Exhibit 4.1


 


 


NABORS INDUSTRIES LTD.


and


 


COMPUTERSHARE TRUST COMPANY, N.A., as Rights
Agent


 


Rights Agreement


 


Dated as of May 5, 2020


 


 






     


     


    

 





TABLE OF CONTENTS


Page




 


	Section 1.     Certain Definitions.	1
	Section 2.     Appointment of Rights Agent.	6
	Section 3.     Issue of Right Certificates.	6
	Section 4.     Form of Right Certificates.	9
	Section 5.     Countersignature and Registration.	9
	Section 6.     Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or
Stolen Right Certificates.	10
	Section 7.     Exercise of Rights; Purchase Price; Expiration Date of Rights.	11
	Section 8.     Cancellation and Destruction of Right Certificates.	12
	Section 9.     Status and Availability of Preferred Shares.	12
	Section 10.   Preferred Shares Record Date.	13
	Section 11.   Adjustment of Purchase Price, Number of Shares or Number of Rights.	13
	Section 12.   Certificate of Adjustment.	20
	Section
    13.   Consolidation, Amalgamation, Merger or Sale or Transfer of Assets or Earning Power.	20
	Section 14.   Fractional Rights and Fractional Shares.	21
	Section 15.   Rights of Action.	21
	Section 16.   Agreement of Right Holders.	23
	Section 17.   Rights Holder Not Deemed a Shareholder.	24
	Section 18.   Concerning the Rights Agent.	24
	Section 19.   Merger or Consolidation or Change of Name of Rights Agent.	25
	Section 20.   Duties of Rights Agent.	25
	Section 21.   Change of Rights Agent.	28
	Section 22.   Issuance of New Right Certificates.	28
	Section 23.   Redemption.	29
	Section 24.   Exchange.	29
	Section 25.   Notice of Certain Events.	31
	Section 26.   Notices.	32
	Section 27.   Supplements and Amendments.	33
	Section 28.   Successors.	33
	Section 29.   Benefits of this Agreement.	33
	Section 30.   Severability.	34
	Section 31.   Governing Law.	34
	Section 32.   Counterparts.	34
	Section 33.   Descriptive Headings.	34
	Section 34.   Administration.	34
	Section 35.   Customer Identification Program.	34
	Section 36.   Force Majeure 	34





 






     


     


    

 


RIGHTS
AGREEMENT


 


This Rights
Agreement (this “Agreement”), dated as of May 5, 2020, is between Nabors Industries Ltd., a Bermuda
exempted company (the “Company”), and Computershare Trust Company, N.A., a federally chartered trust
company, as Rights Agent (the “Rights Agent”).


 


The Board of Directors
of the Company has authorized the grant of one preferred share purchase right (a “Right”) for each common share,
par value US$0.05 per share, of the Company (a “Common Share”) issued and outstanding on the Close of Business
on May 15, 2020 (the “Record Date”) and has authorized the grant of one Right with respect to each additional
Common Share that shall become issued and outstanding between the Record Date and the earliest of the Close of Business on the
Distribution Date, the Redemption Date and the Close of Business on the Final Expiration Date, and certain additional Common Shares
that shall become issued and outstanding after the Distribution Date as provided in Section 22 of this Agreement, each Right representing
the right to purchase one one-thousandth of a Preferred Share (as hereinafter defined), or such different amount or kind of securities
as provided in this Agreement.


 


Accordingly, in consideration
of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:


 


		Section 1.	Certain Definitions.



 


For purposes of this
Agreement, the following terms shall have the following meanings:


 


“Acquiring
Person” shall mean any Person who or which, together with all Affiliates and Associates of such Person, shall be
the Beneficial Owner of 4.9% or more of the Common Shares then issued and outstanding but shall not include (i) the Company,
(ii) any Subsidiary of the Company, (iii) any employee benefit plan of the Company or of any Subsidiary of the Company, or
(iv) any entity or trust holding Common Shares for or pursuant to the terms of any such employee benefit plan.
Notwithstanding the foregoing, no Person who Beneficially Owns, as of the time of the first public announcement of the
declaration of the Rights issuance, 4.9% or more of the Common Shares then issued and outstanding shall become an Acquiring
Person unless such Person shall, after the time of the public announcement of the declaration of the Rights issuance,
increase its Beneficial Ownership of the then issued and outstanding Common Shares (other than as a result of an acquisition
of Common Shares by the Company) to an amount equal to or greater than the greater of (x) 4.9% or (y) the sum of (i) the
lowest Beneficial Ownership of such Person as a percentage of the issued and outstanding Common Shares as of any time from
and after the time of the public announcement of the declaration of the Rights issuance plus (ii) 0.5%. Notwithstanding the
foregoing, (1) no Person shall become an “Acquiring Person” as the result of an acquisition of Common Shares by
the Company which, by reducing the number of shares issued and outstanding, increases the proportionate number of shares
beneficially owned by such Person to 4.9% (or such other percentage as would otherwise result in such person becoming an
Acquiring Person) or more of the Common Shares then issued and outstanding; provided, however, that if a Person
shall so become the Beneficial Owner of 4.9% (or such other percentage) or more of the Common Shares then issued and
outstanding by reason of an acquisition of Common Shares by the Company and shall, after such share purchases by the Company,
become the Beneficial Owner of an additional 1% of the issued and outstanding Common Shares, then such Person shall become an
 “Acquiring Person”; and (2) if the Board of Directors of the Company determines in good faith that a Person who
would otherwise be an “Acquiring Person,” as defined pursuant to the foregoing provisions of this paragraph, has
become such inadvertently, and such Person divests a sufficient number of Common Shares (or, in the case solely of Derivative
Common Shares (as such term is hereinafter defined), such Person terminates the subject derivative transaction or
transactions or disposes of the subject derivative security or securities) so that such Person would no longer be an
 “Acquiring Person,” as defined pursuant to the foregoing provisions of this paragraph either (A) on such terms
and conditions as the Board of Directors shall approve in advance (including, without limitation, with respect to the
disgorgement of any profit attributable to the Beneficial Ownership of Common Shares being divested) or, (B) in the absence
of approved terms and conditions, as promptly as practicable, then, upon such divestment, such Person shall not be or be
deemed to have become an “Acquiring Person” for any purposes of this Agreement.


 






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“Affiliate”
and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules
and Regulations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as in effect on
the date of this Agreement, and, to the extent not included within the foregoing, will also include, with respect to any Person,
any other Person whose Stock or other securities (i) would be deemed owned constructively or indirectly by such first Person for
purposes of Section 382; (ii) would be deemed owned by a single “entity” as defined in Treasury Regulation § 1.382-3(a)(1)
in which both such first Person and such other Person are included; or (iii) otherwise would be deemed aggregated with the Stock
or other securities owned by such first Person pursuant to the provisions of Section 382; provided, however, that
a Person will not be deemed to be an Affiliate or Associate of another Person solely because either or both such Persons are or
were directors of the Company.


 


A Person shall be deemed
the “Beneficial Owner” of and shall be deemed to “beneficially own” any securities:


 


(i)                
which such Person or any of such Person’s Affiliates or Associates beneficially owns, directly or indirectly;


 


(ii)              which
such Person or any of such Person’s Affiliates or Associates has: (A) the right to acquire (whether such right is
exercisable immediately or only after the passage of time or the occurrence of an event) pursuant to any agreement,
arrangement or understanding (other than customary agreements with and between underwriters and selling group members with
respect to a bona fide public offering of securities), written or otherwise, or upon the exercise of conversion rights,
exchange rights, rights (other than the Rights), warrants or options, or otherwise; provided, that such Person
shall be deemed to be the Beneficial Owner of the maximum possible number of Common Shares issuable upon the exercise of such
conversion rights, exchange rights, rights (other than the Rights), warrants or options pursuant to the terms of such rights
or instruments; provided, however, that a Person shall not be deemed to be the Beneficial Owner of, or to
beneficially own, securities tendered pursuant to a tender or exchange offer made pursuant to, and in accordance with, the
applicable rules and regulations promulgated under the Exchange Act by or on behalf of such Person or any of such
Person’s Affiliates or Associates until such tendered securities are accepted for purchase or exchange; or (B) the
right to vote pursuant to any agreement, arrangement or understanding; provided, however, that a Person shall
not be deemed the Beneficial Owner of, or to beneficially own, any security if the agreement, arrangement or understanding to
vote such security (1) arises solely from a revocable proxy or consent given to such Person in response to a public proxy or
consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations promulgated under the
Exchange Act and (2) is not also then reportable on Schedule 13D under the Exchange Act (or any comparable or successor
report);


 


(iii)           
which are beneficially owned, directly or indirectly, by any other Person with which such Person or any of such Person’s
Affiliates or Associates has any agreement, arrangement or understanding (other than customary agreements with and between underwriters
and selling group members with respect to a bona fide public offering of securities), written or otherwise, for the purpose of
acquiring, holding, voting (except to the extent contemplated by the proviso to section (B) of the immediately preceding paragraph
(ii)) or disposing of any securities of the Company; or


 






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(iv) which are
the subject of a derivative transaction entered into by such Person or any of such Person’s Affiliates or Associates, or
derivative security acquired by such Person or any of such Person’s Affiliates or Associates, which gives such Person the
economic equivalent of ownership of an amount or aspect of such securities due to the fact that the value of the derivative is
explicitly determined by reference to the price or value or other aspect of such securities, without regard to whether (A) such
derivative conveys any voting rights in such securities to such Person, (B) such 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 Common Shares deemed beneficially owned by virtue of the operation of this
paragraph, the subject Person shall be deemed to beneficially own (without duplication) the number of Common Shares that are synthetically
owned pursuant to such derivative transactions or such derivative securities. Common Shares that are deemed so beneficially owned
pursuant to the operation of this paragraph shall be referred to herein as “Derivative Common Shares”.


 


Notwithstanding anything
in this definition of “Beneficial Ownership” to the contrary, (A) the phrase “then issued and outstanding,”
when used with reference to a Person’s Beneficial Ownership of securities of the Company, shall mean the number of such securities
then issued and outstanding together with the number of such securities not then actually issued and outstanding which such Person
would be deemed to own beneficially hereunder; provided, that a Person shall be deemed to beneficially own the minimum
possible number of Common Shares issuable upon the exercise of conversion rights, exchange rights, rights (other than the Rights),
warrants or options pursuant to the terms of such rights or instruments and (B) a Person will be deemed to be the Beneficial Owner
of, and will be deemed to Beneficially Own or have Beneficial Ownership of, Stock held by any other Person that such Person would
be deemed to own constructively or indirectly or otherwise would be aggregated with Stock owned by such Person pursuant to Section
382, or any successor provision or replacement provision and Treasury Regulations thereunder.


 


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


 


“Close of Business”
on any given date shall mean 5:00 P.M., Eastern Time, on such date; provided, however, that if such date is not a
Business Day it shall mean 5:00 P.M., Eastern Time, on the next succeeding Business Day.


 


“Code”
shall mean the Internal Revenue Code of 1986, as amended, or any successor statute.


 






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“Common Shares”
when used with reference to the Company shall mean the Common Shares, par value US$0.05 per share, of the Company. “Common
Shares” when used with reference to any Person other than the Company shall mean the shares (or equity interest) with
the greatest voting power of such other Person or, if such other Person is a Subsidiary of another Person, the Person or Persons
which ultimately control such first-mentioned Person.


 


“common share
equivalents” shall have the meaning set forth in Section 11(a)(iii)(B)(3) hereof.


 


“Company Right
Certificate Signatory” shall have the meaning set forth in Section 5 hereof.


 


“Current Value”
shall have the meaning set forth in Section 11(a)(iii)(A)(1) hereof.


 


“Distribution
Date” shall have the meaning set forth in Section 3(a) hereof.


 


“earning power”
shall have the meaning set forth in Section 13 hereof.


 


“equivalent
preferred shares” shall have the meaning set forth in Section 11(b) hereof.


 


“Excluded Person”
shall have the meaning set forth in Section 3(a) hereof.


 


“Exchange Property”
shall have the meaning set forth in Section 24(f) hereof.


 


“Exchange Ratio”
shall have the meaning set forth in Section 24(a) hereof.


 


“Exchange Recipient”
shall have the meaning set forth in Section 24(f) hereof.


 


“Final Expiration
Date” shall mean April 30, 2021.


 


“NASDAQ”
shall have the meaning set forth in Section 11(d)(i) hereof.


 


“Person”
shall mean any individual, firm, corporation, partnership, limited partnership, limited liability partnership, trust, limited
liability company, joint venture, unincorporated association, syndicate or other entity, group of persons making a
 “coordinated acquisition” of Common Shares or otherwise treated as an entity within the meaning of Treasury
Regulations Section 1.382-3(a)(1) or otherwise, and includes an unincorporated group of persons who, by formal or informal
agreement or arrangement (whether or not in writing), have embarked on a common purpose or act, and also includes any
successor (by consolidation, amalgamation, merger or otherwise) of any such individual or entity.


 






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“Purchase Price”
shall have the meaning set forth in Section 7(b) hereof.


 


“Preferred Shares”
shall mean Series B Junior Participating Preferred Shares, par value US$0.001 per share, of the Company having such rights and
preferences as are set forth in the Certificate of Designation attached as Exhibit A hereto, as the same may be amended from time
to time.


 


“Redemption
Date” shall have the meaning set forth in Section 23(b) hereof.


 


“Redemption
Price” shall have the meaning set forth in Section 23(a) hereof.


 


“Right Certificate”
shall mean a certificate evidencing a Right in substantially the form of Exhibit B hereto.


 


“Section 11(a)(ii)
Trigger Date” shall have the meaning set forth in Section 11(a)(iii) hereof.


 


“Section 382”
shall mean Section 382 of the Code or any successor or replacement provision and the Treasury Regulations promulgated thereunder.


 


“Security”
shall have the meaning set forth in Section 11(d)(i) hereof.


 


“Shares Acquisition
Date” shall mean the earlier of the date of (i) the public announcement by the Company or an Acquiring Person that an
Acquiring Person has become such or (ii) the public disclosure by the Company or an Acquiring Person of facts that establish that
an Acquiring Person has become such.


 


“Signature
Guarantee” shall have the meaning set forth in Section 6.


 


“Spread”
shall have the meaning set forth in Section 11(a)(iii)(A) hereof.


