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| Table      of Contents |
|------------------------|
|                   |            Page |
|                   |
| Section 1.             | Certain      Definitions | 1 |
| Section 2.             | Appointment of Rights      Agent | 8 |
| Section 3.             | Issuance of Rights      Certificates | 8 |
| Section 4.             | Form of Rights      Certificates | 10 |
| Section 5.             | Countersignature and      Registration | 11 |
| Section 6.             | Transfer, Split Up,      Combination and Exchange of Rights |   |
|                   | Certificates; Mutilated,      Destroyed, Lost or Stolen Rights |   |
|                   | Certificates | 11 |
| Section 7.             | Exercise of Rights; Purchase      Price; Expiration Date |   |
|                   | of Rights | 12 |
| Section 8.             | Cancellation and Destruction      of Rights Certificate | 15 |
| Section 9.             | Reservation and Availability      of Capital Stock | 15 |
| Section 10.            | Preferred Stock Record      Date | 17 |
| Section 11.            | Adjustment of Purchase Price,      Number and Kind of Shares or |   |
|                   | Number of    Rights | 17 |
| Section 12.            | Certificate of Adjusted      Purchase Price or Number of Shares | 32 |
| Section 13.            | Consolidation, Merger or Sale      or Transfer of Property, |   |
|                   | Assets or Earning      Power | 32 |
| Section 14.            | Fractional Rights and      Fractional Shares | 35 |
| Section 15.            | Rights ofAction | 36 |
| Section 16.            | Agreement of Rights Holders      Concerning Transfer and |   |
|                   | Ownership of    Rights | 36 |
| Section 17.            | Rights Certificate Holder Not      Deemed a Stockholder | 38 |
| Section 18.            | Concerning the Rights      Agent | 38 |
| Section 19.            | Merger or Consolidation or      Change of Name of Rights Agent | 39 |
| Section 20.            | Duties of Rights      Agent | 39 |
| Section 21.            | Change of Rights      Agent | 42 |
| Section 22.            | Issuance of New Rights      Certificates | 42 |
| Section 23.            | Redemption and      Termination | 43 |
| Section 24.            | Notice of Certain      Events | 44 |
| Section 25.            | Notices | 45 |
| Section 26.            | Supplements and      Amendments | 46 |
| Section 27.            | Successors | 47 |
| Section 28.            | Determinations and Actions by      the Board of Directors, etc. | 47 |
| Section 29.            | Exchange | 47 |
| Section 30.            | Benefits of this      Agreement | 48 |
| Section 31.            | Severability | 48 |
| Section 32.            | Governing Law | 49 |
| Section 33.            | Counterparts | 49 |
| Section 34.            | References | 49 |
| Section 35.            | Descriptive      Headings | 49 |
| Section 36.            | Grammatical      Construction | 49 |

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| (a)   | "Acquiring      Person" means: |
|-----------------|--------------------------------|

|   | (i) | any      Person who or which, together with all Affiliates and Associates of such      Person, shall be the Beneficial Owner of 15% or more of the Common Stock      then outstanding, but shall not include the Company, any of its      Subsidiaries, any employee benefit plan of the Company or of any      Subsidiary of the Company, or any Person holding Common Stock for or      pursuant to the terms of any suchplan. |
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|                                                    (ii) | Notwithstanding      the foregoing, a Person does not become an "Acquiring Person" solely as      the result of an acquisition of shares of Stock by the Company or a      Subsidiary of the Company which, by reducing the number of shares      outstanding, increases the proportionate number of shares beneficially      owned by such Person to 15% or more of the shares of Common Stock then      outstanding; provided, however, that if a Person becomes the Beneficial      Owner of 15% or more of the shares of Common Stock then outstanding solely      by reason of such a share acquisition by the Company or a Subsidiary of      the Company and shall, thereafter, together with its Affiliates and      Associates, become the Beneficial Owner of any additional shares of Common      Stock (other than (x) through the exercise of any presently outstanding      options, or the issuance hereafter by the Company of any options, stock      appreciation rights or other securities convertible into or exercisable      for stock (or the exercise of any such options, rights or other      securities), (y) as a result of any dividend by the Company payable in      stock or securities convertible into or exercisable for stock or (z) by      reason of the acquisition by such Person of beneficial ownership of an      aggregate of no more than 10,000 shares of Common Stock (such number to be      appropriately adjusted to reflect stock dividends, splits,      reclassifications and combinations from and after the date of this      Agreement) in any single calendar year, provided that none of such shares      are owned directly by such Person or nominees for such Person), then such      Person shall, if such Person shall then meet the requirements of the first      sentence of this paragraph (a) and shall not otherwise be exempted from      this definition of "Acquiring Person," be deemed to be an Acquiring      Person; |
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|                                                    (iii) | no      Person who, together with all Affiliates and Associates of such Person, as      of the date of this Agreement, is the Beneficial Owner of 15% or more of      the outstanding Common Stock (an "Excepted Person") shall be deemed to be      an Acquiring Person; provided, however, that if such Person shall,      together with its Affiliates and Associates, become the Beneficial Owner      of any additional shares of Common Stock (other than (x) through the      exercise of any presently outstanding options, or the issuance hereafter      by the Company of any options, stock appreciation rights or other      securities convertible into or exercisable for stock (or the exercise of      any such options, rights or other securities), (y) as a result of any      dividend by the Company payable in stock or securities convertible into or      exercisable for stock or (z) by reason of the acquisition by such Person      of beneficial ownership of an aggregate of no more than 10,000 shares of      Common Stock (such number to be appropriately adjusted to reflect stock      dividends, splits, reclassifications and combinations) in any single      calendar year, provided that none of such shares are owned directly by      such Person or nominees for such Person), such Person shall, if such      Person shall then meet the requirements of the first sentence of this      paragraph (a) and shall not otherwise be exempted from this definition of      "Acquiring Person," be deemed to be an Acquiring  Person; |
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|                                                     (iv) | no      Person who is a member of an Excepted Group, nor any Person who shall      thereafter become a member of such Excepted Group, shall be deemed to be      an Acquiring Person, provided, however, that (x) if the aggregate number      of shares of outstanding Common Stock beneficially owned by such Excepted      Group shall hereafter increase (other than (A) through the exercise of any      presently outstanding options, or the issuance hereafter by the Company of      any options, stock appreciation rights or other securities convertible      into or exercisable for stock (or the exercise of any such options, rights      or other securities), (B) as a result of any dividend of the Company      payable in stock or securities convertible into or exercisable for stock      or (C) by reason of the acquisition by the members of such Excepted Group      of beneficial ownership of an aggregate of no more than 10,000 shares of      Common Stock (such number to be appropriately adjusted to reflect stock      dividends, splits, reclassifications and combinations) in any single      calendar year, provided, that none of such shares are owned directly by      any member of such Excepted Group or nominees for any such member) or (y)      there shall no longer be at least one member of such Excepted Group who      was a member of such Excepted Group on the date of this Agreement, then,      each such Person who shall then meet the requirements of the first      sentence of this paragraph (a) and shall not otherwise be exempted from      this definition of "Acquiring Person" shall then be deemed to be an      Acquiring Person. |
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|   |                                     (v) | no      Person who makes an inadvertent acquisition of the beneficial ownership of      15% or more of the Stock of the Company shall be deemed an "Acquiring      Person" if the Board of Directors determines in good faith that such      acquisition was inadvertent and such Person immediately divests itself of      a sufficient number of shares of Stock so as to no longer be an Acquiring      Person. |
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|                                                     (vi) | no      Person who is or becomes the Beneficial Owner of 15% of the Stock of the      Company then outstanding, shall be deemed an "Acquiring Person" if such      Person has obtained the authorization of the Board of Directors for such      acquisition. |
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|                                             (b) | "Affiliate"      and "Associate" when used with reference to any Person, has the meaning      given to such term in Rule 12b-2 of the General Rules and Regulations      under the Exchange Act, as in effect on the date of this      Agreement. |
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|                                             (c) | A      Person shall be deemed the "Beneficial Owner" of, and shall be deemed to      "beneficially own," and have "beneficial ownership" of any      securities: |
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|   |  (i) | which      such Person or any Affiliate or Associate of such Person beneficially      owns, directly, or indirectly; |
|--------|-----------|----------------------------------------------------------------------------------------------------------------------|

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|                                                     (ii) | which      such Person or any of such Person's Affiliates or Associates, has,      directly or indirectly, the right to acquire (whether or not then      exercisable) pursuant to any agreement, arrangement or understanding      (whether or not in writing) or upon the exercise of conversion rights,      exchange rights, rights (other than the Rights), warrants or options, or      otherwise; provided, however, that a Person shall not be deemed the      "Beneficial Owner" of, or to "beneficially own," (A) securities tendered      pursuant to a tender or exchange offer made 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 thereunder or cease to be      subject to withdrawal by the tendering securityholder, (B) securities      obtainable upon exercise of Rights at any time prior to the occurrence of      a Triggering Event, or (C) securities issuable upon exercise of Rights      from and after the occurrence of a Triggering Event which Rights were      acquired by such Person or any of such Person's Affiliates or Associates      prior to the Distribution Date or pursuant to Section 3(a) or Section 22      of this Agreement (the "Original Rights") or pursuant to Section 11(i) or      Section 11(p) of this Agreement in connection with an adjustment made with      respect to any Original Rights; |
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|                                                     (iii) | which      such Person or any Affiliates or Associates of such Person has, directly      or indirectly, the right (whether or not then exercisable) to vote, or to      direct the voting of, including pursuant to any agreement, arrangement or      understanding, whether or not in writing; provided, however, that a Person      shall not be deemed the "Beneficial Owner" of, or to "beneficially own,"      or have "beneficial ownership" of any security pursuant to this clause      (iii) if such agreement, arrangement or understanding: (A) arises solely      from a revocable proxy given in response to a public proxy or consent      solicitation made pursuant to, and in accordance with, the applicable      provisions of the General Rules and Regulations under the Exchange Act,      and (B) is not also then reportable by such Person on Schedule 13D under      the Exchange Act (or any comparable or successor schedule or      report); |
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|                                                     (iv) | which      such Person or any Affiliate or Associate of such Person has "beneficial      ownership" of (as determined pursuant to Rule 13d-3 of the General Rules      and Regulations under the Exchange Act or any comparable or successor      provision); or |
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|   |  (v) | which      are beneficially owned, directly or indirectly, by any other Person (or      any Affiliate or Associate of such Person) with which such Person (or any      Affiliate or Associate of such Person) has any agreement, arrangement or      understanding (whether or not in writing), for the purpose of acquiring,      holding, voting (except pursuant to a revocable proxy as described in the      proviso to subparagraph (iii) of this Section 1(d) or disposing of any      securities of the Company. |
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|   | Nothing      in this Section 1(c) shall cause a Person engaged in business as an      underwriter of securities to be the "Beneficial Owner" of, or to      "beneficially own," any securities acquired through such Person's      participation in good faith in a firm commitment underwriting until the      expiration of forty days after the date of such    acquisition. |
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|                                             (d) | "Board      of Directors" means the Board of Directors of the Company, as the same is      constituted from time to time, or if the Company ceases to exist as a      result of a Business Combination or otherwise, the Board of Directors of      the Company's successor, if any. |
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|                                             (e) | "Business      Day" shall mean any day other than a Saturday, Sunday or a day on which      banking institutions in the State of Texas or State of New York are      authorized or obligated by law or executive order to  close. |
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|                                             (f) | "Class      A Preferred Stock" shall mean the Class A $.05 Non-Cumulative      Participating Convertible Preferred Stock, par value $.50 per share, of      the Company, except that "Class A Preferred Stock," when used with      reference to any Person other than the Company (or with reference to the      Company, if the Company is the Principal Party) shall mean the capital      stock of such Person having rights, privileges, preferences and other      terms substantially similar to the rights, privileges, preferences and      other terms of the Class A PreferredStock. |
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|                                             (g) | "Close      of Business" on any given date shall mean 5:00 p.m., New York time, on      such date; provided, however, that if such date is not a Business Day it      shall mean 5:00 p.m., New York time, on the next succeeding Business      Day. |
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|                                             (h) | "Common      Stock" when used in reference to the Company prior to a Section 13 Event      (defined in this Definition Section) shall mean the common stock, par      value $.50 per share, of the Company. "Common Stock" when used with      reference to any Person (other than the Company prior to a Section 13      Event (defined in this Definition section)) shall mean Shares of capital      stock of such Person (if such Person is a corporation) of any class or      series, or units of equity interests in such Person (if such Person is not      a corporation) of any class or series, the terms of which shares or units      do not limit (as a fixed amount and not merely in proportional terms) the      amount of dividends or income payable or distributable on such shares or      units or the amount of property or assets distributable on such shares or      units upon any voluntary or involuntary liquidation, dissolution or      winding up of such Person and do not provide that such shares or units are      subject to redemption at the option of such Person, or any shares of      capital stock or units of equity interests into which the foregoing shall      be reclassified or changed; provided, however, that if at any time there      are more than one such class or series of capital stock of or equity      interests in such Person, "Common Stock" of such Person will include all      such classes and series substantially in the proportion of the total      number of shares or other units of each such class or series outstanding      at such time. |
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|                                             (i) | "Distribution      Date" means the earlier of (i) the Close of Business on the tenth day      after the Stock Acquisition Date (or, if the tenth day after the Stock      Acquisition Date occurs before the Record Date, the Close of Business on      the Record Date) or (ii) the Close of Business on the tenth Business Day      (or such later date as may be determined by the Company's Board of      Directors) after the date that a tender or exchange offer by any Person      (other than the Company, any Subsidiary of the Company, any employee      benefit plan of the Company or of any Subsidiary of the Company, or any      Person or entity organized, appointed or established by the Company for or      pursuant to the terms of any such plan) is first published or sent or      given within the meaning of Rule 14d-2(a) of the General Rules and      Regulations under the Exchange Act (or any successor provision), if upon      consummation thereof, such Person would be the Beneficial Owner of 15% or      more of the shares of Common Stock then  outstanding. |
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|                                             (j) | "Excepted      Group" means a group falling within the meanings of Section 13(d)(3) of      the Exchange Act, as in effect on the date of this Agreement, and whose      members on the date of this Agreement, beneficially own an aggregate of      15% or more of the outstanding CommonStock. |
