Document:

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Form of Amended and Restated Certificate of Designation for 12-1/4% Preferred Stock

DOBSON COMMUNICATIONS CORPORATION

AMENDED AND RESTATED

CERTIFICATE OF DESIGNATION OF THE POWERS,

PREFERENCES AND RELATIVE, PARTICIPATING,

OPTIONAL AND OTHER SPECIAL RIGHTS

OF 12 1/4% SENIOR EXCHANGEABLE

PREFERRED STOCK AND QUALIFICATIONS,

LIMITATIONS AND RESTRICTIONS THEREOF

 

Pursuant to Title 18, Section 1032(G) of the

General Corporation Act of the State of Oklahoma

 

          Dobson Communications Corporation, a corporation organized and existing under the General
Corporation Act of the State of Oklahoma (the “Company”), does hereby certify that, pursuant to
authority conferred upon the board of directors of the Company (or any committee of such board of
directors, the “Board of Directors”) by its Amended and Restated Certificate of Incorporation, as
amended (hereinafter referred to as the “Certificate of Incorporation”), and pursuant to the
provisions of Title 18, Section 1032(G) of the General Corporation Act of the State of Oklahoma,
said Board of Directors with full power and authority to act on behalf of the Board of Directors,
acting by written consent dated [ ], 2005, duly approved and adopted the
following resolution, which resolution has been approved by the Holders of a majority of the
outstanding shares of 12-1/4% Senior Exchangeable Preferred Stock (as defined below) (the
“Resolution”):

          WHEREAS, (i) pursuant to the authority vested in the Board of Directors by its Certificate of
Incorporation and (ii) by written consent dated December 23, 1998 (the “Prior Resolution”), the
Board of Directors created, authorized and provided for the issue of 12-1/4% Senior Exchangeable
Preferred Stock, par value $1.00 per share, with a liquidation preference of $1,000 per share,
consisting of 184,000 shares, having the designations, voting power, preferences and relative,
participating, optional and other special rights, qualifications, limitations and restrictions
thereof set forth in the Certificate of Incorporation and in the Prior Resolution;

          WHEREAS, pursuant to the Prior Resolution, the Company issued shares of 12- 1/4% Senior
Exchangeable Preferred Stock;

          WHEREAS, the Company desires and has requested the Holders to consent to the execution and
filing of this written consent dated
[      ], 2005 (the “Resolution”) for
the purpose of amending and restating in its entirety the Prior Resolution to eliminate all voting
rights, other than voting rights required by law, and substantially all of the restrictive
covenants set forth in the Prior Resolution, in each case for a period of 18 months from the

 

 

Exchange Date (as defined below), after which time a revised set of covenants and limited
special voting rights as set forth herein (the “Springing Covenants and Voting Rights”) would be
applicable to the 12-1/4% Senior Exchangeable Preferred Stock as long as an aggregate of 15,000
shares of (i) the Company’s 13% Senior Exchangeable Preferred Stock due 2009 and (ii) the 12-1/4%
Senior Exchangeable Preferred Stock are outstanding (the “Springing Covenant and Voting Right
Condition”).

          WHEREAS, consents to the amendments to the Prior Resolution, which will eliminate all voting
rights, other than voting rights required by law, and substantially all of the restrictive
covenants set forth in the Prior Resolution, in each case for a period of 18 months from the
Exchange Date, after which time the Springing Covenants and Voting Rights would be applicable to
the 12-1/4% Senior Exchangeable Preferred Stock as long as the Springing Covenant and Voting Right
Condition is met and continues, all pursuant to this Resolution, of Holders of at least a majority
of the outstanding shares of 12-1/4% Senior Exchangeable Preferred Stock have been received;

          WHEREAS, all things necessary to make this Resolution a valid amendment and restatement of the
Prior Resolution in its entirety have occurred;

          NOW THEREFORE, be it:

          RESOLVED, that, pursuant to the authority vested in the Board of Directors by its Certificate
of Incorporation, the Board of Directors does hereby amend and restate the Prior Resolution in its
entirety and authorizes and provides that the 12-1/4% Senior Exchangeable Preferred Stock, par
value $1.00 per share, with a liquidation preference of $1,000 per share, consisting of 184,000
shares, shall have the designations, voting power, preferences and relative, participating,
optional and other special rights, qualifications, limitations and restrictions thereof that are
set forth in the Certificate of Incorporation and in this Resolution as follows (the terms used
herein, unless otherwise defined herein, are used herein as defined in paragraph (n) hereof):

          (a) DESIGNATION. There is hereby created out of the authorized and unissued shares of
preferred stock of the Company a series of preferred stock designated as the “12 1/4% Senior
Exchangeable Preferred Stock.” The number of shares constituting such series shall be 184,000
shares of 12-1/4% Senior Exchangeable Preferred Stock (the “Preferred Stock”). The liquidation
preference of the Preferred Stock shall be $1,000 per share.

          (b) RANK. The Preferred Stock shall, with respect to dividend distributions and distributions
upon the liquidation, winding-up and dissolution of the Company, rank (i) senior to all classes of
Common Stock of the Company, the Class B Preferred Stock, the Class C Preferred Stock, the Class D
Preferred Stock, the Class E Preferred Stock, the Class F Preferred Stock, the Class G Preferred
Stock, the Class H Preferred Stock and to each other class of capital stock or series of preferred
stock hereafter created by the Board of Directors, the terms of which do not expressly provide that
it ranks senior to or on parity with the Preferred Stock as to dividend distributions and
distributions upon the liquidation, winding-up and dissolution of the Company (collectively
referred to herein, together with all classes of common stock of the Company, as the “Junior
Securities”); (ii) subject to certain conditions, with any class of capital stock or series of
preferred stock hereafter created by the Board of Directors, the terms of which

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expressly provide that such class or series will rank on a parity with the Preferred Stock as
to dividend distributions and distributions upon the liquidation, winding-up and dissolution of the
Company (collectively referred to as “Parity Securities”); and (iii) subject to certain conditions,
junior to each class of capital stock or series of preferred stock hereafter created by the Board
of Directors, the terms of which have been approved by the Holders of the Preferred Stock in
accordance with subparagraph (f)(i) hereof and which expressly provide that such class or series
will rank senior to the Preferred Stock as to dividend distributions and distributions upon the
liquidation, winding-up and dissolution of the Company (collectively referred to as “Senior
Securities”).

          (c) DIVIDENDS. (i) Beginning on the Issue Date, the Holders of the outstanding shares of
Preferred Stock shall be entitled to receive, when, as and if declared by the Board of Directors,
out of funds legally available therefor, dividends on each share of Preferred Stock at a rate per
annum equal to 12-1/4% of the liquidation preference per share, payable quarterly. All dividends
shall be cumulative, whether or not earned or declared, on a daily basis from the Issue Date and
shall be payable quarterly in arrears on each Dividend Payment Date, commencing on the first
Dividend Payment Date after the Issue Date. On and before January 15, 2003, the Company may pay
dividends, at its option, in cash or in additional fully paid and nonassessable Preferred Stock
having an aggregate liquidation preference equal to the amount of such dividends. Dividends paid in
additional shares of Preferred Stock will be calculated and paid to registered holders to the
nearest whole share. After January 15, 2003, dividends may be paid only in cash. If any dividend
(or portion thereof) payable on any Dividend Payment Date after January 15, 2003 is not declared or
paid in full in cash (or on or prior to January 15, 2003, in cash or Preferred Stock) on such
Dividend Payment Date, the amount of accrued and unpaid dividends will bear interest at the
dividend rate on the Preferred Stock, compounding quarterly, until declared and paid in full. Each
distribution in the form of a dividend (whether in cash or in additional shares of Preferred Stock)
shall be payable to Holders of record as they appear on the stock books of the Company on such
record date, not less than 10 nor more than 60 days preceding the relevant Dividend Payment Date,
as shall be fixed by the Board of Directors. Dividends shall cease to accumulate in respect of
shares of the Preferred Stock on the Exchange Date (as defined in subparagraph (g)(i)(A) hereof) or
on the date of their earlier redemption unless the Company shall have failed to issue the
appropriate aggregate principal amount of Exchange Debentures in respect of the Preferred Stock on
the Exchange Date or shall have failed to pay the relevant redemption price on the date fixed for
redemption.

          (ii) [Reserved.]

          (iii) All dividends paid with respect to shares of the Preferred Stock pursuant to
subparagraph (c)(i) hereof shall be paid pro rata to the Holders entitled thereto.

