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| Between : | Party A Piazzetta Enrico Cuccia, 1 20121 Milan (MI) Italy |
| and : | Party B Diego Della Valle & C. S.A.P.A. Attn.: Emilio Macellari Strada Sette Camini, 116 63019 Sant’Elpidio a Mare Ascoli Piceno (AP) Italy |
SHARE OPTION TRANSACTION
The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and conditions of the Transaction entered into between Party A and Party B on the Trade Date specified below (the “Transaction”). This Confirmation constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below.
This Confirmation is subject to, and incorporates, the definitions and provisions of the 2000 ISDA Definitions (including the Annex thereto) (the “2000 Definitions”) and the definitions and provisions of the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and together with the 2000 Definitions, the “Definitions”), in each case as published by the International Swaps and Derivatives Association, Inc. (“ISDA”). In the event of any inconsistency between the 2000 Definitions and the Equity Definitions, the Equity Definitions will govern. In the event of any inconsistency between the Definitions and this Confirmation, this Confirmation will govern.
| 1. | This Confirmation evidences a complete and binding agreement between Party A and Party B as to the terms of the Transaction to which this confirmation relates. In addition, Party A and Party B agree to use all reasonable efforts to promptly negotiate, execute, and deliver an agreement in the form of the ISDA Master Agreement (the “ISDA Form”), with such modification as Party A and Party B will in good faith agree. Upon the execution by Party A and Party B of such an agreement, this Confirmation will supplement, form a part of, and be subject to, that agreement. All provision contained or incorporated by reference in this agreement, this Confirmation, together with all other documents referring to the ISDA form (each a “Confirmatio n”) confirming transaction |
| Ref.: 56960 - Mx 1710319 | 1/5 |
 | PIAZZETTA ENRICO CUCCIA, 1 - 20121 MILANO ISCRITTA ALL’ALBO DELLE BANCHE – CAPOGRUPPO DEL GRUPPO BANCARIO MEDIOBANCA ISCRITTO ALL’ALBO DEI GRUPPI BANCARI N. DI ISCRIZIONE NEL REGISTRO DELLE IMPRESE DI MILANO, CODICE FISCALE E PARTITA IVA: 00714490158 - CAPITALE €430.551.416, www.mediobanca.it |
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(each “a Transaction”) entered into between Party A and Party B (notwithstanding anything to the contrary in a Confirmation) shall supplement, form a part of, and be subject to an agreement in the form of the ISDA form as if Party A and Party B had executed an agreement in such form on the trade Date of the first such Transaction between Party A and Party B. In the event of any inconsistency between provision of that agreement and this Confirmation, this Confirmation will prevail for the purpose of the Transaction to which this confirmation relates.
| 2. | The terms of the particular Transaction to which this Confirmation relates are as follows |
| General Terms | |
| Trade Date : | |
| Option Style : | |
| Option Type : | Call |
| Seller : | Party A |
| Buyer : | Party B |
| Shares : | |
| Number of Options : | |
| Option Entitlement : | |
| Strike Price : | USD 12.95000 |
| Premium : | USD 6,400,000.00 |
| Premium per Option : | USD 0.80000 |
| Premium Payment Date : | |
| Exchange : | The New York Stock Exchange - NYSE |
| Related Exchange : | Any principal futures or options exchange on which contracts related to the Shares are traded. |
| Clearance System : | The clearance system used by the Exchange |
| Procedure for Exercise | |
| Expiration Time : | At the closing of trading on the Exchange |
| Expiration Date : | |
| Multiple Exercise : | |
| Ref.: 56960 - Mx 1710319 | - 2 - | 2/5 |
| PIAZZETTA ENRICO CUCCIA, 1 - 20121 MILANO ISCRITTA ALL’ALBO DELLE BANCHE – CAPOGRUPPO DEL GRUPPO BANCARIO MEDIOBANCA ISCRITTO ALL’ALBO DEI GRUPPI BANCARI N. DI ISCRIZIONE NEL REGISTRO DELLE IMPRESE DI MILANO, CODICE FISCALE E PARTITA IVA: 00714490158 - CAPITALE €430.551.416, www.mediobanca.it |
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| Integral Multiple : | 500,000.00 |
| Automatic Exercise : | Applicable |
| “In-the-Money”: means, (i) in respect of a Call, that the Reference Price is equal to or greater than the Strike Price; and (ii) in respect of a Put, that the Reference Price is lower than the Strike Price. | |
