Document:

EX-4.1

 

Exhibit 4.1

RIGHTS AGREEMENT

WHEELING-PITTSBURGH CORPORATION

AND

EQUISERVE TRUST COMPANY, N.A.

AS RIGHTS AGENT

DATED AS OF FEBRUARY 14, 2005

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	Section 1.
	 	Certain Definitions	 	 	1	 
	 
	 	 	 	 	 	 
	Section 2.
	 	Appointment of Rights Agent	 	 	5	 
	 
	 	 	 	 	 	 
	Section 3.
	 	Issuance of Right Certificates	 	 	6	 
	 
	 	 	 	 	 	 
	Section 4.
	 	Form of Right Certificates	 	 	8	 
	 
	 	 	 	 	 	 
	Section 5.
	 	Execution, Countersignature and Registration	 	 	8	 
	 
	 	 	 	 	 	 
	Section 6.
	 	Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates	 	 	8	 
	 
	 	 	 	 	 	 
	Section 7.
	 	Exercise of Rights, Purchase Price; Expiration Date of Rights	 	 	9	 
	 
	 	 	 	 	 	 
	Section 8.
	 	Cancellation and Destruction of Right Certificates	 	 	11	 
	 
	 	 	 	 	 	 
	Section 9.
	 	Reservation and Availability of Shares of Preferred Stock	 	 	11	 
	 
	 	 	 	 	 	 
	Section 10.
	 	Preferred Stock Record Date	 	 	12	 
	 
	 	 	 	 	 	 
	Section 11.
	 	Number of Rights; Adjustment of Purchase Price; and Number and Kind of Shares	 	 	12	 
	 
	 	 	 	 	 	 
	Section 12.
	 	Certificate of Adjusted Purchase Price or Number of Shares	 	 	19	 
	 
	 	 	 	 	 	 
	Section 13.
	 	Consolidation, Merger or Sale or Transfer of Assets	 	 	20	 
	 
	 	 	 	 	 	 
	Section 14.
	 	Fractional Rights and Fractional Shares	 	 	23	 
	 
	 	 	 	 	 	 
	Section 15.
	 	Rights of Action	 	 	24	 
	 
	 	 	 	 	 	 
	Section 16.
	 	Agreement of Right Holders	 	 	25	 
	 
	 	 	 	 	 	 
	Section 17.
	 	Right Certificate Holder Not Deemed a Stockholder	 	 	25	 
	 
	 	 	 	 	 	 
	Section 18.
	 	Concerning the Rights Agent	 	 	26	 
	 
	 	 	 	 	 	 
	Section 19.
	 	Merger, Consolidation or Change of Name of Rights Agent	 	 	26	 
	 
	 	 	 	 	 	 
	Section 20.
	 	Duties of Rights Agent	 	 	27	 
	 
	 	 	 	 	 	 
	Section 21.
	 	Change of Rights Agent	 	 	28	 
	 
	 	 	 	 	 	 
	Section 22.
	 	Issuance of New Right Certificates	 	 	29	 
	 
	 	 	 	 	 	 
	Section 23.
	 	Redemption	 	 	30	 
	 
	 	 	 	 	 	 
	Section 24.
	 	Exchange	 	 	30	 
	 
	 	 	 	 	 	 
	Section 25.
	 	Notice of Certain Events	 	 	31	 
	 
	 	 	 	 	 	 
	Section 26.
	 	Notices	 	 	32	 
	 
	 	 	 	 	 	 
	Section 27.
	 	Supplements and Amendments	 	 	32	 
	 
	 	 	 	 	 	 
	Section 28.
	 	Successors	 	 	33	 
	 
	 	 	 	 	 	 
	Section 29.
	 	Benefits of this Rights Agreement	 	 	33	 
	 
	 	 	 	 	 	 
	Section 30.
	 	Determinations and Actions by the Board of Directors	 	 	33	 

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	 	 	 	 	Page	 
	Section 31.
	 	Severability	 	 	34	 
	 
	 	 	 	 	 	 
	Section 32.
	 	Governing Law	 	 	34	 
	 
	 	 	 	 	 	 
	Section 33.
	 	Counterparts	 	 	34	 
	 
	 	 	 	 	 	 
	Section 34.
	 	Descriptive Headings	 	 	34	 

	 	 	 	 	 	 	 
	EXHIBITS:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit A
	 	-	 	Form of Certificate of Designations
	Exhibit B
	 	-	 	Form of Right Certificate
	Exhibit C
	 	-	 	Form of Summary of Rights to Purchase Shares of Preferred Stock
	 
	 	 	 	 	 	 
	Annex I
	 	-	 	Rights Agent Compensation

ii

 

INDEX OF DEFINED TERMS

	 	 	 	 	 
	 	 	Page
	Acquiring Person

	 	 	1	 
	Affiliate

	 	 	2	 
	Associate

	 	 	2	 
	Authorized Officer

	 	 	25	 
	Beneficial Owner

	 	 	2	 
	Beneficial Ownership

	 	 	2	 
	beneficially own

	 	 	2	 
	Board of Directors

	 	 	1	 
	Business Day

	 	 	3	 
	close of business

	 	 	3	 
	Code

	 	 	2	 
	Common Stock

	 	 	3	 
	Common Stock equivalents

	 	 	12	 
	Company

	 	 	1	 
	Current Value

	 	 	12	 
	Distribution Date

	 	 	5	 
	entire Board of Directors

	 	 	3	 
	equivalent preferred shares

	 	 	13	 
	Exchange Act

	 	 	2	 
	Exchange Ratio

	 	 	28	 
	Exempted Entity

	 	 	3	 
	Expiration Date

	 	 	8	 
	Final Expiration Date

	 	 	3	 
	invalidation time

	 	 	11	 
	Nasdaq

	 	 	3	 
	NYSE

	 	 	4	 
	Original Rights

	 	 	2	 
	Permitted Transaction

	 	 	4	 
	Person

	 	 	4	 
	Preferred Stock

	 	 	4	 
	Principal Party

	 	 	19	 
	Purchase Price

	 	 	8	 
	Record Date

	 	 	1	 
	Redemption Date

	 	 	8	 
	Redemption Price

	 	 	28	 
	Right

	 	 	1	 
	Right Certificate

	 	 	5	 
	Rights Agent

	 	 	1	 
	Rights Agreement

	 	 	1	 
	Section 11(a)(ii) Trigger Date

	 	 	12	 
	Securities Act

	 	 	4	 
	Security

	 	 	14	 

iii

 

	 	 	 	 	 
	 	 	Page
	Spread

	 	 	12	 
	Stock Acquisition Date

	 	 	4	 
	Subsidiary

	 	 	4	 
	Substitution Period

	 	 	13	 
	Summary of Rights

	 	 	5	 
	then-outstanding

	 	 	2	 
	Trading Day

	 	 	15	 

iv

 

RIGHTS AGREEMENT

     RIGHTS AGREEMENT, dated as of February 14, 2005 (as amended, supplemented or otherwise
modified from time to time, the “Rights Agreement”), between Wheeling-Pittsburgh Corporation, a
Delaware corporation (the “Company”), and Equiserve Trust Company, N.A., as rights agent (the
“Rights Agent”).

W I T N E S S E T H:

     WHEREAS, the Board of Directors of the Company (the “Board of Directors”) has on February 14,
2005 authorized and declared a dividend of one preferred share purchase right (a “Right”) for each
share of Common Stock (as defined below) of the Company outstanding as of the close of business (as
defined below) on March 2, 2005 (the “Record Date”), each Right representing the right to purchase
one one-thousandth (1/1,000th) (subject to adjustment) of a share of Preferred Stock (as
defined below) upon the terms and subject to the conditions herein set forth, and the Board of
Directors has further authorized and directed the issuance of one Right (subject to adjustment as
provided herein) with respect to each share of Common Stock that shall become outstanding between
the Record Date and the earlier of the Distribution Date and the Expiration Date (as such terms are
hereinafter defined); provided, however, that Rights may also be issued with
respect to shares of Common Stock that shall become outstanding after the Distribution Date and
prior to the Expiration Date (as defined below) in accordance with Section 22.

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

     Section 1. Certain Definitions. For purposes of this Rights Agreement, the following
terms have the meaning indicated:

     (a) “Acquiring Person” shall mean any Person (as defined below) that shall be the Beneficial
Owner (as defined below) of 4.99% or more of the shares of Common Stock then-outstanding, but shall
not include an Exempted Entity (as defined below); provided, however, that if the
Board of Directors determines in good faith that a Person that would otherwise be an “Acquiring
Person” has become such inadvertently (including because such Person was actually unaware that it
beneficially owned a percentage of Common Stock that would otherwise cause such Person to be an
“Acquiring Person”) without any intention of changing or influencing the management or control of
the Company, then such Person shall not be deemed to be or to have become an “Acquiring Person” for
any purposes of this Rights Agreement, unless and until such Person shall have failed to divest
itself, as soon as practicable, if the Company so requests, of Beneficial Ownership of a sufficient
number of shares of Common Stock so that such Person would no longer otherwise be an “Acquiring
Person”. Notwithstanding the foregoing, (i) no Person shall be deemed an “Acquiring Person” as the
result of (x) a Permitted Transaction or (y) an acquisition of shares of Common Stock by the
Company that, by reducing the number of shares outstanding, increases the proportionate number of
shares beneficially owned by such Person to 4.99% or more of the shares of Common Stock
then-outstanding; provided, however, that if a Person shall become the Beneficial
Owner of 4.99% or more of the shares of Common

1

 

Stock then-outstanding because of such share acquisitions by the Company and thereafter
becomes the Beneficial Owner of any additional shares of Common Stock (other than pursuant to a
Permitted Transaction or a dividend or distribution paid or made by the Company on the outstanding
Common Stock or pursuant to a split or subdivision of the outstanding Common Stock), then such
Person shall be deemed to be an “Acquiring Person,” subject to the proviso set forth in the first
sentence of this Section 1(a), unless upon the consummation of the acquisition of such additional
shares of Common Stock such Person does not beneficially own 4.99% or more of the shares of Common
Stock then-outstanding; and (ii) any Person who would otherwise qualify as an Acquiring Person as
of the close of business on the effective date of this Rights Agreement pursuant to the foregoing
provisions of this paragraph (a) shall not be deemed to be an Acquiring Person for any purpose of
this Rights Agreement on and after such date unless and until such Person, together with all
Affiliates and Associates of such Person, becomes the Beneficial Owner of any additional shares of
Common Stock (other than pursuant to a Permitted Transaction or a dividend or distribution paid or
made by the Company on the outstanding Common Stock or pursuant to a split or subdivision of the
outstanding Common Stock), provided that the exclusion under this subparagraph (ii) shall cease to
apply with respect to any Person at such time as such Person, together with all Affiliates and
Associates of such Person, ceases to be the Beneficial Owner of 4.99% or more of the Common Stock
then-outstanding. The phrase “then-outstanding”, when used with reference to a Person’s Beneficial
Ownership of securities of the Company, shall mean the number of such securities then issued and
outstanding plus the number of such securities not then actually issued and outstanding that such
Person would be deemed to own beneficially hereunder.

     (b) “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in
Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934, as
amended, and in effect on the date of the Agreement (the “Exchange Act”), and to the extent not
included within the foregoing clause of this paragraph (b), shall also include, with respect to any
Person, any other Person whose Common Stock would be deemed constructively owned by such first
Person pursuant to the provisions of Section 382 of the Internal Revenue Code of 1986, as amended
(the “Code”), or any successor provision or replacement provision; provided, however, that no
Exempted Entity shall be deemed an Affiliate or an Associate.

     (c) A Person shall be deemed the “Beneficial Owner” of, shall be deemed to have “Beneficial
Ownership” of and shall be deemed to “beneficially own” any securities:

          (i) that such Person or any of such Person’s Affiliates or Associates is deemed to
beneficially own within the meaning of Rule 13d-3 of the General Rules and Regulations promulgated
under the Exchange Act as in effect on the date of this Rights Agreement or any successor
provision;

          (ii) that such Person or any of such Person’s Affiliates or Associates has, directly or
indirectly, (A) the right or obligation to acquire (whether such right is exercisable immediately
or only after the passage of time) pursuant to any agreement, arrangement or understanding (other
than customary agreements with and between underwriters and selling group members with respect to a
bona fide public offering of securities), written or otherwise, or upon the
exercise of conversion rights, exchange rights, rights (other than the Rights), warrants or options
or otherwise; provided, however, that a Person shall not be deemed the Beneficial

2

 

Owner of, or to beneficially own, (x) 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, (y) securities that such Person has
a right to acquire on the exercise of Rights at any time prior to the time a Person shall become an
Acquiring Person or (z) securities issuable upon exercise of Rights from and after the time a
Person shall become an Acquiring Person if such 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 or
Section 22 hereof (the “Original Rights”) or pursuant to Section 11(i) or Section 11(n) hereof with
respect to an adjustment to the Original Rights; or (B) the right (whether or not then exercisable)
to vote pursuant to any agreement, arrangement or understanding, written or otherwise;
provided, however, that a Person shall not be deemed the Beneficial Owner of, or to
beneficially own, any security by reason of such agreement, arrangement or understanding if the
agreement, arrangement or understanding to vote such security (1) arises solely from a revocable
proxy or consent given to such Person in response to a public proxy or consent solicitation made
pursuant to, and in accordance with, the applicable rules and regulations promulgated under the
Exchange Act and (2) is not also reportable on Schedule 13D under the Exchange Act (or any
comparable or successor report); or

          (iii) that are beneficially owned, directly or indirectly, by any other Person (or any
Affiliate or Associate thereof) with which such Person (or any of such Person’s Affiliates or
Associates) has any agreement, arrangement or understanding (whether or not in writing), for the
purpose of acquiring, holding, voting (except to the extent contemplated by the proviso to Section
1(c)(ii) above) or disposing of such securities of the Company;

provided, however, that (w) nothing in this Section 1(c) shall cause a Person
regularly 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 (40) days after the date of such
acquisition, and then only if such securities continue to be owned by such Person at such
expiration of forty (40) days; (x) no Person who is an officer, director or employee of an Exempted
Entity shall be deemed, solely by reason of such Person’s status or authority as such, to be the
“Beneficial Owner” of or to “beneficially own” any securities that are “beneficially owned” (as
defined in this Section 1(c)), including in a fiduciary capacity, by an Exempted Entity or by any
other such officer, director or employee of an Exempted Entity; (y) a Person shall not be deemed
the Beneficial Owner of or to beneficially own any securities held by such Person in trust
accounts, managed accounts and the like, or otherwise held in a fiduciary capacity, that are
Beneficially Owned by third Persons who are not Affiliates or Associates of such Person; and (z) no
Person shall be the “Beneficial Owner” of, or to “beneficially own” any shares of Common Stock
allocated as of such date of determination to such Person under any employee benefit plan or
related trust of the Company or of any Subsidiary of the Company in respect of any contribution of
such shares by the Company in satisfaction of any profit-sharing or matching contribution
obligation under any employee benefit plan, incentive plan or other compensatory plan or
arrangement of the Company or any Subsidiary.

provided, further, that notwithstanding anything herein to the contrary, to the
extent not within the foregoing provisions of this Section 1(c), a Person shall be deemed the
“Beneficial Owner”

3

 

of, and shall be deemed to “beneficially own” or have “beneficial ownership” of, any securities
which such Person would be deemed to constructively own pursuant to Section 382 of the Code, or any
successor provision or replacement provision.

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

     (e) “close of business” on any given date shall mean 5:00 P.M., New York, 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, New York time, on the next succeeding Business Day.

