EX 4.4

 

 

 

 

 

CHESAPEAKE CORPORATION

 

and

 

COMPUTERSHARE INVESTOR SERVICES, LLC,

 

successor to 

 

HARRIS TRUST AND SAVINGS BANK,

 

as Rights Agent

 

 

 

 

_______________

 

 

Amended and Restated

Rights Agreement

Dated as of February 21, 2001

 

 

 

Table of Contents

Page

| Section 1. | Certain Definitions | 2Section 2.Appointment of Rights Agent
10Section 3.Issue of Rights and Rights Certificates
10Section 4.Form of Rights Certificates
13Section 5.Countersignature and Registration
15Section 6.Transfer, Split Up, Combination and Exchange of Rights    Certificates;
Mutilated, Destroyed, Lost or Stolen Rights Certificates
16Section 7.Exercise of Rights; Purchase Price; Expiration Date of    Rights; Restriction on Transfer of Rights
17Section 8.Cancellation and Destruction of Rights Certificates
21Section 9.Reservation and Availability of Preferred Stock
22Section 10.Preferred Stock Record Date
24Section 11.Adjustment of Purchase Price, Number and Kind of Shares or    Number of Rights
25Section 12.Certificates of Adjusted Purchase Price or Number of Shares
39Section 13.Consolidation, Merger or Sale or Transfer of Assets or    Earning Power
40Section 14.Fractional Rights and Fractional Shares
44Section 15.Rights of Action
46Section 16.Agreement of Rights Holders
47Section 17.Rights Certificate Holder Not Deemed a Shareholder
48Section 18.Concerning the Rights Agent
49Section 19.Merger or Consolidation or Change of Name of Rights Agent
50Section 20.Duties of Rights Agent
52Section 21.Change of Rights Agent
56Section 22.Issuance of New Rights Certificates
58Section 23.Redemption and Termination
58Section 24.Exchange
61Section 25.Notice of Certain Events
63Section 26.Notices
65Section 27.Supplements and Amendments
66Section 28.Successors
67Section 29.Determinations and Actions by the Board of Directors, etc
67Section 30.Benefits of this Agreement
68Section 31.Severability
68Section 32.Governing Law
69Section 33.Counterparts
69Section 34.Descriptive Headings
69
 
Exhibit A -- Form of Rights Certificate

AMENDED AND RESTATED RIGHTS AGREEMENT

This Amended and Restated Rights Agreement, dated as of February 21,2001 (the "Agreement"), between CHESAPEAKE CORPORATION, a Virginia corporation(the "Company"), and COMPUTERSHARE INVESTOR SERVICES, LLC, successor to HarrisTrust and Savings Bank, as rights agent (the "Rights Agent"), provides asfollows:

W I T N E S S E T H

WHEREAS, pursuant to the Rights Agreement, dated as of March 15, 1998(the "Original Rights Agreement"), between the Company and Harris Trust andSavings Bank, an Illinois banking corporation (the "Original Rights Agent"), theBoard of Directors of the Company authorized and declared a dividend distribution of oneRight (as hereinafter defined) for each outstanding share of Common Stock of the Companyto shareholders of record at the Close of Business (as hereafter defined) on the RecordDate (as hereinafter defined), and authorized the issuance of one Right (as such numbermay hereinafter be adjusted as provided herein) for each share of Common Stock issuedbetween the Record Date and the earliest of the Distribution Date, the Redemption Date orthe Expiration Date (as such terms are hereinafter defined) unless the Board of Directorsprovides to the contrary before or at the time of issuance of any such Common Stock, eachRight initially representing the right to purchase one Unit of Preferred Stock, (ashereinafter defined), and being in the form of the Rights Certificate attached hereto asExhibit A, upon the terms and subject to the conditions hereof (the "Rights");and

WHEREAS, pursuant to Section 27 of the Original Rights Agreement, theBoard of Directors of the Company desires to amend and restate the Original RightsAgreement in its entirety as set forth in this Agreement, such amendment and restatementto be effective as of the date hereof; and

WHEREAS, pursuant to Section 21 of this Agreement, the Board ofDirectors of the Company desires to appoint the Rights Agent as successor to the OriginalRights Agent under the Original Rights Agreement.

NOW, THEREFORE, in consideration of the premises and the mutualagreements herein set forth, the parties hereby agree as follows:

Section 1. Certain Definitions. Forpurposes of this Agreement, the following terms have the meanings indicated:
- "Acquiring Person" shall mean any Person who or which, alone or together with        all Affiliates and Associates of such Person, shall at any time be the Beneficial Owner of        either or both of (i) 15% or more of the shares of Common Stock then outstanding or (ii)        15% or more of the Rights then outstanding, but shall not include (a) the Company, any        Subsidiary of the Company, any employee benefit plan of the Company or of any Subsidiary        of the Company, or any Person or entity organized, appointed or established by the Company        for or pursuant to the terms of any such plan or, (b) any such Person who has become and        is such a Beneficial Owner solely because (1) of a reduction in the aggregate number of        shares of Common Stock outstanding due to a repurchase of shares of Common Stock by the        Company since the last date on which such Person acquired Beneficial Ownership of any        shares of Common Stock or (2) it acquired such Beneficial Ownership in the good faith        belief that such acquisition would not (A) cause such Beneficial Ownership to equal or        exceed 15% of the shares of Common Stock then outstanding and such Person relied in good        faith in computing the percentage of its Beneficial Ownership on publicly filed reports or        documents of the Company that are inaccurate or out-of-date or (B) otherwise cause a        Distribution Date or the adjustment provided for in Section 11(a) to occur.        Notwithstanding clause (b)(2) of the preceding sentence, if any Person that is not an        Acquiring Person due to such clause (b)(2) does not reduce its percentage of Beneficial        Ownership of shares of Common Stock to less than 15% by the Close of Business on the fifth        Business Day after notice from the Company (the date of notice being the first day) that        such Person's Beneficial Ownership of shares of Common Stock so equals or exceeds 15%,        such Person shall, at the end of such five Business Day period, become an Acquiring Person        (and such clause (b)(2) shall no longer apply to such Person). For purposes of this        definition, the determination whether any Person acted in "good faith" shall be        conclusively determined by the Board of Directors of the Company.
- "Affiliate" and "Associate" shall have the respective meanings        ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under the        Exchange Act.
- A Person shall be deemed the "Beneficial Owner" of, and shall be deemed to        "beneficially own," any securities:
that such Person or any of such Person's Affiliates or Associates is deemed to          "beneficially own" within the meaning of Rule 13d-3 of the General Rules and          Regulations under the Exchange Act;
that such Person or any of such Person's Affiliates or Associates, directly or          indirectly, has the right to acquire (whether such right is exercisable immediately or          only after the passage of time) pursuant to any agreement, arrangement or understanding          (whether or not in writing) or upon the exercise of conversion rights, exchange rights,          rights, warrants or options, or otherwise; 
provided
, 
however
, that a Person          shall not be deemed to be the "Beneficial Owner" of, or to "beneficially          own," (A) securities tendered pursuant to a tender or exchange offer made by such          Person or any of such Person's Affiliates or Associates until such tendered securities are          accepted for purchase or exchange or (B) securities issuable upon exercise of the Rights.
that such Person or any of such Person's Affiliates or Associates, directly or          indirectly, has the right to vote, including pursuant to any agreement, arrangement or          understanding, whether or not in writing; 
provided
, 
however
, that a Person          shall not be deemed the "Beneficial Owner" of, or to "beneficially          own," any security under this subparagraph (iii) as a result of an agreement,          arrangement or understanding to vote such security if such agreement, arrangement or          understanding: (A) arises solely from a revocable proxy given in response to a public          proxy solicitation made pursuant to, and in accordance with, the applicable provisions of          the General Rules and Regulations under the Exchange Act, and (B) the beneficial ownership          of such security is not also then reportable by such Person on Schedule 13D under the          Exchange Act (or any comparable or successor report); or
that are beneficially owned, directly or indirectly, by any other Person (or any          Affiliate or Associate thereof) with which such Person (or any of such Person's Affiliates          or Associates) has any agreement, arrangement or understanding (whether or not in          writing), for the purpose of acquiring, holding, voting (except pursuant to a revocable          proxy as described in the proviso to subparagraph (iii) of this paragraph (c)) or          disposing of any voting securities of the Company; 
provided
, 
however
, that          notwithstanding any provision of this Section 1(c), any Person engaged in business as an          underwriter of securities who acquires any securities of the Company through such Person's          participation in good faith in a firm commitment underwriting registered under the          Securities Act of 1933, as amended (the "Act"), shall not be deemed the          "Beneficial Owner" of, or to "beneficially own," such securities until          the expiration of 40 days after the date of acquisition; and 
provided
, 
further
,          that in no case shall an officer or director of the Company be deemed (x) the beneficial          owner of any securities beneficially owned by another officer or director of the Company          solely by reason of actions undertaken by such persons in their capacity as officers or          directors of the Company; or (y) the beneficial owner of securities held of record by the          trustee of any employee benefit plan of the Company or any Subsidiary of the Company for          the benefit of any employee of the Company or any Subsidiary of the Company, other than          the officer or director, by reason of any influence that such officer or director may have          over the voting of the securities held in the plan.

