EXHIBIT 4.1


 


 





 


 


STOCKHOLDER PROTECTION RIGHTS AGREEMENT


 


 


 


dated as of


 


 


 


July 18, 2014


 


 


 


between


 


 


 


TG THERAPEUTICS, INC.


 


 


 


and


 


 


 


AMERICAN STOCK TRANSFER & TRUST COMPANY,
LLC


 


 


 


as Rights Agent


 


 




    	 



    	 



    

STOCKHOLDER PROTECTION RIGHTS AGREEMENT


 


Table of Contents


 


	ARTICLE I - CERTAIN DEFINITIONS	1
	 	 
	1.1	Certain Definitions	1
	 	 	 
	ARTICLE II – THE RIGHTS	6
	 	 
	2.1	Summary of Rights	6
	2.2	Issuance of Rights Certificates; Legend	6
	2.3	Exercise of Rights; Separation of Rights	7
	2.4	Adjustments to Exercise Price; Number of Rights	8
	2.5	Date on Which Exercise is Effective	9
	2.6	Execution, Authentication, Delivery and Dating of Rights Certificates	9
	2.7	Registration, Registration of Transfer and Exchange	10
	2.8	Mutilated, Destroyed, Lost and Stolen Rights Certificates	10
	2.9	Persons Deemed Owners	11
	2.10	Delivery and Cancellation of Certificates	11
	2.11	Agreement of Rights Holders	11
	 	 	 
	ARTICLE III - ADJUSTMENTS TO THE RIGHTS IN THE EVENT OF CERTAIN TRANSACTIONS	12
	 	 
	3.1	Flip-In	12
	3.2	Flip-Over	14
	 	 	 
	ARTICLE IV - THE RIGHTS AGENT	14
	 	 
	4.1	General	14
	4.2	Merger or Consolidation or Change of Name of Rights Agent	15
	4.3	Duties of Rights Agent	15
	4.4	Change of Rights Agent	17
	 	 	 
	ARTICLE V - MISCELLANEOUS	18
	 	 
	5.1	Redemption and Termination	18
	5.2	Expiration	18
	5.3	Issuance of New Rights Certificates	18
	5.4	Supplements and Amendments	18
	5.5	Fractional Shares	19
	5.6	Rights of Action	19
	5.7	Holder of Rights Not Deemed a Stockholder	19
	5.8	Notice of Proposed Actions	19
	5.9	Notices	20
	5.10	Suspension of Exercisability	20
	5.11	Successors	20
	5.12	Benefits of this Agreement	20
	5.13	Determination and Actions by the Board of Directors, etc.	21
	5.14	Descriptive Headings	21
	5.15	Governing Law	21
	5.16	Counterparts	21
	5.17	Severability	21
	5.18	Customer Identification Program	22
	5.19	Withholding	22


 




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STOCKHOLDER PROTECTION RIGHTS AGREEMENT


 


THIS STOCKHOLDER PROTECTION
RIGHTS AGREEMENT (as amended from time to time, this “Agreement”) is made and entered into as of July 18, 2014,
between TG Therapeutics, Inc., a Delaware corporation (the “Company”), and American Stock Transfer & Trust
Company, LLC, as rights agent (the “Rights Agent,” which term shall include any successor Rights Agent hereunder).


 


W I T N E S S E T H:


 


WHEREAS, on July 18,
2014, the Board of Directors (the “Board of Directors”) has (a) authorized and declared a dividend of one right
(“Right”) in respect of each share of Common Stock (as hereinafter defined) held of record as of the Close
of Business (as hereinafter defined) on July 28, 2014 (the “Record Time”), and (b) as provided in Section
2.4, authorized the issuance of one Right in respect of each share of Common Stock issued after the Record Time and prior to the
Separation Time (as hereinafter defined) and, to the extent provided
in Section 5.3, each share of Common Stock issued after the Separation Time;


 


WHEREAS, subject to
the terms and conditions hereof, each Right entitles the holder thereof, after the Separation Time, to purchase securities or assets
of the Company (or, in certain cases, securities of certain other entities) pursuant to the terms and subject to the conditions
set forth herein; and


 


WHEREAS, the Company
desires to appoint the Rights Agent to act on behalf of the Company, and the Rights Agent is willing so to act, in connection with
the issuance, transfer, exchange and replacement of Rights Certificates (as hereinafter defined), the exercise of Rights and other
matters referred to herein;


 


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


 


ARTICLE I


 


CERTAIN DEFINITIONS


 


1.1           Certain Definitions.
For purposes of this Agreement, the following terms have the meanings indicated:


 


“Acquiring Person” shall
mean any Person who or which, together with all Affiliates and Associates of such Person, shall become the Beneficial Owner of
15% or more of the outstanding shares of Common Stock at any time after the first public announcement of this Agreement, but shall
not include:


 


(a) the Company, any
Subsidiary of the Company, any employee benefit plan of the Company or any Subsidiary of the Company, or any entity holding Common
Stock for or pursuant to the terms of any such plan, and            


(b) Opus Point Partners, LLC and any executive officer of the Company
(“Excluded Persons”); and


(c) Any Person who
or which, together with all Affiliates and Associates of such Person, is the Beneficial Owner of Common Stock representing less
than 20% of the outstanding shares of Common Stock, and which is entitled to file, and files, a statement on Schedule 13G (“Schedule
13G”) pursuant to Rule 13d-1(b) or Rule 13d-1(c) of the General Rules and Regulations under the Exchange Act as in effect
at the time of the public announcement of the declaration of the Rights dividend with respect to the Common Stock Beneficially
Owned by such Person (a “13G Investor”),


 


 



    	   



    	 



    




 


provided,
however, that a Person who was deemed a 13G Investor shall no longer be deemed such if it files a statement on Schedule
13D pursuant to Rule 13d-1(a), 13d-1(e), 13d-1(f) or 13d-1(g) of the General Rules and Regulations under the Exchange Act as in
effect at the time of the public announcement of the declaration of the Rights dividend with respect to the Common Stock Beneficially
Owned by such Person, and shall be deemed an Acquiring Person if it is the Beneficial Owner of 15% or more of the outstanding shares
of Common Stock at any point from the time it first files such a statement on Schedule 13D provided that if at such time such Person’s
Beneficial Ownership is not less than 15%, then such Person shall have 60 days from such time to reduce its Beneficial Ownership
(together with all Affiliates and Associates of such Person) to below 15% of the Common Stock before being deemed an “Acquiring
Person” but shall be deemed an “Acquiring Person” if after reducing its Beneficial Ownership to below 15% it
subsequently becomes the Beneficial Owner of 15% or more of the Common Stock or if, prior to reducing its Beneficial Ownership
to below 15%, it increases (or makes any offer or takes any other action that would increase) its Beneficial Ownership of the then-outstanding
Common Stock (other than as a result of an acquisition of Common Stock by the Company) above the lowest Beneficial Ownership of
such Person at any time during such 60-day period. Notwithstanding the foregoing, no Person (other
than Excluded Persons) who is a 13G Investor and who Beneficially Owns, each as of at the time of the first public announcement
of the declaration of the Rights dividend, 20% or more of the outstanding shares of Common Stock, shall become an Acquiring Person
unless such Person shall, after the time of the public announcement of the declaration of the Rights dividend, increase its Beneficial
Ownership of the then-outstanding Common Stock (other than as a result of an acquisition of Common Stock by the Company) to an
amount equal to or greater than the greater of (x) 15% (in the case of a Person who is not then a 13G Investor) or 20% (in the
case of a Person who is then a 13G Investor) or (y) the sum of (i) the lowest Beneficial Ownership of such Person as a percentage
of the outstanding Common Stock as of any time from and after the time of the public announcement of the declaration of the Rights
dividend plus (ii) 0.01%.  Notwithstanding the foregoing, no Person shall become an “Acquiring Person” as
the result of an acquisition of Common Stock by the Company which, by reducing the number of Common Stock outstanding, increases
the proportionate number of Common Stock Beneficially Owned by such Person to 15% (20% in the case of a 13G Investor) or more of
the outstanding shares of Common Stock; provided, however, that, if a Person shall become the Beneficial Owner of 15%
(20% in the case of a 13G Investor) or more of the outstanding shares of Common Stock by reason of share purchases by the Company
and shall, after the public announcement of such share purchases by the Company, become the Beneficial Owner of any additional
Common Stock, then such Person shall be deemed to be an “Acquiring Person.” Notwithstanding the foregoing, if the Board
of Directors determines in good faith that a Person who would otherwise be an “Acquiring Person,” as defined pursuant
to the foregoing provisions of this paragraph (a), has become such inadvertently, and such Person divests as promptly as practicable
a sufficient number of Common Stock so that such Person would no longer be an “Acquiring Person,” as defined pursuant
to the foregoing provisions of this paragraph (a), then such Person shall not be deemed to be an “Acquiring Person”
for any purposes of this Agreement. Notwithstanding the foregoing, if a bona fide swaps dealer who would otherwise be an “Acquiring
Person” has become so as a result of its actions in the ordinary course of its business that the Board of Directors determines,
in its sole discretion, were taken without the intent or effect of evading or assisting any other Person to evade the purposes
and intent of this Agreement, or otherwise seeking to control or influence the management or policies of the Company, then, and
unless and until the Board of Directors shall otherwise determine, such Person shall not be deemed to be an “Acquiring Person”
for any purposes of this Agreement.


 


“Affiliate”
and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 under the Exchange Act
(as defined below), as such Rule is in effect on the date of this Agreement.


 


“Agreement”
shall have the meaning set forth in the Preamble.


 






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A Person shall be deemed
the “Beneficial Owner” of, and to have “Beneficial Ownership” of, and to “Beneficially
Own,” (i) any securities as to which such Person or any of such Person’s Affiliates or Associates is or may be
deemed to be the beneficial owner pursuant to Rules 13d-3 and 13d-5 under the Exchange Act, and Regulations 13D and 13G thereunder,
as such Rules are in effect on the date of this Agreement, (ii) any securities as to which such Person or any of such Person’s
Affiliates or Associates has the right to become the Beneficial Owner (whether such right is exercisable immediately or only after
the passage of time or the occurrence of conditions) pursuant to any agreement, arrangement or understanding, whether or not in
writing (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public
offering of securities), or upon the exercise of conversion rights, exchange rights, other rights (other than the Rights), warrants
or options, or otherwise, (iii) any securities which are Beneficially Owned by any other Person or any of such other Person’s
Affiliates or Associates with which such first Person or any of such first Person’s Affiliates or Associates has any agreement,
arrangement or understanding, orally or in writing, (x) for the purpose of acquiring, holding, voting (except pursuant to a revocable
proxy as described in clause (B) below) or disposing of any voting securities of the Company or (y) to cooperate in seeking or
affecting control of the Company; provided, however, that a Person shall not be deemed the “Beneficial Owner” of, or
to have “Beneficial Ownership” of, or to “Beneficially Own,” any security (A) solely because such security
has been tendered pursuant to a tender or exchange offer made by such Person or any of such Person’s Affiliates or Associates
until such tendered security is accepted for payment or exchange or (B) solely because such Person or any of such Person’s
Affiliates or Associates has or shares the power to vote or direct the voting of such security pursuant to a revocable proxy given
in response to a public proxy or consent solicitation made to more than ten holders of shares of a class of stock of the Company
registered under Section 12 of the Exchange Act and pursuant to, and in accordance with, the applicable rules and regulations under
the Exchange Act, unless such power (or the arrangements relating thereto) is then reportable by such Person on Schedule 13D under
the Exchange Act (or any similar provision of a comparable or successor report), or (iv) any securities which are the subject of,
or the reference securities for, or that underlie any derivative transaction entered into by such Person, or derivative security
(including options) acquired by such Person, which gives such Person the economic equivalent of ownership of an amount of such
securities due to the fact that the value of the derivative is directly or indirectly determined by reference to the price or value
of such securities, without regard to whether (a) such derivative conveys any voting rights in such securities to such Person,
(b) the derivative is required to be, or capable of being, settled through delivery of such securities, or (c) such Person may
have entered into other transactions that hedge the economic effect of such derivative. In determining the number of shares of
Common Stock deemed Beneficially Owned by virtue of the operation of this Section 1.1, the subject Person shall be deemed to Beneficially
Own (without duplication) the number of shares of Common Stock that are synthetically owned pursuant to such derivative transactions
or such derivative securities. The number of shares of Common Stock that are synthetically owned shall be the notional or other
number of shares of Common Stock in respect of such derivative transactions or securities that is specified in a filing by such
Person or any of such Person’s Affiliates or Associates with the Securities & Exchange Commission or in the documentation
evidencing such derivative transactions or securities, and in any case (or if no such number of shares of Common Stock is specified
in any filing or documentation), as determined by the Board of Directors in good faith to be the number of shares of Common Stock
that are synthetically owned pursuant to such derivative transactions or securities. Notwithstanding the foregoing, no officer
or director of the Company shall be deemed to Beneficially Own any securities of any other Person by virtue of any actions such
officer or director takes in such capacity. For purposes of this Agreement, in determining the percentage of the outstanding shares
of Common Stock with respect to which a Person is the Beneficial Owner, all shares as to which such Person is deemed the Beneficial
Owner shall be deemed outstanding.