     (f) “Common Stock” when used with reference to the Company shall mean the common stock, par
value $0.01, of the Company. “Common Stock” when used with reference to any Person other than the
Company (including a Principal Party) shall mean the capital stock (or, in the case of an
unincorporated entity, the equivalent equity interest) with the greatest voting power of such other
Person or, if such other Person is a subsidiary of another Person, the Person or Persons that
ultimately control such first-mentioned Person.

     (g) “entire Board of Directors” shall mean, at any given time, the total number of members
then appointed to the Company’s Board of Directors.

     (h) “Exempted Entity” shall mean (1) the Company, (2) any Subsidiary (as defined below) of the
Company, (3) any employee benefit plan or related trust of the Company or of any Subsidiary of the
Company, (4) any trustee or fiduciary with respect to any such benefit plan or trust acting in such
capacity (including without limitation serving in the capacity of investment manager or adviser
thereto), or any entity, trustee or fiduciary holding Common Stock for, or pursuant to the terms
of, any such plan or trust or for the purpose of funding any such plan or trust or funding other
employee benefits for employees or former employees of the Company or of any Subsidiary of the
Company, or (5) any Person whose ownership (together with all Affiliates and Associates of such
Person) of 4.99% or more of the shares of Common Stock then outstanding will, in the judgment of a
majority of the entire Board of Directors, not jeopardize or endanger the availability to the
Company of its net operating loss carryforwards to be used to offset its taxable income in such
year or future years (but in the case of any Person determined by the Board of Directors pursuant
to this subparagraph (h)(5) only for so long as such Person continues to be an Exempted Entity, as
determined by the Board of Directors in its good faith discretion); provided,
however, that any Person’s status as an Exempted Entity pursuant to subparagraph (h)(5)
shall cease immediately and without any action by the Board of Directors at any time that such
Person’s ownership (together with all Affiliates and Associates of such Person) of Common Stock
constitutes the ownership by such Person of 4.99% or more of the shares of Common Stock
then-outstanding for purposes of Section 382 of the Code, or any successor provision or replacement
provision.

     (i) “Final Expiration Date” shall mean the earlier of (i) the close of business on
February 14, 2008, or (ii) the close of business on the date, if any, on which the Company first
discloses in any filing with the Securities and Exchange Commission that the Company’s net

4

 

operating loss carryforwards (or estimates thereof) for federal income tax purposes does not exceed
$50 million.

     (j) “Nasdaq” shall mean the Nasdaq Stock Market National Market.

     (k) “NYSE” shall mean the New York Stock Exchange, Inc.

     (l) “Permitted Transaction” shall mean an action or transaction or series of related actions
or transactions, including, but not limited to, a purchase or series of related purchases of Common
Stock, which prior to the consummation thereof, and based upon the good faith consideration by the
entire Board of Directors of all factors that the Board of Directors deems to be relevant
(including, but not limited to, the long-term value of the Company and prices that could reasonably
be expected if the Company or its assets were sold on an orderly basis designed to realize maximum
value), the entire Board of Directors determines to be fair to and otherwise in the best interests
of the holders of the Common Stock.

     (m) “Person” shall mean any individual, firm, corporation, partnership, limited liability
company, trust or other entity, and shall include any successor (by merger, consolidation or
otherwise) of such entity, and shall include any “group” as that term is used in Rule 13d-5(b)
under the Exchange Act (or any successor provision).

     (n) “Preferred Stock” shall mean the Series A Junior Participating Preferred Stock, par value
$0.001 per share, of the Company having the rights and preferences set forth in the Certificate of
Designations attached to this Rights Agreement as Exhibit A and, to the extent that there are not a
sufficient number of shares of Series A Junior Participating Preferred Stock authorized to permit
the full exercise of the Rights, any other series of preferred stock of the Company designated for
such purpose containing terms substantially similar to the terms of the Series A Junior
Participating Preferred Stock.

     (o) “Securities Act” shall mean the Securities Act of 1933, as amended.

     (p) “Stock Acquisition Date” shall mean the first date of public announcement (which, for
purposes of this definition, shall include a report filed pursuant to Section 13(d) or (g) of the
Exchange Act) by the Company or such Acquiring Person that an Acquiring Person has become such or
such earlier date as the Board of Directors shall become aware of the existence of an Acquiring
Person.

     (q) “Subsidiary” of any Person shall mean any corporation or other entity of which securities
or other ownership interests having ordinary voting power sufficient to elect a majority of the
board of directors or other persons performing similar functions are beneficially owned, directly
or indirectly, by such Person, and any corporation or other entity that is otherwise controlled by
such Person.

     Section 2. Appointment of Rights Agent. The Company hereby appoints the Rights Agent to
act as agent for the Company and the holders of the Rights (that, in accordance with Section 3
hereof, shall, prior to the Distribution Date, also be the holders of Common Stock) in

5

 

accordance with the terms and conditions hereof, and
the Rights Agent hereby accepts such appointment. The Company may from time to time appoint such
co-Rights Agent or Agents as it may deem necessary or desirable upon ten (10) days’ prior notice to
the Rights Agent. The Rights Agent shall have no duty to supervise, and shall in no event be liable
for the acts or omissions of, any such co-Rights Agent(s).

     Section 3. Issuance of Right Certificates. (a) Until the close of business on the
earlier of (i) the tenth (10th) day after the Stock Acquisition Date or (ii) the tenth
(10th) Business Day (or such later date as may be determined by action of a majority of
the entire Board of Directors prior to such time as any Person becomes an Acquiring Person) after
the date of the commencement by any Person (other than an Exempted Entity) of a tender or exchange
offer the consummation of which would result in any Person (other than an Exempted Entity) becoming
an Acquiring Person (including, in the case of both clauses (i) and (ii), any such date that is
after the date of this Rights Agreement and prior to the issuance of the Rights) (the earlier of
such dates being herein referred to as the “Distribution Date”), (x) the Rights will be evidenced
(subject to the provisions of Section 3(b) hereof) by the certificates for Common Stock registered
in the names of the holders thereof and not by separate Right Certificates (as defined below) and
(y) the Rights will be transferable only in connection with the transfer of Common Stock. As soon
as practicable after the Distribution Date, the Company will prepare and execute, the Rights Agent
will countersign, and the Company will send or cause to be sent (and the Rights Agent will, if
requested by the Company, send) by first-class, insured, postage-prepaid mail, to each record
holder of Common Stock as of the close of business on the Distribution Date (other than any
Acquiring Person or any Associate or Affiliate of an Acquiring Person), at the address of such
holder shown on the records of the Company, a Right Certificate, in substantially the form of
Exhibit B hereto (a “Right Certificate”), evidencing one Right (subject to adjustment as provided
herein) for each share of Common Stock so held. As of and after the Distribution Date, the Rights
will be evidenced solely by such Right Certificates.

     (b) As promptly as practicable, and in any event no later than thirty (30) days after the
Record Date, the Company will send a copy of a Summary of Rights to Purchase Shares of Preferred
Stock, in substantially the form of Exhibit C hereto (the “Summary of Rights”), by first-class,
postage-prepaid mail, to each record holder of Common Stock as of the close of business on the
Record Date (other than any Acquiring Person or any Associate or Affiliate of any Acquiring
Person), at the address of such holder shown on the records of the Company. With respect to shares
of Common Stock outstanding as of the Record Date, until the Distribution Date, the Rights
associated with such shares will be evidenced by the share certificate for such shares of Common
Stock registered in the names of the holders thereof. Until the Distribution Date (or, if earlier,
the Expiration Date), the surrender for transfer of any certificate for Common Stock outstanding on
the Record Date, with or without a copy of the Summary of Rights, shall also constitute the
transfer of the Rights associated with the Common Stock represented thereby.

     (c) Rights shall be issued in respect of all shares of Common Stock issued or disposed of
(including, upon disposition of Common Stock out of treasury stock or issuance or reissuance of
Common Stock out of authorized but unissued shares) after the Record Date but prior to the earlier of the Distribution Date and the Expiration Date or, in those certain
circumstances provided in Section 22 hereof, after the Distribution Date. Certificates issued for

6

 

Common Stock (including, upon transfer of outstanding Common Stock, disposition of Common Stock out
of treasury stock or issuance or reissuance of Common Stock out of authorized but unissued shares)
after the Record Date but prior to the earlier of the Distribution Date and the Expiration Date
shall have impressed on, printed on, written on or otherwise affixed to them the following legend:

“This certificate also evidences and entitles the holder hereof to
certain rights (“Rights”) as set forth in a Rights Agreement between
Wheeling-Pittsburgh Corporation and Equiserve Trust Company, N.A., as
Rights Agent, dated as of February 14, 2005, as the same may be
amended, supplemented or otherwise modified from time to time (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 Wheeling-Pittsburgh Corporation 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 stock certificate. Wheeling-Pittsburgh Corporation will mail
to the holder of this certificate a copy of the Rights Agreement
without charge after receipt of a written request therefor. Under
certain circumstances, as set forth in the Rights Agreement, Rights
owned by or transferred to any Person who is or becomes an Acquiring
Person (as defined in the Rights Agreement) and certain transferees
thereof will become null and void and will no longer be transferable.”

With respect to such certificates containing the foregoing legend, until the Distribution Date, the
Rights associated with the Common Stock represented by such certificates shall be evidenced by such
certificates alone, and the surrender for transfer of any such certificates, except as otherwise
provided herein, shall also constitute the transfer of the Rights associated with the shares of
Common Stock represented thereby. In the event that the Company purchases or otherwise acquires any
shares of Common Stock after the Record Date but prior to the Distribution Date, any Rights
associated with such shares of Common Stock shall be deemed cancelled and retired so that the
Company shall not be entitled to exercise any Rights associated with the shares of Common Stock
that shall no longer be outstanding.

     Notwithstanding this Section 3(c), the omission of a legend shall not affect the
enforceability of any part of this Rights Agreement or the rights of any holder of the Rights.
Notwithstanding any other provision of this Rights Agreement, neither the Company, the Rights Agent
nor any other Person shall have an obligation to issue any Rights Certificate to an Acquiring
Person or to any other Person in whose hands the Rights nominally represented by such Certificate
shall be null and void either initially or in connection with a request to register a transfer of
Rights represented by a certificate previously issued. Furthermore, neither the Company, the
Rights Agent nor any other Person shall be obligated to issue Rights Certificates to any Person making a tender offer that, if consummated, could render such Person an
Acquiring Person or to any Affiliate or Associate of such Person until and unless the tender offer

7

 

is withdrawn and the Person shall have established to the Company’s reasonable satisfaction that
such Person is not, and does not intend to become, an Acquiring Person. The Company may require
any Person claiming the right to receive a Rights Certificate to present such evidence as the
Company shall reasonably require to establish to the Company’s satisfaction that the Rights
represented by the Certificate are not null and void or that the Company may not withhold such
Certificate under the provisions of the preceding sentence.

     Section 4. Form of Right Certificates. The Right Certificates (and the forms of election
to purchase shares and of assignment to be printed on the reverse thereof) shall be substantially
in the form set forth in Exhibit B hereto and may have such marks of identification or designation
and such legends, summaries or endorsements printed thereon as the Company may deem appropriate and
as are not inconsistent with the provisions of this Rights 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 Nasdaq or of any stock exchange or other automated quotation system on which
the Rights may from time to time be listed, or to conform to usage. Subject to the provisions of
Sections 11, 13 and 22 hereof, the Right Certificates shall entitle the holders thereof to purchase
such number of one one-thousandths (1/1,000ths) of a share of Preferred Stock as shall
be set forth therein, at the Purchase Price (as defined in Section 7(b) hereof), but the amount and
type of securities purchasable upon the exercise of each Right and the Purchase Price thereof shall
each be subject to adjustment as provided herein.

     Section 5. Execution, Countersignature and Registration. (a) The Right
Certificates shall be executed on behalf of the Company by the Chairman of the Board of Directors,
Chief Executive Officer, the President, any of the Vice Presidents or the Treasurer of the Company,
either manually or by facsimile signature, shall have affixed thereto the Company’s seal or a
facsimile thereof and shall be attested by the Secretary or an Assistant Secretary of the Company,
either manually or by facsimile signature. The Right Certificates shall be countersigned by the
Rights Agent, either manually or by facsimile signature, 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 Right
Certificates shall cease to be such officer of the Company before countersignature by the Rights
Agent and issuance and delivery by the Company, such Right Certificates, nevertheless, may be
countersigned by the Rights Agent and issued and delivered by the Company with the same force and
effect as though the person who signed such Right Certificates had not ceased to be such officer of
the Company; and any Right Certificate may be signed on behalf of the Company by any person who, at
the actual date of the execution of such Right Certificate, shall be a proper officer of the
Company to sign such Right Certificate, although at the date of the execution of this Rights
Agreement any such person was not such an officer.

     (b) Following the Distribution Date, the Rights Agent will keep or cause to be kept, at an
office or agency designated for such purpose, books for registration and transfer of the Right
Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Right Certificates, the number of Rights evidenced on its face by each of the
Right Certificates and the certificate number and the date of each of the Right Certificates.

     Section 6. Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated,
Destroyed, Lost or Stolen Right Certificates. (a) Subject to the provisions of this Rights
Agreement, at any time after the close of business on the Distribution Date, and prior to

8

 

the close of business on the Expiration Date, any Right Certificate or Right Certificates may be transferred,
split up, combined or exchanged for another Right Certificate or Right Certificates, entitling the
registered holder to purchase a like number of one one-thousandths (1/1,000ths) of a
share of Preferred Stock (or, following such time, other securities, cash or assets as the case may
be) as the Right Certificate or Right Certificates surrendered then entitled such holder to
purchase. Any registered holder desiring to transfer, split up, combine or exchange any Right
Certificate or Right Certificates shall make such request in writing delivered to the Rights Agent,
and shall surrender the Right Certificate or Right Certificates to be transferred, split up,
combined or exchanged at the office or agency of the Rights Agent designated for such purpose.
Thereupon, the Rights Agent, subject to the provisions of this Rights Agreement, shall countersign
and deliver to the Person entitled thereto a Right Certificate or Right Certificates, as the case
may be, as so requested. As a condition to such transfer, split up, combination or exchange, the
Company may require payment of a sum sufficient to cover any tax or governmental taxes and/or
charges that may be imposed in connection with any transfer, split up, combination or exchange of
Right Certificates. 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 duly completed and executed 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 such former or proposed Beneficial Owner) thereof or such Beneficial Owner’s
Affiliates or Associates as the Company shall reasonably require.

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

     Section 7. Exercise of Rights, Purchase Price; Expiration Date of Rights. (a)
Except as otherwise provided herein, the Rights shall become exercisable on the Distribution Date,
and thereafter the registered holder of any Right Certificate may, subject to Section 11(a)(ii)
hereof and except as otherwise provided herein, exercise the Rights evidenced thereby in whole or
in part upon surrender of the Right Certificate, with the form of election to purchase on the
reverse side thereof duly executed, to the Rights Agent at the office or agency of the Rights Agent
designated for such purpose, together with payment of the Purchase Price for each one one-thousandth (1/1,000th) of a share of Preferred Stock (or other
securities, cash or assets, as the case may be) as to which the Rights are exercised, at any time
that is both after the Distribution Date and prior to the time (the “Expiration Date”) that is the
earliest of (i) the Final Expiration Date, (ii) the time at which the Rights are redeemed as
provided in Section 23 hereof (the “Redemption Date”) or (iii) the time at which such Rights are
exchanged as provided in Section 24 hereof.

