
the sixty (60) consecutive Valid Days commencing on, and including, the sixty-second
(62nd) Scheduled Valid Day immediately prior to the Expiration Date.
	 
	 	 

5

 

	 	 	 
	Settlement Date:

	 	For any Exercisable Option, the date Shares will be delivered with respect
to the Convertible Notes related to such Exercisable Options, under the terms of the
Supplemental Indenture.
	 
	 	 
	Settlement Currency:

	 	USD
	 
	 	 
	Other Applicable Provisions:

	 	The provisions of Sections 9.1(c), 9.8, 9.9, 9.11, 9.12
and 10.5 of the Equity Definitions will be applicable, except that all references in
such provisions to “Physically-settled” shall be read as references to “Net Share
Settled”. “Net Share Settled” in relation to any Option means that Net Share Settlement
is applicable to that Option.
	 
	 	 
	Representation and Agreement:

	 	Notwithstanding Section 9.11 of the Equity Definitions, the
parties acknowledge that any Shares delivered to Counterparty shall be, upon delivery,
subject to restrictions and limitations arising from Counterparty’s status as issuer of
the Shares under applicable securities laws.

	3.	 	Additional Terms applicable to the Transaction:

     Adjustments applicable to the Transaction:

	 	 	 
	
   Potential Adjustment Events:

	 	Notwithstanding Section 11.2(e) of the Equity Definitions, a
“Potential Adjustment Event” means an occurrence of any event or condition, as set forth in
Section 6.04 of the Supplemental Indenture that would result in an adjustment to the
Conversion Rate of the Convertible Notes; provided that in no event shall there be any
adjustment hereunder as a result of an adjustment to the Conversion Rate pursuant to
Section 6.04(h), 6.04(i) or 6.07 of the Supplemental Indenture.
	 
	 	 
	Method of Adjustment:

	 	Calculation Agent Adjustment, and means that, notwithstanding Section
11.2(c) of the Equity Definitions, upon any adjustment to the Conversion Rate of the
Convertible Notes pursuant to the Supplemental Indenture (other than Sections 6.04(h),
6.04(i) and 6.07 of the Supplemental Indenture), the Calculation Agent will make a
corresponding adjustment to any one or more of the Strike Price, the Option Entitlement and
any other variable relevant to the exercise, settlement or payment for the Transaction.

Extraordinary Events applicable to the Transaction:

	 	 	 
	Merger Events:

	 	Applicable; provided that notwithstanding Section 12.1(b) of the Equity
Definitions, a “Merger Event” means the occurrence of any event or condition set forth
in Section 6.05 of the Supplemental Indenture.
	 
	 	 
	Tender Offers:

	 	Applicable; provided that notwithstanding Section 12.1(d) of the Equity
Definitions, a “Tender Offer” means the

6

 

	 	 	 
	 

	 	occurrence of any event or condition set forth in
Section 6.04(e) of the Supplemental Indenture.

	 	 	 
	Consequence of Merger Events/Tender
Offers:

	 	Notwithstanding Section 12.2 and Section 12.3 of the Equity Definitions, upon
the occurrence of a Merger Event or a Tender Offer, the Calculation Agent shall make a
corresponding adjustment in respect of any adjustment under the Supplemental Indenture
to any one or more of the nature of the Shares, Strike Price, the Option Entitlement and
any other variable relevant to the exercise, settlement or payment for the Transaction;
provided, however, that such adjustment shall be made without regard to any adjustment
to the Conversion Rate for the issuance of additional shares as set forth in Section
6.07 of the Supplemental Indenture; provided further that 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 not organized under the
laws of the United States, any State thereof or the District of Columbia,” Cancellation
and Payment shall apply.

	 	 	 
	Nationalization, Insolvency or Delisting:

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

	 	 	 
	Change in Law:

	 	Applicable
	 
	 	 
	Failure to Deliver:

	 	Applicable
	 
	 	 
	Determining Party:

	 	For all applicable Extraordinary Events, JPMorgan
	 
	 	 

	 	 	 
	Non-Reliance:

	 	Applicable
	 
	 	 
	Agreements and Acknowledgements
Regarding Hedging Activities:

	 	Applicable
	 
	 	 
	Additional Acknowledgments:

	 	Applicable
	 
	 	 
	4. Calculation Agent:

	 	JPMorgan

7

 

	 	 	 
	5. 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

	 	(b)	 	Account for payments to JPMorgan:

JPMorgan Chase Bank, National Association, New York

ABA: 021 000 021

Favour: JPMorgan Chase Bank, National Association – London

A/C: 0010962009 CHASUS33

	 	 	 	Account for delivery of Shares from JPMorgan:

DTC 0060

6. Offices:

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

The Office of JPMorgan for the Transaction is: London

JPMorgan Chase Bank, National Association

London Branch

P.O. Box 161

60 Victoria Embankment

London EC4Y 0JP

England

7. Notices: For purposes of this Confirmation:

	 	(a)	 	Address for notices or communications to Counterparty:

TTM Technologies, Inc.

2630 South Harbor Boulevard

Santa Ana, California 92704

Attention: Treasurer

Telephone No.: (714) 327-3049

Facsimile No.: (714) 668-9411

	 	(b)	 	Address for notices or communications to JPMorgan:

JPMorgan Chase Bank, National Association

277 Park Avenue, 11th Floor

New York, NY 10172

Attention: Mariusz Kwasnik

Title: Operations Analyst

EDG Corporate Marketing

Telephone No: (212) 622-6707

Facsimile No: (212) 622-8534

8

 

8. Representations and Warranties of Counterparty

The representations and warranties of Counterparty set forth in Section 3 of the Underwriting
Agreement (the “Underwriting Agreement”) dated as of May 8, 2008 between Counterparty and J.P.
Morgan Securities Inc. and UBS Securities LLC as representatives of the Underwriters party thereto
(the “Underwriters”) are true and correct and are hereby deemed to be repeated to JPMorgan as if
set forth herein. Counterparty hereby further represents and warrants to JPMorgan that:

	 	(a)	 	Counterparty has all necessary corporate power and authority to execute,
deliver and perform its obligations in respect of this Transaction; such execution,
delivery and performance have been duly authorized by all necessary corporate action
on Counterparty’s part; and this Confirmation 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.
	 
	 	(b)	 	Neither the execution and delivery of this Confirmation nor the incurrence or
performance of obligations of Counterparty hereunder will conflict with or result in a
breach of the certificate of incorporation or by-laws (or any equivalent documents) of
Counterparty, or any applicable law or regulation, or any order, writ, injunction or
decree of any court or governmental authority or agency, or any agreement or
instrument to which Counterparty or any of its subsidiaries is a party or by which
Counterparty or any of its subsidiaries is bound or to which Counterparty or any of
its subsidiaries is subject, or constitute a default under, or result in the creation
of any lien under, any such agreement or instrument.
	 
	 	(c)	 	No consent, approval, authorization, or order of, or filing with, any
governmental agency or body or any court is required in connection with the execution,
delivery or performance by 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.
	 
	 	(d)	 	Counterparty is not and will not be required to register as an “investment
company” as such term is defined in the Investment Company Act of 1940, as amended.
	 
	 	(e)	 	It is an “eligible contract participant” (as such term is defined in Section
1a(12) of the Commodity Exchange Act, as amended (the “CEA”)) because one or more of
the following is true:
	 
	 	 	 	Counterparty is a corporation, partnership, proprietorship, organization, trust or
other entity and:

	 	(A)	 	Counterparty has total assets in excess of USD 10,000,000;
	 
	 	(B)	 	the obligations of Counterparty hereunder are guaranteed, or
otherwise supported by a letter of credit or keepwell, support or other
agreement, by an entity of the type described in Section 1a(12)(A)(i) through
(iv), 1a(12)(A)(v)(I), 1a(12)(A)(vii) or 1a(12)(C) of the CEA; or
	 
	 	(C)	 	Counterparty has a net worth in excess of USD 1,000,000 and
has entered into this Agreement in connection with the conduct of
Counterparty’s business or to

9

 

	 	 	 	manage the risk associated with an asset or liability owned or incurred or
reasonably likely to be owned or incurred by Counterparty in the conduct of
Counterparty’s business.

	 	(f)	 	Each of it and its affiliates is not, on the date hereof, in possession of
any material non-public information with respect to Counterparty.

9. Other Provisions:

	 	(a)	 	Opinions. Counterparty shall deliver to JPMorgan an opinion of
counsel, dated as of the Trade Date, with respect to the matters set forth in Sections
8(a) through (c) of this Confirmation.
	 
	 	(b)	 	Repurchase Notices. Counterparty shall, on any day on which
Counterparty effects any repurchase of Shares, promptly give JPMorgan a written notice
of such repurchase (a “Repurchase Notice”) on such day if following such repurchase,
the number of outstanding Shares as determined on such day is (i) less than 41.24
million (in the case of the first such notice) or (ii) thereafter more than 1.3
million less than the number of Shares included in the immediately preceding
Repurchase Notice. Counterparty agrees to indemnify and hold harmless JPMorgan and
its affiliates and their respective officers, directors, employees, affiliates,
advisors, agents and controlling persons (each, an “Indemnified Person”) from and
against any and all losses (including losses relating to JPMorgan’s hedging activities
as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”,
including without limitation, any forbearance from hedging activities or cessation of
hedging activities and any losses in connection therewith with respect to this
Transaction), claims, damages, judgments, liabilities and expenses (including
reasonable attorney’s fees), joint or several, which an Indemnified Person may become
subject to, as a result of Counterparty’s failure to provide JPMorgan with a
Repurchase Notice on the day and in the manner specified in this 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 JPMorgan 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 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

10

 

	 	 	 	(b) are not exclusive and shall not limit any rights or remedies which may
otherwise be available to any Indemnified Party at law or in equity. The indemnity
and contribution agreements contained in this paragraph shall remain operative and
in full force and effect regardless of the termination of this Transaction.
	 