 


“Business
Day” shall mean any day other than a Saturday, Sunday or a day on which banking institutions in New York, New York are
generally authorized or obligated by law or executive order to close.


 


“Close of
Business” on any given date shall mean 5:00 p.m. New York, New York time on such date (or, if such date is not a Business
Day, 5:00 p.m. New York, New York time on the next succeeding Business Day).


 


“Common Stock”
shall mean the shares of Common Stock, par value $0.001 per share, of the Company.


 


“Company”
shall have the meaning set forth in the Preamble.


 


“Election
to Exercise” shall have the meaning set forth in Section 2.3(d).


 


“Exchange
Act” shall mean the Exchange Act of 1934, as amended.


 


“Exchange
Ratio” shall have the meaning set forth in Section 3.1(c).


 


“Exchange
Time” shall mean the time at which the right to exercise the Rights shall terminate pursuant to Section 3.1(c).


 


“Exercise
Price” shall mean, as of any date, the price at which a holder may purchase the securities issuable upon exercise of
one whole Right. Until adjustment thereof in accordance with the terms hereof, the Exercise Price shall equal $100.


 






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“Expansion
Factor” shall have the meaning set forth in Section 2.4(a).


 


“Expiration
Time” shall mean the earliest of (i) the Exchange Time, (ii) the Redemption Time, (iii) the ten-year anniversary
of date of this Agreement, and (iv) immediately prior to the effective time of a consolidation, merger or statutory share exchange
that does not constitute a Flip-Over Transaction or Event in which the Common Stock is converted into, or into the right to receive,
another security, cash or other consideration.


 


“Flip-In Date”
shall mean any Stock Acquisition Date or such later date and time as the Board of Directors may from time to time fix by resolution
adopted prior to the Flip-In Date that would otherwise have occurred.


 


“Flip-Over
Entity” for purposes of Section 3.2, shall mean (i) in the case of a Flip-Over Transaction or Event described in
clause (i) of the definition thereof, the Person issuing any securities into which shares of Common Stock are being converted or
exchanged and, if no such securities are being issued, the Person that is a party to such Flip-Over Transaction or Event and (ii) in
the case of a Flip-Over Transaction or Event referred to in clause (ii) of the definition thereof, the Person receiving the greatest
portion of the (A) assets or, if (A) is not readily determinable, (B) operating income or cash flow being transferred in such
Flip-Over Transaction or Event; provided in all cases if such Person is a Subsidiary of another Person, the ultimate parent entity
of such Person shall be the Flip-Over Entity.


 


“Flip-Over
Stock” shall mean the capital stock (or similar equity interest) with the greatest voting power in respect of the election
of directors (or other Persons similarly responsible for the direction of the business and affairs) of the Flip-Over Entity.


 


“Flip-Over
Transaction or Event” shall mean a transaction or series of transactions, on or after a Flip-In Date, in which, directly
or indirectly, (i) the Company shall consolidate or merge or participate in a statutory share exchange with any other Person
if, immediately prior to the time of the consummation of the consolidation, merger or statutory share exchange or at the time the
Company enters into any agreement with respect to any such consolidation, merger or statutory share exchange, the Acquiring Person
is the Beneficial Owner of 90% or more of the outstanding shares of Common Stock or Controls the Board of Directors and either
(A) any term of or arrangement concerning the treatment of shares of capital stock in such consolidation, merger or statutory
share exchange relating to the Acquiring Person is not identical to the terms and arrangements relating to other holders of the
Common Stock or (B) the Person with whom the transaction or series of transactions occurs is the Acquiring Person or an Affiliate
or Associate of the Acquiring Person or (ii) the Company shall sell or otherwise transfer (or one or more of its Subsidiaries
shall sell or otherwise transfer) assets (A) aggregating more than 50% of the assets (measured by either book value or fair
market value) or (B) generating more than 50% of the operating income or cash flow, of the Company and its Subsidiaries (taken
as a whole) to any Person (other than the Company or one or more of its wholly owned Subsidiaries) or to two or more such Persons
that are Affiliates or Associates or otherwise acting in concert, if, at the time of the entry by the Company (or any such Subsidiary)
into an agreement with respect to such sale or transfer of assets, the Acquiring Person or any of its Affiliates or Associates
controls the Board of Directors. For purposes of the foregoing description, the term “Acquiring Person” shall include
any Acquiring Person and its Affiliates and Associates, counted together as a single Person. An Acquiring Person shall be deemed
to control the Board of Directors when, on or following a Stock Acquisition Date, the persons who were directors of the Company
(or persons nominated and/or appointed as directors by vote of a majority of such persons) before the Stock Acquisition Date shall
cease to constitute a majority of the Board of Directors.


 


“Market Price”
per share of any securities on any date shall mean the average of the daily closing prices per share of such securities (determined
as described below) on each of the 20 consecutive Trading Days through and including the Trading Day immediately preceding such
date; provided, however, that if any event described in Section 2.4, or any analogous event, shall have caused the closing prices
used to determine the Market Price on any Trading Days during such period of 20 Trading Days not to be fully comparable with the
closing price on such date, each such closing price so used shall be appropriately adjusted by the Board of Directors in order
to make it fully comparable with the closing price on such date. The closing price per share of any securities on any date shall
be the last reported sale price, regular way, of such security or, in case no such sale takes place or is quoted on such date,
the average of the closing bid and asked prices, regular way, for each share of such securities, in either case as reported in
the principal consolidated transaction reporting system with respect to securities listed on the New York Stock Exchange or, if
the securities are not listed on the New York Stock Exchange, as reported on the NASDAQ Stock Market or, if the securities are
not listed on the NASDAQ Stock Market, as reported in the principal consolidated transaction reporting system with respect to the
principal national securities exchange on which the securities are listed or admitted to trading or, if the securities are not
listed or admitted to trading on any national securities exchange, as reported by such other quotation system then in use or, if
on any such date the securities are not listed or admitted to trading on any national securities exchange or quoted by any such
quotation system, average of the closing bid and asked prices in the over-the-counter market as furnished by a professional market
maker making a market in the securities selected by the Board of Directors; provided, however, that if
on any such date the securities are not listed or admitted to trading on a national securities exchange or traded in the over-the-counter
market, the closing price per share of such securities on such date shall mean the fair value per share of such securities on such
date as determined in good faith by the Board of Directors, after consultation with a nationally recognized investment banking
firm, and set forth in a certificate delivered to the Rights Agent.


 






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“Option Holder”
shall have the meaning set forth in the definition of Acquiring Person.


 


“Person”
shall mean any individual, firm, partnership, limited liability company, association, group (as such term is used in Rule 13d-5
under the Exchange Act, as such Rule is in effect on the date of this Agreement), corporation or other entity, and shall include
any successor (by merger or otherwise) thereof or thereto.


 


“Preferred
Stock” shall mean the Series A Junior Participating Preferred Stock, par value $0.01 per share, of the Company created
by the Certificate of Designation, Preferences and Rights in substantially the form set forth in Exhibit B hereto, appropriately
completed.


 


“Record Time”
shall have the meaning set forth in the Recitals.


 


“Redemption
Time” shall mean the time at which the right to exercise the Rights shall terminate pursuant to Section 5.1.


 


“Redemption
Price” shall have the meaning set forth in Section 5.1(a).


 


“Right”
shall have the meaning set forth in the Recitals.


 


“Rights Agent”
shall have the meaning set forth in the Preamble.


 


“Rights Certificate”
shall have the meaning set forth in Section 2.3(c).


 


“Rights Register”
shall have the meaning set forth in Section 2.7(a).


 


“Separation
Time” shall mean the Close of Business on the earlier of (i) the tenth Business Day (or such later date as the Board
of Directors may from time to time fix by resolution adopted prior to the Separation Time that would otherwise have occurred) after
the date on which any Person commences a tender or exchange offer which, if consummated, would result in such Person’s becoming
an Acquiring Person and (ii) the Flip-In Date; provided, that if the foregoing results in the Separation Time being prior
to the Record Time, the Separation Time shall be the Record Time and provided further, that if any tender or exchange offer referred
to in clause (i) of this paragraph is canceled, terminated or otherwise withdrawn prior to the Separation Time without the purchase
of any shares of Common Stock pursuant thereto, such offer shall be deemed, for purposes of this paragraph, never to have been
made.


 


“Stock Acquisition
Date” shall mean the first date of public announcement by the Company (by any means) or by an Acquiring Person (including
by means of filing a Schedule 13D or Schedule 13G under the Exchange Act (or any comparable or successor report or schedule) that
a Person has become an Acquiring Person.


 






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“Subsidiary”
of any specified Person shall mean any corporation or other entity of which a majority of the voting power of the equity securities
or a majority of the equity or membership interests is Beneficially Owned, directly or indirectly, by such Person.


 


“Trading Day,”
when used with respect to any security, shall mean a day on which the principal national securities exchange on which the security
is listed or admitted to trading is open for the transaction of business or, if the security is not listed or admitted to trading
on any national securities exchange, a Business Day.


 


ARTICLE II


 


THE RIGHTS


 


2.1           Summary of
Rights. As soon as practicable after the Record Time, the Company will make a summary of the terms of the Rights available
to each holder of Rights who may so request from time to time prior to the Expiration Time.


 


2.2           Issuance
of Rights Certificates; Legend. (a) Certificates for the Common Stock issued on or after the Record Time but prior to the Separation
Time shall evidence, in addition to the Common Stock represented by such certificate, one Right for each share of Common Stock
represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially
the following form:


 


“Until the Separation Time (as
defined in the Rights Agreement referred to below), this certificate also evidences and entitles the holder hereof to certain Rights
as set forth in a Stockholder Protection Rights Agreement, effective as of July 18, 2014 (as such may be amended from time to time,
the “Rights Agreement”), between TG Therapeutics, Inc. (the “Company”) and American Stock
Transfer & Trust Company, LLC, as Rights Agent, the terms of which are hereby incorporated herein by reference and a copy of
which is on file at the principal executive offices of the Company. Under certain circumstances, as set forth in the Rights Agreement,
such Rights may be terminated or redeemed, may become exercisable for securities or assets of the Company or of another entity,
may be exchanged for shares of Common Stock or other securities or assets of the Company, may expire, may become null and void
(including if they are “Beneficially Owned” by an “Acquiring Person” or an Affiliate or Associate
thereof, as such terms are defined in the Rights Agreement, or by any transferee of any of the foregoing) or may be evidenced by
separate certificates and may no longer be evidenced by this certificate. The Company will mail or arrange for the mailing of a
copy of the Rights Agreement to the holder of this certificate without charge promptly after the receipt of a written request therefor.”


 


Certificates representing shares of Common
Stock that are issued and outstanding at the Record Time shall evidence, in addition to the Common Stock represented by such certificate,
one Right for each share of Common Stock evidenced thereby notwithstanding the absence of the foregoing legend.


 


If the Common Stock issued after the Record
Time but prior to the Separation Time shall be uncertificated, the registration of such Common Stock on the stock transfer books
of the Company shall evidence one Right for each share of Common Stock represented thereby. The Company shall mail or arrange for
the mailing of a copy of this Agreement to any Person that holds Common Stock, as evidenced by the registration of the Common Stock
in the name of such Person on the stock transfer books of the Company, without charge after the receipt of a written request therefor,
and the Company shall cause the transfer agent for the Common Stock to include on each direct registration account statement with
respect to the Common Stock issued prior to the Separation Time an appropriate notation to reflect the issuance of the Rights.