          (iv) Dividends that are in arrears and unpaid for any past Dividend Period and dividends in
connection with any optional redemption pursuant to subparagraph (e)(i) hereof may be declared and
paid at any time, without reference to any regular Dividend Payment Date, to Holders of record on
such date, not more than 45 days prior to the payment thereof, as may be fixed by the Board of
Directors.

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          (v) No full cash dividends shall be declared by the Board of Directors or paid or funds set
apart for payment of cash dividends by the Company on any Parity Securities for any period unless
full cumulative dividends shall have been or contemporaneously shall be declared and paid in full
or declared and, if payable in cash, a sum in cash shall be set apart sufficient for such payment
on the Preferred Stock for all Dividend Periods terminating on or prior to the date of payment of
such full dividends on such Parity Securities. If full dividends are not paid, as aforesaid, upon
the shares of the Preferred Stock, all cash dividends declared upon shares of the Preferred Stock
and any other Parity Securities shall be declared pro rata so that the amount of cash dividends
declared per share on the Preferred Stock and such Parity Securities shall in all cases bear to
each other the same ratio that accrued cash dividends per share on the Preferred Stock and such
Parity Securities bear to each other.

          (vi) (A) Holders of shares of Preferred Stock shall be entitled to receive the dividends
provided for in subparagraph (c)(i) hereof in preference to and in priority over any dividends upon
any of the Junior Securities.

          (B) So long as any shares of Preferred Stock are outstanding, the Company shall not declare,
pay or set apart for payment any dividend on any of the Junior Securities (other than distributions
or dividends in Junior Securities to the holders of Junior Securities) or make any payment on
account of, or set apart for payment money for a sinking or other similar fund for, the repurchase,
redemption or other retirement of any of the Junior Securities or any warrants, rights, calls or
options exercisable for or convertible into any of the Junior Securities, and shall not permit any
corporation or other entity directly or indirectly controlled by the Company to purchase or redeem
any of the Junior Securities or any such warrants, rights, calls or options (other than the
repurchase, redemption or other acquisition of Junior Securities of the Company (or options,
warrants or other rights to acquire such Junior Securities) in exchange for, or out of the proceeds
of a substantially concurrent offering of, shares of Junior Securities (other than Disqualified
Stock)), unless full cumulative dividends determined in accordance herewith have been paid in full
on the Preferred Stock.

          (C) So long as any shares of the Preferred Stock are outstanding, the Company shall not
declare, pay or set apart for payment any cash dividend on any of the Parity Securities (for the
avoidance of doubt, other than distributions or dividends payable in additional Parity Securities
or Junior Securities to the holders of Parity Securities) unless full cumulative dividends
determined in accordance herewith have been paid in full.

          (vii) Dividends payable on shares of the Preferred Stock for any period less than a year shall
be computed on the basis of a 360-day year of twelve 30-day months and the actual number of days
elapsed in the period for which dividends are payable. If any Dividend Payment Date occurs on a
day that is not a Business Day, any accrued dividends otherwise payable on such Dividend Payment
Date shall be paid on the next succeeding Business Day.

          (d) LIQUIDATION PREFERENCE. Upon any voluntary or involuntary liquidation, dissolution or
winding-up of the affairs of the Company, Holders of Preferred Stock then outstanding shall be
entitled to be paid, out of the assets of the Company available for distribution to its
stockholders, $1,000 per share of Preferred Stock, plus an amount in cash equal to accumulated and
unpaid dividends thereon to the date fixed for liquidation, dissolution or

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winding-up (including an amount equal to a prorated dividend for the period from the last
Dividend Payment Date to the date fixed for liquidation, dissolution or winding-up), before any
payment shall be made on or any assets distributed to the holders of any of the Junior Securities,
including, without limitation, the Class A Preferred Stock, the Class B Preferred Stock, the Class
C Preferred Stock, the Class D Preferred Stock, the Class E Preferred Stock, the Class F Preferred
Stock, the Class G Preferred Stock, the Class H Preferred Stock and the Common Stock of the
Company. If, upon any voluntary or involuntary liquidation, dissolution or winding-up of the
Company, the amounts payable with respect to the Preferred Stock and all other Parity Securities
are not paid in full, the holders of the Preferred Stock and the Parity Securities shall share
equally and ratably in any distribution of assets of the Company in proportion to the full
liquidation preference and accumulated and unpaid dividends to which each is entitled. After
payment of the full amount of the liquidation preferences and accumulated and unpaid dividends to
which they are entitled, the Holders of Preferred Stock shall not be entitled to any further
participation in any distribution of assets of the Company. However, a merger, consolidation or
sale, of all or substantially all of the assets of the Company shall not be deemed to be a
liquidation, dissolution or winding-up of the Company.

          (e) REDEMPTION. (i) OPTIONAL REDEMPTION. (A) The Preferred Stock may be redeemed (subject
to contractual and other restrictions with respect thereto and the legal availability of funds
therefor) at any time on or after January 15, 2003, at the Company s option, in whole or in part,
in the manner provided in subparagraph (e)(iii), at the redemption prices (expressed as a
percentage of the liquidation preference thereof) set forth below, plus an amount in cash equal to
all accumulated and unpaid dividends (including an amount in cash equal to a prorated dividend for
the period from the Dividend Payment Date immediately prior to the Redemption Date to the
Redemption Date, but subject to the right of Holders of Preferred Stock on a record date to receive
dividends on a Dividend Payment Date), if redeemed during the 12-month period beginning January 15
of each of the years set forth below:

	 	 	 	 	 
	YEAR	 	PERCENTAGE
	2003
	 	 	106.125	%
	2004
	 	 	104.084	%
	2005
	 	 	102.042	%
	2006 and thereafter
	 	 	100.000	%

provided that no optional redemption pursuant to this subparagraph (e)(i)(A) shall be authorized or
made unless prior thereto full unpaid cumulative dividends for all Dividend Periods terminating on
or prior to the Redemption Date, and for an amount equal to a prorated dividend for the period from
the Dividend Payment Date immediately prior to the Redemption Date to the Redemption Date, shall
have been, or on or immediately prior to the Redemption Date are, declared and paid in cash or
declared and a sum set apart sufficient for such cash payment on the Redemption Date on the
outstanding shares of such Preferred Stock.

          (B) In addition, on or prior to January 15, 2001, the Company may redeem Preferred Stock
having an aggregate liquidation preference of up to 35% of the aggregate liquidation preference of
all Preferred Stock originally issued on the Issue Date, at a redemption price equal to 112.250% of
the liquidation preference, plus an amount in cash equal to all accumulated and unpaid dividends
(including an amount in cash equal to a prorated dividend for

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the period from the Dividend Payment Date immediately prior to the Redemption Date to the
Redemption Date, but subject to the right of Holders of Preferred Stock on a record date to receive
dividends due on a Dividend Payment Date), with the proceeds of any sale of its Common Stock;
provided that such Redemption Date occurs within 180 days after consummation of such sale and at
least 65% aggregate liquidation preference of Preferred Stock originally issued remains outstanding
after each such redemption, and provided further that no optional redemption pursuant to this
subparagraph (e)(i)(B) shall be authorized or made unless prior thereto full unpaid cumulative
dividends for all Dividend Periods terminating on or prior to the Redemption Date and for an amount
equal to a prorated dividend for the period from the Dividend Payment Date immediately prior to the
Redemption Date to the Redemption Date shall have been, or immediately prior to the Redemption Date
are, declared and paid in full in cash or declared and a sum set apart sufficient for such payment
in full in cash on the Redemption Date on the outstanding shares of the Preferred Stock.

          (C) In the event of a redemption pursuant to subparagraph (e)(i) hereof of only a portion of
the then outstanding shares of the Preferred Stock, the Company shall effect such redemption as it
determines, pro rata according to the number of shares held by each Holder of Preferred Stock,
provided that the Company may redeem such shares held by any Holder of fewer than 100 shares of
Preferred Stock without regard to such pro rata redemption requirement, or by lot, in each case, as
may be determined by the Company in its sole discretion.

          (ii) MANDATORY REDEMPTION. On January 15, 2008, the Company shall redeem from any source of
funds legally available therefor, in the manner provided in subparagraph (e)(iii) hereof, all of
the shares of the Preferred Stock then outstanding at a redemption price equal to 100% of the
liquidation preference per share, plus, without duplication, an amount in cash equal to all
accumulated and unpaid dividends per share (including an amount equal to a prorated dividend for
the period from the Dividend Payment Date immediately prior to the Redemption Date to the
Redemption Date).