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|                                             (k) | "Exchange      Act" shall mean the Securities Exchange Act of 1934, as amended, and any      successor statute. |
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|                                        (l) | "Expiration      Date" means the Close of Business on December 11,  2009. |
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|                                             (m) | "Junior      Preferred Stock" shall mean shares of Class B Junior Participating      Preferred Stock, par value $.50 per share, of the Company, and, to the      extent that there are not a sufficient number of shares of Class B Junior      Participating Preferred Stock authorized to permit the full exercise of      the Rights, any other series of preferred stock, par value $.50 per share,      of the Company designated for such purpose containing rights, privileges,      preferences and other terms substantially similar to the rights,      privileges, preferences and other terms of the Junior Preferred      Stock. |
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|                                             (n) | "Person"      shall mean any individual, corporation, partnership, limited liability      company, joint venture, association, trust, unincorporated organization or      other entity, and shall include any "group" as that term is used in Rule      13d-5(d) under the Exchange Act or any successor  provision. |
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|                                             (o) | "Principal      Party" shall mean: (i) in the case of any transaction described in clause      (x) or (y) of the first sentence of Section 13(a), the Person that is the      issuer of any securities into which shares of capital stock of the Company      are converted in such merger or consolidation (or, if there is more than      one such Person, the Person that is the issuer of the Common Stock having      the greatest aggregate market value), and if no securities are so issued,      the Person that is the other party to such merger or consolidation; and      (ii) in the case of any transaction described in clause (z) of the first      sentence of Section 13(a), the Person that is the party receiving the      greatest portion of the assets or earning power transferred pursuant to      such transaction or transactions; provided, however, that in any such      case, (1) if the Common Stock of such Person is not at such time and has      not been continuously over the preceding twelve (12) month period      registered under Section 12 of the Exchange Act, and such Person is a      direct or indirect Subsidiary of another Person the Common Stock of which      is and has been so registered, "Principal Party" shall refer to such other      Person; and (2) in case such Person is a Subsidiary, directly or      indirectly, of more than one Person, the Common Stocks of two or more of      which are and have been so registered, "Principal Party" shall refer to      whichever of such Persons is the issuer of the Common Stock having the      greatest aggregate market value. |
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|                                             (p) | "Record      Date" means the Close of Business on December 29,  1999. |
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|                                             (q) | "Redemption      Date" means the time at which the Rights are scheduled to be redeemed as      provided in Section 23. |
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|                                             (r) | "Rights      Agent" means American Stock Transfer & Trust Company, or any Co-Rights      Agent or Successor Rights Agent appointed by the Company pursuant to      Section 2. |
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|                                             (s) | "Section      11(a)(ii) Event" shall mean any event described in Section 11(a)(ii) (A),      (B) or (C) of this Agreement. |
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|                                             (t) | "Securities      Act" means the Securities Act of 1933, as amended, and any successor      statute. |
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|                                             (u) | "Section      13 Event" shall mean any event described in clauses (x), (y) or (z) of      Section 13(a) of this Agreement. |
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|                                             (v) | "Stock      Acquisition Date" shall mean the first date of public disclosure (which,      for purposes of this definition, shall include, without limitation, a      report filed pursuant to Section 13(d) under the Exchange Act) by the      Company or an Acquiring Person that an Acquiring Person has become      such. |
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|                                             (w) | "Subsidiary"      shall mean, with reference to any Person, any other Person of which an      amount of voting securities sufficient to elect at least a majority of the      directors or other governing body is owned, directly or indirectly, by      such Person, or otherwise controlled by such  Person. |
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|                                             (x) | "Tender      Offer Date" means the date of commencement or public disclosure of an      intention to commence (including any such commencement or public      disclosure which occurs on or after the date of this Agreement and prior      to the issuance of the Rights) a tender offer or exchange offer by a      Person if, after acquiring the maximum number of securities sought      pursuant to such offer, such Person, or any Affiliate or Associate of such      Person, would be an AcquiringPerson. |
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|                                             (y) | "Triggering      Event" occurs when a Person becomes an Acquiring Person as set forth in      Section 11(a)(ii) or Section 13. |
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|                                        (z) | "Other      Definitions". The following terms have the meanings ascribed to them in      the Sections noted: |
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|   | Adjustment    Shares                   |   | Section  11(a)(ii)                      |
|--------|----------------------------------------|--------|-----------------------------------------|
|   | Class A Preferred      Equivalents     |   | Section    11(a)(iii)                   |
|   | Common Stock      Equivalents          |   | Section    11(a)(iii)                   |
|   | Current market      price              |   | Section 11(d)                           |
|   | Junior Equivalent Preferred      Stock |   | Section 11(b)                           |
|   | Purchase Price                         |   | Sections 7(b), 11(a)(ii) and      13(a) |
|   | RedemptionPrice                        |   | Section 23(a)                           |
|   | Rights    Certificates                 |   | Section 3(a)                            |
|   | Section 11(a)(ii) Trigger      Date    |   | Section    11(a)(iii)                   |
|   | Series A Current      Value            |   | Section    11(a)(iii)                   |
|   | Series B Current      Value            |   | Section    11(a)(iii)                   |
|   | Series A Spread                        |   | Section    11(a)(iii)                   |
|   | Series B Spread                        |   | Section    11(a)(iii)                   |
|   | Substitution    Period                 |   | Section    11(a)(iii)                   |
|   | Trading Day                            |   | Section  11(d)(i)                       |

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|                                             (a) | Until      the Distribution Date (i) the Rights will be issued in respect of the      Stock, will be evidenced (subject to the provisions of paragraph (b) of      this Section 3) by the certificates for the Stock registered in the names      of the holders of the Stock (which certificates for Stock shall be deemed      also to be certificates for Rights) and not by separate certificates, and      (ii) the Rights will be transferable only in connection with the transfer      of the underlying shares of Stock (including a transfer to the Company).      As soon as practicable after the Distribution Date, the Rights Agent will      send by first-class, insured, postage prepaid mail, to each record holder      of the Stock as of the Close of Business on the Distribution Date, at the      address of such holder shown on the records of the Company, one or more      right certificates, in substantially the form of Exhibits B and C hereto,      as the case may be (the "Rights Certificates"), evidencing one Series A      Right for each share of Class A Preferred Stock so held and one Series B      Right for each share of Common Stock so held, subject to adjustment as      provided herein. In the event that an adjustment in the number of Rights      per share of Stock has been made pursuant to Section 11(i) or Section      11(p) of this Agreement, at the time of distribution of the Rights      Certificates the Company may, at its option, make appropriate rounding      adjustments (in accordance with Section 14(a) of this Agreement) so that      Rights Certificates representing only whole numbers of Rights are      distributed and cash is paid in lieu of any fractional Rights. As of and      after the Distribution Date, the Rights will be evidenced solely by such      Rights Certificates. |
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|                                             (b) | The      Company shall send a copy of the document entitled "Summary of Rights to      Purchase Preferred Stock," in substantially the form attached hereto as      Exhibit D, by first class, postage prepaid mail, to each record holder of      Stock as of the Close of Business on the Record Date, at the address of      such holder shown on the records of the Company. With respect to      certificates for Stock outstanding as of the Record Date, until the      Distribution Date, the Rights associated with the Stock evidenced by such      certificates will be evidenced by such certificates alone and the      registered holders of the Stock shall also be the registered holders of      the associated Rights. Until the earlier of the Distribution Date or the      Expiration Date, the transfer of any certificates representing shares of      Stock in respect of which Rights have been issued shall also constitute      the transfer of the Rights associated with the shares of Stock represented      by such certificates. |
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|                                             (c) | Rights      shall be issued in respect of all shares of Stock which are issued      (whether originally issued or from the Company's treasury) after the      Record Date but prior to the earlier of the Distribution Date or the      Expiration Date. Certificates representing such shares of Stock shall also      be deemed to be certificates for Rights, and shall bear the following      legend: |
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|   | This      certificate also evidences and entitles the holder hereof to certain      Rights as set forth in that certain Rights Agreement between MAXXAM Inc.      (the "Company") and American Stock Transfer & Trust Company (the      "Rights Agent"), dated as of December 15, 1999; as the same has been or      may hereafter be amended or supplemented (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, as in effect on the date of      mailing, without charge promptly after receipt of a written request      therefor. Under certain circumstances as set forth in the Rights      Agreement, Rights issued to, or held by any Person who is, was or becomes      an Acquiring Person or any Affiliate or Associate thereof (as such terms      are defined in the Rights Agreement), whether currently held by or on      behalf of such Person or by any subsequent holder, may become null and      void. |
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|   | With      respect to such certificates containing the foregoing legend, until the      earlier of (i) the Distribution Date or (ii) the Expiration Date, the      Rights associated with the Stock represented by such certificates shall be      evidenced by such certificates alone and the registered holders of the      Stock shall also be the registered holders of the associated Rights, and      the transfer of any of such certificates shall also constitute the      transfer of the Rights associated with the Stock represented by such      certificates. |
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|                                             (d) | Certificates      representing shares of Stock issued after the Record Date and prior to the      Distribution Date in exchange or substitution for, or in replacement of,      other Stock certificates or upon transfer of shares of Stock shall bear      the legend set forth in Section 3(c) of this  Agreement. |
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|                                             (a) | The      Rights Certificates (and the forms of election to purchase shares and the      form of assignment to be printed on the reverse thereof) shall each be      substantially in the forms set forth in Exhibits B and C hereto, as the      case may be, and may have such marks of identification or designation and      such legends, summaries or endorsements printed thereon as the Company may      deem appropriate and as are not inconsistent with the provisions of this      Agreement, or as may be required to comply with any applicable law or with      any rule or regulation made pursuant thereto or with any rule or      regulation of any stock exchange on which the Rights may from time to time      be listed, or to conform to usage. Subject to the provisions of Section 11      and Section 22 of this Agreement, the Rights Certificates, whenever      distributed, shall be dated as of the Record Date and on their face shall      entitle the holders thereof to purchase (i) in the case of Series A      Rights, the number of shares of Class A Preferred Stock, and (ii) in the      case of Series B Rights, such number of one one-hundredths of a share of      Junior Preferred Stock, as shall be set forth therein at the Purchase      Price set forth therein, but the number and kind of securities purchasable      upon the exercise of each Right and the Purchase Price thereof shall be      subject to adjustment as providedherein. |
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|                                             (b) | Any      Rights Certificate issued pursuant to this Agreement that represents      Rights beneficially owned by or formerly beneficially owned, on or after      the Distribution Date, by a Person known by the Company to be: (i) an      Acquiring Person or any Associate or Affiliate of Acquiring Person, (ii) a      direct or indirect transferee of an Acquiring Person (or of any such      Associate or Affiliate) who becomes a transferee after such Acquiring      Person becomes such, or (iii) a transferee of an Acquiring Person (or of      any such Associate or Affiliate) who becomes a transferee prior to or      concurrently with the Acquiring Person becoming such and receives such      Rights pursuant to either (A) a transfer (whether or not for      consideration) from the Acquiring Person to holders of equity interests in      such Acquiring Person or to holders of equity interests in an Associate or      Affiliate of such Acquiring Person or to any Person with whom such      Acquiring Person or an Associate or Affiliate of such Acquiring Person has      any continuing agreement, arrangement or understanding regarding the      transferred Rights or (B) a transfer which the Board of Directors of the      Company has determined is part of a plan, arrangement or understanding      which has as a primary purpose or effect avoidance of Section 7(e) of this      Agreement, and any Rights Certificate issued pursuant to Section 6,      Section 11 or Section 22 of this Agreement upon transfer, exchange,      replacement or adjustment of any other Rights Certificate referred to in      this sentence, shall contain (to the extent feasible) the following      legend: |
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|                                             (a) | The      Rights Certificates shall be executed on behalf of the Company by its      Chairman, its President or any Vice President thereunto duly authorized,      either manually or by facsimile signature, and shall have affixed thereto      the Company's seal or a facsimile thereof which shall be attested by the      Secretary or an Assistant Secretary of the Company, either manually or by      facsimile signature. The Rights Certificates shall be manually      countersigned by the Rights Agent and shall not be valid for any purpose      unless so countersigned. In case any officer of the Company who shall have      signed any of the Rights Certificates shall cease to be such officer of      the Company before countersignature by the Rights Agent and issuance and      delivery by the Company, such Rights Certificates nevertheless may be      countersigned by the Rights Agent and issued and delivered by the Company      with the same force and effect as though the person who signed such Rights      Certificates had not ceased to be such officer of the Company; and any      Rights Certificates may be signed on behalf of the Company by any person      who, at the actual date of the execution of such Rights Certificate, shall      be a proper officer of the Company to sign such Rights Certificate,      although at the date of the execution of this Agreement any such Person      was not such an officer. |
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|                                        (b) | Following      the Distribution Date, the Rights Agent will keep or cause to be kept, at      its principal office or offices designated as the appropriate place for      surrender of Rights Certificates upon exercise or transfer, books for      registration and transfer of the Rights Certificates issued hereunder.      Such books shall show the names and addresses of the respective holders of      the Rights Certificates, the number of each series of Rights evidenced on      its face by each of the Rights Certificates and the date of each of the      Rights Certificates. |