9

 

     (b) Subject to the provisions of this Rights Agreement, the purchase price (the “Purchase
Price”) shall be initially $120.00 for each one one-thousandth (1/1,000th) of a share of
Preferred Stock purchasable upon the exercise of a Right. The Purchase Price and the number of one
one-thousandths (1/1,000ths) of a share of Preferred Stock or other securities or
property to be acquired upon exercise of a Right shall be subject to adjustment from time to time
as provided in Sections 11 and 13 hereof and shall be payable in lawful money of the United States
of America in accordance with Section 7(c) below.

     (c) Except as otherwise provided herein, upon receipt of a Right Certificate representing
exercisable Rights, with the form of election to purchase duly executed, accompanied by payment of
the aggregate Purchase Price for the number of shares of Preferred Stock to be purchased and an
amount equal to any applicable transfer tax required to be paid by the holder of such Right
Certificate in accordance with Section 6 hereof, in cash or by certified check, cashier’s check or
money order payable to the order of the Company, the Rights Agent shall thereupon promptly (i) (A)
requisition from any transfer agent of the Preferred Stock, or make available if the Rights Agent
is also the transfer agent for the Preferred Stock, certificates for the number of shares of
Preferred Stock to be purchased (and the Company will irrevocably authorize its transfer agent to
comply with all such requests), or (B) requisition from the depositary agent appointed by the
Company depositary receipts representing interests in such number of one one-thousandths
(1/1,000ths) of a share of Preferred Stock as are to be purchased, in which case
certificates for the Preferred Stock represented by such receipts shall be deposited by the
transfer agent with the depositary agent (and the Company will irrevocably direct the depositary
agent to comply with such request), (ii) when appropriate, requisition from the Company the amount
of cash to be paid in lieu of issuance of fractional shares in accordance with Section 14 hereof,
(iii) promptly after receipt of such certificates or depositary receipts, cause the same to be
delivered to or upon the order of the registered holder of such Right Certificate, registered in
such name or names as may be designated by such holder, and (iv) when appropriate, after receipt,
promptly deliver such cash to or upon the order of the registered holder of such Right Certificate.

     (d) Except as otherwise provided herein, in case the registered holder of any Right
Certificate shall exercise less than all the Rights evidenced thereby, a new Right Certificate
evidencing Rights equivalent to the exercisable Rights remaining unexercised shall be issued by the
Rights Agent to the registered holder of such Right Certificate or to his duly authorized assigns,
subject to the provisions of Sections 3(c) and 14 hereof.

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

10

 

     Section 8. Cancellation and Destruction of Right Certificates. All Right Certificates
surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if
surrendered to the Company or to any of its agents, be delivered to the Rights Agent for
cancellation or in cancelled form, or, if surrendered to the Rights Agent, shall be cancelled by
it, and no Right Certificates shall be issued in lieu thereof, except as expressly permitted by any
of the provisions of this Rights Agreement. The Company shall deliver to the Rights Agent for
cancellation and retirement, and the Rights Agent shall so cancel and retire, any other Right
Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The
Rights Agent shall deliver all cancelled Right Certificates to the Company or shall, at the written
request of the Company, destroy or cause to be destroyed such cancelled Right Certificates, and in
such case shall deliver a certificate of destruction thereof to the Company.

     Section 9. Reservation and Availability of Shares of Preferred Stock. (a) The
Company covenants and agrees that it will cause to be reserved and kept available out of its
authorized and unissued shares of Preferred Stock or any shares of Preferred Stock held in its
treasury, the number of shares of Preferred Stock that will be sufficient to permit the exercise in
full of all outstanding Rights.

     (b) So long as the shares of Preferred Stock (and, following the time that a Person becomes an
Acquiring Person, shares of Common Stock and other securities) issuable upon the exercise of Rights
may be listed or admitted to trading on the Nasdaq or listed on any national securities exchange or
other quotation system, the Company shall use commercial best efforts to cause, from and after such
time as the Rights become exercisable, all shares reserved for such issuance to be listed or
admitted to trading on the Nasdaq or listed on any national securities exchange or other quotation
system upon official notice of issuance upon such exercise.

     (c) From and after such time as the Rights become exercisable, the Company shall use
commercial best efforts, if then necessary to permit the issuance of shares of Preferred Stock (and
following the time that a Person first becomes an Acquiring Person, shares of Common Stock and
other securities) upon the exercise of Rights, to register and qualify such shares of Preferred
Stock (and following the time that a Person first becomes an Acquiring Person, shares of Common
Stock and other securities) under the Securities Act and any applicable state securities or “Blue
Sky” laws (to the extent exemptions therefrom are not available), cause such registration statement
and qualifications to become effective as soon as possible after such filing and keep such
registration and qualifications effective until the earlier of (x) the date as of which the Rights
are no longer exercisable for such securities and (y) the Expiration Date. The Company may
temporarily suspend, for a period of time not to exceed ninety (90) days, the exercisability of the
Rights in order to prepare and file a registration statement under the Securities Act and permit it
to become effective. Upon any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily
suspended, as well as a public announcement at such time as the suspension is no longer in effect.
Notwithstanding any provision of this Rights Agreement to the contrary, the Rights shall not be
exercisable in any jurisdiction unless any requisite qualification or exemption in such
jurisdiction shall have been obtained and until a registration statement under the Securities Act
(if required) shall have been declared effective.

11

 

     (d) The Company covenants and agrees that it will take all such action as may be necessary to
ensure that all shares of Preferred Stock (and, following the time that a Person becomes an
Acquiring Person, shares of Common Stock and other securities) delivered upon exercise of Rights
shall, at the time of delivery of the certificates therefor (subject to payment of the Purchase
Price), be duly and validly authorized and issued and fully paid and non-assessable shares.

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

     Section 10. Preferred Stock Record Date. Each Person in whose name any certificate for
Preferred Stock is issued upon the exercise of Rights shall for all purposes be deemed to have
become the holder of record of the shares of Preferred Stock represented thereby on, and such
certificate shall be dated, the date upon which the Right Certificate evidencing such Rights was
duly surrendered and payment of the Purchase Price (and any applicable transfer taxes or charges)
was made; provided, however, that, if the date of such surrender and payment is a
date upon which the Preferred Stock transfer books of the Company are closed, such Person shall be
deemed to have become the record holder of such shares on, and such certificate shall be dated, the
next succeeding Business Day on which such transfer books are open. Prior to the exercise of the
Rights evidenced thereby, the holder of a Right Certificate shall not be entitled to any rights of
a holder of Preferred Stock for which the Rights shall be exercisable, including the right to vote
or to receive dividends or other distributions, and shall not be entitled to receive any notice of
any proceedings of the Company, except as provided herein.

     Section 11. Number of Rights; Adjustment of Purchase Price; and Number and Kind of Shares.
The Purchase Price, the number of shares of Preferred Stock or other securities or property
purchasable upon exercise of each Right and the number of Rights outstanding are subject to
adjustment from time to time as provided in this Section 11.

     (a) (i) In the event the Company shall, at any time after the date of this Agreement, (A)
declare a dividend on the Preferred Stock payable in shares of Preferred Stock, (B) subdivide the
outstanding shares of Preferred Stock, (C) combine the outstanding shares of Preferred Stock into a
smaller number of shares of Preferred Stock or (D) issue any shares of its capital stock in a
reclassification of the shares of Preferred Stock (including any such reclassification in
connection with a consolidation or merger in which the Company is the continuing or surviving
corporation), except as otherwise provided in this Section 11(a), the Purchase Price in effect at

12

 

the time of the record date for such dividend or of the effective date of such subdivision,
combination or reclassification, as the case may be, and the number and kind of shares of capital
stock issuable on such date, shall be proportionately adjusted so that the holder of any Right
exercised after such time shall be entitled to receive the aggregate number and kind of shares of
capital stock that, if such Right had been exercised immediately prior to such date and at a time
when the Preferred Stock transfer books of the Company were open, the holder would have owned upon
such exercise and been entitled to receive by virtue of such dividend, subdivision, combination or
reclassification; provided, however, that in no event shall the consideration to be
paid upon the exercise of one Right be less than the aggregate par value of the shares of capital
stock of the Company issuable upon exercise of one Right.

          (ii) Subject to Sections 23 and 24 of this Rights Agreement and except as otherwise provided
in this Section 11(a)(ii) or Section 11(a)(iii), in the event that any Person becomes an Acquiring
Person, each holder of a Right shall thereafter have the right to receive, upon exercise thereof at
a price equal to the then-current Purchase Price required to be paid in order to exercise a Right
in accordance with the terms of this Rights Agreement and in lieu of shares of Preferred Stock,
such number of shares of Common Stock (or, at the option of the Company, such number of one
one-thousandths (1/1,000ths) of a share of Preferred Stock) as shall equal the result
obtained by (x) multiplying the then-current Purchase Price by the number of one one-thousandths
(1/1,000ths) of a share of Preferred Stock for which a Right is then exercisable and
dividing that product by (y) 50% of the then-current per share market price of the Common Stock
(determined pursuant to Section 11(d) hereof) on the date of the occurrence of such event;
provided, however, that the Purchase Price (as so adjusted) and the number of
shares of Common Stock (or thousandths of a share of preferred stock) so receivable upon exercise
of a Right shall thereafter be subject to further adjustment as appropriate in accordance with
Section 11(f) hereof. Notwithstanding anything in this Rights Agreement to the contrary, however,
from and after the time when any Person first becomes an Acquiring Person (the “invalidation
time”), any Rights that are beneficially owned by (x) any Acquiring Person (or any Affiliate or
Associate of any Acquiring Person), (y) a transferee of any Acquiring Person (or any such Affiliate
or Associate) who becomes a transferee after the invalidation time or (z) a transferee of any
Acquiring Person (or any such Affiliate or Associate) who became a transferee prior to or
concurrently with the invalidation time pursuant to either (I) a transfer from the Acquiring Person
to holders of its equity securities or to any Person with whom it has any agreement, arrangement or
understanding, written or otherwise, regarding the transferred Rights or (II) a transfer that the
Board of Directors has determined is part of a plan, arrangement or understanding, written or
otherwise, which has the purpose or effect of avoiding the provisions of this Section 11(a)(ii), and subsequent transferees of such Persons described in clauses (y)
and (z) above, shall automatically be void without any further action, and any holder of such
Rights shall thereafter have no rights whatsoever with respect to such Rights under any provision
of this Rights Agreement or otherwise. The Company shall use reasonable efforts to ensure that the
provisions of this Section 11(a)(ii) are complied with, but shall have no liability to any holder
of Right Certificates or other Person as a result of its failure to make any determinations with
respect to an Acquiring Person or its Affiliates, Associates or transferees hereunder. From and
after the invalidation time, no Right Certificate shall be issued pursuant to Section 3 or Section
6 hereof that represents Rights that are or have become void pursuant to the provisions of this
Section 11(a)(ii), and any Right Certificate delivered to the Rights Agent that represents Rights
that are or have become void pursuant to the provisions of this Section 11(a)(ii) shall be

13

 

cancelled. From and after the occurrence of an event specified in Section 13(a) hereof, any Rights
that theretofore have not been exercised pursuant to this Section 11(a)(ii) shall thereafter be
exercisable only in accordance with Section 13 and not pursuant to this Section 11(a)(ii).

          (iii) The Company may, at its option, substitute for a share of Common Stock issuable upon the
exercise of Rights in accordance with the foregoing Section 11(a)(ii) such number or fractions of
shares of Preferred Stock having an aggregate current market value equal to the current per share
market price of a share of Common Stock. In the event that there shall be an insufficient number of
Common Stock authorized but unissued (and unreserved) to permit the exercise in full of the Rights
in accordance with the foregoing Section 11(a)(ii), the Board of Directors shall, with respect to
such deficiency, to the extent permitted by applicable law and any material agreements then in
effect to which the Company is a party, (A) determine the excess of (x) the value of the shares of
Common Stock issuable upon the exercise of a Right in accordance with the foregoing Section
11(a)(ii) (the “Current Value”) over (y) the then-current Purchase Price multiplied by the number
of one one-thousandths (1/1,000ths) of shares of Preferred Stock for which a Right was
exercisable immediately prior to the time that the Acquiring Person became such (such excess, the
“Spread”), and (B) with respect to each Right (other than Rights that have become void pursuant to
Section 11(a)(ii)), make adequate provision to substitute for the shares of Common Stock issuable
in accordance with Section 11(a)(ii) upon exercise of the Right and payment of the applicable
Purchase Price, (1) cash, (2) a reduction in such Purchase Price, (3) shares of Preferred Stock or
other equity securities of the Company (including shares or fractions of shares of preferred stock
that, by virtue of having dividend, voting and liquidation rights substantially comparable to those
of the shares of Common Stock, are deemed in good faith by the Board of Directors to have
substantially the same value as the shares of Common Stock (such shares of preferred stock and
shares or fractions of shares of preferred stock are hereinafter referred to as “Common Stock
equivalents”), (4) debt securities of the Company, (5) other assets or (6) any combination of any
or all of the foregoing, having a value that, when added to the value of the shares of Common Stock
actually issued upon exercise of such Right, shall have an aggregate value equal to the Spread,
where such aggregate value has been determined by the Board of Directors upon the advice of a
nationally recognized investment banking firm selected in good faith by the Board of Directors;
provided, however, if the Company shall not make adequate provision to deliver
value pursuant to clause (B) above within thirty (30) days following the date that the Acquiring
Person became such (the “Section 11(a)(iii) Trigger Date”), then the Company shall be obligated to
deliver, to the extent permitted by applicable law and any material agreements then in effect to
which the Company is a party, upon the surrender for exercise of a Right and without requiring payment of the Purchase Price,
shares of Common Stock (to the extent available), and then, if necessary, such number or fractions
of shares of Preferred Stock (to the extent available) and then, if necessary, cash, which shares
and/or cash have an aggregate value equal to the Spread. If within the thirty (30) day period
referred to above the Board of Directors shall determine in good faith that it is likely that
sufficient additional shares of Common Stock could be authorized for issuance upon exercise in full
of the Rights, then, if the Board of Directors so elects, such thirty (30)-day period may be
extended to the extent necessary, but not more than ninety (90) days after the Section 11(a)(iii)
Trigger Date, in order that the Company may seek stockholder approval for the authorization of such
additional shares (such thirty (30)-day period, as it may be extended, is hereinafter called the
“Substitution Period”). If the Company determines that some action need be taken pursuant

14

 

 to the
second and/or third sentence of this Section 11(a)(iii), then the Company (x) shall provide,
subject to Section 11(a)(ii) hereof and the last sentence of this Section 11(a)(iii), that such
action shall apply uniformly to all outstanding Rights and (y) may suspend the exercisability of
the Rights until the expiration of the Substitution Period in order to seek any authorization of
additional shares and/or to decide the appropriate form of distribution to be made pursuant to such
second sentence and to determine the value thereof. In the event of any such suspension, the
Company shall issue a public announcement stating that the exercisability of the Rights has been
temporarily suspended, as well as a public announcement at such time as the suspension is no longer
in effect. For purposes of this Section 11(a)(iii), the value of the shares of Common Stock shall
be the current per share market price (as determined pursuant to Section 11(d)(i)) on the Section
11(a)(iii) Trigger Date and the per share or fractional value of any Common Stock equivalent shall
be deemed to equal the current per share market price of the Common Stock. The Board of Directors
may, but shall not be required to, establish procedures to allocate the right to receive shares of
Common Stock upon the exercise of the Rights among holders of Rights pursuant to this Section
11(a)(iii).