 


“Stock”
shall mean with respect to any Person, such Person’s (i) common shares; (ii) preferred shares (other than preferred shares
described in Section 1504(a)(4) of the Code); and (iii) any other interest that would be treated as “stock” of such
Person pursuant to Treasury Regulation § 1.382-2T(f)(18).


 


“Subsidiary”
of any Person shall mean any other Person of which a majority of the voting power of the voting equity securities or equity interest
is owned, directly or indirectly, by such first Person.


 


“Substitution
Period” shall have the meaning set forth in Section 11(a)(iii) hereof.


 


“Summary of
Rights” shall mean the Summary of Rights to Purchase Preferred Shares in substantially the form of Exhibit C hereto.


 









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“Trading Day”
shall have the meaning set forth in Section 11(d)(i) hereof.


 


“Treasury Regulation” shall
mean the final and temporary (but not proposed) tax regulations promulgated under the Code, as such regulations may be amended
from time to time.


 


		Section 2.	Appointment of Rights Agent.



 


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 may from time to time appoint
such co-rights agents as it may deem necessary or desirable upon 10 calendar days prior written notice to the Rights Agent.
The Rights Agent shall have no duty to supervise, and shall in no event be liable for, the acts or omissions of any such
co-rights agent. Subject to the foregoing, in the event the Company appoints one or more co-rights agents, the respective
duties of the Rights Agent and any co-rights agents shall be as the Company shall reasonably determine, provided that such
duties are consistent with the terms and provisions of this Agreement and that contemporaneously with such appointment, if
any, the Company shall notify the Rights Agent in writing thereof.


 


		Section 3.	Issue of Right Certificates.



 


(a)   Until
the earlier of (i) the Close of Business on the tenth day after the Shares Acquisition Date (or, in the event that the Board
of Directors of the Company determines on or before such tenth day to effect an exchange in accordance with Section 24 and
determines in accordance with Section 24(f) that a later date is advisable, such later date that is not more than twenty days
after the Shares Acquisition Date) or (ii) the Close of Business on the tenth Business Day (or such later date as may be
determined by action of the Board of Directors prior to such time as any Person becomes an Acquiring Person) after the date
of the commencement by any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the
Company or of any Subsidiary of the Company or any entity or trust holding Common Shares for or pursuant to the terms of any
such plan (each, an “Excluded Person”)) of, or of the first public announcement of the intention of any
Person (other than any Excluded Person) to commence, a tender or exchange offer the consummation of which would result in any
Person becoming the Beneficial Owner of Common Shares aggregating 4.9% (such date being herein referred to as the
 “Distribution Date”), (x) the Rights will be evidenced (subject to the provisions of Section 3(b) hereof)
by the certificates for Common Shares registered in the names of the holders thereof (which certificates shall also be deemed
to be Right Certificates) or by such electronic or other evidence of such Common Shares as permitted under applicable law and
not by separate Right Certificates, except that the Rights associated with any uncertificated Common Shares shall be
evidenced by the registration of such Common Shares in the Company’s share register in the names of the holders thereof
(which registration shall also be deemed to be registration of ownership of the associated Rights), and (y) Right
Certificates and the right to receive Right Certificates will be transferable only in connection with the transfer of the
underlying Common Shares. As soon as practicable after the Distribution Date, the Company will prepare and execute and upon
written request by the Company, the Rights Agent will countersign, and the Company will send or cause to be sent (and the
Rights Agent will, if requested and provided with all necessary information and documents, at the expense of the Company,
send) by first-class, insured, postage-prepaid mail, to each record holder of Common Shares as of the Close of Business on
the Distribution Date (other than any Acquiring Person or any Associate or Affiliate of an Acquiring Person), at the address
of such holder shown on the records of the Company or the transfer agent or registrar for the Common Shares, a Right
Certificate evidencing one Right for each Common Share so held. As of and after the Distribution Date, the Rights will be
evidenced solely by such Right Certificates, and the Rights will be transferable only separately from the transfer of Common
Shares. The Company shall promptly notify the Rights Agent in writing upon the occurrence of the Distribution Date and/or the
Final Expiration Date and, if such notification is given orally, the Company shall confirm same in writing on or prior to the
Business Day next following. Until such written notice is received by the Rights Agent, the Rights Agent may presume
conclusively for all purposes that neither the Distribution Date nor the Final Expiration Date has occurred.


 






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(b)  
On the Record Date, or as soon as practicable thereafter, the Company will send a copy of the Summary of Rights by first-class,
postage-prepaid mail, to each record holder of Common Shares as of the Close of Business on the Record Date (other than any Acquiring
Person or any Associate or Affiliate of any Acquiring Person), at the address of such holder shown on the records of the Company
or the transfer agent or registrar for the Common Shares. With respect to certificates for Common Shares issued and outstanding
as of the Record Date, until the Close of Business on the Distribution Date, the Rights will be evidenced by such certificates
registered in the names of the holders thereof together with a copy of the Summary of Rights attached thereto. With respect to
uncertificated Common Shares issued and outstanding as of the Record Date, until the Close of Business on the Distribution Date,
the Rights will be evidenced by the registration of such Common Shares in the Company’s share register in the names of such
holders. Until the Close of Business on the Distribution Date (or the earlier of the Redemption Date or the Close of Business on
the Final Expiration Date), the surrender for transfer of any Common Shares issued and outstanding on the Record Date, with or
without a copy of the Summary of Rights attached thereto, shall also constitute the transfer of the Rights associated with the
Common Shares evidenced thereby.


 


(c)              
Certificates for Common Shares that become issued and outstanding (including, without limitation, reacquired Common Shares
referred to in the last sentence of this paragraph (c)) after the Record Date but prior to the earliest of the Close of Business
on the Distribution Date, the Redemption Date or the Close of Business on the Final Expiration Date shall have impressed on, printed
on, written on or otherwise affixed to them a legend in substantially the following form:


 


This
certificate also evidences and entitles the holder hereof to certain Rights as set forth in a Rights Agreement between Nabors
Industries Ltd. (the “Company”) and Computershare Trust Company, N.A. or any successor rights agent, as
Rights Agent, dated as of May 5, 2020, as it may from time to time be amended or supplemented pursuant to its terms (the
 “Rights Agreement”), 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 will be evidenced by separate certificates and will no longer be evidenced by this certificate. The Company will
mail to the holder of this certificate a copy of the Rights Agreement without charge after receipt of a written request
therefor. Under certain circumstances, Rights that are or were acquired or beneficially owned by Acquiring Persons or any
Affiliate or Associate thereof (as such terms are defined in the Rights Agreement) may become null and void and no longer
transferable.


 






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With respect to any book-entry Common Shares,
such legend shall be included in a notice to the record holder of such shares in accordance with applicable law. With respect to
such certificates containing the foregoing legend, or any notice of the foregoing legend delivered to the holders of book-entry
Common Shares, until the Close of Business on the Distribution Date, the Rights associated with the Common Shares represented by
certificates or book-entry Common Shares shall be evidenced by such certificates or book-entry Common Shares alone, and the surrender
for transfer of any such certificate or any other transfer of the Common Shares shall also constitute the transfer of the Rights
associated with the Common Shares represented thereby. In the event that the Company purchases or acquires any Common Shares after
the Record Date but prior to the Close of Business on the Distribution Date, any Rights associated with such Common Shares shall
be deemed canceled and retired so that the Company shall not be entitled to exercise any Rights associated with the Common Shares
which are no longer issued and outstanding. Notwithstanding the foregoing, neither the omission of a legend nor the failure to
deliver the notice of such legend required hereby shall affect the enforceability of any part of this Agreement or the rights of
any holder of Rights.


 


		Section 4.	Form of Right Certificates.



 


The Right Certificates
(and the forms of election to purchase Preferred Shares and of assignment to be printed on the reverse thereof) shall be substantially
the same as Exhibit B hereto and may have such marks of identification or designation and such legends, summaries or endorsements
printed thereon as the Company may deem appropriate (but which do not affect the rights, duties, liabilities or responsibilities
of the Rights Agent) and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any
applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation of any shares exchange on which
the Rights may from time to time be listed, or to conform to usage. Subject to the other provisions of this Agreement, the Right
Certificates shall entitle the holders thereof to purchase such number of one one-thousandths of a Preferred Share as shall be
set forth therein at the Purchase Price, but the number of one one-thousandths of a Preferred Share and the Purchase Price shall
be subject to adjustment as provided herein.


 


		Section 5.	Countersignature and Registration.



 


The Right
Certificates shall be executed on behalf of the Company by its Chairman of the Board, its Chief Executive Officer, its
President, any of its Vice Presidents, or its Treasurer (each a “Company Right Certificate Signatory”),
either manually or by PDF or facsimile signature, shall have affixed thereto the Company’s seal or a facsimile thereof,
and shall be attested by the Secretary or any Assistant Secretary of the Company, either manually or by PDF or facsimile
signature. The Right Certificates shall be either manually or by PDF or facsimile signature countersigned by the Rights Agent
and shall not be valid for any purpose unless so countersigned, either manually or by PDF or facsimile. In case any Company
Right Certificate Signatory of the Company who shall have signed any of the Right Certificates shall cease to hold the
requisite office of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such
Right Certificates, nevertheless, may be countersigned by the Rights Agent and issued and delivered by the Company with the
same force and effect as though the person who signed such Right Certificates had not ceased to be a Company Right
Certificate Signatory; and any Right Certificate may be signed on behalf of the Company by any person who, at the actual date
of the execution of such Right Certificate, shall be a proper Company Right Certificate Signatory to sign such Right
Certificate, although at the date of the execution of this Agreement any such person was not such a Company Right Certificate
Signatory.


 






     - 8 -


     


    

 


Following the Distribution
Date, receipt by the Rights Agent of notice to that effect and all other relevant information and documents referred to in Section
3(a), the Rights Agent will keep or cause to be kept, at its office designated for such purpose, books for registration of the
transfer of the Right Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of
the Right Certificates, the number of Rights evidenced on its face by each of the Right Certificates and the date of each of the
Right Certificates.


 


		Section 6.	Transfer, Split Up, Combination
and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates.



 


Subject to the provisions
of this Agreement, at any time after the Close of Business on the Distribution Date, and prior to the earlier of the Redemption
Date or the Close of Business on the Final Expiration Date, any Right Certificate or Right Certificates (other than Right Certificates
representing Rights that have become null and void pursuant to Section 11(a)(ii) hereof or that have been exchanged pursuant to
Section 24 hereof) may be transferred, split up, combined or exchanged for another Right Certificate or Right Certificates, entitling
the registered holder thereof to purchase a like number of one one-thousandths of a Preferred Share as the Right Certificate or
Right Certificates surrendered then entitled such holder to purchase. Any registered holder desiring to transfer, split up, combine
or exchange any Right Certificate or Right Certificates shall make such request in writing delivered to the Rights Agent, and
shall surrender the Right Certificate or Right Certificates representing the Rights to be transferred, split up, combined or exchanged
at the office of the Rights Agent designated for such purpose. The Right Certificates are transferable only on the registry books
of the Rights Agent. Neither the Rights Agent nor the Company shall be obligated to take any action whatsoever with respect to
the transfer of any such surrendered Right Certificate or Certificates until the registered holder thereof shall have (i) properly
completed and duly executed the certificate contained in the form of assignment set forth on the reverse side of each such Right
Certificate accompanied by signature guarantee from an eligible guarantor institution participating in a signature guarantee program
approved by the Securities Transfer Association (a “Signature Guarantee”), and any other reasonable evidence
of authority that may be reasonably required by the Rights Agent, (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 shall reasonably request, and (iii) paid
a sum sufficient to cover any tax or charge that may be imposed in connection with any transfer, split up, combination or exchange
of Right Certificates as required hereunder. Thereupon the Rights Agent shall countersign and deliver to the Person entitled thereto
a Right Certificate or Right Certificates, as the case may be, as so requested, registered in such name or names as may be designated
by the surrendering registered holder. The Rights Agent shall promptly forward any such sum collected by it to the Company or
to such Persons as the Company shall specify by written notice. The Rights Agent shall have no duty or obligation under any Section
of this Agreement that requires the payment of taxes or charges unless and until it is satisfied that all such taxes and/or charges
have been paid.


 






     - 9 -


     


    

 


Subject to the provisions
of this Agreement, at any time after the Distribution Date and prior to the Final Expiration Date, upon receipt by the Company
and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Right Certificate,
and, in case of loss, theft or destruction, of indemnity or security satisfactory to them, and, at the Company’s request,
reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights
Agent and cancellation of the Right Certificate if mutilated, the Company will make and deliver a new Right Certificate of like
tenor to the Rights Agent for countersignature and delivery to the registered holder in lieu of the Right Certificate so lost,
stolen, destroyed or mutilated.


 


		Section 7.	Exercise of Rights; Purchase
Price; Expiration Date of Rights.



 


(a)   Except
as otherwise provided herein, the registered holder of any Right Certificate (other than a holder whose Rights have become
void pursuant to Section 11(a)(ii) hereof or have been exchanged pursuant to Section 24 hereof) may exercise the Rights
evidenced thereby in whole or in part at any time after the Distribution Date upon surrender of the Right Certificate, with
the form of election to purchase on the reverse side thereof properly completed and duly executed accompanied by a Signature
Guarantee, to the Rights Agent at its office designated for such purpose, together with payment of the Purchase Price for
each one one-thousandth of a Preferred Share (or such other securities or property to be acquired upon exercise of a Right,
as applicable) as to which the Rights are exercised, and an amount equal to any tax or charge required to be paid hereunder
in a form acceptable to the Company and the Rights Agent, prior to the earliest of (i) the Close of Business on the Final
Expiration Date, (ii) the time at which the right to exercise the Rights terminates pursuant to Section 23 hereof or (iii)
the time at which the right to exercise the Rights terminates pursuant to Section 24 hereof. Except for those provisions
herein that expressly survive the termination of this Agreement, this Agreement shall terminate at such time as the Rights
are no longer exercisable hereunder.


 


(b)              
The purchase price for each one one-thousandth of a Preferred Share (or such other securities or property to be acquired
upon exercise of a Right, as applicable) to be purchased upon the exercise of a Right shall initially be Fifty Eight United States
Dollars and Eight Cents (US$58.08) (the “Purchase Price”), and shall be subject to adjustment from time to time
as provided in Sections 11 and 13 hereof and shall be payable in lawful money of the United States of America in accordance with
paragraph (c) below.