 


(b)           Subject to Sections
2.4 and 5.3, one Right shall be issued in respect of (i) each share of Common Stock outstanding as of the Record Time and (ii)
each additional share of Common Stock that becomes outstanding (whether by original issuance or out of treasury, but other than
in a transaction contemplated by Section 2.4) after the Record Time but prior to the Separation Time. To the extent provided in
Section 5.3, Rights shall be issued by the Company in respect of shares of Common Stock that are issued or sold by the Company
after the Separation Time.


 






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2.3           Exercise
of Rights; Separation of Rights. (a) Subject to the terms and conditions hereof and subject to adjustment as herein set forth,
each Right will entitle the holder thereof, at or after the Separation Time and prior to the Expiration Time, to purchase, for
the Exercise Price, one one-thousandth (1/1,000th) of a share of Preferred Stock.


 


(b)           Until the Separation
Time, (i) no Right may be exercised and (ii) each Right will be evidenced by the certificate for the associated share
of Common Stock (or, if the Common Stock shall be uncertificated, by the registration of the associated Common Stock on the stock
transfer books of the Company), and will be transferable only together with, and will be transferred by a transfer (whether with
or without such letter) of, such associated share of Common Stock, and the surrender for transfer of any certificates representing
outstanding Common Stock will also constitute the surrender for transfer of the Rights associated with the Common Stock represented
by such certificate.


 


(c)           Subject to this
Section 2.3 and to Sections 3.1, 5.1 and 5.10, at or after the Separation Time and prior to the Expiration Time, (i) the Rights
may be exercised pursuant to Section 2.3(d) below; (ii) the Rights will be transferred independently of shares of Common Stock;
and (iii) the Rights Agent will mail to each holder of record of Common Stock (provided that the Board of Directors has not elected
to exchange all of the then outstanding Rights pursuant to Section 3.1(c)) as of the Separation Time (other than any Person whose
Rights have become void pursuant to Section 3.1(b)), at such holder’s address as shown by the records of the Company (the
Company hereby agreeing to furnish copies of such records to the Rights Agent for this purpose), (x) a certificate (a “Rights
Certificate”) in substantially the form of Exhibit A hereto appropriately completed, representing the number of
Rights held by such holder at the Separation Time and having 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 law or with any rule or regulation made pursuant thereto or with any rule or regulation
of any national securities exchange or quotation system on which the Rights may from time to time be listed or traded, or to conform
to usage, and (y) a disclosure statement describing the Rights. Receipt of a Rights Certificate by any Person shall not preclude
a later determination that such Rights are void pursuant to Section 3.1(b). The Company may implement such procedures as it
deems appropriate, in its sole discretion, to minimize the possibility that Rights are received by Persons with respect to whom
Rights would be null and void under Section 3.1(b).


 


(d)           Subject to the
terms and conditions hereof, Rights may be exercised on any Business Day at or after the Separation Time and prior to the Expiration
Time by submitting to the Rights Agent the Rights Certificate evidencing such Rights with an Election to Exercise (an “Election
to Exercise”) substantially in the form attached to the Rights Certificate, duly executed and properly completed, accompanied
by payment by certified or official bank check or money order payable to the order of the Company, of a sum equal to the Exercise
Price multiplied by the number of Rights being exercised and a sum sufficient to cover any transfer tax or charge that may be payable
in respect of any transfer involved in the transfer or delivery of Rights Certificates or the issuance or delivery of certificates
(or, if uncertificated, the registration on the stock transfer books of the Company) for shares or depositary receipts (or both)
in a name other than that of the holder of the Rights being exercised.


 


(e)           Upon receipt of
a Rights Certificate, with a properly completed and duly executed Election to Exercise accompanied by payment as set forth in Section
2.3(d), and subject to the terms and conditions hereof, the Rights Agent will thereupon promptly (i)(A) requisition from the
Company’s transfer agent(s) stock certificates evidencing such number of shares or other securities to be purchased or, in
the case of uncertificated shares or other securities, requisition from a transfer agent a notice setting forth such number of
shares or other securities to be purchased for which registration will be made on the stock transfer books of the Company (the
Company hereby irrevocably authorizing its transfer agents to comply with all such requisitions) and (B) if the Company elects
pursuant to Section 5.5 not to issue certificates (or effect registrations on the stock transfer books of the Company) representing
fractional shares, requisition from the depositary selected by the Company depositary receipts representing the fractional shares
to be purchased (the Company hereby irrevocably authorizes each such depositary agent to comply with such requisitions) or requisition
from the Company the amount of cash to be paid in lieu of fractional shares in accordance with Section 5.5 and (ii) after
receipt of such certificates, depositary receipts and/or cash, deliver the same to or upon the order of the registered holder of
such Rights Certificate, registered (in the case of certificates or depositary receipts) in such name or names as may be designated
by such holder. In the event that the Company elects pursuant to Section 3.1(e) to issue other securities and/or assets of the
Company upon exercise of the Rights, the Company will make all arrangements necessary so that such other securities and/or assets
of the Company are available for distribution by the Rights Agent, if and when necessary to comply with this Agreement.


 






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(f)           In case the holder
of any Rights shall exercise less than all the Rights evidenced by such holder’s Rights Certificate, a new Rights Certificate
evidencing the Rights remaining unexercised will be issued by the Rights Agent to such holder or to such holder’s duly authorized
assigns.


 


(g)           The Company covenants
and agrees that it will (i) take all such action as may be necessary to ensure that all shares delivered (or evidenced by
registration on the stock transfer books of the Company) upon exercise of Rights shall, at the time of delivery of the certificates
(or registration) for such shares (subject to payment of the Exercise Price), be duly and validly authorized, executed, issued
and delivered (or registered) and fully paid and nonassessable; (ii) take all such action as may be necessary to comply with
any applicable requirements of the Securities Act of 1933, as amended, or the Exchange Act, and the rules and regulations thereunder,
and any other applicable law, rule or regulation, in connection with the issuance of any shares upon exercise of Rights; and (iii) pay
when due and payable any and all federal and state transfer taxes and charges that may be payable in respect of the original issuance
or delivery of the Rights Certificates or of any shares issued upon the exercise of Rights, provided that the Company shall not
be required to pay any transfer tax or charge that may be payable in respect of any transfer involved in the transfer or delivery
of Rights Certificates or the issuance or delivery of certificates (or the registration) for shares in a name other than that of
the holder of the Rights being transferred or exercised.


 


(h)           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 the exercise or assignment of a Rights Certificate unless the registered holder of such Rights Certificate shall
have (i) properly completed and duly signed the certificate following the form of assignment or the form of election to exercise,
as applicable, set forth on the reverse side of the Rights Certificate surrendered for such exercise or assignment, (ii) provided
such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) thereof and of the Rights evidenced
thereby, and the Affiliates and Associates of such Beneficial Owner or former Beneficial Owner, as the Company or the Rights Agent
may reasonably request and (iii) paid a sum sufficient to cover any tax or charge that may be imposed as required under Section 2.3(d).


 


2.4           Adjustments
to Exercise Price; Number of Rights. (a) In the event the Company shall at any time after the Record Time and prior to
the Separation Time (i) declare or pay a dividend on Common Stock payable in Common Stock, (ii) subdivide the outstanding
Common Stock, or (iii) combine the outstanding Common Stock into a smaller number of shares of Common Stock, (x) the
Exercise Price in effect after such adjustment will be equal to the Exercise Price in effect immediately prior to such adjustment
divided by the number of shares of Common Stock (the “Expansion Factor”) that a holder of one share of Common
Stock immediately prior to such dividend, subdivision or combination would hold thereafter as a result thereof (assuming for such
purpose that the Company would issue a fraction of a share of Common Stock, as applicable, and without giving effect to any requirement
that cash be paid in lieu of the issuance of any fractional share interest) and (y) each Right held prior to such adjustment
will become that number of Rights equal to the Expansion Factor, and the adjusted number of Rights will be deemed to be distributed
among the shares of Common Stock with respect to which the original Rights were associated (if they remain outstanding) and the
shares issued in respect of such dividend, subdivision or combination, so that each such share of Common Stock will have exactly
one Right associated with it. Each adjustment made pursuant to this paragraph shall be made as of the payment or effective date
for the applicable dividend, subdivision or combination.


 






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In the event that the
Company shall at any time after the Record Time and prior to the Separation Time issue any shares of Common Stock otherwise than
in a transaction referenced in the preceding paragraph, each such share of Common Stock so issued shall automatically have one
new Right associated with it, which Right shall be evidenced by the certificate representing such share (or, if the Common Stock
shall be uncertificated, such Right shall be evidenced by the registration of such Common Stock on the stock transfer books of
the Company and the confirmation thereof provided for in Section 2.2). Rights shall be issued by the Company in respect of shares
of Common Stock that are issued or sold by the Company after the Separation Time only to the extent provided in Section 5.3.


 


(b)           In the event that
the Company shall at any time after the Record Time and prior to the Separation Time issue or distribute any securities or assets
in respect of, in lieu of or in exchange for Common Stock (other than pursuant to a non-extraordinary periodic cash dividend or
a dividend paid solely in Common Stock) whether by dividend, in a reclassification or recapitalization (including any such transaction
involving a merger, consolidation or statutory share exchange), or otherwise, the Company shall make such adjustments, if any,
in the Exercise Price, number of Rights and/or securities or other property purchasable upon exercise of Rights as the Board of
Directors, in its sole discretion, may deem to be appropriate under the circumstances in order to adequately protect the interests
of the holders of Rights generally, and the Company and the Rights Agent shall amend this Agreement as necessary to provide for
such adjustments.


 


(c)           Each adjustment
to the Exercise Price made pursuant to this Section 2.4 shall be calculated to the nearest cent. Whenever an adjustment to the
Exercise Price is made pursuant to this Section 2.4, the Company shall (i) promptly prepare a certificate setting forth such
adjustment and a brief statement of the facts accounting for such adjustment and (ii) promptly file with the Rights Agent
and with each transfer agent for the Common Stock a copy of such certificate. The Rights Agent shall be fully protected in relying
on any such certificate and on any adjustment therein and shall not be deemed to have knowledge of any such adjustment unless and
until it shall have received such a certificate.


 


(d)           Rights Certificates
shall represent the right to purchase the securities purchasable under the terms of this Agreement, including any adjustment or
change in the securities purchasable upon exercise of the Rights, even though such certificates may continue to express the right
to purchase the securities purchasable at the time of issuance of the initial Rights Certificates.


 


2.5           Date on Which
Exercise is Effective. Each Person in whose name any certificate for shares is issued (or registration on the stock transfer
books is effected) upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of the shares
represented thereby at the Close of Business on the Business Day upon which the Rights Certificate evidencing such Rights was duly
surrendered and payment of the Exercise Price for such Rights (and any applicable taxes and other governmental charges payable
by the exercising holder hereunder) was made; provided, however, that if the date of such surrender and payment is a date upon
which the stock transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such
shares on, and such certificate (or registration) shall be dated, the next succeeding Business Day on which the stock transfer
books of the Company are open.


 


2.6           Execution,
Authentication, Delivery and Dating of Rights Certificates. (a) The Rights Certificates shall be executed on behalf of
the Company by its Chairman of the Board, Chief Executive Officer, President or one of its Executive Vice Presidents or Senior
Vice Presidents, under its corporate seal reproduced thereon and attested by its Secretary or one of its Assistant Secretaries.
The signature of any of these officers on the Rights Certificates may be manual or facsimile.


 


Rights Certificates
bearing the manual or facsimile signatures of individuals who were at the time of such signature the proper officers of the Company
shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the countersignature
and delivery of such Rights Certificates.


 






    	- 9 -



    	 



    

 


Promptly after the
Separation Time, the Company will notify the Rights Agent in writing of such Separation Time (and if such notification is given
orally, the Company shall confirm same in writing on or prior to the following Business Day) and will deliver Rights Certificates
executed by the Company to the Rights Agent for countersignature, and, subject to Section 3.1(b), an authorized signatory of the
Rights Agent shall manually countersign and deliver such Rights Certificates to the holders of the Rights pursuant to Section 2.3(c).
Until the written notice provided for in this Section 2.6 is received by the Rights Agent, the Rights Agent may presume conclusively
for all purposes that the Separation Time has not occurred. No Rights Certificate shall be valid for any purpose unless manually
countersigned by an authorized signatory of the Rights Agent.


 


(b)           Each Rights Certificate
shall be dated the date of countersignature thereof.