          (iii) PROCEDURES FOR REDEMPTION. (A) At least 30 days and not more than 60 days prior to the
date fixed for any redemption of the Preferred Stock, written notice (the “Redemption Notice”)
shall be given by first-class mail, postage prepaid, to each Holder of record on the record date
fixed for such redemption of the Preferred Stock at such Holder’s address as the same appears on
the stock register of the Company, provided that no failure to give such notice nor any deficiency
therein shall affect the validity of the procedure for the redemption of any shares of Preferred
Stock to be redeemed except as to the Holder or Holders to whom the Company has failed to give said
notice or except as to the Holder or Holders whose notice was defective. The Redemption Notice
shall state:

          (1) whether the redemption is pursuant to subparagraph (e)(i)(A), (e)(i)(B) or (e)(ii)
hereof;

          (2) the redemption price;

      (3) whether all or less than all the outstanding shares of the Preferred Stock are to
be redeemed and the total number of shares of the Preferred Stock being redeemed;

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      (4) the number of shares of Preferred Stock held, as of the appropriate record date, by
the Holder that the Company intends to redeem;

      (5) the date fixed for redemption;

      (6) that the Holder is to surrender to the Company, at the place or places where
certificates for shares of Preferred Stock are to be surrendered for redemption, in the
manner and at the price designated, its certificate or certificates representing the shares
of Preferred Stock to be redeemed; and

      (7) that dividends on the shares of the Preferred Stock to be redeemed shall cease to
accrue on such Redemption Date unless the Company defaults in the payment of the redemption
price.

          (B) Each Holder of Preferred Stock shall surrender the certificate or certificates
representing such shares of Preferred Stock to the Company, duly endorsed, in the manner and at the
place designated in the Redemption Notice and on the Redemption Date. The full redemption price
for such shares of Preferred Stock shall be payable in cash to the Person whose name appears on
such certificate or certificates as the owner thereof, and each surrendered certificate shall be
canceled and retired. In the event that less than all of the shares represented by any such
certificate are redeemed, a new certificate shall be issued representing the unredeemed shares.

          (C) Unless the Company defaults in the payment in full of the applicable redemption price,
dividends on the Preferred Stock called for redemption shall cease to accumulate on the Redemption
Date, and the Holders of such redeemed shares shall cease to have any further rights with respect
thereto from and after the Redemption Date, other than the right to receive the redemption price,
without interest.

          (f) VOTING RIGHTS. (i) The Holders of shares of the Preferred Stock, except as otherwise
required under Oklahoma law, shall not be entitled or permitted to vote on any general corporate
matters, except as specifically set forth in clauses (f)(ii) and (f)(iii) below, and then only upon
the occurrence and during the continuance of the conditions set forth therein. In any case in which
the Holders of shares of the Preferred Stock shall be entitled to vote pursuant to this paragraph
(f) or pursuant to Oklahoma law, each Holder of shares of the Preferred Stock shall be entitled to
one vote for each share of Preferred Stock held. Any action that may be taken hereunder by the
Holders of the Preferred Stock at a meeting may be taken by written consent of a majority of the
Holders of such Preferred Stock. The Holders of at least a majority of the outstanding shares of
Preferred Stock, voting or consenting, as the case may be, separately as one class, whether voting
in person or by proxy, either in writing or by resolution adopted at an annual or special meeting,
may waive compliance with any provision of this Certificate of Designation.

     (ii) (A) So long as any shares of the Preferred Stock are outstanding, the Company shall
not authorize any class of Senior Securities without the affirmative vote or, notwithstanding
any contrary provision of the Amended and Restated By-Laws of the Company (the “By-Laws”),
written consent of Holders of at least a majority of the

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outstanding shares of Preferred Stock, voting or consenting, as the case may be, separately as
one class, given in person or by proxy, either in writing or by resolution adopted at an
annual or special meeting, except that, without the approval of Holders of the Preferred
Stock, the Company may issue shares of Senior Securities in exchange for, or the proceeds of
which are used to redeem or repurchase (1) all (but not less than all) shares of Preferred
Stock then outstanding or (2) indebtedness of the Company.

          (B) So long as any shares of the Preferred Stock are outstanding, the Company shall not
amend this Certificate of Designation (including by way of merger, consolidation or otherwise)
so as to affect adversely the specified rights (including, without limitations, the covenants
described in paragraph (m)), preferences, privileges or voting rights of Holders of Preferred
Stock, or authorize the issuance of any additional shares of Preferred Stock (other than to
pay dividends in kind, to comply with the Registration Rights Agreement dated the Issue Date,
or as to the Additional Preferred Stock and the Registered Additional Preferred Stock),
without the affirmative vote or, notwithstanding any contrary provisions of the By-Laws,
written consent of Holders of at least a majority of the outstanding shares of Preferred
Stock, voting or consenting, as the case may be, separately as one class, given in person or
by proxy, either in writing or by resolution adopted at an annual or special meeting. The
Holders of at least a majority of the outstanding shares of Preferred Stock, voting or
consenting, as the case may be, separately as one class, whether voting in person or by proxy,
either in writing or by resolution adopted at an annual or special meeting, may waive
compliance with any provision of this Certificate of Designation.

          (C) Except as set forth in subparagraph (f)(ii) hereof, (1) the creation, authorization
or issuance of any shares of any Junior Securities, Parity Securities or Senior Securities, or
(2) the increase or decrease in the amount of authorized capital stock of any class, including
any preferred stock, shall not require the consent of Holders of Preferred Stock and shall
not, unless not complying with subparagraph (f)(ii) hereof, be deemed to affect adversely the
rights, preferences, privileges or voting rights of Holders of shares of Preferred Stock.

     (iii)
If on [     ], 2007 [insert date that is 18 months after the Exchange
Date], there are outstanding 15,000 shares or more, in aggregate, of the Preferred Stock and
the Company’s 13% Senior Exchangeable Preferred Stock due 2009 (but only for so long
thereafter as such aggregate number of shares is outstanding), the following clauses (iii)(A),
(iii)(B), (iii)(C) and (iii)(D) of this section (f) shall become applicable and be deemed for
any such period to be a part of this Amended and Restated Certificate of Designation, it being
expressly understood that in no event shall any of such provisions of clauses (iii)(A),
(iii)(B), (iii)(C) and (iii)(D) of this section (f) be
applicable (x) prior to [     ], 2007 [insert date that is 18 months after the Exchange Date], or (y) at any time later than
[     ], 2007 [insert date that is 18 months after the Exchange Date] following any
date thereafter when there are outstanding fewer than 15,000 shares, in aggregate, of the
Preferred Stock and the Company’s 13% Senior Exchangeable Preferred Stock due 2009:

          (A) If (1) dividends on the Preferred Stock are in arrears and unpaid (and, with respect
to dividends that become payable after January 15, 2003, are not paid in cash)

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for four quarterly periods (whether or not consecutive); (2) the Company fails to discharge
any redemption obligation with respect to the Preferred Stock; (3) the Company fails to make
an Offer to Purchase (and complete such purchase of) all of the outstanding shares of
Preferred Stock following a Change of Control, if such Offer to Purchase is required to be
made pursuant to paragraph (h) hereof; (4) the Company breaches or violates one of the
provisions set forth in paragraph (m) hereof and the breach or violation continues for a
period of 30 consecutive days or more after notice thereof to the Company by Holders of 25% or
more of the shares of the Preferred Stock then outstanding; (5) there occurs with respect to
any issue or issues of Indebtedness of the Company and/or any Significant Subsidiary having an
outstanding principal amount of $10 million or more in the aggregate for all such issues of
the Company and/or any Significant Subsidiary, whether such Indebtedness now exists or shall
hereafter be created, (i) an event of default that has caused the holder thereof to declare
such Indebtedness to be due and payable prior to its Stated Maturity and such Indebtedness has
not been discharged in full or such acceleration has not been rescinded or annulled within 30
days of such acceleration and/or (ii) the failure to make a principal payment at the final
(but not any interim) fixed maturity and such defaulted payment shall not have been made,
waived or extended within 30 days of such payment default, then the number of directors
constituting the Board of Directors shall be adjusted to permit the Holders of the majority of
the then outstanding shares of Preferred Stock, voting separately as one class, to elect two
directors. For the purpose of determining the number of quarterly periods for which accrued
dividends have not been paid, any accrued and unpaid dividend that is subsequently paid shall
not be treated as unpaid. Each event described in clauses (1), (2), (3), (4) and (5) of this
subparagraph (f)(iii)(A) is a “Voting Rights Triggering Event.” Within 15 days of the time
the Company becomes aware of the occurrence of any default referred to in clause (4) or (5) of
this subparagraph (f)(iii)(A), the Company shall give written notice thereof to the Holders.