 


(c)               Except
as otherwise provided herein, upon receipt of a Right Certificate representing exercisable Rights, with the form of election
to purchase and certificate properly completed and duly executed, accompanied by a Signature Guarantee and payment of the
Purchase Price for the number of one one-thousandths of a Preferred Share (or such other securities or property to be
acquired upon exercise of a Right, as applicable) to be purchased and an amount equal to any applicable tax or charge
required to be paid by the holder of such Right Certificate in accordance with Section 9 hereof by certified check,
cashier’s check or money order payable to the order of the Company, subject to Section 20(l) hereof, the Rights Agent
shall thereupon promptly (i) (A) requisition from any transfer agent of the Preferred Shares, or make available if the Rights
Agent is the transfer agent for the Preferred Shares, certificates for the number of one one-thousandths of a Preferred Share
to be purchased and the Company hereby irrevocably authorizes each such transfer agent to comply with all such requests, or
(B) requisition from any depositary agent for the Preferred Shares depositary receipts representing interests in such number
of one one-thousandths of a Preferred Share as are to be purchased (in which case certificates for the Preferred Shares
represented by such receipts shall be deposited by the transfer agent with the depositary agent) and the Company hereby
directs each such depositary agent to comply with such request, (ii) when necessary to comply with this Agreement,
requisition from the Company the amount of cash to be paid in lieu of issuance of fractional Preferred Shares in accordance
with Section 14 hereof, (iii) after receipt of such certificates or depositary receipts, cause the same to be delivered to or
upon the order of the registered holder of such Right Certificate, registered in such name or names as may be designated by
such holder and (iv) when necessary to comply with this Agreement, after receipt, deliver such cash to or upon the order of
the registered holder of such Right Certificate.


 






     - 10 -


     


    

 


(d)              
Except as otherwise provided herein, in case the registered holder of any Right Certificate shall exercise less than all
the Rights evidenced thereby, a new Right Certificate evidencing Rights equivalent to the exercisable Rights remaining unexercised
shall be issued by the Rights Agent to the registered holder of such Right Certificate or to his duly authorized assigns, subject
to the provisions of Section 14 hereof.


 


(e)              
Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated
to undertake any action with respect to a registered holder of Rights or other securities upon the occurrence of any purported
transfer or exercise of Rights as set forth in Section 6 hereof or this Section 7 unless such registered holder shall have (i)
properly completed and duly executed the certificate contained in the form of assignment or the form of election to purchase set
forth on the reverse side of the Right Certificate surrendered for such transfer or exercise and (ii) provided such additional
evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company
or the Rights Agent shall reasonably request.


 


		Section 8.	Cancellation and Destruction
of Right Certificates.



 


All Right
Certificates surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered to
the Company or to any of its agents, be delivered to the Rights Agent for cancellation or in canceled form, or, if
surrendered to the Rights Agent, shall be canceled by it, and no Right Certificates shall be issued in lieu thereof except as
expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Rights Agent for
cancellation and retirement, and the Rights Agent shall so cancel and retire, any other Right Certificate purchased or
acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall deliver all canceled Right
Certificates to the Company, or shall, at the written request and expense of the Company, destroy such canceled Right
Certificates, and in such case shall deliver a certificate of destruction thereof to the Company.


 






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		Section 9.	Status and Availability of
Preferred Shares.



  


(a)              
The Company covenants and agrees that it will take all such action as may be necessary to ensure that all Preferred Shares
or other securities delivered upon exercise of Rights shall, at the time of delivery of the certificates therefor (subject to payment
of the Purchase Price and compliance with all other applicable provisions of this Agreement), be duly and validly authorized and
issued and fully paid and non-assessable shares.


 


(b)              
The Company further covenants and agrees that it will pay when due and payable any and all taxes and charges which may be
payable in respect of the issuance or delivery of the Right Certificates or of any Preferred Shares or other securities upon the
exercise of Rights. The Company shall not, however, be required to pay any tax or charge which may be payable in respect of any
transfer or delivery of Right Certificates to a Person other than, or the issuance or delivery of certificates or depositary receipts
for the Preferred Shares or other securities in a name other than that of, the registered holder of the Right Certificate evidencing
Rights surrendered for exercise, or to issue or to deliver any certificates or depositary receipts for Preferred Shares upon the
exercise of any Rights until any such tax or charge shall have been paid (any such tax or charge being payable by the holder of
such Right Certificate at the time of surrender) or until it has been established to the Company or the Rights Agent’s satisfaction
that no such tax or charge is due.


 


(c)              
The Company covenants and agrees that it will cause to be reserved and kept available, out of its authorized and unissued
Preferred Shares or any Preferred Shares held in its treasury, the number of Preferred Shares that will be sufficient to permit
the exercise in full of all outstanding Rights in accordance with Section 7 hereof.


 


		Section 10.	Preferred Shares Record Date.



 


Each person in whose
name any certificate for Preferred Shares is issued upon the exercise of Rights shall for all purposes be deemed to have become
the holder of record of the Preferred Shares represented thereby on, and such certificate shall be dated, the date upon which the
Right Certificate evidencing such Rights was duly surrendered and payment of the Purchase Price (and any applicable taxes or charges)
was made; provided, however, that if the date of such surrender and payment is a date upon which the Preferred Shares
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 shall be dated, the next succeeding Business Day on which the Preferred Shares transfer books of the Company are open.
Prior to the exercise of the Rights evidenced thereby, the holder of a Right Certificate shall not be entitled to any rights of
a holder of Preferred Shares for which the Rights shall be exercisable, including, without limitation, the right to vote, to receive
dividends or other distributions or to exercise any preemptive rights, and shall not be entitled to receive any notice of any proceedings
of the Company, except as provided herein.


 






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		Section 11.	Adjustment of Purchase Price,
Number of Shares or Number of Rights.



 


(a)           


 


(i)                
In the event the Company shall at any time after the date of this Agreement (A) declare a dividend or bonus issue on the
Preferred Shares payable in Preferred Shares, (B) subdivide the issued and outstanding Preferred Shares, (C) consolidate the issued
and outstanding Preferred Shares into a smaller number of Preferred Shares or (D) issue any of its shares in a reclassification
of the Preferred Shares (including any such reclassification in connection with a consolidation, amalgamation or merger in which
the Company is the continuing or surviving corporation), except as otherwise provided in this Section 11(a), the Purchase Price
in effect at the time of the record date for such dividend or bonus issue or of the effective date of such subdivision, consolidation
or reclassification, and the number and kind of shares issuable on such date, shall be proportionately adjusted so that the holder
of any Right exercised after such time shall be entitled to receive the aggregate number and kind of shares which, if such Right
had been exercised immediately prior to such date, he would have owned upon such exercise and been entitled to receive by virtue
of such dividend, bonus issue, subdivision, consolidation or reclassification; provided, however, that in no event
shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of the Company
issuable upon exercise of one Right.


 


(ii)             
Subject to the following paragraph of this subparagraph (ii) and to Section 24 of this Agreement, in the event any Person
shall become an Acquiring Person, each holder of a Right shall thereafter have a right to receive, upon exercise thereof at a price
equal to the then current Purchase Price multiplied by the number of one one-thousandths of a Preferred Share for which a Right
is then exercisable, in accordance with the terms of this Agreement and in lieu of Preferred Shares, such number of Common Shares
as shall equal the result obtained by (x) multiplying the then current Purchase Price by the number of one one-thousandths of a
Preferred Share for which a Right is then exercisable and dividing that product by (y) 50% of the then current per share market
price of the Common Shares (determined pursuant to Section 11(d) hereof) on the date such Person became an Acquiring Person. In
the event that any Person shall become an Acquiring Person and the Rights shall then be outstanding, the Company shall not take
any action that would eliminate or diminish the benefits intended to be afforded by the Rights.


 


From and after any
Person becoming an Acquiring Person, any Rights that are or were acquired or beneficially owned by such Acquiring Person (or
any Associate or Affiliate of such Acquiring Person) on or after the earlier of (x) the date such Person became an Acquiring
Person and (y) the Distribution Date shall be null and void and any holder of such Rights shall thereafter have no right to
exercise such Rights under any provision of this Agreement. No Right Certificate shall be issued pursuant to Section 3 that
represents Rights beneficially owned by an Acquiring Person whose Rights have or would be null and void pursuant to the
preceding sentence or any Associate or Affiliate thereof; no Right Certificate shall be issued at any time upon the transfer
of any Rights to an Acquiring Person whose Rights would be null and void pursuant to the preceding sentence or any Associate
or Affiliate thereof or to any nominee of such Acquiring Person, Associate or Affiliate; and any Right Certificate delivered
to the Rights Agent for transfer to an Acquiring Person whose Rights would be null and void pursuant to the preceding
sentence or any Associate or Affiliate thereof shall be canceled. The Company shall give the Rights Agent written notice of
the identity of any such Acquiring Person, Associate or Affiliate, or the nominee of any of the foregoing, and the Rights
Agent may rely on such written notice in carrying out its duties under this Agreement and shall be deemed not to have any
knowledge of the identity of any such Acquiring Person, Associate or Affiliate, or the nominee of any of the foregoing,
unless and until it shall have received such written notice.


 






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(iii)           
In the event that the number of Common Shares which are authorized by the Company’s Memorandum of Association and
not issued and outstanding or subscribed for, or reserved or otherwise committed for issuance for purposes other than upon exercise
of the Rights, are not sufficient to permit the holder of each Right to purchase the number of Common Shares to which he would
be entitled upon the exercise in full of the Rights in accordance with the foregoing subparagraph (ii) of paragraph (a) of this
Section 11, or should the Board of Directors so elect, the Company shall: (A) determine the excess of (1) the value of the Common
Shares issuable upon the exercise of a Right (calculated as provided in the last sentence of this subparagraph (iii)) pursuant
to Section 11(a)(ii) hereof (the “Current Value”) over (2) the Purchase Price (such excess, the “Spread”),
and (B) with respect to each Right, make adequate provision to substitute for such Common Shares, upon payment of the applicable
Purchase Price, any one or more of the following having an aggregate value determined by the Board of Directors to be equal to
the Current Value: (1) cash, (2) a reduction in the Purchase Price, (3) Common Shares or other equity securities of the Company
(including, without limitation, preferred shares, or units of preferred shares, which the Board of Directors of the Company has
determined to have the same value as Common Shares (such preferred shares, “common share equivalents”)), (4)
debt securities of the Company, or (5) other assets; provided, however, if the Company shall not have made adequate
provision to deliver value pursuant to clause (B) above within thirty (30) days following the first occurrence of an event triggering
the rights to purchase Common Shares described in Section 11(a)(ii) (the “Section 11(a)(ii) Trigger Date”),
then the Company shall be obligated to deliver, upon the surrender for exercise of a Right and without requiring payment of the
Purchase Price, Common Shares (to the extent available) and then, if necessary, cash, which shares and/or cash have an aggregate
value equal to the Spread. The Company shall provide the Rights Agent with prompt reasonably detailed written notice of any determination under the previous
sentence. If the Board of Directors of the Company shall determine in good faith that it is likely that sufficient
additional Common Shares could be authorized for issuance upon exercise in full of the Rights, the thirty (30) day period set forth
above may be extended to the extent necessary, but not more than ninety (90) days after the Section 11(a)(ii) Trigger Date, in
order that the Company may seek shareholder approval for the authorization of such additional shares (such period, as it may be
extended, the “Substitution Period”). To the extent that the Company determines that some action need be taken
pursuant to the first and/or second sentences of this Section 11(a)(iii), the Company (x) shall provide, subject to Section 7(e)
hereof and the last paragraph of Section 11(a)(ii) hereof, that such action shall apply uniformly to all outstanding Rights, and
(y) may suspend the exercisability of the Rights until the expiration of the Substitution Period in order to seek any authorization
of additional shares and/or to decide the appropriate form of distribution to be made pursuant to such first sentence and to determine
the value thereof. In the event of any such suspension, the Company shall make a public announcement, and shall promptly thereafter
deliver to the Rights Agent a statement, stating that the exercisability of the Rights has been temporarily suspended. At such
time as the suspension is no longer in effect, the Company shall make another public announcement, and promptly thereafter deliver
to the Rights Agent a statement, so stating. For purposes of this Section 11(a)(iii), the value of the Common Shares shall be the
current per share market price (as determined pursuant to Section 11(d)(i) hereof) of the Common Shares on the Section 11(a)(ii)
Trigger Date and the value of any common Shares equivalent shall be deemed to have the same value as the Common Shares on such
date.


 









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(b)              
In case the Company shall fix a record date for the issuance of rights, options or warrants to all holders of Preferred
Shares entitling them (for a period expiring within 45 calendar days after such record date) to subscribe for or purchase Preferred
Shares (or shares having the same rights, privileges and preferences as the Preferred Shares (“equivalent preferred shares”))
or securities convertible into Preferred Shares or equivalent preferred shares at a price per Preferred Share or equivalent preferred
share (or having a conversion price per share, if a security is convertible into Preferred Shares or equivalent preferred shares)
less than the then current per share market price of the Preferred Shares (as determined pursuant to Section 11(d)) on such record
date, the Purchase Price to be in effect after such record date shall be adjusted by multiplying the Purchase Price in effect immediately
prior to such record date by a fraction, the numerator of which shall be the number of Preferred Shares issued and outstanding
on such record date plus the number of Preferred Shares which the aggregate offering price of the total number of Preferred Shares
and/or equivalent preferred shares so to be offered (and/or the aggregate initial conversion price of the convertible securities
so to be offered) would purchase at such current market price and the denominator of which shall be the number of Preferred Shares
issued and outstanding on such record date plus the number of additional Preferred Shares and/or equivalent preferred shares to
be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible);
provided, however, that in no event shall the consideration to be paid upon the exercise of one Right be less than
the aggregate par value of the shares of the Company issuable upon exercise of one Right. In case such subscription price may be
paid in a consideration part or all of which shall be in a form other than cash, the value of such consideration shall be as determined
in good faith by the Board of Directors of the Company, whose determination shall be described in a written statement filed with
the Rights Agent. Preferred Shares owned by or held for the account of the Company shall not be deemed issued and outstanding for
the purpose of any such computation. Such adjustment shall be made successively whenever such a record date is fixed; and in the
event that such rights, options or warrants are not so issued, the Purchase Price shall be adjusted to be the Purchase Price which
would then be in effect if such record date had not been fixed.