 


2.7           Registration,
Registration of Transfer and Exchange. (a) After the Separation Time, the Company will cause to be kept a register (the
“Rights Register”) in which, subject to such reasonable regulations as it may prescribe, the Company will provide
for the registration and transfer of Rights. The Rights Agent is hereby appointed “Rights Registrar” for the
purpose of maintaining the Rights Register for the Company and registering Rights and transfers of Rights after the Separation
Time as herein provided. In the event that the Rights Agent shall cease to be the Rights Registrar, the Rights Agent will have
the right to examine the Rights Register at all reasonable times after the Separation Time.


 


After the Separation
Time and prior to the Expiration Time, upon surrender for registration of transfer or exchange of any Rights Certificate, and subject
to the provisions of this Section 2.7(a) and Sections 2.7(c) and 2.7(d), the Company will execute and the Rights Agent will
countersign and deliver, in the name of the holder or the designated transferee or transferees, as required pursuant to the holder’s
instructions, one or more new Rights Certificates evidencing the same aggregate number of Rights as did the Rights Certificate
so surrendered.


 


(b)           Except as otherwise
provided in Section 3.1(b), all Rights issued upon any registration of transfer or exchange of Rights Certificates shall be the
valid obligations of the Company, and such Rights shall be entitled to the same benefits under this Agreement as the Rights surrendered
upon such registration of transfer or exchange.


 


(c)           Every Rights Certificate
surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer
in form satisfactory to the Company or the Rights Agent, as the case may be, duly executed by the holder thereof or such holder’s
attorney duly authorized in writing. 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 Certificates 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) thereof, or the Affiliates or Associates
of such Beneficial Owner (or former Beneficial Owner), as the Company shall reasonably request. As a condition to the issuance
of any new Rights Certificate under this Section 2.7, the Company may require the payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in relation thereto.


 


(d)           The Company shall
not register the transfer or exchange of any Rights that have become void under Section 3.1(b), been exchanged under Section 3.1(c)
or been terminated or redeemed under Section 5.1.


 


2.8           Mutilated,
Destroyed, Lost and Stolen Rights Certificates. (a) If any mutilated Rights Certificate is surrendered to the Rights Agent
prior to the Expiration Time, then, subject to Sections 3.1(b), 3.1(c) and 5.1, the Company shall execute and the Rights Agent
shall countersign and deliver in exchange therefor a new Rights Certificate evidencing the same number of Rights as did the Rights
Certificate so surrendered.


 


(b)           If there shall
be delivered to the Company and the Rights Agent prior to the Expiration Time (i) evidence to their satisfaction of the destruction,
loss or theft of any Rights Certificate and (ii) such security or indemnity as may be required by them to save each of them and
any of their agents harmless, then, subject to Sections 3.1(b), 3.1(c) and 5.1 and in the absence of notice to the Company or the
Rights Agent that such Rights Certificate has been acquired by a bona fide purchaser, the Company shall execute and upon its request
the Rights Agent shall countersign and deliver, in lieu of any such destroyed, lost or stolen Rights Certificate, a new Rights
Certificate evidencing the same number of Rights as did the Rights Certificate so destroyed, lost or stolen.


 






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(c)           As a condition
to the issuance of any new Rights Certificate under this Section 2.8, the Company may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and
expenses of the Rights Agent) connected therewith. The Rights Agent shall have no duty or obligation to take any action under any
Section of this Agreement which requires the payment by a Rights holder of applicable taxes and/or charges unless and until it
is satisfied that all such taxes and/or governmental charges have been paid.


 


(d)           Every new Rights
Certificate issued pursuant to this Section 2.8 in lieu of any destroyed, lost or stolen Rights Certificate shall evidence an original
additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Rights Certificate shall be at any
time enforceable by anyone, and, subject to Section 3.1(b), shall be entitled to all the benefits of this Agreement equally and
proportionately with any and all other Rights duly issued hereunder.


 


2.9           Persons Deemed
Owners. Prior to due presentment of a Rights Certificate (or, prior to the Separation Time, the associated Common Stock certificate
or confirmation of registration, if uncertificated), the Company, the Rights Agent and any agent of the Company or the Rights Agent
may deem and treat the Person in whose name such Rights Certificate (or, prior to the Separation Time, such Common Stock certificate
or confirmation, if uncertificated) is registered as the absolute owner thereof and of the Rights evidenced thereby for all purposes
whatsoever, including the payment of the Redemption Price, and neither the Company nor the Rights Agent shall be affected by any
notice to the contrary. As used in this Agreement, unless the context otherwise requires, the term “holder” of any
Rights shall mean the registered holder of such Rights (or, prior to the Separation Time, the associated shares of Common Stock).


 


2.10           Delivery
and Cancellation of Certificates. All Rights Certificates surrendered upon exercise or for registration of transfer or exchange
shall, if surrendered to any Person other than the Rights Agent, be delivered to the Rights Agent and, in any case, shall be promptly
canceled by the Rights Agent. The Company may at any time deliver to the Rights Agent for cancellation any Rights Certificates
previously countersigned and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Rights Certificates
so delivered shall be promptly canceled by the Rights Agent. No Rights Certificates shall be countersigned in lieu of or in exchange
for any Rights Certificates canceled as provided in this Section 2.10, except as expressly permitted by this Agreement. The Rights
Agent shall destroy all canceled Rights Certificates and deliver a certificate of destruction to the Company.


 


2.11           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:


 


(a)           prior to the Separation
Time, each Right will be transferable only together with, and will be transferred by a transfer of, the associated share of Common
Stock;


 


(b)           after the Separation
Time, the Rights Certificates will be transferable only on the Rights Register as provided herein;


 


(c)           prior to due presentment
of a Rights Certificate (or, prior to the Separation Time, the associated Common Stock certificate or Common Stock registration,
if uncertificated) for registration of transfer, the Company, the Rights Agent and any agent of the Company or the Rights Agent
may deem and treat the Person in whose name the Rights Certificate (or, prior to the Separation Time, the associated Common Stock
certificate or Common Stock registration, if uncertificated) is registered as the absolute owner thereof and of the Rights evidenced
thereby for all purposes whatsoever, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary;


 






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(d)           Rights Beneficially
Owned by certain Persons will, under the circumstances set forth in Section 3.1(b), become null and void;


 


(e)           this Agreement
may be supplemented or amended from time to time pursuant to Section 2.4(b) or 5.4;


 


(f)           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 the Rights Agent’s 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;
and


 


(g)            the Board of
Directors shall have the exclusive power and authority delegated to it pursuant to Section 5.13.


 


ARTICLE III


 


ADJUSTMENTS TO THE RIGHTS IN


THE EVENT OF CERTAIN TRANSACTIONS


 


3.1           Flip-In.
(a) In the event that prior to the Expiration Time a Flip-In Date shall occur, then except as otherwise provided in this Section
3.1, each Right shall constitute the right to purchase from the Company, upon exercise thereof in accordance with the terms hereof
(but subject to Section 5.10), that number of shares of Common Stock having an aggregate Market Price on the Stock Acquisition
Date that gave rise to the Flip-In Date equal to twice the Exercise Price for an amount in cash equal to the Exercise Price (such
right to be appropriately adjusted in order to protect the interests of the holders of Rights generally in the event that on or
after such Stock Acquisition Date an event of a type analogous to any of the events described in Section 2.4(a) or (b) shall have
occurred with respect to the Common Stock).


 


(b)           Notwithstanding
the foregoing, any Rights that are or were Beneficially Owned on or after the Stock Acquisition Date by an Acquiring Person or
an Affiliate or Associate thereof, or by any transferee, direct or indirect, of any of the foregoing shall become null and void
and any holder of such Rights (including transferees, whether direct or indirect, of any such Persons) shall thereafter have no
right to exercise or transfer such Rights under any provision of this Agreement. If any Rights Certificate is presented for assignment
or exercise and the Person presenting the same will not complete the certification set forth at the end of the form of assignment
or notice of election to exercise or, if requested, will not provide such additional evidence, including, without limitation, the
identity of the Beneficial Owners and their Affiliates and Associates (or former Beneficial Owners and their Affiliates and Associates)
as the Company or the Board of Directors shall reasonably request in order to determine if such Rights are null and void, then
the Company shall be entitled conclusively to deem the Rights to be Beneficially Owned by an Acquiring Person or an Affiliate or
Associate thereof or a transferee of any of the foregoing and accordingly will deem the Rights evidenced thereby to be null and
void and not transferable, exercisable or exchangeable.


 


(c)           The Board of Directors
may, at its option, at any time after a Flip-in Date and prior to the time that an Acquiring Person becomes the Beneficial Owner
of more than 50% of the outstanding shares of Common Stock, elect to exchange all (but not less than all) of the then outstanding
Rights (which shall not include Rights that have become null and void pursuant to the provisions of Section 3.1(b)) for shares
of Common Stock at an exchange ratio of one share of Common Stock per Right, appropriately adjusted in order to protect the interests
of holders of Rights generally in the event that after the Separation Time any of the events described in Section 2.4(a) or
(b), or any analogous event, shall have occurred with respect to the Common Stock (such exchange ratio, as adjusted from time to
time, being hereinafter referred to as the “Exchange Ratio”).


 






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Immediately upon the
action of the Board of Directors electing to exchange the Rights, without any further action and without any notice, the right
to exercise the Rights will terminate and each Right (other than Rights that have become null and void pursuant to Section 3.1(b)),
whether or not an Election to Exercise has been previously delivered, will thereafter represent only the right to receive a number
of shares of Common Stock equal to the Exchange Ratio. The exchange of the Rights by the Board of Directors may be made effective
at such time, on such basis and with such conditions as the Board of Directors in its sole discretion may establish. Promptly after
the action of the Board of Directors electing to exchange the Rights, the Company shall give written notice thereof (specifying
the steps to be taken to receive shares of Common Stock in exchange for Rights) to the Rights Agent and the holders of the Rights
(other than Rights that have become null and void pursuant to Section 3.1(b)) outstanding immediately prior thereto by mailing
such notice in accordance with Section 5.9.


 


Before effecting an
exchange pursuant to this Section 3.1(c), the Board of Directors may direct the Company to enter into a Trust Agreement in
such form and with such terms as the Board of Directors shall then approve (the “Trust Agreement”). If the Board of
Directors so directs, the Company shall enter into the Trust Agreement and shall issue to the trust created by such agreement (the
“Trust”) all or some (as designated by the Board of Directors) of the shares of Common Stock (or other securities)
issuable pursuant to the exchange, and all or some (as designated by the Board of Directors) holders of Rights entitled to receive
shares pursuant to the exchange shall be entitled to receive such shares (and any dividends paid or distributions made thereon
after the date on which such shares are deposited in the Trust) only from the Trust and solely upon compliance with the relevant
terms and provisions of the Trust Agreement. Prior to effecting an exchange and registering shares of Common Stock (or other such
securities) in any Person’s name, including any nominee or transferee of a Person, the Company may require (or cause the
trustee of the Trust to require), as a condition thereof, that any holder of Rights provide evidence, including, without limitation,
the identity of the Beneficial Owners thereof and their Affiliates and Associates (or former Beneficial Owners thereof and their
Affiliates and Associates) as the Company shall reasonably request in order to determine if such Rights are null and void. If any
Person shall fail to comply with such request, the Company shall be entitled conclusively to deem the Rights formerly held by such
Person to be null and void pursuant to Section 3.1(b) and not transferable or exercisable or exchangeable in connection herewith.


 


Any shares of Common
Stock or other securities issued at the direction of the Board of Directors in connection herewith shall be validly issued, fully
paid and nonassessable shares of Common Stock or of such other securities (as the case may be), and the Company shall be deemed
to have received as consideration for such issuance a benefit having a value that is at least equal to the aggregate par value
of the shares so issued. Approval by the Board of Directors of the exchange shall constitute a determination by the Board of Directors
that such consideration is adequate.


 


Each Person in whose
name any certificate for shares is issued (or for whom any registration on the stock transfer books of the Company is made) upon
the exchange of Rights pursuant to this Section 3.1(c) or Section 3.1(d) shall for all purposes be deemed to have become the holder
of record of the shares represented thereby on, and such certificate (or registration on the stock transfer books of the Company)
shall be dated (or registered as of), the date upon which the Rights Certificate evidencing such Rights was duly exchanged or deemed
exchanged by the Company and payment of any applicable taxes and other governmental charges payable by the holder was made; provided,
however, that if the date of such surrender and payment is a date upon which the stock transfer books of the Company are closed,
such Person shall be deemed to have become the record holder of such shares on, and such Certificate (or registration on the stock
transfer books of the Company) shall be dated (or registered as of), the next succeeding Business Day on which the stock transfer
books of the Company are open.