          (B) The right of the Holders of Preferred Stock voting separately as one class to elect
two directors as described in subparagraph (f)(iii)(A) shall continue until such time as (1)
in the event such right arises due to a default referred to in clause (1) of the preceding
paragraph, all accumulated dividends that are in arrears on the Preferred Stock and that gave
rise to such default are paid in full (and, in the case of dividends payable after January 15,
2003, paid in cash); and (2) in the event such right arises due to any default referred to in
clause (2), (3), (4) or (5) of the preceding paragraph, the Company remedies any such failure,
breach or default, at which time the term of any directors elected pursuant to subparagraph
(f)(iii)(A) hereof shall terminate and the number of directors constituting the board of
directors shall be reduced to the number necessary to reflect the termination of the right of
the Holders of the Preferred Stock to elect directors, subject always to the same provisions
for the renewal and divestment of such special voting rights in the case of any future Voting
Rights Triggering Event.

     At any time after voting power to elect directors shall have become vested and be
continuing in the Holders of shares of the Preferred Stock pursuant to subparagraph
(f)(iii)(A) hereof, or if vacancies shall exist in the offices of directors elected by the
Holders of shares of the Preferred Stock, a proper officer of the
Company may, and
upon the written request of the Holders of record of at least 25% of the shares of Preferred
Stock then outstanding addressed to the Secretary of the Company shall, call a special meeting
of

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the Holders of Preferred Stock for the purpose of electing the directors which such Holders
are entitled to elect. If such meeting shall not be called by the proper officer of the
Company within 30 days after personal service of said written request upon the Secretary of
the Company, or within 30 days after mailing the same within the United States by certified
mail, addressed to the Secretary of the Company at its principal executive offices, then the
Holders of record of at least 25% of the outstanding shares of the Preferred Stock may
designate in writing one of their number to call such meeting at the expense of the Company,
and such meeting may be called by the Person so designated upon the notice required for the
annual meetings of stockholders of the Company and shall be held at the place for holding the
annual meetings of stockholders or such other place in the United States as shall be
designated in such notice. Notwithstanding the provisions of this subparagraph (f)(iii)(B), no
such special meeting shall be called if any such request is received less than 40 days before
the date fixed for the next ensuing annual or special meeting of stockholders of the Company.
Any Holder of shares of the Preferred Stock so designated shall have, and the Company shall
provide, access to the lists of Holders of shares of the Preferred Stock for purposes of
calling a meeting pursuant to the provisions of this subparagraph (f)(iii)(B).

          (C) At any meeting held for the purpose of electing directors at which the Holders of
Preferred Stock shall have the right, voting separately as one class, to elect directors as
aforesaid, the presence in person or by proxy of the Holders of at least a majority of the
outstanding Preferred Stock shall be required to constitute a quorum of such Preferred Stock.

          (D) Any vacancy occurring in the office of a director elected by the Holders of the
Preferred Stock may be filled by the remaining director elected by such Holders unless and
until such vacancy shall be filled by such Holders.

          (iv) [Reserved]

          (g) EXCHANGE. (i) REQUIREMENTS. (A) The Company may, at the sole option of the Board of
Directors (subject to the legal availability of funds therefor), exchange all, but not less than
all, of the outstanding Preferred Stock, including any Preferred Stock issued as payment for
dividends, into Exchange Debentures, subject to the conditions set forth in this subparagraph
(g)(i)(A). In order to effect such exchange, the Company shall (a) if necessary to satisfy the
condition set forth in clause (II) of this subparagraph (g)(i)(A) based upon the written advice of
counsel to the Company, file a registration statement with the Commission relating to the exchange,
and (b) if a registration statement is filed with the Commission pursuant to clause (a), use its
best efforts to cause such registration statement to be declared effective as soon as practicable
by the Commission unless the opinion referred to in clause (II) of this subparagraph (g)(i)(A)
shall have been subsequently delivered. In order to effectuate such exchange, the Company shall
send a written notice (the “Exchange Notice”) of exchange by mail to each Holder of record of
shares of Preferred Stock, which notice shall state: (v) that the Company is exchanging the
Preferred Stock into Exchange Debentures pursuant to this Certificate of Designation; (w) the date
fixed for exchange (the “Exchange Date”), which date shall not be less than 15 days nor more than
60 days following the date on which the

10

 

Exchange Notice is mailed (except as provided in the last sentence of this subparagraph
(g)(i)(A)); (x) that the Holder is to surrender to the Company, at the place or places where
certificates for shares of Preferred Stock are to be surrendered for exchange, in the manner
designated in the Exchange Notice, such Holder s certificate or certificates representing the
shares of Preferred Stock to be exchanged; (y) that dividends on the shares of Preferred Stock to
be exchanged shall cease to accrue on the Exchange Date whether or not certificates for shares of
Preferred Stock are surrendered for exchange on the Exchange Date unless the Company shall default
in the delivery of Exchange Debentures; and (z) that interest on the Exchange Debentures shall
accrue from the Exchange Date whether or not certificates for shares of Preferred Stock are
surrendered for exchange on the Exchange Date. On the Exchange Date, if the conditions set forth
in clauses (I) through (VI) of this subparagraph (g)(i)(A) are satisfied and the exchange is
permitted under the Company s then outstanding indebtedness, the Company shall issue Exchange
Debentures in exchange for the Preferred Stock as provided in subparagraph (g)(ii)(A), provided
that on the Exchange Date: (I) there shall be legally available funds sufficient therefor
(including, without limitation, legally available funds sufficient therefor under Title 18,
Sections 1032(B) and 1041 (or any successor provisions) of the Oklahoma General Corporation Act);
(II) either (x) a registration statement relating to the Exchange Debentures shall have been
declared effective under the Securities Act of 1933, as amended (the “Securities Act”) prior to
such exchange and shall continue to be in effect on the Exchange Date or (y) (i) the Company shall
have obtained a written opinion of counsel that an exemption from the registration requirements of
the Securities Act is available for such exchange and that upon receipt of such Exchange Debentures
pursuant to such exchange made in accordance with such exemption, each Holder that is not an
Affiliate of the Company will not be subject to any restrictions imposed by the Securities Act upon
the resale thereof and (ii) such exemption is relied upon by the Company for such exchange; (III)
the Exchange Indenture shall have been duly executed by the Company and the trustee thereunder (the
“Trustee”) with irrevocable instructions to authenticate the Exchange Debentures necessary for such
exchange, (IV) the Exchange Indenture and the Trustee shall have been qualified under the Trust
Indenture Act of 1939, as amended; (V) immediately after giving effect to such exchange, no Default
or Event of Default (each as defined in the Exchange Indenture) would exist under the Exchange
Indenture; and (VI) the Company shall have delivered to the Trustee a written opinion of counsel,
dated the date of the exchange, regarding the satisfaction of the conditions set forth in clauses
(I), (II), (III) and (IV). In the event that the issuance of the Exchange Debentures is not
permitted on the Exchange Date or any of the conditions set forth in clauses (I) through (VI) of
the preceding sentence are not satisfied on the Exchange Date, the Company shall use its best
efforts to satisfy such conditions and effect such exchange as soon as practicable.

          (B) Upon any exchange pursuant to subparagraph (g)(i)(A) hereof, the Holders of outstanding
Preferred Stock shall be entitled to receive a principal amount of Exchange Debentures for
Preferred Stock, the liquidation preference of which, plus the amount of accumulated and unpaid
dividends (including a prorated dividend for the period from the immediately preceding Dividend
Payment Date to the Exchange Date) with respect to which, equals such principal amount; provided
that the Company at its option may pay cash for any or all accrued and unpaid dividends in lieu of
issuing Exchange Debentures in respect of such dividends and provided further that the Company may,
at the sole option of the Board of Directors, subject to the restrictions in the Senior Note
Indenture, the DOC Facility Agreement,

11

 

the DCOC Facility Agreement and any of its other then-existing indebtedness, pay cash in lieu
of issuing an Exchange Debenture in a principal amount less than $1,000.

          (ii) PROCEDURE FOR EXCHANGE. (A) On or before the Exchange Date, each Holder of Preferred
Stock shall surrender the certificate or certificates representing such shares of Preferred Stock,
in the manner and at the place designated in the Exchange Notice. The Company shall cause the
Exchange Debentures to be executed on the Exchange Date and, upon surrender in accordance with the
Exchange Notice of the certificates for any shares of Preferred Stock so exchanged (properly
endorsed or assigned for transfer, if the notice shall so state), such shares shall be exchanged by
the Company into Exchange Debentures. The Company shall pay interest on the Exchange Debentures at
the rate and on the dates described in the Memorandum.