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

15

 

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

     (d) (i) Except as otherwise provided herein, for the purpose of any computation hereunder, the
“current per share market price” of any security (a “Security” for the purpose of this Section
11(d)(i)) on any date shall be deemed to be the average of the daily closing prices per share of
such Security for the 30 consecutive Trading Days (as such term is hereinafter defined) immediately
prior to such date; provided, however, that in the event that the current per share
market price of the Security is determined during a period following the announcement by the issuer
of such Security of (A) a dividend or distribution on such Security payable in shares of such
Security or securities convertible into or exchangeable for such shares, or (B) any subdivision,
combination or reclassification of such Security, and prior to the expiration of 30 Trading Days
after the ex-dividend date for such dividend or distribution, or the record date for such
subdivision, combination or reclassification, then, and in each such case, the current per share
market price shall be appropriately adjusted to reflect the current market price per share
equivalent of such Security. The closing price for each day shall be the last sale price, regular
way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported by (w) the principal consolidated transaction
reporting system with respect to securities listed or admitted to trading on the NYSE or, (x) if
the Security is not listed or admitted to trading on the NYSE, as reported in the principal
consolidated transaction reporting system with respect to securities listed on the principal
national securities exchange on which the Security is listed or admitted to trading or, if (y) the
Security is not listed or admitted to trading on any national securities exchange, the last quoted
price or, if not so quoted, the average of the high bid and low asked prices in the
over-the-counter market, as reported by Nasdaq or such other system then in use, or, (z) if on any
such date the Security is not quoted by any such organization, the average of the closing bid and
asked prices as furnished by an independent professional market maker making a market in the
Security selected by the Board of Directors. The term “Trading Day” shall mean a day on which the
principal national securities exchange on which the Security is listed or admitted to trading is

16

 

open for the transaction of business or, if the Security is not listed or admitted to trading on
any national securities exchange, a Business Day.

          (ii) For the purpose of any computation hereunder, if the Preferred Stock is publicly traded,
the “current per share market price” of the Preferred Stock shall be determined in accordance with
the method set forth in Section 11(d)(i). If the Preferred Stock is not publicly traded but the
Common Stock is publicly traded, the “current per share market price” of the Preferred Stock shall
be conclusively deemed to be the current per share market price of the Common Stock, as determined
pursuant to Section 11(d)(i) hereof, multiplied by one thousand (appropriately adjusted to reflect
any stock split, stock dividend, combination or similar transaction occurring after the date
hereof). If neither the Common Stock nor the Preferred Stock is publicly traded, “current per share
market price” shall mean the fair value per share as determined in good faith by the Board of
Directors, whose determination shall be described in a statement filed with the Rights Agent and
shall be binding on the Rights Agent.

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

     (f) If, as a result of an adjustment made pursuant to Sections 11(a) or 13(a) hereof, the
holder of any Right thereafter exercised shall become entitled to receive any shares of capital
stock of the Company other than the Preferred Stock, thereafter the Purchase Price and the number
of such other shares so receivable upon exercise of a Right shall be subject to adjustment from
time to time in a manner and on terms as nearly equivalent as practicable to the provisions with
respect to the Preferred Stock contained in Sections 11(a), 11(b), 11(c), 11(e), 11(h), 11(i),
11(k), 11(l) and 11(m) hereof and the provisions of Sections 7, 9, 10, 12, 13 and 14 hereof with
respect to the Preferred Stock shall apply on like terms to any such other shares.

     (g) All Rights originally issued by the Company subsequent to any adjustment made to the
Purchase Price hereunder shall evidence the right to purchase, at the adjusted Purchase Price, the number of one one-thousandths (1/1,000ths) of a share of Preferred Stock
purchasable from time to time hereunder upon exercise of the Rights, all subject to further
adjustment as provided herein.

     (h) Unless the Company shall have exercised its election as provided in Section 11(i) hereof,
upon each adjustment of the Purchase Price as a result of the calculations made in Sections 11(b)
and (c) hereof, each Right outstanding immediately prior to the making of such adjustment shall
thereafter evidence the right to purchase, at the adjusted Purchase Price, that number of one
one-thousandths (1/1,000ths) of a share of Preferred Stock (calculated to the nearest
one ten- thousandth of a share of Preferred Stock) obtained by (i) multiplying (x) the number of
one one-thousandths (1/1,000ths) of a share of Preferred Stock purchasable upon the
exercise of a Right immediately prior to such adjustment by (y) the Purchase Price in effect

17

 

immediately prior to such adjustment of the Purchase Price and (ii) dividing the product so
obtained by the Purchase Price in effect immediately after such adjustment of the Purchase Price.

     (i) The Company may elect on or after the date of any adjustment of the Purchase Price
pursuant to Sections 11(b) or 11(c) hereof to adjust the number of Rights, in substitution for any
adjustment in the number of one one-thousandths (1/1,000ths) of a share of Preferred
Stock purchasable upon the exercise of a Right. Each of the Rights outstanding after such
adjustment of the number of Rights shall be exercisable for the number of one one-thousandths
(1/1,000ths) of a share of Preferred Stock for which a Right was exercisable immediately
prior to such adjustment. Each Right held of record prior to such adjustment of the number of
Rights shall become that number of Rights (calculated to the nearest one ten-thousandth) obtained
by dividing the Purchase Price in effect immediately prior to adjustment of the Purchase Price by
the Purchase Price in effect immediately after adjustment of the Purchase Price. The Company shall
make a public announcement of its election to adjust the number of Rights, indicating the record
date for the adjustment, and, if known at the time, the amount of the adjustment to be made. This
record date may be the date on which the Purchase Price is adjusted or any day thereafter, but, if
the Right Certificates have been issued, shall be at least ten days later than the date of the
public announcement. If Right Certificates have been issued, upon each adjustment of the number of
Rights pursuant to this Section 11(i), the Company may, as promptly as practicable, cause to be
distributed to holders of record of Right Certificates on such record date Right Certificates
evidencing, subject to Section 14 hereof, the additional Rights to which such holders shall be
entitled as a result of such adjustment, or, at the option of the Company, shall cause to be
distributed to such holders of record in substitution and replacement for the Right Certificates
held by such holders prior to the date of adjustment, and upon surrender thereof, if required by
the Company, new Right Certificates evidencing all the Rights to which such holders shall be
entitled as a result of such adjustment. Right Certificates so to be distributed shall be issued,
executed and countersigned in the manner provided for herein and shall be registered in the names
of the holders of record of Right Certificates on the record date specified in the public
announcement.

     (j) Irrespective of any adjustment or change in the Purchase Price or the number of one
one-thousandths (1/1,000ths) of a share of Preferred Stock issuable upon the exercise of
the Rights, the Right Certificates theretofore and thereafter issued may continue to express the
Purchase Price and the number of one one-thousandths (1/1,000ths) of a share of
Preferred Stock that were expressed in the initial Right Certificates issued hereunder.

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

     (l) In any case in which this Section 11 shall require that an adjustment in the Purchase
Price be made effective as of a record date for a specified event, the Company may elect to defer
until the occurrence of such event the issuance to the holder of any Right exercised after such
record date the Preferred Stock, Common Stock or other capital stock or securities of

18

 

the Company, if any, issuable upon such exercise in addition to Preferred Stock, Common Stock or 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 upon the occurrence of the event requiring such
adjustment.

     (m) Notwithstanding anything in this Section 11 to the contrary, the Company shall be entitled
to make such adjustments in the Purchase Price, in addition to those adjustments expressly required
by this Section 11, as and to the extent that the Board of Directors in its sole discretion shall
determine to be advisable in order that any consolidation or subdivision of the Preferred Stock,
issuance (wholly for cash) of any shares of Preferred Stock at less than the current market price,
issuance (wholly for cash) of Preferred Stock or securities that by their terms are convertible
into or exchangeable for Preferred Stock, dividends on Preferred Stock payable in shares of
Preferred Stock or issuance of rights, options or warrants referred to hereinabove in Section 11(b)
hereof, hereafter made by the Company to holders of its Preferred Stock shall not be taxable to
such stockholders.

     (n) Notwithstanding anything in this Rights Agreement to the contrary, in the event that at
any time after the date of this Rights Agreement and prior to the Distribution Date, the Company
shall (i) declare or pay any dividend on the Common Stock payable in Common Stock or (ii) effect a
subdivision, combination or consolidation of the Common Stock (by reclassification or otherwise
than by payment of a dividend payable in Common Stock) into a greater or lesser number of shares of
Common Stock, then in any such case, the number of Rights associated with each share of Common
Stock then outstanding, or issued or delivered thereafter, shall be proportionately adjusted so
that the number of Rights thereafter associated with each share of Common Stock following any such
event shall equal the result obtained by multiplying the number of Rights associated with each
share of Common Stock immediately prior to such event by a fraction the numerator of which shall be
the total number of shares of Common Stock outstanding immediately prior to the occurrence of the
event and the denominator of which shall be the total number of shares of Common Stock outstanding
immediately following the occurrence of such event.

     (o) The Company agrees that, after the earlier of the Distribution Date or the Stock
Acquisition Date, it will not, except as permitted by Sections 23, 24 or 27 hereof, take (or permit
any Subsidiary to take) any action if at the time such action is taken it is reasonably foreseeable
that such action will diminish substantially or eliminate the benefits intended to be afforded
by the Rights.

     Section 12. Certificate of Adjusted Purchase Price or Number of Shares. Whenever an
adjustment is made as provided in Sections 11 or 13 hereof, the Company shall promptly (a) prepare
a certificate setting forth such adjustment, and a brief statement of the facts accounting for such
adjustment, (b) file with the Rights Agent and with each transfer agent for the Common Stock or the
Preferred Stock a copy of such certificate and (c) mail a brief summary thereof to each holder of a
Right Certificate in accordance with Section 25 hereof (if so required under Section 25 hereof).
The Rights Agent shall be fully protected in relying on any such certificate

19

 

and on any adjustment
therein contained and shall not be deemed to have knowledge of any such adjustment unless and until
it shall have received such certificate.

     Section 13. Consolidation, Merger or Sale or Transfer of Assets. (a) In the event
that, at any time after any Person has become an Acquiring Person, directly or indirectly, (i) the
Company shall merge with and into any other Person (other than one or more of its wholly-owned
Subsidiaries), (ii) any Person (other than one or more of its wholly-owned Subsidiaries), shall
consolidate with the Company, or any Person (other than one or more of its wholly-owned
Subsidiaries), shall merge with and into the Company and the Company shall be the continuing or
surviving corporation of such merger and, in connection with such merger, all or part of the Common
Stock shall be changed into or exchanged for stock or other securities of any other Person (or of
the Company) or cash or any other property or (iii) the Company shall sell or otherwise transfer
(or one or more of its Subsidiaries shall sell or otherwise transfer), in one or more related or
series of related transactions (including by way of capital stock or other securities), assets or
earning power aggregating to 50% or more of the assets and/or earning power of the Company and its
Subsidiaries (taken as a whole) to any other Person or Persons (other than the Company or one or
more of its wholly-owned Subsidiaries), then, and in each such case, except as part of a Permitted
Transaction, proper provision shall be made so that:

     (A) each holder of record of a Right (other than Rights that have become void pursuant to
Section 11(a)(ii) hereof) shall thereafter have the right to receive, upon the exercise thereof at
a price equal to the then-current Purchase Price multiplied by the number of one one-thousandths
(1/1,000ths) of a share of Preferred Stock for which a Right was exercisable (whether or
not such Right was then exercisable) immediately prior to the time that any Person first became an
Acquiring Person (each as subsequently adjusted thereafter pursuant to Sections 11(a)(i), 11(b),
11(c), 11(f), 11(h), 11(i) and 11(m) hereof), in accordance with the terms of this Rights Agreement
and in lieu of Preferred Stock, such number of validly issued, fully paid and non-assessable and
freely tradeable shares of Common Stock of the Principal Party (as defined below) 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-thousandths (1/1,000ths) of a share of Preferred Stock for which a Right was
exercisable immediately prior to the time that any Person first became an Acquiring Person (as
subsequently adjusted thereafter pursuant to Sections 11(a)(i), 11(b), 11(c), 11(f), 11(h), 11(i),
11(k) and 11(m) hereof) and (2) dividing that product by 50% of the then-current per share
market price of the Common Stock of such Principal Party (determined pursuant to Section
11(d)(i) hereof) on the date of consummation of such consolidation, merger, sale or transfer;
provided, however, that the Purchase Price and the number of shares of Common Stock
of such Principal Party issuable upon exercise of each Right shall be further adjusted as provided
in Section 11(f) of this Rights Agreement to reflect any events occurring in respect of such
Principal Party (as if the Principal Party were the Company) after the date of such consolidation,
merger, sale or transfer;

     (B) such Principal Party shall thereafter be liable for, and shall assume, by virtue of such
consolidation, merger, sale or transfer, all the obligations and duties of the Company under this
Rights Agreement;

20

 

     (C) the term “Company” as used herein shall thereafter be deemed to refer to such Principal
Party; and

     (D) such Principal Party shall take such steps (including, but not limited to, the reservation
of a sufficient number of its shares of its Common Stock) in connection with such consummation of
any such transaction as may be necessary to assure that the provisions hereof shall thereafter be
applicable, as nearly as reasonably may be, in relation to the shares of its Common Stock
thereafter deliverable upon the exercise of the Rights; provided, however, that,
upon the subsequent occurrence of any consolidation, merger, sale or transfer of assets or other
extraordinary transaction in respect of such Principal Party, each holder of a Right shall
thereupon be entitled to receive, upon exercise of a Right and payment of the Purchase Price as
provided in this Section 13(a), such cash, shares, rights, warrants and other property that such
holder would have been entitled to receive had such holder, at the time of such transaction, owned
the Common Stock of the Principal Party receivable upon the exercise of a Right pursuant to this
Section 13(a), and such Principal Party shall take all steps (including, but not limited to,
reservation of shares of stock) as may be necessary to permit the subsequent exercise of the Rights
in accordance with the terms hereof for such cash, shares, rights, warrants and other property.

     (b) “Principal Party” shall mean:

          (i) in the case of any transaction described in clauses (i) or (ii) of the first sentence of
Section 13(a) hereof: (A) the Person that is the issuer of the securities into which the shares of
Common Stock of the Company are converted in such merger or consolidation, or, if there is more
than one such issuer, the issuer of the securities of which have the greatest aggregate market
value of shares outstanding, or (B) if no securities are so issued, (x) the Person that is the
other party to the merger, if such Person survives said merger, or, if there is more than one such
Person, the Person the shares of Common Stock of which have the greatest aggregate market value of
shares outstanding or (y) if the Person that is the other party to the merger does not survive the
merger, the Person that does survive the merger (including the Company if it survives) or (z) the
Person resulting from the consolidation; and

          (ii) in the case of any transaction described in clause (iii) of the first sentence in Section
13(a) hereof, the Person that is the party receiving the greatest portion of the assets or earning
power transferred pursuant to such transaction or transactions, or, if each Person that is a
party to such transaction or transactions receives the same portion of the assets or earning
power so transferred or if the Person receiving the greatest portion of the assets or earning power
cannot be determined, whichever of such Persons is the issuer of Common Stock having the greatest
aggregate market value of shares outstanding;

          provided, however, that in any such case described in the foregoing clause
(b)(i) or (b)(ii), if the Common Stock of such Person is not at such time or has not been
continuously over the preceding 12-month period registered under Section 12 of the Exchange Act,
then (1) if such Person is a direct or indirect Subsidiary of another Person, the Common Stock of
which is and has been so registered, the term “Principal Party” shall refer to such other Person or
(2) if such Person is a direct or indirect Subsidiary of more than one Person, and the Common Stock
of all of such persons have been so registered, the term “Principal Party” shall refer to whichever
of

21

 

such Persons is the issuer of Common Stock having the greatest aggregate market value of shares
outstanding, or (3) if such Person is owned, directly or indirectly, by a joint venture or similar
arrangement formed by two or more Persons that are not owned, directly or indirectly, by the same
Person, the rules set forth in clauses (1) and (2) above shall apply to each of the owners having
an interest in the venture or similar arrangement as if the Person owned by the joint venture was a
Subsidiary of both or all of such joint venturers or other Persons and the Principal Party in each
such case shall bear the obligations set forth in this Section 13 in the same ratio as its interest
in such Person bears to the total of such interests.