 


(d)           Whenever the Company
shall become obligated under Section 3.1(a) or (c) to issue shares of Common Stock upon exercise of or in exchange for Rights,
the Company, as determined by the Board of Directors, may substitute therefor shares of Preferred Stock, at a ratio of one one-thousandth
(1/1,000th) of a share of Preferred Stock for each share of Common Stock so issuable, subject to adjustment.


 






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(e)           In the event that
there shall not be sufficient treasury shares or authorized but unissued shares of Common Stock or Preferred Stock of the Company
to permit the exercise or exchange in full of the Rights in accordance with Section 3.1(a) or Section 3.1(c), the Company
shall either (i) call a meeting of stockholders seeking approval to cause sufficient additional shares to be authorized (provided
that if such approval is not obtained the Company will take the action specified in clause (ii) of this sentence) or (ii) take
such action as shall be necessary to ensure and provide, without exposing the directors to personal liability (as determined by
the Board of Directors), as and when to the maximum extent permitted by applicable law and any agreements or instruments in effect
prior to the time an Acquiring Person controls the Board of Directors (and remaining in effect) to which the Company is a party,
that each Right shall thereafter constitute the right to receive, (x) in the case of any exercise in accordance with Section
3.1(a), at the Company’s option, either (A) in return for the Exercise Price, cash, debt or equity securities or other
assets (or a combination thereof) having a fair value equal to twice the Exercise Price, or (B) without payment of consideration
(except as may be required for the valid issuance of securities or otherwise required by applicable law), cash, debt or equity
securities or other assets (or a combination thereof) having a fair value equal to the Exercise Price, or (y) in the case
of an exchange of Rights in accordance with Section 3.1(c), debt or equity securities or other assets (or a combination thereof)
having a fair value equal to the product of the Market Price of a share of Common Stock on the Flip-In Date times the Exchange
Ratio in effect on the Flip-In Date, where in any case set forth in (x) or (y) above the fair value of such debt or equity securities
or other assets shall be as determined in good faith by the Board of Directors, after consultation with a nationally recognized
investment banking firm.


 


3.2           Flip-Over.
(a) Prior to the Expiration Time, the Company shall not enter into any agreement with respect to, consummate or permit to
occur any Flip-Over Transaction or Event unless and until it shall have entered into a supplemental agreement with the Flip-Over
Entity, for the benefit of the holders of the Rights (the terms of which shall be reflected in an amendment to this Agreement entered
into with the Rights Agent), providing that, upon consummation or occurrence of the Flip-Over Transaction or Event (i) each
Right shall thereafter constitute the right to purchase from the Flip-Over Entity, upon exercise thereof in accordance with the
terms hereof, that number of shares of Flip-Over Stock of the Flip-Over Entity having an aggregate Market Price on the date of
consummation or occurrence of such Flip-Over Transaction or Event equal to twice the Exercise Price for an amount in cash equal
to the Exercise Price (such right to be appropriately adjusted in order to protect the interests of the holders of Rights generally
in the event that after such date of consummation or occurrence any of the events described in Section 2.4(a) or (b), or any
analogous event, shall have occurred with respect to the Flip-Over Stock) and (ii) the Flip-Over Entity shall thereafter be
liable for, and shall assume, by virtue of such Flip-Over Transaction or Event and such supplemental agreement, all the obligations
and duties of the Company pursuant to this Agreement.


 


(b)           Prior to the Expiration
Time, unless the Rights will be redeemed pursuant to Section 5.1 pursuant to an agreement entered into by the Company prior
to a Flip-In Date, the Company shall not enter into any agreement with respect to, consummate or permit to occur any Flip-Over
Transaction or Event if (i) at the time thereof there are any rights, warrants or securities outstanding or any other arrangements,
agreements or instruments that would eliminate or otherwise diminish in any material respect the benefits intended to be afforded
by this Rights Agreement to the holders of Rights upon consummation of such transaction, (ii) prior to, simultaneously with or
immediately after such Flip-Over Transaction or Event, the stockholders of the Person who constitutes, or would constitute, the
Flip-Over Entity shall have received a distribution of Rights previously owned by such Person or any of its Affiliates or Associates,
or (iii) the form or nature of organization of the Flip-Over Entity would preclude or limit the exercisability of the Rights.


 


(c)           The provisions
of this Section 3.2 shall apply to successive Flip-Over Transactions or Events.


 






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ARTICLE IV


 


THE RIGHTS AGENT


 


4.1           General.
(a) The Company hereby appoints the Rights Agent to act as agent for the Company in accordance with the express terms and
conditions hereof (and no implied terms or conditions), and the Rights Agent hereby accepts such appointment. 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, counsel fees and disbursements, and other disbursements incurred in the preparation,
negotiation, delivery, amendment, administration and execution of this Agreement and the exercise and performance of its duties
hereunder. The Company also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, damage,
judgment, fine, penalty, claim, demand, settlement, cost or expense (including, without limitation, the reasonable fees and expenses
of legal counsel), incurred without gross negligence, bad faith or willful misconduct on the part of the Rights Agent (each as
determined by a final judgment of a court of competent jurisdiction), for any action taken, suffered or omitted to be taken by
the Rights Agent in connection with the acceptance, administration, exercise and performance of its duties under this Agreement.
The costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company. The provisions of this
Section 4.1 and Section 4.3 below shall survive the termination of this Agreement, the exercise or expiration of the
Rights and the resignation, replacement or removal of the Rights Agent.


 


(b)           The Rights Agent
shall be authorized and protected and shall incur no liability for or in respect of any action taken, suffered or omitted to be
taken by it in connection with its acceptance and administration of this Agreement or the exercise and performance of its duties
hereunder in reliance upon any certificate for securities (or registration on the stock transfer books of the Company) purchasable
upon exercise of Rights, Rights Certificate, certificate for other securities of the Company, instrument of assignment or transfer,
power of attorney, endorsement, affidavit, letter, notice, direction, 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 herein. The Rights Agent shall not be deemed to have knowledge of
any event of which it was supposed to receive notice thereof hereunder, and the Rights Agent shall be fully protected and shall
incur no liability for failing to take any action in connection therewith, unless and until it has received such notice.


 


4.2           Merger or
Consolidation or Change of Name of Rights Agent. (a) Any Person into which the Rights Agent or any successor Rights Agent
may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which the Rights
Agent or any successor Rights Agent is a party, or any Person succeeding to the stockholder services business of the Rights Agent
or any successor Rights Agent, will 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 that such Person would be eligible for appointment
as a successor Rights Agent under the provisions of Section 4.4. In case at the time such successor Rights Agent succeeds to the
agency created by this Agreement any of the Rights Certificates have been countersigned but not delivered, any such successor Rights
Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Rights Certificates so countersigned; and
in case at that time any of the Rights Certificates have not been countersigned, any successor Rights Agent may countersign such
Rights Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent; and in all
such cases such Rights Certificates will have the full force provided in the Rights Certificates and in this Agreement.


 


(b)           In case at any
time the name of the Rights Agent is 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.


 






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4.3           Duties of
Rights Agent. The Rights Agent undertakes to perform only the duties and obligations expressly imposed by this Agreement (and
no implied duties) upon the following terms and conditions, by all of which the Company and the holders of Rights Certificates,
by their acceptance thereof, shall be bound:


 


(a)           The Rights Agent
may consult with legal counsel (who may be legal counsel for the Company or an employee of the Rights Agent), and the advice or
opinion of such counsel will be full and complete authorization and protection to the Rights Agent and the Rights Agent shall incur
no liability for or in respect of any action taken, suffered or omitted to be taken by it in the absence of bad faith and in accordance
with such advice or opinion.


 


(b)           Whenever in the
performance of its duties under this Agreement the Rights Agent deems it necessary or desirable that any fact or matter (including
without limitation, the identity of an Acquiring Person and the determination of the current per share market price of any security)
be proved or established by the Company prior to taking, suffering or omitting to take 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 a person believed by the Rights Agent to be the Chairman of the Board of Directors, the President or
any Vice President and by the Treasurer or any Assistant Treasurer or the Corporate Secretary or any Assistant Secretary of the
Company and delivered to the Rights Agent; and such certificate will be full and complete authorization and protection to the Rights
Agent and the Rights Agent shall incur no liability for any action taken, suffered or omitted to be taken in the absence of bad
faith by it under the provisions of this Agreement in reliance upon such certificate.


 


(c)           The Rights Agent
will be liable hereunder to the Company and any other Person only for its own gross negligence, bad faith or willful misconduct
(each as determined by a final judgment of a court of competent jurisdiction). Anything to the contrary notwithstanding, in no
event shall the Rights Agent be liable for special, punitive, indirect, consequential or incidental 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. Any and all liability of the Rights Agent under this Agreement will be limited to the amount of annual fees paid
by the Company to the Rights Agent pursuant to this Agreement.


 


(d)           The Rights Agent
will not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the certificates,
if any, for securities purchasable upon exercise of Rights or the Rights Certificates (except its countersignature thereof) or
be required to verify the same, but all such statements and recitals are and will be deemed to have been made by the Company only.


 


(e)           The Rights Agent
will not have any liability for or be under any responsibility in respect of the validity of this Agreement or the execution and
delivery hereof (except the due authorization, execution and delivery hereof by the Rights Agent) or in respect of the validity
or execution of any certificate, if any, for securities purchasable upon exercise of Rights or Rights Certificate (except its countersignature
thereof); nor will it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or
in any Rights Certificate; nor will it be responsible for any change in the exercisability or exchangeability of the Rights (including
the Rights becoming null and void pursuant to Section 3.1(b)) or any change or adjustment in the terms of the Rights (including
any adjustment required under Section 2.4, 3.1 or 3.2) 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
after receipt of the certificate contemplated by Section 2.4 describing any such adjustment, upon which the Rights Agent may rely);
nor will it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any
securities purchasable upon exercise of Rights or any Rights or as to whether any securities purchasable upon exercise of Rights
will, when issued, be duly and validly authorized, executed, issued and delivered and fully paid and nonassessable.


 


(f)           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.


 






    	- 16 -



    	 



    

 


(g)           The Rights Agent
is hereby authorized and directed to accept advice or written instructions with respect to the performance of its duties hereunder
from any person believed by the Rights Agent to be the Chairman of the Board of Directors, the President or any Vice President
or the Corporate Secretary or any Assistant Secretary or the Treasurer or any Assistant Treasurer of the Company, and to apply
to such persons for advice or instructions in connection with its duties, and such instructions shall be full authorization and
protection to the Rights Agent and the Rights Agent shall not be liable for or in respect of any action taken, suffered or omitted
to be taken by it in the absence of bad faith in accordance with instructions of any such person or for any delay while acting
or while waiting for those instructions. The Rights Agent shall be fully authorized and protected in relying upon the most recent
instructions received by any such person. In the event the Rights Agent believes any ambiguity or uncertainty exists hereunder
or in any notice, instruction, direction, request or other communication, paper or document received by the Rights Agent hereunder,
the Rights Agent, may, in its sole discretion, refrain from taking any action, and shall be fully protected and shall not be liable
in any way to the Company or any other Person for refraining from taking such action, if the Rights Agent shall have notified the
Company promptly of such belief in writing, and unless the Rights Agent shall receive written instructions executed by a person
authorized under this Section 4.3(g), which eliminates such ambiguity or uncertainty to the satisfaction of the Rights Agent.


 


(h)           The Rights Agent
and any stockholder, affiliate, director, officer or employee of the Rights Agent may buy, sell or deal in Common Stock, 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 or any such stockholder, affiliate, director, officer or employee from
acting in any other capacity for the Company or for any other Person.


 


(i)           The Rights Agent
may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself (through directors,
officers and employees) or by or through its attorneys or agents, and the Rights Agent will 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 or any other Person resulting
from any such act, default, neglect or misconduct, absent gross negligence, bad faith or willful misconduct in the selection and
continued employment thereof (each as determined by a final judgment of a court having jurisdiction).


 


(j)           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 it believes that repayment of such funds or adequate
indemnification against such risk or liability is not reasonably assured to it.


 


(k)           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 not been completed, the Rights Agent shall not take any further action
with respect to such requested exercise or transfer without first consulting with the Company.