	 	(c)	 	Regulation M. Counterparty is not on the date hereof engaged in a
distribution, as such term is used in Regulation M under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), of any securities of Counterparty, other
than (i) a distribution meeting the requirements of the exception set forth in Rules
101(b)(10) and 102(b)(7) of Regulation M and (ii) the distribution of the Convertible
Notes. Counterparty shall not, until the second Scheduled Trading Day immediately
following the Trade Date, engage in any such distribution.
	 
	 	(d)	 	No Manipulation. Counterparty is not entering into this Transaction
to create actual or apparent trading activity in the Shares (or any security
convertible into or exchangeable for the Shares) or to raise or depress or otherwise
manipulate the price of the Shares (or any security convertible into or exchangeable
for the Shares) or otherwise in violation of the Exchange Act.
	 
	 	(e)	 	Transfer or Assignment. (i) Counterparty shall have the right to
transfer or assign its rights and obligations hereunder with respect to all, but not
less than all, of the Options hereunder (such Options, the “Transfer Options”);
provided that such transfer or assignment shall be subject to reasonable conditions
that JPMorgan 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 9(b) or any
obligations under Section 9(o) or 9(t) of this Confirmation;

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

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

(D) JPMorgan 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 JPMorgan 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 cause the
transferee to make such Payee Tax Representations and to provide such tax
documentation as may be reasonably requested by JPMorgan to permit JPMorgan to
determine that results described in clauses (D) and (E) 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 JPMorgan in connection with such
transfer or assignment.

11

 

	 	 	 	(ii) JPMorgan may, without Counterparty’s consent, transfer or assign all or any
part of its rights or obligations under the Transaction to any third party with a
rating for its long term, unsecured and unsubordinated indebtedness equal to or
better than the lesser of (1) the credit rating of JPMorgan at the time of the
transfer and (2) AA by Standard and Poor’s Rating Group, Inc. or its successor
(“S&P”), or Aa3 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 JPMorgan. If after
JPMorgan’s commercially reasonable efforts, JPMorgan is unable to effect such a
transfer or assignment on pricing terms reasonably acceptable to JPMorgan and
within a time period reasonably acceptable to JPMorgan of a sufficient number of
Options to reduce (1) the number of shares that JPM Group directly or indirectly
beneficially owns to 8.0% of Counterparty’s outstanding Shares or less or (2) the
quotient of (x) the product of (A) the Number of Options and (B) the Option
Entitlement divided by (y) the number of Counterparty’s outstanding Shares (such
quotient expressed as a percentage, the “Option Equity Percentage”) to 14.5% or
less, JPMorgan may designate any Exchange Business Day as an Early Termination Date
with respect to a portion (the “Terminated Portion”) of this Transaction, such that
(1) the number of Shares that JPM Group directly or indirectly beneficially owns
following such partial termination will be equal to or less than 8.0% of
Counterparty’s outstanding Shares or (2) the Option Equity Percentage following
such partial termination will be equal to or less than 14.5%. In the event that
JPMorgan so designates an Early Termination Date with respect to a portion of this
Transaction, a payment shall be made pursuant to Section 6 of the Agreement as if
(1) an Early Termination Date had been designated in respect of a Transaction
having terms identical to this Transaction and a Number of Options equal to the
Terminated Portion, (2) Counterparty shall be the sole Affected Party with respect
to such partial termination and (3) such Transaction shall be the only Terminated
Transaction (and, for the avoidance of doubt, the provisions of Section 9(l) shall
apply to any amount that is payable by JPMorgan to Counterparty pursuant to this
sentence as if Counterparty was not the Affected Party). “JPM Group” means
JPMorgan and each business unit of its affiliates subject to aggregation with
JPMorgan under Section 13 of the Exchange Act and rules promulgated thereunder.
	 
	 	 	 	(iii) Notwithstanding any other provision in this Confirmation to the contrary
requiring or allowing JPMorgan to purchase, sell, receive or deliver any shares or
other securities to or from Counterparty, JPMorgan may designate any of its
affiliates to purchase, sell, receive or deliver such shares or other securities
and otherwise to perform JPMorgan’s obligations in respect of this Transaction and
any such designee may assume such obligations. JPMorgan shall be discharged of its
obligations to Counterparty to the extent of any such performance.
	 
	 	(f)	 	Staggered Settlement. If upon advice of counsel with respect to
applicable legal and regulatory requirements, including any requirements relating to
JPMorgan’s hedging activities hereunder, JPMorgan 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 JPMorgan on the Settlement Date for the
Transaction, JPMorgan may, by notice to Counterparty on or prior to any Settlement
Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or more dates
(each, a “Staggered Settlement Date”) as follows:

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

12

 

	 	(b)	 	the aggregate number of Shares that JPMorgan will deliver to
Counterparty hereunder on all such Staggered Settlement Dates will equal the
number of Shares that JPMorgan would otherwise be required to deliver on such
Nominal Settlement Date; and
	 
	 	(c)	 	if the Net Share Settlement terms set forth above were to
apply on the Nominal Settlement Date, then the Net Share Settlement terms will
apply on each Staggered Settlement Date, except that the Net Shares will be
allocated among such Staggered Settlement Dates as specified by JPMorgan in
the notice referred to in clause (a) above.

	 	(g)	 	Role of Agent. Each party agrees and acknowledges that (i) J.P.
Morgan Securities Inc., an affiliate of JPMorgan (“JPMSI”), has acted solely as agent
and not as principal with respect to this Transaction and (ii) JPMSI has no obligation
or liability, by way of guaranty, endorsement or otherwise, in any manner in respect
of this Transaction (including, if applicable, in respect of the settlement thereof).
Each party agrees it will look solely to the other party (or any guarantor in respect
thereof) for performance of such other party’s obligations under this Transaction.
	 
	 	(h)	 	Dividends. If at any time during the period from and excluding the
Trade Date, to but excluding the Expiration Date, an ex-dividend date for a cash
dividend occurs with respect to the Shares, then the Calculation Agent will make a
corresponding adjustment to any one or more of the Strike Price, Number of Options,
the Option Entitlement and/or any other variable relevant to the exercise, settlement
or payment for the Transaction to preserve the fair value of the Options to JPMorgan
after taking into account such dividend or lack thereof.
	 
	 	(i)	 	Additional Termination Events. Notwithstanding anything to the
contrary in this Confirmation if an event of default with respect to Counterparty
shall occur under the terms of the Convertible Notes as set forth in Section 6.01 of
the Base Indenture or Section 7.01 of the Supplemental Indenture, then such event of
default shall constitute an Additional Termination Event applicable to the Transaction
and, with respect to such event of default (A) Counterparty shall be deemed to be the
sole Affected Party and the Transaction shall be the sole Affected Transaction and (B)
JPMorgan shall be the party entitled to designate an Early Termination Date pursuant
to Section 6(b) of the Agreement.
	 
	 	(j)	 	Amendments to Equity Definitions. (i) Section 12.6(a)(ii) of the
Equity Definitions is hereby amended by (1) deleting from the fourth line thereof the
word “or” after the word “official” and inserting a comma therefor, and (2) deleting
the semi-colon at the end of subsection (B) thereof and inserting the following words
therefor “or (C) at JPMorgan’s option, the occurrence of any of the events specified
in Section 5(a)(vii)(1) through (9) of the ISDA Master Agreement with respect to that
Issuer.”
	 
	 	 	 	(ii) Section 12.9(b)(i) of the Equity Definitions is hereby amended by (1)
replacing “either party may elect” with “JPMorgan may elect” and (2) replacing
“notice to the other party” with “notice to Counterparty” in the first sentence of
such section.
	 
	 	(k)	 	Setoff. Neither party shall have the right to set off any
obligation that it may have to the other party under this Transaction against any
obligation such other party may have to it, whether arising under the Agreement,
this Confirmation or any other agreement between the parties hereto, by operation
of law or otherwise.
	 
	 	(l)	 	Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events. If in respect of this Transaction, an amount is payable by
JPMorgan to Counterparty (i) pursuant to Section 12.7 or Section 12.9 of the Equity

13

 

	 	 	 	Definitions or (ii) pursuant to Section 6(d)(ii) of the Agreement (a “Payment
Obligation”), Counterparty may request JPMorgan to satisfy any such Payment
Obligation by the Share Termination Alternative (as defined below) (except that
Counterparty shall not make such an election in the event of a Nationalization,
Insolvency, a Merger Event or Tender Offer, in each case, in which the
consideration to be paid to holders of Shares consists solely of cash, or an Event
of Default in which Counterparty is the Defaulting Party or a Termination Event in
which Counterparty is the Affected Party, other than an Event of Default of the
type described in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement or
a Termination Event of the type described in Section 5(b) of the Agreement in each
case that resulted from an event or events outside Counterparty’s control) and
shall give irrevocable telephonic notice to JPMorgan, confirmed in writing within
one Currency Business Day, no later than 12:00 p.m. New York local time on the
Merger Date, the Announcement Date (in the case of Nationalization, Insolvency or
Delisting), the Early Termination Date or date of cancellation, as applicable;
provided that if Counterparty does not validly request JPMorgan to satisfy its
Payment Obligation by the Share Termination Alternative, JPMorgan shall have the
right, in its sole discretion, to satisfy its Payment Obligation by the Share
Termination Alternative, notwithstanding Counterparty’s election to the contrary.
In calculating any amounts under Section 6(e) of the Agreement, notwithstanding
anything to the contrary in the Agreement, (1) separate amounts shall be calculated
as set forth in Section 6(e) with respect to (i) this Transaction and (ii) all
other Transactions, and (2) such separate amounts shall be payable pursuant to
Section 6(d)(ii) of the Agreement.