     (c) The Company shall not consummate any consolidation, merger, sale or transfer referred to
in Section 13(a) hereof unless prior thereto the Company and the Principal Party involved therein
shall have executed and delivered to the Rights Agent an agreement confirming that the requirements
of Sections 13(a) and (b) hereof shall promptly be performed in accordance with their terms and
that such consolidation, merger, sale or transfer of assets shall not result in a default by the
Principal Party under this Rights Agreement as the same shall have been assumed by the Principal
Party pursuant to Sections 13(a) and (b) hereof and providing that, as soon as practicable after
executing such agreement pursuant to this Section 13, the Principal Party will:

          (i) prepare and file a registration statement under the Securities Act, if necessary, with
respect to the Rights and the securities purchasable upon exercise of the Rights on an appropriate
form, use its best efforts to cause such registration statement to become effective as soon as
practicable after such filing and use its best efforts to cause such registration statement to
remain effective (with a prospectus at all times meeting the requirements of the Securities Act)
until the Expiration Date, and similarly comply with applicable state securities laws;

          (ii) use its best efforts, if the Common Stock of the Principal Party shall be listed or
admitted to trading on the NYSE or on another national securities exchange, to list or admit to
trading (or continue the listing of) the Rights and the securities purchasable upon exercise of the
Rights on the NYSE or such securities exchange, or, if the Common Stock of the Principal Party
shall not be listed or admitted to trading on the NYSE or a national securities exchange, to cause
the Rights and the securities receivable upon exercise of the Rights to be reported by such other
system then in use;

          (iii) deliver to holders of the Rights historical financial statements for the Principal Party
which comply in all respects with the requirements for registration on Form 10 (or any successor
form) under the Exchange Act; and

          (iv) obtain waivers of any rights of first refusal, preemptive or similar rights in respect of
the Common Stock of the Principal Party subject to purchase upon exercise of outstanding Rights.

     (d) In case the Principal Party has a provision in any of its authorized securities or in its
certificate of incorporation or by-laws or other instrument governing its affairs, which provision
would have the effect of (i) causing such Principal Party to issue (other than to holders of Rights
pursuant to this Section 13), in connection with, or as a consequence of, the consummation of a
transaction referred to in this Section 13, shares of Common Stock or

22

 

Common Stock equivalents of
such Principal Party at less than the then-current market price per share thereof (determined
pursuant to Section 11(d) hereof) or securities exercisable for, or convertible into, Common Stock
or Common Stock equivalents of such Principal Party at less than such then-current market price, or
(ii) providing for any special payment, tax or similar provision in connection with the issuance of
the Common Stock of such Principal Party pursuant to the provisions of Section 13, then, in such
event, the Company hereby agrees with each holder of Rights that it shall not consummate any such
transaction unless, prior thereto, the Company and such Principal Party shall have executed and
delivered to the Rights Agent a supplemental agreement providing that the provision(s) in question
of such Principal Party shall have been canceled, waived or amended, or that the authorized
securities shall be redeemed, so that the applicable provision will have no effect in connection
with, or as a consequence of, the consummation of the proposed transaction.

     (e) The Company covenants and agrees that it shall not, at any time after a Person first
becomes an Acquiring Person enter into any transaction of the type contemplated by Sections
13(a)(i)-(iii) hereof if (x) at the time of or immediately after such consolidation, merger, sale,
transfer or other transaction there are any rights, warrants or other instruments or securities
outstanding or agreements in effect that could materially diminish or effectively eliminate the
benefits intended to be afforded by the Rights, (y) prior to, simultaneously with or immediately
after such consolidation, merger, sale, transfer or other transaction, the stockholders of the
Person who constitutes, or would constitute, the Principal Party for purposes of Section 13(b)
hereof shall have received a distribution of Rights previously owned by such Person or any of its
Affiliates or Associates or (z) the form or nature of organization of the Principal Party would
preclude or limit the exercisability of the Rights.

     (f) The provisions of this Section 13 shall similarly apply to successive share exchanges,
mergers or consolidations or sales or other transfers.

     (g) In the event that the Rights become exercisable under Section 13(a), the Company, by
majority vote of the entire Board of Directors, may agree with the Principal Party that the
Principal Party shall permit the Rights to be exercised for 50% of the Common Stock of the
Principal Party that otherwise would be purchasable under Section 13(a), in consideration of the
surrender to the Principal Party, as the successor to the Company under Section 13(a)(ii), of
the Rights so exercised and without other payment of the Purchase Price. Rights exercised
under this Section 13(g) shall be deemed to have been exercised in full and shall be canceled.

     Section 14. Fractional Rights and Fractional Shares. (a) The Company shall not be
required to issue fractions of Rights (except prior to the Distribution Date in accordance with
Section 11(n) hereof) or to distribute Right Certificates that evidence fractional Rights. In lieu
of such fractional Rights, there shall be paid to the registered holders of the Right Certificates
with regard to which such fractional Rights would otherwise be issuable, an amount in cash equal to
the same fraction of the current market value of a whole Right. For the purposes of this Section
14(a), the current market value of a whole Right shall be the closing price of the Rights for the
Trading Day immediately prior to the date on which such fractional Rights would have been otherwise
issuable. The closing price for any day shall be the last sale price, regular way, or, in case no
such sale takes place on such day, the average of the closing bid and asked prices, regular way, in
either case as reported by (w) the principal consolidated transaction reporting

23

 

system with respect
to securities listed or admitted to trading on the NYSE or (x) if the Rights are not listed or
admitted to trading on the NYSE, as reported in the principal consolidated transaction reporting
system with respect to securities listed on the principal national securities exchange on which the
Rights are listed or admitted to trading or (y) if the Rights are not listed or admitted to trading
on any national securities exchange, the last quoted price or, if not so quoted, the average of the
high bid and low asked prices in the over-the-counter market, as reported by Nasdaq or such other
system then in use or (z) if on any such date the Rights are not quoted by any such organization,
the average of the closing bid and asked prices as furnished by an independent professional market
maker making a market in the Rights selected by the Board of Directors. If on any such date no
such market maker is making a market in the Rights, the fair value of the Rights on such date as
determined in good faith by the Board of Directors shall be used.

     (b) The Company shall not be required to issue fractions of shares of Preferred Stock (other
than fractions that are integral multiples of one one-thousandth (1/1,000th) of a share
of Preferred Stock) upon exercise of the Rights or to distribute certificates that evidence
fractional shares of Preferred Stock (other than fractions which are integral multiples of one
one-thousandth (1/1,000th) of a share of Preferred Stock). Interests in fractions of
Preferred Stock in integral multiples of one one-thousandth (1/1,000th) of a share of
Preferred Stock may, at the election of the Company, be evidenced by depositary receipts, pursuant
to an appropriate agreement between the Company and a depositary selected by it; provided,
however, that such agreement shall provide that the holders of such depositary receipts
shall have all the rights, privileges and preferences to which they are entitled as beneficial
owners of the Preferred Stock represented by such depositary receipts. In lieu of fractional shares
of Preferred Stock that are not integral multiples of one one-thousandth (1/1,000th) of
a share of Preferred Stock, the Company shall pay to the registered holders of Right Certificates
at the time such Rights are exercised for shares of Preferred Stock as herein provided an amount in
cash equal to the same fraction of the current market value of one share of Preferred Stock. For
the purposes of this Section 14(b), the current market value of a share of Preferred Stock shall be
the closing price of a share of Preferred Stock (as determined pursuant to Sections 11(d)(i) and
(ii) hereof) for the Trading Day immediately prior to the date of such exercise of the Rights.

     (c) The Company shall not be required to issue fractions of shares of Common Stock or to
distribute certificates that evidence fractional shares of Common Stock upon the exercise or
exchange of Rights. In lieu of such fractional shares of Common Stock, the Company shall pay to the
registered holders of the Right Certificates at the time such Rights are exercised or exchanged for
shares of Common Stock, as herein provided, an amount in cash equal to the same fraction of the
current market value of a whole share of Common Stock (as determined in accordance with Section
11(d)(i) hereof) for the Trading Day immediately prior to the date of such exercise or exchange of
the Rights.

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

     Section 15. Rights of Action. All rights of action in respect of this Rights
Agreement, excepting the rights of action given to the Rights Agent under Section 18 hereof, are
vested in

24

 

the respective registered holders of the Right Certificates (and, prior to the
Distribution Date, the registered holders of the Common Stock); and any registered holder of any
Right Certificate (or, prior to the Distribution Date, of the Common Stock), without the consent of
the Rights Agent or of the holder of any other Right Certificate (or, prior to the Distribution
Date, of the holders of any other Common Stock), on such holder’s own behalf and for such holder’s
own benefit, may enforce, and may institute and maintain any suit, action or proceeding against the
Company to enforce, or otherwise act in respect of, such holder’s right to exercise the Rights
evidenced by such Right Certificate (or, prior to the Distribution Date, such Common Stock) in the
manner provided in such Right Certificate and in this Rights Agreement. Without limiting the
foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that
the holders of Rights would not have an adequate remedy at law for any breach of this Rights
Agreement and will be entitled to specific performance of the obligations under, and injunctive
relief against actual or threatened violations of the obligations of any Person subject to, this
Rights Agreement.

     Section 16. Agreement of Right Holders. Every holder of a Right, by accepting the
same, consents and agrees with the Company and the Rights Agent and with every other holder of a
Right that:

     (i) prior to the Distribution Date, the Rights will be transferable only in connection with
the transfer of the Common Stock;

     (ii) after the Distribution Date, the Right Certificates are transferable only on the registry
books of the Rights Agent if surrendered at the office or agency of the Rights Agent designated for
such purpose, duly endorsed or accompanied by a proper instrument of transfer; and

     (iii) the Company and the Rights Agent may deem and treat the Person in whose name the Right
Certificate (or, prior to the Distribution Date, the Common Stock certificate) is registered as the
absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of
ownership or writing on the Right Certificates or the Common 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 Section 7(e) hereof, shall be affected by any
notice to the contrary.

     Section 17. Right Certificate Holder Not Deemed a Stockholder. No holder, as such,
of any Right Certificate shall be entitled to vote, receive dividends or be deemed for any other
purpose the holder of the Preferred Stock or any other securities of the Company or any cash or
other property that may at any time be issuable on the exercise or exchange of the Rights
represented thereby, nor shall anything contained herein or in any Right Certificate be construed

to confer upon the holder of any Right Certificate, as such, any of the rights of a stockholder of
the Company, including, without limitation, or any right to vote for the election of directors or
upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to
any corporate action, or to receive notice of meetings or other actions affecting stockholders
(except as provided in this Rights Agreement), or to receive dividends or subscription rights, or
otherwise, until the Rights evidenced by such Right Certificate shall have been exercised or
exchanged in accordance with the provisions hereof.

25

 

     Section 18. Concerning the Rights Agent. (a) The Company agrees to pay to the
Rights Agent the compensation set forth on Annex I hereto 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
other disbursements incurred in the administration and execution of this Rights Agreement and the
exercise and performance of its duties hereunder. The Company also agrees to indemnify the Rights
Agent for, and to hold it harmless against, any loss, liability or expense, incurred without gross
negligence, bad faith, willful misconduct or breach of this Rights 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 Rights Agreement, including the costs and expenses of defending against
any claim of liability arising therefrom, directly or indirectly.

     (b) 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 Rights
Agreement in reliance upon any Right Certificate or certificate for the Preferred Stock or Common
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 Section 20(a) hereof.

     Section 19. Merger, Consolidation or Change of Name of Rights Agent. (a) Any
Person into which the Rights Agent or any successor Rights Agent may be merged or with which it may
be consolidated, or any Person resulting from any merger or consolidation to which the Rights Agent
or any successor Rights Agent shall be a party, or any Person succeeding to the stock transfer or
corporate trust powers of the Rights Agent or any successor Rights Agent, shall be the successor to
the Rights Agent under this Rights Agreement without the execution or filing of any paper or any further act on the part of any of the
parties hereto; provided, however, that such Person would be eligible for
appointment as a successor Rights Agent under the provisions of Section 21 hereof. In case at the
time such successor Rights Agent shall succeed to the agency created by this Rights Agreement, any
of the Right Certificates shall have been countersigned but not delivered, such successor Rights
Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Right
Certificates so countersigned; and in case at that time any of the Right Certificates shall not
have been countersigned, any successor Rights Agent may countersign such Right Certificates either
in the name of the predecessor Rights Agent or in the name of such successor Rights Agent; and in
all such cases such Right Certificates shall have the full force and effect provided in the Right
Certificates and in this Rights Agreement.

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

26

 

     Section 20. Duties of Rights Agent. The Rights Agent undertakes to preform the
duties and obligations imposed by this Rights Agreement upon the following terms and conditions, by
all of which the Company and the holders of Right Certificates, by their acceptance thereof, shall
be bound:

     (a) The Rights Agent may consult with legal counsel (who may be legal counsel for the
Company), and any written 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.

     (b) Whenever in the performance of its duties under this Rights Agreement the Rights Agent
shall deem it necessary or desirable that any fact or matter be proved or established by the
Company prior to taking or suffering any action hereunder, such fact or matter (unless other
evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a certificate signed by any one of the Chief Executive Officer,
President, any Vice President, the Treasurer or the Secretary of the Company (each, an “Authorized
Officer”) and delivered to the Rights Agent; and such certificate shall be full authorization to
the Rights Agent for any action taken or suffered in good faith by it under the provisions of this
Rights Agreement in reliance upon such certificate.

     (c) The Rights Agent shall be liable hereunder to the Company and any other Person only for
its own gross negligence, bad faith, willful misconduct or breach of this Rights Agreement by it or
its agents.

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

     (e) The Rights Agent shall not be under any responsibility in respect of the validity of this
Rights Agreement or the execution and delivery hereof (except the due execution and delivery hereof
by the Rights Agent) or in respect of the validity or execution of any Right Certificate (except
its countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Rights Agreement or in any Right Certificate; nor shall it
be responsible for any change in the exercisability of the Rights (including the Rights becoming
void pursuant to Section 11(a)(ii) hereof) or any adjustment in the terms of the Rights (including
the manner, method or amount thereof) provided for in Sections 3, 11, 13, 22, 23 and 24, or the
ascertaining of the existence of facts that would require any such change or adjustment (except
with respect to the exercise of Rights evidenced by Right Certificates after receipt of a
certificate, furnished pursuant to Section 12, describing such change or adjustment); nor shall it
by any act hereunder be deemed to make any representation or warranty as to the authorization or
reservation of any shares of Preferred Stock or other securities to be issued pursuant to this
Rights Agreement or any Right Certificate or as to whether any shares of Preferred Stock or other
securities will, when issued, be validly authorized and issued, fully paid and non-assessable.

27

 

     (f) The Company agrees that it will perform, execute, acknowledge and deliver, or cause to be
performed, executed, acknowledged and delivered, all such further and other acts, instruments and
assurances as may reasonably be required by the Rights Agent for the carrying out or performing by
the Rights Agent of the provisions of this Rights Agreement.