 


4.4           Change of
Rights Agent. The Rights Agent may resign and be discharged from its duties under this Agreement upon 90 days notice (or such
lesser notice as is acceptable to the Company) in writing mailed to the Company and to each transfer agent of Common Stock by registered
or certified mail, and to the holders of the Rights in accordance with Section 5.9. The Company may remove the Rights Agent upon
30 days notice in writing, mailed to the Rights Agent and to each transfer agent of the Common Stock by registered or certified
mail, and to the holders of the Rights in accordance with Section 5.9. If the Rights Agent should resign or be removed or otherwise
become incapable of acting, the Company will appoint a successor to the Rights Agent. If the Company fails to make such appointment
within a period of 30 days after 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 any Rights (which holder shall, with such notice, submit such holder’s
Rights Certificate for inspection by the Company), then the holder of any Rights 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 organized and doing business under the laws of the United States or any state of the United States, in
good standing, which is authorized under such laws to exercise the powers of the Rights Agent contemplated by this Agreement 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 $100,000,000 or (b) an Affiliate of a corporation described in the immediately
preceding clause (a). After appointment, the successor Rights Agent will 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 will
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 holders of the Rights. Failure to give any notice provided for in this Section 4.4, 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.


 






    	- 17 -



    	 



    

 


ARTICLE V


 


MISCELLANEOUS


 


5.1           Redemption
and Termination.


 


(a)           The Board of
Directors may, at its option, at any time prior to the Flip-In Date, elect to redeem all (but not less than all) the then outstanding
Rights at a redemption price of $0.01 per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction
occurring after the date hereof (such redemption price being hereinafter referred to as the the “Redemption Price”)
and the Company, at its option, may pay the Redemption Price either in cash or shares of Common Stock or other securities of the
Company deemed by the Board of Directors, in the exercise of its sole discretion, to be at least equivalent in value to the Redemption
Price.


 


(b)           Immediately upon
the action of the Board of Directors electing to redeem the Rights (or, if the resolution of the Board of Directors electing to
redeem the Rights states that the redemption will not be effective until the occurrence of a specified future time or event, upon
the occurrence of such future time or event), without any further action and without any notice, the right to exercise the Rights
will terminate and each Right, whether or not previously exercised, will thereafter represent only the right to receive the Redemption
Price in cash or securities, as determined by the Board of Directors. Promptly after the Rights are redeemed, the Company shall
give notice of such redemption to the Rights Agent and the holders of the then outstanding Rights by mailing such notice in accordance
with Section 5.9.


 


(c)           A committee of
the independent members of the Board of Directors will evaluate this Agreement annually to determine whether it continues to be
in the best interests of the Company’s stockholders.


 


5.2           Expiration.
The Rights and this Agreement shall expire at the Expiration Time and no Person shall have any rights pursuant to this Agreement
or any Right after the Expiration Time, except, if the Rights have been exchanged or redeemed, as provided in Sections 3.1 or 5.1,
respectively.


 


5.3           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 number or kind or class of shares of stock purchasable upon exercise of Rights made in
accordance with the provisions of this Agreement. In addition, in connection with the issuance or sale of shares of Common Stock
by the Company following the Separation Time and prior to the Expiration Time pursuant to the terms of securities convertible or
redeemable into shares of Common Stock or to options, warrants or other rights (other than any securities issued or issuable in
connection with the exercise or exchange of Rights), in each case issued or granted prior to, and outstanding at, the Separation
Time, the Company shall issue to the holders of such shares of Common Stock, Rights Certificates representing the appropriate number
of Rights in connection with the issuance or sale of such shares of Common Stock; provided, however, in each case, (i) no such
Rights Certificate shall be issued, if, and to the extent that, the Company shall be advised by counsel that such issuance would
create a significant risk of material adverse tax consequences to the Company or to the Person to whom such Rights Certificates
would be issued, (ii) no such Rights Certificates shall be issued if, and to the extent that, appropriate adjustment shall have
otherwise been made in lieu of the issuance thereof, and (iii) the Company shall have no obligation to distribute Rights Certificates
to any Acquiring Person or Affiliate or Associate of an Acquiring Person or any transferee of any of the foregoing.


 






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5.4           Supplements
and Amendments. The Company and the Rights Agent may from time to time supplement or amend this Agreement without the approval
of any holders of Rights (i) prior to the Flip-in Date, in any respect and (ii) on or after the Flip-in Date, to make
any changes that the Company may deem necessary or desirable (x) that shall not materially adversely affect the interests
of the holders of Rights generally (other than the Acquiring Person or any Affiliate or Associate thereof), (y) in order to
cure any ambiguity or to correct or supplement any provision contained herein which may be inconsistent with any other provisions
herein or otherwise defective or (z) in order to satisfy any applicable law, rule or regulation. The Rights Agent will duly
execute and deliver any supplement or amendment hereto requested by the Company requested by the Company in writing, provided,
that the Company has delivered to the Rights Agent a certificate from an appropriate officer of the Company that states that the
proposed supplement or amendment complies with the terms of the this Agreement, provided, further, that any supplement or amendment
(other than to Article IV or that affects the Rights Agent’s rights, duties, obligations or immunities under this Agreement)
shall become effective immediately upon execution by the Company, whether or not also executed by the Rights Agent. Notwithstanding
anything contained in this Agreement to the contrary, the Rights Agent may, but shall not be obligated to, enter into any supplement
or amendment that affects the Rights Agent’s own rights, duties, obligations or immunities under this Agreement.


 


5.5           Fractional
Shares. If the Company elects not to issue certificates representing (or register on the stock transfer books of the Company)
fractional shares upon exercise, redemption or exchange of Rights, the Company shall, in lieu thereof, in the sole discretion of
the Board of Directors, either (a) evidence such fractional shares by depositary receipts issued pursuant to an appropriate
agreement between the Company and a depositary selected by it, providing that each holder of a depositary receipt shall have all
of the rights, privileges and preferences to which such holder would be entitled as a beneficial owner of such fractional share,
or (b) pay to the registered holder of such Rights the appropriate fraction of the Market Price per share in cash. Whenever
a payment for fractional Rights or fractional shares is to be made by the Rights Agent, the Company shall (i) promptly prepare
and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to such payments and the prices
and/or formulas utilized in calculating such payments, and (ii) provide sufficient monies to the Rights Agent in the form
of fully collected funds to make such payments. The Rights Agent shall be fully protected in relying upon such a certificate and
shall have no duty with respect to, and shall not be deemed to have knowledge of any payment for fractional Rights or fractional
shares under any Section of this Agreement relating to the payment of fractional Rights or fractional shares unless and until the
Rights Agent shall have received such a certificate and sufficient monies.


 


5.6           Rights of
Action. Subject to the terms of this Agreement (including Section 3.1(b)), rights of action in respect of this Agreement, other
than rights of action vested solely in the Rights Agent, the Board of Directors or the Company, are vested in the respective holders
of the Rights; and any holder of any Rights, without the consent of the Rights Agent or of the holder of any other Rights, may,
on such holder’s own behalf and for such holder’s own benefit and the benefit of other holders of Rights, enforce,
and may institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise act in respect of, such
holder’s right to exercise such holder’s Rights in the manner provided in such holder’s 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 will be entitled to specific
performance of the obligations under, and injunctive relief against actual or threatened violations of, the obligations of any
Person subject to this Agreement.


 






    	- 19 -



    	 



    

 


5.7           Holder of
Rights Not Deemed a Stockholder. No holder, as such, of any Rights shall be entitled to vote, receive dividends or be deemed
for any purpose the holder of shares or any other securities which may at any time be issuable on the exercise of such Rights,
nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of any Rights, as such,
any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted
to stockholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings
or other actions affecting stockholders (except as provided in Section 5.8), or to receive dividends or subscription rights, or
otherwise, until such Rights shall have been exercised or exchanged in accordance with the provisions hereof.


 


5.8           Notice of
Proposed Actions. In case the Company shall propose at or after the Separation Time and prior to the Expiration Time (i) to
effect or permit any Flip-Over Transaction or Event or (ii) 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 Right, in accordance with Section 5.9, and to the Rights Agent
a written notice of such proposed action, which shall specify the date on which such Flip-Over Transaction or Event, liquidation,
dissolution, or winding up is to take place, and such notice shall be so given at least 20 Business Days prior to the date of the
taking of such proposed action.


 


5.9           Notices.
Notices or demands authorized or required by this Agreement to be given or made by the Rights Agent or by the holder of any Rights
to or on the Company shall be sufficiently given or made if (a) delivered or sent by first-class mail, postage prepaid, addressed
(until another address is filed in writing with the Rights Agent) or (b) sent by facsimile, provided that the facsimile transmission
is promptly confirmed by telephone confirmation thereof, as follows:


 


TG Therapeutics, Inc.


3 Columbus Circle, 15th Floor


New York, New York 10019


Attention: Chief Financial Officer


 


Any notice or demand
authorized or required by this Agreement to be given or made by the Company or by the holder of any Rights to or on the Rights
Agent shall be sufficiently given or made if (a) delivered or sent by first-class mail, postage prepaid, addressed (until
another address is filed in writing with the Company) or (b) sent by facsimile, provided that the facsimile transmission is
promptly confirmed by telephone confirmation thereof, as follows:


 


American Stock Transfer & Trust Company,
LLC


Operations Center


6201 15th Ave.

Brooklyn, NY 11219


 


Notices or demands
authorized or required by this Agreement to be given or made by the Company or the Rights Agent to or on the holder of any Rights
shall be sufficiently given or made if delivered or sent by first-class mail, postage prepaid, addressed to such holder at the
address of such holder as it appears upon the registry books of the Rights Agent or, prior to the Separation Time, 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
on the third Business Day after mailing, whether or not the holder receives the notice. Failure to give a notice pursuant to the
provisions of this Agreement shall not affect the validity of any action taken hereunder.


 


5.10           Suspension
of Exercisability. To the extent that the Board of Directors determines in good faith that some action will or need be taken
pursuant to, or in order to properly give effect to, Section 2.3, 3.1 or 4.4 or to comply with federal or state securities
laws, the Company may suspend the exercisability or exchangeability of the Rights for a reasonable period sufficient to allow it
to take such action or comply with such laws. In the event of any such suspension, the Company shall issue as promptly as practicable
a public announcement (with prompt written notice to the Rights Agent) stating that the exercisability or exchangeability of the
Rights has been temporarily suspended. Notice thereof pursuant to Section 5.9 shall not be required. Upon such suspension,
any rights of action vested in a holder of Rights shall be similarly suspended. Failure to give a notice pursuant to the provisions
of this Agreement shall not affect the validity of any action taken hereunder.


 






    	- 20 -



    	 



    

 


5.11           Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure
to the benefit of their respective successors and assigns hereunder.


 


5.12           Benefits
of this Agreement. Nothing in this Agreement shall be construed to give to any Person other than the Company, the Rights Agent
and the holders of the Rights any legal or equitable right, remedy or claim under this Agreement and this Agreement shall be for
the sole and exclusive benefit of the Company, the Rights Agent and the holders of the Rights.


 


5.13           Determination
and Actions by the Board of Directors, etc. The Board of Directors (or any duly authorized committee thereof) shall have the
exclusive power and authority to administer this Agreement and to exercise all rights and powers specifically granted to the Board
of Directors or to the Company, or as may be necessary or advisable in the administration of this Agreement, including, without
limitation, the right and power to (i) interpret the provisions of this Agreement and (ii) make all determinations and
calculations deemed necessary or advisable for the administration or implementation of this Agreement, without limitation, including
the right to determine the Rights to be null and void pursuant to Section 3.1, after taking into account the purpose of this
Agreement and the Company’s interest in maintaining an orderly trading market in the outstanding shares of Common Stock.
All such actions, interpretations, calculations and determinations done or made by the Board of Directors (including by a committee
of the Board of Directors to the extent permitted by applicable law), shall be final, conclusive and binding on the Company, the
Rights Agent, the holders of the Rights and all other Persons. The Rights Agent shall always be entitled to assume that the Board
of Directors of the Company acted in good faith and the Rights Agent shall be fully protected and shall incur no liability in reliance
thereon.


 


5.14           Descriptive
Headings. Descriptive headings appear herein for convenience only and shall not control or affect the meaning or construction
of any of the provisions hereof.