          (B) If notice has been mailed as aforesaid, and if before the Exchange Date (1) the Exchange
Indenture shall have been duly executed and delivered by the Company and the Trustee and (2) all
Exchange Debentures necessary for such exchange shall have been duly executed by the Company and
delivered to the Trustee with irrevocable instructions to authenticate the Exchange Debentures
necessary for such exchange, then dividends will cease to accrue on the Preferred Stock on and
after the Exchange Date and the rights of the Holders of the Preferred Stock as stockholders of the
Company shall cease on and after the Exchange Date (except the right to receive Exchange
Debentures, an amount in cash, to the extent applicable, equal to the accrued and unpaid dividends
to the Exchange Date, and, if the Company so elects, cash in lieu of any Exchange Debenture which
is in an amount that is less than $1,000), and the Person or Persons entitled to receive the
Exchange Debentures issuable upon exchange shall be treated for all purposes as the registered
Holder or Holders of such Exchange Debentures as of the Exchange Date.

          (h) CHANGE OF CONTROL. (i) Upon the occurrence of a Change of Control, the Company shall be
required (subject to any contractual and other restrictions with respect thereto existing on the
Closing date and the legal availability of funds therefor) to make an Offer to Purchase (the
“Change of Control Offer”) to each Holder of Preferred Stock to repurchase all or any part of such
Holder’s Preferred Stock at a cash purchase price equal to 101% of the liquidation preference
thereof, plus an amount in cash equal to all accumulated and unpaid dividends (including an amount
in cash equal to a prorated dividend for the period from the Dividend Payment Date immediately
prior to the date of purchase to the date of purchase) (the “Change of Control Payment”).
Notwithstanding the foregoing, the Company shall not be required to make a Change of Control Offer
if any Indebtedness outstanding on the Closing Date which would prohibit such Change of Control
Offer or any Indebtedness outstanding under the DOC Facility or the New DCOC Facility is
outstanding upon the occurrence of a Change of Control until such Indebtedness is repaid, redeemed
or repurchased in full, in which case the date on which all such Indebtedness is so repaid,
redeemed or repurchased will, under this Certificate of Designation, be deemed to be the date on
which such Change of Control shall have occurred.

          (ii) Within 30 days following any Change of Control, the Company shall mail a notice to
such Holder stating: (A) that the Change of Control Offer is being made pursuant to this
Certificate of Designation and that, to the extent lawful, all shares of Preferred Stock tendered
will be accepted for payment; (B) the purchase price and the purchase date, which shall

12

 

be no earlier than 30 days nor later than 40 days from the date such notice is mailed (the “Change
of Control Payment Date”); (C) that any shares of Preferred Stock not tendered will continue to
accrue dividends in accordance with the terms of this Certificate of Designation; (D) that, unless
the Company defaults in the payment of the Change of Control Payment, all shares of Preferred Stock
accepted for payment pursuant to the Offer to Purchase shall cease to accrue dividends on and after
the Change of Control Payment Date and all rights of the Holders of such Preferred Stock shall
terminate on and after the Change of Control Date; and (E) a description of the procedures to be
followed by such Holder in order to have its shares of Preferred Stock repurchased.

          (iii) On the Change of Control Payment Date, (A) the Company shall, to the extent lawful,
(1) accept for payment shares of Preferred Stock tendered pursuant to the Offer to Purchase and (2)
promptly mail to each Holder of shares of Preferred Stock so accepted payment in an amount equal to
the Change of Control Payment for such shares and (B) unless the Company defaults in the payment
for the shares of Preferred Stock tendered pursuant to the Offer to Purchase, dividends shall cease
to accrue with respect to the shares of Preferred Stock tendered and all rights of Holders of such
tendered shares shall terminate, except for the right to receive payment therefor, on the Change of
Control Payment Date. The Company shall publicly announce the results of the Change of Control
Offer on or as soon as practicable after the Change of Control Payment Date.

          (iv) The Company shall comply with Rule 14e-1 under the Exchange Act and any securities laws
and regulations to the extent such laws and regulations are applicable to the repurchase of shares
of the Preferred Stock in connection with a Change of Control. In addition, the Company shall not
be required to make a Change of Control Offer upon a Change of Control if a third party makes the
Change of Control Offer in the manner, at the times and otherwise in compliance with the
requirements set forth in this paragraph (h) and purchases all Preferred Stock validly tendered and
not withdrawn under such Change of Control Offer.

          (i) CONVERSION OR EXCHANGE. The Holders of shares of Preferred Stock shall not have any
rights hereunder to convert such shares into or exchange such shares for shares of any other class
or classes or of any other series of any class or classes of Capital Stock of the Company.

          (j) PREEMPTIVE RIGHTS. No shares of Preferred Stock shall have any rights of preemption
whatsoever as to any securities of the Company, or any warrants, rights or options issued or
granted with respect thereto, regardless of how such securities or such warrants, rights or options
may be designated, issued or granted.

          (k) REISSUANCE OF PREFERRED STOCK. Shares of Preferred Stock that have been issued and
reacquired in any manner, including shares purchased or redeemed or exchanged, shall (upon
compliance with any applicable provisions of the laws of Oklahoma) have the status of authorized
but unissued shares of preferred stock of the Company undesignated as to series and may be
designated or redesignated and issued or reissued, as the case may be, as part of any series of
preferred stock of the Company, provided that any issuance of such shares as Preferred Stock must
be in compliance with the terms hereof.

13

 

          (l) BUSINESS DAY. If any payment, redemption or exchange shall be required by the terms
hereof to be made on a day that is not a Business Day, such payment, redemption or exchange shall
be made on the immediately succeeding Business Day.

          (m) CERTAIN ADDITIONAL PROVISIONS. If on [   ], 2007 [insert date that is 18
months after the Exchange Date], there are outstanding 15,000 shares or more, in aggregate, of the
Preferred Stock and the Company’s 13% Senior Exchangeable Preferred Stock due 2009 (but only for so
long thereafter as such aggregate number of shares is outstanding), the following clauses (1)
through (10) of this section (m) shall become applicable and be deemed for any such period to be a
part of this Amended and Restated Certificate of Designation, it being expressly understood that in
no event shall any of the provisions of this section (m) be
applicable (x) prior to [   ], 2007
[insert date that is 18 months after the Exchange
Date], or (y) at any time later than [   ], 2007 [insert date that is 18 months after the Exchange Date] following any date
thereafter when there are outstanding fewer than 15,000 shares, in aggregate, of the Preferred
Stock and the Company’s 13% Senior Exchangeable Preferred Stock due 2009.

          (1) LIMITATION ON INDEBTEDNESS. (a) The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, Incur any Indebtedness (other than Indebtedness existing on the Closing
Date); provided that the Company and any Restricted Subsidiary may Incur Indebtedness, if, after
giving effect to the Incurrence of such Indebtedness and the receipt and application of the
proceeds therefrom, the Consolidated Leverage Ratio would be less than 8 to 1, for Indebtedness
Incurred on or prior to December 31, 1998, or 7 to 1, for Indebtedness Incurred thereafter.

          Notwithstanding the foregoing, the Company and any Restricted Subsidiary (except as specified
below) may Incur each and all of the following: (i) Indebtedness outstanding at any time in an
aggregate principal amount not to exceed $250 million; (ii) Indebtedness (A) to the Company
evidenced by a promissory note or (B) to any of its Restricted Subsidiaries; provided that any
event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any
subsequent transfer of such Indebtedness (other than to the Company or another Restricted
Subsidiary) shall be deemed, in each case, to constitute an Incurrence of such Indebtedness not
permitted by this clause (ii); (iii) Indebtedness issued in exchange for, or the net proceeds of
which are used to refinance or refund, then outstanding Indebtedness, other than Indebtedness
Incurred under clause (i), (ii), (iv), (vi) or (ix) of this paragraph, and any refinancings thereof
in an amount not to exceed the amount so refinanced or refunded (plus premiums, accrued interest,
accrued dividends, fees and expenses); provided that such new Indebtedness, determined as of the
date of Incurrence of such new Indebtedness, does not mature or have a mandatory redemption or
repurchase date prior to the Stated Maturity of the Indebtedness to be refinanced or refunded, and
the Average Life of such new Indebtedness is at least equal to the remaining Average Life of the
Indebtedness to be refinanced or refunded; and provided further that in no event may Indebtedness
of the Company be refinanced by means of any Indebtedness of any Restricted Subsidiary pursuant to
this clause (iii); (iv) Indebtedness (A) in respect of performance, surety or appeal bonds provided
in the ordinary course of business, (B) under Currency Agreements and Interest Rate Agreements;
provided that such agreements (a) are designed solely to protect the Company or its Subsidiaries
against fluctuations in foreign currency exchange rates or interest rates and (b) do not increase
the Indebtedness of the obligor