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|                                             (a) | Subject      to the provisions of Section 4(b), Section 7(e) and Section 14 of this      Agreement, at any time after the Close of Business on the Distribution      Date, and at or prior to the Close of Business on the Expiration Date, any      Rights Certificate or Certificates may be transferred, divided, combined      or exchanged for another Rights Certificate or Certificates, entitling the      registered holder to purchase a like number of shares of Class A Preferred      Stock or one one-hundredths of a share of Junior Preferred Stock (or,      following a Triggering Event, Class A Preferred Stock, Common Stock, other      securities, cash or other assets, as the case may be) as the Rights      Certificate or Certificates surrendered then entitled such holder (or      former holder in the case of a transfer) to purchase. Any registered      holder desiring to transfer, divide, combine or exchange any Rights      Certificate or Certificates shall make such request in writing delivered      to the Rights Agent, and shall surrender the Rights Certificate or      Certificates to be transferred, split up, combined or exchanged at the      principal office or offices of the Rights Agent designated for such      purpose. Neither the Rights Agent nor the Company shall be obligated to      take any action whatsoever with respect to the transfer of any such      surrendered Rights Certificate until the registered holder shall have      completed and signed thecertificate |
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|   | contained in the      form of assignment on the reverse side of such Rights Certificate and      shall have provided such additional evidence of the identity of the      Beneficial Owner (or) former Beneficial Owner) or its Affiliates or      Associates as the Company shall reasonably request.  Thereupon the      Rights Agent shall, subject to Section 4(b), Section 7(e) and Section 14      of this Agreement, countersign, and deliver to the Person entitled thereto      a Rights Certificate (or Rights Certificates, as the case may be) as so      requested. As a condition of such transfer, division, combinatio or      exchange, the Company may require payment of a sum sufficient to cover any      tax or governmental charge that may be imposed in connection with any      transfer, split up, combination or exchange of Rights    Certificates. |
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|                                             (b) | Upon      receipt by the Company and the Rights Agent of evidence reasonably      satisfactory to them of the loss, theft, destruction or mutilation of a      Rights Certificate, and, in case of loss, theft or destruction, of      indemnity or security reasonably satisfactory to them, and upon surrender      to the Rights Agent and cancellation of the Rights Certificate if      mutilated, and in each case reimbursement to the Company and the Rights      Agent of all reasonable expenses incidental thereto, the Company will      execute and deliver a new Rights Certificate of like tenor to the Rights      Agent for countersignature and delivery to the registered owner in lieu of      the Rights Certificate so lost, stolen, destroyed or      mutilated. |
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|                                             (a) | Subject      to Section 7(e) of this Agreement, the registered holders of any Rights      Certificate may exercise the Rights evidenced thereby as provided in this      Agreement in whole or in part at any time after the Distribution Date upon      surrender of the Rights Certificate, with the form of election to purchase      and the certificate on the reverse side thereof duly executed, to the      Rights Agent at the principal office or offices of the Rights Agent      designated for such purpose, together with payment of the aggregate      Purchase Price with respect to the total number of shares of Class A      Preferred Stock or one one-hundredths of a share of Junior Preferred Stock      (or other securities, cash, or other property or other assets, as the case      may be), at or prior to the earliest of the Expiration Date or the      Redemption Date. |
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|                                             (b) | The      Purchase Price for each share of Class A Preferred Stock pursuant to the      exercise of a Series A Right shall initially be $165, and shall be subject      to adjustment from time to time as provided in Sections 11 and 13(a) of      this Agreement and shall be payable in accordance with paragraph (c)      below. The Purchase Price for each one one-hundredth of a share of Junior      Preferred Stock pursuant to the exercise of a Series B Right shall      initially be $165, and shall be subject to adjustment from time to time as      provided in Sections 11 and 13(a) of this Agreement and shall be payable      in accordance with paragraph (c) below. The Board of Directors, in its      discretion, may determine that part or all of the Purchase Price may be      paid in consideration other than cash, including without limitation      promissory notes. |
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|                                             (c) | Upon      receipt of a Rights Certificate representing exercisable Rights, with the      form of election to purchase and the certificate duly executed,      accompanied by payment, with respect to each Right so exercised, of the      applicable Purchase Price and an amount equal to any applicable transfer      tax, the Rights Agent shall, subject to Section 20(k) of this Agreement,      thereupon promptly (i) (A) requisition, from any transfer agent of the      shares of Class A Preferred Stock and Junior Preferred Stock, as the case      may be (or make available, if the Rights Agent is the transfer agent for      such shares), certificates for the total number of shares of Class A      Preferred Stock or one one-hundredths of a share of Junior Preferred Stock      to be purchased, and the Company hereby irrevocably authorizes its      transfer agent to comply with all such requests, or (B) if the Company      shall have elected to deposit the total number of shares of Class A      Preferred Stock and Junior Preferred Stock issuable upon exercise of the      Rights hereunder with a depositary agent, requisition from the depositary      agent depositary receipts representing such number of shares of Class A      Preferred Stock or one one-hundredths of a share of Junior Preferred Stock      as are to be purchased (in which case certificates for the shares of Class      A Preferred Stock and Junior Preferred Stock represented by such receipts      shall be deposited by the transfer agent with the depositary agent), and      the Company will direct the depositary agent to comply with such request,      (ii) requisition from the Company the amount of cash, if any, to be paid      in lieu of fractional shares in accordance with Section 14 of this      Agreement, (iii) after receipt of such certificates or depositary      receipts, cause the same to be delivered to or upon the order of the      registered holder of such Rights Certificate, registered in such name or      names as may be designated by such holder, and (iv) after receipt thereof,      deliver such cash, if any, to or upon the order of the registered holder      of such Rights Certificate. The payment of the applicable Purchase Price      (as such amount may be reduced pursuant to Section 11(a)(iii) of this      Agreement, and subject to the provisions of paragraph (b) of this Section      7) shall be made by check (subject to collection), cashier's bank check,      certified bank check or money order payable to the order of the Company,      or in such other form as shall be acceptable to the Company and the Rights      Agent. In the event that the Company is obligated to issue other      securities (including Common Stock) of the Company or pay cash and/or      distribute other property pursuant to Section 11(a) of this Agreement, the      Company will make all arrangements necessary so that such other      securities, cash and/or other property are available for distribution by      the Rights Agent, if and when appropriate. The Company reserves the right      to require prior to the occurrence of a Triggering Event that, upon any      exercise of Rights, a number of Rights be exercised so that only whole      shares of Class A Preferred Stock or Junior Preferred Stock would be      issued. |
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|                                            (d) | In      case the registered holder of any Rights Certificate shall exercise less      than all the Rights evidenced thereby, a new Rights Certificate evidencing      Rights equivalent to the Rights remaining unexercised shall be issued by      the Rights Agent and delivered to, or upon the order of, the registered      holder of such Rights Certificate, registered in such name or names as may      be designated by such holder, subject to the provisions of Section 14 of      this Agreement and subject to the payment of any tax or governmental      charge that may be imposed in connection  therewith. |
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|                                             (e) | Notwithstanding      anything in this Agreement to the contrary, from and after the first      occurrence of a Section 11(a)(ii) Event, any Rights beneficially owned by      (i) an Acquiring Person or an Associate or Affiliate of an Acquiring      Person, (ii) a direct or indirect transferee of an Acquiring Person (or of      any such Associate or Affiliate) who becomes a transferee after the      Acquiring Person becomes such, or (iii) a transferee of an Acquiring      Person (or of any such Associate or Affiliate) who becomes a transferee      prior to or concurrently with the Acquiring Person becoming such and      receives such Rights pursuant to either (A) a direct or indirect transfer      (whether or not for consideration) from the Acquiring Person to holders of      equity interests in such Acquiring Person or to any Person with whom the      Acquiring Person has any continuing agreement, arrangement or      understanding regarding the transferred Rights or (B) a direct or indirect      transfer which the Board of Directors of the Company has determined is      part of a plan, arrangement or understanding which has as a primary      purpose or effect the avoidance of this Section 7(e), shall become null      and void without any further action and no holder of such Rights shall      have any rights whatsoever with respect to such Rights, whether under any      provision of this Agreement or otherwise. The Company shall use all      reasonable efforts to ensure that the provisions of this Section 7(e) and      Section 4(b) are complied with, but shall have no liability to any holder      of Rights Certificates or other Person as a result of its failure to make      (including any such failure or delay by the Board of Directors of the      Company) any determinations with respect to an Acquiring Person or any of      its Affiliates, Associates or transferees  hereunder. |
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|                                             (f) | Notwithstanding      anything in this Agreement to the contrary, neither the Rights Agent nor      the Company shall be obligated to undertake any action with respect to a      registered holder upon the occurrence of any purported exercise as set      forth in this Section 7 unless such registered holder shall have (i)      completed and signed the certificate contained in the form of election to      purchase set forth on the reverse side of the Rights Certificate      surrendered for such exercise and (ii) provided such additional evidence      of the identity of the Beneficial Owner (or former Beneficial Owner) or      Affiliates or Associates thereof as the Company shall reasonably      request. |
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|                                             (a) | The      Company covenants and agrees that, until a Triggering Event, it will cause      to be reserved and kept available out of its valid and unissued shares of      Class A Preferred Stock and Junior Preferred Stock sufficient shares of      Class A Preferred Stock and Junior Preferred Stock so as to permit the      exercise in full of all outstanding Rights in accordance with this      Agreement from and after a Distribution Date and prior to any Triggering      Event. The Company also covenants that, from and after a Triggering Event,      it will cause to be reserved and kept available out of its authorized and      unissued shares of Class A Preferred Stock, Common Stock and/or other      securities or out of its valid and issued shares held in its treasury, the      number of shares of Class A Preferred Stock, Common Stock and/or other      securities that, as provided in this Agreement including Section      11(a)(iii) of this Agreement, will be sufficient to permit the exercise in      full of all outstanding Rights. In each case, the Company shall, to the      extent necessary to satisfy the above requirements, designate as Class A      Preferred Stock any available authorized shares of "blank check" or      undesignated preferred stock. |
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|                                             (b) | So      long as the shares of Class A Preferred Stock and Junior Preferred Stock      (and, following the occurrence of a Triggering Event, Common Stock and/or      other securities) issuable and deliverable upon the exercise of any Rights      may be listed on any United States national securities exchange or quoted      on any automated quotation system, the Company shall use its best efforts      to cause, from and after such time as the Rights become exercisable, all      shares reserved for such issuance to be listed on such exchange or quoted      on any automated quotation system upon official notice of issuance upon      such exercise. |
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|                                             (c) | The      Company shall use its best efforts to (i) file, as soon, as practicable      following the earliest date after the first occurrence of a Section      11(a)(ii) Event on which the consideration to be delivered by the Company      upon exercise of the Rights has been determined in accordance with Section      11(a)(iii) of this Agreement, a registration statement under the      Securities Act of 1933, with respect to any securities issuable upon      exercise of any Rights on an appropriate form, (ii) cause such      registration statement to become effective as soon as practicable after      such filing, and (iii) cause such registration statement to remain      effective (with a prospectus at all times meeting the requirements of the      Securities Act) until the earlier of (A) the date as of which such Rights      are no longer exercisable for such securities, and (B) the date of the      expiration of the Rights. The Company will also take such action as may be      appropriate under, or to ensure compliance with, the securities or "blue      sky" laws of the various states in connection with the exercisability of      the Rights. The Company may temporarily suspend, for a period of time not      to exceed ninety (90) days after the date set forth in clause (i) of the      first sentence of this Section 9(c), the exercisability of any Series of      Rights in order to prepare and file such registration statement and permit      it to become effective. Upon any such suspension, the Company shall issue      a public announcement stating that the exercisability of such Series of      Rights has been temporarily suspended, as well as a public announcement at      such time as the suspension is no longer in effect. In addition, if the      Company shall determine that a registration statement is required      following the Distribution Date, the Company may temporarily suspend the      exercisability of any Series of Rights until such time as an appropriate      registration statement has been declared effective. Notwithstanding any      provision of this Agreement to the contrary, Rights shall not be      exercisable in any jurisdiction if any requisite qualification in such      jurisdiction shall not have been obtained, the exercise thereof shall not      be permitted under applicable law or a required registration statement      shall not have been declaredeffective. |
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|                                             (d) | The      Company covenants and agrees that it will take all such action as may be      necessary to ensure that all Class A Preferred Stock and one      one-hundredths of a share of Junior Preferred Stock (and, following the      occurrence of a Triggering Event, Common Stock and/or other securities)      delivered upon exercise of Rights shall, at the time of delivery of the      certificates for such shares (subject to payment of the Purchase Price),      be duly and validly authorized and issued and fully paid and      nonassessable. |
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|                                             (e) | The      Company further covenants and agrees that it will pay when due and payable      any and all federal and state transfer taxes and charges which may be      payable in respect of the issuance or delivery of the Rights Certificates      and of any certificates for Class A Preferred Stock or a number of one      one-hundredths of a share of Junior Preferred Stock (or Common Stock      and/or other securities, as the case may be) upon the exercise of Rights.      The Company shall not, however, be required to pay any transfer tax which      may be payable in respect of any transfer or delivery of Rights      Certificates to a Person other than, or the issuance or delivery of Class      A Preferred Stock or a number of one one-hundredths of a share of Junior      Preferred Stock (or Common Stock and/or other securities, as the case may      be) in respect of a name other than that of, the registered holder of the      Rights Certificates evidencing Rights surrendered for exercise, or to      issue or deliver any certificates for Class A Preferred Stock or a number      of one one-hundredths of a share of Junior Preferred Stock (or Common      Stock and/or other securities, as the case may be) in a name other than      that of the registered holder upon the exercise of any Rights, until such      tax shall have been paid (any such tax being payable by the holder of such      Rights Certificate at the time of surrender) or until it has been      established to the Company's satisfaction that no such tax is      due. |