- "Business Day" shall mean any day other than a Saturday, Sunday or a day on        which national banking institutions in the State of Illinois are authorized or obligated        by law or executive order to close.
- "Close of Business" on any given date shall mean 5:00 P.M., Chicago, Illinois        time, on such date;  provided ,  however , that if such date is not a Business        Day it shall mean 5:00 P.M., Chicago, Illinois time, on the next succeeding Business Day.
- "Common Stock" shall mean the common stock of the Company, except that        "Common Stock" when used with reference to any Person other than the Company, if        such Person is a corporation, shall mean the capital stock of such Person with the        greatest voting power, or the equity securities or other equity interest in such Person        having power to control or direct the management of such Person, or any shares of capital        stock or other equity interests into which the foregoing shall be reclassified or changed.
- "Distribution Date" shall mean the earlier of (i) the Close of Business on the        tenth day after the Stock Acquisition Date (as hereinafter defined) or (ii) the Close of        Business on the tenth business day after the date of commencement (within the meaning of        Rule 14d-2 of the General Rules and Regulations under the Exchange Act) of a tender or        exchange offer by any Person (other than the Company, any Subsidiary of the Company, any        employee benefit plan of the Company or of any Subsidiary of the Company, or any Person or        entity organized, appointed or established by the Company for or pursuant to the terms of        any such plan) if, upon consummation thereof, such Person would be an Acquiring Person        (irrespective of whether any shares were actually purchased pursuant to any such offer).
- "Equivalent Shares" shall mean shares of Preferred Stock (as hereinafter        defined) and any other class or series of capital stock of the Company that is entitled to        participate in dividends and other distributions, including distributions upon the        liquidation, dissolution or winding up of the Company, on a proportional basis with the        Common Stock. In calculating the number of any class or series of Equivalent Shares for        purposes of Section 11 hereof, the number of shares, or fractions of a share, of such        class or series of capital stock that is entitled to the same dividend or distribution as        a whole share of Common Stock shall be deemed to be one share.
- "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended and        in effect on the date of this Agreement, unless a different date is otherwise specifically        provided herein.
- "Exchange Date" shall mean the date on which the Board of Directors authorizes        the exchange of Rights for shares of Common Stock pursuant to Section 24 hereof.
- "Expiration Date" shall mean the earliest of (i) the Close of Business on the        Final Expiration Date, (ii) the time at which the Rights are redeemed as provided in        Section 23 hereof or (iii) the Exchange Date.
- "Final Expiration Date" shall mean March 15, 2008.
- "Person" shall mean any individual, firm, corporation, partnership or other        entity and any particular Person shall include any "group" acting as described        in Section 13(d)(3) of the Exchange Act.
- "Preferred Stock" shall mean shares of Series A Junior Participating Preferred        Stock, par value $100 per share, of the Company.
- "Purchase Price" shall have the meaning set forth in Section 4(a) hereof, as        adjusted in accordance with this Agreement and as in effect from time to time.
- "Record Date" shall mean the Close of Business on March 16, 1998.
- "Rights" shall mean the rights to purchase Preferred Stock (or other        securities) as provided in this Agreement and "Rights Certificate" shall have        the meaning set forth in Section 3(a) hereof.
- "Section 11(a)(ii) Event" shall mean any occurrence of the event described in        the first sentence of Section 11(a)(ii) hereof.
- "Section 13 Event" shall mean any event described in clause (w), (x), (y) or        (z) of Section 13(a) hereof.
- "Stock Acquisition Date" shall mean the first date of public announcement        (which, for purposes of this definition, shall include, without limitation, a report filed        pursuant to Section 13(d) of the Exchange Act) by the Company or an Acquiring Person that        an Acquiring Person has become such.
- "Subsidiary" shall mean, with reference to any Person, any corporation or        other entity of which an amount of voting securities sufficient to elect a majority of the        directors or Persons having similar authority of such corporation or other entity is        beneficially owned, directly or indirectly, by such Person, or otherwise controlled by        such Person.
- "Triggering Event" shall mean any Section 11(a)(ii) Event or any Section 13        Event.
- "Unit" shall mean one one-thousandth of a share of Preferred Stock.
Section 2. Appointment of Rights Agent.      The Company hereby appoints the Rights Agent to act as agent for the Company and the      holders of the Rights (who, in accordance with Section 3 hereof, shall prior to the      Distribution Date also be holders of Common Stock) in accordance with the terms and      conditions hereof, and the Rights Agent hereby accepts such appointment. The Company may      from time to time appoint such Co-Rights Agents as it may deem necessary or desirable.
Section 3. Issue of Rights and Rights      Certificates.
- Until the Distribution Date, (x) the Rights shall be evidenced (subject to the        provisions of paragraphs (b) and (c) of this Section 3) by the certificates for the Common        Stock registered in the names of the holders of the Common Stock (which certificates for        Common Stock shall be deemed also to be certificates for Rights) and not by separate        certificates, and (y) the Rights shall be transferable only in connection with the        transfer of the underlying shares of Common Stock (including a transfer to the Company).        Subject to the provisions of Section 7(e) hereof, as soon as practicable after the Company        has notified the Rights Agent of the occurrence of a Distribution Date, the Rights Agent        shall, at the expense of the Company, send by first-class, insured, postage prepaid mail,        to each such record holder of shares of the Common Stock as of the Close of Business on        the Distribution Date, at the address of such holder shown on the records of the Company,        one or more rights certificates, in substantially the form of Exhibit A hereto (the        "Rights Certificates"), evidencing one Right for each share of Common Stock so        held, subject to adjustment as provided herein. In the event that an adjustment in the        number of Rights per share of Common Stock has been made pursuant to Section 11(n) hereof,        at the time of distribution of the Rights Certificates, the Company shall make the        necessary and appropriate rounding adjustments (in accordance with Section 14(a) hereof)        so that Rights Certificates representing only whole numbers of Rights are distributed and        cash is paid in lieu of any fractional Rights. As of and after the Distribution Date, the        Rights shall be evidenced solely by such Rights Certificates.
- Until the Distribution Date, the Rights shall be evidenced by the certificates        evidencing the Common Stock, and the registered holders of the Common Stock shall also be        the registered holders of the associated Rights. Until the earlier of the Distribution        Date or the Expiration Date, the transfer of any certificates evidencing shares of Common        Stock in respect of which Rights have been issued shall also constitute, subject to the        provisions of Section 7(e) hereof, the transfer of the Rights associated with such        shares of Common Stock.
- Unless the Board of Directors by resolution adopted at or before the time of the        issuance (including pursuant to the exercise of rights under the Company's stock option or        other benefit plans) of any shares of Common Stock specifies to the contrary, Rights shall        be issued in respect of all shares of Common Stock that are issued after the Record Date        but prior to the earlier of the Distribution Date or the Expiration Date. Certificates        representing shares of Common Stock outstanding prior to the Record Date that are issued        upon transfer or exchange of such Common Stock, shall also be deemed to be certificates        for Rights, and shall bear the following legend:
This certificate also evidences and entitles the holder hereof to      certain Rights as set forth in the Amended and Restated Rights Agreement between      Chesapeake Corporation (the "Company") and Computershare Investor Services, LLC,      successor to Harris Trust and Savings Bank (the "Rights Agent"), dated as of      February 21, 2001 (the "Rights Agreement"), the terms of which are hereby      incorporated herein by reference and a copy of which is on file at the principal offices      of the Company. Under certain circumstances, as set forth in the Rights Agreement, such      Rights will be evidenced by separate certificates and will no longer be evidenced by this      certificate. The Company will mail to the holder of this certificate a copy of the Rights      Agreement, as in effect on the date of mailing, without charge promptly after receipt of a      written request therefor. Under certain circumstances set forth in the Rights Agreement,      Rights that are owned or that were previously owned by a Person who is, was or becomes an      Acquiring Person or any Affiliate or Associate of an Acquiring Person may become null and      void.
With respect to such certificates containing the foregoing legend (or      the corresponding legend set forth in the Original Agreement), until the earlier of (i)      the Distribution Date or (ii) the Expiration Date, the Rights associated with the Common      Stock represented by such certificates shall be evidenced by such certificates alone and      registered holders of Common Stock shall also be the registered holders of the associated      Rights, and the transfer of any of such certificates shall also constitute, subject to the      provisions of Section 7(e) hereof, the transfer of the Rights associated with the      Common Stock represented by such certificates.
In the event that the Company purchases or acquires any shares of      Common Stock after the Record Date but prior to the Distribution Date, any Rights      associated with such shares of Common Stock shall be deemed canceled and retired so that      the Company shall not be entitled to exercise any Rights associated with the shares of      Common Stock that are no longer outstanding.
Section 4. Form of Rights Certificates.
- The Rights Certificates (and the forms of election to purchase and of        assignment to be printed on the reverse thereof) shall each be substantially in the form        set forth in Exhibit A hereto and may have such marks of identification or designation and        such legends, summaries or endorsements printed thereon as the Company may deem        appropriate and as are not inconsistent with the provisions of this Agreement, or as may        be required to comply with any applicable law or with any rule or regulation made pursuant        thereto or with any rule or regulation of any stock exchange on which the Rights may from        time to time be listed, or to conform to usage. Subject to the provisions of Section 11        and Section 22 hereof, the Rights Certificates, whenever distributed, shall be dated as of        the Distribution Date, and on their face shall entitle the holders thereof to purchase        such number of Units of Preferred Stock as shall be set forth therein at the price set        forth therein (such exercise price per unit, being hereinafter referred to as the        "Purchase Price"), but the amount and type of securities purchasable upon the        exercise of each Right and the Purchase Price thereof shall be subject to adjustment as        provided herein.
- Any Rights Certificate issued pursuant to Section 3(a) or Section 22 hereof that        represents Rights beneficially owned by: (i) an Acquiring Person or any Associate or        Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such        Associate or Affiliate) who becomes a transferee after the Acquiring Person becomes such,        or (iii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who        becomes a transferee prior to or concurrently with the Acquiring Person becoming such and        receives such Rights pursuant to either (A) a transfer (whether or not for consideration)        from the Acquiring Person to holders of equity interests in such Acquiring Person or to        any Person with whom such Acquiring Person has any continuing agreement, arrangement or        understanding regarding the transferred Rights or (B) a transfer that the Board of        Directors of the Company has determined is part of a plan, arrangement or understanding        which has a primary purpose or effect avoidance of Section 7(e) hereof, and any Rights        Certificate issued pursuant to Section 6 or Section 11 hereof upon transfer, exchange,        replacement or adjustment of any other Rights Certificate referred to in this sentence,        shall contain (to the extent feasible) the following legend:
The Rights represented by this Rights Certificate are or were      beneficially owned by a person who was or became an Acquiring Person or an Affiliate or an      Associate of an Acquiring Person. Accordingly, this Rights Certificate and the Rights      represented hereby may become void in the circumstances specified in Section 7(e) of the      Rights Agreement.
The Company shall notify the Rights Agent, and, if such notification is      given orally, the Company shall confirm promptly the same in writing, at such time as the      Company has notice that any Person constitutes an Acquiring Person or an Affiliate or      Associate of an Acquiring Person, and until such notice is received by the Rights Agent      the Rights Agent may conclusively presume for all purposes that the foregoing legend need      be imprinted only on Right Certificates beneficially owned by Persons that the Company has      previously identified to the Rights Agent as constituting an Acquiring Person or an      Affiliate or Associate of an Acquiring Person and transferees of any such Persons.
Section 5. Countersignature and Registration.
- The Rights Certificates shall be executed on behalf of the Company by its        Chairman of the Board, its President or any Vice President, either manually or by        facsimile signature, and shall have affixed thereto the Company's seal or a facsimile        thereof which shall be attested by the Secretary or an Assistant Secretary of the Company,        either manually or by facsimile signature. The Rights Certificates shall be countersigned        manually or by facsimile by the Rights Agent and shall not be valid for any purpose unless        so countersigned. The Rights Certificates shall be countersigned by an authorized        signatory of the Rights Agent but it shall not be necessary for the same signatory to        countersign all of the Rights Certificates issued hereunder. In case any officer of the        Company who shall have signed any of the Rights Certificates shall cease to be such        officer of the Company before countersignature by the Rights Agent and issuance and        delivery by the Company, such Rights Certificates, nevertheless, may be countersigned by        the Rights Agent and issued and delivered by the Company with the same force and effect as        though the person who signed such Rights Certificates had not ceased to be such officer of        the Company; and any Rights Certificates may be signed on behalf of the Company by any        person who, at the actual date of the execution of such Rights Certificate, shall be a        proper officer of the Company to sign such Rights Certificate, although at the date of the        execution of this Agreement any such person was not such an officer.
- Following the Distribution Date, the Rights Agent will keep or cause to be kept, at its        principal office or offices designated as the appropriate place for surrender of Rights        Certificates upon exercise or transfer, books for registration and transfer of the Rights        Certificates issued hereunder. Such books shall show the names and addresses of the        respective holders of the Rights Certificates, the number of Rights evidenced on its face        by each of the Rights Certificates and the date of each of the Rights Certificates.
Section 6. Transfer, Split Up, Combination      and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights      Certificates.
- Subject to the provisions of Section 4(b), Section 7(e) and Section 14        hereof, at any time after the Close of Business on the Distribution Date, and at or prior        to the Close of Business on the Expiration Date, any Rights Certificate or Certificates        may be transferred, split up, combined or exchanged for another Rights Certificate or        Certificates (other than Rights Certificates that have become void pursuant to Section        7(e) hereof or that have been exchanged pursuant to Section 24 hereof) entitling the        registered holder to purchase a like number of Units of Preferred Stock (or, following a        Triggering Event, Common Stock, other securities, cash or other assets, as the case may        be) as the Rights Certificate or Certificates surrendered then entitle such holder (or        former holder in the case of a transfer) to purchase. Any registered holder desiring to        transfer, split up, combine or exchange any Rights Certificate or Certificates shall make        such request in writing delivered to the Rights Agent, and shall surrender the Rights        Certificate or Certificates to be transferred, split up, combined or exchanged at the        principal office or offices of the Rights Agent designated for such purpose. Neither the        Rights Agent nor the Company shall be obligated to take any action whatsoever with respect        to the transfer of any such surrendered Rights Certificate until the registered holder        shall have completed and signed the certificate contained in the form of assignment on the        reverse side of such Rights Certificate and shall have provided such additional evidence        of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or        Associates thereof as the Company shall reasonably request. Thereupon the Rights Agent        shall countersign and deliver to the Person entitled thereto a Rights Certificate or        Rights Certificates, as the case may be, as so requested. The Company may require payment        from the holder of the Rights of a sum sufficient to cover any tax or governmental charge        that may be imposed in connection with any transfer, split up, combination or exchange of        Rights Certificates.
- Subject to Section 7(e) hereof, upon receipt by the Company and the Rights Agent of        evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of        a Rights Certificate, and, in case of loss, theft or destruction, of indemnity or security        reasonably satisfactory to them, and reimbursement to the Company and the Rights Agent of        all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and        cancellation of the Rights Certificate if mutilated, the Company will execute and deliver        a new Rights Certificate of like tenor to the Rights Agent for countersignature and        delivery to the registered owner in lieu of the Rights Certificate so lost, stolen,        destroyed or mutilated.
Section 7. Exercise of Rights; Purchase      Price; Expiration Date of Rights; Restriction on Transfer of Rights.
- Subject to Section 7(e) hereof, the registered holder of any Rights        Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein        including, without limitation, the restrictions on exercisability set forth in        Section 9(c), Section 11(a)(ii), Section 11(a)(iii), Section 13, Section 23(a), and        Section 24 hereof) in whole or in part at any time after the Distribution Date upon        surrender of the Rights Certificate, with the form of election to purchase and the        certificate on the reverse side thereof duly executed, to the Rights Agent at the        principal office or offices of the Rights Agent designated for such purpose, together,        except as otherwise provided in Section 11(a)(ii) hereof, with payment of the aggregate        Purchase Price with respect to the total number of Units of Preferred Stock (or Common        Stock or other securities or property, as the case may be) as to which surrendered Rights        are then exercisable, at or prior to the Expiration Date.
- The Purchase Price for each Unit of Preferred Stock pursuant to the exercise of a Right        shall initially be $120 and shall be subject to adjustment from time to time as provided        in Section 11 hereof and shall be payable in accordance with paragraph (c) below.
- Upon receipt of a Rights Certificate representing exercisable Rights, with the form of        election to purchase and the certificate duly executed, accompanied by payment, with        respect to each Right so exercised, of the Purchase Price per Unit of Preferred Stock (or        Common Stock, other securities or property, as the case may be) to be purchased as set        forth below and an amount equal to any applicable transfer tax, the Rights Agent shall,        subject to Section 20(k) hereof, thereupon promptly, (i) (A) requisition from any transfer        agent of the Units of Preferred Stock (or make available, if the Rights Agent is the        transfer agent for such shares) certificates for the total number of Units of Preferred        Stock to be purchased and the Company hereby irrevocably authorizes its transfer agent to        comply with all such requests, or (B) if the Company shall have elected to deposit the        total number of Units of Preferred Stock issuable upon exercise of the Rights hereunder        with a depositary agent, requisition from the depositary agent depositary receipts        representing such number of Units of Preferred Stock as are to be purchased (in which case        certificates for the Units of Preferred Stock represented by such receipts shall be        deposited by the transfer agent with the depositary agent) and the Company will direct the        depositary agent to comply with such request, (ii) requisition from the Company the amount        of cash, if any, to be paid in lieu of fractional shares in accordance with Section 14        hereof, (iii) after receipt of such certificates or depositary receipts, cause the same to        be delivered to or upon the order of the registered holder of such Rights Certificate,        registered in such name or names as may be designated by such holder, and (iv) after        receipt thereof, deliver such cash, if any, to or upon the order of the registered holder        of such Rights Certificate. The payment of the Purchase Price (as such amount may be        reduced (including to zero) pursuant to Section 11(a)(iii) hereof) may be made in cash or        by certified bank check or bank draft payable to the order of the Company. In the event        that the Company is obligated to issue other securities of the Company, pay cash and/or        distribute other property pursuant to Section 11(a) hereof, the Company will make all        arrangements necessary so that such other securities, cash and/or other property are        available for distribution by the Rights Agent, if and when appropriate.