14

 

outstanding at any time other than as a result of fluctuations in foreign currency exchange
rates or interest rates or by reason of fees, indemnities and compensation payable thereunder; or
(C) arising from agreements providing for indemnification, adjustment of purchase price or similar
obligations, or from Guarantees or letters of credit, surety bonds or performance bonds securing
any obligations of the Company or any of its Restricted Subsidiaries pursuant to such agreements,
in any case Incurred in connection with the disposition of any business, assets or Restricted
Subsidiary of the Company (other than Guarantees of Indebtedness Incurred by any Person acquiring
all or any portion of such business, assets or Restricted Subsidiary of the Company for the purpose
of financing such acquisition), in an amount not to exceed the gross proceeds actually received by
the Company or any Restricted Subsidiary in connection with such disposition; (v) Indebtedness of
the Company, to the extent the net proceeds thereof are promptly (A) used to purchase Senior
Preferred Stock and Preferred Stock, pro rata, tendered in an Offer to Purchase (or similar offer
to purchase made under the certificate of designation relating to the Senior Preferred Stock) made
as a result of a Change in Control or (B) deposited to defease the Senior Notes; (vi) Guarantees of
Indebtedness of the Company by any Restricted Subsidiary; (vii) Indebtedness Incurred to finance
the cost (including the cost of design, development, construction, installation or integration) of
telecommunications network assets, equipment or inventory acquired by the Company or a Restricted
Subsidiary after the Closing Date; (viii) Indebtedness of the Company not to exceed, at any one
time outstanding, two times the sum of (x) the Net Cash Proceeds received by the Company on or
after the Closing Date from the issuance and sale of its Capital Stock (other than Disqualified
Stock), including the Preferred Stock, to a Person that is not a Subsidiary of the Company to the
extent such Net Cash Proceeds have not been used pursuant to clause (C) (2) of the first paragraph,
or clause (ix) of the second paragraph, of subparagraph (m)(4) to make a Restricted Payment and (y)
80% of the fair market value of property other than cash received by the Company after the Closing
Date from the issuance and sale of its Capital Stock (other than Disqualified Stock) to a Person
that is not a Subsidiary of the Company; provided that such Indebtedness does not mature prior to
the Mandatory Redemption Date; and (ix) Indebtedness outstanding at any time in an aggregate
principal amount not to exceed $25.0 million.

          (b) Notwithstanding any other provision of this subparagraph (m)(1), the maximum amount of
Indebtedness that the Company or a Restricted Subsidiary may Incur pursuant to this subparagraph
(m)(1), shall not be deemed to be exceeded, with respect to any outstanding Indebtedness due solely
to the result of fluctuations in the exchange rates of currencies.

          (c) For purposes of determining any particular amount of Indebtedness under this subparagraph
(m)(1), Guarantees, Liens or obligations with respect to letters of credit supporting Indebtedness
otherwise included in the determination of such particular amount shall not be included. For
purposes of determining compliance with this subparagraph (m)(1), in the event that an item of
Indebtedness meets the criteria of more than one of the types of Indebtedness described in the
above clauses, the Company, in its sole discretion, shall classify, and from time to time may
reclassify, such item of Indebtedness and only be required to include the amount and type of such
Indebtedness in one of such clauses.

          (d) Notwithstanding anything in this subparagraph (m)(1) to the contrary, the Company shall be
permitted, and may permit any of its Restricted Subsidiaries to, Incur any

15

 

Indebtedness if such incurrence would, at the time of incurrence, not be prohibited under the terms
of the Indenture, as in effect on [   ], 2007 [insert date that is 18 months
after the Exchange Date], relating to either (i) the Company’s 8-7/8% Senior Notes due 2013 or (ii)
the Company’s 10-7/8% Senior Notes due 2010.

          (2) LIMITATION ON SENIOR SUBORDINATED INDEBTEDNESS. The Company shall not Incur any
Indebtedness that is subordinate in right of payment to any Senior Indebtedness unless such
Indebtedness would be pari passu with, or subordinated in right of payment to, the Exchange
Debentures; provided that the foregoing limitation shall not apply to distinctions between
categories of Senior Indebtedness of the Company that exist by reason of any Liens or Guarantees
arising or created in respect of some but not all such Senior Indebtedness.

          (3) LIMITATION ON LIENS. The Company shall not Incur any Indebtedness secured by a Lien
(“Secured Indebtedness”) which is not Senior Indebtedness unless effective provision is made to
have the Exchange Debentures (if and when issued) secured equally and ratably with (or, if the
Secured Indebtedness would be subordinated in right of payment to the Exchange Debentures, prior
to) such Secured Indebtedness for so long as such Secured Indebtedness is secured by a Lien.

          (4) LIMITATION ON RESTRICTED PAYMENTS. The Company shall not, and shall not permit any
Restricted Subsidiary to, directly or indirectly, (i) declare or pay any dividend or make any
distribution on or with respect to its Junior Securities (other than (x) dividends or distributions
payable solely in shares of its Junior Securities (other than Disqualified Stock) or in options,
warrants or other rights to acquire shares of such Junior Securities and (y) pro rata dividends or
distributions on Common Stock of Restricted Subsidiaries held by minority stockholders, provided
that such dividends do not in the aggregate exceed the minority stockholders pro rata share of
such Restricted Subsidiaries net income from the first day of the fiscal quarter beginning
immediately following the Closing Date) held by Persons other than the Company or any of its
Restricted Subsidiaries, (ii) purchase, redeem, retire or otherwise acquire for value any shares of
Junior Securities of (A) the Company or an Unrestricted Subsidiary (including options, warrants or
other rights to acquire such shares of Junior Securities) held by any Person or (B) a Restricted
Subsidiary (including options, warrants or other rights to acquire such shares of Junior
Securities) held by any Affiliate of the Company (other than a Wholly Owned Restricted Subsidiary)
or any holder (or any Affiliate of such holder) of 5% or more of the Capital Stock of the Company,
or (iii) make any Investment, other than a Permitted Investment, in any Person (such payments or
any other actions described in clauses (i) through (iii) being collectively “Restricted Payments”)
if, at the time of, and after giving effect to, the proposed Restricted Payment: (A) a Voting
Rights Triggering Event, or an event which with the giving of notice or the passage of time, or
both, would become a Voting Rights Triggering Event, shall have occurred and be continuing, (B) the
Company could not Incur at least $1.00 of Indebtedness under the first paragraph of subparagraph
(m)(1), (C) the aggregate amount of all Restricted Payments (the amount, if other than in cash, to
be determined in good faith by the Board of Directors, whose determination shall be conclusive and
evidenced by a Board Resolution) made after the Closing Date shall exceed the sum of (1) 50% of the
aggregate amount of the Adjusted Consolidated Net Income (or, if the Adjusted Consolidated Net
Income is a loss, minus 100% of the amount of such loss) (determined by excluding income

16

 

resulting from transfers of assets by the Company or a Restricted Subsidiary to an
Unrestricted Subsidiary) accrued on a cumulative basis during the period (taken as one accounting
period) beginning on the first day of the fiscal quarter immediately following the Closing Date and
ending on the last day of the last fiscal quarter preceding the Transaction Date for which reports
have been filed pursuant to subparagraph (m)(9) plus (2) the aggregate Net Cash Proceeds received
by the Company after the Closing Date from the issuance and sale permitted by this Certificate of
Designation of its Capital Stock (other than Disqualified Stock) to a Person who is not a
Subsidiary of the Company (except to the extent such Net Cash Proceeds are used to Incur
Indebtedness pursuant to clause (viii) under subparagraph (m)(1)) or from the issuance to a Person
who is not a Subsidiary of the Company of any options, warrants or other rights to acquire Capital
Stock of the Company (in each case, exclusive of any Disqualified Stock or any options, warrants or
other rights that are redeemable at the option of the holder, or are required to be redeemed, prior
to the Mandatory Redemption Date) plus (3) an amount equal to the net reduction in Investments
(other than reductions in Permitted Investments and reductions in Investments made pursuant to
clause (ix) of the second paragraph of this subparagraph (m)(4)) in any Person resulting from
payments of interest on Indebtedness, dividends, repayments of loans or advances, or other
transfers of assets, in each case to the Company or any Restricted Subsidiary or from the Net Cash
Proceeds from the sale of any such Investment (except, in each case, to the extent any such payment
or proceeds are included in the calculation of Adjusted Consolidated Net Income), or from
redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries (valued in each case as
provided in the definition of “Investments”), not to exceed, in each case, the amount of
Investments previously made by the Company or any Restricted Subsidiary in such Person or
Unrestricted Subsidiary or (D) dividends on the Senior Preferred Stock and the Preferred Stock
shall not have been paid in full as provided in the certificate of designation with respect to the
Senior Preferred Stock and this Certificate of Designation, respectively.