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|                                             (a) | (i)      In the event the Company shall at any time after the date of this      Agreement (A) declare a dividend on the Class A Preferred Stock payable in      shares of Class A Preferred Stock, (B) subdivide the outstanding Class A      Preferred Stock, (C) combine the outstanding Class A Preferred Stock into      a smaller number of shares or (D) issue any shares of its capital stock in      a reclassification of the Class A Preferred Stock (including any such      reclassification in connection with a consolidation or merger in which the      Company is the continuing or surviving corporation), except as otherwise      provided in this Section 11(a) or in Section 7(e) of this Agreement, the      Purchase Price in effect at the time of the record date for such dividend      or of the effective date of such subdivision, combination or      reclassification, and the number and kind of shares of Class A Preferred      Stock or capital stock, as the case may be, issuable on such date, shall      be proportionately adjusted so that the holder of any Series A Right      exercised after such time shall be entitled to receive, upon payment of      the Purchase Price then in effect, the aggregate number and kind of shares      of Class A Preferred Stock or capital stock, as the case may be, which, if      such Right had been exercised immediately prior to such date and at a time      when the Class A Preferred Stock transfer books of the Company were open,      he would have owned upon such exercise and been entitled to receive by      virtue of such dividend, subdivision, combination or reclassification. In      the event, the Company shall at any time after the date of this Agreement      (I) declare a dividend on the Junior Preferred Stock payable in shares of      Junior Preferred Stock, (II) subdivide the outstanding Junior Preferred      Stock, (III) combine the outstanding Junior Preferred Stock into a smaller      number of shares or (IV) issue any shares of its capital stock in a      reclassification of the Junior Preferred Stock (including any such      reclassification in connection with a consolidation or merger in which the      Company is the continuing or surviving corporation), except as otherwise      provided in this Section 11(a) or in Section 7(e) of this Agreement, the      Purchase Price in effect at the time of the record date for such dividend      or of the effective date of such subdivision, combination or      reclassification, and the number and kind of shares of Junior Preferred      Stock or capital stock, as the case may be, issuable on such date, shall      be proportionately adjusted so that the holder of any Series B Right      exercised after such time shall be entitled to receive, upon payment of      the Purchase Price then in effect, the aggregate number and kind of shares      of Junior Preferred Stock or capital stock, as the case may be, which, if      such Right had been exercised immediately prior to such date and at a time      when the Junior Preferred Stock transfer books of the Company were open,      he would have owned upon such exercise and been entitled to receive by      virtue of such dividend, subdivision, combination or reclassification. If      any event occurs which would require an adjustment under both this Section      11(a)(i) and Section 11(a)(ii) of this Agreement, the adjustment provided      for in this Section 11(a)(i) shall be made prior to, any adjustment      required pursuant to Section 11(a)(ii) of this  Agreement. |
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|   |                                (A) | any      Acquiring Person or any Associate or Affiliate of any Acquiring Person, at      any time after the date of this Agreement, directly or indirectly, (1)      shall merge into the Company or otherwise consolidate with the Company,      and the Company shall be the continuing or surviving corporation of such      merger or combination and the capital stock of the Company shall remain      outstanding and unchanged, (2) shall, in one transaction or a series      of transactions, transfer any assets to the Company  or      to any of its Subsidiaries in exchange (in whole or in part) or shares of      Common Stock, for shares of other equity securities of the Company, or for      securities exercisable for or convertible into shares of equity securities      of the Company (Common Stock or otherwise), or otherwise obtain from the      Company, with or without consideration, any additional shares of such      equity securities or securities exercisable for or convertible into shares      of such equity securities (other than pursuant to a pro rata distribution      to all holders of a class of capital stock), (3) shall sell, purchase,      lease, exchange, mortgage, pledge, transfer or otherwise acquire or      dispose of, in one transaction or a series of transactions, to, from or      with (as the case may be) the Company or any of its Subsidiaries, assets      on term and conditions less favorable to the Company than the Company      would be able to obtain in arm's-length negotiations with an unaffiliated      third party, other than pursuant to a transaction to which Section 13(a)      applies, (4) shall sell, purchase, lease, exchange, mortgage, pledge,      transfer or otherwise acquire or dispose of, in one transaction or a      series of transactions, to, from or with (as the case may be) the Company      or any of its Subsidiaries (other than incidental to the lines of      business, if any engaged in as of the date of this Agreement between the      Company and such Acquiring Person or Associate or Affiliate) assets having      an aggregate fair market value of more than 3% of the total assets of the      Company, other than pursuant to a transaction to which Section 13(a) of      this Agreement applies, (5) shall receive any compensation from the      Company or any of its Subsidiaries other than compensation for full-time      employment as a regular employee at rates in accordance with the Company's      (or its Subsidiaries') past practices, or (6) shall receive the benefit,      directly or indirectly (except proportionately as a stockholder and except      if resulting from a requirement of law or governmental regulation), of any      loans, advances, guarantees, pledges or other financial assistance or any      tax credits or other tax advantage provided by the Company or any of its      Subsidiaries, or |
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|   |                                     (B) | any      Person shall, at any time after the Rights Dividend Declaration Date,      become an Acquiring Person, unless the event causing such Person to become      an Acquiring Person is (x) a transaction to which Section 13(a) of this      Agreement applies, (y) an acquisition of shares of Stock pursuant to a      tender offer or an exchange offer for all outstanding shares of Stock at a      price and on terms determined by at least a majority of the members of the      Board of Directors, after receiving advice from one or more nationally      recognized investment banking firms, to be (a) at a price which is fair to      stockholders (taking into account all factors which such members of the      Board deem relevant including, without limitation, prices which could      reasonably be achieved if the Company or its assets were sold on an      orderly basis designed to realize maximum value) and (b) otherwise in the      best interests of the Company and its stockholders, or (z) an acquisition      of shares of Stock pursuant to an all-cash tender offer for all      outstanding shares of Stock, as a result of which tender offer such Person      shall acquire beneficial ownership of shares of Stock which, together with      any shares of Stock held by such Person as of the date of consummation of      such tender offer, represent 85% of the total voting power of all the      outstanding securities of the Company entitled to vote generally on      matters presented to the stockholders of the Company,  or |
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|   |                                     (C) | during      such time as there is an Acquiring Person, there shall be any      reclassification of the Company's securities (including any reverse stock      split), or recapitalization or reorganization of the Company, or any      merger or consolidation of the Company with any of its Subsidiaries, or      any other transaction or series of transactions involving the Company or      any of its Subsidiaries, other than a transaction or transactions to which      the provisions of Section 13(a) apply (whether or not with or into or      otherwise involving an Acquiring Person) which has the effect, directly or      indirectly, of increasing by more than 1% the proportionate share of the      outstanding shares of any class of equity securities of the Company or any      of its Subsidiaries which is directly or indirectly beneficially owned by      any Acquiring Person or any Associate or Affiliate of any Acquiring      Person, then, promptly following the first occurrence of an event      described in Section 11(a)(ii)(A), (B) or (C) in this Agreement, proper      provision shall be made so that (x) each holder of a Series A Right      (except as provided below and in Section 7(e) in this Agreement) shall      thereafter have the right to receive, upon exercise thereof at the then      current Purchase Price attributable thereto in accordance with the terms      of this Agreement, in lieu of the number of shares of Class A Preferred      Stock that such Right was exercisable immediately prior to such event,      such number of shares of Class A Preferred Stock as shall equal the result      obtained by multiplying the then current Purchase Price by the number of      shares of Class A Preferred Stock for which such Right was exercisable      immediately prior to the first occurrence of a Section 11(a)(ii) Event,      and dividing that product (which, following such first occurrence, shall      thereafter be referred to as the "Purchase Price" for such Right for all      purposes of this Agreement) by 50% of the current market price (determined      pursuant to Section 11(d) of this Agreement)per |
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|   | share of Class A Preferred      Stock on the date of such first occurrence such number of shares being      referred to as the "Adjustment Shares" attributable to such right),      and (y) each holder of a Series B Right (except as      provided below and in Section 7(e) of this Agreement) shall thereafter      have the right to receive, upon exercise thereof at the then current      Purchase Price attributable thereto in accordance with the terms of this      Agreement, in lieu of a number of one one-hundredths of a share of Junior      Preferred Stock, such number of shares of Common Stock of the Company as      shall equal the result obtained by multiplying the then current Purchase      Price by the number of one one-hundredths of a share of Junior Preferred      Stock for which a Right was exercisable immediately prior to the first      occurrence of a Section 11(a)(ii) Event, and dividing that product (which,      following such first occurrence, shall thereafter be referred to as the      "Purchase Price" for such Right for all purposes of this Agreement) by 50%      of the current market price (determined pursuant to Section 11(d) of this      Agreement) per share of Common Stock on the date of such first occurrence      (such number of shares being referred to herein as the "Adjustment Shares"      attributable to such Right). |
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|                                                     (iii) | In      the event that, following the designation as Class A Preferred Stock of      any available unauthorized shares of "blank check" or undesignated      preferred stock in accordance with Section 9(a) in this Agreement, the      number of shares of Class A Preferred Stock which are authorized by the      Company's Restated Certificate of Incorporation but not outstanding or      reserved for issuance for purposes other than upon exercise of the Series      A Rights are not sufficient to permit the exercise in full of the Series A      Rights in accordance with Section 11(a)(ii), the Company shall: (A)      determine the excess of (1) the value of the Adjustment Shares issuable      upon the exercise of a Series A Right (the "Series A Current Value") over      (2) the Purchase Price attributable thereto (such excess being referred to      herein as the "Series A Spread"), and (B), make adequate provision, with      respect to each Series A Right, to substitute for the applicable      Adjustment Shares, upon payment of the applicable Purchase Price, (1)      cash, (2) a reduction in the Purchase Price, (3) Class A Preferred Stock      or other equity securities of the Company (including, without limitation,      equity securities which the Board of Directors of the Company has deemed      to have substantially the same rights, privileges, preferences and other      terms as shares of Class A Preferred Stock (such shares of equity      securities being referred to herein as "Class A Preferred Equivalents")),      (4) debt securities of the Company, (5) other assets, or (6) any      combination of the foregoing, having an aggregate value equal to the      Series A Current Value, where such aggregate value has been determined by      the Board of Directors of the Company based upon the advice of nationally      recognized investment banking firm selected by the Board of Directors of      the Company; provided, however, if the Company shall not have made      adequate provision to deliver value pursuant to clause (B) of this      sentence within thirty (30) days following the later of (x) the first      occurrence of a Section 11(a)(ii) Event and (y) the date on which the      Company's right of redemption pursuant to Section 23(a) expires (the later      of (x) and (y) being referred to herein as the "Section 11(a)(ii) Trigger      Date"), then the |
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|   | Company      shall be obligated to deliver, upon the surrender for exercise of a Series      A Right and without requiring payment of the Purchase Price, shares of      Class A Preferred Stock (to the extent available) and then, if necessary,      cash, which shares and/or cash have an aggregate value equal to the Series      A Spread. In the event that the number of shares of Common Stock which are      authorized by the Company's Restated Certificate of Incorporation, but not      outstanding or reserved for issuance for purposes other than upon exercise      of the Series B Rights are not sufficient to permit the exercise in full      of the Series B Rights, in accordance with the foregoing subparagraph (ii)      of this Section 11(a), the Company shall: (A) determine the excess of (1)      the value of the Adjustment Shares issuable upon the exercise of a Series      B Right (the "Series B Current Value") over (2) the Purchase Price      attributable thereto (such excess being referred to herein as the "Series      B Spread"), and (B) with respect to each Series B Right, make adequate      provision to substitute for the applicable Adjustment Shares, upon payment      of the applicable Purchase Price, (1) cash, (2) a reduction in the      Purchase Price, (3) Common Stock or other equity securities of the Company      (including, without limitation, shares, or units of shares, of preferred      stock, such as the Junior Preferred Stock, which the Board of Directors of      the Company has deemed to have substantially the same rights, privileges,      preferences and other terms as shares of Common Stock (such shares of      preferred stock being referred to herein as "Common Stock Equivalents")),      (4) debt securities of the Company, (5) other assets, or (6) any      combination of the foregoing, having an aggregate value equal to the      Current Value, where such aggregate value has been determined by the Board      of Directors of the Company based upon the advice of a nationally      recognized investment banking firm selected by the Board of Directors of      the Company (which may be the same firm utilized for the purposes of the      preceding sentence); provided, however, if the Company shall not have made      adequate provision to deliver value pursuant to clause (B) of this      sentence within thirty (30) days following the Section 11(a)(ii) Trigger      Date, then the Company shall be obligated to deliver, upon the surrender      for exercise of a Series B Right and without requiring payment of the      applicable Purchase Price, shares of Common Stock (to the extent      available) and then, if necessary, cash, which shares and/or cash have an      aggregate value equal to the Series B Spread. In connection with the      foregoing, if the Board of Directors of the Company shall determine in      good faith that it is likely that sufficient additional shares of Class A      Preferred Stock, Class A Preferred Equivalents, Common Stock or Common      Stock Equivalents, as the case may be, could be authorized for issuance      upon exercise in full of the appropriate Series of 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 stockholder approval for the      authorization of such additional shares (such period, as it may be      extended, being referred to herein as the "Substitution Period"). To the      extent that the Company determines that some action need be taken pursuant      to the first three sentences of this Section 11(a)(iii), the Company (x)      shall provide, subject to Section 7(a) of this Agreement, that such action      shall apply uniformly to the appropriate series of Rights, and (y) may      suspend the exercisability of the appropriate series of 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 the first or second sentence of this Section      11(a)(iii) and to determine the value thereof. In the event of any such      suspension, the Company shall issue a public announcement stating that the      exercisability of the appropriate series of the Rights has been      temporarily suspended, as well as a public announcement at such time as      the suspension is no longer in effect. For purposes of this Section      11(a)(iii), the value of the Common Stock shall be the current market      price (as determined pursuant to Section 11(d) of this Agreement) per      share of the Common Stock on the Section 11(a)(ii) Trigger Date, the value      of any Common Stock Equivalent shall be deemed to be the same value as the      Common Stock on such date, multiplied by an appropriate multiple, the      value of the Class A Preferred Stock per share shall be the current market      price (as determined pursuant to Section 11(d) of this Agreement) per      share of Class A Preferred Stock on such date, and the value of any Class      A Preferred Equivalent shall be deemed to be the same value as the Class A      Preferred Stock on such date, multiplied by an appropriate      multiple. |