Party A’s Telephone Number, Telex and/or Facsimile Number and Contact Details for Purpose of Giving Notice | Mediobanca Banca di Credito Finanziario S.p.A. Piazzetta Enrico Cuccia, 1 20121 Milan (MI) Italy Attn. : Roberto Reali – Stefano Angelini Tel. : +39 02 8829 571 - 872 Fax : +39 02 8829 400 |
| Party B’s Telephone Number, Telex and/or Facsimile Number and Contact Details for Purpose of Giving Notice | Diego Della Valle & C. S.A.P.A. Strada Sette Camini, 116 63019 Sant’Elpidio a Mare Ascoli Piceno (AP) Italy Attn.: Emilio Macellari Tel. : +39 0734 866225 Fax. : +39 0734 866656 E-mail: e.macellari@ddvsapa.com |
| Reference Price : | The official closing price per Share, quoted by the Exchange at the Expiration Time on the Expiration Date. |
| Settlement Terms | |
| Settlement Method Election: | Not Applicable |
| Physical Settlement: | Applicable |
| Adjustments | |
| Method of Adjustment : | Calculation Agent Adjustment |
| Extraordinary Events | |
| Consequences of Merger Events : | |
| Ref.: 56960 - Mx 1710319 | - 3 - | 3/5 |
| PIAZZETTA ENRICO CUCCIA, 1 - 20121 MILANO ISCRITTA ALL’ALBO DELLE BANCHE – CAPOGRUPPO DEL GRUPPO BANCARIO MEDIOBANCA ISCRITTO ALL’ALBO DEI GRUPPI BANCARI N. DI ISCRIZIONE NEL REGISTRO DELLE IMPRESE DI MILANO, CODICE FISCALE E PARTITA IVA: 00714490158 - CAPITALE €430.551.416, www.mediobanca.it |
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| a) Share-for-Share : | Calculation Agent Adjustment |
| b) Share-for-Other : | Calculation Agent Adjustment |
| c) Share-for-Combined : | Calculation Agent Adjustment |
| Tender Offer | Applicable |
| a) Share-for-Share : | Calculation Agent Adjustment |
| b) Share-for-Other : | Calculation Agent Adjustment |
| c) Share-for-Combined : | Calculation Agent Adjustment |
| Nationalization, Insolvency or Delisting : | Cancellation and Payment (Calculation Agent Determination) |
| Additional Disruption Events : | ||||||
| Change in Law: | Not Applicable | |||||
| Failure to Deliver | Applicable | |||||
| Insolvency Filing: | Applicable | |||||
| Determining Party : | In respect of “Insolvency Filing”, means Party A. | |||||
| Hedging Disruption | Not Applicable | |||||
| Increased Cost of Hedging | Not Applicable | |||||
| Loss of Stock Borrow | Not Applicable | |||||
| Increased Cost of Stock Borrow | Not Applicable | |||||
3. Calculation Agent | Party A | |||||
4. Account Details : | ||||||
| Payments to Party B : | To be provided. | |||||
| Payments to Party A : | having swift code BCITUS33XXX in favor of Mediobanca - Banca di Credito Finanziario S.p.A. | |||||
| Ref.: 56960 - Mx 1710319 | - 4 - | 4/5 |
| PIAZZETTA ENRICO CUCCIA, 1 - 20121 MILANO ISCRITTA ALL’ALBO DELLE BANCHE – CAPOGRUPPO DEL GRUPPO BANCARIO MEDIOBANCA ISCRITTO ALL’ALBO DEI GRUPPI BANCARI N. DI ISCRIZIONE NEL REGISTRO DELLE IMPRESE DI MILANO, CODICE FISCALE E PARTITA IVA: 00714490158 - CAPITALE €430.551.416, www.mediobanca.it |
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having swift code BAMEITMMXXX and having account number 35070290001 | ||||||
5. Offices | ||||||
| The Office of Party A for the Transactions is: | ||||||
| The Office of Party B for the Transactions is: | Fermo (Italy) | |||||
6. Additional Representations | ||||||
| Non-Reliance | Applicable | |||||
| Agreements and Acknowledgements Regarding Hedging Activities | Applicable | |||||
| Additional Acknowledgements | Applicable | |||||
Confirmed as of the date first above written :
Mediobanca - Banca di Credito Finanziario S.p.A.
| By: | /s/ Franceso CARLONI | By: | /s/ Stafano ANGELINI | ||
| Name: Franceso CARLONI | Name: Stafano ANGELINI | ||||
| Title: Manager | Title: Officer | ||||
| Authorized Signature | Authorized Signature | ||||
Diego Della Valle & C. S.A.P.A.
| By: | /s/ Emilio Macellari | By: | |||
| Name: Emilio Macellari | Name: | ||||
| Title: Proxy Holder | Title: | ||||
| Authorized Signature | Authorized Signature | ||||
| Ref.: 56960 - Mx 1710319 | - 5 - | 5/5 |
| PIAZZETTA ENRICO CUCCIA, 1 - 20121 MILANO ISCRITTA ALL’ALBO DELLE BANCHE – CAPOGRUPPO DEL GRUPPO BANCARIO MEDIOBANCA ISCRITTO ALL’ALBO DEI GRUPPI BANCARI N. DI ISCRIZIONE NEL REGISTRO DELLE IMPRESE DI MILANO, CODICE FISCALE E PARTITA IVA: 00714490158 - CAPITALE €430.551.416, www.mediobanca.it |