     The foregoing provision shall not be violated by reason of: (i) the payment of any dividend
within 60 days after the date of declaration thereof if, at said date of declaration, such payment
would comply with the foregoing paragraph; (ii) the repurchase, redemption or other acquisition of
Junior Securities of the Company (or options, warrants or other rights to acquire such Junior
Securities) in exchange for, or out of the proceeds of a substantially concurrent offering of,
shares of Junior Securities (other than Disqualified Stock) of the Company; (iii) the declaration
or payment of dividends on the Common Stock of the Company following a Public Equity Offering of
such Common Stock, of up to 6% per annum of the Net Cash Proceeds received by the Company in such
Public Equity Offering; (iv) payments or distributions, to dissenting stockholders pursuant to
applicable law, pursuant to or in connection with a consolidation, merger or transfer of assets
that complies with the provisions described in subparagraph (m)(10); (v) the purchase, redemption,
acquisition, cancellation or other retirement for value of shares of Junior Securities of the
Company to the extent necessary in the good faith judgment of the Board of Directors of the
Company, to prevent the loss or secure the renewal or reinstatement of any license or franchise
held by the Company or any Restricted Subsidiary from any governmental agency; (vi) the purchase of
shares of Fleet Investors Preferred Stock of the Company (or the Class A Common Stock into which
the Class B Preferred Stock may be converted) pursuant to the exercise of the put rights granted to
the Fleet Investors under the Shareholders Agreement or any mandatory redemption provisions, in
each case as in effect on the Closing Date; provided (a) after giving pro forma effect to any such
purchase the

17

 

Consolidated Leverage Ratio would be less than 7.5 to 1, and (b) if the event triggering the
exercisability of the put rights constitutes a Change of Control, no such repurchase shall be made
prior to the Company’s repurchase of such Senior Preferred Stock as is required to be repurchased
pursuant to paragraph (h); (vii) the declaration or payment of dividends on the Fleet Investors
Preferred Stock (I) if after giving pro forma effect to any such dividend, the Consolidated
Leverage Ratio would be less than 6 to 1 or (II) following a Public Equity Offering of Junior
Securities; provided (A) the Net Cash Proceeds received by the Company in such Public Equity
Offering is at least equal to $90 million and (B) the aggregate amount of dividends permitted to be
made in any fiscal year of the Company under clause (iii) and this clause (vii) shall not exceed 6%
of the Net Cash Proceeds received by the Company in the Public Equity Offering; (viii) the
purchase, redemption, retirement or other acquisition for value of Junior Securities of the
Company, or options to purchase such shares, held by directors, employees or former directors or
employees of the Company or any Restricted Subsidiary (or their estates or beneficiaries under
their estates) upon death, disability, retirement, termination of employment or pursuant to the
terms of any agreement under which such shares of Junior Securities or options were issued;
provided that the aggregate consideration paid for such purchase, redemption, acquisition,
cancellation or other retirement of such shares of Junior Securities or options after the Closing
Date does not exceed $500,000 in any calendar year, or $1.5 million in the aggregate; (ix)
Investments in any Person or Persons, the primary business of which is related, ancillary or
complementary to the business of the Company and its Restricted Subsidiaries on the date of such
Investments, in an aggregate amount not to exceed $30 million plus an amount not to exceed the Net
Cash Proceeds received by the Company after the Closing Date from the issuance and sale of its
Capital Stock (other than Disqualified Stock) to a Person that is not a Subsidiary of the Company,
except to the extent such Net Cash Proceeds are used to Incur Indebtedness outstanding pursuant to
clause (viii) of subparagraph (m)(1) or to make Restricted Payments pursuant to clause (C)(2) of
the first paragraph, or clause (ii) or (x) of this paragraph, of this subparagraph (m)(4); or (x)
the distribution on or with respect to the holders of the Company s Junior Securities of the
Capital Stock of Logix; provided that, except in the case of clauses (i) and (ii), no Voting Rights
Triggering Event, or an event which with the giving of notice or the passage of time, or both,
would become a Voting Rights Triggering Event, shall have occurred and be continuing or occur as a
consequence of the actions or payments set forth therein.

     Each Restricted Payment permitted pursuant to the preceding paragraph (other than an exchange
of Junior Securities for Junior Securities referred to in clause (ii) thereof) and the Net Cash
Proceeds from any issuance of Junior Securities referred to in clause (ii) or Capital Stock
referred to in clause (ix) shall be included in calculating whether the conditions of clause (C) of
the first paragraph of this subparagraph (m)(4) have been met with respect to any subsequent
Restricted Payments.

     Notwithstanding anything in this subparagraph (m)(4) to the contrary, the Company shall be
permitted, and may permit any of its Restricted Subsidiaries to, take any action that would
otherwise be prohibited by this subparagraph (m)(4) if the taking of such action would, at the time
of such action, not be prohibited under the terms of the Indenture,
as in effect on [   ], 2007 [insert date that is 18 months after the Exchange Date], relating to either (i) the
Company’s 8-7/8% Senior Notes due 2013 or (ii) the Company’s 10-7/8% Senior Notes due 2010.

18

 

     (5) LIMITATION ON DIVIDEND AND OTHER PAYMENT RESTRICTIONS AFFECTING RESTRICTED SUBSIDIARIES.
The Company shall not, and shall not permit any Restricted Subsidiary to, create or otherwise cause
or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the
ability of any Restricted Subsidiary to (i) pay dividends or make any other distributions permitted
by applicable law on any Capital Stock of such Restricted Subsidiary owned by the Company or any
other Restricted Subsidiary, (ii) pay any Indebtedness owed to the Company or any other Restricted
Subsidiary, (iii) make loans or advances to the Company or any other Restricted Subsidiary or (iv)
transfer any of its property or assets to the Company or any other Restricted Subsidiary.

     The foregoing provisions shall not restrict any encumbrances or restrictions: (i) existing on
the Closing Date in the certificate of designation for the Senior Preferred Stock, the Bank
Facility Agreement, the Senior Note Indenture or any other agreements in effect on the Closing
Date, and any amendments, extensions, refinancings, renewals or replacements of such agreements;
provided that, other than as contemplated in clause (vi) below, the encumbrances and restrictions
in any such amendments, extensions, refinancings, renewals or replacements are no less favorable in
any material respect to the Holders than those encumbrances or restrictions that are then in effect
and that are being extended, refinanced, renewed or replaced; (ii) existing under or by reason of
applicable law; (iii) existing with respect to any Person or the property or assets of such Person
acquired by the Company or any Restricted Subsidiary, existing at the time of such acquisition and
not incurred in contemplation thereof, which encumbrances or restrictions are not applicable to any
Person or the property or assets of any Person other than such Person or the property or assets of
such Person so acquired; (iv) in the case of clause (iv) of the first paragraph of this
subparagraph (m)(5), (A) that restrict in a customary manner the subletting, assignment or transfer
of any property or asset that is a lease, license, conveyance or contract or similar property or
asset, (B) existing by virtue of any transfer of, agreement to transfer, option or right with
respect to, or Lien on, any property or assets of the Company or any Restricted Subsidiary not
otherwise prohibited by this Certificate of Designation or (C) arising or agreed to in the ordinary
course of business, not relating to any Indebtedness, and that do not, individually or in the
aggregate, detract from the value of property or assets of the Company or any Restricted Subsidiary
in any manner material to the Company or any Restricted Subsidiary; (v) with respect to a
Restricted Subsidiary and imposed pursuant to an agreement that has been entered into for the sale
or disposition of all or substantially all of the Capital Stock of, or property and assets of, such
Restricted Subsidiary; or (vi) contained in the terms of (A) the DOC Facility Agreement and the
DCOC Facility Agreement, provided any encumbrance or restriction that would prevent payments of
dividends or other distributions to the Company to pay cash interest on the Exchange Debentures or
cash dividends on the Preferred Stock applies on or prior to January 15, 2003, or applies
thereafter only in the event of an event of default (other than an event of default resulting
solely from a breach of a representation or warranty) under the DOC Facility Agreement; provided
(x) with respect to any event of default (other than a payment default (including by way of
acceleration), bankruptcy default or a loss of a material license or cellular system), such
restriction will terminate 180 days after the occurrence of such event of default and (y) the
financial covenants which create such encumbrance or restriction on dividends or other
distributions in the DOC Facility Agreement or the DCOC Credit Facility Agreement are no less
favorable to the Company or its Subsidiaries than the financial covenants set forth in the New DOC
Facility Commitment Letter or the New DCOC Facility Commitment