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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 Class A Preferred Stock entitling      them to subscribe for or purchase (for a period expiring within forty-five      (45) calendar days after such record date) Class A Preferred Stock (or      shares of Class A Preferred Equivalents) or securities convertible into      Class A Preferred Stock or Class A Preferred Equivalents at a price per      share of Class A Preferred Stock or Class A Preferred Equivalents or per      share equivalents of Class A Preferred Equivalents (or having a conversion      price per share or share equivalent, if a security convertible into Class      A Preferred Stock or Class A Preferred Equivalents) less than the current      market price (as determined pursuant to Section 11(d) of this Agreement)      per share of Class A Preferred Stock on such record date, the Purchase      Price for each Series A Right to be in effect after such record date shall      be determined by multiplying the Purchase Price for a Series A Right in      effect immediately prior to such record date by a fraction, the numerator      of which shall be the number of shares of Class A Preferred Stock      outstanding on such record date, plus the number of shares of Class A      Preferred Stock which the aggregate offering price of the total number of      shares of Class A Preferred Stock and/or Class A Preferred Equivalents 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 shares      of Class A Preferred Stock outstanding on such record date, plus the      number of additional shares of Class A Preferred Stock and/or share      equivalents of Class A Preferred Equivalents to be offered for      subscription or purchase (or into which the convertible securities so to      be offered are initially convertible). In case the Company shall fix a      record date for the issuance of rights, options or warrants to all holders      of Junior Preferred Stock entitling them to subscribe for or purchase (for      a period expiring within forty-five (45) calendar days after such record      date) Junior Preferred Stock (or shares having the same rights, privileges      and preferences as the shares of Junior Preferred      Stock ("Junior Equivalent Preferred Stock")) or securities convertible      into Junior Preferred Stock or Junior Equivalent Preferred Stock at a      price per share of Junior Preferred Stock or per share equivalents of      Junior Equivalent Preferred Stock (or having a conversion price per share      or share equivalent, if a security convertible into Junior Preferred Stock      or Junior Equivalent Preferred Stock) less than the current market price      (as determined pursuant to Section 11(d) of this Agreement) per share of      Junior Preferred Stock on such record date, the Purchase Price for each      Series B Right to be in effect after such record date shall be determined      by multiplying the Purchase Price for a Series B Right in effect      immediately prior to such record date by a fraction, the numerator of      which shall be the number of shares of Junior Preferred Stock outstanding      on such record date, plus the number of shares of Junior Preferred Stock      which the aggregate offering price of the total number of shares of Junior      Preferred Stock and/or Junior Equivalent Preferred Stock 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 shares of Junior      Preferred Stock outstanding on such record date, plus the number of      additional shares of Junior Preferred Stock and/or share equivalents of      Junior Equivalent Preferred Stock to be offered for subscription or      purchase (or into which the convertible securities so to be offered are      initially convertible). In case any such subscription price may be paid by      delivery of consideration part or all of which may be in a form other than      cash, the value of such consideration shall be as determined in good faith      by the Board of Directors of the Company, whose determination shall be      described in a statement filed with the Rights Agent and shall be binding      on the Rights Agent and the holders of the Rights. Shares of Class A      Preferred Stock or Junior Preferred Stock owned by or held for the account      of the Company shall not be deemed outstanding for the purpose of any such      computation. Such adjustments 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 applicable Purchase Price for each Series      of Rights shall be adjusted to be the Purchase Price which would then be      in effect for such Series if such record date had not been      fixed. |
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|                                             (c) | In      case the Company shall fix a record date for a distribution to all holders      of Class A Preferred Stock (including any such distribution made in      connection with a consolidation or merger in which the Company is the      continuing corporation) of evidences of indebtedness, cash (other than a      regular quarterly cash dividend out of the earnings or retained earnings      of the Company), assets (other than a dividend payable in Class A      Preferred Stock, but including any dividend payable in stock other than      Class A Preferred Stock) or subscription rights or warrants (excluding      those referred to in Section 11(b) of this Agreement), the Purchase Price      for each Series A Right to be in effect after such record date shall be      determined by multiplying the Purchase Price for a Series A Right in      effect immediately prior to such record date by a fraction, the numerator      of which shall be the current market price (as determined pursuant to      Section 11(d) of this Agreement) per share of Class A Preferred Stock on      such record date, less the fair market value (as determined in good faith      by the Board of Directors of the Company, whose determination shall be      described in a statement filed with the Rights Agent) of the portion of      the cash, assets or evidences of indebtedness so to be distributed or of      such subscription      rights or warrants applicable to a share of Class A Preferred Stock and      the denominator of which shall be such current market price (as determined      pursuant to Section 11(d) of this Agreement) per share of Class A      Preferred Stock. 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 for each Series A Right which would have been in      effect if such record date had not been fixed. In case the Company shall      fix a record date for a distribution to all holders of Junior Preferred      Stock (including any such distribution made in connection with a      consolidation or merger in which the Company is the continuing      corporation) of evidences of indebtedness, cash (other than a regular      quarterly cash dividend out of the earnings or retained earnings of the      Company), assets (other than a dividend payable in Junior Preferred Stock,      but including any dividend payable in stock other than Junior Preferred      Stock or subscription rights or warrants (excluding those referred to in      Section 11(b) of this Agreement), the Purchase Price for each Series B      Right in effect after such record date shall be determined by multiplying      the Purchase Price for a Series B Right in effect immediately prior to      such record date by a fraction, the numerator of which shall be the      current market price (as determined pursuant to Section 11(d) of this      Agreement) per share of Junior Preferred Stock on such record date, less      the fair market value (as determined in good faith by the Board of      Directors of the Company, whose determination shall be described in a      statement filed with the Rights Agent) of the portion of the cash, assets      or evidences of indebtedness so to be distributed or of such subscription      rights or warrants applicable to a share of Junior Preferred Stock, and      the denominator of which shall be such current market price (as determined      pursuant to Section 11(d) of this Agreement) per share of Junior Preferred      Stock. 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 for each Series B Right shall be adjusted to be the      Purchase Price for a Series B Right which would have been in effect if      such record date had not beenfixed. |
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|                                             (d) | (i)      For the purpose of any computation hereunder, other than computations made      pursuant to Section 11(a)(iii) of this Agreement, the "current market      price" per share of Common Stock on any date shall be deemed to be the      average of the daily closing prices per share of such Common Stock for the      thirty (30) consecutive Trading Days (as such term is hereinafter defined)      immediately prior to such date, and for purposes of computations made      pursuant to Section 11(a)(iii) of this Agreement, the "current market      price" per share of Common Stock on any date shall be deemed to be the      average of the daily closing prices per share of such Common Stock for the      ten (10) consecutive Trading Days immediately following such date. 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 on the principal national securities exchange on which      the shares of Common Stock are listed or admitted to trading or, if the      shares of Common Stock are not listed or admitted to trading on any      national securities exchange, the last quoted price or if not so quoted,      the average of the high bid and low asked prices in the over-the-counter      market, as reported by the National Association of Securities Dealers,      Inc. Automated Quotation System ("NASDAQ") or such other system then in      use, or,      if on any such date the shares of Common Stock are not quoted by any such      organization, the average of the closing bid and asked prices as furnished      by a professional market maker making a market in the Common Stock      selected by the Board of Directors of the Company, or, if on any such date      no market marker is making a market in the Common Stock, the fair value of      such shares on such date as determined in good faith by the Board of      Directors of the Company; provided, however, that in the event that (x) a      closing price is included in the determination of current market price for      any day that is prior to (A) the ex-dividend date for a dividend or      distribution on such Common Stock payable in shares of such Common Stock,      securities convertible into shares of such Common Stock (other than the      Rights), evidences of indebtedness, cash (other than a regular quarterly      dividend of the issuer), assets (including dividends payable in      securities, other than the Rights) or subscription rights (other than the      Rights) or warrants or (B) the effective date for any subdivision,      combination or reclassification of such Common Stock, and (y) such      ex-dividend date or effective date occurs within the thirty (30) Trading      Day or ten (10) Trading Day period for the determination of current market      price, then, and in each such case, the closing price on such day shall be      appropriately adjusted. The term "Trading Day" shall mean a day on which      the principal national securities exchange on which the shares of Common      Stock are listed or admitted to trading is open for the transaction of      business or, if the shares of Common Stock are not listed or admitted to      trading on any national securities exchange, any day on which trading      takes place in the over-the-counter market and prices reflecting such      trading are reported by NASDAQ or such other system then in use or, if the      shares of Common Stock are not quoted by any such organization, a Business      Day. If the Common Stock is not publicly held or not so listed or traded,      "current market price" per share shall mean the fair value per share as      determined in good faith by the Board of Directors of the Company, whose      determination shall be described in a statement filed with the Rights      Agent and shall be conclusive for all  purposes. |
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|                                                     (ii) | For      the purpose of any computation hereunder, the "current market price" per      share of Class A Preferred Stock shall be determined in the same manner as      set forth above for the Common Stock in clause (i) of this Section 11(d)      (other than the last sentence thereof). If the current market price per      share of Class A Preferred Stock cannot be determined in the manner      provided above, or if the Class A Preferred Stock is not publicly held or      listed or traded in a manner described in clause (i) of this Section      11(d), the "current market price" per share of Class A Preferred Stock      shall be conclusively deemed to be an amount equal to 1 (as such number      may be appropriately adjusted for such events as stock splits, stock      dividends and recapitalizations with respect to the Common Stock or the      Class A Preferred Stock occurring after the date of this Agreement)      multiplied by the current market price per share of the Common Stock,      provided that if neither the Common Stock nor the Class A Preferred Stock      is publicly held or so listed or traded, "current market price" per share      of the Class A Preferred Stock shall mean the fair value per share as      determined in good faith by the Board of Directors of the Company, whose      determination shall be described in a statement filed with the Rights      Agent and shall be conclusive for allpurposes. |
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|                                                     (iii) | For      the purpose of any computation hereunder, the "current market price" per      share of Junior Preferred Stock shall be determined in the same manner as      set forth above for the Common Stock in clause (i) of this Section 11(d)      (other than the last sentence thereof). If the current market price per      share of Junior Preferred Stock cannot be determined in the manner      provided above or if the Junior Preferred Stock is not publicly held or      listed or traded in a manner described in clause (i) of this Section      11(d), the "current market price" per share of Junior Preferred Stock      shall be conclusively deemed to be an amount equal to 100 (as such number      may be appropriately adjusted for such events as stock splits, stock      dividends and recapitalizations with respect to the Common Stock or the      Junior Preferred Stock occurring after the date of this Agreement)      multiplied by the current market price per share of the Common Stock,      provided that if neither the Common Stock nor the Junior Preferred Stock      is publicly held or so listed or traded, "current market price" per share      of the Junior Preferred Stock is publicly held or so listed or traded,      "current market price" per share of the Junior Preferred Stock shall mean      the fair value per share as determined in good faith by the Board of      Directors of the Company, whose determination shall be described in a      statement filed with the Rights Agent and shall be conclusive for all      purposes. For all purposes of this Agreement, the "current market price"      of one one-hundredth of a share of Junior Preferred Stock shall be equal      to the current market price" of one share of Junior Preferred Stock      divided by 100. |
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|                                             (e) | Anything      herein to the contrary notwithstanding, no adjustment in the Purchase      Price attributable to any Series of Rights shall be required unless such      adjustment would require an increase or decrease of at least one percent      (1%) in such 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 ten-thousandth of a share of Common Stock or Class A Preferred      Stock or other share or one-millionth of a share of Junior Preferred      Stock, as the case may be. Notwithstanding the first sentence of this      Section 11(e), any adjustment required by this Section 11 shall be made no      later than the earlier of (i) three (3) years from the date of the      transaction which mandates such adjustment, or (ii) the Expiration      Date. |
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|                                             (f) | If      as a result of an adjustment made pursuant to Section 11(a)(ii) or Section      13(a) of this Agreement, the holder of any Series A Right thereafter      exercised shall become entitled to receive any shares of capital stock      other than Class A Preferred Stock, thereafter the number of such other      shares so receivable upon exercise of any Series A Right and the Purchase      Price thereof shall be subject to adjustment from time to time in a manner      and on terms as nearly equivalent as practicable to the provisions with      respect to the Class A Preferred Stock contained in Sections 11(a), (b),      (c), (e), (g), (h), (i), (j), (k) and (m) and the provisions of Sections      7, 9, 10, 13 and 14 of this Agreement with respect to the Class A      Preferred Stock shall apply on like terms to any such other shares. If as      a result of an adjustment made pursuant to Section 11(a)(ii) or Section      13(a) of this Agreement,      the holder of any Series B Right thereafter exercised shall become      entitled to receive any shares of capital stock other than Junior      Preferred Stock, thereafter the number of such other shares so receivable      upon exercise of any Series B Right and the Purchase Price thereof shall      be subject to adjustment from time to time in a manner and on terms as      nearly equivalent as practicable to the provisions with respect to the      Junior Preferred Stock contained in Sections 11(a), (b), (c), (e), (g),      (h), (i), (j), (k) and (m), and the provisions of Sections 7, 9, 10, 13      and 14 of this Agreement with respect to the Junior Preferred Stock shall      apply on like terms to any such other  shares. |
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|                                             (g) | All      Series A Rights originally issued by the Company subsequent to any      adjustment made to the Purchase Price for a Series A Right hereunder shall      evidence the right to purchase, at the adjusted Purchase Price, the number      of shares of Class A Preferred Stock purchasable from time to time      hereunder upon exercise of the Series A Rights, all subject to further      adjustment as provided herein. All Series B Rights originally issued by      the Company subsequent to any adjustment made to the Purchase Price for a      Series B Right hereunder shall evidence the right to purchase, at the      adjusted Purchase Price, the number of one one-hundredths of a share of      Junior Preferred Stock purchasable from time to time hereunder upon      exercise of the Series B Rights, all subject to further adjustment as      provided herein. |
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|                                             (h) | Unless      the Company shall have exercised its election as provided in Section      11(i), upon each adjustment of the Purchase Price attributable to the      Series A Rights as a result of the calculations made in Sections 11(b) and      (c), each Series A 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 shares of Class A Preferred Stock      (calculated to the nearest ten-thousandth) obtained by (i) multiplying (x)      the number of shares covered by a Series A Right immediately prior to such      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. Unless the Company shall have exercised its      election as provided in Section 11(i), upon each adjustment of the      Purchase Price attributable to the Series B Rights as a result of the      calculations made in Sections 11(b) and (c), each Series B 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-hundredths of a share of Junior Preferred Stock      (calculated to the nearest one-millionth) obtained by (i) multiplying (x)      the number of one one-hundredths of a share covered by a Series B Right      immediately prior to such 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. |