- In case the registered holder of any Rights Certificate shall exercise less than all the        Rights evidenced thereby, a new Rights Certificate evidencing Rights equivalent to the        Rights remaining unexercised shall be issued by the Rights Agent and delivered to, or upon        the order of, the registered holder of such Rights Certificate, registered in such name or        names as may be designated by such holder, subject to the provisions of Section 14 hereof.
- Notwithstanding anything in this Agreement to the contrary, from and after the first        occurrence of a Section 11(a)(ii) Event, any Rights beneficially owned by (i) an Acquiring        Person or an Associate or Affiliate of an Acquiring Person, (ii) a transferee of an        Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee after        the Acquiring Person becomes such, or (iii) a transferee of an Acquiring Person (or of any        such Associate or Affiliate) who becomes a transferee prior to or concurrently with the        Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer        (whether or not for consideration) from the Acquiring Person to holders of equity        interests in such Acquiring Person or to any Person with whom the Acquiring Person has any        continuing agreement, arrangement or understanding regarding the transferred Rights or (B)        a transfer which the Board of Directors of the Company has determined is part of a plan,        arrangement or understanding which has as a primary purpose or effect the avoidance of        this Section 7(e), shall become null and void without any further action and no holder of        such Rights shall have any rights whatsoever with respect to such Rights, whether under        any provision of this Agreement or otherwise. The Company shall use all reasonable efforts        to ensure that the provisions of this Section 7(e) and Section 4(b) hereof are complied        with, but shall have no liability to any holder of Rights Certificates or any other Person        as a result of its failure to make any determinations with respect to an Acquiring Person        or its Affiliates or Associates, or any transferee thereof, hereunder.
- Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent nor        the Company shall be obligated to undertake any action with respect to a registered holder        upon the occurrence of any purported exercise as set forth in this Section 7 unless        such registered holder shall have (i) completed and signed the certificate contained in        the form of election to purchase set forth on the reverse side of the Rights Certificate        surrendered for such exercise and (ii) provided such additional evidence of the identity        of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof        as the Company shall reasonably request.
Section 8. Cancellation and Destruction of      Rights Certificates. All Rights Certificates surrendered for the purpose of exercise,      transfer, split up, combination or exchange shall, if surrendered to the Company or any of      its agents, be delivered to the Rights Agent for cancellation or in canceled form, or, if      surrendered to the Rights Agent, shall be canceled by it, and no Rights Certificates shall      be issued in lieu thereof except as expressly permitted by any of the provisions of this      Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement,      and the Rights Agent shall so cancel and retire, any other Rights Certificate purchased or      acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall      deliver all canceled Rights Certificates to the Company, or shall, at the written request      of the Company, destroy such canceled Rights Certificates, and in such case shall deliver      a certificate of destruction thereof to the Company.
Section 9. Reservation and Availability of      Preferred Stock.
- The Company covenants and agrees that it will cause to be reserved and kept        available out of its authorized and unissued shares of Preferred Stock (or, following the        occurrence of a Triggering Event, out of its authorized and unissued Preferred Stock or        other securities, as the case may be), the number of shares of Preferred Stock (or such        other securities) that, except as provided in Section 11(a)(iii) hereof, will be        sufficient from time to time to permit the exercise in full of all outstanding Rights and        all Rights that are at the time issuable, in accordance with the provisions of this        Agreement.
- So long as the shares of Preferred Stock (and, following the occurrence of a Triggering        Event, any other securities) issuable and deliverable upon the exercise of the Rights may        be listed on any national securities exchange, the Company shall use its best efforts to        cause, from and after such time as the Rights become exercisable, all shares reserved for        such issuance to be listed on such exchange upon official notice of issuance.
- The Company shall use its best efforts (i) to file, as soon as practicable following the        earliest date after the first occurrence of a Section 11(a)(ii) Event on which the        consideration to be delivered by the Company upon exercise of the Rights has been        determined in accordance with Section 11(a)(ii) and (iii) hereof, or as soon as is        required by law following the Distribution Date, as the case may be, a registration        statement under the Act on an appropriate form, with respect to the securities purchasable        upon exercise of the Rights, (ii) to cause such registration statement to become effective        as soon as practicable after such filing, and (iii) to cause such registration statement        to remain effective (with a prospectus at all times meeting the requirements of the Act)        until the earlier of (A) the date as of which the Rights are no longer exercisable for        such securities, and (B) the Expiration Date. The Company will also take such action as        may be appropriate under, or to ensure compliance with, the securities or "blue        sky" laws of the various states in connection with the exercisability of the Rights.        The Company may temporarily suspend, for a period of time not to exceed ninety days after        the date set forth in clause (i) of the first sentence of this Section 9(c), the        exercisability of the Rights in order to prepare and file such registration statement and        permit it to become effective. Upon any such suspension, the Company shall issue a public        announcement stating, and notify the Rights Agent, that the exercisability of the Rights        has been temporarily suspended. The Company shall also issue a public announcement at such        time as the suspension is no longer in effect. Notwithstanding any provision of this        Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction unless        the requisite qualification in such jurisdiction shall have been obtained.
- The Company covenants and agrees that it will take all such action as may be necessary        to ensure that all shares of Preferred Stock (or other securities, as the case may be)        delivered upon exercise of the Rights shall, at the time of delivery of the certificates        for such shares (subject to payment of the Purchase Price), be duly authorized, validly        issued, fully paid and nonassessable.
- The Company further covenants and agrees that it will pay when due and payable any and        all federal and state transfer taxes and charges that may be payable in respect of the        issuance or delivery of the Rights Certificates and of any certificates for shares of        Preferred Stock (or other securities, as the case may be) upon the exercise of Rights. The        Company shall not, however, be required to pay any transfer tax that may be payable in        respect of any transfer or delivery of Rights Certificates to a Person other than, or the        issuance or delivery of a number of shares of Preferred Stock (or other securities, as the        case may be) in respect of a name other than that of, the registered holder of the Rights        Certificates evidencing Rights surrendered for exercise or to issue or deliver any        certificates for a number of shares of Preferred Stock (or other securities, as the case        may be) in a name other than that of the registered holder upon the exercise of any Rights        until such tax shall have been paid (any such tax being payable by the holder of such        Rights Certificate at the time of surrender) or until it has been established to the        Company's satisfaction that no such tax is due.
Section 10. Preferred Stock Record Date.      Each person in whose name any certificate for a number of Units of Preferred Stock (or      other securities, as the case may be) is issued upon the exercise of Rights shall for all      purposes be deemed to have become the holder of record of such Units of Preferred Stock      (or other securities, as the case may be) represented thereby on, and such certificate      shall be dated, the date upon which the Rights Certificate evidencing such Rights was duly      surrendered and payment of the Purchase Price (and all applicable transfer taxes) was      made; provided, however, that if the date of such surrender and payment is a      date upon which the Preferred Stock (or other securities, as the case may be) transfer      books of the Company are closed, such Person shall be deemed to have become the record      holder of such shares (fractional or otherwise) on, and such certificate shall be dated,      the next succeeding Business Day on which such transfer books are open. Prior to the      exercise of the Rights evidenced thereby, the holder of a Rights Certificate as such shall      not be entitled to any rights of a shareholder of the Company with respect to shares for      which the Rights shall be exercisable, including, without limitation, the right to vote,      to receive dividends or other distributions or to exercise any preemptive rights, and      shall not be entitled to receive any notice of any proceedings of the Company, except as      provided herein.
Section 11. Adjustment of Purchase Price,      Number and Kind of Shares or Number of Rights. The Purchase Price, and the number and      kind of shares covered by each Right and the number of Rights outstanding are subject to      adjustment from time to time as provided in this Section 11.
- (i)In the event the Company shall at any time after the date of this Agreement        (A) declare a dividend on the Preferred Stock payable in shares of Preferred Stock, (B)        subdivide the outstanding Preferred Stock, (C) combine the outstanding Preferred Stock        into a smaller number of shares, or (D) issue any shares of its capital stock in a        reclassification of the Preferred Stock (including any such reclassification in connection        with a consolidation or merger in which the Company is the continuing or surviving        corporation), except as otherwise provided in this Section 11(a), the Purchase Price in        effect at the time of the record date for such dividend or of the effective date of such        subdivision, combination or reclassification, and the number and kind of shares of        Preferred Stock or the number and kind of shares of other capital stock, as the case may        be, issuable on such date, shall be proportionately adjusted so that the holder of any        Right exercised after such time shall be entitled to receive, upon payment of the Purchase        Price then in effect, the aggregate number of shares of Preferred Stock or the number and        kind of shares of other capital stock, as the case may be, that, if such Right had been        exercised immediately prior to such date and at a time when the Preferred Stock transfer        books of the Company were open, he would have owned upon such exercise and been entitled        to receive by virtue of such dividend, subdivision, combination or reclassification. If an        event occurs that would require an adjustment under both this Section 11(a)(i) and Section        11(a)(ii) hereof, the adjustment provided for in this Section 11(a)(i) shall be in        addition to, and shall be made prior to, any adjustment required pursuant to Section        11(a)(ii) hereof.
(ii) Subject to Section 23 and Section 24 hereof, in the event any      Person becomes an Acquiring Person, then proper provision shall be made by the Company so      that each record holder of each Right (except as provided in Section 7(e) hereof) shall      thereafter have the right to receive, upon exercise thereof for the Purchase Price in      accordance with the terms of this Agreement, such number of Units of Preferred Stock (or,      in lieu of Preferred Stock, at the option of the Company and to the extent available, such      number of shares of Common Stock) as shall equal the result obtained by multiplying the      Purchase Price by a fraction, the numerator of which is the number of Units of Preferred      Stock for which a Right is then exercisable and the denominator of which is 50% of the      current market price of a share of Common Stock (determined pursuant to Section 11(d)      hereof) on the date of the first occurrence of a Section 11(a)(ii) Event (such result      being hereinafter referred to as the "Adjustment Shares").
(iii) To the extent that the number of shares of Preferred Stock that      are authorized by the Company's articles of incorporation but not outstanding or reserved      for issuance for purposes other than upon exercise of the Rights is not sufficient to      permit the exercise in full of the Rights in accordance with the foregoing subparagraph      (ii) of this Section 11(a), and subject to such limitations as are necessary to prevent a      default under any agreement for money borrowed as presently constituted to which the      Company is a party and subject to any limitations contained in Section 13.1-653 of the      Virginia Stock Corporation Act, the Company shall: (A) determine the excess of (1) the      value of the Adjustment Shares issuable upon the exercise of a Right (the "Current      Value"), over (2) the Purchase Price (such excess being hereinafter referred to as      the "Spread"), and (B) with respect to each Right, make adequate provision to      substitute for such unavailable Adjustment Shares, upon payment of the applicable Purchase      Price, (1) cash, (2) a reduction in the Purchase Price, (3) other equity securities of the      Company, (4) debt securities of the Company, (5) other assets, or (6) any combination of      the foregoing, having, together with the Adjustment Shares issued upon exercise of such      Right, an aggregate value equal to the Current Value, where such aggregate value has been      determined by the Board of Directors of the Company based upon the advice of a nationally      recognized investment banking firm selected by the Board of Directors of the Company; provided,      however, if the Company shall not have made adequate provision to deliver value      pursuant to clause (B) above within 30 days following the first occurrence of a Section      11(a)(ii) Event, then the Company shall be obligated to deliver, upon the surrender for      exercise of a Right and without requiring payment of the Purchase Price, shares of      preferred stock of the Company or Common Stock (to the extent such securities are      available) and then, if necessary, cash, which securities and/or assets in the aggregate      are equal to the Spread. If the Board of Directors of the Company shall determine in good      faith that it is likely that sufficient additional shares of preferred stock of the      Company or Common Stock could be authorized for issuance upon exercise in full of the      Rights, the 30 day period set forth above may be extended to the extent necessary, but not      more than 90 days following the first occurrence of a Section 11(a)(ii) Event, in order      that the Company may seek shareholder approval for the authorization of such additional      shares (such period, as it may be extended, the "Substitution Period"). To the      extent that the Company determines that some action need be taken pursuant to the first      and/or second sentences of this Section 11(a)(iii), the Company (x) shall provide, subject      to Section 7(e) hereof, that such action shall apply uniformly to all outstanding Rights,      and (y) may suspend the exercisability of the Rights until the expiration of the      Substitution Period in order to seek any authorization of additional shares and/or to      decide the appropriate form of distribution to be made pursuant to such first sentence and      to determine the value thereof. In the event of any such suspension, the Company shall      issue a public announcement stating that the exercisability of the Rights has been      temporarily suspended, as well as a public announcement at such time as the suspension is      no longer in effect. For purposes of this Section 11(a)(iii), the value of the Common      Stock shall be the current market price (as determined pursuant to Section 11(d) hereof)      per share of the Common Stock on the date of the first occurrence of a Section 11(a)(ii)      Event.
- If at any time after the date of this Agreement the Company shall fix a record date for        the issuance of rights, options or warrants to all holders of Common Stock or of any class        or series of Equivalent Shares entitling such holders (for a period expiring within 45        calendar days after such record date) to subscribe for or to purchase Common Stock or        Equivalent Shares (or securities convertible into Common Stock or Equivalent Shares) at a        price per share (or having a conversion price per share, if a security convertible into        Common Stock or Equivalent Shares) less than the current market price of such Common Stock        or Equivalent Shares on such record date, then, in each such case, each Right outstanding        immediately prior to such record date shall thereafter evidence the right to purchase, for        the Purchase Price, that number of Units of Preferred Stock or Equivalent Shares obtained        by multiplying the number of Units of Preferred Stock issuable upon exercise of a Right        immediately prior to such record date by a fraction, the numerator of which shall be the        total number of shares of Common Stock and Equivalent Shares (if any) outstanding on such        record date plus the number of additional shares of Common Stock and Equivalent Shares (if        any) to be offered for subscription or purchase (or into which the convertible securities        so to be offered are initially convertible) and the denominator of which shall be the        total number of shares of Common Stock and Equivalent Shares (if any) outstanding on such        record date plus the number of shares of Common Stock or Equivalent Shares, as the case        may be, that the aggregate offering price of the total number of shares of Common Stock or        Equivalent Shares, as the case may be, so to be offered (and/or the aggregate initial        conversion price of the convertible securities so to be offered) would purchase at such        current market price. In case such subscription price may be paid in a consideration, part        or all of which shall be in a form other than cash, the value of such consideration shall        be as determined in good faith by the Board of Directors of the Company, whose        determination shall be described in a statement filed with the Rights Agent. Common Stock        and Equivalent Shares owned by or held for the account of the Company or any Subsidiary of        the Company shall not be deemed outstanding for the purpose of any such computation. Such        adjustment shall be made successively whenever such a record date is fixed; and in the        event that such rights, options or warrants are not so issued, each Right shall be        adjusted to evidence the right to receive that number of Units of Preferred Stock that        such Right would have entitled the holder to receive, for the Purchase Price, if such        record date had not been fixed.
- If at any time after the date of this Agreement the Company shall fix a record date for        the making of a distribution to all holders of Common Stock or of any class or series of        Equivalent Shares (including any such distribution made in connection with a consolidation        or merger in which the Company is the continuing or surviving corporation) of cash (other        than a regular quarterly cash dividend of the Company in compliance with Section 13.1-653        of the Virginia Stock Corporation Act), evidences of indebtedness, assets, securities        (other than Common Stock or any Equivalent Shares) or subscription rights, options or        warrants (excluding those referred to in Section 11(b) hereof), then, in each such case,        each Right outstanding immediately prior to such record date shall thereafter evidence the        right to purchase, for the Purchase Price, that number of Units of Preferred Stock        obtained by multiplying the number of Units of Preferred Stock issuable upon exercise of a        Right immediately prior to such record date by a fraction, the numerator of which shall be        the current market price of a share of Common Stock or an Equivalent Share on the record        date and the denominator of which shall be the current market price of a share of Common        Stock or an Equivalent Share on such record date less the fair market value (as determined        in good faith by the Board of Directors of the Company, whose determination shall be        described in a statement filed with the Rights Agent) of the portion of the cash,        evidences of indebtedness, assets or securities so to be distributed or of such        subscription rights, options or warrants applicable to a share of Common Stock or an        Equivalent Share, as the case may be. Such adjustments shall be made successively whenever        such a record date is fixed; and in the event that such distribution is not so made, each        Right shall be adjusted to evidence the right to receive that number of Units of Preferred        Stock that such Right would have entitled the holder to receive, for the Purchase Price,        if such record date had not been fixed.