	 	 	 	 	 
	 

	 	Share Termination Alternative:	 	Applicable and means that JPMorgan
shall deliver to Counterparty the Share Termination Delivery Property on, or
within a commercially reasonable period of time after, the date when the
Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of
the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as
applicable (the “Share Termination Payment Date”), in satisfaction of the
Payment Obligation in the manner reasonably requested by Counterparty free of
payment.
	 
	 	 	 	 
	 

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

	 	Share Termination Unit Price:
	 	The value to JPMorgan 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 JPMorgan at the

14

 

	 	 	 	 	 
	 

	 	 	 	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 purchase of Share Termination
Delivery Property.
	 
	 	 	 	 
	
 
	 	Share Termination Delivery Unit:	 	One Share or, if a Merger Event
has occurred and a corresponding adjustment to this Transaction has been made,
a unit consisting of the number or amount of each type of property received by
a holder of one Share (without consideration of any requirement to pay cash or
other consideration in lieu of fractional amounts of any securities) in such
Merger Event, as determined by the Calculation Agent.
	 
	 

	 	Failure to Deliver:
	 	Applicable
	 
	 	 	 	 
	 

	 	Other applicable provisions:
	 	If Share Termination Alternative is
applicable, the provisions of Sections 9.8, 9.9, 9.11, 9.12 and 10.5 (as
modified above) of the Equity Definitions will be applicable, except that all
references in such provisions to “Physically-settled” shall be read as
references to “Share Termination Settled” and all references to “Shares” shall
be read as references to “Share Termination Delivery Units”. “Share
Termination Settled” in relation to this Transaction means that Share
Termination Alternative is applicable to this Transaction.

	 	(m)	 	Governing Law. New York law (without reference to choice of law
doctrine).
	 
	 	(n)	 	Waiver of Jury Trial. Each party waives, to the fullest extent
permitted by applicable law, any right it may have to a trial by jury in respect of
any suit, action or proceeding relating to this 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 this Transaction, as applicable, by, among
other things, the mutual waivers and certifications provided herein.
	 
	 	(o)	 	Registration. Counterparty hereby agrees that if, in the good faith
reasonable judgment of JPMorgan, the Shares (“Hedge Shares”) acquired by JPMorgan for
the purpose of hedging its obligations pursuant to this Transaction cannot be sold in
the public market by JPMorgan without registration under the Securities Act,
Counterparty shall, at its election, either (i) in order to allow JPMorgan to sell the
Hedge Shares in a registered offering, make available to JPMorgan an effective
registration statement under the Securities Act and enter into an agreement, in form
and substance satisfactory to JPMorgan, substantially in the form of an underwriting
agreement for a registered secondary offering; provided, however, that if JPMorgan, in
its reasonable discretion,

15

 

	 	 	 	based on its customary practices for similar offerings, 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 paragraph shall apply at the election of
Counterparty, (ii) in order to allow JPMorgan to sell the Hedge Shares in a private
placement, enter into a private placement agreement substantially similar to
private placement purchase agreements customary for private placements of equity
securities, in form and substance satisfactory to JPMorgan (in which case, the
Calculation Agent shall make any adjustments to the terms of this Transaction that
are necessary, in its reasonable judgment, to compensate JPMorgan for any discount
from the public market price of the Shares incurred on the sale of Hedge Shares in
a private placement), or (iii) purchase the Hedge Shares from JPMorgan at the
Reference Price on such Exchange Business Days, and in the amounts, requested by
JPMorgan.
	 
	 	(p)	 	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.
	 
	 	(q)	 	Right to Extend. If, in its commercially reasonable judgment and
based on the advice of counsel, JPMorgan determines that, in light of existing
liquidity conditions, its hedging or hedge unwind activity hereunder would not be
advisable in light of applicable laws and regulations and interpretations thereof,
then JPMorgan may postpone, in whole or in part, any Settlement Date or any other date
of valuation or delivery with respect to some or all of the Options hereunder, to the
extent that such extension is reasonably necessary or appropriate to address such
applicable laws and regulations.
	 
	 	(r)	 	Status of Claims in Bankruptcy. JPMorgan acknowledges and agrees
that this Confirmation is not intended to convey to JPMorgan rights against
Counterparty with respect to the Transaction that are senior to the claims of common
stockholders of Counterparty in any United States bankruptcy proceedings of
Counterparty; provided that nothing herein shall limit or shall be deemed to limit
JPMorgan’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 JPMorgan’s rights in respect of
any transactions other than the Transaction.
	 
	 	(s)	 	Securities Contract; Swap Agreement. The parties hereto intend for:
(a) the Transaction to be a “securities contract” and a “swap agreement” as defined in
the Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”), and
the parties hereto to be entitled to the protections afforded by, among other
Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the
Bankruptcy Code; (b) a party’s right to liquidate the Transaction and to exercise any
other remedies upon the occurrence of any Event of Default under the Agreement with
respect to the other party to constitute a “contractual right” as described in the
Bankruptcy Code; and (c) each payment and delivery of cash, securities or other
property hereunder to constitute a “margin payment” or “settlement payment” and a
“transfer” as defined in the Bankruptcy Code.
	 
	 	(t)	 	Additional Provisions. Counterparty covenants and agrees that as
promptly as practicable following the public announcement of any consolidation, merger
and binding share exchange to which Counterparty is a party, or any sale of all or
substantially all of Counterparty’s assets, in each case pursuant to which the Shares
will be converted into cash, securities or other property, Counterparty shall notify
JPMorgan in writing of the types and amounts of consideration that holders of Shares
have elected to receive upon

16

 

	 	 	 	consummation of such transaction or event (the date of such notification, the
“Consideration Notification Date”); provided that in no event shall the
Consideration Notification Date be later than the date on which such transaction or
event is consummated.
	 
	 	(u)	 	Receipt or Delivery 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 receive or deliver cash in respect of the
settlement of the Transaction contemplated by this Confirmation, except in
circumstances where the cash settlement thereof is within Counterparty’s control
(including, without limitation, where an Event of Default by Counterparty has occurred
under Section 5(a)(ii) or Section 5(a)(iv) of the Agreement, where Counterparty elects
to receive or deliver cash or fails timely to elect to receive or deliver Share
Termination Delivery Property in respect of the settlement of such Transaction) or in
those circumstances in which holders of the Shares would also receive cash.

17

 

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

Very truly yours,

	 	 	 	 	 
	 	J.P. Morgan Securities Inc., as agent for

JPMorgan Chase Bank, National Association

 	 
	 	By:  	/s/
Jason M. Wood 	 
	 	 	Authorized Signatory 	 
	 	 	Name: Jason M. Wood	 
	 

 Accepted and confirmed
as of the Trade Date:

	 	 	 	 	 
	 	TTM Technologies, Inc.

 	 
	 	By:  	/s/
Steven W. Richards 	 
	 	 	Authorized Signatory 	 
	 	 	Name: Steven W. Richards	 
	 

JPMorgan Chase Bank, National Association

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

Main Office 1111 Polaris Parkway, Columbus, Ohio 43271

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

Branch Office 125 London Wall, London EC2Y 5AJ

Authorised and regulated by the Financial Services Authorityexv10w2

Exhibit
10.2

EXECUTION
COPY

JPMorgan Chase Bank, National Association

P.O. Box 161

60 Victoria Embankment

London EC4Y 0JP

England

May 8, 2008

To: TTM Technologies, Inc.

2630 South Harbor Boulevard

Santa Ana, California 92704

Attention: Treasurer

Telephone No.:     (714) 327-3049

Facsimile No.:     (714) 668-9411

Re: Warrants

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

          The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the
“Equity Definitions”), as published by the International Swaps and Derivatives Association, Inc.
(“ISDA”), are incorporated into this Confirmation. In the event of any inconsistency between the
Equity Definitions and this Confirmation, this Confirmation shall govern. This Transaction shall
be deemed to be a Share Option Transaction within the meaning set forth in the Equity Definitions.

          Each party is hereby advised, and each such party acknowledges, that the other party has
engaged in, or refrained from engaging in, substantial financial transactions and has taken other
material actions in reliance upon the parties’ entry into the Transaction to which this
Confirmation relates on the terms and conditions set forth below.

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

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

General Terms:

	 	 	 	 	 
	 

	 	Trade Date:
	 	May 8, 2008
	 
	 	 	 	 
	 

	 	Effective Date:
	 	The Premium Payment Date; provided that the Effective Date shall not occur and
this Confirmation and the Agreement shall become

JPMorgan Chase Bank, National Association

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

Main Office 1111 Polaris Parkway, Columbus, Ohio 43271

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

Branch Office 125 London Wall, London EC2Y 5AJ

Authorised and regulated by the Financial Services Authority

 

 

	 	 	 	 	 
	 

	 	 	 	null and void if Company has not repaid all amounts outstanding under the Credit Agreement dated as of October 27, 2006 between
Company and the guarantors, lenders and agents party thereto and such Credit Agreement
has not been terminated in accordance with its terms on the Premium Payment Date.
	 
	 	 	 	 
	 

	 	Warrants:
	 	Equity call warrants, each giving the holder the right to purchase one Share at the
Strike Price, subject to the Settlement Terms set forth below. For the purposes of
the Equity Definitions, each reference to a Warrant herein shall be deemed to be a
reference to a Call Option.
	 