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

     (h) The Rights Agent and any stockholder, director, officer or employee of the Rights Agent
may, subject to applicable law, buy, sell or deal in any of the Rights or other securities of the
Company or become pecuniarily interested in any transaction in which the Company may be interested,
or contract with or lend money to the Company or otherwise act as fully and freely as
though it were not Rights Agent under this Rights Agreement. Nothing herein shall preclude the
Rights Agent from acting in any other capacity for the Company or for any other legal entity.

     (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, that reasonable care was exercised by it
in the selection and continued engagement thereof.

     (j) If, with respect to any Right Certificate surrendered to the Rights Agent for exercise or
transfer, the certificate contained in the form of assignment or the form of election to purchase
set forth on the reverse thereof, as the case may be, has not been completed to certify the holder
is not an Acquiring Person (or an Affiliate or Associate thereof) or a transferee of any thereof,
the Rights Agent shall not take any further action with respect to such requested exercise or
transfer without first consulting with the Company.

     Section 21. Change of Rights Agent. The Rights Agent or any successor Rights Agent
may resign and be discharged from its duties under this Rights Agreement upon at least 30 days’
notice in writing mailed to the Company and to each transfer agent of the Common Stock or the

28

 

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

     Section 22. Issuance of New Right Certificates. Notwithstanding any of the
provisions of this Rights Agreement or of the Rights to the contrary, the Company may, at its
option, issue new Right Certificates evidencing Rights in such forms as may be approved by its
Board of Directors to reflect any adjustment or change in the Purchase Price and the number or kind
or class of shares or other securities or property purchasable under the Right Certificates made in
accordance with the provisions of this Rights Agreement. In addition, in connection with the
issuance or sale of Common Stock following the Distribution Date and prior to the Expiration Date,
the Company may with respect to shares of Common Stock so issued or sold pursuant to (i) the
exercise of stock options, (ii) under any employee plan or arrangement, (iii) the exercise,
conversion or exchange of securities, notes or debentures issued by the Company or (iv) a
contractual obligation of the Company, in each case existing prior to the Distribution Date, issue
Right Certificates representing the appropriate number of Rights in connection with such issuance
or sale.

29

 

     Section 23. Redemption. (a) On behalf of the Company, the Board of Directors by
majority of the entire Board of Directors may, at (and only at) any time prior to the earlier of
(i) the close of business on the tenth (10th) calendar day following the Stock
Acquisition Date (or, if the Stock Acquisition Date shall have occurred prior to the Record Date,
the close of the business on the tenth (10th) calendar day following the Record Date) or
(ii) the Final Expiration Date, redeem all but not less than all the then-outstanding Rights at a
redemption price of $.01 per Right, appropriately adjusted to reflect any stock split, stock
dividend or similar transaction occurring after the date hereof (the “Redemption Price”). The
redemption of the Rights may be made effective at such time, on such basis and with such conditions
as the majority of the entire Board of Directors in its sole discretion may establish. The Company
may, at its option, pay the Redemption Price in cash, shares of Common Stock (based on the current
market price of the Common Stock at the time of redemption as determined pursuant to Section
11(d)(i) hereof) or any other form of consideration deemed appropriate by the Board of Directors.
Notwithstanding anything to the contrary contained in this Rights Agreement, the Rights shall not
be exercisable until such time as the Company’s right of redemption hereunder has expired.

     (b) Immediately upon the action of the Board of Directors ordering the redemption of the
Rights pursuant to Section 23(a) hereof (or at such later time as the Board of Directors may
establish for the effectiveness of such redemption), 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. The Company shall promptly give public
notice of any such redemption; provided, however, that the failure to give, or any
defect in, any such notice shall not affect the validity of such redemption. Within 10 days after
such action of the Board of Directors ordering the redemption of the Rights (or such later time as
the Board of Directors may establish for the effectiveness of such redemption), the Company shall
mail a notice of redemption to all the holders of the then-outstanding Rights at their last
addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution
Date, on the registry books of the transfer agent for the Common Stock. Any notice that is mailed
in the manner herein provided shall be deemed given, whether or not the holder receives the notice.
Each such notice of redemption shall state the method by which the payment of the Redemption Price
will be made.

     Section 24. Exchange. (a) The Board of Directors may, at its option, by action of
a majority of the entire Board of Directors, at any time after any Person first becomes an
Acquiring Person, exchange all or part of the then-outstanding and exercisable Rights (which shall
not include Rights that have not become effective or that have become void pursuant to the
provisions of Section 11(a)(ii) hereof) for shares of Common Stock at an exchange ratio of one
share of Common Stock per Right, appropriately adjusted to reflect any stock split, stock dividend
or similar transaction occurring after the date hereof (such amount per Right being hereinafter
referred to as the “Exchange Ratio”). Notwithstanding the foregoing, the Board of Directors shall
not be empowered to effect such exchange at any time after an Acquiring Person becomes the
Beneficial Owner of shares of Common Stock aggregating 50% or more of the shares of Common Stock
then-outstanding, other than pursuant to a Permitted Transaction. From and after the occurrence of
an event specified in Section 13(a) hereof, any Rights that theretofore shall have not been
exchanged pursuant to this Section 24(a) shall thereafter be exercisable only in accordance with
Section 13 and may not be exchanged pursuant to this Section 24(a). The exchange of the Rights by
the Board of Directors may be made effective at

30

 

such time, on such basis and with such conditions as the Board of Directors in its sole discretion may establish.

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

     (c) The Company may at its option substitute and, in the event that there shall not be
sufficient shares of Common Stock issued but not outstanding or authorized but unissued (and
unreserved) to permit an exchange of Rights as contemplated in accordance with this Section
24, the Company shall substitute to the extent of such insufficiency, for each share of Common
Stock that would otherwise be issuable upon exchange of a Right, a number of shares of Preferred
Stock or fraction thereof (or equivalent preferred shares as such term is defined in Section 11(b))
such that the current per share market price (determined pursuant to Section 11(d) hereof) of one
share of Preferred Stock (or equivalent preferred share) multiplied by such number or fraction is
equal to the current per share market price of one share of Common Stock (determined pursuant to
Section 11(d)) as of the date of such exchange.

     Section 25. Notice of Certain Events. (a) In case the Company shall at any time
after the earlier of the Distribution Date or the Stock Acquisition Date propose to (i) pay any
dividend payable in stock of any class to the holders of its Preferred Stock or to make any other
distribution to the holders of its Preferred Stock (other than a regular quarterly cash dividend),
(ii) offer to the holders of its Preferred Stock rights or warrants to subscribe for or to purchase
any additional shares of Preferred Stock or shares of stock of any class or any other securities,
rights or options, (iii) effect any reclassification of its Preferred Stock (other than a
reclassification involving only the subdivision or combination of outstanding Preferred Stock),
(iv) effect the liquidation, dissolution or winding up of the Company or (v) declare or pay any
dividend on the Common Stock payable in Common Stock or to effect a subdivision, combination or
consolidation of the Common Stock (by reclassification or otherwise than by payment of dividends in
Common Stock), then, in each such case, the Company shall give to each holder of a Right
Certificate, in accordance with Section 26 hereof, a notice of such proposed action, which shall
specify the record date for the purposes of such stock dividend, or distribution or offering of
rights or warrants, or the date on which such liquidation, dissolution, reclassification,
subdivision, combination, consolidation or winding up is to take place and the date of
participation therein by the holders of the Common Stock and/or Preferred Stock, if any

31

 

such date
is to be fixed, and such notice shall be so given in the case of any action covered by clause (i)
or (ii) above at least 10 days prior to the record date for determining holders of the Preferred
Stock for purposes of such action, and in the case of any such other action, at least 10 days prior
to the date of the taking of such proposed action or the date of participation therein by the
holders of the Common Stock and/or Preferred Stock, whichever shall be the earlier. The failure to
give notice as required by this Section 24 or any defect therein shall not affect the legality or
validity of the action taken by the Company or the approval of any such action.

     (b) In case any event described in Section 11(a)(ii) or Section 13 hereof shall occur then the
Company shall as soon as practicable thereafter give to each holder of a Right Certificate (or if
occurring prior to the Distribution Date, the holders of the Common Stock), in accordance with
Section 26 hereof, a notice of the occurrence of such event, which notice shall describe such event
and the consequences of such event to holders of Rights under Section 11(a)(ii) and Section 13
hereof.

     Section 26. Notices. Notices or demands authorized by this Rights Agreement to be
given or made by the Rights Agent or by the holder of any Right Certificate to or on the Company
shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until another address
is filed in writing with the Rights Agent) as follows:

Wheeling-Pittsburgh Corporation 

1134 Market Street

Wheeling, West Virginia 26003

Attn: General Counsel

Subject to the provisions of Section 21 hereof, any notice or demand authorized by this Rights
Agreement to be given or made by the Company or by the holder of any Right Certificate to or on the
Rights Agent shall be sufficiently given or made if sent by first-class mail, postage prepaid,
addressed (until another address is filed in writing with the Company) as follows:

Equiserve Trust Company, N.A.

250 Royall Street

Canton, Massachusetts 02021

Attn: Client Administration

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

     Section 27. Supplements and Amendments. Except as otherwise provided in this
Section 27, for so long as the Rights are then redeemable, the Company may, in its sole and
absolute discretion, and the Rights Agent shall if the Company so directs, supplement or amend any
provision of this Rights Agreement in any respect without the approval of any holders of the
Rights. At any time when the Rights are no longer redeemable, except as otherwise provided in this
Section 27, the Company may, and the Rights Agent shall, if the Company so directs, supplement or
amend this Rights Agreement without the approval of any holders of Rights in

32

 

order to (i) cure any ambiguity, (ii) correct or supplement any provision contained herein that may be defective or
inconsistent with any other provisions herein, (iii) shorten or lengthen any time period hereunder
or (iv) change or supplement the provisions hereunder in any manner which the Company deems
necessary or desirable; provided, however, that no such supplement or amendment
shall adversely affect the interests of the holders of Rights as such (other than an Acquiring
Person or an Affiliate or Associate of an Acquiring Person), and no such amendment may cause the
Rights again to become redeemable or cause this Rights Agreement again to become amendable other
than in accordance with this sentence. Notwithstanding anything contained in this Rights Agreement
to the contrary, no supplement or amendment shall be made that decreases the Redemption Price. Upon
the delivery of a certificate from an appropriate officer of the Company that states that the
supplement or amendment is in compliance with the terms of this Section 27, the Rights Agent shall
execute such supplement or amendment; provided, however, that any supplement or
amendment that does not amend Sections 18, 19, 20 or 21 hereof in a manner adverse to the Rights
Agent shall become effective immediately upon its execution by the Company, whether or not also
executed by the Rights Agent.

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

     Section 29. Benefits of this Rights Agreement. Nothing in this Rights Agreement
shall be construed to give to any Person other than the Company, the Rights Agent and the
registered holders of the Right Certificates (and, prior to the Distribution Date, of the Common
Stock) any legal or equitable right, remedy or claim under this Rights Agreement; but this Rights
Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent and the
registered holders of the Right Certificates (and, prior to the Distribution Date, of the Common
Stock).

     Section 30. Determinations and Actions by the Board of Directors. For all purposes
of this Agreement, any calculation of the number of shares of Common Stock outstanding at any
particular time, including for purposes of determining the particular percentage of such
outstanding Common Stock of which any Person is the Beneficial Owner, shall be made in accordance
with, as applicable, the last sentence of Rule 13d-3(d)(1)(i) of the General Rules and Regulations
under the Exchange Act or the provisions of Section 382 of the Code, or any successor provision or
replacement provision. The Board of Directors shall have the exclusive power and authority to
administer this Rights Agreement and to exercise the rights and powers specifically granted to the
Board of Directors or to the Company, or as may be necessary or advisable in the administration of
this Rights Agreement, including the right and power to (i) interpret the provisions of this Rights
Agreement and (ii) make all determinations deemed necessary or advisable for the administration of
this Rights Agreement (including, a determination to redeem or not redeem the Rights or to amend
this Rights Agreement). All such actions, calculations, interpretations and determinations
(including, for purposes of clause (y) below, all omissions with respect to the foregoing) that are
done or made by the Board of Directors in good faith, shall (x) be final, conclusive and binding on
the Company, the Rights Agent, the holders of the Rights, as such, and all other parties, and (y)
not subject the Board of Directors to any liability to the holders of the Rights or Common Stock.

33

 

     Section 31. Severability. If any term, provision, covenant or restriction of this
Rights Agreement or applicable to this Rights Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions of this Rights Agreement shall remain in full force and
effect and shall in no way be affected, impaired or invalidated; provided, however,
that notwithstanding anything in this Agreement to the contrary, if any such term, provision,
covenant or restriction is held by such court or authority to be invalid, void or unenforceable and
the Board determines in its good faith judgment that severing the invalid language from this
Agreement would adversely affect the purpose or effect of this Agreement, the right of redemption
set forth in Section 23 hereof shall be reinstated (with prompt notice to the Rights Agent) and
shall not expire until the close of business on the tenth Business Day following the date of such determination by the Board.
Without limiting the foregoing, if any provision requiring a specific group of directors of the
Company to act is held to by any court of competent jurisdiction or other authority to be invalid,
void or unenforceable, such determination shall then be made by the entire Board of Directors in
accordance with applicable law and the Company’s Certificate of Incorporation and Bylaws.

     Section 32. Governing Law. This Rights Agreement and each Right Certificate issued
hereunder shall be deemed to be a contract made under the laws of the State of Delaware and for all
purposes shall be governed by and construed in accordance with the laws of such State applicable to
contracts to be made and performed entirely within such State.

     Section 33. Counterparts. This Rights Agreement may be executed in counterparts and
each of such counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument.

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

34

 

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

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	WHEELING-PITTSBURGH CORPORATION
	 
	 	 	 	 	 	 	 	 	 	 
	Attest:

	 	/s/ John Testa	 	By:	 	/s/ Paul J. Mooney	 	 	 	 
	

	 	

	 	 	 	
	 	 	 	 
	

	 	 	 	 	 	Paul J. Mooney 

Executive Vice President and
Chief Financial Officer 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	EQUISERVE TRUST COMPANY, N.A.
	 
	 	 	 	 	 	 	 	 	 	 
	Attest:

	 	/s/ Paula Gill	 	By:	 	/s/ Carol Mulvey-Eori 	 	 	 	 
	

	 	

	 	 	 	
	 	 	 	 
	

	 	 	 	Name:	 	Carol Mulvey-Eori 	 	 	 	 
	

	 	 	 	 	 	
	 	 	 	 
	

	 	 	 	Title:	 	Managing Director 	 	 	 	 
	

	 	 	 	 	 	
	 	 	 	 

35

 

EXHIBIT A

FORM

OF

CERTIFICATE OF DESIGNATIONS

OF

SERIES A JUNIOR PARTICIPATING PREFERRED STOCK

OF

WHEELING-PITTSBURGH CORPORATION

(Pursuant to Section 151 of the

General Corporation Law of the State of Delaware)

     Wheeling-Pittsburgh Corporation, a corporation organized and existing under the General
Corporation Law of the State of Delaware (the “Company”), hereby certifies that the following
resolution was duly adopted by the Board of Directors of the Company as required by Section 151 of
the General Corporation Law of the State of Delaware on February 14, 2005:

     RESOLVED, that pursuant to the authority vested in the Board of Directors of the Company
(hereinafter being referred to as the “Board of Directors” or the “Board”) in accordance with the
provisions of the Company’s Certificate of Incorporation, as amended (hereinafter being referred to
as the “Certificate of Incorporation”), the Board of Directors hereby creates a series of Preferred
Stock, par value $0.001 per share, of the Company, to be designated the “Series A Junior
Participating Preferred Stock” and hereby adopts the resolution establishing the designations,
number of shares, preferences, voting powers and other rights and the restrictions and limitations
thereof, of the shares of such series as set forth below:

     Section 1. Designation and Amount. The shares of such series shall be designated as
“Series A Junior Participating Preferred Stock” (the “Series A Preferred Stock”) and the number of
shares constituting the Series A Preferred Stock shall be 160,000. Such number of shares may be
increased or decreased by resolution of the Board of Directors; provided, however,
that no decrease shall reduce the number of shares of Series A Preferred Stock to a number less
than the number of shares then outstanding plus the number of shares reserved for issuance upon the
exercise of outstanding options, rights or warrants or upon the conversion of any outstanding
securities issued by the Company convertible into Series A Preferred Stock.