 


(c)               In
case the Company shall fix a record date for the making of a distribution to all holders of the Preferred Shares (including
any such distribution made in connection with a consolidation, amalgamation or merger in which the Company is the continuing
or surviving corporation) of evidences of indebtedness or assets (other than a regular quarterly cash dividend or a dividend
or bonus issue payable in Preferred Shares) or subscription rights or warrants (excluding those referred to in Section 11(b)
hereof), the Purchase Price to be in effect after such record date shall be determined by multiplying the Purchase Price in
effect immediately prior to such record date by a fraction, the numerator of which shall be the then current per share market
price of the Preferred Shares on such record date, less the fair market value (as determined in good faith by the Board of
Directors of the Company, whose determination shall be described in a written statement filed with the Rights Agent) of the
portion of the assets or evidences of indebtedness so to be distributed or of such subscription rights or warrants applicable
to one Preferred Share and the denominator of which shall be such current per share market price of the Preferred Shares; provided, however,
that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of
the shares of the Company to be issued upon exercise of one Right. Such adjustments shall be made successively whenever such
a record date is fixed; and in the event that such distribution is not so made, the Purchase Price shall again be adjusted to
be the Purchase Price which would then be in effect if such record date had not been fixed.


 






     - 15 -


     


    

 


(d)              
 


 


(i)                
For the purpose of any computation hereunder, the “current per share market price” of any security (a
 “Security”) for the purpose of this Section 11(d)(i) on any date shall be the average of the daily closing prices
per share of such Security for the 30 consecutive Trading Days (as such term is hereinafter defined) immediately prior to but not
including such date; provided, however, that in the event that the current per share market price of the Security
is determined during a period following the announcement by the issuer of such Security of (A) a dividend or bonus issue or distribution
on such Security payable in shares of such Security or securities convertible into such shares, or (B) any subdivision, consolidation
or reclassification of such Security and prior to but not including the expiration of 30 Trading Days after but not including the
ex-dividend date for such dividend, bonus issue or distribution, or the record date for such subdivision, consolidation or reclassification,
then, and in each such case, the current per share market price shall be appropriately adjusted to reflect the current market price
per share equivalent of such Security. The closing price for each day shall be the last sale price, regular way, or, in case no
such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported in
the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York
Stock Exchange or, if the Security is not listed or admitted to trading on the New York Stock Exchange, as reported in the principal
consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which
the Security is listed or admitted to trading or, if the Security is not listed or admitted to trading on any national securities
exchange, the last quoted price or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter
market, as reported by the National Association of Securities Dealers, Inc. Automated Quotations System (“NASDAQ”)
or such other system then in use, or, if on any such date the Security is not quoted by any such organization, the average of the
closing bid and asked prices as furnished by a professional market maker making a market in the Security selected by the Board
of Directors of the Company. The term “Trading Day” 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.


 


(ii)             
For the purpose of any computation hereunder, the “current per share market price” of the Preferred Shares
shall be determined in accordance with the method set forth in Section 11(d)(i). If the Preferred Shares are not publicly traded,
the “current per share market price” of the Preferred Shares shall be the current per share market price of the Common
Shares as determined pursuant to Section 11(d)(i) (appropriately adjusted to reflect any share split, share dividend, bonus issue
or similar transaction occurring after the date hereof), multiplied by 1000. If neither the Common Shares nor the Preferred Shares
are publicly held or so listed or traded, “current per share market price” shall mean the fair value per share as determined
in good faith by the Board of Directors of the Company, whose determination shall be described in a written statement filed with
the Rights Agent.


 









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(e)              
No adjustment in the Purchase Price shall be required unless such adjustment would require an increase or decrease of at
least 1% in the Purchase Price; provided, however, that any adjustments which by reason of this Section 11(e) are
not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this
Section 11 shall be made to the nearest cent or to the nearest one ten-millionth of a Preferred Share or one ten-thousandth of
any other share or security as the case may be. Notwithstanding the first sentence of this Section 11(e), any adjustment required
by this Section 11 shall be made no later than three years from the date of the transaction which requires such adjustment.


 


(f)               
If as a result of an adjustment made pursuant to Section 11(a) hereof, the holder of any Right thereafter exercised shall
become entitled to receive any shares of the Company other than Preferred Shares, the number of such other shares so receivable
upon exercise of any Right shall thereafter be subject to adjustment from time to time in a manner and on terms as nearly equivalent
as practicable to the provisions with respect to the Preferred Shares contained in Section 11(a) through (c), inclusive, and the
provisions of Sections 7, 9, 10 and 13 with respect to the Preferred Shares shall apply on like terms to any such other shares.


 


(g)              
All Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price hereunder shall evidence
the right to purchase, at the adjusted Purchase Price, the number of one one-thousandths of a Preferred Share purchasable from
time to time hereunder upon exercise of the Rights, all subject to further adjustment as provided herein.


 


(h)              
Unless the Company shall have exercised its election as provided in Section 11(i), upon each adjustment of the Purchase
Price as a result of the calculations made in Sections 11(b) and (c), each Right outstanding immediately prior to the making of
such adjustment shall thereafter evidence the right to purchase, at the adjusted Purchase Price, that number of one one-thousandths
of a Preferred Share (calculated to the nearest one ten-millionth of a Preferred Share) obtained by (i) multiplying (x) the number
of one one-thousandths of a share covered by a Right immediately prior to this adjustment by (y) the Purchase Price in effect immediately
prior to such adjustment of the Purchase Price and (ii) dividing the product so obtained by the Purchase Price in effect immediately
after such adjustment of the Purchase Price.


 


(i)                 The
Company may elect on or after the date of any adjustment of the Purchase Price to adjust the number of Rights in substitution
for any adjustment in the number of one one-thousandths of a Preferred Share purchasable upon the exercise of a Right. Each
of the Rights outstanding after such adjustment of the number of Rights shall be exercisable for the number of one
one-thousandths of a Preferred Share for which a Right was exercisable immediately prior to such adjustment. Each Right held
of record prior to such adjustment of the number of Rights shall become that number of Rights (calculated to the nearest one
hundred-thousandth) obtained by dividing the Purchase Price in effect immediately prior to adjustment of the Purchase Price
by the Purchase Price in effect immediately after adjustment of the Purchase Price. The Company shall make a public
announcement (with prompt written notice thereof to the Rights Agent) of its election to adjust the number of Rights,
indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be made. This
record date may be the date on which the Purchase Price is adjusted or any day thereafter, but, if the Right Certificates
have been distributed, shall be at least 10 days later than the date of the public announcement. If Right Certificates have
been distributed, upon each adjustment of the number of Rights pursuant to this Section 11(i), the Company shall, as promptly
as practicable, cause to be distributed to holders of record of Right Certificates on such record date Right Certificates
evidencing, subject to Section 14 hereof, the additional Rights to which such holders shall be entitled as a result of such
adjustment, or, at the option of the Company, shall cause to be distributed to such holders of record in substitution and
replacement for the Right Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if
required by the Company, new Right Certificates evidencing all the Rights to which such holders shall be entitled after such
adjustment. Right Certificates to be so distributed shall be issued, executed and countersigned in the manner provided for
herein and shall be registered in the names of the holders of record of Right Certificates on the record date specified in
the public announcement.


 






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(j)                
Irrespective of any adjustment or change in the Purchase Price or the number of one one-thousandths of a Preferred Share
issuable upon the exercise of the Rights, the Right Certificates theretofore and thereafter issued may continue to express the
Purchase Price and the number of one one-thousandths of a Preferred Share which were expressed in the initial Right Certificates
issued hereunder.


 


(k)              
Before taking any action that would cause an adjustment reducing the Purchase Price below one one-thousandth of the then
par value of the Preferred Shares issuable upon exercise of the Rights, the Company shall take any corporate action which may,
in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and non-assessable
Preferred Shares or other such shares at such adjusted Purchase Price.


 


(l)                
In any case in which this Section 11 shall require that an adjustment in the Purchase Price be made effective as of a record
date for a specified event, the Company may elect to defer (with prompt written notice thereof to the Rights Agent) until the occurrence
of such event the issuing to the holder of any Right exercised after such record date of the Preferred Shares and other shares
or securities of the Company, if any, issuable upon such exercise over and above the Preferred Shares and other shares or securities
of the Company, if any, issuable upon such exercise on the basis of the Purchase Price in effect prior to such adjustment; provided,
however, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s
right to receive such additional shares upon the occurrence of the event requiring such adjustment.


 


(m)            
Anything in this Section 11 to the contrary notwithstanding, the Company shall be entitled to make such reductions in the
Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that it in its sole
discretion shall determine to be advisable in order that any (i) consolidation or subdivision of the Preferred Shares, (ii) issuance
wholly for cash of any Preferred Shares at less than the current market price, (iii) issuance wholly for cash of Preferred Shares
or securities which by their terms are convertible into or exchangeable for Preferred Shares, (iv) dividends or bonus issues on
Preferred Shares payable in Preferred Shares or (v) issuance of any rights, options or warrants referred to hereinabove in Section
11(b), hereafter made by the Company to holders of its Preferred Shares shall not be taxable to such shareholders.


 









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(n)              
In the event that at any time after the date of this Agreement and prior to the Distribution Date, the Company shall (i)
declare or pay any dividend or bonus issue on the Common Shares payable in Common Shares or (ii) effect a subdivision or consolidation
of the Common Shares (by reclassification or otherwise other than by payment of dividends or bonus issues in Common Shares) into
a greater or lesser number of Common Shares, then in any such case (i) the number of one one-thousandths of a Preferred Share purchasable
after such event upon proper exercise of each Right shall be determined by multiplying the number of one one-thousandths of a Preferred
Share so purchasable immediately prior to such event by a fraction, the numerator of which is the number of Common Shares issued
and outstanding immediately before such event and the denominator of which is the number of Common Shares issued and outstanding
immediately after such event, and (ii) each Common Share issued and outstanding immediately after such event shall have issued
with respect to it that number of Rights which each Common Share issued and outstanding immediately prior to such event had issued
with respect to it. The adjustments provided for in this Section 11(n) shall be made successively whenever such a dividend or bonus
issue is declared or paid or such a subdivision or consolidation is effected.


 


		Section 12.	Certificate of Adjustment.



 


Whenever an adjustment
is made or any event affecting the Rights or their exercisability (including without limitation an event that causes Rights to
become null and void) occurs as provided in Sections 11 and 13 hereof, the Company shall promptly (a) prepare a certificate setting
forth such adjustment or describing such event, and a brief reasonably detailed statement of the facts, computation and methodology
accounting for such adjustment, (b) file with the Rights Agent and with each transfer agent for the Common Shares or the Preferred
Shares a copy of such certificate and (c) if such adjustment occurs following a Distribution Date, mail a brief summary thereof
to each holder of a Right Certificate in accordance with Section 25 hereof. The Rights Agent shall be fully protected in relying
on any such certificate and on any adjustment or statement therein contained and shall not be obligated or responsible for calculating
any adjustment, nor shall it have any duty or liability with respect to, or be deemed to have knowledge of, such an adjustment
or any such event unless and until it shall have received such a certificate.


 


		Section 13.	Consolidation, Amalgamation, Merger or Sale or Transfer of Assets or Earning
                                                                   Power.



 


In the event that,
at any time after a Person becomes an Acquiring Person, directly or indirectly, (i) the Company shall consolidate or
amalgamate with, or merge with and into, any other Person, (ii) any Person shall consolidate or amalgamate with the Company,
or merge with and into the Company and the Company shall be the continuing or surviving company of such consolidation,
amalgamation or merger and, in connection with such consolidation, amalgamation or merger, all or part of the Common Shares
shall be changed into or exchanged for shares or other securities of any other Person (or the Company) or cash or any other
property, or (iii) the Company shall sell or otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise
transfer), in one or more transactions, assets or earning power aggregating 50% or more of the assets or earning power of the
Company and its Subsidiaries (taken as a whole) to any other Person other than the Company or one or more of its wholly-owned
Subsidiaries, then, and in each such case, proper provision shall be made so that (A) each holder of a Right (except as
otherwise provided herein) shall thereafter have the right to receive, upon the exercise thereof at a price equal to the then
current Purchase Price multiplied by the number of one one-thousandths of a Preferred Share for which a Right is then
exercisable, in accordance with the terms of this Agreement and in lieu of Preferred Shares, such number of common shares of
such other Person (including the Company as successor thereto or as the continuing or surviving company) as shall equal the
result obtained by (x) multiplying the then current Purchase Price by the number of one one-thousandths of a Preferred Share
for which a Right is then exercisable and dividing that product by (y) 50% of the then current per share market price of the
common shares of such other Person (determined pursuant to Section 11(d) hereof) on the date of consummation of such
consolidation, amalgamation, merger, sale or transfer; (B) the issuer of such common shares shall thereafter be liable for,
and shall have been deemed to assume, by virtue and operation of such consolidation, amalgamation, merger, sale or transfer,
all the obligations and duties of the Company pursuant to this Agreement; (C) the term “Company” shall
thereafter be deemed to refer to such issuer; and (D) such issuer shall take such steps (including, but not limited to, the
reservation of a sufficient number of its common shares in accordance with Section 9 hereof) in connection with such
consummation of any such transaction as may be necessary to assure that the provisions hereof shall thereafter be applicable,
as nearly as reasonably may be, in relation to the common shares thereafter deliverable upon the exercise of the Rights. The
Company covenants and agrees that it shall not consummate any such consolidation, amalgamation, merger, sale or transfer
unless prior thereto the Company and such issuer shall have executed and delivered to the Rights Agent a supplemental
agreement so providing. The Company shall not enter into any transaction of the kind referred to in this Section 13 if at the
time of such transaction there are any rights, warrants, instruments or securities outstanding or any agreements or
arrangements which, as a result of the consummation of such transaction, would eliminate or substantially diminish the
benefits intended to be afforded by the Rights. The provisions of this Section 13 shall similarly apply to successive mergers
or consolidations or amalgamations or sales or other transfers. For purposes hereof, the “earning power”
of the Company and its Subsidiaries shall be determined in good faith by the Company’s Board of Directors on the basis
of the operating earnings of each business operated by the Company and its Subsidiaries during the three fiscal years
preceding the date of such determination (or, in the case of any business not operated by the Company or any Subsidiary
during three full fiscal years preceding such date, during the period such business was operated by the Company or any
Subsidiary).