	 	 	 	 
	 

	 	Warrant Style:
	 	European
	 
	 	 	 	 
	 

	 	Seller:
	 	Company
	 
	 	 	 	 
	 

	 	Buyer:
	 	JPMorgan
	 
	 	 	 	 
	 

	 	Shares:
	 	The common stock of Company, par value USD 0.01 per Share (Exchange symbol “TTMI”)
	 
	 	 	 	 
	 

	 	Number of Warrants:
	 	4,854,977, subject to adjustment as provided herein.
	 
	 	 	 	 
	 

	 	Warrant Entitlement:
	 	One Share per Warrant
	 
	 	 	 	 
	 

	 	Strike Price:
	 	USD 18.1540
	 
	 	 	 	 
	 

	 	Premium:
	 	USD 11,601,604.00; provided that no Premium shall be payable on the Premium Payment
Date if the Effective Date does not occur pursuant to the proviso to the definition
of “Effective Date” above.
	 
	 	 	 	 
	 

	 	Premium Payment Date:
	 	May 14, 2008
	 
	 	 	 	 
	 

	 	Exchange:
	 	The NASDAQ Global Select Market
	 
	 	 	 	 
	 

	 	Related Exchange(s):
	 	All Exchanges

Procedures for Exercise:

	 	 	 	 	 
	 

	 	Expiration Time:
	 	The Valuation Time
	 
	 	 	 	 
	 

	 	Expiration Date(s):
	 	Each Scheduled Trading Day during the period from and including the First
Expiration Date and to and including the 120th Scheduled Trading Day following the First
Expiration Date shall be an “Expiration Date” for a number of Warrants equal to the
Daily Number of Warrants on such date; provided that, notwithstanding anything to the
contrary in the Equity Definitions, if any such date is a Disrupted Day, the Calculation
Agent shall make adjustments, if applicable, to the Daily Number of Warrants or shall
reduce such Daily Number of Warrants to zero for which such day shall be an Expiration
Date and shall designate a Scheduled Trading Day or a number of Scheduled Trading Days
as the Expiration Date(s) for the remaining Daily Number of Warrants or a portion
thereof for the originally scheduled Expiration Date; and provided further that if such

2

 

	 	 	 	 	 
	 

	 	 	 	Expiration Date has not occurred pursuant to this clause
as of the eighth Scheduled Trading Day following the
last scheduled Expiration Date under this Transaction,
the Calculation Agent shall have the right to declare
such Scheduled Trading Day to be the final Expiration
Date and the Calculation Agent shall determine its good
faith estimate of the fair market value for the Shares
as of the Valuation Time on that eighth Scheduled
Trading Day or on any subsequent Scheduled Trading Day,
as the Calculation Agent shall determine using
commercially reasonable means.
	 
	 	 	 	 
	 

	 	First Expiration Date:
	 	August 17, 2015 (or if such day is not a Scheduled Trading Day, the next following
Scheduled Trading Day), subject to Market Disruption Event below.
	 
	 	 	 	 
	 

	 	Daily Number of Warrants:
	 	For any Expiration Date, the Number of Warrants that have not expired or been
exercised as of such day, divided by the remaining number of Expiration Dates
(including such day), rounded down to the nearest whole number, subject to
adjustment pursuant to the provisos to “Expiration Date(s)”.
	 
	 	 	 	 
	 

	 	Automatic Exercise:
	 	Applicable; and means that a number of Warrants for each Expiration Date equal to
the Daily Number of Warrants (as adjusted pursuant to the terms hereof) for such
Expiration Date will be deemed to be automatically exercised; provided that
“In-the-Money” means that the Relevant Price for such Expiration Date exceeds the
Strike Price for such Expiration Date; and provided further that all references in
Section 3.4(b) of the Equity Definitions to “Physical Settlement” shall be read as
references to “Net Share Settlement”.
	 
	 	 	 	 
	 

	 	Market Disruption Event:
	 	Section 6.3(a)(ii) of the Equity Definitions is hereby amended by replacing clause
(ii) in its entirety with “(ii) an Exchange Disruption, or” and inserting
immediately following clause (iii) the phrase “; in each case that the Calculation
Agent determines is material.”

Valuation:

	 	 	 	 	 
	 

	 	Valuation Time:	 	Scheduled Closing Time; provided that if the principal trading session is
extended, the Calculation Agent shall determine the Valuation Time in its reasonable
discretion.
	 
	 	 	 	 
	 

	 	Valuation Date:	 	Each Exercise Date.

Settlement Terms:

	 	 	 	 	 
	 

	 	Settlement Method:
	 	Net Share Settlement.
	 
	 	 	 	 
	 

	 	Net Share Settlement:
	 	On the relevant Settlement Date, Company shall deliver to
JPMorgan the Share Delivery Quantity of Shares for such Settlement Date to the account
specified hereto free of payment through the Clearance System.
	 
	 	 	 	 
	 

	 	Share Delivery Quantity:
	 	For any Settlement Date, a number of Shares, as calculated by
the Calculation Agent, equal to the Net Share Settlement Amount for

3

 

	 	 	 	 	 
	 

	 	 	 	such Settlement Date divided by the Settlement Price on
the Valuation Date in respect of such Settlement Date,
rounded down to the nearest whole number plus any
Fractional Share Amount.
	 
	 	 	 	 
	 

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

	 	Settlement Price:
	 	For any Valuation Date, the per Share volume-weighted average price as
displayed under the heading “Bloomberg VWAP” on Bloomberg page TTMI.UQ <equity> AQR
(or any successor thereto) in respect of the period from the scheduled opening time of
the Exchange to the Scheduled Closing Time on such Valuation Date (or if such
volume-weighted average price is unavailable, the market value of one Share on such
Valuation Date, as determined by the Calculation Agent). Notwithstanding the foregoing,
if (i) any Expiration Date is a Disrupted Day and (ii) the Calculation Agent determines
that such Expiration Date shall be an Expiration Date for fewer than the Daily Number of
Warrants, as described above, then the Settlement Price for the relevant Valuation Date
shall be the volume-weighted average price per Share on such Valuation Date on the
Exchange, as determined by the Calculation Agent based on such sources as it deems
appropriate using a volume-weighted methodology, for the portion of such Valuation Date
for which the Calculation Agent determines there is no Market Disruption Event.
	 
	 	 	 	 
	 

	 	Settlement Date(s):
	 	As determined in reference to Section 9.4 of the Equity Definitions,
subject to Section 9(k)(i) hereof.

	 	 	 
	Other Applicable Provisions:

	 	The provisions of Sections 9.1(c), 9.8, 9.9, 9.11, 9.12 and 10.5 of
the Equity Definitions will be applicable, except that all references in such provisions to
“Physically-settled” shall be read as references to “Net Share Settled.” “Net Share Settled”
in relation to any Warrant means that Net Share Settlement is applicable to that Warrant.
	 
	 	 
	Representation and Agreement:

	 	Notwithstanding Section 9.11 of the Equity Definitions, the parties
acknowledge that any Shares delivered to JPMorgan may be, upon delivery, subject to
restrictions and limitations arising from Company’s status as issuer of the Shares under
applicable securities laws.

3. Additional Terms applicable to the Transaction:

     Adjustments applicable to the Warrants:

	 	 	 	 	 
	 

	 	Method of Adjustment:
	 	Calculation Agent Adjustment. For the avoidance of doubt, in making any
adjustments under the Equity Definitions, the Calculation Agent may make adjustments, if
any, to any one or more of the Strike Price, the Number of Warrants, the Daily Number of
Warrants and the Warrant Entitlement. Notwithstanding the foregoing, any cash dividends or
distributions on the Shares, whether or not extraordinary, shall be

4

 

	 	 	 	 	 
	 

	 	 	 	governed by Section 9(f) of this Confirmation in lieu of
Article 10 or Section 11.2(c) of the Equity Definitions.

Extraordinary Events applicable to the Transaction:

	 	 	 	 	 
	 

	 	New Shares:
	 	Section 12.1(i) of the Equity Definitions is hereby amended by deleting the
text in clause (i) in its entirety and replacing it with the phrase “publicly quoted,
traded or listed on any of the New York Stock Exchange, the American Stock Exchange, The
NASDAQ Global Select Market or The NASDAQ Global Market (or their respective
successors)”.
	 
	 	 	 	 
	 

	 	Consequence of Merger Events:	 	 
	 
	 	 	 	 
	 

	 	Merger Event:
	 	Applicable, provided that if an event occurs that constitutes both a Merger
Event under Section 12.1(b) of the Equity Definitions and an Additional Termination Event
under Section 9(h)(ii)(A) of this Confirmation, JPMorgan may elect, in its commercially
reasonable judgment, whether the provisions of Section 12.1(b) of the Equity Definitions
or Section 9(h)(ii)(A) will apply.

	 	 	 	 	 
	 

	 	Share-for-Share:
	 	Modified Calculation Agent Adjustment
	 
	 	 	 	 
	 

	 	Share-for-Other:
	 	Cancellation and Payment (Calculation Agent Determination)
	 
	 	 	 	 
	 

	 	Share-for-Combined:
	 	Cancellation and Payment (Calculation Agent Determination); provided
that JPMorgan may elect, in its commercially reasonable judgment, Component
Adjustment (Calculation Agent Determination).

	 	 	 	 	 
	 

	 	Consequence of Tender Offers:	 	 
	 
	 	 	 	 
	 

	 	Tender Offer:
	 	Applicable; provided however that if an event occurs that constitutes both a
Tender Offer under Section 12.1(d) of the Equity Definitions and Additional Termination
Event under Section 9(h)(ii)(C) of this Confirmation, JPMorgan may elect, in its
commercially reasonable judgment, whether the provisions of Section 12.3 of the Equity
Definitions or Section 9(h)(ii)(C) will apply.