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|                                             (i) | The      Company may elect on or after the date of any adjustment of the Purchase      Price attributable to the Series A Rights to adjust the number of Series A      Rights, in lieu of any adjustment in the number of shares of Class A      Preferred Stock purchasable upon the exercise of a Series A Right. Each of      the Series A Rights outstanding after the adjustment in the number of      Series A Rights shall be exercisable for the number of shares of Class A      Preferred Stock for which a Series A Right was exercisable immediately      prior to such adjustment. Each Series A Right held of record prior to such      adjustment of the number of Series A Rights shall become that number of      Series A Rights (calculated to the nearest one ten-thousandth) obtained by      dividing the Purchase Price attributable to the Series A Rights in effect      immediately prior to adjustment of such Purchase Price by the Purchase      Price in effect immediately after such adjustment of the Purchase Price.      The Company may elect on or after the date of any adjustment of the      Purchase Price attributable to the Series B Rights to adjust the number of      Series B Rights, in lieu of any adjustment in the number of one      one-hundredths of a share of Junior Preferred Stock purchasable upon the      exercise of a Series B Right. Each of the Series B Rights outstanding      after the adjustment in the number of Series B Rights shall be exercisable      for the number of one one-hundredths of a share of Junior Preferred Stock      for which a Series B Right was exercisable immediately prior to such      adjustment. Each Series B Right held of record prior to such adjustment of      the number of Series B Rights shall become that number of Series B Rights      (calculated to the nearest one ten-thousandth) obtained by dividing the      Purchase Price attributable to the Series B Rights in effect immediately      prior to such adjustment of such Purchase Price by the Purchase Price in      effect immediately after adjustment of the Purchase Price. In each case,      the Company shall make a public announcement of its election to adjust the      number of either Series 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 any Purchase Price is      adjusted or any day thereafter, but, if the Rights Certificates have been      issued, shall be at least ten (10) days later than the date of the public      announcement. If Rights Certificates have been issued, upon each      adjustment of the number of either Series of Rights pursuant to this      Section 11(i), the Company shall, as promptly as practicable, cause to be      distributed to holders of record of Rights Certificates for such Series of      Rights on such record date Rights Certificates evidencing, subject to      Section 14 of this Agreement, the additional Rights to which such holders      shall be entitled as a result of such adjustment, or, at the option of the      Company, shall cause to be distributed to such holders of record in      substitution and replacement for the Rights Certificates held by such      holders prior to the date of adjustment, and upon surrender thereof, if      required by the Company, new Rights Certificates evidencing all the Rights      to which such holders shall be entitled after such adjustment. Rights      Certificates so to be distributed shall be issued, executed and      countersigned in the manner provided for herein (and may bear, at the      option of the Company, the adjusted Purchase Price) and shall be      registered in the names of the holders of record of Rights Certificates on      the record date specified in the public  announcement. |
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|                                             (j) | Irrespective      of any adjustment or change in the Purchase Price or the number of shares      of Class A Preferred Stock or the number of one one-hundredths of a share      of Junior Preferred Stock issuable upon the exercise of Rights, the Rights      Certificates hereof and thereafter issued may continue to express the      Purchase Price per share of Class A Preferred Stock and the number of      shares of Class A Preferred Stock, or the Purchase Price per one      one-hundredth of a share of Junior Preferred Stock and the number of one      one-hundredths of a share of Junior Preferred Stock, which were expressed      in the initial Rights Certificates issued  hereunder. |
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|                                             (k) | Before      taking any action that would cause an adjustment reducing the Purchase      Price below the then stated or par value, if any, of the number of shares      of Class A Preferred Stock or the number of one one-hundredths of a share      of Junior Preferred Stock, issuable upon exercise of a Right, 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 such      number of fully paid and nonassessable shares of Class A Preferred Stock,      or one one-hundredths of a share of Junior Preferred Stock, at such      adjusted Purchase Price. |
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|                                             (l) | In      any case in which this Section 11 shall require that an adjustment in the      Purchase Price for any Series of Rights be made effective as of a record      date for a specified event, the Company may elect to defer until the      occurrence of such event the issuance to the holder of any Right exercised      after such record date the number of shares of Class A Preferred Stock or      the number of one one-hundredths of a share of Junior Preferred Stock      and/or the other capital stock or securities of the Company, if any,      issuable upon exercise of such Series of Rights over and above the number      of shares of Class A Preferred Stock or the number of one one-hundredths      of a share of Junior Preferred Stock and/or the other capital stock 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 (fractional or otherwise) or securities upon the      occurrence of the event requiring such  adjustment. |
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|                                             (m) | Anything      in this Section 11 to the contrary notwithstanding, the Company shall be      entitled to make such reductions in the Purchase Price for any Series of      Rights, in addition to those adjustments expressly required by this      Section 11, as and to the extent that in their good faith judgment the      Board of Directors of the Company shall determine to be advisable in order      that any (i) consolidation or subdivision of the Class A Preferred Stock      or Junior Preferred Stock, (ii) issuance wholly for cash of any shares of      Class A Preferred Stock or Junior Preferred Stock at less than the current      market price, (iii) issuance wholly for cash of shares of Class A      Preferred Stock or Junior Preferred Stock or securities which by their      terms are convertible into or exchangeable for shares of Class A Preferred      Stock or Junior Preferred Stock, (iv) stock dividends or (v) issuance of      rights, options or warrants referred to in this Section 11, hereafter made      by the Company to holders of its Class A Preferred Stock or Junior      Preferred Stock, shall not be taxable to such  stockholders. |
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|                                             (n) | The      Company covenants and agrees that it shall not, at any time after the      Distribution Date, (i) consolidate with any other Person (other than a      Subsidiary of the Company in a transaction which complies with Section      11(o) of this Agreement), (ii) merge with or into any other Person (other      than a Subsidiary of the Company in a transaction which complies with      Section 11(o) of this Agreement), or (iii) sell or transfer (or permit any      Subsidiary to sell or transfer), in one transaction, or a series of      related transactions, assets or earnings power aggregating more than 50%      of the assets or earning power of the Company and its Subsidiaries (taken      as a whole) to any other Person or Persons (other than the Company and/or      any of its Subsidiaries in one or more transactions each of which complies      with Section 11(o) of this Agreement), if (x) at the time of or      immediately after such consolidation, merger or sale there are any rights,      warrants or other instruments or securities outstanding or agreements in      effect which would substantially diminish or otherwise eliminate the      benefits intended to be afforded by the Rights or (y) prior to,      simultaneously with or immediately after such consolidation, merger or      sale, the stockholders of the Person who constitutes, or would constitute,      the "Principal Party" for purposes of Section 13(a) of this Agreement      shall have received a distribution of Rights previously owned by such      Person or any of its Affiliates orAssociates. |
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|                                             (o) | The      Company covenants and agrees that, after the Distribution Date, it will      not, except as permitted by Section 23 or Section 26 of this Agreement,      take (or permit any Subsidiary of the Company to take) any action if at      the time such action is taken it is reasonably foreseeable that such      action will diminish substantially or otherwise eliminate the benefits      intended to be afforded by theRights. |
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|                                             (p) | Anything      in this Agreement to the contrary notwithstanding, in the event that the      Company shall at any time after the Rights Dividend Declaration Date and      prior to the Distribution Date (i) pay a dividend on the outstanding      shares of Class A Preferred Stock payable in shares of Class A Preferred      Stock, (ii) subdivide the outstanding shares of Class A Preferred Stock,      (iii) combine the outstanding shares of Class A Preferred Stock into a      smaller number of shares or (iv) issue any shares by reclassification of      its shares of Class A Preferred Stock, the number of Series A Rights      associated with each share of Class A Preferred Stock then outstanding, or      issued or delivered thereafter but prior to the Distribution Date, shall      be proportionately adjusted so that the number of Series A Rights      thereafter associated with each share of Class A Preferred Stock following      the record or effective date for any such event shall equal the result      obtained by multiplying the number of Series A Rights associated with each      share of Class A Preferred Stock immediately prior to such record date or      effective date by a fraction, the numerator of which shall be the total      number of shares of Class A Preferred Stock outstanding immediately prior      to such record date or effective date and the denominator of which shall      be the total number of shares of Class A Preferred Stock outstanding      immediately following such record date (giving pro forma effect to the      payment of the dividend) or such effective date. Anything in this      Agreement to the contrary notwithstanding, in the event that the company      shall at any time after the Rights Dividend Declaration Date and prior to      the Distribution Date (i) pay a dividend on the outstanding shares of      Common Stock payable in shares of Common Stock, (ii)      subdivide the outstanding shares of Common Stock, (iii) combine the      outstanding shares of Common Stock into a smaller number of shares or (iv)      issue any shares by reclassification of its shares of Common Stock, the      number of Series B Rights associated with each share of Common Stock then      outstanding, or issued or delivered thereafter but prior to the      Distribution Date, shall be proportionately adjusted so that the number of      Series B Rights thereafter associated with each share of Common Stock      following the record or effective date for any such event shall equal the      result obtained by multiplying the number of Series B Rights associated      with each share of Common Stock immediately prior to such record date or      effective date by a fraction, the numerator of which shall be the total      number of shares of Common Stock outstanding immediately prior to such      record date or effective date, and the denominator of which shall be the      total number of shares of Common Stock outstanding immediately following      such record date (giving pro forma effect to the payment of the dividend)      or such effective date. The adjustments provided for in this Section 11(p)      shall be made successively whenever such a dividend is declared or such a      subdivision, combination or reclassification is      effected. |
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|                                             (a) | In      the event that, on or following the Stock Acquisition Date, directly or      indirectly, (x) the Company shall consolidate with, or merge with and      into, any other Person (other than a Subsidiary of the Company in a      transaction which complies with Section 11(o) of this Agreement), and the      Company shall not be the continuing or surviving corporation of such      consolidation or merger, (y) any Person (other than a Subsidiary of the      Company in a transaction which complies with Section 11(o) of this      Agreement) shall consolidate with, or merge with or into, the Company, and      the Company shall be the continuing or surviving corporation or such      consolidation or merger and, in connection with such consolidation or      merger, all or part of the outstanding shares of capital stock of the      Company shall be changed (including, without limitation, any conversion)      into or exchanged for stock or other securities of any other Person (or      the Company) or cash or any other property, or (z) the Company shall      directly or indirectly sell, lease, exchange, mortgage, pledge (other than      pledge in the ordinary course of the Company's financing activities) or      otherwise transfer or dispose of (or one or more of its Subsidiaries shall      sell or otherwise transfer), in one transaction or a series of related      transactions, property or assets or earning power aggregating more than      50% of the property assets or earning power of the Company and its Subsidiaries      (taken as a whole) to any Person or Persons (other than the Company or any      Subsidiary of the Company in one or more transactions each of which      complies with Section 11(o) of this Agreement), then, and in each such      case (except as may be contemplated by Section 13(d) of this Agreement),      proper provision shall be made so that: (i) each holder of a Series A      Right, except as provided in Section 7(e) of this Agreement, shall      thereafter have the right to receive, upon the exercise thereof at the      then current Purchase Price in accordance with the terms of this      Agreement, such number of validly authorized and issued, fully paid,      nonassessable and freely tradeable shares of Class A Preferred Stock of      the Principal Party, not subject to any liens, encumbrances, rights of      first refusal or other adverse claims, as shall be equal to the result      obtained by (1) multiplying the then current Purchase Price by the number      of shares of Class A Preferred Stock for which a Series A Right is      exercisable immediately prior to the first occurrence of a Section 13      Event (or, if a Section 11(a)(ii) Event has occurred prior to the first      occurrence of a Section 13 Event, multiplying the number of shares for      which a Series A Right was exercisable immediately prior to the first      occurrence of a Section 11(a)(ii) Event by the Purchase Price in effect      immediately prior to such first occurrence), and dividing that product      (which, following the first occurrence of a Section 13 Event, shall be      referred to as the "Purchase Price" for each Series A Right for all      purposes of this Agreement) by (2) 50% of the current market price      (determined pursuant to Section 11(d) of this Agreement) per share of the      Class A Preferred Stock of such Principal Party on the date of      consummation of such Section 13 Event; (ii) each holder of a Series B      Right, except as provided in Section 7(e) of this Agreement, shall      thereafter have the right to receive, upon the exercise thereof at the      then current Purchase Price in accordance with the terms of this      Agreement, such number of validly authorized and issued, fully paid,      nonassessable and  freely tradeable shares of Common Stock of      the Principal Party, not subject to any liens, encumbrances, rights of      first refusal or other adverse claims, as shall be equal to the result      obtained by (1) multiplying the then current Purchase Price by the number      of one one-hundredths of a share of Junior Preferred Stock for which a      Series B Right is exercisable immediately prior to the first occurrence of      a Section 13 Event (or, if a Section 11(a)(ii) Event has occurred prior to      the first occurrence of a Section 13 Event, multiplying the number of such      one one-hundredths of a share for which a Series B Right was exercisable      immediately prior to the first occurrence of a Section 11(a)(ii) Event by      the Purchase Price in effect immediately prior to such first occurrence),      and dividing that product by (2) 50% of the current market price      (determined pursuant to Section 11(d) of this Agreement) per share of this      Common Stock of such Principal Party on the date of consummation of such      Section 13 Event; (iii) such Principal Party shall thereafter be liable      for, and shall assume, by virtue of such Section 13 Event, all the      obligations and duties of the Company pursuant to this Agreement; (iv) the      term "Company" shall thereafter be deemed to refer to such Principal      Party, it being specifically intended that the provisions of Section 11 of      this Agreement shall apply only to such Principal Party following the      first occurrence of a Section 13 Event; (v) such Principal Party shall      take such steps (including, but not limited to, the creation and      reservation of an appropriate number of shares of Class A Preferred Stock      and reservation of a sufficient number of shares of its Common Stock) in      connection with the consummation of any such transaction as may be      necessary to assure that the      provisions of this Agreement shall thereafter be applicable, as nearly as      reasonably may be, in relation to its shares of Class A Preferred Stock      and Common Stock thereafter deliverable upon the exercise of the Rights;      and (vi) the provisions of Section 11(a)(ii) of this Agreement shall be of      no effect following the first occurrence of any Section 13      Event. |
