EX-99.2 3 ex99-2.htm EXHIBIT 99.2 - SUPPLEMENTAL CONFIRMATION ex99-2.htm
 
Exhibit 99.2
 
 
EXECUTION VERSION

SUPPLEMENTAL CONFIRMATION
 
February 5, 2015
 
The Lion Fund II, L.P.
17802 IH 10 West, Suite 400
San Antonio, TX 78257
 
Attention: Sardar Biglari
Tel: (210) 390-3686
Fax: (210) 344-3411
 
Re:
Pre-paid Variable Share Forward Transaction
Transaction Ref:          
To be advised
 
Dear Sirs:

The purpose of this communication is to set forth certain terms and conditions of the above-referenced Transaction entered into on the Trade Date specified below (the “Transaction”). This confirmation is a Supplemental Confirmation within the meaning of the Master Confirmation for forward transactions dated as of February 5, 2015, as amended and supplemented from time to time (the “Master Confirmation”), among The Lion Fund II, L.P. (“Counterparty”), JPMorgan Chase Bank, National Association, London Branch (“JPMorgan”), by J.P. Morgan Securities LLC, as its agent (the “Agent”), and JPMorgan Chase Bank, National Association, as collateral agent (the “Collateral Agent”). Capitalized terms used herein have the meanings set forth in the Master Confirmation.

For all purposes under the Master Confirmation, the terms of the Transaction to which this Supplemental Confirmation relates shall be as follows:
 
Trade Date:
 
February 5, 2015
     
Number of Components:
 
32
     
Number of Transaction Shares:
 
1,250,000
     
Initial Share Price
 
USD 131.32
     
Prepayment Percentage:
 
82.3%
     
Prepayment Amount:
 
USD 135,095,500
     
Prepayment Date:
 
February 10, 2015
     
Forward Floor Price:
 
USD 131.32
     
Forward Cap Price:
 
USD 157.584
     
Ordinary Dividend Amount:
 
 
The applicable per share amount in USD for each of the following regular quarterly dividend periods of the Issuer specified below:
 
   
Trade Date – March 31, 2015
 
USD 0.00
   
April 1, 2015 – June 30, 2015
 
USD 1.00
   
July 1, 2015 – September 30, 2015
 
USD 1.00
   
October 1, 2015 – December 31, 2015
 
USD 1.00
   
January 1, 2016 – March 31, 2016
 
USD 1.00
 
 
 

 
 
   
April 1, 2016 – June 30, 2016
 
USD 1.00
   
July 1, 2016 – September 30, 2016
 
USD 1.00
   
October 1, 2016 – December 31, 2016
 
USD 1.00
   
January 1, 2017 – March 31, 2017
 
USD 1.00
   
April 1, 2017 – July 18, 2017
 
USD 1.00
   
July 19, 2017 – September 30, 2017
 
USD 1.00
   
Thereafter
 
USD 0.00

For each Component of the Transaction, the Number of Shares and the Scheduled Valuation Date are set forth below:

Component Number
 
Number of Shares
 
Scheduled Valuation Date
1.
 
39,063
 
June 14, 2017
2.
 
39,063
 
June 15, 2017
3.
 
39,063
 
June 16, 2017
4.
 
39,063
 
June 19, 2017
5.
 
39,063
 
June 20, 2017
6.
 
39,063
 
July 13, 2017
7.
 
39,063
 
July 14, 2017
8.
 
39,063
 
July 17, 2017
9.
 
39,063
 
July 18, 2017
10.
 
39,063
 
July 19, 2017
11.
 
39,063
 
July 20, 2017
12.
 
39,063
 
July 21, 2017
13.
 
39,063
 
July 24, 2017
14.
 
39,063
 
July 25, 2017
15.
 
39,063
 
July 26, 2017
16.
 
39,063
 
July 27, 2017
17.
 
39,063
 
August 10, 2017
18.
 
39,063
 
August 11, 2017
19.
 
39,063
 
August 14, 2017
20.
 
39,063
 
August 15, 2017
21.
 
39,063
 
August 16, 2017
22.
 
39,063
 
August 17, 2017
23.
 
39,063
 
August 18, 2017
24.
 
39,063
 
August 21, 2017
25.
 
39,063
 
August 22, 2017
26.
 
39,063
 
August 23, 2017
27.
 
39,063
 
August 24, 2017
28.
 
39,063
 
September 13, 2017
29.
 
39,063
 
September 14, 2017
30.
 
39,063
 
September 15, 2017
31.
 
39,063
 
September 18, 2017
32.
 
39,047
 
September 19, 2017

 
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Please confirm by signing below that the foregoing correctly sets forth the terms of the agreement between JPMorgan and Counterparty with respect to the particular Transaction to which this Supplemental Confirmation relates and return it to us.



 
Very truly yours,
 
 
J.P. MORGAN SECURITIES LLC, as agent for JPMorgan Chase Bank, National Association
   
   
 
By:  
/s/ Justin G. Sumner
   
Name:  
Justin G. Sumner
   
Title:
Executive Director



 
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Collateral Agent
   
   
 
By:  
/s/ Frank Snyder
   
Name:  
Frank Snyder
   
Title:
Vice President







Acknowledged and Confirmed:
 
THE LION FUND II, L.P.
 
 
By:  /s/ Sardar Biglari                                                              
     Name: Sardar Biglari
     Title: Chairman of Biglari Capital Corp.
               General Partner of The Lion Fund II, L.P.

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