	 	 	 	 	 
	 

	 	Share-for-Share:
	 	Modified Calculation Agent Adjustment
	 
	 	 	 	 
	 

	 	Share-for-Other:
	 	Modified Calculation Agent Adjustment
	 
	 	 	 	 
	 

	 	Share-for-Combined:
	 	Modified Calculation Agent Adjustment

	 	 	 	 	 
	 

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

5

 

	 	 	 	 	 
	 

	 	 	 	The NASDAQ Global Market (or their respective
successors), such exchange or quotation system shall
thereafter be deemed to be the Exchange.

	 	 	 	 	 
	 

	 	Additional Disruption Events:
	 	 

	 	 	 	 	 
	 

	 	Change in Law:
	 	Applicable
	 
	 	 	 	 
	 

	 	Failure to Deliver:
	 	Not Applicable
	 
	 	 	 	 
	 

	 	Insolvency Filing:
	 	Applicable
	 
	 	 	 	 
	 

	 	Hedging Disruption:
	 	Applicable
	 
	 	 	 	 
	 

	 	Increased Cost of Hedging:
	 	Not Applicable
	 
	 	 	 	 
	 

	 	Loss of Stock Borrow:
	 	Applicable
	 
	 	 	 	 
	 

	 	     Maximum Stock Loan Rate:
	 	     100 basis points
	 
	 	 	 	 
	 

	 	Increased Cost of Stock Borrow:
	 	Applicable
	 
	 	 	 	 
	 

	 	     Initial Stock Loan Rate:
	 	     25 basis points

	 	 	 	 	 
	 

	 	Hedging Party:
	 	JPMorgan for all applicable Additional Disruption Events
	 
	 	 	 	 
	 

	 	Determining Party:
	 	JPMorgan for all applicable Extraordinary Events
	 
	 	 	 	 
	 

	 	Non-Reliance:
	 	Applicable
	 
	 	 	 	 
	 

	 	Agreements and Acknowledgments

Regarding Hedging Activities:
	 	Applicable
	 
	 	 	 	 
	 

	 	Additional Acknowledgments:
	 	Applicable

4. Calculation Agent: JPMorgan

5. Account Details:

	 	(a)	 	Account for payments to Company:

To be provided by Company

Account for delivery of Shares from Company:

To be provided by Company

	 	(b)	 	Account for payments to JPMorgan:

JPMorgan Chase Bank, N.A., New York

ABA: 021 000 021

Favour: JPMorgan Chase Bank N.A., London

A/C: 0010962009

CHASUS33

Account for delivery of Shares to JPMorgan:

DTC 0060

6

 

6. Offices:

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

The Office of JPMorgan for the Transaction is: London

JPMorgan Chase Bank, National Association

London Branch

P.O. Box 161

60 Victoria Embankment

London EC4Y 0JP

England

7. Notices: For purposes of this Confirmation:

	 	(a)	 	Address for notices or communications to Company:

TTM Technologies, Inc.

2630 South Harbor Boulevard

Santa Ana, California 92704

Attention: Treasurer

Telephone No.: (714) 327-3049

Facsimile No.: (714) 668-9411

	 	(b)	 	Address for notices or communications to JPMorgan:

JPMorgan Chase Bank, National Association

277 Park Avenue, 11th Floor

New York, NY 10172

Attention: Mariusz Kwasnik

Title: Operations Analyst

EDG Corporate Marketing

Telephone No: (212) 622-6707

Facsimile No: (212) 622-8534

8. Representations and Warranties of Company

The representations and warranties of Company set forth in Section 3 of the Underwriting Agreement
(the “Underwriting Agreement”) dated as of May 8, 2008 among Company and J.P. Morgan Securities
Inc. and UBS Securities LLC as representatives of the Underwriters party thereto (the
“Underwriters”) are true and correct and are hereby deemed to be repeated to JPMorgan as if set
forth herein. Company hereby further represents and warrants to JPMorgan that:

	 	(a)	 	Company has all necessary corporate power and authority to execute, deliver and
perform its obligations in respect of this Transaction; such execution, delivery and
performance have been duly authorized by all necessary corporate action on Company’s
part; and this Confirmation has been duly and validly executed and delivered by Company
and constitutes its valid and binding obligation, enforceable against Company in
accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and
remedies generally, and subject, as to enforceability, to general principles of equity,
including principles of commercial reasonableness, good faith and fair dealing
(regardless of whether enforcement is sought in a proceeding at law or in equity) and
except that rights to indemnification and contribution hereunder may be limited by
federal or state securities laws or public policy relating thereto.
	 
	 	(b)	 	Neither the execution and delivery of this Confirmation nor the incurrence or
performance of obligations of Company hereunder will conflict with or result in a
breach of the certificate of

7

 

	 	 	 	incorporation or by-laws (or any equivalent documents) of Company, or any applicable
law or regulation, or any order, writ, injunction or decree of any court or
governmental authority or agency, or any agreement or instrument to which Company or
any of its subsidiaries is a party or by which Company or any of its subsidiaries is
bound or to which Company or any of its subsidiaries is subject, or constitute a
default under, or result in the creation of any lien under, any such agreement or
instrument.
	 
	 	(c)	 	No consent, approval, authorization, or order of, or filing with, any
governmental agency or body or any court is required in connection with the execution,
delivery or performance by Company of this Confirmation, except such as have been
obtained or made and such as may be required under the Securities Act of 1933, as
amended (the “Securities Act”) or state securities laws.
	 
	 	(d)	 	The Shares of Company initially issuable upon exercise of the Warrant by the
net share settlement method (the “Warrant Shares”) have been reserved for issuance by
all required corporate action of Company. The Warrant Shares have been duly authorized
and, when delivered against payment therefor (which may include Net Share Settlement in
lieu of cash) and otherwise as contemplated by the terms of the Warrant following the
exercise of the Warrant in accordance with the terms and conditions of the Warrant,
will be validly issued, fully-paid and non-assessable, and the issuance of the Warrant
Shares will not be subject to any preemptive or similar rights.
	 
	 	(e)	 	Company is not and will not be required to register as an “investment company”
as such term is defined in the Investment Company Act of 1940, as amended.
	 
	 	(f)	 	Company is an “eligible contract participant” (as such term is defined in
Section 1a(12) of the Commodity Exchange Act, as amended (the “CEA”)) because one or
more of the following is true:
	 
	 	 	 	Company is a corporation, partnership, proprietorship, organization, trust or other
entity and:

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

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

9. Other Provisions:

	 	(a)	 	Opinions. Company shall deliver an opinion of counsel, dated as of the
Trade Date, to JPMorgan with respect to the matters set forth in Sections 8(a) through
(d) of this Confirmation.
	 
	 	(b)	 	Repurchase Notices. Company shall, on any day on which Company effects
any repurchase of Shares, promptly give JPMorgan a written notice of such repurchase (a
“Repurchase Notice”) on such day if following such repurchase, the number of
outstanding Shares on such day, subject to any adjustments provided herein, is (i) less
than 41.24 million (in the case of the first such notice) or (ii) thereafter more than
1.3 million less than the number of Shares included in the immediately preceding
Repurchase Notice. Company agrees to indemnify and hold harmless JPMorgan and its
affiliates and their respective officers, directors, employees, affiliates, advisors,
agents and

8

 

	 	 	 	controlling persons (each, an “Indemnified Person”) from and against any and all
losses (including losses relating to JPMorgan’s hedging activities as a consequence
of becoming, or of the risk of becoming, a Section 16 “insider”, including without
limitation, any forbearance from hedging activities or cessation of hedging
activities and any losses in connection therewith with respect to this Transaction),
claims, damages, judgments, liabilities and expenses (including reasonable
attorney’s fees), joint or several, which an Indemnified Person actually may become
subject to, as a result of Company’s failure to provide JPMorgan 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, such Indemnified Person shall promptly notify Company in
writing, and Company, upon request of the Indemnified Person, shall retain counsel
reasonably satisfactory to the Indemnified Person to represent the Indemnified
Person and any others Company may designate in such proceeding and shall pay the
fees and expenses of such counsel related to such proceeding. Company shall not be
liable for any settlement of any proceeding effected without its written consent,
but if settled with such consent or if there be a final judgment for the plaintiff,
Company agrees to indemnify any Indemnified Person from and against any loss or
liability by reason of such settlement or judgment. Company shall not, without the
prior written consent of the Indemnified Person, effect any settlement of any
pending or threatened proceeding in respect of which any Indemnified Person is or
could have been a party and indemnity could have been sought hereunder by such
Indemnified Person, unless such settlement includes an unconditional release of such
Indemnified Person from all liability on claims that are the subject matter of such
proceeding on terms reasonably satisfactory to such Indemnified Person. If the
indemnification provided for in this paragraph is unavailable to an Indemnified
Person or insufficient in respect of any losses, claims, damages or liabilities
referred to therein, then Company under such paragraph, in lieu of indemnifying such
Indemnified Person thereunder, shall contribute to the amount paid or payable by
such Indemnified Person as a result of such losses, claims, damages or liabilities.
The remedies provided for in this paragraph are not exclusive and shall not limit
any rights or remedies which may otherwise be available to any Indemnified Person at
law or in equity. The indemnity and contribution agreements contained in this
paragraph shall remain operative and in full force and effect regardless of the
termination of this Transaction.
	 
	 	(c)	 	Regulation M. Company is not on the date hereof engaged in a
distribution, as such term is used in Regulation M under the Securities Exchange Act of
1934, as amended (the “Exchange Act”), of any securities of Company, other than (i) a
distribution meeting the requirements of the exception set forth in Rules 101(b)(10)
and 102(b)(7) of Regulation M and (ii) the distribution of USD 155,000,000 principal
amount of Convertible Senior Notes due 2015. Company shall not, until the second
Scheduled Trading Day immediately following the Trade Date, engage in any such
distribution.
	 