 






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		Section 14.	Fractional Rights and Fractional
Shares.



 


(a)               The
Company shall not be required to issue fractions of Rights or to distribute Right Certificates which evidence fractional
Rights. In lieu of such fractional Rights, there shall be paid to the registered holders of the Right Certificates with
regard to which such fractional Rights would otherwise be issuable, an amount in cash equal to the same fraction of the
current market value of a whole Right. For the purposes of this Section 14(a), the current market value of a whole Right
shall be the closing price of the Rights for the Trading Day immediately prior to the date on which such fractional Rights
would have been otherwise issuable. The closing price for any day shall be the last sale price, regular way, or, in case no
such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported
in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the
New York Stock Exchange or, if the Rights are not listed or admitted to trading on the New York Stock Exchange, as reported
in the principal consolidated transaction reporting system with respect to securities listed on the principal national
securities exchange on which the Rights are listed or admitted to trading or, if the Rights are not listed or admitted to
trading on any national securities exchange, the last quoted price or, if not so quoted, the average of the high bid and low
asked prices in the over-the-counter market, as reported by NASDAQ or such other system then in use or, if on any such date
the Rights are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a
professional market maker making a market in the Rights selected by the Board of Directors of the Company. If on any such
date no such market maker is making a market in the Rights, the fair value of the Rights on such date as determined in good
faith by the Board of Directors of the Company shall be used.


 


(b)              
The Company shall not be required to issue fractions of Preferred Shares (other than fractions which are integral multiples
of one one-thousandth (subject to appropriate adjustment in the case of a subdivision or combination) of a Preferred Share) upon
exercise of the Rights or to distribute certificates which evidence fractional Preferred Shares (other than fractions which are
integral multiples of one one-thousandth of a Preferred Share). Fractions of Preferred Shares in integral multiples of one one-thousandth
of a Preferred Share may, at the election of the Company, be evidenced by depositary receipts, pursuant to an appropriate agreement
between the Company and a depositary selected by it; provided, that such agreement shall provide that the holders of such
depositary receipts shall have all the rights, privileges and preferences to which they are entitled as beneficial owners of the
Preferred Shares represented by such depositary receipts. In lieu of fractional Preferred Shares that are not integral multiples
of one one-thousandth of a Preferred Share, the Company shall pay to each registered holder of Right Certificates at the time such
Rights are exercised as herein provided an amount in cash equal to the same fraction of the current market value of one Preferred
Share as the fraction of one Preferred Share that such holder would otherwise receive upon the exercise of the aggregate number
of rights exercised by such holder. For the purposes of this Section 14(b), the current market value of a Preferred Share shall
be the closing price of a Preferred Share (as determined pursuant to the second sentence of Section 11(d)(i) hereof) for the Trading
Day immediately prior to the date of such exercise.


 






     - 20 -


     


    

 


(c)              
The holder of a Right by the acceptance of the Right expressly waives any right to receive fractional Rights or fractional
shares upon exercise or exchange of a Right (except as provided above).


 


(d)              
Whenever a payment for fractional Rights or fractional shares or other securities 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 or other securities under any Section of this Agreement relating to the payment of fractional Rights
or fractional shares or other securities unless and until the Rights Agent shall have received such a certificate and sufficient
monies.


 


		Section 15.	Rights of Action.



  


All rights of
action in respect of this Agreement, excepting the rights of action given to the Rights Agent under this Agreement, are
vested in the respective registered holders of the Rights (and, prior to the Distribution Date, the registered holders of the
Common Shares); and any registered holder of any Right (or, prior to the Distribution Date, of the Common Shares) may,
without the consent of the Rights Agent or of the holder of any other Rights (or, prior to the Distribution Date, of the
Common Shares), on his own behalf and for his own benefit, enforce, and may institute and maintain any suit, action or
proceeding against the Company to enforce, or otherwise act in respect of, his right to exercise the Rights evidenced by such
Right Certificate (or, prior to the Distribution Date, such Common Shares) in the manner provided in such Right 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 by the
Company and will be entitled to seek specific performance of the obligations under, and injunctive relief against actual or
threatened violations of the obligations of the Company under this Agreement.


 


Notwithstanding anything
in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability to any holder of a Right or
other Person as a result of its inability to perform any of its obligations under this Agreement by reason of any preliminary or
permanent injunction or other order, judgment, decree or ruling (whether interlocutory or final) issued by a court or by a governmental,
regulatory, self-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.


 






     - 21 -


     


    

 


		Section 16.	Agreement of Right 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 Distribution Date, the Rights will be transferable only in connection with the transfer of the Common Shares;


 


(b)              
after the Distribution Date, the Rights are transferable only on the registry books maintained by the Rights Agent if the
corresponding Right Certificate, if applicable, is surrendered at the office of the Rights Agent designated for such purpose, duly
endorsed or accompanied by a proper instrument of transfer with a completed form of certification accompanied by a Signature Guarantee; and


 


(c)              
the Company and the Rights Agent may deem and treat the Person in whose name the Right Certificate (or, prior to the Distribution
Date, the associated Common Shares certificate) or book-entry shares in respect of such Common Shares is registered as the absolute
owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Right Certificates
or the associated Common Shares certificate (or notices provided to the holders of book-entry shares of such Common Shares) made
by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent
shall be affected by any notice to the contrary.


 






     - 22 -


     


    

 


		Section 17.	Rights Holder Not Deemed a Shareholder.



  


No holder, as such, of
any Rights shall be entitled to vote, receive dividends, or be, or be deemed or treated as, for any purpose the holder of the Preferred
Shares or any other securities of the Company that may at any time be issuable on the exercise or exchange of the Rights nor shall
anything contained herein or in any Right Certificate be construed to confer upon the holder of any Right, as such, any of the
rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders
at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions
affecting shareholders (except as provided in Section 25 hereof), or to receive dividends or subscription rights, or otherwise,
until the Right or Rights shall have been exercised or exchanged in accordance with the provisions hereof.


 


		Section 18.	Concerning the Rights Agent.



 


The Company agrees
to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder in accordance with a mutually
agreed upon fee schedule and, from time to time, on demand of the Rights Agent, its reasonable expenses and counsel fees and
expenses 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 non-appealable
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 of this Agreement, including the
costs and expenses of defending against any claim or liability in connection therewith. The costs and expenses incurred in
enforcing this right of indemnification shall also be paid by the Company. The provisions of this Section 18 and Section 20
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.


 


The Rights Agent
may conclusively rely upon and 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, and the
exercise and performance of its duties hereunder, in reliance upon any Right Certificate or certificate for Preferred Shares
or Common Shares or 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 in Section 20 hereof. 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. Notwithstanding anything in this Agreement to the contrary, in no event shall the Rights Agent be
liable for special, punitive, indirect, incidental or consequential loss or damage of any kind whatsoever (including but not
limited to lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damage and regardless
of the form of the action.


 






     - 23 -


     


    

 


		Section 19.	Merger or Consolidation or
Change of Name of Rights Agent.



 


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 shall be a party, or any Person succeeding
to the shareholder services business of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent
under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto,
provided that such Person would be eligible for appointment as a successor Rights Agent under the provisions of Section
21 hereof. In case at the time such successor Rights Agent shall succeed to the agency created by this Agreement, any of the Right
Certificates shall have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of
the predecessor Rights Agent and deliver such Right Certificates so countersigned; and in case at that time any of the Right Certificates
shall not have been countersigned, any successor Rights Agent may countersign such Right 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 Right Certificates shall have
the full force provided in the Right Certificates and in this Agreement.


 


In case at any time the
name of the Rights Agent shall be changed and at such time any of the Right Certificates shall have been countersigned but not
delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Right Certificates so countersigned;
and in case at that time any of the Right Certificates shall not have been countersigned, the Rights Agent may countersign such
Right Certificates either in its prior name or in its changed name; and in all such cases such Right Certificates shall have the
full force provided in the Right Certificates and in this Agreement.


 


		Section 20.	Duties of Rights Agent.



 


The Rights Agent undertakes
to perform only the duties and obligations expressly set forth in this Agreement and no implied duties or obligations shall be
read into this Agreement against the Rights Agent. The Rights Agent shall perform those duties and obligations upon the following
terms and conditions, by all of which the Company and the holders of Right 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), and the advice or opinion of such counsel shall 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 accordance with such advice or opinion.


 









     - 24 -


     


    

 


(b)              
Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that
any fact or matter (including without limitation, the identity of 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 any Company Right Certificate Signatory or the Secretary of
the Company and delivered to the Rights Agent; and such certificate shall 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 under the provisions of this Agreement in reliance upon such certificate.


 


(c)               The
Rights Agent shall 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 non-appealable judgment of a court of competent jurisdiction). Any
liability of the Rights Agent under this Agreement will be limited to the amount of fees (but excluding reimbursed expenses
and charges) paid by the Company to the Rights Agent for the twelve month immediately preceding the event for which recovery
from the Rights Agent is being sought.


 


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


 


(e)              
The Rights Agent shall 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 execution hereof by the Rights Agent) or in respect of the validity or execution
of any Right Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Right Certificate; nor shall it be responsible for any change in the
exercisability of the Rights (including but not limited to the Rights becoming null and void) or any change or adjustment in the
terms of the Rights (including but not limited to any adjustment required under the provisions of Sections 11 or 13 hereof) nor
shall it be responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that
would require any such change or adjustment (except with respect to the exercise of Rights evidenced by Right Certificates after
receipt of a certificate furnished pursuant to Section 12 describing such change or adjustment upon which the Rights Agent may
rely); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation
of any Preferred Shares or other securities to be issued pursuant to this Agreement or any Right Certificate or as to whether any
Preferred Shares or other securities will, when so issued, be validly authorized and issued, 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.


 









     - 25 -


     


    

 


(g) 
              The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of
its duties hereunder from any person reasonably believed by the Rights Agent to be a Company Right Certificate Signatory or
the Secretary 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 accordance with instructions of any such officer or
for any delay in acting 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 officer. Any application by the Rights Agent for written
instructions from the Company may, at the option of the Rights Agent, set forth in writing any action proposed to be taken,
suffered or omitted to be taken by the Rights Agent under this Agreement and the date on and/or after which such action shall
be taken or suffered by or such omission shall be effective. The Rights Agent shall not be liable for any action taken by, or
omission of, the Rights Agent in accordance with a proposal included in any such application on or after the date specified
in such application (which date shall not be less than five Business Days after the date any officer of the Company actually
receives such application, unless any such officer shall have consented in writing to an earlier date) unless, prior to
taking any such action (or the effective date in the case of an omission), the Rights Agent shall have received, in response
to such application, written instructions with respect to the proposed action or omission specifying a different action to be
taken, suffered or omitted to be taken.


 


(h)              
The Rights Agent and any shareholder, affiliate, director, officer or employee of the Rights Agent may buy, sell or deal
in any of the Rights or other securities of the Company or become pecuniarily interested in any transaction in which the Company
may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though the Rights Agent
were not Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent or any such shareholder, 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 its directors, officers and employees) or by or through its attorneys or agents, and the Rights Agent shall
not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss
to the Company or any 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 non-appealable
judgment of a court of competent 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)               The
Rights Agent shall not be required to take notice or be deemed to have notice of any fact, event or determination (including,
without limitation, any dates or events defined in this Agreement or the designation of any Person as an Acquiring Person,
Affiliate or Associate) under this Agreement unless and until the Rights Agent shall be specifically notified in writing by
the Company of such fact, event or determination.


 






     - 26 -


     


    

 


(l)                
If, with respect to any Right Certificate surrendered to the Rights Agent for exercise or transfer, the certificate contained
in the form of assignment or the form of election to purchase set forth on the reverse thereof, as the case may be, has not been
properly completed to certify the holder is not an Acquiring Person (or an Affiliate or Associate thereof) or a transferee thereof,
the Rights Agent shall not take any further action with respect to such requested exercise or transfer without first consulting
with the Company; provided, however that Rights Agent shall not be liable for any delays arising from the duties under this Section
20(l).


 


(m)              The Rights Agent shall have no responsibility to the Company, any holders of Rights, or any other Person for interest
or earnings on any moneys held by the Rights Agent pursuant to this Agreement.


 


(n)              The Rights Agent shall not have any duty or responsibility in the case of the receipt of any written demand from any holder
of Rights with respect to any action or default by the Company, including, without limiting the generality of the foregoing,
any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon
the Company.


 


		Section 21.	Change of Rights Agent.



 


The Rights Agent or
any successor Rights Agent may resign and be discharged from its duties under this Agreement upon 30 days’ notice in
writing mailed to the Company and to each transfer agent of the Common Shares and the Preferred Shares by registered or
certified mail. The Company may remove the Rights Agent or any successor Rights Agent upon 30 days’ notice in writing,
mailed to the Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of the Common Shares and
the Preferred Shares by registered or certified mail. If the Rights Agent shall resign or be removed or shall otherwise
become incapable of acting, the Company shall appoint a successor to the Rights Agent. In the event the transfer agency
relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed to have resigned
automatically and be discharged from its duties under this Agreement as of the effective date of such termination, and the
Company shall be responsible for sending any required notice. If the Company shall fail to make such appointment within a
period of 30 days after giving notice of such removal or after it has been notified in writing of such resignation or
incapacity by the resigning or incapacitated Rights Agent or by the holder of a Right Certificate (who shall, with such
notice, submit his Right Certificate for inspection by the Company), then the registered holder of any Right Certificate may
apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether
appointed by the Company or by such a court, shall be (a) a Person organized and doing business under the laws of the United
States or of any state of the United States, in good standing, which is authorized under such laws to exercise stock transfer
powers and is subject to supervision or examination by federal or state authority and which has at the time of its
appointment as Rights Agent a combined capital and surplus of at least $50 million or (b) an Affiliate of such a Person.
After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if
it had been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and
transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further
assurance, conveyance, act or deed necessary for the purpose; provided that such predecessor Rights Agent shall not be required to make any additional expenditure or assume any additional
liability in connection with the foregoing. Not later than the effective date of any such appointment the
Company shall file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Shares
and the Preferred Shares. Failure to give any notice provided for in this Section 21, however, or any defect therein, shall
not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor
Rights Agent, as the case may be.


 


		Section 22.	Issuance of New Right Certificates.