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|                                             (b) | The      Company shall not consummate any such consolidation, merger, sale or      transfer (i) unless the Principal Party shall have created and have      available a sufficient number of shares of Class A Preferred Stock, and      shall have available a sufficient number of authorized shares of its      Common Stock, which in each case have not been issued or reserved for      issuance, to permit the exercise in full of the Rights in accordance with      this Section 13, and (ii) unless prior thereto the Company and such      Principal Party shall have executed and delivered to the Rights Agent a      supplemental agreement providing for the terms set forth in paragraphs (a)      and (b) of this Section 13 and further providing that, as soon as      practicable after the date of any consolidation, merger or sale of assets      mentioned in paragraph (a) of this Section 13, the Principal      Party |
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|   |                                     (i) | will      prepare and file a registration statement under the Securities Act, with      respect to the Rights and the securities purchasable upon exercise of the      Rights on an appropriate form, and will use its best efforts to cause such      registration statement to (A) become effective as soon as practicable      after such filing and (B) remain effective (with a prospectus at all times      meeting the requirements of the Securities Act) until the Expiration Date;      and |
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|                                                     (ii) | will      deliver to holders of the Rights historical financial statements for the      Principal Party and each of its Affiliates which comply in all respects      with the requirements for registration on Form 10 under the Exchange      Act. |
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|   | The      provisions of this Section 13 shall similarly apply to successive mergers      or consolidations or sales or other transfers. In the event that a Section      13 Event shall occur at any time after the occurrence of a Section      11(a)(ii) Event, the Rights which have not hereof been exercised shall      thereafter become exercisable in the manner described in Section      13(a). |
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|                                             (c) | Notwithstanding      anything in this Agreement to the contrary, Section 13 shall not be      applicable to a transaction described in Section 13(a) if (i) such      transaction is consummated with a Person or Persons who acquired shares of      Stock pursuant to (A) a tender offer or exchange offer for all outstanding      shares of Stock which complies with the provisions of Section      11(a)(ii)(B)(y) of this Agreement or (B) a tender offer for all      outstanding shares of Stock which complies with the provisions of Section      11(a)(ii)(B)(z) of this Agreement (or, in each case, a wholly owned      Subsidiary of any such Person or Persons), (ii) the price per share of      each class of Stock offered in such transaction is not less than the price      per share paid to all holders of shares of such class of Stock whose      shares were purchased pursuant to such tender offer or exchange offer and      (iii) the form of consideration being offered to the remaining holders of      shares of each class of Stock pursuant to such transaction is the same as      the form of consideration paid      to the holders of such class of Stock pursuant to such tender offer or      exchange offer. Upon consummation of any such transaction contemplated by      this Section 13(d), all Rights hereunder shall    expire. |
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|                                             (a) | The      Company shall not be required to issue fractional rights, except prior to      the Distribution Date, or to distribute Rights Certificates which evidence      fractional Rights. In lieu of such fractional Rights, the Company may at      its option pay to the registered holders of the Rights Certificates with      regard to which such fractional Rights would otherwise be issuable, an      amount in cash equal to the same fraction of the current market value of a      whole Right. For purposes of this Section 14(a), the current market value      of a whole Right of either Series shall be the closing price of the      appropriate Series of Rights for the Trading Day immediately prior to the      date on which such fractional Rights would have been otherwise issuable.      The closing price of either Series of Rights for any day shall be the last      sale price, regular way, or, in case no such sale takes place on such day,      the average of the closing bid and asked prices, regular way, in either      case as reported in the principal consolidated transaction reporting      system with respect to securities listed on the principal national      securities exchange on which such Rights are listed or admitted to      trading, or if such Rights are not listed or admitted to trading on any      United States national securities exchange, the last quoted sale 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; if on any such date such 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 such Rights selected by      the Board of Directors of the Company; if on any such date no such market      maker is making a market in such Rights, the fair value of such Rights on      such date as determined in good faith by the Board of Directors of the      Company. |
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|                                             (b) | The      Company shall not be required to issue fractions of shares of Class A      Preferred Stock or fractional shares of Junior Preferred Stock (other than      fractions which are integral multiples of one one-hundredth of a share of      Junior Preferred Stock) upon exercise of the Rights or to distribute      certificates which evidence fractional shares of Class A Preferred Stock      or fractional shares of Junior Preferred Stock (other than fractions which      are integral multiples of one one-hundredth of a share of Junior Preferred      Stock). In lieu of fractional shares of Class A Preferred Stock or      fractional shares of Junior Preferred Stock that are not integral      multiples of one one-hundredth of a share of Junior Preferred Stock, the      Company may pay to the registered holders of Rights Certificates at the      time such Rights are exercised as herein provided an amount in cash equal      to the same fraction of the current market value a share of Class A      Preferred Stock or of one one-hundredth of a share of Junior Preferred      Stock, as the case may be. For purposes of this Section 14(b), the current      market value of a share of Class A Preferred Stock shall be the closing      price of a share of Class A Preferred Stock (as determined pursuant to      Section 11(d) of this Agreement) for the Trading Day immediately prior to      the date of such exercise, and the current market value of one      one-hundredth of a share of Junior Preferred Stock shall be one      one-hundredth of the closing price of a share of Junior Preferred Stock      (as determined      pursuant to Section 11(d) of this Agreement) for the Trading Day      immediately prior to the date of such  exercise. |
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|                                             (c) | Following      the occurrence of a Triggering Event, the Company shall not be required to      issue fractions of shares of Class A Preferred Stock or Common Stock upon      exercise of the Rights or to distribute certificates which evidence      fractional shares of Class A Preferred Stock or Common Stock. In lieu of      fractional shares of Class A Preferred Stock or Common Stock, the Company      may pay to the registered holders of Rights Certificates at the time such      Rights are exercised as herein provided an amount in cash equal to the      same fraction of the current market value of one (1) share of Class A      Preferred Stock or Common Stock. For purposes of this Section 14(c), the      current market value of one share of Class A Preferred Stock or Common      Stock shall be the closing price of one share of Class A Preferred Stock      or Common Stock (as determined pursuant to Section 11(d) of this      Agreement) for the Trading Day immediately prior to the date of such      exercise. |
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|                                             (d) | The      holder of a Right, by the acceptance of the Rights, expressly waives his      right to receive any fractional Rights or any fractional shares upon      exercise of a Right, except as permitted by this Section    14. |
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|                                             (a) | prior      to the Distribution Date, the Rights will be transferable only in      connection with the transfer ofStock; |
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|                                             (b) | after      the Distribution Date, the Rights Certificates will only be transferable      on the registry books of the Rights Agent if surrendered at the principal      office or offices of the Rights Agent designated for such purposes, duly      endorsed or accompanied by a proper instrument of transfer and with the      appropriate forms and certificates fully  executed; |
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|                                             (c) | subject      to Section 6(a) and Section 7(f) of this Agreement, the Company and the      Rights Agent may deem and treat the Person in whose name a Rights      Certificate (or, prior to the Distribution Date, the associated Stock      certificate) is registered as the absolute owner thereof and of the Rights      evidenced thereby (notwithstanding any notations of ownership or writing      on the Rights Certificates or the associated Stock certificate made by      anyone other than the Company or the Rights Agent) for all purposes      whatsoever, and neither the Company nor the Rights Agent, subject to the      last sentence of Section 7(e) of this Agreement, shall be required to be      affected by any notice to thecontrary; |
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|                                             (d) | notwithstanding      anything in this Agreement to the contrary, neither the Company nor the      Rights Agent shall have any liability to any holder of a Right or other      Person as a result of its inability to perform any of its obligations      under this Agreement by reason of any preliminary or permanent injunction      or other order, decree or ruling issued by a court of competent      jurisdiction or by a governmental, regulatory or administrative agency or      commission, or any statute, rule, regulation or executive order      promulgated or enacted by any governmental authority, prohibiting or      otherwise restraining performance of such obligation; provided, however,      that the Company must use its best efforts to have any such order, decree      or ruling lifted or otherwise overturned as soon as possible;      and |
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|                                             (e) | notwithstanding      anything in this Agreement to the contrary, to the extent (i) any Excepted      Person or member of an Excepted Group shall be the holder of a Series A      Right, (ii) a Triggering Event shall have occurred and such Series A Right      shall have become exercisable hereunder for Class A Preferred Stock or      Class A Preferred Equivalents, and (iii) a majority of the members of the      Board of Directors who are not officers or employees of the Company or any      of its Subsidiaries and who are not representatives, nominees, Affiliates      or Associates of an Acquiring Person shall have determined, after      consultation with legal counsel, that the exercise of such Series A Right      for Class A Preferred Stock would violate Rule 19c-4 of the General Rules      and Regulations under the Exchange Act, such Excepted Person or member of      an Excepted Group shall, immediately upon exercise of such Series A Right,      promptly convert the Class A Preferred Stock or Class A Preferred      Equivalents issued to him upon such exercise to Common Stock in accordance      with the terms of such Class A Preferred Stock or Class A Preferred      Equivalents; provided, however, that no Excepted Person or member of an      Excepted Group shall be required hereunder to so convert any Class A      Preferred Stock or Class A Preferred Equivalent to the extent that (x) the      percentage of the total voting power of all outstanding voting securities      of the Company represented by the securities of the Company beneficially      owned by such Excepted Person or member of an Excepted Group (after giving      effect to such conversion) would be less than (y) the percentage of the      total voting power of all voting securities of the Company outstanding as      of immediately prior to such Triggering Event represented by the      securities of the Company beneficially owned by such Excepted Person or      member of an Excepted Group as of immediately prior to such Triggering      Event. |
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|                                             (a) | The      Company agrees to pay to the Rights Agent reasonable compensation for all      services rendered by it hereunder and, from time to time, on demand of the      Rights Agent, its reasonable expenses and counsel fees and disbursements      and other disbursements incurred in the administration and execution of      this Agreement and the exercise and performance of its duties      hereunder. |
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|                                             (b) | The      Company also agrees to indemnify the Rights Agent for, and to hold it      harmless against, any loss, liability, or expense, incurred without      negligence, bad faith or willful misconduct or breach of this Agreement on      the part of the Rights Agent, for anything done or omitted by the Rights      Agent in connection with the acceptance and administration of this      Agreement, including the costs and expenses of defending against any claim      of liability in the premises. The Rights Agent agrees to notify the      Company of the written assertion of any claim against the Rights Agent or      of any action commenced against the Rights Agent, with respect to which      the Rights Agent intends to seek indemnity under this Section 18(b),      promptly after the Rights Agent shall have received such written assertion      of a claim or shall have been served with the summons or other first legal      process giving information as to the nature and basis of the claim. The      Company will be entitled to participate at its own expense in the defense,      and, if the Company so elects at any time after receipt of such notice,      the Company may assume the defense, of any suit brought to enforce any      such claim. In the event that the Company assumes the defense of any such      suit, the Company will not be liable for any counsel fees and expenses      thereafter incurred by the Rights Agent. The Company will not be liable      for any settlement of any such claim or action effected without its      written consent. This indemnification shall survive the termination of      this Agreement. |
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|                                             (c) | The      Rights Agent shall be protected and shall incur no liability for or in      respect of any action taken, suffered or omitted by it in connection with      its administration of this Agreement in reliance upon any Rights      Certificate or certificate for Stock 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 reasonably 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 Section20. |
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|                                             (a) | Any      corporation into which the Rights Agent or any successor Rights Agent may      be merged or with which it may be consolidated, or any corporation      resulting from any merger or consolidation to which the Rights Agent or      any successor Rights Agent shall be a party, or any corporation succeeding      to the corporate trust or stock transfer 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 document or      any further act on the part of any of the parties hereto; provided,      however, that such corporation would be eligible for appointment as a      successor Rights Agent under the provisions of Section 21 of this      Agreement. In case at the time such successor Rights Agent shall succeed      to the agency created by this Agreement, any of the Rights Certificates      shall have been countersigned but not delivered, any such successor Rights      Agent may adopt the countersignature of a predecessor Rights Agent and      deliver such Rights Certificates so countersigned; and in case at that      time any of the Rights Certificates shall not have been countersigned, any      successor Rights Agent may countersign such Rights Certificates either in      the name of the predecessor or in the name of the successor Rights Agent;      and in all such cases such Rights Certificates shall have the full force      provided in the Rights Certificates and in this  Agreement. |
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|                                             (b) | In      case at any time the name of the Rights Agent shall be changed and at such      time any of the Rights Certificates shall have been countersigned but not      delivered, the Rights Agent may adopt the countersignature under its prior      name and deliver Rights Certificates so countersigned; and in case at that      time any of the Rights Certificates shall not have been countersigned, the      Rights Agent may countersign such Rights Certificates either in its prior      name or in its changed name; and in all such cases such Rights      Certificates shall have the full force provided in the Rights Certificates      and in this Agreement. |
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|                                             (a) | The      Rights Agent may consult with legal counsel (who may be legal counsel for      the Company), and the opinion of such counsel shall be full and complete      authorization and protection to the Rights Agent as to any action taken or      omitted by it in good faith and in accordance with such      opinion. |