     Section 2. Dividends and Distributions.

A-1

 

     (A) Subject to the rights of the holders of any shares of any series of Preferred Stock of the
Company (the “Preferred Stock”) (or any similar stock) ranking prior and superior to the Series A
Preferred Stock with respect to dividends, the holders of shares of Series A Preferred Stock, in
preference to the holders of Common Stock, par value $0.01 per share, of the Company (the “Common
Stock”) and of any other stock of the Company ranking junior to the Series A Preferred Stock, shall
be entitled to receive, when, as and if declared by the Board of Directors out of funds legally
available for the purpose, quarterly dividends payable in cash on the last day of January, April,
July, and October in each year (each such date being referred to herein as a “Dividend Payment
Date”), commencing on the first Dividend Payment Date after the first issuance of a share or
fraction of a share of Series A Preferred Stock (the “Issue Date”), in an amount per share (rounded
to the nearest cent) equal to the greater of (a) $1.00 or (b) subject to the provision for
adjustment hereinafter set forth, 1,000 times the aggregate per share amount of all cash dividends,
and 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other
distributions (other than a dividend payable in shares of Common Stock or a subdivision of the
outstanding shares of Common Stock (by reclassification or otherwise)), declared on the Common
Stock since the immediately preceding Dividend Payment Date or, with respect to the first Dividend
Payment Date, since the first issuance of any share or fraction of a share of Series A Preferred
Stock. In the event that the Company shall at any time after the Issue Date declare and pay any
dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or
combination or consolidation of the outstanding shares of Common Stock (by reclassification or
otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number
of shares of Common Stock, then in each such case the amount to which holders of shares of Series A
Preferred Stock were entitled immediately prior to such event under clause (b) of the preceding
sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which is the
number of shares of Common Stock outstanding immediately after such event and the denominator of
which is the number of shares of Common Stock that were outstanding immediately prior to such
event.

     (B) The Company shall declare a dividend or distribution on the Series A Preferred Stock as
provided in Section 2(A) hereof immediately after it declares a dividend or distribution on the
Common Stock (other than a dividend payable in shares of Common Stock); provided,
however, that, in the event no dividend or distribution shall have been declared on the
Common Stock during the period between any Dividend Payment Date and the next subsequent Dividend
Payment Date, a dividend of $1.00 per share on the Series A Preferred Stock shall nevertheless be
payable, when, as and if declared, on such subsequent Dividend Payment Date.

     (C) Dividends shall begin to accrue and be cumulative, whether or not earned or declared, on
outstanding shares of Series A Preferred Stock from the Dividend Payment Date next preceding the
date of issue of such shares, unless the date of issue of such shares is prior to the record date
for the first Dividend Payment Date, in which case dividends on such shares shall begin to accrue
from the date of issue of such shares, or unless the date of issue is a Dividend Payment Date or is
a date after the record date for the determination of holders of shares of Series A Preferred Stock
entitled to receive a quarterly dividend and before such Dividend Payment Date, in either of which
events such dividends shall begin to accrue and be cumulative from such Dividend Payment Date.
Accrued but unpaid dividends shall not bear interest. Dividends paid on the shares of Series A
Preferred Stock in an amount less than the total amount

A-2

 

of such dividends at the time accrued and payable on such shares shall be allocated pro rata
on a share-by-share basis among all such shares at the time outstanding. The Board of Directors may
fix a record date for the determination of holders of shares of Series A Preferred Stock entitled
to receive payment of a dividend or distribution declared thereon, which record date shall be not
more than 60 days prior to the date fixed for the payment thereof.

     Section 3. Voting Rights. The holders of shares of Series A Preferred Stock shall
have the following voting rights:

     (A) Subject to the provision for adjustment hereinafter set forth and except as otherwise
provided in the Certificate of Incorporation or required by law, each share of Series A Preferred
Stock shall entitle the holder thereof to 1,000 votes on all matters upon which the holders of the
Common Stock of the Company are entitled to vote. In the event that the Company shall at any time
after the Issue Date declare or pay any dividend on the Common Stock payable in shares of Common
Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common
Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock)
into a greater or lesser number of shares of Common Stock, then in each such case the number of
votes per share to which holders of shares of Series A Preferred Stock were entitled immediately
prior to such event shall be adjusted by multiplying such number by a fraction, the numerator of
which is the number of shares of Common Stock outstanding immediately after such event and the
denominator of which is the number of shares of Common Stock that were outstanding immediately
prior to such event.

     (B) Except as otherwise provided herein, in the Certificate of Incorporation or in any other
Certificate of Designations creating a series of Preferred Stock or any similar stock, and except
as otherwise required by law, the holders of shares of Series A Preferred Stock and the holders of
shares of Common Stock and any other capital stock of the Company having general voting rights
shall vote together as one class on all matters submitted to a vote of stockholders of the Company.

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

     Section 4. Certain Restrictions.

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

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

A-3

 

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

     (iii) redeem or purchase or otherwise acquire for consideration shares of any stock ranking
junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A
Preferred Stock; provided, that the Company may at any time redeem, purchase or otherwise
acquire shares of any such junior stock in exchange for shares of any stock of the Company ranking
junior (as to dividends and upon dissolution, liquidation or winding up) to the Series A Preferred
Stock or rights, warrants or options to acquire such junior stock; or

     (iv) redeem or purchase or otherwise acquire for consideration any shares of Series A
Preferred Stock, or any shares of stock ranking on a parity (either as to dividends or upon
liquidation, dissolution or winding up) with the Series A Preferred Stock, except in accordance
with a purchase offer made in writing or by publication (as determined by the Board of Directors)

to all holders of such shares upon such terms as the Board of Directors, after consideration of the
respective annual dividend rates and other relative rights and preferences of the respective series
and classes, shall determine in good faith will result in fair and equitable treatment among the
respective series or classes.

     (B) The Company shall not permit any subsidiary of the Company to purchase or otherwise
acquire for consideration any shares of stock of the Company unless the Company could, under
subsection (iv) above, purchase or otherwise acquire such shares at such time and in such manner.

     Section 5. Reacquired Shares. Any shares of Series A Preferred Stock purchased or
otherwise acquired by the Company in any manner whatsoever shall be retired and cancelled promptly
after the acquisition thereof. All such shares shall upon their retirement become authorized but
unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock
to be created by resolution or resolutions of the Board of Directors, subject to any conditions and
restrictions on issuance set forth herein.

     Section 6. Liquidation, Dissolution or Winding Up. Upon any liquidation, dissolution
or winding up of the Company, no distribution shall be made (A) to the holders of the Common Stock
or of shares of any other stock of the Company ranking junior, upon liquidation, dissolution or
winding up, to the Series A Preferred Stock unless, prior thereto, the holders of shares of Series
A Preferred Stock shall have received $1,000 per share, plus an amount equal to accrued and unpaid
dividends and distributions thereon, whether or not earned or declared, to the date of such
payment; provided, that, in any event, the holders of shares of Series A Preferred Stock
shall be entitled to receive an aggregate amount per share, subject to the provision for adjustment
hereinafter set forth, equal to 1,000 times the aggregate amount to be distributed per share to
holders of shares of Common Stock, or (B) to the holders of shares of stock ranking on a parity
upon liquidation, dissolution or winding up with the Series A Preferred Stock, except distributions
made ratably on the Series A Preferred Stock and all such parity stock in proportion to the total
amounts to which the holders of all such shares are entitled upon such liquidation,

A-4

 

dissolution or winding up. In the event, however, that there are not sufficient assets available to
permit payment in full of the Series A Preferred Stock liquidation preference and the liquidation
preferences of all other classes and series of stock of the Company, if any, that rank on a parity
with the Series A Preferred Stock in respect thereof, then the assets available for such
distribution shall be distributed ratably to the holders of the Series A Preferred Stock and the
holders of such parity shares in the proportion to their respective liquidation preferences. In the
event the Company shall at any time after the Issue Date declare or pay any dividend on the Common
Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of
the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a
dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then
in each such case the aggregate amount to which holders of shares of Series A Preferred Stock were
entitled immediately prior to such event under the proviso in clause (A) of the preceding sentence
shall be adjusted by multiplying such amount by a fraction the numerator of which is the number of
shares of Common Stock outstanding immediately after such event and the denominator of which is the
number of shares of Common Stock that were outstanding immediately prior to such event.

     Neither the merger or consolidation of the Company into or with another entity nor the merger
or consolidation of any other entity into or with the Company (nor the sale of all or substantially
all of the assets of the Company) shall be deemed to be a liquidation, dissolution or winding up of
the Company within the meaning of this Section 6.

     Section 7. Consolidation, Merger, etc. In case the Company shall enter into any
consolidation, merger, combination or other transaction in which the shares of Common Stock are
converted into, exchanged for or changed into other stock or securities, cash and/or any other
property, then in any such case each share of Series A Preferred Stock shall at the same time be
similarly converted into, exchanged for or changed into an amount per share (subject to the
provision for adjustment hereinafter set forth) equal to 1,000 times the aggregate amount of stock,
securities, cash and/or any other property (payable in kind), as the case may be, into which or for
which each share of Common Stock could be converted, exchanged or converted. In the event the
Company shall at any time after the Issue Date declare or pay any dividend on the Common Stock
payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the
outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend
in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each
such case the amount set forth in the preceding sentence with respect to the conversion, exchange
or change of shares of Series A Preferred Stock shall be adjusted by multiplying such amount by a
fraction, the numerator of which is the number of shares of Common Stock outstanding immediately
after such event and the denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event.

     Section 8. No Redemption. The shares of Series A Preferred Stock shall not be
redeemable by any holder.

     Section 9. Rank. The Series A Preferred Stock shall rank, with respect to the payment
of dividends and the distribution of assets upon liquidation, dissolution or winding up of the

A-5

 

Company, junior to all other classes or series of Preferred Stock and senior to the Common Stock.

     Section 10. Amendment. If any proposed amendment to the Certificate of Incorporation
(including this Certificate of Designations) would alter, change or repeal any of the preferences,
powers or special rights given to the Series A Preferred Stock so as to affect the Series A
Preferred Stock adversely, then the holders of the Series A Preferred Stock shall be entitled to
vote separately as a class upon such amendment, and the affirmative vote of the holders of at least
two-thirds of the outstanding shares of the Series A Preferred Stock, voting separately as a class,
shall be necessary for the adoption thereof, in addition to such other vote as may be required by
the General Corporation Law of the State of Delaware.

     Section 11. Fractional Shares. Series A Preferred Stock may be issued in fractions
of a share that shall entitle the holder, in proportion to such holder’s fractional shares, to
exercise voting rights, receive dividends, participate in distributions and to have the benefit of
all other rights of holders of Series A Preferred Stock.

[SIGNATURE PAGE TO FOLLOW]

A-6

 

     IN WITNESS WHEREOF, this Certificate of Designations is executed on behalf of the Company by
the Executive Vice President and Chief Financial Officer of the Company on February 14, 2005.

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Paul J. Mooney 	 
	 	 	Executive Vice President and 

Chief Financial Officer 	 

A-7

 

	 	 	 	 	 

EXHIBIT B

	 	 	 
	Certificate No. R- ___

	 	___Rights

NOT EXERCISABLE AFTER THE EARLIER OF FEBRUARY 14, 2008, OR THE CLOSE OF BUSINESS ON THE DATE, IF
ANY, ON WHICH THE COMPANY FIRST DISCLOSES IN ANY FILING WITH THE SECURITIES AND EXCHANGE COMMISSION
THAT THE COMPANY’S NET OPERATING LOSS CARRYFORWARDS (OR ESTIMATES THEREOF) FOR FEDERAL INCOME TAX
PURPOSES DOES NOT EXCEED $50 MILLION, OR EARLIER IF REDEMPTION OR EXCHANGE OCCURS. THE RIGHTS ARE
SUBJECT TO REDEMPTION, AT $.01 PER RIGHT, AND TO EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS
AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS OWNED BY OR
TRANSFERRED TO ANY PERSON WHO IS OR BECOMES AN ACQUIRING PERSON (AS DEFINED IN THE RIGHTS
AGREEMENT) AND CERTAIN TRANSFEREES THEREOF WILL BECOME NULL AND VOID AND WILL NO LONGER BE
TRANSFERABLE.

Form of Right Certificate

WHEELING-PITTSBURGH CORPORATION

     This certifies that                     or registered assigns, is the registered owner of the number
of Rights set forth above, each of which entitles the owner thereof, subject to the terms,
provisions and conditions of the Rights Agreement, dated as of February 14, 2005 as the same may be
amended from time to time (the “Rights Agreement”), between Wheeling-Pittsburgh Corporation, a
Delaware corporation (the “Company”), and Equiserve Trust Company, N.A., as rights agent (the
“Rights Agent”), unless notice of redemption or exchange shall have been previously given by the
Company, to purchase from the Company at any time after the Distribution Date (as such term is
defined in the Rights Agreement) and prior to 5:00 P.M., New York City time, on February 14, 2008,
or such earlier date, if any, on which the Company first discloses in any filing with the
Securities and Exchange Commission that the Company’s net operating loss carryforwards (or
estimates thereof) for federal income tax purposes does not exceed $50 million, at the office or
agency of the Rights Agent designated for such purpose, or of its successor as Rights Agent, one
one-thousandth (1/1,000th) of a fully paid non-assessable share of Series A Junior
Participating Preferred Stock, par value $0.001 per share (the “Preferred Stock”), of the Company,
at a purchase price of $120.00 per one one-thousandth (1/1,000th) of a share of
Preferred Stock (the “Purchase Price”), upon presentation and surrender of this Right Certificate
with the Form of Election to Purchase duly executed. The Purchase Price may be paid in cash or by
certified bank check or bank draft payable to the order of the Company. The number of Rights
evidenced by this Right Certificate (and the number of one one-thousandths (1/1,000ths)
of a share of Preferred Stock which may be purchased upon exercise hereof) set forth above, and the
Purchase Price set forth above, are the number and Purchase Price as of February 14, 2005, based on
the Preferred Stock as constituted at such date. As provided in the Rights Agreement, the Purchase
Price, the number of one one-thousandths (1/1,000ths) of a share of Preferred Stock (or
other securities or property) which may be purchased upon the exercise of the Rights and the number
of Rights evidenced by this Right Certificate are subject to modification and adjustment upon the
happening of certain events.

B-1

 

     This Right Certificate is subject to all of the terms, provisions and conditions of the Rights
Agreement, which terms, provisions and conditions are hereby incorporated herein by reference and
made a part hereof and to which Rights Agreement reference is hereby made for a full description of
the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights
Agent, the Company and the holders of the Right Certificates. Copies of the Rights Agreement are on
file at the principal executive offices of the Company. The Company will mail to the holder of this
Right Certificate a copy of the Rights Agreement without charge upon receipt of a written request
therefor.