 


Notwithstanding any
of the provisions of this Agreement or of the Rights to the contrary, the Company may, at its option, issue new Right
Certificates evidencing Rights in such form as may be approved by its Board of Directors to reflect any adjustment or change
in the Purchase Price and the number or kind or class of shares or other securities or property purchasable under the Right
Certificates made in accordance with the provisions of this Agreement. In addition, in connection with the issuance or sale
of Common Shares following the Distribution Date and prior to the earlier of the Redemption Date and the Close of Business on
the Final Expiration Date, the Company may with respect to Common Shares so issued or sold (i) pursuant to the exercise of
share options, (ii) under any employment plan or arrangement, (iii) upon the exercise, conversion or exchange of securities,
notes or debentures issued by the Company or (iv) pursuant to a contractual obligation of the Company, in each case existing
prior to the Distribution Date, issue Right Certificates representing the appropriate number of Rights in connection with
such issuance or sale.


 






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		Section 23.	Redemption.



 


(a)              
The Board of Directors of the Company may, at its option, at any time prior to such time as any Person becomes an Acquiring
Person, redeem all but not less than all the then outstanding Rights at a redemption price of US$0.01 per Right, appropriately
adjusted to reflect any share subdivision, share dividend, bonus issue or similar transaction occurring after the date hereof (such
redemption price being hereinafter referred to as the “Redemption Price”). The redemption of the Rights by the
Board of Directors may be made effective at such time, on such basis and subject to such conditions as the Board of Directors in
its sole discretion may establish.


 


(b)              
Immediately upon the time of the effectiveness of the redemption of the Rights pursuant to paragraph (a) of this Section
23 or such earlier time as may be determined by the Board of Directors in the action ordering such redemption (although not earlier
than the time of such action) (such time the “Redemption Date”), and without any further action and without
any notice, the right to exercise the Rights shall terminate and the only right thereafter of the holders of Rights shall be to
receive the Redemption Price. The Company shall promptly give public notice of any such redemption (with prompt written notice
thereof to the Rights Agent); provided, however, that the failure to give, or any defect in, any such notice shall
not affect the legality or validity of such redemption. Within 10 days after such action of the Board of Directors ordering the
redemption of the Rights pursuant to paragraph (a), the Company shall mail a notice of redemption to all the holders of the then
outstanding Rights at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution
Date, on the registry books of the transfer agent for the Common Shares. Any notice which is mailed in the manner herein provided
shall be deemed given, whether or not the holder receives the notice. If the payment of the Redemption Price is not included with
such notice, each such notice shall state the method by which the payment of the Redemption Price will be made. Neither the Company
nor any of its Affiliates or Associates may redeem, acquire or purchase for value any Rights at any time in any manner other than
that specifically set forth in this Section 23 or in Section 24 hereof, other than in connection with the purchase of Common Shares
prior to the Distribution Date.


 


		Section 24.	Exchange.



 


(a)               The
Board of Directors may, at its option, at any time after any Person becomes an Acquiring Person, exchange all or part of the
then outstanding and exercisable Rights (which shall not include Rights that have become null and void pursuant to the
provisions of Section 11(a)(ii) hereof) for Common Shares at an exchange ratio of one Common Share per Right (such exchange
ratio being hereinafter referred to as the “Exchange Ratio”); provided, however, that in
connection with any exchange effected pursuant to this Section 24, if a holder would, but for such exchange, be
entitled to receive a number of shares that would otherwise result in such holder, together with such holder’s
Affiliates and Associates, becoming the Beneficial Owner of Common Shares in excess of 4.9% of the then issued and
outstanding Common Share (such shares, the “Excess Exchange Shares”), the Board of Directors may, at its
option, cause such holder to receive, in lieu of receiving such Excess Exchange Shares, an amount in cash equal to the
current per share market price of a Common Share at the close of business on the trading day following the date on which the
exchange effected pursuant hereto is first effected multiplied by the number of Excess Exchange Shares that would otherwise
have been issuable to such holder. Notwithstanding the foregoing, the Board of Directors shall not be empowered to effect
such exchange at any time after any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan
of the Company or any such Subsidiary, or any entity or trust holding Common Shares for or pursuant to the terms of any such
plan), together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of a majority of the Common
Shares then issued and outstanding.


 






     - 28 -


     


    

 


(b)              
Immediately upon the effectiveness of the action of the Board of Directors of the Company ordering the exchange of any Rights
pursuant to subsection (a) of this Section 24 and without any further action and without any notice, the right to exercise such
Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of Common Shares
equal to the number of such Rights held by such holder multiplied by the Exchange Ratio. The Company shall promptly give public
notice of any such exchange (with prompt written notice thereof to the Rights Agent); provided, however, that the
failure to give, or any defect in, such notice shall not affect the legality or validity of such exchange. The Company promptly
shall mail a notice of any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry
books of the Rights Agent. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder
receives the notice. Each such notice of exchange will state the method by which the exchange of the Common Shares for Rights will
be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange shall
be effected pro rata based on the number of Rights (other than Rights which have become null and void pursuant to the provisions
of Section 11(a)(ii) hereof) held by each holder of Rights.


 


(c)              
In any exchange pursuant to this Section 24, the Company, at its option, may substitute Preferred Shares or common share
equivalents for Common Shares exchangeable for Rights, at the initial rate of one one-thousandth of a Preferred Share (or an appropriate
number of common share equivalents) for each Common Share, as appropriately adjusted to reflect adjustments in the voting rights
of the Preferred Shares pursuant to the terms thereof, so that the fraction of a Preferred Share delivered in lieu of each Common
Share shall have the same voting rights as one Common Share.


 


(d)               In
the event that there shall not be sufficient Common Shares, Preferred Shares or common share equivalents authorized by the
Company’s Memorandum of Association and not issued and outstanding or subscribed for, or reserved or otherwise
committed for issuance for purposes other than upon exercise of Rights, to permit any exchange of Rights as contemplated in
accordance with this Section 24, the Company shall take all such action as may be necessary to authorize additional Common
Shares, Preferred Shares or common share equivalents for issuance upon exchange of the Rights.


 






     - 29 -


     


    

 


(e)              
The Company shall not be required to issue fractions of Common Shares or to distribute certificates which evidence fractional
Common Shares. In lieu of such fractional Common Shares, the Company shall pay to the registered holders of the Right Certificates
with regard to which such fractional Common Shares would otherwise be issuable an amount in cash equal to the same fraction of
the current per share market value of a whole Common Share. For the purposes of this paragraph (e), the current per share market
value of a whole Common Share shall be the closing price of a Common Share (as determined pursuant to the second sentence of Section
11(d)(i) hereof) for the Trading Day immediately prior to the date of exchange pursuant to this Section 24.


 


(f)               
Notwithstanding anything in this Section 24 to the contrary, the exchange of the Rights may be made effective at such time,
on such basis and with such conditions as the Board of Directors of the Company in its sole discretion may establish. Without limiting
the preceding sentence, the Board may (i) in lieu of issuing Common Shares or any other securities contemplated by this Section
24 to the Persons entitled thereto in connection with the exchange (such Persons, the “Exchange Recipients,”
and such shares and other securities, together with any dividends or distributions made on such shares or other securities, the
 “Exchange Property”), issue, transfer or deposit the Exchange Property to or into a trust or other entity that
may hold such Exchange Property for the benefit of the Exchange Recipients (provided that such trust or other entity may not be
controlled by the Company or any of its Affiliates or Associates and provided further that the trustee or similar fiduciary of
the trust or other entity will attempt to distribute the Exchange Property to the Exchange Recipients as promptly as practicable),
(ii) permit such trust or other entity to exercise all of the rights that a shareholder of record would possess with respect to
any shares deposited in such trust or entity and (iii) impose such procedures as are necessary to verify that the Exchange Recipients
are not Acquiring Persons or Affiliates or Associates of Acquiring Persons as of any time periods established by the Board of Directors
of the Company or such trust or entity. In the event the Board of Directors of the Company determines, before the Distribution
Date, to effect an exchange, such Board may delay the occurrence of the Distribution Date to such time as such Board deems advisable;
provided that the Distribution Date must occur no later than 20 days after the Shares Acquisition Date.


 


		Section 25.	Notice of Certain Events.



 


(a)               In
case the Company shall after the Distribution Date propose to (i) pay any dividend or bonus issue payable in shares of any
class to the holders of its Preferred Shares or to make any other distribution to the holders of its Preferred Shares (other
than a regular quarterly cash dividend), (ii) offer to the holders of its Preferred Shares rights or warrants to subscribe
for or to purchase any additional Preferred Shares or shares of any class or any other securities, rights or options, (iii)
effect any reclassification of its Preferred Shares (other than a reclassification involving only the subdivision of issued
and outstanding Preferred Shares), (iv) effect any consolidation, amalgamation or merger into or with, or to effect any sale
or other transfer (or to permit one or more of its Subsidiaries to effect any sale or other transfer), in one or more
transactions, of 50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to, any
other Person, (v) effect the liquidation, dissolution or winding up of the Company, or (vi) declare or pay any dividend or
bonus issue on the Common Shares payable in Common Shares or effect a subdivision or consolidation of the Common Shares (by
reclassification or otherwise than by payment of dividends or bonus issues in Common Shares), then, in each such case, the
Company shall give to the Rights Agent and each holder of a Right Certificate, in accordance with Section 26 hereof, a notice
of such proposed action, which shall specify the record date for the purposes of such share dividend, bonus issue or
distribution of rights or warrants, or the date on which such reclassification, consolidation, amalgamation, merger, sale,
transfer, liquidation, dissolution, or winding up is to take place and the date of participation therein by the holders of
the Common Shares and/or Preferred Shares, if any such date is to be fixed, and such notice shall be so given in the case of
any action covered by clause (i) or (ii) above at least 10 days prior to the record date for determining holders of the
Preferred Shares for purposes of such action, and in the case of any such other action, at least 10 days prior to the date of
the taking of such proposed action or the date of participation therein by the holders of the Common Shares and/or Preferred
Shares, whichever shall be the earlier.


 






     - 30 -


     


    

 


(b)              
In case any event set forth in Section 11(a)(ii) hereof shall occur, then the Company shall as soon as practicable thereafter
give to the Rights Agent and to each holder of a Right Certificate (or if occurring prior to the Distribution Date, the holders
of the Common Shares), in accordance with Section 26 hereof, a notice of the occurrence of such event, which notice shall describe
such event and the consequences of such event to holders of Rights under Section 11(a)(ii) hereof.


 


		Section 26.	Notices.



 


Notices or demands
authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right Certificate to or on the
Company shall be sufficiently given or made if sent by overnight courier service or first-class mail, postage prepaid,
addressed (until another address is filed in writing with the Rights Agent) as follows:


 


Nabors Industries Ltd.


Crown House Second Floor


4 Par-la-Ville Road


Hamilton, HM08


Bermuda


 


Attention: Mark D. Andrews, Corporate Secretary


 


Copy to:


 


Michael Rasmuson

Senior Vice President, General Counsel and Chief Compliance Officer

Nabors Corporate Services, Inc.

515 W. Greens Rd., Suite 1200

Houston, TX 77067
(281) 775-8166

(281) 775-4319 (fax)


 






     - 31 -


     


    

 


Subject to the
provisions of Section 21 hereof, any notice or demand authorized by this Agreement to be given or made by the Company or by
the holder of any Right Certificate to or on the Rights Agent shall be sufficiently given or made if sent by overnight
courier service or registered or certified mail and shall be deemed given upon receipt and, addressed (until another address
is filed in writing with the Company) as follows:


 


Computershare Trust Company, N.A.


480 Washington Boulevard


Jersey City, NJ 07310


Attention: Client Services


 


with a copy to:


 


Computershare Trust Company, N.A.


480 Washington Boulevard


Jersey City, NJ 07310


Attention: Client Services


 


Notices or demands authorized
by this Agreement to be given or made by the Company or the Rights Agent to the holder of any Right Certificate shall be sufficiently
given or made if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on
the registry books of the Company.


 


		Section 27.	Supplements and Amendments.



 


Subject to this
Section 27, the Company may from time to time, and the Rights Agent shall, if the Company so directs, supplement or amend
this Agreement without the approval of any holders of Right Certificates in order to cure any ambiguity, to correct or
supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, or to make
any change to or delete any provision hereof or to adopt any other provisions with respect to the Rights which the Company
may deem necessary or desirable; provided, however, that from and after such time as any Person becomes an
Acquiring Person, this Agreement shall not be amended or supplemented in any manner which would adversely affect the
interests of the holders of Rights (other than an Acquiring Person and its Affiliates and Associates). No supplement or
amendment to this Agreement shall be effective unless duly executed by the Rights Agent and the Company. Upon delivery of a certificate from
counsel to the Company that states that the proposed supplement or amendment complies with the terms of this Section 27, the
Rights Agent shall execute such supplement or amendment; provided, that notwithstanding anything 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.


 






     - 32 -


     


    

 


		Section 28.	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.


 


		Section 29.	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 registered holders of the Right Certificates
(and, prior to the Distribution Date, the Common Shares) any legal or equitable right, remedy or claim under this Agreement; but
this Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Right
Certificates (and, prior to the Distribution Date, the Common Shares).


 


		Section 30.	Severability.



 


If any term, provision,
covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force
and effect and shall in no way be affected, impaired or invalidated; and provided further, that if any such excluded term,
provision, covenant or restriction shall adversely affect the rights, immunities, duties or obligations of the Rights Agent, the
Rights Agent shall be entitled to resign immediately.


 


		Section 31.	Governing Law.



 


This Agreement and each
Right 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 to be made and performed entirely
within such State; provided, however, that all provisions, regarding the rights, duties, obligations and liabilities
of the Rights Agent shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts
made and to be performed entirely within such State.


 


		Section 32.	Counterparts.



 


This Agreement may be
executed in any number of counterparts (including by facsimile or PDF) 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.


 






     - 33 -


     


    

 


		Section 33.	Descriptive Headings.



 


Descriptive headings
of the several Sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction
of any of the provisions hereof.


 


		Section 34.	Administration.



