CONFIRMATION

EX-10.10 14 dex1010.htm EXHIBIT 10.10 Exhibit 10.10

Exhibit 10.10

CONFIRMATION

 

Date:    July 1, 2008
To:    Smithfield Foods, Inc. (“Issuer”)
Telefax No.:    (757) 365-3070
Attention:    Carey Dubois
From:    Citibank, N.A. (“Bank”)
Telefax No.:    212 ###-###-####

Transaction Reference Number: N/A

The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of the above-referenced Transaction entered into on the Trade Date specified below between you and us. This Confirmation supplements, forms a part of, and is subject to the Master Terms and Conditions for Warrants Issued by Smithfield Foods, Inc., between Bank and Issuer, dated as of July 1, 2008 and as amended from time to time (the “Master Confirmation”).

1. The definitions and provisions contained in the Definitions (as such term is defined in the Master Confirmation) and in the Master Confirmation are incorporated into this Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern.

2. The particular Transaction to which this Confirmation relates shall have the following terms:

 

Trade Date:    July 1, 2008
Effective Date:    July 8, 2008
Strike Price:    USD30.5375
Premium:    USD10,697,232.00 (USD2.08 per Warrant)
Premium Payment Date:    The Effective Date
Final Disruption Date:    January 8, 2014
Maximum Delivery Amount:    8,877,600 shares

 

1


For each Component of the Transaction, the Number of Warrants and Expiration Date are as set forth below.

 

Component Number

  

Number of Warrants

  

Expiration Date

1.

   85,715    10/01/2013

2.

   85,715    10/02/2013

3.

   85,715    10/03/2013

4.

   85,715    10/04/2013

5.

   85,715    10/07/2013

6.

   85,715    10/08/2013

7.

   85,715    10/09/2013

8.

   85,715    10/10/2013

9.

   85,715    10/11/2013

10.

   85,715    10/14/2013

11.

   85,715    10/15/2013

12.

   85,715    10/16/2013

13.

   85,715    10/17/2013

14.

   85,715    10/18/2013

15.

   85,715    10/21/2013

16.

   85,715    10/22/2013

17.

   85,715    10/23/2013

18.

   85,715    10/24/2013

19.

   85,715    10/25/2013

20.

   85,715    10/28/2013

21.

   85,715    10/29/2013

22.

   85,715    10/30/2013

23.

   85,715    10/31/2013

24.

   85,715    11/01/2013

25.

   85,715    11/04/2013

26.

   85,715    11/05/2013

27.

   85,715    11/06/2013

28.

   85,715    11/07/2013

29.

   85,715    11/08/2013

30.

   85,715    11/11/2013

31.

   85,715    11/12/2013

32.

   85,715    11/13/2013

33.

   85,715    11/14/2013

34.

   85,715    11/15/2013

35.

   85,715    11/18/2013

36.

   85,715    11/19/2013

37.

   85,715    11/20/2013

38.

   85,715    11/21/2013

39.

   85,715    11/22/2013

40.

   85,715    11/25/2013

41.

   85,715    11/26/2013

42.

   85,715    11/27/2013

43.

   85,715    11/29/2013

44.

   85,715    12/02/2013

45.

   85,715    12/03/2013

46.

   85,715    12/04/2013

47.

   85,715    12/05/2013

48.

   85,715    12/06/2013

49.

   85,715    12/09/2013

50.

   85,715    12/10/2013

51.

   85,715    12/11/2013

 

2


Component Number

  

Number of Warrants

  

Expiration Date

52.

   85,715    12/12/2013

53.

   85,715    12/13/2013

54.

   85,715    12/16/2013

55.

   85,715    12/17/2013

56.

   85,715    12/18/2013

57.

   85,715    12/19/2013

58.

   85,715    12/20/2013

59.

   85,715    12/23/2013

60.

   85,715    12/24/2013

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

4. Issuer hereby agrees (a) to check this Confirmation promptly upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing correctly sets forth the terms of the agreement between us with respect to the particular Transaction to which this Confirmation relates, by manually signing this Confirmation and providing any other information requested herein or in the Master Confirmation and immediately returning an executed copy to Citibank, N.A. Confirmation Unit via (212)  ###-###-####. Hard copies should be returned to Citibank, N.A., 333 West 34th Street, 2nd Floor, New York, New York 10001, Attention: Confirmation Unit.

 

3


Yours sincerely,
CITIBANK, N.A.
By:  

/s/ Jason Shrednick

Name:   Jason Shrednick
Title:   Authorized Signatory

 

Confirmed as of the
date first above written:
SMITHFIELD FOODS, INC.
By:  

/s/ Carey J. Dubois

Name:   Carey J. Dubois
Title:   Vice President-Finance

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