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|                                             (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 any Acquiring Person (or any Affiliate      or associate of an Acquiring Person) and the determination of "current      market price") be proved or established by the Company prior to taking or      suffering any action hereunder, such fact or matter (unless other evidence      in respect thereof be specifically prescribed in this Agreement) may be      deemed to be conclusively proved and established by a certificate signed      by the Chairman, any Vice Chairman, the President, any Vice President      thereunto duly authorized, the Treasurer, any Assistant Treasurer, the      Secretary or any Assistant Secretary of the Company and delivered to the      Rights Agent; and such certificate shall be full authorization to the      Rights Agent for any action taken or omitted by it in good faith under the      provisions of this Agreement in reliance upon such      certificate. |
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|                                        (c) | The      Rights Agent shall be liable hereunder only for its own negligence, bad      faith or willful misconduct or breach of this Agreement by it or its      attorneys or agents. |
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|                                             (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 Rights      Certificates or be required to verify the same (except as to its      countersignature on such Rights Certificates), but all such statements and      recitals are and shall be deemed to have been made by the Company      only. |
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|                                             (e) | The      Rights Agent shall not be under any responsibility in respect of the      validity of this Agreement or the execution and delivery of this Agreement      (except the due execution and delivery f this Agreement by the Rights      Agent) or in respect of the validity or execution of any Rights      Certificate (except its countersignature thereof); nor shall it be      responsible for any breach by the Company of any covenant or condition      contained in this Agreement or in any Rights Certificate; nor shall it be      responsible for any adjustment required under the provisions of Section 11      or Section 13 of this Agreement or responsible for the manner, method or      amount of any such adjustment or the ascertaining of the existence of      facts that would require any such adjustment (except with respect to the      exercise of Rights evidenced by Rights Certificates after actual notice of      any such adjustment); nor shall it by any act hereunder be deemed to make      any representation or warranty as to the authorization or reservation of      any shares of Class A Preferred Stock, Common Stock or Junior Preferred      Stock to be issued pursuant to this Agreement or any Rights Certificate or      as to whether any shares of Class A Preferred Stock, Common Stock or      Junior Preferred Stock will, when so issued, be validly authorized and      issued, fully paid andnonassessable. |
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|                                             (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 its duties and obligations under this      Agreement. |
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|                                             (g) | The      Rights Agent is hereby authorized and directed to accept instructions with      respect to the performance of its duties hereunder from the Chairman, any      Vice Chairman, the President, any Vice President thereunto duly      authorized, the Secretary, any Assistant Secretary, the Treasurer or any      Assistant Treasurer of the Company, and to apply to such officers for      advice or instructions in connection with its duties, and it shall not be      liable for any action taken or omitted to be taken by it in good faith in      accordance with instructions of any such  officer. |
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|                                             (h) | The      Rights Agent and any stockholder, 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 serving as such under this Agreement. Nothing in      this Agreement shall preclude the Rights Agent from acting in any other      capacity for the Company or for any other legal  entity. |
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|                                             (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 or by or through      its attorneys or agents, and the Rights Agent shall not be answerable or      accountable for any act, default, neglect or misconduct of any such      attorneys or agents or for any loss to the Company resulting from any such      act, default, neglect or misconduct; provided, however, reasonable care      was exercised in the selection and continued employment of such attorneys      or agents. |
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|                                             (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 hereunder if there shall be reasonable grounds for believing that      repayment of such funds or adequate indemnification against such risk or      liability is not reasonably assured to the Rights  Agent. |
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|                                             (k) | If,      with respect to any Rights Certificate surrendered to the Rights Agent for      exercise or transfer, the certificate attached to the form of assignment      or form of election to purchase, as the case may be, has either not been      completed or indicates an affirmative response to clause 1 and/or 2      thereof, the Rights Agent shall not take any further action with respect      to such requested exercise or transfer without first consulting with the      Company. |
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|                                             (a) | The      Board of Directors of the Company may, at its option, at any time prior to      the earlier of (i) the Close of Business on the tenth day following the      Stock Acquisition Date (or, if the Stock Acquisition Date shall have      occurred prior to the Record Date, the Close of Business on the tenth day      following the Record Date), or (ii) the Expiration Date, redeem all but      not less than all the then outstanding Rights at a redemption price of      $.01 per Right, as such amount may be appropriately adjusted to reflect      any stock split, stock dividend or similar transaction occurring after the      date of this Agreement (such redemption price being hereinafter referred      to as the "Redemption Price"). Notwithstanding anything contained in this      Agreement to the contrary, the Rights shall not be exercisable after the      first occurrence of a Section 11(a)(ii) Event until such time as the      Company's right of redemption hereunder has expired. The Company may, at      its option, pay the Redemption Price in cash, fractional shares, shares of      a Class A Preferred Stock (in the case of Series A Rights), Common Stock      (in the case of Series B Rights) (in each case based on the "current      market price," as defined in Section 11(d) of this Agreement, of such      shares at the time of redemption) or any other form of consideration      deemed appropriate by the Board ofDirectors. |
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|                                             (b) | Immediately      upon the action of the Board of Directors of the Company ordering the      redemption of the Rights, evidence of which shall have been filed with the      Rights Agent, and without any further action and without any notice, the      right to exercise the Rights will terminate and the only right thereafter      of the holders of Rights shall be to receive the Redemption Price for each      Right so held. Promptly after the action of the Board of Directors      ordering the redemption of the Rights, the Company shall give notice of      such redemption to the Rights Agent and the holders of the then      outstanding Rights by mailing such notice to all such holders at each      holder's last address as it appears upon the registry books of the Rights      Agent or, prior to the Distribution Date, on the registry books of the      transfer agent for the Stock. 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 redemption will state the method by which      the payment of the Redemption Price will be made. In any case, failure to      give such notice by mail, or any defect in the notice, to any particular      holder of Rights shall not affect the sufficiency of the notice to other      holders of Rights. In the case of a redemption permitted under this      Section 23, the Company may, at its option, discharge all of its      obligations with respect to the Rights by (i) issuing a press release      announcing the manner of redemption of the Rights and (ii) mailing payment      of the Redemption Price to the registered holders of the Rights at their      last addresses as they appear on the registry books of the Rights Agent      or, prior to the issuance of the Rights Certificates, on the registry      books of the transfer agent for the Common Stock, and upon such action,      all outstanding Rights Certificates shall be null and void without any      further action by the Company. 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 as specifically set forth in      this Section 23 and other than in connection with the purchase of shares      of Common Stock prior to the earlier of the Distribution Date and the      Expiration Date. |
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|                                             (a) | In      case the Company shall propose, at any time after the Distribution Date,      (i) to pay any dividend payable in stock of any class to the holders of      Class A Preferred Stock or Junior Preferred Stock or to make any other      distribution to the holders of Class A Preferred Stock or Junior Preferred      Stock (other than a regular quarterly cash dividend out of earnings or      retained earnings of the Company), or (ii) to offer to the holders of      Class A Preferred Stock or Junior Preferred Stock rights or warrants to      subscribe for or to purchase any additional shares of Class A Preferred      Stock or Junior Preferred Stock or shares of stock of any class or any      other securities, rights or options, or (iii) to effect any      reclassification of its Class A Preferred Stock or Junior Preferred Stock      (other than a reclassification involving only the subdivision of      outstanding shares of Class A Preferred Stock or Junior Preferred Stock),      or (iv) to effect any consolidation or merger into or with any other      Person (other than a Subsidiary of the Company in a transaction which      complies with Section 11(o) of this Agreement), or to effect any sale,      lease, exchange or other transfer or disposition (or to permit one or more      of its Subsidiaries to effect any sale, lease, exchange or other transfer      or disposition), in one transaction or a series of related transactions,      of more than 50% of the assets or earning power of the Company and its      Subsidiaries (taken as a whole) to any other Person or Persons (other than      the Company and/or any of its Subsidiaries in one or more transactions      each of which complies with Section 11(o) of this Agreement), or (v) to      effect the liquidation, dissolution or winding up of the Company, then, in      each such case, the Company shall give to each holder of a Rights      Certificate, to the extent feasible and in accordance with Section 25 of      this Agreement, a notice of such proposed action, which shall specify the      record date for the purposes of such stock dividend, distribution of      rights or warrants, or the date on which such reclassification,      consolidation, merger, sale, lease, exchange, transfer, disposition,      liquidation, dissolution or winding up is to take place and the date of      participation therein by the holders of the shares of Class A Preferred      Stock or Junior Preferred Stock, if any such date is to be fixed, and such      notice shall be so given in the case of any action covered by clause (i)      or (ii) above at least twenty (20) days prior to the record date for      determining holders of the shares of Class A Preferred Stock or Junior      Preferred Stock for purposes of such action, and in the case of any such      other action, at least twenty  (20) days prior to the date of      participation therein by the holders of the shares of Class A Preferred      Stock or Junior Preferred Stock, whichever shall be the      earlier; |
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|                                             (b) | In      case any of the events set forth in Section 11(a)(ii) or Section 13(a) of      this Agreement shall occur, then, in any such case, (i) the Company shall      as soon as practicable thereafter give to each holder of a Rights      Certificate, to the extent feasible and in accordance with Section 23 of      this Agreement, a notice of the occurrence of such event, which shall      specify the event and the consequences of the event to holders of Rights      under Section 11(a)(ii) or Section 13 of this Agreement, and (ii) all      references in the preceding paragraph to Junior Preferred Stock shall be      deemed thereafter to refer to Common Stock and/or, if appropriate, other      securities. |
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|   | Subject      to the provisions of Section 21, any notice or demand authorized by this      Agreement to be given or made by the Company or by the holder of any      Rights Certificate to or on the Rights Agent shall be sufficiently given      or made if sent by first-class mail, postage prepaid, addressed (until      another address is filed in writing with the Company) as follows or      delivered in person to the followingaddress: |
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|   | Notices      or demands authorized by this Agreement to be given or made by the Company      or the Rights Agent to the holder of any Rights Certificate or, if prior      to the Distribution Date, to the holder of certificates representing      shares of Stock) shall be sufficiently given or made if sent by      first-class mail, postage prepaid, addressed to such holder at the address      of such holder as shown on the registry books of the Company or delivered      in person to such address. |
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|                                             (a) | Subject      to paragraph (c) of this Section 29, the Board of Directors of the Company      may, at its option, at any time after any Person becomes an Acquiring      Person, exchange all but not less than all the then outstanding and      exercisable Rights (which shall not include Rights that have become void      pursuant to the provisions of Section 7(e) of this Agreement) for (i) in      the case of Series A Rights, for Class A Preferred Stock at an exchange      ratio of one share of Class A Preferred Stock per Series A Right, and (ii)      in the case of Series B Rights, for Common Stock at an exchange ratio of      one share of Common Stock per Series B Right, in each case as      appropriately adjusted to reflect any stock splits, stock dividends or      similar transactions occurring after the date of this Agreement (such      exchange being hereinafter referred to as the "Exchange" and such exchange      ratios being hereinafter referred to as the "Exchange      Ratios"). |
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|                                             (b) | Immediately      upon the action of the Board of Directors of the Company authorizing the      Exchange and without any further action and without any notice, the right      to exercise the Rights will terminate and the only right thereafter of the      holders of Rights included in the Exchange shall be to receive that number      of shares of Class A Preferred Stock or Common Stock, as the case may be,      equal to the number of Rights held by such holder multiplied by the      appropriate Exchange Ratio. The Company shall promptly give public notice      of the Exchange; provided, however, that the failure to give notice or any      defect in such notice shall not affect the validity of the Exchange.      Within 10 days after such action of the Board of Directors ordering the      Exchange, the Company shall mail a notice to the Rights Agent and 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 will beeffected. |
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|                                             (c) | In      the event that the number of shares of Class A Preferred Stock or shares      of Common Stock which are authorized by the Company's Restated Certificate      of Incorporation but not outstanding or reserved for issuance for purposes      other than upon exercise of the Rights are not sufficient to permit the      Exchange, or if the Board of Directors of the Company so elects in its      discretion, the Exchange Ratio as to the Series A Rights shall instead      equal one Class A Preferred Equivalent per Series A Right, and/or the      Exchange Ratio as to the Series B Rights shall instead equal one Common      Stock Equivalent per Series BRights. |
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|                                             (d) | The      Company shall not be required to issue fractions of shares of Class A      Preferred Stock or fractions of shares of Common Stock or to distribute      certificates which evidence such fractional shares. In lieu of such      fractional shares, there may be paid to the registered holders of the      Rights Certificates with regard to which such fractional shares would      otherwise be issuable, an amount in cash equal to the same fraction of the      current market value of one share of Class A Preferred Stock or one share      of Common Stock, as the case may be. For the purposes of this paragraph      (d), the current market value of one share of Class A Preferred Stock      shall be the closing price of a share of Class A Preferred Stock (as      determined pursuant to Section 11(d) of this Agreement) for the Trading      Day immediately prior to the Exchange Date, and the current market value      of the share of Common Stock shall be the closing price of a share of      Common Stock (as determined pursuant to Section 11(d) of this Agreement)      for the Trading Day immediately prior to the Exchange  Date. |
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|   | MAXXAM      INC.:                                |
|--------|--------------------------------------------------|
|   |                                             |
|   | By:                                              | /s/      Bernard L. Birkel |
|   | Name:                                            | Bernard      L. Birkel |
|   | Title:                                           | Secretary |
|   |                                             |   |
|   | American      Stock Transfer & Trust Company |
|   | as      Rights Agent                             |
|   |                                             |   |
|   | By:                                              | /s/      Herbert J. Lemmer |
|   | Name:                                            | Herbert      J. Lemmer |
|   | Title:                                           | Vice      President |

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