 





 Without limiting
the rights and immunities of the Rights Agent under this Agreement, the Board of Directors of the Company shall have the
exclusive power and authority to administer and interpret the provisions of this Agreement and to exercise all rights and
powers specifically granted to the Board of Directors or the Company or as may be necessary or advisable in the
administration of this Agreement. Without limiting the rights and immunities of the Rights Agent under this Agreement, all
such actions, calculations, determinations and interpretations which are done or made by the Board of Directors in good faith
shall be final, conclusive and binding on the Company, the Rights Agent, the holders of the Rights and all other parties and
shall not subject the Board of Directors to any liability to the holders of the Rights. The Rights Agent is entitled always
to assume the Company’s Board of Directors acted in good faith and shall be fully protected and incur no liability in
reliance thereon.


 


		Section 35.	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.


 





		Section 36.	Force Majeure.


 


Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable
for any delays or failures in performance resulting from acts beyond its reasonable control including, without limitation,
acts of God (including, but not limited to, natural disasters, catastrophic events, epidemics and pandemics), terrorist acts,
shortage of supply, breakdowns or malfunctions, interruptions or malfunctions of any utilities, communications, or computer
facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems,
labor difficulties, war or civil unrest.


 






     - 34 -


     


    

 


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


 


	 	NABORS INDUSTRIES LTD.
	 	 
	 	By:	/s/ Mark D. Andrews
	 	 	Name: Mark D. Andrews
	 	 	Title: Corporate Secretary
	 	 
	 	COMPUTERSHARE TRUST COMPANY, N.A.,
	 	as Rights Agent
	 	 
	 	By:	/s/  Kevin
    Laurita              
	 	 	Name: Kevin
    Laurita              
	 	 	Title: Vice President




 






     - 35 -


     


    

 


 






 


EXHIBIT A


 


CERTIFICATE OF DESIGNATION


of


SERIES B JUNIOR PARTICIPATING PREFERRED
SHARES


of


NABORS INDUSTRIES LTD.


  


Nabors Industries Ltd.,
a Bermuda exempted company (hereinafter called the “Company”), hereby certifies that the following resolution
was adopted by the Board of Directors of the Company by unanimous written consent on May 5, 2020:


 


RESOLVED, that pursuant
to the authority granted to and vested in the Board of Directors of this Company (hereinafter called the “Board of Directors”
or the “Board”) in accordance with the provisions of the Memorandum of Association of the Company (the “Memorandum
of Association”) or the Bye-Laws of the Company (the “Bye-Laws”), the Board of Directors hereby creates
a series of Preferred Shares, par value US$0.001 per share (the “Preferred Shares”), of the Company and hereby
states the designation and number of shares, and fixes the relative rights, preferences, and powers and limitations thereof as
follows:


 


Section 1.Designation
and Amount. The shares of this series shall be designated as “Series B Junior Participating Preferred Shares” (the
 “Series B Preferred Shares”) and the number of Series B Preferred Shares shall be 32,000. Such number of shares
may be increased or decreased by resolution of the Board of Directors; provided, that no decrease shall reduce the number
of Series B Preferred Shares to a number less than the number of shares then issued and outstanding plus the number of shares reserved
for issuance upon the exercise of outstanding options, rights or warrants or upon the conversion of any outstanding securities
issued by the Company convertible into Series B Preferred Shares.


 






    


     


    

 


Section 2.Dividends
and Distributions.


 


(A)       Subject
to the rights of the holders of any Preferred Shares (or any other shares) ranking prior and superior to the Series B
Preferred Shares with respect to dividends, the holders of Series B Preferred Shares shall be entitled to receive, when, as
and if declared by the Board of Directors out of funds legally available for the purpose, quarterly dividends payable in cash
on the last day of March, June, September and December in each year (each such date being referred to herein as a
 “Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment Date after the
first issuance of a Series B Preferred Share or fraction of a Series B Preferred Share, in an amount (if any) per share
(rounded to the nearest cent), subject to the provision for adjustment hereinafter set forth, equal to 1000 times the
aggregate per share amount of all cash dividends, and 1000 times the aggregate per share amount (payable in kind) of all
non-cash dividends or other distributions, other than a dividend payable in Common Shares, par value US$0.05 per share (the
 “Common Shares”), of the Company or a subdivision of the issued and outstanding Common Shares (by
reclassification or otherwise), declared on the Common Shares since the immediately preceding Quarterly Dividend Payment Date
or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any Series B Preferred Share or
fraction of a Series B Preferred Share. In the event the Company shall at any time declare or pay any dividend or bonus issue
on the Common Shares payable in Common Shares, or effect a subdivision or consolidation of the issued and outstanding Common
Shares (by reclassification or otherwise than by payment of a dividend in Common Shares) into a greater or lesser number of
Common Shares, then in each such case the amount to which holders of Series B Preferred Shares were entitled immediately
prior to such event under the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of
which is the number of Common Shares issued and outstanding immediately after such event and the denominator of which is the
number of Common Shares that were issued and outstanding immediately prior to such event.


 


(B)       The
Company shall declare a dividend or distribution on the Series B Preferred Shares as provided in paragraph (A) of this Section
immediately after it declares a dividend or distribution on the Common Shares (other than a dividend or bonus issue payable in
Common Shares).


 


(C)       Dividends
due pursuant to paragraph (A) of this Section shall begin to accrue and be cumulative on issued and outstanding Series B Preferred
Shares from the Quarterly Dividend Payment Date next preceding the date of issue of such shares, unless the date of issue of such
shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall
begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a
date after the record date for the determination of holders of Series B Preferred Shares entitled to receive a quarterly dividend
and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative
from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the Series B
Preferred Shares in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall
be allocated pro rata on a share-by-share basis among all such shares at the time issued and outstanding. The Board of Directors
may fix a record date for the determination of holders of Series B Preferred Shares entitled to receive payment of a dividend or
distribution declared thereon, which record date shall be not more than 60 days prior to the date fixed for the payment thereof.


 






    -A-2-


     


    

 


Section 3.Voting
Rights. The holders of Series B Preferred Shares shall have the following voting rights:


 


(A)       Subject
to the provision for adjustment hereinafter set forth, each Series B Preferred Share shall entitle the holder thereof to 1000
votes on all matters submitted to a vote of the shareholders of the Company. In the event the Company shall at any time
declare or pay any dividend or bonus issue on the Common Shares payable in Common Shares, or effect a subdivision or
consolidation of the issued and outstanding Common Shares (by reclassification or otherwise than by payment of a dividend or
bonus issue in Common Shares) into a greater or lesser number of Common Shares, then in each such case the number of votes
per share to which holders of Series B Preferred Shares were entitled immediately prior to such event shall be adjusted by
multiplying such number by a fraction, the numerator of which is the number of Common Shares issued and outstanding
immediately after such event and the denominator of which is the number of Common Shares that were issued and outstanding
immediately prior to such event.


 


(B)       Except
as otherwise provided in the Memorandum of Association, the Bye-Laws or any Certificate of Designation creating a series of Preferred
Shares or any similar shares, or by law, the holders of Series B Preferred Shares and the holders of Common Shares and any other
shares of the Company having general voting rights shall vote together as one class on all matters submitted to a vote of shareholders
of the Company.


 


(C)       Except
as set forth herein, or as otherwise required by law, holders of Series B Preferred Shares shall have no special voting rights
or powers and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Shares
as set forth herein) for taking any corporate action.


 


Section 4.Certain
Restrictions.


 


(A)       Whenever
quarterly dividends or other dividends or distributions payable on the Series B Preferred Shares as provided in Section 2 are in
arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on Series B Preferred
Shares issued and outstanding shall have been paid in full, the Company shall not:


 


            (i)      declare or
pay dividends, or make any other distributions, on any shares ranking junior (either as to dividends or upon liquidation, dissolution
or winding up) to the Series B Preferred Shares;


 


            (ii)     declare or
pay dividends, or make any other distributions, on any shares ranking on a parity (either as to dividends or upon liquidation,
dissolution or winding up) with the Series B Preferred Shares, except dividends paid ratably on the Series B Preferred Shares and
all such parity shares on which dividends are payable or in arrears in proportion to the total amounts to which the holders of
all such shares are then entitled; or


 


            (iii)     redeem or
purchase or otherwise acquire for consideration any shares ranking junior (either as to dividends or upon liquidation, dissolution
or winding up) to the Series B Preferred Shares, provided that the Company may at any time redeem, purchase or otherwise acquire
any such junior shares in exchange for any shares of the Company ranking junior (as to dividends and upon dissolution, liquidation
or winding up) to the Series B Preferred Shares.


 


(B)       The
Company shall not permit any subsidiary of the Company to purchase or otherwise acquire for consideration any shares of the Company
unless the Company could, under paragraph (A) of this Section 4, purchase or otherwise acquire such shares at such time and in
such manner.


 






    -A-3-


     


    

 


Section 5.Reacquired
Shares. Any Series B Preferred Shares purchased or otherwise acquired by the Company in any manner whatsoever shall be retired
and canceled promptly after the acquisition thereof. The Company shall take all such actions as are necessary to cause all such
shares to become authorized but unissued Preferred Shares that may be reissued as part of a new series of Preferred Shares subject
to the conditions and restrictions on issuance set forth herein or in the Memorandum of Association or the Bye-Laws, including
any Certificate of Designation creating a series of Preferred Shares or any similar shares, or as otherwise required by law.


 


Section 6.Liquidation,
Dissolution or Winding Up. Upon any liquidation, dissolution or winding up of the Company the holders of Series B Preferred
Shares shall be entitled to receive an aggregate amount per share, subject to the provision for adjustment hereinafter set forth,
equal to 1000 times the aggregate amount to be distributed per share to holders of Common Shares plus an amount equal to any accrued
and unpaid dividends. In the event the Company shall at any time declare or pay any dividend or bonus issue on the Common Shares
payable in Common Shares, or effect a subdivision or consolidation of the issued and outstanding Common Shares (by reclassification
or otherwise than by payment of a dividend or bonus issue in Common Shares) into a greater or lesser number of Common Shares, then
in each such case the aggregate amount to which holders of Series B Preferred Shares were entitled immediately prior to such event
under the preceding sentence shall be adjusted by multiplying such amount by a fraction the numerator of which is the number of
Common Shares issued and outstanding immediately after such event and the denominator of which is the number of Common Shares that
were issued and outstanding immediately prior to such event.


 


Section 7.Consolidation,
Merger, Etc. In case the Company shall enter into any consolidation, amalgamation, merger, combination or other transaction
in which the Common Shares are exchanged for or changed into other shares or securities, cash and/or any other property, then in
any such case each Series B Preferred Share shall at the same time be similarly exchanged or changed into an amount per share,
subject to the provision for adjustment hereinafter set forth, equal to 1000 times the aggregate amount of shares, securities,
cash and/or any other property (payable in kind), as the case may be, into which or for which each Common Share is changed or exchanged.
In the event the Company shall at any time declare or pay any dividend or bonus issue on the Common Shares payable in Common Shares,
or effect a subdivision or consolidation of the issued and outstanding Common Shares (by reclassification or otherwise than by
payment of a dividend or bonus issue in Common Shares) into a greater or lesser number of Common Shares, then in each such case
the amount set forth in the preceding sentence with respect to the exchange or change of Series B Preferred Shares shall be adjusted
by multiplying such amount by a fraction, the numerator of which is the number of Common Shares issued and outstanding immediately
after such event and the denominator of which is the number of Common Shares that were issued and outstanding immediately prior
to such event.


 






    -A-4-


     


    

 


Section 8.Amendment.
The Memorandum of Association and the Bye-Laws shall not be amended in any manner, including in a merger, amalgamation, or consolidation,
that would alter, change, or repeal the powers, preferences or special rights of the Series B Preferred Shares so as to affect
them adversely without the affirmative vote of the holders of at least two-thirds of the issued and outstanding Series B Preferred
Shares, voting together as a single class.


 


Section 9.Rank.
The Series B Preferred Shares shall rank, with respect to the payment of dividends and upon liquidation, dissolution and winding
up, junior to all series of Preferred Shares.


   






    -A-5-


     


    

 


EXHIBIT B


  


Form of Right Certificate


 


	Certificate No. R-                              	                           Rights




  


NOT EXERCISABLE AFTER
APRIL 30, 2021 OR EARLIER IF REDEMPTION OR EXCHANGE OCCURS. THE RIGHTS ARE SUBJECT TO REDEMPTION AT $0.01 PER RIGHT AND TO EXCHANGE
ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS THAT ARE OR WERE ACQUIRED OR BENEFICIALLY OWNED
BY AN ACQUIRING PERSON OR ANY ASSOCIATES OR AFFILIATES THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) OR ANY SUBSEQUENT
HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID AND WILL NO LONGER BE TRANSFERABLE.


   


Right Certificate


NABORS INDUSTRIES LTD.


  


This certifies that ___________________________,
or its registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof,
subject to the terms, provisions and conditions of the Rights Agreement, dated as of May 5, 2020, as the same may be amended from
time to time (the “Rights Agreement”), between Nabors Industries Ltd., a Bermuda exempted company (the “Company”),
and Computershare Trust Company, N.A. (the “Rights Agent”), to purchase from the Company at any time after the
Distribution Date (as such term is defined in the Rights Agreement) and prior to 5:00 P.M., Eastern time, on April 30, 2021, at
the office of the Rights Agent designated for such purpose, or at the office designated for such purpose of its successor as Rights
Agent, one one-thousandth of a fully paid non-assessable Series B Junior Participating Preferred Share, par value US$0.001 per
share (the “Preferred Shares”), of the Company, at a purchase price of US$58.08 per one one-thousandth of a
Preferred Share (the “Purchase Price”), upon presentation and surrender of this Right Certificate with the certification
and the Form of Election to Purchase duly executed. The number of Rights evidenced by this Right Certificate (and the number of
one one-thousandths of a Preferred Share which may be purchased upon exercise hereof) set forth above, and the Purchase Price set
forth above, are the number and Purchase Price as of ________, 20__, based on the Preferred Shares as constituted at such date.
As provided in the Rights Agreement, the Purchase Price and the number of one one-thousandths of a Preferred Share (or other securities
or property) which may be purchased upon the exercise of the Rights evidenced by this Right Certificate are subject to modification
and adjustment upon the happening of certain events.


 






    -B-1-


     


    

 


From and after the occurrence
of an event described in Section 11(a)(ii) of the Rights Agreement, if the Rights evidenced by this Right Certificate are or were
at any time on or after the earlier of (x) the date of such event and (y) the Distribution Date (as such term is defined in the
Rights Agreement) acquired or beneficially owned by an Acquiring Person or an Associate or Affiliate of an Acquiring Person (as
such terms are defined in the Rights Agreement), such Rights shall become null and void, and any holder of such Rights shall thereafter
have no right to exercise such Rights.