- (i)For the purpose of any computation hereunder, other than computations made pursuant        to Section 11(a)(iii) hereof, the "current market price" per share of Common        Stock on any date shall be deemed to be the average of the daily closing prices per share        of such Common Stock for the 30 consecutive Trading Days (as such term is hereinafter        defined) immediately prior to such date, and for purposes of computations made pursuant to        Section 11(a)(iii) hereof, the "current market price" per share of Common Stock        on any date shall be deemed to be the average of the daily closing prices per share of        such Common Stock for the ten consecutive Trading Days immediately following such date;  provided ,         however , that in the event that the current market price per share of the Common        Stock is determined during a period following the announcement by the issuer of such        Common Stock of (A) a dividend or distribution on such Common Stock payable in shares of        such Common Stock or securities convertible into shares of such Common Stock (other than        the Rights), or (B) any subdivision, combination or reclassification of such Common Stock,        and prior to the expiration of the requisite 30 Trading Day or ten Trading Day period, as        set forth above, after the ex-dividend date for such dividend or distribution, or the        record date for such subdivision, combination or reclassification, then, and in each such        case, the "current market price" shall be properly adjusted to take into account        ex-dividend trading. The closing price for each day shall be the last sale price, regular        way, or, in case no such sale takes place on such day, the average of the closing bid and        asked prices, regular way, in either case as reported in the principal consolidated        transaction reporting system with respect to securities listed or admitted to trading on        the New York Stock Exchange or, if the shares of Common Stock are not listed or admitted        to trading on the New York Stock Exchange, as reported in the principal consolidated        transaction reporting system with respect to securities listed on the principal national        securities exchange on which the shares of Common Stock are listed or admitted to trading        or, if the shares of Common Stock are not listed or admitted to trading on any national        securities exchange, the last quoted price or, if not so quoted, the average of the high        bid and low asked prices in the over-the-counter market, as reported by the National        Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") or        such other system then in use, or, if on any such date the shares of Common Stock are not        quoted by any such organization, the average of the closing bid and asked prices as        furnished by a professional market maker making a market in the Common Stock selected by        the Board of Directors of the Company. If on any such date no market maker is making a        market in the Common Stock, the fair value of such shares on such date as determined in        good faith by the Board of Directors of the Company shall be used. The term "Trading        Day" shall mean a day on which the principal national securities exchange on which        the shares of Common Stock are listed or admitted to trading is open for the transaction        of business or, if the shares of Common Stock are not listed or admitted to trading on any        national securities exchange, a Business Day. If the Common Stock is not publicly held or        not so listed or traded, "current market price" per share shall mean the fair        value per share as determined in good faith by the Board of Directors of the Company,        whose determination shall be described in a statement filed with the Rights Agent and        shall be conclusive for all purposes.
(ii) For the purpose of any computation hereunder, the "current      market price" per share of Preferred Stock shall be determined in the same manner as      set forth above for the Common Stock in Section 11(d)(i) hereof (other than the last      sentence thereof). If the current market price per share of Preferred Stock cannot be      determined in the manner provided above or if the Preferred Stock is not publicly held or      listed or traded in a manner described in clause (i) of this Section 11(d), the      "current market price" per share of Preferred Stock shall be conclusively deemed      to be an amount equal to 1,000 (as such number may be appropriately adjusted for such      events as stock splits, stock dividends and recapitalizations with respect to the Common      Stock and Preferred Stock occurring after the date of this Agreement) multiplied by the      current market price per share of the Common Stock. If neither the Common Stock nor the      Preferred Stock is publicly held or so listed or traded, "current market price"      per share of the Preferred Stock shall mean the fair value per share as determined in good      faith by the Board of Directors of the Company, whose determination shall be described in      a statement filed with the Rights Agent and shall be conclusive for all purposes. For all      purposes of this Agreement, the "current market price" of one one-thousandth of      a share of Preferred Stock shall be equal to the "current market price" of one      share of Preferred Stock divided by 1,000.
- Anything herein to the contrary notwithstanding, no adjustment in the number of Units of        Preferred Stock for which a Right is exercisable or in the Purchase Price shall be        required unless such adjustment would require an increase or decrease of at least one        percent in such number of shares or in the Purchase Price;  provided ,  however ,        that any adjustments that by reason of this Section 11(e) are not required to be made        shall be carried forward and taken into account in any subsequent adjustment. All        calculations under this Section 11 shall be made to the nearest cent or to the nearest        ten-thousandth of a Unit of Preferred Stock, as the case may be. Notwithstanding the first        sentence of this Section 11(e), any adjustment required by this Section 11 shall be made        no later than the earlier of (i) three years from the date of the transaction that        mandates such adjustment, or (ii) the Expiration Date.
- If as a result of an adjustment made pursuant to Section 11(a) or 13(a) hereof, the        holder of any Right thereafter exercised shall become entitled to receive any shares of        capital stock other than Preferred Stock, thereafter the number of such other shares so        receivable upon exercise of any Right and if required, the Purchase Price thereof shall be        subject to adjustment from time to time in a manner and on terms as nearly equivalent as        practicable to the provisions with respect to the Preferred Stock contained in Section        11(a), (b), (c), (e), (g), (h), (i), (k) and (l) hereof, and the provisions of Sections 7,        9, 10, 13 and 14 hereof with respect to the Preferred Stock shall apply on like terms to        any such other shares.
- All Rights originally issued by the Company subsequent to any adjustment made to the        number or kind of shares purchasable upon exercise of the Rights or to the Purchase Price        hereunder shall evidence the right to purchase, at the adjusted Purchase Price, the        adjusted number of Units of Preferred Stock or other securities purchasable from time to        time hereunder upon exercise of the Rights, all subject to further adjustment as provided        herein.
- Unless the Company shall have exercised its election as provided below in this Section        11(h), upon each adjustment of the Purchase Price as a result of the calculations made in        Section 11(b) and (c), each Right outstanding immediately prior to the making of such        adjustment shall thereafter evidence the right to purchase, at the adjusted Purchase        Price, that number of Units of Preferred Stock obtained by (i) multiplying (x) the number        of Units of Preferred Stock covered by a Right immediately prior to this adjustment by (y)        the Purchase Price in effect immediately prior to such adjustment and (ii) dividing the        product so obtained by the Purchase Price in effect immediately after such adjustment of        the Purchase Price. On or after the date of any adjustment of the Purchase Price, in lieu        of any adjustment in the number of Units of Preferred Stock or any other capital stock        purchasable upon the exercise of a Right, the Company may elect to adjust the number of        Rights. Each of the Rights outstanding after the adjustment in the number of Rights shall        be exercisable for the number of Units of Preferred Stock for which a Right was        exercisable immediately prior to such adjustment. Each Right held of record prior to such        adjustment of the number of Rights shall become that number of Rights (calculated to the        nearest one-ten-thousandth) obtained by dividing the Purchase Price in effect immediately        prior to adjustment of the Purchase Price by the Purchase Price in effect immediately        after adjustment of the Purchase Price. The Company shall make a public announcement of        its election to adjust the number of Rights, indicating the record date for the        adjustment, and, if known at the time, the amount of the adjustment to be made. This        record date may be the date on which the Purchase Price is adjusted or any day thereafter,        but, if the Rights Certificates have been issued, shall be at least ten days later than        the date of the public announcement. If Rights Certificates have been issued, upon each        adjustment of the number of Rights pursuant to this Section 11(h), the Company shall, as        promptly as practicable, cause to be distributed to holders of record of Rights        Certificates on such record date Rights Certificates evidencing, subject to        Section 14 hereof, the additional Rights to which such holders shall be entitled as a        result of such adjustment, or, at the option of the Company, shall cause to be distributed        to such holders of record in substitution and replacement for the Rights Certificates held        by such holders prior to the date of adjustment, and upon surrender thereof, if required        by the Company, new Rights Certificates evidencing all the Rights to which such holders        shall be entitled after such adjustment. Rights Certificates so to be distributed shall be        issued, executed and countersigned in the manner provided for herein (and may bear, at the        option of the Company, the adjusted Purchase Price) and shall be registered in the names        of the holders of record of Rights Certificates on the record date specified in the public        announcement.
- Irrespective of any adjustment or change in the Purchase Price or the number of Units of        Preferred Stock or the number and kind of other securities issuable upon the exercise of        the Rights, the Rights Certificates theretofore and thereafter issued may continue to        express the Purchase Price per Unit, the number of Units and the other terms that were        expressed in the initial Rights Certificates issued hereunder.
- In any case in which this Section 11 shall require that an adjustment be made        effective as of a record date for a specified event, the Company may elect to defer until        the occurrence of such event the issuance to the holder of any Right exercised after such        record date of the number of Units of Preferred Stock and other capital stock or        securities of the Company, if any, issuable upon such exercise over and above the number        of Units of Preferred Stock and other capital stock or securities of the Company, if any,        issuable upon such exercise before giving effect to such adjustment;  provided ,  however ,        that the Company shall deliver to such holder a due bill or other appropriate instrument        evidencing such holder's right to receive such additional shares (fractional or otherwise)        or securities upon the occurrence of the event requiring such adjustment.
- Anything in this Section 11 to the contrary notwithstanding, the Company shall be        entitled to make such reductions in the Purchase Price, in addition to those adjustments        expressly required by this Section 11, as and to the extent that in its good faith        judgment the Board of Directors of the Company shall determine to be advisable in order        that any (i) consolidation or subdivision of the Preferred Stock, (ii) issuance wholly for        cash of any shares of Preferred Stock at less than the current market price, (iii)        issuance wholly for cash of shares of Preferred Stock or securities that by their terms        are convertible into or exchangeable for shares of Preferred Stock, (iv) stock dividend or        (v) issuance of rights, options or warrants referred to in this Section 11, hereafter made        by the Company to holders of its Preferred Stock shall not be taxable to such        shareholders.
- The Company covenants and agrees that it shall not, at any time after the Distribution        Date, (i) consolidate with any other Person (other than a Subsidiary of the Company in a        transaction that complies with Section 11(m) hereof), (ii) merge with or into any other        Person (other than a Subsidiary of the Company in a transaction that complies with Section        11(m) hereof), (iii) effect a statutory share exchange with any Person (other than a        Subsidiary of the Company in a transaction that complies with Section 11(m) hereof), or        (iv) sell or transfer (or permit any Subsidiary to sell or transfer), in one transaction,        or a series of related transactions, assets or earning power aggregating more than 50% of        the assets or earning power of the Company and its Subsidiaries (taken as a whole) to any        other Person or Persons (other than the Company and/or any of its Subsidiaries in one or        more transactions each of which complies with Section 11(m) hereof), if at the time of or        immediately after such consolidation, merger, statutory share exchange or sale there are        any rights, warrants or other instruments or securities outstanding or agreements in        effect that would substantially diminish or otherwise eliminate the benefits intended to        be afforded by the Rights.
- The Company covenants and agrees that, after the Distribution Date, it will not, except        as permitted by Section 23 or Section 27 hereof, take (or permit any Subsidiary        to take) any action if at the time such action is taken it is reasonably foreseeable that        such action will diminish substantially or otherwise eliminate the benefits intended to be        afforded by the Rights.
- Anything in this Agreement to the contrary notwithstanding, in the event that the        Company shall at any time after the Record Date and prior to the Distribution Date (i)        declare a dividend on the outstanding shares of Common Stock payable in shares of Common        Stock, (ii) subdivide the outstanding Common Stock, or (iii) combine the outstanding        Common Stock into a smaller number of shares, the number of Rights associated with each        share of Common Stock then outstanding, or issued or delivered thereafter but prior to the        Distribution Date, shall be proportionately adjusted so that the number of Rights        thereafter associated with each share of Common Stock following any such event shall equal        the result obtained by multiplying the number of Rights associated with each share of        Common Stock immediately prior to such event by a fraction the numerator of which shall be        the total number of shares of Common Stock outstanding immediately prior to the occurrence        of the event and the denominator of which shall be the total number of shares of Common        Stock outstanding immediately following the occurrence of such event.
Section 12. Certificates of Adjusted      Purchase Price or Number of Shares. Whenever an adjustment is made as provided in      Section 11 or Section 13 hereof, the Company shall (a) promptly prepare a certificate      setting forth such adjustment and a brief statement of the facts accounting for such      adjustment, (b) promptly file with the Rights Agent, and with each transfer agent for the      Preferred Stock or the Common Stock, a copy of such certificate, and (c) mail a brief      summary thereof to each holder of a Rights Certificate (or, if prior to the Distribution      Date, to each holder of a certificate representing shares of Common Stock) in accordance      with Section 25 hereof. The Rights Agent shall be fully protected in relying on any      such certificate and on any adjustment therein contained, and shall not be obligated or      responsible for calculating any adjustment, nor shall it be deemed to have knowledge of      any such adjustment unless and until it shall have received such a certificate.
Section 13. Consolidation, Merger or Sale or      Transfer of Assets or Earning Power.
- In the event that, following the Stock Acquisition Date, directly or        indirectly, (w) the Company shall consolidate with, or merge with and into, any other        Person (other than a Subsidiary of the Company in a transaction that complies with Section        11(m) hereof), and the Company shall not be the continuing or surviving corporation of        such consolidation or merger, (x) any Person (other than a Subsidiary of the Company in a        transaction that complies with Section 11(m) hereof) shall consolidate with, or merge with        or into, the Company, and the Company shall be the continuing or surviving corporation of        such consolidation or merger and, in connection with such consolidation or merger, all or        part of the outstanding shares of Common Stock shall be changed into or exchanged for        stock or other securities of any other Person or cash or any other property, (y) the        Company shall be a party to a statutory share exchange with any other Person (other than a        Subsidiary of the Company in a transaction that complies with Section 11(m) hereof) after        which the Company is a Subsidiary of any other Person, or (z) the Company shall sell or        otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise transfer),        in one transaction or a series of related transactions, assets or earning power        aggregating more than 50% of the assets or earning power of the Company and its        Subsidiaries (taken as a whole) to any Person or Persons (other than the Company or any        Subsidiary of the Company in one or more transactions each of which complies with Section        11(m) hereof), then, and in each such case, proper provision shall be made so that: (i)        each record holder of a Right, except as provided in Section 7(e) hereof, shall thereafter        have the right to receive, upon the exercise thereof at the then current Purchase Price in        accordance with the terms of this Agreement, such number of validly authorized and issued,        fully paid, nonassessable and freely tradeable shares of Common Stock of the Principal        Party (as hereinafter defined), not subject to any liens, encumbrances, rights of first        refusal or other adverse claims, as shall be equal to the result obtained by (1)        multiplying the then current Purchase Price by the number of shares of Common Stock for        which a Right is exercisable immediately prior to the first occurrence of a        Section 13 Event (or, if a Section 11(a)(ii) Event has occurred prior to the first        occurrence of a Section 13 Event, multiplying the number of such shares for which a        Right was exercisable immediately prior to the first occurrence of a Section 11(a)(ii)        Event by the Purchase Price in effect immediately prior to such first occurrence), and (2)        dividing that product (which, following the first occurrence of a Section 13 Event,        shall be referred to as the "Purchase Price" for each Right for all purposes of        this Agreement) by 50% of the current market price (determined pursuant to Section        11(d)(i) hereof) per share of the Common Stock of such Principal Party on the date of        consummation of such Section 13 Event; and (ii) such Principal Party shall thereafter        be liable for, and shall assume, by virtue of such Section 13 Event, all the        obligations and duties of the Company pursuant to this Agreement; (iii) the term        "Company" shall thereafter be deemed to refer to such Principal Party, it being        specifically intended that the provisions of Section 11 hereof shall apply only to        such Principal Party following the first occurrence of a Section 13 Event; (iv) such        Principal Party shall take such steps (including, but not limited to, the reservation of a        sufficient number of shares of its Common Stock) in connection with the consummation of        any such transaction as may be necessary to ensure that the provisions hereof shall        thereafter be applicable, as nearly as reasonably may be, in relation to its shares of        Common Stock thereafter deliverable upon the exercise of the Rights; and (v) the        provisions of Section 11(a)(ii) hereof shall be of no effect following the first        occurrence of any Section 13 Event.
- "Principal Party" shall mean
in the case of any transaction described in clause (w), (x) or (y) of the first sentence          of Section 13(a) hereof, the Person that is the issuer of any securities into which shares          of Common Stock of the Company are converted in such merger, consolidation or statutory          share exchange, and if no securities are so issued, the Person that is the other party to          such merger, consolidation or statutory share exchange; and
in the case of any transaction described in clause (z) of the first sentence of Section          13(a) hereof, the Person that is the party receiving the greatest portion of the assets or          earning power transferred pursuant to such transaction or transactions;