	 	(d)	 	No Manipulation. Company is not entering into this Transaction to
create actual or apparent trading activity in the Shares (or any security convertible
into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the
price of the Shares (or any security convertible into or exchangeable for the Shares)
or otherwise in violation of the Exchange Act.
	 
	 	(e)	 	Transfer or Assignment. Company may not transfer any of its rights or
obligations under this Transaction without the prior written consent of JPMorgan.
JPMorgan may, without Company’s consent, transfer or assign all or any part of its
rights or obligations under this Transaction to any third party. If after JPMorgan’s
commercially reasonable efforts, JPMorgan is unable to effect such a transfer or
assignment on pricing terms reasonably acceptable to JPMorgan and within a time period
reasonably acceptable to JPMorgan of a sufficient number of Warrants to reduce (i) the
number of Shares that JPM Group directly or indirectly beneficially owns (as defined
under Section 13 of the Exchange Act and rules promulgated thereunder) to 8.0% of
Company’s outstanding Shares or less or (ii) the quotient of (x) the product of (a) the
Number of Warrants and (b) the Warrant Entitlement divided by (y) the number of
Company’s outstanding Shares (such

9

 

	 	 	 	quotient expressed as a percentage, the “Warrant Equity Percentage”) to 14.5% or
less, JPMorgan may designate any Exchange Business Day as an Early Termination Date
with respect to a portion (the “Terminated Portion”) of this Transaction, such that
(i) the number of Shares that JPM Group directly or indirectly beneficially owns
following such partial termination will be equal to or less than 8.0% of Company’s
outstanding Shares or (ii) the Warrant Equity Percentage following such partial
termination will be equal to or less than 14.5%. In the event that JPMorgan so
designates an Early Termination Date with respect to a portion of this Transaction,
a payment shall be made pursuant to Section 6 of the Agreement as if (i) an Early
Termination Date had been designated in respect of a Transaction having terms
identical to this Transaction and a Number of Warrants equal to the Terminated
Portion, (ii) Company shall be the sole Affected Party with respect to such partial
termination and (iii) such Transaction shall be the only Terminated Transaction
(and, for the avoidance of doubt, the provisions of paragraph 9(j) shall apply to
any amount that is payable by Company to JPMorgan pursuant to this sentence).
Notwithstanding any other provision in this Confirmation to the contrary requiring
or allowing JPMorgan to purchase, sell, receive or deliver any Shares or other
securities to or from Company, JPMorgan may designate any of its affiliates to
purchase, sell, receive or deliver such Shares or other securities and otherwise to
perform JPMorgan’s obligations in respect of this Transaction and any such designee
may assume such obligations. JPMorgan shall be discharged of its obligations to
Company to the extent of any such performance. “JPM Group” means JPMorgan and each
business unit of its affiliates subject to aggregation with JPMorgan under Section
13 of the Exchange Act and rules promulgated thereunder.
	 
	 	(f)	 	Dividends. If at any time during the period from and excluding the
Trade Date, to and including the Expiration Date, an ex-dividend date for a cash
dividend occurs with respect to the Shares, then the Calculation Agent will adjust any
of the Strike Price, Number of Warrants and/or Daily Number of Warrants to preserve the
fair value of the Warrants to JPMorgan after taking into account such dividend or lack
thereof.
	 
	 	(g)	 	Role of Agent. Each party agrees and acknowledges that (i) J.P. Morgan
Securities Inc., an affiliate of JPMorgan (“JPMSI”), has acted solely as agent and not
as principal with respect to this Transaction and (ii) JPMSI has no obligation or
liability, by way of guaranty, endorsement or otherwise, in any manner in respect of
this Transaction (including, if applicable, in respect of the settlement thereof). Each
party agrees it will look solely to the other party (or any guarantor in respect
thereof) for performance of such other party’s obligations under this Transaction.
	 
	 	(h)	 	Additional Provisions.

(i) Amendments to the Equity Definitions:

(A) Section 11.2(a) of the Equity Definitions is hereby amended by deleting the
words “a diluting or concentrative” and replacing them with the words “an”; and
adding the phrase “or Warrants” at the end of the sentence.

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

(C) Section 11.2(e)(vii) of the Equity Definitions is hereby amended by
deleting the words “a diluting or concentrative” and replacing them with the
word “a material”; and adding the phrase “or Warrants” at the end of the
sentence.

(D) Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1)
deleting from the fourth line thereof the word “or” after the word “official”
and inserting a comma therefor,

10

 

and (2) deleting the semi-colon at the end of subsection (B) thereof and
inserting the following words therefor “or (C) at JPMorgan’s option, the
occurrence of any of the events specified in Section 5(a)(vii) (1) through (9)
of the ISDA Master Agreement with respect to that Issuer.”

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

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

(y) deleting the phrase “neither the Non-Hedging Party nor the Lending
Party lends Shares in the amount of the Hedging Shares or” in the
penultimate sentence.

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

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

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

(ii) Notwithstanding anything to the contrary in this Confirmation, upon the
occurrence of one of the following events, with respect to this Transaction, (1)
JPMorgan shall have the right to designate such event an Additional Termination
Event and designate an Early Termination Date pursuant to Section 6(b) of the
Agreement, and (2) Company shall be deemed the sole Affected Party and the
Transaction shall be deemed the sole Affected Transaction:

(A) Consummation of (x) any recapitalization, reclassification, or change of
the Shares (other than changes resulting from a subdivision or combination) as
a result of which the Shares will be converted into, or exchanged for, stock,
other securities, other property, or assets or (y) any share exchange,
consolidation, or merger of Company pursuant to which the Shares will be
converted into cash, securities or other property or any sale, lease or other
transfer in one transaction or a series of transactions of all or substantially
all of the consolidated assets of Company and its subsidiaries, taken as a
whole, to any person other than one of Company’s subsidiaries; provided,
however, that a share exchange, consolidation, or merger transaction where the
holders of more than 50% of all classes of the common equity of Company
immediately prior to such transaction own, directly or indirectly, more than
50% of all classes of the common equity of the continuing or surviving
corporation or transferee or the parent thereof immediately after such event
will not constitute an Additional Termination Event.

An Additional Termination Event as a result of Section 9(h)(ii)(A) will not be
deemed to have occurred, however, if at least 90% of the consideration received
or to be received by Company’s common stockholders, excluding cash payments for
fractional shares and cash payments in respect of dissenters’ or appraisal
rights, in connection with the transaction or transactions otherwise
constituting the Additional Termination Event consists of shares of common
stock traded on a United States national securities exchange or which will be
so traded or quoted when issued or exchanged in connection with an Additional
Termination Event.

(B) There is a default by Company or any of its subsidiaries with respect to
any mortgage, agreement or other instrument under which there may be
outstanding, or by which there may be secured or evidenced, any indebtedness
for money borrowed in excess of $15 million in the aggregate of Company and/or
any of its subsidiaries, whether such

11

 

indebtedness now exists or shall hereafter be created (x) resulting in such
indebtedness becoming or being declared due and payable or (y) constituting a
failure to pay the principal or interest of any such debt when due and payable
at its stated maturity, upon required repurchase, upon declaration or
otherwise.

(C) A “person” or “group” within the meaning of Section 13(d) of the Exchange
Act other than Company, its subsidiaries, or its or their employee benefit
plans, has become the direct or indirect “beneficial owner,” as defined in Rule
13d-3 under the Exchange Act, of the common equity of Company representing more
than 50% of the voting power of such common equity.

(D) Company’s stockholders approve any plan or proposal for the liquidation or
dissolution of Company.

(E) JPMorgan, despite using commercially reasonable efforts, is unable or
reasonably determines that it is impractical (at any time prior to the first
anniversary of the Effective Date), or illegal (at any time prior to the last
Settlement Date), to hedge its obligations pursuant to this Transaction in the
public market without registration under the Securities Act or as a result of
any legal, regulatory or self-regulatory requirements or related policies and
procedures (whether or not such requirements, policies or procedures are
imposed by law or have been voluntarily adopted by JPMorgan).

	 	(i)	 	No Collateral or Setoff. Notwithstanding any provision of the
Agreement or any other agreement between the parties to the contrary, the obligations
of Company hereunder are not secured by any collateral. Neither party shall have the
right to set off any obligation that it may have to the other party under this
Transaction against any obligation such other party may have to it, whether arising
under the Agreement, this Confirmation or any other agreement between the parties
hereto, by operation of law or otherwise.
	 
	 	(j)	 	Alternative Calculations and Payment on Early Termination and on Certain
Extraordinary Events. If, in respect of this Transaction, an amount is payable by
Company to JPMorgan, (i) pursuant to Section 12.7 or Section 12.9 of the Equity
Definitions (except in the event of an Insolvency, Nationalization, Tender Offer or
Merger Event in which the consideration or proceeds to be paid to holders of shares
consists solely of cash) or (ii) pursuant to Section 6(d)(ii) of the Agreement (except
in the event of an Event of Default in which Company is the Defaulting Party or a
Termination Event in which Company is the Affected Party, other than an Event of
Default of the type described in (x) Section 5(a)(iii), (v), (vi), (vii) or (viii) of
the Agreement or (y) a Termination Event of the type described in Section 5(b) of the
Agreement, in the case of both (x) and (y), resulting from an event or events outside
Company’s control) (a “Payment Obligation”), Company shall have the right, in its sole
discretion, to satisfy any such Payment Obligation by the Share Termination Alternative
(as defined below) by giving irrevocable telephonic notice to JPMorgan, confirmed in
writing within one Scheduled Trading Day, no later than 12:00 p.m. New York local time
on the Merger Date, Tender Offer Date, Announcement Date (in the case of a
Nationalization, Insolvency or Delisting), Early Termination Date or date of
cancellation, as applicable; provided that if Company does not validly elect to satisfy
its Payment Obligation by the Share Termination Alternative, JPMorgan shall have the
right to require Company to satisfy its Payment Obligation by the Share Termination
Alternative. Notwithstanding the foregoing, Company’s or JPMorgan’s right to elect
satisfaction of a Payment Obligation in the Share Termination Alternative as set forth
in this clause shall only apply to Transactions under this Confirmation and,
notwithstanding anything to the contrary in the Agreement, (1) separate amounts shall
be calculated with respect to (a) Transactions hereunder and (b) all other Transactions
under the Agreement, and (2) such separate amounts shall be payable pursuant to Section
6(d)(ii) of the Agreement, subject to, in the case of clause (a), Company’s Share
Termination Alternative right hereunder.