 


5.15           GOVERNING
LAW; EXCLUSIVE JURISDICTION. (a) THIS AGREEMENT, EACH RIGHT AND EACH RIGHTS CERTIFICATE ISSUED HEREUNDER SHALL BE DEEMED
TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF DELAWARE AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF SUCH STATE APPLICABLE TO CONTRACTS ENTERED INTO, MADE WITHIN, AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF
DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAWS PROVISIONS OR RULES THAT WOULD CAUSE THE APPLICATION OF LAWS
OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE; PROVIDED, HOWEVER, THAT ALL PROVISIONS REGARDING THE RIGHTS, DUTIES, LIABILITIES
AND OBLIGATIONS OF THE RIGHTS AGENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE
TO CONTRACTS ENTERED INTO, MADE WITHIN, AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE.


 


(b)


 


(i)           THE COMPANY
AND EACH HOLDER OF RIGHTS HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE,
OR, IF SUCH COURT SHALL LACK SUBJECT MATTER JURISDICTION, THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE OVER ANY
SUIT, ACTION, OR PROCEEDING ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. The Company and each holder of Rights acknowledge
that the forum designated by this paragraph (b) has a reasonable relation to this Agreement, and to such Persons’ relationship
with one another.


 






    	- 21 -



    	 



    

 


(ii)           The Company
and each holder of Rights hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter
have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding brought in any court referred to
in paragraph (b)(i). The Company and each holder of Rights undertake not to commence any action subject to this Agreement in any
forum other than the forum described in this paragraph (b). The Company and each holder of Rights agree that, to the fullest extent
permitted by applicable law, a final and non-appealable judgment in any such suit, action, or proceeding brought in any such court
shall be conclusive and binding upon such Persons.


 


5.16           Counterparts.
This Agreement may be executed in any number of counterparts (including by facsimile, PDF or other electronic means) and each of
such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one
and the same instrument.


 


5.17           Severability.
If any term or provision of this Agreement or the application thereof to any circumstance shall, in any jurisdiction and to any
extent, be invalid or unenforceable, such term or provision shall be ineffective as to such jurisdiction to the extent of such
invalidity or unenforceability without invalidating or rendering unenforceable the remaining terms and provisions hereof or the
application of such term or provision to circumstances other than those as to which it is held invalid or unenforceable; provided,
that if any such excluded term or provision shall adversely affect the rights, immunities, duties or obligations of the Rights
Agent, the Rights Agent shall be entitled to resign immediately.


 


5.18           Customer
Identification Program. The Company acknowledges that the Rights Agent is subject to the customer identification program (“Customer
Identification Program”) requirements under the USA PATRIOT Act and its implementing regulations, and that the Rights
Agent must obtain, verify and record information that allows the Rights Agent to identify the Company. Accordingly, prior to accepting
an appointment hereunder, the Rights Agent may request information from the Company that will help the Rights Agent to identify
the Company, including without limitation the Company’s physical address, tax identification number, organizational documents,
certificate of good standing, license to do business, or any other information that the Rights Agent deems necessary. The Company
agrees that the Rights Agent cannot accept an appointment hereunder unless and until the Rights Agent verifies the Company’s
identity in accordance with the Customer Identification Program requirements.


 


5.19           Withholding.
In the event that the Company, the Rights Agent or their agents determine that they are obligated to withhold or deduct any tax
or other charge under any applicable law on actual or deemed payments or distributions hereunder to a holder of the Rights, Common
Stock or other cash, securities or other property, the Company, the Rights Agent or their agents shall be entitled, but not obligated,
to (i) deduct and withhold such amount by withholding a portion or all of the cash, securities or other property otherwise
deliverable or by otherwise using any property (including, without limitation, Rights, Preferred Stock, Common Stock or cash) that
is owned by such holder, or (ii) in lieu of such withholding, require any holder to make a payment to the Company, the Rights
Agent or their agents, in each case in such amounts as they deem necessary to meet their withholding obligations, and in the case
of (i) above, shall also be entitled, but not obligated, to sell all or a portion of such withheld securities or other property
by public or private sale in such amounts and in such manner as they deem necessary and practicable to pay such taxes and charges


 


[SIGNATURES APPEAR ON FOLLOWING PAGE]


 




    	- 22 -



    	 



    

 


IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the date first above written.


 





	 	TG THERAPEUTICS, INC.
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Sean Power	 
	 	 	Name: Sean Power	 
	 	 	Title: Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Jennifer Donovan	 
	 	 	Name: Jennifer Donovan	 
	 	 	Title: Senior Vice President	 







 


 


 


 





Signature Page









    	 



    	 



    

Exhibit A


 


(Form of Rights Certificate)





	Certificate No. R-	_______ Rights







 


THE RIGHTS ARE SUBJECT TO REDEMPTION OR
MANDATORY EXCHANGE, AT THE OPTION OF THE COMPANY, ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT (AS DEFINED BELOW). RIGHTS BENEFICIALLY
OWNED BY ACQUIRING PERSONS OR AFFILIATES OR ASSOCIATES THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) OR TRANSFEREES
OF ANY OF THE FOREGOING WILL BE VOID.


 


Rights Certificate


 


TG THERAPEUTICS, INC.


 


This certifies that _______________________,
or registered assigns, is the registered holder of the number of Rights set forth above, each of which entitles the registered
holder thereof, subject to the terms, provisions and conditions of the Stockholder Protection Rights Agreement, effective as of
July 18, 2014 (as amended from time to time, the “Rights Agreement”), between TG Therapeutics, Inc., a Delaware
corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, as rights agent (the “Rights
Agent,” which term shall include any successor rights agent under the Rights Agreement), to purchase from the Company
at any time after the Separation Time (as such term is defined in the Rights Agreement) and prior to the Expiration Time, one one-thousandth
(1/1,000) of a fully paid share of Series A Junior Participating Preferred Stock, par value $0.001 per share (the “Preferred
Stock”), of the Company (subject to adjustment as provided in the Rights Agreement) at the Exercise Price referred to
below, upon presentation and surrender of this Rights Certificate with the Form of Election to Exercise duly executed at the principal
office of the Rights Agent. The Exercise Price shall initially be $100.00 per Right and shall be subject to adjustment in certain
events as provided in the Rights Agreement.


 


In certain circumstances described in the
Rights Agreement, the Rights evidenced hereby may entitle the registered holder thereof to purchase securities of an entity other
than the Company or securities or assets of the Company other than Preferred Stock, all as provided in the Rights Agreement.


 


This Rights Certificate is subject to all
of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions are hereby incorporated
herein by reference and made a part hereof and to which Rights Agreement reference 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 the holders of
the Rights Certificates. Copies of the Rights Agreement are on file at the principal office of the Company and are available without
cost upon written request. Capitalized terms used in this Rights Certificate and not otherwise defined herein shall have the meanings
ascribed to such terms in the Rights Agreement.


 


This Rights Certificate, with or without
other Rights Certificates, upon surrender at the office of the Rights Agent designated for such purpose, may be exchanged for another
Rights Certificate or Rights Certificates of like tenor evidencing an aggregate number of Rights equal to the aggregate number
of Rights evidenced by the Rights Certificate or Rights Certificates surrendered. If this Rights Certificate shall be exercised
in part, the registered holder shall be entitled to receive, upon surrender hereof, another Rights Certificate or Rights Certificates
for the number of whole Rights not exercised.


 


Subject to the provisions of the Rights
Agreement, each Right evidenced by this Certificate may be (a) terminated by the Company under certain circumstances, at its option,
(b) exchanged by the Company under certain circumstances, at its option, for one share of Common Stock or one one-thousandth (1/1,000)
of a share of Preferred Stock) per Right (or, in certain cases, other securities or assets of the Company), subject in each case
to adjustment in certain events as provided in the Rights Agreement, or (c) redeemed by the Company under certain circumstances
at its option in consideration for value equal to $0.01 per Right.


 






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No holder of this Rights Certificate, as
such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of any securities which may at any
time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer
upon the holder hereof, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors
or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action, or
to receive notice of meetings or other actions affecting stockholders (except as provided in the Rights Agreement), or to receive
dividends or subscription rights, or otherwise, until the Rights evidenced by this Rights Certificate shall have been exercised
or exchanged as provided in the Rights Agreement.


 


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


 


WITNESS the facsimile signature of the
proper officers of the Company.


 

































	Date: _________	 	 	 	 
	 	 	 	 	 
	ATTEST:	 	TG THERAPEUTICS, INC.	 
	 	 	 	 
	 	 	 	 
	 	   	 	By:	          	 
	Secretary	 	 	 	 
	 	 	 	 	 	 
	Countersigned:	 	 	 	 
	 	 	 	 	 	 
	AMERICAN STOCK TRANSFER & TRUST 

       COMPANY, LLC	 	 	 	 
	 	 	 	 	 	 
	By:	 	 	 	 	 
	 	Authorized Officer	 	 	 	 
	 	 	 	 	 	 













 







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[Form of Reverse Side of Rights Certificate]


 


FORM OF ASSIGNMENT


 


(To be executed by the registered holder
if such


holder desires to transfer this Rights Certificate.)


 


FOR VALUE RECEIVED,
_______________________________ hereby sells, assigns and transfers unto


 





 






(Please print name and address of transferee)


this Rights Certificate, together with
all right, title and interest therein, and does hereby irrevocably constitute and appoint ________________________ attorney-in-fact,
to transfer the within Rights Certificate on the books of the within-named company, with full power of substitution.


 


Dated: ___________________, _____.


 


	
        Signature Guaranteed:

         
	
         

        Signature

        (Signature must correspond to name as written
        upon the face of this Rights Certificate in every particular, without alteration or enlargement or any change whatsoever)

        



 


Signatures must be guaranteed by an eligible
guarantor institution (a bank, stockbroker, savings and loan association or credit union with membership in an approved signature
guarantee medallion program) pursuant to Rule 17Ad-15 of the Exchange Act of 1934.


 


 


 





 






(To be completed if true)


The undersigned hereby represents, for
the benefit of the Company and all holders of Rights and shares of Common Stock, that the Rights evidenced by this Rights Certificate
are not, and, to the knowledge of the undersigned, have never been, Beneficially Owned by an Acquiring Person or an Affiliate or
Associate thereof (as defined in the Rights Agreement).


 





	
        

         
	
         

        Signature

        

        






 


 





 



 


 


NOTICE


 


In the event the certification set forth
above is not completed in connection with a purported assignment, the Company will deem the Beneficial Owner of the Rights evidenced
by the enclosed Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement)
or a transferee of any of the foregoing and accordingly will deem the Rights evidenced by such Rights Certificate to be void and
not transferable or exercisable.


 




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[To be attached to each Rights Certificate]


 


FORM OF ELECTION TO EXERCISE


(To be executed if holder desires to exercise
the Rights Certificate.)


 


		TO:	TG THERAPEUTICS, INC.



 


The undersigned hereby irrevocably elects
to exercise _________________ whole Rights represented by the attached Rights Certificate to purchase the shares of Series A Junior
Participating Preferred Stock issuable upon the exercise of such Rights and requests that certificates for such shares be issued
in the name of and delivered to:


 


Name:                                                                                       


Address:                                                                                 


                                                                                                  


Social Security or other Taxpayer
ID No.:                         


 


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


 


Name:                                                                                       


Address:                                                                                 


                                                                                                  


Social Security or other Taxpayer
ID No.:                         



 


Dated: _________________, ______


 


	
        Signature Guaranteed:

         
	
         

        Signature

        (Signature must correspond to name as written
        upon the face of this Rights Certificate in every particular, without alteration or enlargement or any change whatsoever)

         



Signatures must be guaranteed by an eligible
guarantor institution (a bank, stockbroker, savings and loan association or credit union with membership in an approved signature
guarantee medallion program) pursuant to Rule 17Ad-15 of the Exchange Act of 1934.


 





 






(to be completed if true)


 


The undersigned hereby represents, for
the benefit of the Company and all holders of Rights and shares of Common Stock, that the Rights evidenced by this Rights Certificate
are not, and, to the knowledge of the undersigned, have never been, Beneficially Owned by an Acquiring Person or an Affiliate or
Associate thereof (as defined in the Rights Agreement).


 





	
        

         
	
         

        Signature

        

        



 





 



 





NOTICE


 


In the event the certification set forth
above is not completed in connection with a purported assignment, the Company will deem the Beneficial Owner of the Rights evidenced
by the enclosed Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement)
or a transferee of any of the foregoing and accordingly will deem the Rights evidenced by such Rights Certificate to be void and
not transferable or exercisable.