provided, however, that in any such case, (1) if the      Common Stock of such Person is not at such time and has not been continuously over the      preceding twelve-month period registered under Section 12 of the Exchange Act, and      such Person is a direct or indirect Subsidiary of another Person the Common Stock of which      is and has been so registered, "Principal Party" shall refer to such other      Person; and (2) in case such Person is a Subsidiary, directly or indirectly, of more than      one Person, the Common Stocks of two or more of which are and have been so registered,      "Principal Party" shall refer to whichever of such Persons is the issuer of the      Common Stock having the greatest aggregate market value.
- The Company shall not consummate any such consolidation, merger, statutory share        exchange, sale or transfer unless the Principal Party shall have a sufficient number of        authorized shares of its Common Stock that have not been issued or reserved for issuance        to permit the exercise in full of the Rights in accordance with this Section 13 and        unless prior thereto the Company and such Principal Party shall have executed and        delivered to the Rights Agent a supplemental agreement providing for the terms set forth        in paragraphs (a) and (b) of this Section 13 and further providing that, as soon as        practicable after the date of any consolidation, merger, statutory share exchange or sale        of assets mentioned in paragraph (a) of this Section 13, the Principal Party will
prepare and file a registration statement under the Act on an appropriate form with          respect to the Rights and the securities purchasable upon exercise of the Rights, and will          use its best efforts to cause such registration statement to (A) become effective as soon          as practicable after such filing and (B) remain effective (with a prospectus at all times          meeting the requirements of the Act) until the Expiration Date and similarly comply with          applicable state securities laws; and
deliver to record holders of the Rights historical financial statements for the          Principal Party and each of its Affiliates that comply in all respects with the          requirements for registration on Form 10 under the Exchange Act.