	 	 	 	 	 
	 

	 	Share Termination Alternative:
	 	If applicable, Company shall deliver
to JPMorgan the Share Termination Delivery Property on the date (the

12

 

	 	 	 	 	 
	 

	 	 	 	“Share Termination Payment Date”) on which the
Payment Obligation would otherwise be due
pursuant to Section 12.7 or Section 12.9 of
the Equity Definitions or Section 6(d)(ii) of
the Agreement, as applicable, subject to
paragraph (k)(i) below, in satisfaction,
subject to paragraph (k)(ii) below, of the
Payment Obligation in the manner reasonably
requested by JPMorgan free of payment.
	 
	 	 	 	 
	 

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

	 	Share Termination Unit Price:
	 	The value to JPMorgan of property
contained in one Share Termination Delivery Unit on the date such Share
Termination Delivery Units are to be delivered as Share Termination Delivery
Property, as determined by the Calculation Agent in its discretion by
commercially reasonable means. The Calculation Agent shall notify Company of
such Share Termination Unit Price at the time of notification of the Payment
Obligation. In the case of a Private Placement of Share Termination Delivery
Units that are Restricted Shares (as defined below), as set forth in paragraph
(k)(i) below, the Share Termination Unit Price shall be determined by the
discounted price applicable to such Share Termination Delivery Units. In the
case of a Registration Settlement of Share Termination Delivery Units that are
Restricted Shares (as defined below) as set forth in paragraph (k)(ii) below,
the Share Termination Unit Price shall be the Settlement Price on the Merger
Date, the Tender Offer Date, the Announcement Date (in the case of a
Nationalization, Insolvency or Delisting), the date of cancellation or the
Early Termination Date, as applicable.
	 
	 	 	 	 
	 

	 	Share Termination Delivery Unit:
	 	In the case of a Termination Event,
Event of Default Additional Disruption Event or Delisting, one Share or, in
the case of Nationalization, Insolvency, Tender Offer or Merger Event, a unit
consisting of the number or amount of each type of property received by a
holder of one Share (without consideration of any requirement to pay cash or
other consideration in lieu of fractional amounts of any securities) in such
Nationalization, Insolvency, Tender Offer or Merger Event. If such
Nationalization, Insolvency, Tender Offer or Merger Event involves a choice of
consideration to be received by holders, such holder

13

 

	 	 	 	 	 
	 

	 	 	 	shall be deemed to have elected to receive the maximum possible amount of cash.
	 
	 	 	 	 
	 

	 	Failure to Deliver:
	 	Inapplicable
	 
	 	 	 	 
	 

	 	Other applicable provisions:
	 	If Share Termination Alternative is
applicable, the provisions of Sections 9.8, 9.9, 9.11, 9.12 and 10.5 (as
modified above) of the Equity Definitions will be applicable, except that all
references in such provisions to “Physically-settled” shall be read as
references to “Share Termination Settled” and all references to “Shares” shall
be read as references to “Share Termination Delivery Units”. “Share
Termination Settled” in relation to this Transaction means that Share
Termination Alternative is applicable to this Transaction.

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

	 	(i)	 	If Company elects to settle the Transaction pursuant to this
clause (i) (a “Private Placement Settlement”), then delivery of Restricted
Shares by Company shall be effected in customary private placement procedures
with respect to such Restricted Shares reasonably acceptable to JPMorgan;
provided that Company may not elect a Private Placement Settlement if, on the
date of its election, it has taken, or caused to be taken, any action that
would make unavailable either the exemption pursuant to Section 4(2) of the
Securities Act for the sale by Company to JPMorgan (or any affiliate designated
by JPMorgan) of the Restricted Shares or the exemption pursuant to Section 4(1)
or Section 4(3) of the Securities Act for resales of the Restricted Shares by
JPMorgan (or any such affiliate of JPMorgan). The Private Placement Settlement
of such Restricted Shares shall include customary representations, covenants,
blue sky and other governmental filings and/or registrations, indemnities to
JPMorgan, due diligence rights (for JPMorgan or any designated buyer of the
Restricted Shares by JPMorgan), opinions and certificates, and such other
documentation as is customary for private placement agreements, all reasonably
acceptable to JPMorgan. In the case of a Private Placement Settlement,
JPMorgan shall determine the appropriate discount to the Share Termination Unit
Price

14

 

	 	 	 	(in the case of settlement of Share Termination Delivery Units pursuant to
paragraph (j) above) or any Settlement Price (in the case of settlement of
Shares pursuant to Section 2 above) applicable to such Restricted Shares in
a commercially reasonable manner and appropriately adjust the number of such
Restricted Shares to be delivered to JPMorgan hereunder; provided that in no
event shall such number be greater than two times the Number of Shares (the
“Maximum Amount”). Notwithstanding the Agreement or this Confirmation, the
date of delivery of such Restricted Shares shall be the Exchange Business
Day following notice by JPMorgan to Company, of such applicable discount and
the number of Restricted Shares to be delivered pursuant to this clause (i).
For the avoidance of doubt, delivery of Restricted Shares shall be due as
set forth in the previous sentence and not be due on the Share Termination
Payment Date (in the case of settlement of Share Termination Delivery Units
pursuant to paragraph (j) above) or on the Settlement Date for such
Restricted Shares (in the case of settlement in Shares pursuant to Section 2
above).
	 
	 	 	 	In the event Company shall not have delivered the full number of Restricted
Shares otherwise applicable as a result of the proviso above relating to the
Maximum Amount (such deficit, the “Deficit Restricted Shares”), Company
shall be continually obligated to deliver, from time to time until the full
number of Deficit Restricted Shares have been delivered pursuant to this
paragraph, Restricted Shares when, and to the extent, that (i) Shares are
repurchased, acquired or otherwise received by Company or any of its
subsidiaries after the Trade Date (whether or not in exchange for cash, fair
value or any other consideration), (ii) authorized and unissued Shares
reserved for issuance in respect of other transactions prior to such date
which prior to the relevant date become no longer so reserved and (iii)
Company additionally authorizes any unissued Shares that are not reserved
for other transactions. Company shall immediately notify JPMorgan of the
occurrence of any of the foregoing events (including the number of Shares
subject to clause (i), (ii) or (iii) and the corresponding number of
Restricted Shares to be delivered) and promptly deliver such Restricted
Shares thereafter.
	 
	 	(ii)	 	If Company elects to settle the Transaction pursuant to this
clause (ii) (a “Registration Settlement”), then Company shall promptly (but in
any event no later than the beginning of the Resale Period) file and use its
reasonable best efforts to make effective under the Securities Act a
registration statement or supplement or amend an outstanding registration
statement in form and substance reasonably satisfactory to JPMorgan, to cover
the resale of such Restricted Shares in accordance with customary resale
registration procedures, including covenants, conditions, representations,
underwriting discounts (if applicable), commissions (if applicable),
indemnities due diligence rights, opinions and certificates, and such other
documentation as is customary for equity resale underwriting agreements, all
reasonably acceptable to JPMorgan. If JPMorgan, in its sole reasonable
discretion, is not satisfied with such procedures and documentation Private
Placement Settlement shall apply. If JPMorgan is satisfied with such
procedures and documentation, it shall sell the Restricted Shares pursuant to
such registration statement during a period (the “Resale Period”) commencing on
the Exchange Business Day following delivery of such Restricted Shares (which,
for the avoidance of doubt, shall be the Share Termination Payment Date in case
of settlement in Share Termination Delivery Units pursuant to paragraph (j)
above or (y) the Settlement Date in respect of the final Expiration Date for
all Daily Number of Warrants) and ending on the earliest of (i) the Exchange
Business Day on which JPMorgan completes the sale of all Restricted Shares or,
in the case of settlement of Share Termination Delivery Units, a sufficient
number of Restricted Shares so that the realized net proceeds of such sales
equals or exceeds the Payment Obligation (as defined above), (ii) the date upon
which all Restricted Shares have been sold or transferred pursuant to Rule 144
(or similar provisions then in force) or Rule 145(d)(1) or (2) (or any similar
provision then in force) under the Securities Act and (iii) the date upon which
all Restricted Shares may be sold or transferred by a non-affiliate pursuant to
Rule 144 (or any similar provision then in force) or Rule 145(d)(3) (or any
similar provision then in force) under the Securities Act.

15

 

	 	 	 	If the Payment Obligation exceeds the realized net proceeds from such
resale, Company shall transfer to JPMorgan by the open of the regular
trading session on the Exchange on the Exchange Trading Day immediately
following the last day of the Resale Period the amount of such excess (the
“Additional Amount”) in cash or in a number of Shares (“Make-whole Shares”)
in an amount that, based on the Settlement Price on the last day of the
Resale Period (as if such day was the “Valuation Date” for purposes of
computing such Settlement Price), has a dollar value equal to the Additional
Amount. The Resale Period shall continue to enable the sale of the
Make-whole Shares. If Company elects to pay the Additional Amount in
Shares, the requirements and provisions for Registration Settlement shall
apply. This provision shall be applied successively until the Additional
Amount is equal to zero. In no event shall Company deliver a number of
Restricted Shares greater than the Maximum Amount.
	 