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Exhibit B


 


FORM OF CERTIFICATE
OF DESIGNATION AND TERMS


OF PARTICIPATING
PREFERRED STOCK OF TG THERAPEUTICS, INC.


 


Pursuant to Section 151
of the General


Corporation
Law of the State of Delaware


 


We,
the undersigned,                      and                     ,
the                     ,
and                     ,
respectively, of TG Therapeutics, Inc., a Delaware corporation (the “Corporation”), do hereby certify as follows:


 


Pursuant
to authority granted by Article FIFTH, Section E of the Amended and Restated Certificate of Incorporation of the Corporation, and
in accordance with the provisions of Section 151 of the General Corporation Law of the State of Delaware, the Board of Directors
of the Corporation has adopted the following resolutions fixing the designation and certain terms, powers, preferences and other
rights of a new series of the Corporation’s Preferred Stock, par value $0.001 per share, and certain qualifications, limitations
and restrictions thereon:


 


RESOLVED,
that there is hereby established a series of Preferred Stock, par value $0.001 per share, of the Corporation, and the designation
and certain terms, powers, preferences and other rights of the shares of such series, and certain qualifications, limitations and
restrictions thereon, are hereby fixed as follows:


 


(i)           The
distinctive serial designation of this series shall be “Series A Junior Participating Preferred Stock” (hereinafter
called “this Series”). Each share of this Series shall be identical in all respects with the other shares of this Series
except as to the dates from and after which dividends thereon shall be cumulative.


 


(ii)           The
number of shares in this Series shall initially be              [Insert
number equal to the number of shares of Common Stock outstanding on date prior to filing certificate of designation divided by
1000], which number may from time to time be increased or decreased (but not below the number then outstanding) by the Board
of Directors. Shares of this Series purchased by the Corporation shall be cancelled and shall revert to authorized but unissued
shares of Preferred Stock undesignated as to series. Shares of this Series may be issued in fractional shares which are whole number
multiples of one one-thousandth of a share, which fractional shares shall entitle the holder, in proportion to such holder’s
fractional share, to all rights of a holder of a whole share of this Series.


 


(iii)           The
holders of full or fractional shares of this Series shall be entitled to receive, when and as declared by the Board of Directors,
but only out of funds legally available therefor, dividends, (A) on each date that dividends or other distributions (other
than dividends or distributions payable in Common Stock of the Corporation) are payable on or in respect of Common Stock comprising
part of the Reference Package (as defined below), in an amount per whole share of this Series equal to the aggregate amount of
dividends or other distributions (other than dividends or distributions payable in Common Stock of the Corporation) that would
be payable on such date to a holder of the Reference Package and (B) on the last day of March, June, September and December
in each year, in an amount per whole share of this Series equal to the excess (if any) of $            
[Insert an amount equal to 1/4 of 0.1% of the Exercise Price divided by the number of shares of Preferred Stock purchasable
upon exercise of one Right] over the aggregate dividends paid per whole share of this Series during the three month period
ending on such last day. Each such dividend shall be paid to the holders of record of shares of this Series on the date, not exceeding
sixty days preceding such dividend or distribution payment date, fixed for the purpose by the Board of Directors in advance of
payment of each particular dividend or distribution. Dividends on each full and each fractional share of this Series shall be cumulative
from the date such full or fractional share is originally issued; provided that any such full or fractional share originally issued
after a dividend record date and on or prior to the dividend payment date to which such record date relates shall not be entitled
to receive the dividend payable on such dividend payment date or any amount in respect of the period from such original issuance
to such dividend payment date.


 






    	B-1



    	 



    

 


 


           The
term “Reference Package” shall initially mean one thousand (1000) shares of Common Stock, par value $0.001 per share
(“Common Stock”), of the Corporation. In the event the Corporation shall at any time after the close of business on
            ,         
[For a certificate of designation relating to shares to be issued pursuant to Section 2.3 of the Rights Agreement, insert
the Separation Time. For a certificate of designation relating to shares to be issued pursuant to Section 3.1(d) of the Rights
Agreement, insert the Flip-in Date.] (A) declare or pay a dividend on any Common Stock payable in Common Stock, (B) subdivide
any Common Stock or (C) combine any Common Stock into a smaller number of shares, then and in each such case the Reference
Package after such event shall be the Common Stock that a holder of the Reference Package immediately prior to such event would
hold thereafter as a result thereof.


 


           Holders
of shares of this Series shall not be entitled to any dividends, whether payable in cash, property or stock, in excess of full
cumulative dividends, as herein provided on this Series.


 


           So
long as any shares of this Series are outstanding, no dividend (other than a dividend in Common Stock or in any other stock ranking
junior to this Series as to dividends and upon liquidation) shall be declared or paid or set aside for payment or other distribution
declared or made upon the Common Stock or upon any other stock ranking junior to this Series as to dividends or upon liquidation,
unless the full cumulative dividends (including the dividend to be paid upon payment of such dividend or other distribution) on
all outstanding shares of this Series shall have been, or shall contemporaneously be, paid. When dividends are not paid in full
upon this Series and any other stock ranking on a parity as to dividends with this Series, all dividends declared upon shares of
this Series and any other stock ranking on a parity as to dividends shall be declared pro rata so that in all cases the amount
of dividends declared per share on this Series and such other stock shall bear to each other the same ratio that accumulated dividends
per share on the shares of the Series and such other stock bear to each other. Neither the Common Stock nor any other stock of
the Corporation ranking junior to or on a parity with this Series as to dividends or upon liquidation shall be redeemed, purchased
or otherwise acquired for any consideration (or any moneys be paid to or made available for a sinking fund for the redemption of
any shares of any such stock) by the Corporation (except by conversion into or exchange for stock of the Corporation ranking junior
to this Series as to dividends and upon liquidation), unless the full cumulative dividends (including the dividend to be paid upon
payment of such dividend, distribution, redemption, purchase or other acquisition) on all outstanding shares of this Series shall
have been, or shall contemporaneously be, paid.


 


(iv)           In
the event of any merger, consolidation, reclassification or other transaction in which the shares of Common Stock are exchanged
for or changed into other stock or securities, cash and/or any other property, then in any such case the shares of this Series
shall at the same time be similarly exchanged or changed in an amount per whole share equal to the aggregate amount of stock, securities,
cash and/or any other property (payable in kind), as the case may be, that a holder of the Reference Package would be entitled
to receive as a result of such transaction.


 


(v)
In the event of any liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary,
the holders of full and fractional shares of this Series shall be entitled, before any distribution or payment is made on any date
to the holders of the Common Stock or any other stock of the Corporation ranking junior to this Series upon liquidation, to be
paid in full an amount per whole share of this Series equal to the greater of (A) $0.01 or (B) the aggregate amount distributed
or to be distributed in connection with such liquidation, dissolution or winding up to a holder of the Reference Package (such
greater amount being hereinafter referred to as the “Liquidation Preference”), together with accrued dividends to such
distribution or payment date, whether or not earned or declared. If such payment shall have been made in full to all holders of
shares of this Series, the holders of shares of this Series as such shall have no right or claim to any of the remaining assets
of the Corporation.


 


           In
the event the assets of the Corporation available for distribution to the holders of shares of this Series upon any liquidation,
dissolution or winding up of the Corporation, whether voluntary or involuntary, shall be insufficient to pay in full all amounts
to which such holders are entitled pursuant to the first paragraph of this Section (v), no such distribution shall be made
on account of any shares of any other class or series of Preferred Stock ranking on a parity with the shares of this Series upon
such liquidation, dissolution or winding up unless proportionate distributive amounts shall be paid on account of the shares of
this Series, ratably in proportion to the full distributable amounts for which holders of all such parity shares are respectively
entitled upon such liquidation, dissolution or winding up.


 



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           Upon
the liquidation, dissolution or winding up of the Corporation, the holders of shares of this Series then outstanding shall be entitled
to be paid out of assets of the Corporation available for distribution to its stockholders all amounts to which such holders are
entitled pursuant to the first paragraph of this Section (v) before any payment shall be made to the holders of Common Stock
or any other stock of the Corporation ranking junior upon liquidation to this Series.


 


           For
the purposes of this Section (v), the consolidation or merger of, or binding statutory share exchange by, the Corporation
with any other corporation shall not be deemed to constitute a liquidation, dissolution or winding up of the Corporation.


 


(vi)           The
shares of this Series shall not be redeemable.


 


(vii)           In
addition to any other vote or consent of stockholders required by law or by the Amended and Restated Certificate of Incorporation
of the Corporation, and except as otherwise required by law, each share (or fraction thereof) of this Series shall, on any matter,
vote as a class with any other capital stock comprising part of the Reference Package and shall have the number of votes thereon
that a holder of the Reference Package would have.


 


(viii)           If
and whenever dividends payable on this Series and any other class or series of stock of the Corporation ranking on a parity with
this Series as to payment of dividends (any such class or series being herein referred to as “dividend parity stock”)
shall be in arrears in an aggregate amount equal to at least six quarterly dividends (whether or not consecutive), the number of
directors then constituting the Board of Directors shall be increased by two and the holders of shares of this Series, together
with the holders of all other affected classes and series of dividend parity stock similarly entitled to vote for the election
of two additional directors, voting separately as a single class, shall be entitled to elect the two additional directors at any
annual meeting of stockholders or any special meeting of the holders of shares of this Series and such dividend parity stock called
as hereinafter provided. Whenever all arrears in dividends on the shares of this Series and dividend parity stock then outstanding
shall have been paid and dividends thereon for the current quarterly dividend period shall have been paid or declared and set aside
for payment, then the right of the holders of shares of this Series and such dividend parity stock to elect such additional two
directors shall cease (but subject always to the same provisions for the vesting of such voting rights in the case of any similar
future arrearages in dividends), and the terms of office of all persons elected as directors by the holders of shares of this Series
and such dividend parity stock shall forthwith terminate and the number of directors constituting the Board of Directors shall
be reduced accordingly. At any time after such voting power shall have been so vested in the holders of shares of this Series and
such dividend parity stock, the Secretary of the Corporation may, and upon the written request of any holder of shares of this
Series (addressed to the Secretary at the principal office of the Corporation) shall, call a special meeting of the holders of
shares of this Series and such dividend parity stock for the election of the two directors to be elected by them as herein provided,
such call to be made by notice similar to that provided in the by-laws for a special meeting of the stockholders or as required
by law. If any such special meeting so required to be called shall not be called by the Secretary within 20 days after receipt
of any such request, then any holder of shares of this Series may (at the Corporation’s expense) call such meeting, upon
notice as herein provided, and for that purpose shall have access to the stock books of the Corporation. The directors elected
at any such special meeting shall hold office until the next annual meeting of the stockholders if such office shall not have previously
terminated as above provided. In case any vacancy shall occur among the directors elected by the holders of shares of this Series
and such dividend parity stock, a successor shall be elected by the Board of Directors to serve until the next annual meeting of
the stockholders upon the nomination of the then remaining director elected by the holders of shares of this Series and such dividend
parity stock or the successor of such remaining director. If the holders of shares of this Series become entitled under the foregoing
provisions to elect or participate in the election of two directors as a result of dividend arrearages, such entitlement shall
not affect the right of such holders to vote as stated in paragraph (vii), including the right to vote in the election of the remaining
directors.


 






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(ix)           This
Series shall rank as to the payment of dividends and distributions and amounts upon liquidation, dissolution and winding-up junior
to all other series or shares of Preferred Stock unless otherwise expressly provided in the terms of such series or shares of Preferred
Stock.


 


(x)           In
the event that the Corporation or its agents determine that they are obligated to withhold or deduct any tax or other governmental
charge under any applicable law on actual or deemed payments or distributions to a holder of the shares of this Series, the Corporation
or its agents shall be entitled to (i) deduct and withhold such amount by withholding a portion or all of the cash, securities
or other property otherwise deliverable or by otherwise using any property that is owned by such holder, or (ii) in lieu of
such withholding, require any holder to make a payment to the Corporation or its agent, in each case in such amounts as they deem
necessary to meet their withholding obligations, and in the case of (i) above, shall also be entitled, but not obligated,
to sell all or a portion of such withheld securities or other property by public or private sale in such amounts and in such manner
as they deem necessary and practicable to pay such taxes and charges.


 


IN
WITNESS WHEREOF, the undersigned have signed and attested this certificate on the      day
of             ,         .


 


	 	 
	 	
 




Attest:


 


 




 


 






    	B-4