The provisions of this Section 13 shall similarly apply to      successive mergers or consolidations or statutory share exchanges or sales or other      transfers. In the event that a Section 13 Event shall occur at any time after the      occurrence of a Section 11(a)(ii) Event, the Rights that have not theretofore been      exercised shall thereafter become exercisable in the manner described in Section 13(a)      hereof.
Section 14. Fractional Rights and Fractional      Shares.
- The Company shall not be required to issue fractions of Rights, except prior        to the Distribution Date as provided in Section 11(n) hereof, or to distribute Rights        Certificates that evidence fractional Rights. In lieu of such fractional Rights, there        shall be paid to the registered holders of the Rights Certificates with regard to which        such fractional Rights would otherwise be issuable, an amount in cash equal to the same        fraction of the current market value of a whole Right. For purposes of this Section 14(a),        the current market value of a whole Right shall be the closing price of the Rights for the        Trading Day immediately prior to the date on which such fractional Rights would have been        otherwise issuable. The closing price of the Rights for any day shall be the last sale        price, regular way, or, in case no such sale takes place on such day, the average of the        closing bid and asked prices, regular way, in either case as reported in the principal        consolidated transaction reporting system with respect to securities listed or admitted to        trading on the New York Stock Exchange or, if the Rights are not listed or admitted to        trading on the New York Stock Exchange, as reported in the principal consolidated        transaction reporting system with respect to securities listed on the principal national        securities exchange on which the Rights are listed or admitted to trading, or if the        Rights are not listed or admitted to trading on any national securities exchange, the last        quoted price, or, if not so quoted, the average of the high bid and low asked prices in        the over-the-counter market, as reported by NASDAQ or such other system then in use or, if        on any such date the Rights are not quoted by any such organization, the average of the        closing bid and asked prices as furnished by a professional market maker making a market        in the Rights selected by the Board of Directors of the Company. If on any such date no        such market maker is making a market in the Rights, the fair value of the Rights on such        date as determined in good faith by the Board of Directors of the Company shall be used.
- The Company shall not be required to issue fractions of shares of Preferred Stock (other        than fractions that are integral multiples of one one-thousandth of a share of Preferred        Stock) upon exercise of the Rights or to distribute certificates that evidence fractional        shares of Preferred Stock (other than in such integral multiples). In lieu of fractional        shares of Preferred Stock that are not in such integral multiples, the Company may pay to        the registered holders of Rights Certificates at the time such Rights are exercised as        herein provided an amount in cash equal to the same fraction of the current market value        of one one-thousandth of a share of Preferred Stock. For purposes of this Section 14(b),        the current market value of one one-thousandth of a share of Preferred Stock shall be one        one-thousandth of the current market price of a share of Preferred Stock (as determined        pursuant to Section 11(d) hereof) for the Trading Day immediately prior to the date of        such exercise.
- The holder of a Right by the acceptance of the Right expressly waives his right to        receive any fractional Right or any fractional shares upon exercise of a Right, except as        permitted by this Section 14.
Section 15. Rights of Action. All rights      of action in respect of this Agreement are vested in the respective registered holders of      the Rights Certificates (and, prior to the Distribution Date, the registered holders of      the Common Stock in respect of which Rights have been issued); and any registered holder      of any Rights Certificate (or, prior to the Distribution Date, of such Common Stock),      without the consent of the Rights Agent or of the holder of any other Rights Certificate      (or, prior to the Distribution Date, of such Common Stock), may, in his own behalf and for      his own benefit, enforce, and may institute and maintain any suit, action or proceeding      against the Company to enforce, or otherwise act in respect of, his right to exercise the      Rights evidenced by such Rights Certificate in the manner provided in such Rights      Certificate and in this Agreement. Without limiting the foregoing or any remedies      available to the holders of Rights, it is specifically acknowledged that the holders of      Rights would not have an adequate remedy at law for any breach of this Agreement and shall      be entitled to specific performance of the obligations hereunder and injunctive relief      against actual or threatened violations of the obligations hereunder of any Person subject      to this Agreement.
Section 16. Agreement of Rights Holders.      Every holder of a Right by accepting the same consents and agrees with the Company and the      Rights Agent and with every other holder of a Right that:
- prior to the Distribution Date, the Rights will be transferable only in        connection with the transfer of Common Stock;
- after the Distribution Date, the Rights Certificates are transferable only on the        registry books of the Rights Agent if surrendered at the principal office or offices of        the Rights Agent designated for such purposes, duly endorsed or accompanied by a proper        instrument of transfer and with the appropriate forms and certificates fully executed;
- subject to Section 6(a) and Section 7(f) hereof, the Company and the Rights Agent may        deem and treat the person in whose name a Rights Certificate (or, prior to the        Distribution Date, the associated Common Stock certificate) is registered as the absolute        owner thereof and of the Rights evidenced thereby (notwithstanding any notations of        ownership or writing on the Rights Certificate or the associated Common Stock certificate        made by anyone other than the Company or the Rights Agent) for all purposes whatsoever,        and neither the Company, subject to the last sentence of Section 7(e) hereof, nor the        Rights Agent shall be required to be affected by any notice to the contrary; and
- notwithstanding anything in this Agreement to the contrary, neither the Company nor the        Rights Agent shall have any liability to any holder of a Right or other Person as a result        of its inability to perform any of its obligations under this Agreement by reason of any        preliminary or permanent injunction or other order, decree or ruling issued by a court of        competent jurisdiction or by a governmental, regulatory or administrative agency or        commission, or any statute, rule, regulation or executive order promulgated or enacted by        any governmental authority, prohibiting or otherwise restraining performance of such        obligation;  provided ,  however , the Company must use its best efforts to have        any such order, decree or ruling lifted or otherwise overturned as soon as possible.
Section 17. Rights Certificate Holder Not      Deemed a Shareholder. No holder, as such, of any Rights Certificate shall be entitled      to vote, receive dividends or be deemed for any purpose the holder of Units of Preferred      Stock or any other securities of the Company that may at any time be issuable on the      exercise of the Rights represented thereby, nor shall anything contained herein or in any      Rights Certificate be construed to confer upon the holder of any Rights Certificate, as      such, any of the rights of a shareholder of the Company or any right to vote for the      election of directors or upon any matter submitted to shareholders at any meeting thereof,      or to give or withhold consent to any corporate action, or to receive notice of meetings      or other actions affecting shareholders (except as provided in Section 25 hereof), or to      receive dividends or subscription rights, or otherwise, until the Right or Rights      evidenced by such Rights Certificate shall have been exercised in accordance with the      provisions hereof.
Section 18. Concerning the Rights Agent.
- The Company agrees to pay to the Rights Agent reasonable compensation for all        services rendered by it hereunder and, from time to time, on demand of the Rights Agent,        its reasonable expenses and counsel fees and disbursements and other disbursements        incurred in the administration and execution of this Agreement and the exercise and        performance of its duties hereunder. The Company also agrees to indemnify the Rights        Agent, its directors, officers, employees and agents, for, and to hold each of them        harmless against, any loss, liability, or expense incurred without negligence, bad faith        or willful misconduct on the part of the Rights Agent or other such indemnified party, for        anything done or omitted by the Rights Agent or such other indemnified party in connection        with the acceptance and administration of this Agreement, including the costs and expenses        of defending against any claim of liability in the premises.
- The Rights Agent may conclusively rely upon, and shall be fully protected and shall        incur no liability for or in respect of any action taken, suffered or omitted by it in        connection with its administration of this Agreement or the exercise or performance of its        duties hereunder in reliance upon any Rights Certificate or certificate for Common Stock        or for other securities of the Company, instrument of assignment or transfer, power of        attorney, endorsement, affidavit, letter, notice, direction, instruction, consent,        certificate, statement, or other paper or document believed by it to be genuine and to be        signed, executed and, where necessary, verified or acknowledged, by the proper Person or        Persons, or otherwise upon the advice of counsel as set forth in Section 20 hereof.
The indemnity provided in this Section 18 shall survive the expiration      of the Rights, the termination of the Agreement and the resignation or removal of the      Rights Agent.
Notwithstanding anything in this Agreement to the contrary, in no event      shall the Rights Agent be liable for special, indirect or consequential loss or damage of      any kind whatsoever (including but not limited to lost profits), even if the Rights Agent      has been advised of the likelihood of such loss or damage and regardless of the form of      the action.
Section 19. Merger or Consolidation or      Change of Name of Rights Agent.
- Any corporation into which the Rights Agent or any successor Rights Agent may        be merged or with which it may be consolidated, or any corporation resulting from any        merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a        party, or any corporation succeeding to the corporate trust business of the Rights Agent        or any successor Rights Agent, shall be the successor to the Rights Agent under this        Agreement without the execution or filing of any paper or any further act on the part of        any of the parties hereto;  provided ,  however , that such corporation would be        eligible for appointment as a successor Rights Agent under the provisions of        Section 21 hereof. In case at the time such successor Rights Agent shall succeed to        the agency created by this Agreement, any of the Rights Certificates shall have been        countersigned but not delivered, any such successor Rights Agent may adopt the        countersignature of a predecessor Rights Agent and deliver such Rights Certificates so        countersigned; and in case at that time any of the Rights Certificates shall not have been        countersigned, any successor Rights Agent may countersign such Rights Certificates either        in the name of the predecessor or in the name of the successor Rights Agent; and in all        such cases such Rights Certificates shall have the full force provided in the Rights        Certificates and in this Agreement.
- In case at any time the name of the Rights Agent shall be changed and at such time any        of the Rights Certificates shall have been countersigned but not delivered, the Rights        Agent may adopt the countersignature under its prior name and deliver Rights Certificates        so countersigned; and in case at that time any of the Rights Certificates shall not have        been countersigned, the Rights Agent may countersign such Rights Certificates either in        its prior name or in its changed name; and in all such cases such Rights Certificates        shall have the full force provided in the Rights Certificates and in this Agreement.
Section 20. Duties of Rights Agent. The      Rights Agent undertakes the duties and obligations imposed by this Agreement upon the      following terms and conditions, and no implied duties or obligations shall be read into      this Agreement against the Rights Agent, by all of which the Company and the holders of      Rights Certificates, by their acceptance thereof, shall be bound:
- Before the Rights Agent acts or refrains from acting, the Rights Agent may        consult with legal counsel (who may be legal counsel for the Company), and the written        advice or opinion of such counsel shall be full and complete authorization and protection        to the Rights Agent as to any action taken or omitted by it in good faith and in        accordance with such written advice or opinion.
- Whenever in the performance of its duties under this Agreement the Rights Agent shall        deem it necessary or desirable that any fact or matter (including, without limitation, the        identity of any Acquiring Person and the determination of "current market        price") be proved or established by the Company prior to taking or suffering any        action hereunder, such fact or matter (unless other evidence in respect thereof be herein        specifically prescribed) may be deemed to be conclusively proved and established by a        certificate signed by the Chairman of the Board, any Vice Chairman, the President, any        Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant        Secretary of the Company and delivered to the Rights Agent; and such certificate shall be        full authorization to the Rights Agent for any action taken or suffered in good faith by        it under the provisions of this Agreement in reliance upon such certificate.
- The Rights Agent shall be liable hereunder only for its own negligence, bad faith or        willful misconduct.
- The Rights Agent shall not be liable for or by reason of any of the statements of fact        or recitals contained in this Agreement or in the Rights Certificates or be required to        verify the same (except as to its countersignature on such Rights Certificates), but all        such statements and recitals are and shall be deemed to have been made by the Company        only.
- The Rights Agent shall not be under any responsibility in respect of the validity of any        provision of this Agreement or the execution and delivery hereof (except the due execution        hereof by the Rights Agent) or in respect of the validity or execution of any Rights        Certificate (except its countersignature thereof); nor shall it be responsible for any        breach by the Company of any covenant or condition contained in this Agreement or in any        Rights Certificate; nor shall it be responsible for any adjustment provided for in this        Agreement or responsible for the manner, method or amount of any such adjustment or the        ascertaining of the existence of facts that would require any such adjustment (except with        respect to the exercise of Rights evidenced by Rights Certificates after actual notice of        any such adjustment); nor shall it by any act hereunder be deemed to make any        representation or warranty as to the authorization or reservation of any shares of        Preferred Stock to be issued pursuant to this Agreement or any Rights Certificate or as to        whether any shares of Preferred Stock will, when so issued, be duly authorized, validly        issued, fully paid and nonassessable.
- The Company agrees that it will perform, execute, acknowledge and deliver or cause to be        performed, executed, acknowledged and delivered all such further and other acts,        instruments and assurances as may reasonably be required by the Rights Agent for the        carrying out or performing by the Rights Agent of the provisions of this Agreement.
- The Rights Agent is hereby authorized and directed to accept instructions with respect        to the performance of its duties hereunder from the Chairman of the Board, any Vice        Chairman, the President, any Vice President, the Secretary, any Assistant Secretary, the        Treasurer or any Assistant Treasurer of the Company, and to apply to such officers for        advice or instructions in connection with its duties, and it shall not be liable for any        action taken or suffered to be taken by it in good faith in accordance with instructions        of any such officer, or for any delay in acting while awaiting instructions. At any time        the Rights Agent may apply to the Company for written instructions with respect to any        matter arising in connection with the Rights Agent's duties and obligations arising under        this Agreement. Such application by the Rights Agent for written instructions from the        Company may, at the option of the Rights Agent, set forth in writing any action proposed        to be taken or omitted by the Rights Agent with respect to its duties or obligations under        this Agreement and the date on and/or after which such action shall be taken and the        Rights Agent shall not be liable for any action taken or omitted in accordance with a        proposal included in any such application on or after the date specified therein (which        date shall be not less than one Business Day after the Company receives such application,        without the Company's consent) unless, prior to taking or initiating any such action, the        Rights Agent has received written instructions in response to such application specifying        the action to be taken or omitted. The Rights Agent shall not be required to take notice        or be deemed to have notice of any fact, event or determination (including, without        limitation, any dates or events defined in this Agreement or the designation of any Person        as an Acquiring Person, Affiliate or Associate) under this Agreement unless and until the        Rights Agent shall be specifically notified in writing by the Company of such fact, event        or determination.
- The Rights Agent and any shareholder, director, officer or employee of the Rights Agent        may buy, sell or deal in any of the Rights or other securities of the Company or become        pecuniarily interested in any transaction in which the Company may be interested, or        contract with or lend money to the Company or otherwise act as fully and freely as though        it were not Rights Agent under this Agreement. Nothing herein shall preclude the Rights        Agent from acting in any other capacity for the Company.
- The Rights Agent may execute and exercise any of the rights or powers hereby vested in        it or perform any duty hereunder either itself or by or through its attorneys or agents,        and the Rights Agent shall not be answerable or accountable for any act, default, neglect        or misconduct of any such attorneys or agents or for any loss to the Company resulting        from any such act, default, neglect or misconduct, as long as the Rights Agent was not        negligent in the selection and continued employment thereof.
- No provision of this Agreement shall require the Rights Agent to expend or risk its own        funds or otherwise incur any financial liability in the performance of any of its duties        hereunder or in the exercise of its rights if there shall be reasonable grounds for        believing that repayment of such funds or adequate indemnification against such risk or        liability is not reasonably assured to it.
- If, with respect to any Rights Certificate surrendered to the Rights Agent for exercise        or transfer, the certificate attached to the form of assignment or form of election to        purchase, as the case may be, has either not been completed or indicates an affirmative        response to clause 1 and/or 2 thereof, the Rights Agent shall not take any further        action with respect to such requested exercise of transfer without first consulting with        the Company.
- The Rights Agent undertakes only the express duties and obligations imposed on it by        this Agreement and no implied duties or obligations shall be read into this Agreement        against the Rights Agent.
- The Company agrees to give the Rights Agent prompt written notice of any event or        ownership that would prohibit the exercise or transfer of Rights Certificates.
Section 21. Change of Rights Agent. The      Rights Agent or any successor Rights Agent may resign and be discharged from its duties      under this Agreement upon 30 days' notice in writing mailed to the Company, and to each      transfer agent of the Preferred Stock or Common Stock, by registered or certified mail.      The Company may remove the Rights Agent or any successor Rights Agent upon 30 days' notice      in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and      to each transfer agent of the Preferred Stock or Common Stock, by registered or certified      mail, and to the holders of the Rights Certificates by first-class mail. If the Rights      Agent shall resign or be removed or shall otherwise become incapable of acting, the      Company shall appoint a successor to the Rights Agent. If the Company shall fail to make      such appointment within a period of 30 days after giving notice of such removal or after      it has been notified in writing of such resignation or incapacity by the resigning or      incapacitated Rights Agent or by the holder of a Rights Certificate (who shall, with such      notice, submit his Rights Certificate for inspection by the Company), then any registered      holder of any Rights Certificate may apply to any court of competent jurisdiction for the      appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the      Company or by such a court, shall be (a) a corporation, limited liability company or trust      company (or similar form of entity organized under the laws of any state of the United      States or a foreign jurisdiction) authorized to conduct business under the laws of the      United States or any state of the United States, which is authorized under such laws to      exercise corporate trust, fiduciary or stockholder services powers and is subject to      supervision or examination by federal or state authority and which has at the time of its      appointment as Rights Agent a combined capital and surplus of at least $10,000,000, or (b)      an Affiliate controlled by a corporation, limited liability company or trust company      described in clause (a) of this sentence. After appointment, the successor Rights Agent      shall be vested with the same powers, rights, duties and responsibilities as if it had      been originally named as Rights Agent without further act or deed; but the predecessor      Rights Agent shall deliver and transfer to the successor Rights Agent any property at the      time held by it hereunder, and execute and deliver any further assurance, conveyance, act      or deed necessary for the purpose. Not later than the effective date of any such      appointment, the Company shall file notice thereof in writing with the predecessor Rights      Agent and each transfer agent of the Common Stock, and mail a notice thereof in writing to      the registered holders of the Rights Certificates. Failure to give any notice provided for      in this Section 21, however, or any defect therein, shall not affect the legality or      validity of the resignation or removal of the Rights Agent or the appointment of the      successor Rights Agent, as the case may be.
Section 22. Issuance of New Rights      Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights      to the contrary, the Company may, at its option, issue new Rights Certificates evidencing      Rights in such form as may be approved by its Board of Directors to reflect any adjustment      or change in the Purchase Price and the number or kind or class of shares or other      securities or property purchasable under the Rights Certificates made in accordance with      the provisions of this Agreement. In addition, the Company may, if deemed necessary or      appropriate by the Board of Directors of the Company, issue Rights Certificates      representing the appropriate number of Rights in connection with the issuance or sale of      shares of Common Stock following the Distribution Date.
Section 23. Redemption and Termination.
- (i)The Board of Directors of the Company may, at its option, at any time prior        to the earlier of (A) the Close of Business on the tenth day following the occurrence of a        Stock Acquisition Date, or (B) the Final Expiration Date, redeem all but not less than all        the then outstanding Rights (which shall not include any Rights that have become void        pursuant to Section 7(e) hereof) at a redemption price of $.01 per Right, as it may be        appropriately adjusted by the Board of Directors of the Company to reflect any stock split        or combination, stock dividend or similar transaction occurring after the date hereof        (such redemption price being hereinafter referred to as the "Redemption Price")        and the Company may, at its option, pay the Redemption Price either in shares of Common        Stock (based on the current market price (as determined pursuant to Section 11(d) hereof)        per share of the Common Stock at the time of redemption) or cash. The redemption of the        Rights by the Board of Directors of the Company may be made effective at such time, on        such basis and with such conditions as the Board of Directors of the Company, in its sole        discretion, may establish.
(ii) In addition, the Board of Directors may redeem all but not less      than all of the then outstanding Rights at the Redemption Price following the Close of      Business on the tenth day after the occurrence of a Stock Acquisition Date, (A) (1) if a      Person who is an Acquiring Person shall have transferred or otherwise disposed of a number      of shares of Common Stock in one transaction or a series of transactions not directly or      indirectly involving the Company or any of its Subsidiaries, such that such Person is      thereafter a Beneficial Owner of less than 10% of the outstanding shares of Common Stock      and (2) there are no other Persons, immediately following the occurrence of the event      described in clause (1), who are Acquiring Persons, or (B) in connection with the type of      transaction specified in Section 13(a) hereof in which all holders of Common Stock are      treated alike and not involving an Acquiring Person or an Affiliate or Associate of an      Acquiring Person or any other Person in which such Acquiring Person, Affiliate or      Associate has any interest, or any other Person acting directly or indirectly on behalf of      or in association with any such Acquiring Person, Affiliate or Associate.
Notwithstanding anything contained in this Agreement to the contrary,      the Rights shall not be exercisable after the first occurrence of a Triggering Event until      such time as the Company's right of redemption under clause (i) above is not exercisable.
- Immediately upon the action of the Board of Directors of the Company authorizing the        redemption of the Rights pursuant to subsection (a) of this Section 23 and without any        further action and without any notice, the right to exercise the Rights shall terminate        and the only right thereafter of a holder of such Rights shall be to receive the        Redemption Price for each Right so held. Promptly after the action of the Board of        Directors authorizing the redemption of the Rights, the Company shall give notice of such        redemption to the Rights Agent and to the holders of such Rights by mailing such notice to        all such holders at each holder's last address as it appears upon the registry books of        the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer        agent for the Common Stock. Any notice that is mailed in the manner herein provided shall        be deemed given, whether or not the holder receives the notice. Each such notice of        redemption shall state the method by which the payment of the Redemption Price will be        effected.
Section 24. Exchange.
- The Company may, at its option, by resolution of its Board of Directors, at        any time (including a time after any Person becomes an Acquiring Person), exchange all or        part of the then outstanding and exercisable Rights (which shall not include Rights that        have become void pursuant to Section 7(e) hereof) for shares of Common Stock at an        exchange ratio of one share of Common Stock per Right, appropriately adjusted to reflect        any stock split, stock dividend or similar transaction occurring with respect to the        Common Stock after the date hereof (such exchange ratio being hereinafter referred to as        the "Exchange Ratio"). Notwithstanding the foregoing, the Board of Directors of        the Company shall not be empowered to effect such exchange at any time after any Person        (other than the Company, any Subsidiary of the Company, any employee benefit plan of the        Company or any such Subsidiary, or any entity holding Common Shares for or pursuant to the        terms of any such plan), together with all Affiliates and Associates of such Person,        becomes the Beneficial Owner of 50% or more of the Common Shares then outstanding.
- Immediately upon the action of the Board of Directors of the Company authorizing the        exchange of Rights pursuant to subsection (a) of this Section 24 and without any further        action and without any notice, the right to exercise the Rights will terminate and the        only right thereafter of a holder of such Rights shall be to receive that number of shares        of Common Stock equal to the number of Rights held by such holder multiplied by the        Exchange Ratio. Promptly after the action of the Board of Directors authorizing the        exchange of the Rights, the Company shall give notice of such exchange to the Rights Agent        and to the holders of such Rights by mailing such notice to all such holders at each        holder's last address as it appears upon the registry books of the Rights Agent or, prior        to the Distribution Date, on the registry books of the transfer agent for the Common        Stock. Any notice that is mailed in the manner herein provided shall be deemed given,        whether or not the holder receives the notice. Each such notice of exchange will state the        method by which the exchange of the shares of Common Stock for Rights will be effected        and, in the event of any partial exchange, the number of Rights that will be exchanged.        Any partial exchange shall be effected pro rata based on the number of Rights (which shall        not include any Rights that have become void pursuant to Section 7(e) hereof) held by each        holder of Rights.
- In the event that there shall not be sufficient shares of Common Stock authorized but        unissued to permit the exchange in full of such Rights in accordance with this Section 24,        the Company shall take all such action as may be necessary to authorize additional shares        of Common Stock for issuance upon the exchange of Rights. In the event the Company shall,        after good faith effort, be unable to take all such action as may be necessary to        authorize such additional shares of Common Stock, the Company shall substitute, for each        share of Common Stock that would otherwise be issuable upon exchange of a Right, a number        of shares of other equity securities of the Company or fraction thereof such that the        current per share market price of one share of such other equity securities multiplied by        such number or fraction is equal to the current per share market price of one share of        Common Stock as of the date of issuance of such shares of such other equity securities or        fraction thereof.
- The Company shall not be required to issue fractions of shares of Common Stock or to        distribute certificates that evidence fractional shares of Common Stock. In lieu of such        fractional shares of Common Stock, there shall be paid to the registered holders of the        Right Certificates with regard to which such fractional shares of Common Stock would        otherwise be issuable, an amount in cash equal to the same fraction of the current market        value of a whole share of Common Stock. For the purposes of this subsection (d), the        current market value of a whole share of Common Stock shall be the closing price of a        share of Common Stock (as determined pursuant to Section 11(d) hereof) for the Trading Day        immediately prior to the Exchange Date.
Section 25. Notice of Certain Events.
- In case the Company shall propose, at any time after the Distribution Date,        (i) to pay any dividend payable in stock of any class to the holders of Preferred Stock or        to make any other distribution to the holders of Preferred Stock (other than a regular        quarterly cash dividend of the Company in compliance with Section 13.1-653 of the Virginia        Stock Corporation Act), or (ii) to offer to the holders of Preferred Stock rights or        warrants to subscribe for or to purchase any additional shares of Preferred Stock or        shares of stock of any class or any other securities, rights or options, or (iii) to        effect any reclassification of its Preferred Stock (other than a reclassification        involving only the subdivision of outstanding shares of Preferred Stock), or (iv) to        effect any consolidation or merger into or with any other Person (other than a Subsidiary        of the Company in a transaction that complies with Section 11(m) hereof), or to effect a        statutory share exchange with any Person (other than a Subsidiary of the Company in a        transaction that complies with Section 11(m) hereof), or to effect any sale or other        transfer (or to permit one or more of its Subsidiaries to effect any sale or other        transfer), in one transaction or a series of related transactions, of more than 50% of the        assets or earning power of the Company and its Subsidiaries (taken as a whole) to any        other Person or Persons (other than a Subsidiary of the Company in one or more        transactions each of which complies with Section 11(m) hereof), or (v) to effect the        liquidation, dissolution or winding up of the Company, then, in each such case, the        Company shall give to each holder of a Rights Certificate, to the extent feasible and in        accordance with Section 26 hereof, a notice of such proposed action, which shall        specify the record date for the purposes of such stock dividend, distribution of rights or        warrants, or the date on which such reclassification, consolidation, merger, statutory        share exchange, sale, transfer, liquidation, dissolution, or winding up is to take place        and the date of participation therein by the holders of the shares of Preferred Stock, if        any such date is to be fixed, and such notice shall be so given in the case of any action        covered by clause (i) or (ii) above at least 20 days prior to the record date for        determining holders of the shares of Preferred Stock for purposes of such action, and in        the case of any such other action, at least 20 days prior to the date of the taking of        such proposed action or the date of participation therein by the holders of the shares of        Preferred Stock, whichever shall be the earlier.
- In case any Section 11(a)(ii) Event shall occur, then, in any such case, (i) the        Company shall as soon as practicable thereafter give to each holder of a Rights        Certificate, to the extent feasible and in accordance with Section 26 hereof, a        notice of the occurrence of such event, which shall specify the event and the consequences        of the event to holders of Rights under Section 11(a)(ii) hereof, and (ii) all references        in the preceding paragraph to Preferred Stock shall be deemed thereafter to refer, if        appropriate, not only to Preferred Stock but also to Common Stock or other securities.