	 	(iii)	 	Without limiting the generality of the foregoing, Company
agrees that any Restricted Shares delivered to JPMorgan, as purchaser of such
Restricted Shares, (i) may be transferred by and among JPMorgan and its
affiliates and Company shall effect such transfer without any further action by
JPMorgan and (ii) after the period of 6 months from the Trade Date (or 1 year
from the Trade Date if, at such time, informational requirements of Rule 144(c)
are not satisfied with respect to Company) has elapsed after any Settlement
Date for such Restricted Shares, Company shall promptly remove, or cause the
transfer agent for such Restricted Shares to remove, any legends referring to
any such restrictions or requirements from such Restricted Shares upon request
by JPMorgan (or such affiliate of JPMorgan) to Company or such transfer agent,
without any requirement for the delivery of any certificate, consent,
agreement, opinion of counsel, notice or any other document, any transfer tax
stamps or payment of any other amount or any other action by JPMorgan (or such
affiliate of JPMorgan).

	 	 	 	If the Private Placement Settlement or the Registration Settlement shall not be
effected as set forth in clauses (i) or (ii), as applicable, then failure to effect
such Private Placement Settlement or such Registration Settlement shall constitute
an Event of Default with respect to which Company shall be the Defaulting Party.
	 
	 	(l)	 	Limit on Beneficial Ownership. Notwithstanding any other provisions
hereof, JPMorgan may not exercise any Warrant hereunder or be entitled to take delivery
of any Shares deliverable hereunder, and Automatic Exercise shall not apply with
respect to any Warrant hereunder, to the extent (but only to the extent) that, after
such receipt of any Shares upon the exercise of such Warrant or otherwise hereunder,
JPM Group. would directly or indirectly beneficially own (as such term is defined for
purposes of Section 13(d) of the Exchange Act) in excess of 7.5% of the then
outstanding Shares. Any purported delivery hereunder shall be void and have no effect
to the extent (but only to the extent) that, after such delivery, JPM Group would
directly or indirectly so beneficially own in excess of 7.5% of the then outstanding
Shares. If any delivery owed to JPMorgan hereunder is not made, in whole or in part,
as a result of this provision, Company’s obligation to make such delivery shall not be
extinguished and Company shall make such delivery as promptly as practicable after, but
in no event later than one Business Day after, JPMorgan gives notice to Company that,
after such delivery, JPM Group would not directly or indirectly so beneficially own in
excess of 7.5% of the then outstanding Shares.
	 
	 	(m)	 	Share Deliveries. Company acknowledges and agrees that, to the extent
the holder of this Warrant is not then an affiliate and has not been an affiliate for
90 days (it being understood that JPMorgan will not be considered an affiliate under
this paragraph solely by reason of its receipt of Shares pursuant to this Transaction),
and otherwise satisfies all holding period and other requirements of Rule 144 of the
Securities Act applicable to it, any delivery of Shares or Share Termination Delivery
Property hereunder at any time after 6 months from the Trade Date (or 1 year from the
Trade Date if, at such time, informational requirements of Rule 144(c) are not
satisfied with respect to Company) shall be eligible for resale under Rule 144 of the
Securities Act and Company agrees to promptly remove, or cause the transfer agent for
such Shares or Share Termination Delivery Property, to remove, any legends referring to
any restrictions on resale under the

16

 

	 	 	 	Securities Act from the Shares or Share Termination Delivery Property. Company
further agrees that any delivery of Shares or Share Termination Delivery Property
prior to the date that is 6 months from the Trade Date (or 1 year from the Trade
Date if, at such time, informational requirements of Rule 144(c) are not satisfied
with respect to Company), may be transferred by and among JPMorgan and its
affiliates and Company shall effect such transfer without any further action by
JPMorgan. Notwithstanding anything to the contrary herein, Company agrees that any
delivery of Shares or Share Termination Delivery Property shall be effected by
book-entry transfer through the facilities of DTC, or any successor depositary, if
at the time of delivery, such class of Shares or class of Share Termination Delivery
Property is in book-entry form at DTC or such successor depositary. Notwithstanding
anything to the contrary herein, to the extent the provisions of Rule 144 of the
Securities Act or any successor rule are amended, or the applicable interpretation
thereof by the Securities and Exchange Commission or any court change after the
Trade Date, the agreements of Company herein shall be deemed modified to the extent
necessary, in the opinion of outside counsel of Company, to comply with Rule 144 of
the Securities Act, as in effect at the time of delivery of the relevant Shares or
Share Termination Delivery Property.
	 
	 	(n)	 	Governing Law. New York law (without reference to choice of law
doctrine).
	 
	 	(o)	 	Waiver of Jury Trial. Each party waives, to the fullest extent
permitted by applicable law, any right it may have to a trial by jury in respect of any
suit, action or proceeding relating to this Transaction. Each party (i) certifies that
no representative, agent or attorney of the other party has represented, expressly or
otherwise, that such other party would not, in the event of such a suit, action or
proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the
other party have been induced to enter into this Transaction, as applicable, by, among
other things, the mutual waivers and certifications provided herein.
	 
	 	(p)	 	Tax Disclosure. Effective from the date of commencement of discussions
concerning the Transaction, Company and each of its employees, representatives, or
other agents may disclose to any and all persons, without limitation of any kind, the
tax treatment and tax structure of the Transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to Company relating to
such tax treatment and tax structure.
	 
	 	(q)	 	Maximum Share Delivery. Notwithstanding any other provision of this
Confirmation or the Agreement, in no event will Company be required to deliver more
than the Maximum Amount of Shares in the aggregate to JPMorgan in connection with this
Transaction, subject to the provisions regarding Deficit Restricted Shares
	 
	 	(r)	 	Right to Extend. JPMorgan may postpone, in whole or in part, any
Expiration Date or any other date of valuation or delivery with respect to some or all
of the relevant Warrants (in which event the Calculation Agent shall make appropriate
adjustments to the Daily Number of Warrants with respect to one or more Expiration
Dates) if JPMorgan determines, in its commercially reasonable judgment, that such
extension is reasonably necessary or appropriate to preserve JPMorgan’s hedging or
hedge unwind activity hereunder in light of existing liquidity conditions or to enable
JPMorgan to effect purchases of Shares in connection with its hedging, hedge unwind or
settlement activity hereunder in a manner that would, if JPMorgan were Issuer or an
affiliated purchaser of Issuer, be in compliance with applicable legal, regulatory or
self-regulatory requirements, or with related policies and procedures applicable to
JPMorgan.
	 
	 	(s)	 	Status of Claims in Bankruptcy. JPMorgan acknowledges and agrees that
this Confirmation is not intended to convey to JPMorgan rights against Company with
respect to the Transaction that are senior to the claims of common stockholders of
Company in any United States bankruptcy proceedings of Company; provided that nothing
herein shall limit or shall be deemed to limit JPMorgan’s right to pursue remedies in
the event of a breach by Company of its obligations and agreements with respect to the
Transaction; provided, further, that nothing herein shall limit or shall be deemed to
limit JPMorgan’s rights in respect of any transactions other than the Transaction.

17

 

	 	(t)	 	Securities Contract; Swap Agreement. The parties hereto intend for:
(a) the Transaction to be a “securities contract” and a “swap agreement” as defined in
the Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”), and
the parties hereto to be entitled to the protections afforded by, among other Sections,
Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code; (b)
a party’s right to liquidate the Transaction and to exercise any other remedies upon
the occurrence of any Event of Default under the Agreement with respect to the other
party to constitute a “contractual right” as described in the Bankruptcy Code; and (c)
each payment and delivery of cash, securities or other property hereunder to constitute
a “margin payment” or “settlement payment” and a “transfer” as defined in the
Bankruptcy Code.
	 
	 	(u)	 	Delivery or Receipt of Cash. For the avoidance of doubt, other than
receipt of the Premium by Company, nothing in this Confirmation shall be interpreted as
requiring Company to deliver or receive cash in respect of the settlement of the
Transaction contemplated by this Confirmation, except in circumstances where the cash
settlement thereof is within Company’s control (including, without limitation, where an
Event of Default by Company has occurred under Section 5(a)(ii) or Section 5(a)(iv) of
the Agreement, where Company elects to deliver or receive cash or fails timely to elect
to deliver or receive Share Termination Delivery Property in respect of the settlement
of such Transaction) or in those circumstances in which holders of the Shares would
also receive cash.
	 
	 	(v)	 	Future Agreement. Company agrees not to enter into any agreement
(including, without limitation, any credit facility) that would prohibit Company from
performing its obligations hereunder (including, without limitation, pursuant to
Section 6(d)(ii) of the Agreement).

18

 

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

Very truly yours,               

	 	 	 	 	 	 	 
	 	 	J.P. Morgan Securities Inc., as agent for

JPMorgan Chase Bank, National Association	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Jason M. Wood 	 	 
	 

	 	 	 	 

	 	 
	 	 	Authorized Signatory	 	 
	 	 	Name:  Jason M. Wood	 	 

Accepted and confirmed

as of the Trade Date:

TTM Technologies, Inc.

By:  /s/
Steven W. Richards                                                            

Authorized Signatory

Name:  Steven W. Richards

JPMorgan Chase Bank, National Association

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

Main Office 1111 Polaris Parkway, Columbus, Ohio 43271

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

Branch Office 125 London Wall, London EC2Y 5AJ

Authorised and regulated by the Financial Services Authority

19

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