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

     Subject to the provisions of the Rights Agreement, the Rights evidenced by this Certificate
(i) may be redeemed by the Company, at a redemption price of $0.01 per Right, payable, at the
election of the Company in cash or shares of Common Stock or such other consideration as the Board
of Directors may determine, or (ii) may be exchanged by the Board of Directors, at its option, in
whole or in part for shares of Preferred Stock or shares of the Company’s Common Stock, par value
$0.01 per share.

     No fractional shares of Preferred Stock or Common Stock will be issued upon the exercise or
exchange of any Right or Rights evidenced hereby (other than fractions of Preferred Stock which are
integral multiples of one one-thousandth (1/1,000th) of a share of Preferred Stock,
which may, at the election of the Company, be evidenced by depositary receipts), but in lieu
thereof a cash payment will be made, as provided in the Rights Agreement.

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

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

[SIGNATURE PAGE TO FOLLOW]

B-2

 

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

	 	 	 	 	 	 	 
	ATTEST:

	 	WHEELING-PITTSBURGH CORPORATION
	 
	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 
	

	

	 	 	

	 
	 	 	 	 	 	 
	Countersigned:	 	 	 	 
	 
	 	 	 	 	 	 
	EQUISERVE TRUST COMPANY, N.A.	 	 	 	 
	 
	 	 	 	 	 	 
	
	 	 	 	 
	as Rights Agent	 	 	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	

	
	 	 	 	 
	

	Authorized Signatory	 	 	 	 

B-3

 

Form of Reverse Side of Right Certificate

FORM OF ASSIGNMENT

(To be executed by the registered holder if such

holder desires to transfer the Right Certificate)

     FOR VALUE RECEIVED                                                              hereby sells, assigns and transfer unto                                                             

                                                                                                    

Please print name and address of transferee) 

                                                                                                    

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

	 	 	 
	Dated:                                         ,                    
	 	 
	

	 	                                                                                

Signature

Signature Guaranteed:

     Signatures must be guaranteed by a bank, trust company, broker, dealer or other eligible
institution participating in a recognized signature guarantee medallion program.

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

	 	 	 
	 

	 	                                                                                

Signature

B-4

 

Form of Reverse Side of Right Certificate — continued

FORM OF ELECTION TO PURCHASE

(To be executed if holder desires to exercise

Rights represented by the Rights Certificate)

     To the Rights Agent:

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

                                                                                                    

(Please print name and address)

                                                                                                    

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

Please insert social security

or other identifying number:                                                                                 

                                                                                                    

(Please print name and address)

                                                                                                    

	 	 	 
	Dated:                                         ,                    

	 	                                                            
	

	 	Signature
	

	 	(Signature must conform to holder
	

	 	specified on Right Certificate)

Signature Guaranteed:

     Signatures must be guaranteed by a bank, trust company, broker, dealer or other eligible
institution participating in a recognized signature guarantee medallion program.

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

	 	 	 
	 

	 	                                                             

Signature

B-5

 

Form of Reverse Side of Right Certificate — continued

                                                                                

NOTICE

     The signature in the Form of Assignment or Form of Election to Purchase, as the case may be,
must conform to the name as written upon the face of this Right Certificate in every particular,
without alteration or enlargement or any change whatsoever.

     In the event the certification set forth above in the Form of Assignment or the Form of
Election to Purchase, as the case may be, is not completed, such Assignment or Election to Purchase
will not be honored.

                                                                                

B-6

 

EXHIBIT C

UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS OWNED BY OR
TRANSFERRED TO ANY PERSON WHO IS OR BECOMES AN ACQUIRING PERSON (AS DEFINED IN THE RIGHTS
AGREEMENT) AND CERTAIN TRANSFEREES THEREOF WILL BECOME NULL AND VOID AND WILL NO LONGER BE
TRANSFERABLE.

SUMMARY OF RIGHTS TO PURCHASE

Shares of Preferred Stock

     On February 14, 2005 the Board of Directors (the “Board of Directors”) of Wheeling-Pittsburgh
Corporation, a Delaware corporation (the “Company”), declared a dividend of one preferred share
purchase right (a “Right”) for each outstanding share of common stock, par value $0.01 per share,
of the Company (the “Common Stock”). The dividend is payable on March 2, 2005 to the stockholders
of record as of the close of business on that date (the “Record Date”). Each Right entitles the
registered holder to purchase from the Company one one-thousandth (1/1,000th) of a share
of Series A Junior Participating Preferred Stock, par value $0.001 per share (the “Preferred
Stock”), of the Company at a price of $120.00 per one one-thousandth (1/1,000th) of a
share of Preferred Stock (as the same may be adjusted, the “Purchase Price”). The description and
terms of the Rights are set forth in a Rights Agreement, dated as of
February 14, 2005 (as the same
may be amended from time to time, the “Rights Agreement”), between the Company and Equiserve Trust
Company, N.A., as rights agent (the “Rights Agent”).

     The Rights are intended to help protect the Company’s tax net operating loss carryforwards and
have certain anti-takeover effects. The Rights may cause substantial dilution to a person or group
that attempts to acquire the Company on terms not approved by the Board of Directors.
Additionally, the Board of Directors may redeem the Rights, as discussed more fully below.

     Until the close of business on the earlier of (i) the tenth day after the first date of a
public announcement that a person (other than an Exempted Entity (as defined below)) or group of
affiliated or associated persons (an “Acquiring Person”) has acquired beneficial ownership of 4.99%
or more of the shares of Common Stock then outstanding or (ii) the tenth business day (or such
later date as may be determined by action of a majority of the entire Board of Directors prior to
such time as any person or group of affiliated persons becomes an Acquiring Person) after the date
of commencement of a tender offer or exchange offer the consummation of that would result in any
person (other than an Exempted Entity) becoming an Acquiring Person (the earlier of such dates
being herein referred to as the “Distribution Date”), the Rights will be evidenced by the shares of
Common Stock represented by certificates for Common Stock outstanding as of the Record Date,
together with a copy of the summary of rights disseminated in connection with the original dividend
of Rights.

     “Exempted Entity” shall mean (1) the Company, (2) any Subsidiary of the Company, (3) any
employee benefit plan or related trust of the Company or of any Subsidiary of the Company, (4) any
trustee or fiduciary with respect to any such benefit plan or trust acting in such capacity
(including without limitation serving in the capacity of investment manager or adviser thereto),

C-1

 

or any entity, trustee or fiduciary holding Common Stock for, or pursuant to the terms of, any
such plan or trust or for the purpose of funding any such plan or trust or funding other employee
benefits for employees or former employees of the Company or of any Subsidiary of the Company, or
(5) any Person whose ownership (together with all Affiliates and Associates of such Person) of
4.99% or more of the shares of Common Stock then outstanding will, in the judgment of the Company’s
Board of Directors, not jeopardize or endanger the availability to the Company of its net operating
loss carryforwards to be used to offset its taxable income in such year or future years;
provided, however, that any Person’s status as an Exempted Entity pursuant to
subparagraph (h)(5) shall cease immediately and without any action by the Board of Directors at any
time that such Person’s ownership (together with all Affiliates and Associates of such Person) of
Common Stock constitutes the ownership by such Person of 4.99% or more of the shares of Common
Stock then-outstanding for purposes of Section 382 of the Code, or any successor provision or
replacement provision.

     The Rights Agreement provides that, until the Distribution Date (or the earlier redemption,
exchange or expiration of the Rights), the Rights will be transferable only in connection with the
transfer of Common Stock. Until the Distribution Date (or the earlier redemption, exchange or
expiration of the Rights), the surrender for transfer of any certificates for shares of Common
Stock outstanding as of the Record Date, even without a notation incorporating the Rights Agreement
by reference or a copy of this Summary of Rights, will also constitute the transfer of the Rights
associated with the shares of Common Stock represented by such certificate. As soon as practicable
following the Distribution Date, separate certificates evidencing the Rights (“Right Certificates”)
will be mailed to holders of record of the Common Stock as of the close of business on the
Distribution Date and such separate Right Certificates alone will evidence the Rights.

     The Rights are not exercisable until the Distribution Date and will expire at the earlier of
the close of business on February 14, 2008, or the close of business on the date, if any, on which
the Company first discloses in any filing with the Securities and Exchange Commission that the
Company’s net operating loss carryforwards (or estimates thereof) for federal income tax purposes
does not exceed $50 million subject to (i) the extension of the Rights Agreement by the Board of
Directors by the amendment of the Rights Agreement or (ii) the redemption or exchange of the Rights
by the Company as described below.

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

     The Rights are also subject to adjustment in the event of a stock dividend on the Common Stock
payable in shares of Common Stock or subdivisions, consolidations or combinations of the Common
Stock occurring, in any such case, prior to the Distribution Date.

C-2

 

     Each share of Preferred Stock will be entitled, when, as and if declared, to a minimum
preferential quarterly dividend payment of the greater of (a) $1.00 per share and (b) an amount
equal to 1,000 times the dividend declared per share of Common Stock. In the event of liquidation,
dissolution or winding up of the Company, the holders of the Preferred Stock will be entitled to a
minimum preferential liquidation payment of $1,000 per share (plus any accrued but unpaid
dividends) but will be entitled to an aggregate 1,000 times the payment made per share of Common
Stock. Each share of Preferred Stock will have 1,000 votes, voting together with the Common Stock,
with specified exceptions. Finally, in the event of any merger, consolidation or other transaction
in which shares of Common Stock are converted or exchanged, each share of Preferred Stock will be
entitled to receive 1,000 times the amount received per share of Common Stock. These rights are
protected by anti-dilution provisions.

     Because of the nature of the Preferred Stock’s dividend, liquidation and voting rights, the
value of the one one-thousandth (1/1,000th) interest in a share of Preferred Stock
purchasable upon exercise of each Right should approximate the value of one share of Common Stock.

     In the event that any person or group of affiliated or associated persons shall become an
Acquiring Person, each holder of a Right, other than Rights beneficially owned by the Acquiring
Person (which will thereupon become void), will thereafter have the right, subject to the Company’s
right to redeem or exchange the Rights, to receive upon exercise of a Right and payment of the
Purchase Price, that number of shares of Common Stock having a market value of two times the
Purchase Price.

     In the event that, after a person or group shall become an Acquiring Person, the Company is
acquired in a merger or other business combination transaction or 50% or more of its consolidated
assets or earning power are sold, proper provision will be made so that each holder of a Right
(other than Rights beneficially owned by an Acquiring Person which will have become void) will
thereafter have the right to receive, upon the exercise thereof at the then-current exercise price
of the Right, that number of shares of common stock of the entity with which the Company has
engaged in the foregoing transaction (or its parent), which number of shares at the time of such
transaction will have a market value of two times the Purchase Price.

     At any time after any person or group becomes an Acquiring Person and prior to the acquisition
by such person or group of 50% or more of the outstanding shares of Common Stock or the occurrence
of an event described in the prior paragraph, the Board of Directors of the Company may exchange
the Rights (other than Rights owned by such person or group that shall have become void), in whole
or in part, at an exchange ratio of one share of Common Stock, or a fractional share of Preferred
Stock (or of a share of a similar class or series of the Company’s preferred stock having similar
rights, preferences and privileges) of equivalent value, per Right (subject to adjustment).

     With certain exceptions, no adjustment in the Purchase Price will be required until cumulative
adjustments require an adjustment of at least 1% in such Purchase Price. No fractional shares of
Preferred Stock will be issued (other than fractions which are integral multiples of one
one-thousandth (1/1,000th) of a share of Preferred Stock, which may, at the election of
the Company, be evidenced by depositary receipts) and in lieu thereof, an adjustment

C-3

 

in cash will be made based on the market price of the Preferred Stock on the last trading day
prior to the date of exercise.

     At any time prior to the earlier of (i) the close of business on the tenth (10th)
calendar day following the Stock Acquisition Date (or, if the Stock Acquisition Date shall have
occurred prior to the Record Date, the close of the business on the tenth (10th)
calendar day following the Record Date) or (ii) the Final Expiration Date, a majority of the entire
Board of Directors of the Company may redeem the Rights in whole, but not in part, at a price of
$.01 per Right (the “Redemption Price”). The redemption of the Rights may be made effective at such
time, on such basis and with such conditions as the Board of Directors in its sole discretion may
establish. Immediately upon any redemption of the Rights, the right to exercise the Rights will
terminate and the only right of the holders of Rights will be to receive the Redemption Price.

     For so long as the Rights are then redeemable, the Company may, except with respect to the
Redemption Price, amend the Rights Agreement in any manner. After the Rights are no longer
redeemable, the Company may, except with respect to the Redemption Price, amend the Rights
Agreement in any manner that does not adversely affect the interests of holders of the Rights.

     Until a Right is exercised or exchanged, the holder thereof, as such, will have no rights as a
stockholder of the Company, including the right to vote or to receive dividends.

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

C-4

 

ANNEX I

     Wheeling-Pittsburgh Corporation (the “Company”) has agreed to pay Equiserve Trust Company,
N.A. (the “Rights Agent”) the following to act as the Rights Agent in connection with that certain
Rights Agreement (the “Rights Agreement”), dated as of February 14, 2005, by and between the
Company and the Rights Agent: (i) $4,500 for the period beginning on the effective date of the
Rights Agreement and ending on the first anniversary date thereof, and (ii) $3,750 for each annual
period ending on the next subsequent anniversary date of the Rights Agreement thereafter until the
final expiration date or earlier termination of the Rights Agreement.Exhibit 10.1

 

Exhibit 10.1

December 15, 2004

Mr. Jeffrey Mattern

Treasurer

NACCO Materials Handling Group, Inc.

650 Northeast Holladay Street, Suite 1600

Portland, OR 97232

		
	RE: 	(i) Restated and Amended Joint Venture and Shareholders Agreement dated April 15, 1998 as amended from time to time (the “JV Agreement”);

(ii) International Operating Agreement dated April 15, 1998 as amended from time to time (the “Operating Agreement”);

(iii) Recourse and Indemnity Agreement dated October 21, 1998 as amended from time to time (the “R&I Agreement”)

Dear Jeff:

NACCO Materials Handling Group, Inc. (“NMHG”) and General Electric Capital Corporation (“GE
Capital”) and all of their respective affiliates and subsidiaries which may be parties to any of
the above-referenced agreements (collectively the “Agreements”) hereby agree that the “Base Term”
(as that term is described in each of the respective Agreements) shall be extended and shall now
expire on February 15, 2005 (“New Base Expiration Date”) and all of the duties and obligations of
the parties under the Agreements shall continue unmodified and in full force and effect until such
date. Accordingly, in conjunction with the extension of the Base Term to the New Base Expiration
Date, the obligations of NMHG arising under (i) the Recourse for Wholesale Accounts set forth in
Section 3.7 of the Operating Agreement; and (ii) the R& I Agreement, shall continue unmodified and
in full force and effect through the New Base Expiration Date.

By their respective signatures below, NMHG and GE Capital each hereby agree to all of the extensions noted above.

	 	 	 
	GENERAL ELECTRIC CAPITAL CORPORATION

	 
	 	 
	 
	 	 
	By:

	 	/s/ Edward J. Simoneau
	

	 	 
	Edward J. Simoneau

	Vice President and General Manager — Dealer Financial Services

	 
	 	 
	 
	 	 
	NACCO MATERIALS HANDLING GROUP, INC.

	 
	 	 
	 
	 	 
	By:

	 	/s/ Jeffrey C. Mattern
	

	 	 
	Jeffrey C. Mattern

	Treasurer

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