Section 26. Notices. Notices or demandsauthorized by this Agreement to be given or made by the Rights Agent or by the holder ofany Rights Certificate to or on the Company shall be sent by registered or certified mailand shall be deemed given upon receipt if addressed (until another address is filed inwriting with the Rights Agent) as follows:

Chesapeake Corporation

1021 East Cary Street

Box 2350

Richmond, Virginia 23218-2350

Attention: Corporate Secretary

Subject to the provisions of Section 21 hereof, any notice ordemand authorized by this Agreement to be given or made by the Company or by the holder ofany Rights Certificate to or on the Rights Agent shall be sent by registered or certifiedmail and shall be deemed given upon receipt if addressed (until another address is filedin writing with the Company) as follows:

Computershare Investor Services, LLC

2 North LaSalle

P. O. Box A3504

Chicago, Illinois 60690-3504

Attention: Shareholder Services

Notices or demands authorized by this Agreement to be given or made bythe Company or the Rights Agent to the holder of any Rights Certificate (or, if prior tothe Distribution Date, to the holder of certificates representing shares of Common Stock)shall be sufficiently given or made if sent by first-class mail, postage prepaid,addressed to such holder at the address of such holder as shown on the registry books ofthe Company.

Section 27. Supplements and Amendments.Prior to the Distribution Date and subject to the penultimate sentence of thisSection 27, the Company may, and the Rights Agent shall, if the Company so directs,supplement or amend any provision of this Agreement without the approval of any holders ofcertificates representing shares of Common Stock. From and after the Distribution Date andsubject to the penultimate sentence of this Section 27, the Company and the Rights Agentshall, if the Company so directs, supplement or amend this Agreement without the approvalof any holders of Rights Certificates in order (i) to cure any ambiguity, (ii) to corrector supplement any provision contained herein that may be defective or inconsistent withany other provisions herein, (iii) to shorten or lengthen any time period hereunder, or(iv) to change or supplement the provisions hereunder in any manner that the Company maydeem necessary or desirable and that shall not adversely affect the interests of theholders of Rights Certificates (other than an Acquiring Person or an Affiliate orAssociate of an Acquiring Person); provided, that this Agreement may not besupplemented or amended to lengthen, pursuant to clause (iii) of this sentence, (A) a timeperiod relating to when the Rights may be redeemed at such time as the Rights are not thenredeemable, or (B) any other time period unless such lengthening is for the purpose ofprotecting, enhancing or clarifying the rights of, and/or the benefits to, the holders ofRights. Upon the delivery of a certificate from an appropriate officer of the Company thatstates that the proposed supplement or amendment is in compliance with the terms of thisSection 27, the Rights Agent shall execute such supplement or amendment. Prior to theDistribution Date, the interests of the holders of Rights shall be deemed coincident withthe interests of the holders of Common Stock. No supplement or amendment shall be madethat changes the Redemption Price, the Final Expiration Date, the Purchase Price or thenumber of shares of Common Stock for which a Right is exercisable; provided, however,that at any time prior to the Distribution Date, the Board of Directors of the Company mayamend this Agreement to increase the Purchase Price or extend the Final Expiration Date.Notwithstanding anything contained in this Agreement to the contrary, no supplement oramendment that changes the rights or duties of the Rights Agent under this Agreement shallbe effective against the Rights Agent without the execution of such supplement oramendment by the Rights Agent.