 


This Right 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 Right Certificates. Copies of the Rights Agreement are on file at the principal executive offices of the Company and the
offices of the Rights Agent designated for such purpose. The Company will mail to the holder of this Right Certificate a copy of
the Rights Agreement without charge after receipt of a written request therefor.


 


This Right Certificate,
with or without other Right Certificates, upon surrender at the office of the Rights Agent (designated for such purpose), may be
exchanged for another Right Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder to
purchase a like aggregate number of Preferred Shares as the Rights evidenced by the Right Certificate or Right Certificates surrendered
shall have entitled such holder to purchase. If this Right Certificate shall be exercised in part, the holder shall be entitled
to receive upon surrender hereof another Right Certificate or Right Certificates for the number of whole Rights not exercised.


 


Subject to the provisions
of the Rights Agreement, at the Company’s option, the Rights evidenced by this Certificate (i) may be redeemed by the Company
at a redemption price of $0.01 per Right or (ii) may be exchanged in whole or in part for Common Shares or Preferred Shares.


 


No fractional Preferred
Shares will be issued upon the exercise or exchange of any Right or Rights evidenced hereby (other than fractions which are integral
multiples of one one-thousandth of a Preferred Share, which may, at the election of the Company, be evidenced by depositary receipts),
but in lieu thereof a cash payment will be made, as provided in the Rights Agreement.


 


No holder of this
Right Certificate, as such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the
Preferred Shares or of any other securities of the Company which may at any time be issuable on the exercise or exchange
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 shareholder of the Company or any right to vote for the election of directors or upon any matter
submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive
notice of meetings or other actions affecting shareholders (except as provided in the Rights Agreement), or to receive
dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Right Certificate shall have been
exercised or exchanged as provided in the Rights Agreement.


 






    -B-2-


     


    

 


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


 






    -B-3-


     


    

 


WITNESS the facsimile
signature of the proper officers of the Company and its corporate seal. Dated as of ____________, _____.


 


	Attest:	 NABORS INDUSTRIES LTD.




  


	 	 	By:	




 


Countersigned:


 


COMPUTERSHARE TRUST COMPANY, N.A.,


as Rights Agent


 


	By:	 	 
	 	Authorized Signature	 







 






    -B-4-


     


    

 


Form of Reverse Side of Right Certificate


 


FORM OF ASSIGNMENT


(To be executed by the registered holder
if such holder desires to transfer the Right Certificate.)


 


FOR VALUE RECEIVED                                                                                            hereby
sells, assigns and transfers unto                                                                                                                                                                                       


 (Please print name and address of transferee)


Rights represented by this Right Certificate,
together with all right, title and interest therein, and does hereby irrevocably constitute and appoint                                                             ,
Attorney, to transfer said Rights on the books of the within-named Company, with full power of substitution.


 


 


Date:                                                 ,
                           


  





		 
		Signature




 


Signature Guaranteed:


 


The signature must be guaranteed by a participant
in a Medallion Signature Guarantee Program at the “Z” guarantee level. A notary public is not sufficient.


 


---------------------------------------------------------------


 


The undersigned hereby
certifies that the Rights evidenced by this Right Certificate are not beneficially owned by, were not acquired by the undersigned
from, and are not being assigned to an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement).


 


	 	 
	 	Signature




 


----------------------------------------------------------------


 






    -B-5-


     


    

 


Form of Reverse Side of Right Certificate
-- continued


FORM OF ELECTION TO PURCHASE


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


 


To NABORS INDUSTRIES LTD.:


 


The undersigned
hereby irrevocably elects to exercise                                          Rights
represented by this Right Certificate to purchase the Preferred Shares (or other securities or property) issuable upon the exercise
of such Rights and requests that certificates for such Preferred Shares (or other securities) be issued in the name of:


 


Please insert social security


or other identifying number


 





(Please print name and address)


 


 


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


 


Please insert social security


or other identifying number


 





(Please print name and address)


 


 


 


Dated:                                           ,                  


 





	 	 
	 	Signature (Signature must conform to holder specified on Right Certificate)




 






    -B-6-


     


    

 


Signature Guaranteed:


 


The signature must be
guaranteed by a participant in a Medallion Signature Guarantee Program at the “Z” guarantee level. A notary public
is not sufficient Form of Reverse Side of Right Certificate -- continued


 


----------------------------------------------------------------


 


The undersigned hereby
certifies that the Rights evidenced by this Right Certificate are not beneficially owned by, and were not acquired by the undersigned
from, an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement).


	  	 
	 	Signature
	 




 


----------------------------------------------------------------


 


NOTICE


 


The signature in the
foregoing Forms of Assignment and Election must conform to the name as written upon the face of this Right Certificate in every
particular, without alteration or enlargement or any change whatsoever.


 


In the event the certification
set forth above in the Form of Assignment or the Form of Election to Purchase, as the case may be, is not properly completed and
duly executed, the Company and the Rights Agent will deem the beneficial owner of the Rights evidenced by this Right Certificate
to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) and such Assignment or Election
to Purchase will not be honored.


 






    -B-7-


     


    

  


EXHIBIT C


 


SUMMARY OF RIGHTS TO PURCHASE


PREFERRED SHARES


 


On May 5, 2020, the Board
of Directors of Nabors Industries Ltd. (the “Company”) issued one preferred share purchase right (a “Right”)
for each issued and outstanding Common Share, par value US$0.05 per share (the “Common Shares”), issued and
outstanding on May 5, 2020 (the “Record Date”) to the shareholders of record on that date. Each Right entitles
the registered holder to purchase from the Company one one-thousandth of a Series B Junior Participating Preferred Share, par value
US$0.001 per share (the “Preferred Shares”), of the Company, at a price of $58.08 per one one-thousandth of
a Preferred Share (the “Purchase Price”), subject to adjustment. The description and terms of the Rights are
set forth in a Rights Agreement (the “Rights Agreement”) between the Company and Computershare Trust Company,
N.A., as Rights Agent (the “Rights Agent”).


 


Until the earlier to
occur of (i) 10 days following a public announcement that a person or group of affiliated or associated persons (an “Acquiring
Person”) has acquired beneficial ownership of 4.9% or more of the issued and outstanding Common Shares (or, in the event
an exchange is effected in accordance with Section 24 of the Rights Agreement and the Board determines that a later date is advisable,
then such later date that is not more than 20 days after such public announcement) or (ii) 10 business days (or such later date
as may be determined by action of the Board of Directors prior to such time as any Person becomes an Acquiring Person) following
the commencement of, or announcement of an intention to make, a tender offer or exchange offer the consummation of which would
result in the beneficial ownership by a person or group of 4.9% or more of the issued and outstanding Common Shares (the earlier
of such dates being called the “Distribution Date”), the Rights will be evidenced, with respect to any of the
Common Share certificates issued and outstanding as of the Record Date, by such Common Share certificate with a copy of this Summary
of Rights attached thereto. If a shareholder’s beneficial ownership of our Common Shares as of the time of the public announcement
of the rights plan and associated dividend declaration is at or above the 4.9% threshold, that shareholder’s then-existing
ownership percentage would be grandfathered, but the rights would become exercisable if at any time after such announcement, the
shareholder increases its ownership percentage by 0.5% or more.


 


The Rights
Agreement provides that, until the Distribution Date (or earlier expiration of the Rights), the Rights will be transferred
with and only with the Common Shares. Until the Distribution Date (or earlier redemption or expiration of the Rights), new
Common Share certificates issued after the Record Date or upon transfer or new issuance of Common Shares will contain a
notation incorporating the Rights Agreement by reference. Until the Distribution Date (or earlier redemption or expiration of
the Rights), the surrender for transfer of any certificates for Common Shares issued and outstanding as of the Record Date,
even without such notation or a copy of this Summary of Rights being attached thereto, will also constitute the transfer of
the Rights associated with the Common Shares represented by such certificate. As soon as practicable following the
Distribution Date, separate certificates evidencing the Rights (“Right Certificates”) will be mailed to
holders of record of the Common Shares as of the Close of Business on the Distribution Date and such separate Right
Certificates alone will evidence the Rights.


 






    -C-1-


     


    

 


The Rights are not exercisable
until the Distribution Date. The Rights will expire on April 30, 2021 (the “Final Expiration Date”), unless
the Final Expiration Date is extended or unless the Rights are earlier redeemed by the Company, in each case, as described below.


 


The Purchase Price payable,
and the number of Preferred Shares or other securities or property issuable, upon exercise of the Rights are subject to adjustment
from time to time to prevent dilution (i) in the event of a share dividend or bonus issue on, or a subdivision, consolidation or
reclassification of, the Preferred Shares, (ii) upon the grant to holders of the Preferred Shares of certain rights or warrants
to subscribe for or purchase Preferred Shares at a price, or securities convertible into Preferred Shares with a conversion price,
less than the then current market price of the Preferred Shares or (iii) upon the distribution to holders of the Preferred Shares
of evidences of indebtedness or assets (excluding regular quarterly cash dividends or dividends or bonus issues payable in Preferred
Shares) or of subscription rights or warrants (other than those referred to above).


 


The number of outstanding
Rights and the number of one one-thousandths of a Preferred Share issuable upon exercise of each Right are also subject to adjustment
in the event of a share dividend or bonus issue on the Common Shares payable in Common Shares or in the event of a consolidation
or subdivision of the Common Shares occurring, in any such case, prior to the Distribution Date.


 


Preferred Shares purchasable
upon exercise of the Rights will not be redeemable. Each Preferred Share will be entitled to a quarterly dividend payment of 1000
times the dividend declared per Common Share. In the event of liquidation, the holders of the Preferred Shares will be entitled
to an aggregate payment of 1000 times the aggregate payment made per Common Share. Each Preferred Share will have 1000 votes, voting
together with the Common Shares. In the event of any merger, amalgamation, consolidation or other transaction in which Common Shares
are exchanged, each Preferred Share will be entitled to receive 1000 times the amount received per Common Share. These rights are
protected by customary antidilution provisions.


 


Because of the nature
of the Preferred Shares’ dividend, liquidation and voting rights, the value of the one one-thousandth interest in a Preferred
Share purchasable upon exercise of each Right should approximate the value of one Common Share.


 


From and after the time
any Person becomes an Acquiring Person, if the Rights are or were at any time on or after the earlier of (x) the date of such event
and (y) the Distribution Date (as such term is defined in the Rights Agreement) acquired or beneficially owned by an Acquiring
Person or an Associate or Affiliate of an Acquiring Person (as such terms are defined in the Rights Agreement), such Rights shall
become null and void, and any holder of such Rights shall thereafter have no right to exercise such Rights.


 






    -C-2-


     


    

 


In the event that, at
any time after a Person becomes an Acquiring Person, the Company is acquired in a merger, amalgamation or other business combination
transaction or 50% or more of its consolidated assets or earning power are sold, proper provision will be made so that each holder
of a Right will thereafter have the right to receive, upon the exercise thereof at the then current exercise price of the Right,
that number of common shares of the acquiring company which at the time of such transaction will have a market value of two times
the exercise price of the Right. In the event that any person becomes an Acquiring Person, proper provision shall be made so that
each holder of a Right, other than Rights beneficially owned by the Acquiring Person and its Affiliates and Associates (which will
thereafter be null and void), will thereafter have the right to receive upon exercise that number of Common Shares having a market
value of two times the exercise price of the Right. If the Company does not have sufficient Common Shares to satisfy such obligation
to issue Common Shares, or if the Board of Directors so elects, the Company shall deliver upon payment of the exercise price of
a Right an amount of cash or securities equivalent in value to the Common Shares issuable upon exercise of a Right; provided,
that, if the Company fails to meet such obligation within 30 days following the date a Person becomes an Acquiring Person, the
Company must deliver, upon exercise of a Right but without requiring payment of the exercise price then in effect, Common Shares
(to the extent available) and cash equal in value to the difference between the value of the Common Shares otherwise issuable upon
the exercise of a Right and the exercise price then in effect. The Board of Directors may extend the 30-day period described above
for up to an additional 60 days to permit the taking of action that may be necessary to authorize sufficient additional Common
Shares to permit the issuance of Common Shares upon the exercise in full of the Rights.


 


At any time after any
Person becomes an Acquiring Person and prior to the acquisition by any person or group of a majority of the issued and outstanding
Common Shares, the Board of Directors of the Company may exchange the Rights (other than Rights owned by such person or group which
have become void), in whole or in part, at an exchange ratio of one Common Share per Right (subject to adjustment).


 


With certain exceptions,
no adjustment in the Purchase Price will be required until cumulative adjustments require an adjustment of at least 1% in such
Purchase Price. No fractional Preferred Shares will be issued (other than fractions which are integral multiples of one one-thousandth
of a Preferred Share, which may, at the election of the Company, be evidenced by depositary receipts) and in lieu thereof, an adjustment
in cash will be made based on the market price of the Preferred Shares on the last trading day prior to the date of exercise.


 


At any time prior to
the time any Person becomes an Acquiring Person, the Board of Directors of the Company may redeem the Rights in whole, but not
in part, at a price of $0.01 per Right (the “Redemption Price”). The redemption of the Rights 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. Immediately
upon any redemption of the Rights, the right to exercise the Rights will terminate and the only right of the holders of Rights
will be to receive the Redemption Price.


 


The terms of the
Rights may be amended by the Board of Directors of the Company without the consent of the holders of the Rights, except that
from and after such time as any person becomes an Acquiring Person no such amendment may adversely affect the interests of
the holders of the Rights (other than the Acquiring Person and its Affiliates and Associates).


 






    -C-3-


     


    

 


Until a Right is exercised
or exchanged, the holder thereof, as such, will have no rights as a shareholder of the Company, including, without limitation,
the right to vote or to receive dividends.


 


A copy of the Rights
Agreement has been filed with the Securities and Exchange Commission as an Exhibit to a Registration Statement on Form 8-A dated
May 5, 2020. A copy of this Agreement is available free of charge from the Company. This summary description of the Rights does
not purport to be complete and is qualified in its entirety by reference to the Rights Agreement, as the same may be amended from
time to time, which is hereby incorporated herein by reference.


 






    -C-4-