Section 28. Successors. All thecovenants and provisions of this Agreement by or for the benefit of the Company or theRights Agent shall bind and inure to the benefit of their respective successors andassigns hereunder.

Section 29. Determinations and Actions bythe Board of Directors, etc. For all purposes of this Agreement, any calculation ofthe number of shares of Common Stock outstanding at any particular time, including forpurposes of determining the particular percentage of such outstanding shares of CommonStock of which any Person is the Beneficial Owner, shall be made in accordance with thelast sentence of Rule 13d-3(d)(1)(i) of the General Rules and Regulations under theExchange Act. The Board of Directors of the Company shall have the exclusive power andauthority to administer this Agreement and to exercise all rights and powers specificallygranted to the Board, or the Company, or as may be necessary or advisable in theadministration of this Agreement, including, without limitation, the right and power to(i) interpret the provisions of this Agreement, and (ii) make all determinations deemednecessary or advisable for the administration of this Agreement (including a determinationto redeem or not redeem the Rights or to amend the Agreement). All such actions,calculations, interpretations and determinations (including, for purposes of clause (y)below, all omissions with respect to the foregoing) which are done or made by the Board ingood faith, shall (x) be final, conclusive and binding on the Company, the Rights Agent,the holders of the Rights and all other parties, and (y) not subject the Board to anyliability to the holders of the Rights.

Section 30. Benefits of this Agreement.Nothing in this Agreement shall be construed to give to any Person other than the Company,the Rights Agent, the registered holders from time to time of the Rights Certificates(and, prior to the Distribution Date, registered holders of the Common Stock) any legal orequitable right, remedy or claim under this Agreement; and this Agreement shall be for thesole and exclusive benefit of the Company and the Persons specified above.

Section 31. Severability. If any term,provision, covenant or restriction of this Agreement is held by a court of competentjurisdiction or other authority to be invalid, void or unenforceable, the remainder of theterms, provisions, covenants and restrictions of this Agreement shall remain in full forceand effect and shall in no way be affected, impaired or invalidated; provided, however,that notwithstanding anything in this Agreement to the contrary, if any such term,provision, covenant or restriction is held by such court or authority to be invalid, voidor unenforceable and the Board of Directors of the Company determines in its good faithjudgment that severing the invalid language from this Agreement would adversely affect thepurpose or effect of this Agreement, the right of redemption set forth in Section 23hereof shall be reinstated and shall not expire until the Close of Business on the tenthday following the date of such determination by the Board of Directors.

Section 32. Governing Law. ThisAgreement, each Right and each Rights Certificate issued hereunder shall be deemed to be acontract made under the laws of the Commonwealth of Virginia and for all purposes shall begoverned by and construed in accordance with the laws of such Commonwealth applicable tocontracts made and to be performed entirely within such Commonwealth, except the rightsand obligations of the Rights Agent, which shall be governed by and construed inaccordance with the laws of the State of Illinois.

Section 33. Counterparts. This Agreementmay be executed in any number of counterparts and each of such counterparts shall for allpurposes be deemed to be an original, and all such counterparts shall together constitutebut one and the same instrument.

Section 34. Descriptive Headings.Descriptive headings of the several Sections of this Agreement are inserted forconvenience only and shall not control or affect the meaning or construction of any of theprovisions hereof.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to beduly executed, all as of the day and year first above written.

CHESAPEAKE CORPORATION

 

 

By /s/ J.P. Causey Jr. 
J. P. Causey Jr.

Senior Vice President

 

 

COMPUTERSHARE INVESTOR SERVICES, LLC, as successor Rights Agent

 

 

By /s/ Donald W. Koslow 
Donald W. Koslow

Relationship Manager

 

EXHIBIT A

[Form of Rights Certificate]

Certificate No. R- _________ Rights

 

 

NOT EXERCISABLE AFTER MARCH 15, 2008, OR EARLIER IF REDEEMED OREXCHANGED BY THE COMPANY. THE COMPANY, AT ITS OPTION, MAY REDEEM THE RIGHTS EVIDENCED BYTHIS CERTIFICATE AT A REDEMPTION PRICE OF $.01 PER RIGHT OR EXCHANGE THE RIGHTS FOR SHARESOF COMMON STOCK ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAINCIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON (AS SUCH TERM IS DEFINEDIN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL ANDVOID. [THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BYA PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR AN ASSOCIATE OF ANACQUIRING PERSON. ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBYMAY BECOME VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF THE RIGHTS AGREEMENT.]  The bracketed language shall be inserted only if applicable.

 

 

Rights Certificate

 

This certifies that ________________________________, or registeredassigns, is the registered owner of the number of Rights set forth above, each of whichentitles the owner thereof, subject to the terms, provisions and conditions of the Amendedand Restated Rights Agreement, dated as of February 21, 2001 (the "RightsAgreement"), between Chesapeake Corporation, a Virginia corporation (the"Company"), and Computershare Investor Services, LLC, successor to Harris Trustand Savings Bank, an Illinois banking corporation, as rights agent (the "RightsAgent"), to purchase from the Company at any time prior to 5:00 P.M. (Richmond,Virginia time) on March 15, 2008 at the office or offices of the Rights Agentdesignated for such purpose, or its successors as Rights Agent, one one-thousandth of afully paid, non-assessable share (a "Unit") of Series A Junior ParticipatingPreferred Stock (the "Preferred Stock") or other securities of the Company, at apurchase price of $____ per Unit (the "Purchase Price"), upon presentation andsurrender of this Rights Certificate with the Form of Election to Purchase and relatedCertificate duly executed. (All capitalized terms not defined herein shall have themeaning set forth in the Rights Agreement.) The Purchase Price may be paid in cash or bycertified bank check or bank draft payable to the order of the Company. The number ofRights evidenced by this Rights Certificate (and the number of shares which may bepurchased upon exercise thereof) set forth above, and the Purchase Price per share setforth above, are the number and Purchase Price as of ______ __, [200__], based on thePreferred Stock as constituted at such date.

As provided in the Rights Agreement, the Purchase Price and the numberand kind of shares of Preferred Stock or other securities that may be purchased upon theexercise of the Rights evidenced by this Rights Certificate are subject to modificationand adjustment upon the happening of certain events, including Triggering Events.

This Rights Certificate is subject to all of the terms, provisions andconditions of the Rights Agreement, which terms, provisions and conditions are herebyincorporated herein by reference and made a part hereof and to which Rights Agreementreference is hereby made for a full description of the rights, limitations of rights,obligations, duties and immunities hereunder of the Rights Agent, the Company and theholders of the Rights Certificates, which limitations of rights include the temporarysuspension of the exercisability of such Rights under the specific circumstances set forthin the Rights Agreement. Under certain circumstances specified in Section 7(e) of theRights Agreement, Rights that are or were owned by an Acquiring Person or an Affiliate orAssociate of an Acquiring Person may become null and void and no longer exercisable by anyPerson (including any subsequent transferee). Copies of the Rights Agreement are on fileat the above-mentioned office of the Rights Agent and are also available upon writtenrequest to the Rights Agent or the Secretary of the Corporation.

This Rights Certificate, with or without other Rights Certificates,upon surrender at the principal office or offices of the Rights Agent designated for suchpurpose, may be exchanged for another Rights Certificate or Rights Certificates of liketenor and date evidencing Rights entitling the holder to purchase a like aggregate numberof Units of Preferred Stock as the Rights evidenced by the Rights Certificate or RightsCertificates surrendered then entitle such holder to purchase. If this Rights Certificateshall be exercised in part, the holder shall be entitled to receive upon surrender hereofanother Rights Certificate or Rights Certificates for the number of whole Rights notexercised.

Subject to the provisions of the Rights Agreement, the Company, at itsoption, may redeem the Rights evidenced by this Certificate at a redemption price of $.01per Right or exchange the Rights for shares of Common Stock. 

No fractional shares of Preferred Stock will be issued upon theexercise of any Right or Rights evidenced hereby (other than fractions that are integralmultiples of one one-thousandth of a share of Preferred Stock), but in lieu thereof a cashpayment will be made, as provided in the Rights Agreement.

No holder of this Rights Certificate shall be entitled to vote orreceive dividends or be deemed for any purpose the holder of shares of Preferred Stock orof any other securities of the Company that may at any time be issuable on the exercisehereof, nor shall anything contained in the Rights Agreement or herein be construed toconfer upon the holder hereof, as such, any of the rights of a shareholder of the Companyor any right to vote for the election of directors or upon any matter submitted toshareholders at any meeting thereof, or to give or withhold consent to any corporateaction, or to receive notice of meetings or other actions affecting shareholders (exceptas provided in the Rights Agreement), or to receive dividends or subscription rights, orotherwise, until the Right or Rights evidenced by this Rights Certificate shall have beenexercised as provided in the Rights Agreement.

This Rights Certificate shall not be valid or obligatory for anypurpose until it shall have been countersigned by the Rights Agent.

WITNESS the facsimile signatures of the proper officers of the Companyand its corporate seal.

Dated as of ___________ __, ______

[SEAL]

ATTEST: CHESAPEAKE CORPORATION

 

By:
Secretary Title:

 

Countersigned:

COMPUTERSHARE INVESTOR SERVICES, LLC,

successor to HARRIS TRUST AND SAVINGS BANK,

as Rights Agent

By:
Authorized Signature

[Form of Reverse Side of Rights Certificate]

 

FORM OF ASSIGNMENT

 

 

(To be executed by the registered holder if such

holder desires to transfer the Rights Certificate.)

 

 

FOR VALUE RECEIVED ________________________ hereby sells, assigns andtransfers unto 
(Please print name and address of transferee)

this Rights Certificate, together with all right, title and interesttherein, and does hereby irrevocably constitute and appoint _________________________Attorney, to transfer the within Rights Certificate on the books of the within-namedCompany, with full power of substitution.

 

Dated: , 
 

Signature

 

Signature Guaranteed:

Certificate

 

 

The undersigned hereby certifies by checking the appropriate boxesthat:

(1) this Rights Certificate [ ] is [ ] is not being sold, assigned and    transferred by or on behalf of a Person who is or was an Acquiring Person or an Affiliate    or Associate of any such Acquiring Person (as such terms are defined pursuant to the    Rights Agreement);

(2) after due inquiry and to the best knowledge of the undersigned, it    [ ] did [ ] did not acquire the Rights evidenced by this Rights Certificate from any    Person who is, was or subsequently became an Acquiring Person or an Affiliate or Associate    of an Acquiring Person.

 

Dated: , ____ 
Signature

 

Signature Guaranteed:

 

 

NOTICE

 

The signature to the foregoing Assignment and Certificate mustcorrespond to the name as written upon the face of this Rights Certificate in everyparticular, without alteration or enlargement or any change whatsoever.

FORM OF ELECTION TO PURCHASE

(To be executed if holder desires to exercise

Rights represented by the Rights Certificate.)

 

To: CHESAPEAKE CORPORATION:

The undersigned hereby irrevocably elects to exercise ____________Rights represented by this Rights Certificate to purchase the shares of Preferred Stockissuable upon the exercise of the Rights (or such other securities of the Company or ofany other person that may be issuable upon the exercise of the Rights) and requests thatcertificates for such shares (or other securities) be issued in the name of and deliveredto:

Please insert social security or other identifying number

(Please print name and address)

If such number of Rights shall not be all the Rights evidenced by thisRights Certificate, a new Rights Certificate for the balance of such Rights shall beregistered in the name of and delivered to:

Please insert social security or other identifying number

(Please print name and address)

(Please print name and address)

Date: _______________, ____

________________________________

Signature

 

Signature Guaranteed:

Certificate

 

The undersigned hereby certifies by checking the appropriate boxesthat:
**(1) Rights evidenced by this Rights Certificate [  ] are [ ]are not being exercised by or on behalf of a Person who is or was an Acquiring Person oran Affiliate or Associate of any such Acquiring Person (as such terms are defined pursuantto the Rights Agreement);

(2) after due inquiry and to the best knowledge of the undersigned, it[ ] did [ ] did not acquire the Rights evidenced by this Rights Certificate from any Person whois, was or became an Acquiring Person or an Affiliate or Associate of an Acquiring Person.

Dated: , ____ 
Signature

 

Signature Guaranteed:

 

NOTICE

 

The signature to the foregoing Election to Purchase and Certificatemust correspond to the name as written upon the face of this Rights Certificate in everyparticular, without alteration or enlargement or any change whatsoever.** |
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