19

 

Letter, respectively; or (B) any Indebtedness of a Restricted Subsidiary, or any agreement
pursuant to which such Indebtedness was issued, if the encumbrance or restriction applies only in
the event of a payment default or a default with respect to a financial covenant contained in such
Indebtedness or agreement, if the encumbrance or restriction is not materially more disadvantageous
to the Holders of the Preferred Stock than is customary in comparable financings (as determined by
the Company) and if the Company determines that any such encumbrance or restriction will not
materially affect the Company s ability to make dividend payments on the Preferred Stock or
principal or interest payments on the Exchange Debentures. Nothing contained in this subparagraph
(m)(5) shall prevent the Company or any Restricted Subsidiary from (1) creating, incurring,
assuming or suffering to exist any Liens otherwise permitted in subparagraph (m)(3) or (2)
restricting the sale or other disposition of property or assets of the Company or any of its
Restricted Subsidiaries that secure Indebtedness of the Company or any of its Restricted
Subsidiaries.

     Notwithstanding anything in this subparagraph (m)(5) to the contrary, the Company shall be
permitted, and may permit any of its Restricted Subsidiaries to, create or otherwise cause or
suffer to exist or become effective any consensual encumbrance or restriction of any kind on the
ability of any Restricted Subsidiary to do any of the actions specified in this subparagraph (m)(5)
if such action or suffering would, at the time of such action or suffering, not be prohibited under
the terms of the Indenture, as in effect on [   ], 2007 [insert date that is 18
months after the Exchange Date], relating to either (i) the Company’s 8-7/8% Senior Notes due 2013
or (ii) the Company’s 10-7/8% Senior Notes due 2010.

     (6) LIMITATION ON THE ISSUANCE AND SALE OF CAPITAL STOCK OF RESTRICTED SUBSIDIARIES. The
Company shall not sell, and shall not permit any Restricted Subsidiary, directly or indirectly, to
issue or sell, any shares of Capital Stock of a Restricted Subsidiary (including options, warrants
or other rights to purchase shares of such Capital Stock) except (i) to the Company or a Wholly
Owned Restricted Subsidiary; (ii) issuances of director s qualifying shares or sales to foreign
nationals of shares of Capital Stock of foreign Restricted Subsidiaries, to the extent required by
applicable law; (iii) if, immediately after giving effect to such issuance or sale, such Restricted
Subsidiary would no longer constitute a Restricted Subsidiary, provided any Investment in such
Person remaining after giving effect to such issuance or sale would have been permitted to be made
under subparagraph (m)(4), if made on the date of such issuance or sale; and (iv) sales of Common
Stock of a Restricted Subsidiary; provided that the assets of such Restricted Subsidiary consist
solely of assets relating to the Company s PCS or resale business.

     (7) LIMITATION ON TRANSACTIONS WITH STOCKHOLDERS AND AFFILIATES. The Company shall not, and
shall not permit any Restricted Subsidiary to, directly or indirectly, enter into, renew or extend
any transaction (including, without limitation, the purchase, sale, lease or exchange of property
or assets, or the rendering of any service) with any holder (or any Affiliate of such holder) of 5%
or more of any class of Capital Stock of the Company or with any Affiliate of the Company or any
Restricted Subsidiary, except upon fair and reasonable terms no less favorable to the Company or
such Restricted Subsidiary than could be obtained, at the time of such transaction or, if such
transaction is pursuant to a written agreement, at the time of the execution of the agreement
providing therefor, in a comparable arm s-length transaction with a Person that is not such a
holder or an Affiliate.

20

 

     The foregoing limitation does not limit, and shall not apply to (i) transactions (A) approved
by a majority of the disinterested members of the Board of Directors or (B) for which the Company
or a Restricted Subsidiary delivers to the Transfer Agent a written opinion of a nationally
recognized investment banking firm stating that the transaction is fair to the Company or such
Restricted Subsidiary from a financial point of view; (ii) any transaction solely between the
Company and any of its Wholly Owned Restricted Subsidiaries or solely between Wholly Owned
Restricted Subsidiaries; (iii) the payment of reasonable and customary regular fees to directors of
the Company who are not employees of the Company; (iv) any payments or other transactions pursuant
to any tax-sharing agreement between the Company and any other Person with which the Company files
a consolidated tax return or with which the Company is part of a consolidated group for tax
purposes; or (v) any Restricted Payments not prohibited by subparagraph (m)(4). Notwithstanding the
foregoing, any transaction covered by the first paragraph of this subparagraph (m)(7) and not
covered by clauses (ii) through (v) of this paragraph, the aggregate amount of which exceeds $2
million in value, must be approved or determined to be fair in the manner provided for in clause
(i)(A) or (B) above.

     (8) LIMITATIONS ON SENIOR PREFERRED STOCK. The Company shall not (a) exchange any Senior
Preferred Stock for Senior Exchange Debentures unless it will have previously exchanged, or will
contemporaneously exchange, all of the Preferred Stock for Exchange Debentures or (b) redeem any
Senior Preferred Stock unless it will contemporaneously redeem a pro rata portion of the Preferred
Stock.

     (9) COMMISSION REPORTS AND REPORTS TO HOLDERS. Whether or not the Company is required to file
reports with the Commission, for so long as any Preferred Stock is outstanding, the Company shall
file with the Commission all such reports and other information as it would be required to file
with the Commission by Sections 13(a) or 15(d) under the Exchange Act if it were subject thereto.
The Company shall supply the Transfer Agent and each Holder or shall supply to the Transfer Agent
for forwarding to each such Holder, without cost to such Holder, copies of such reports and other
information.

     (10) CONSOLIDATION, MERGER AND SALE OF ASSETS. The Company shall not consolidate with, merge
with or into, or sell, convey, transfer, lease or otherwise dispose of all or substantially all of
its property and assets (as an entirety or substantially an entirety in one transaction or a series
of related transactions) to any Person or permit any Person to merge with or into the Company
unless: (i) the Company shall be the continuing Person, or the Person (if other than the Company)
formed by such consolidation or into which the Company is merged or that acquired or leased such
property and assets of the Company shall be a corporation organized and validly existing under the
laws of the United States of America or any jurisdiction thereof and the Preferred Stock shall be
converted into or exchanged for and shall become shares of such successor company, having in
respect of such successor company or resulting company substantially the same powers, preferences
and relative participating, optional or other special rights and the qualifications, limitations or
restrictions thereon that the Preferred Stock had immediately prior to such transaction; (ii)
immediately after giving effect to such transaction, no Voting Rights Triggering Event, or an event
which with the giving of notice or the passage of time, or both, would become a Voting Rights
Triggering Event, shall have occurred and be continuing; (iii) immediately after giving effect to
such transaction on a pro forma basis, the Company, or, if other than the Company, the successor

21

 

company or resulting company, as the case may be, shall have a Consolidated Net Worth equal to or
greater than the Consolidated Net Worth of the Company immediately prior to such transaction; (iv)
immediately after giving effect to such transaction on a pro forma basis the Company, or, if other
than the Company, the successor company or resulting company, as the case may be, could Incur at
least $1.00 of Indebtedness under the first paragraph of subparagraph (m)(1); provided that this
clause (iv) shall not apply to a consolidation or merger with or into a Wholly Owned Restricted
Subsidiary with a positive net worth; provided that, in connection with any such merger or
consolidation, no consideration (other than Common Stock in the surviving Person or the Company)
shall be issued or distributed to the stockholders of the Company; and (v) the Company delivers to
the Transfer Agent an Officers Certificate (attaching the arithmetic computations to demonstrate
compliance with clauses (iii) and (iv)) and opinion of counsel, in each case stating that such
consolidation, merger or transfer complies with this provision and that all conditions precedent
provided for herein relating to such transaction have been complied with; provided, however, that
clauses (iii) and (iv) above do not apply if, in the good faith determination of the Board of
Directors of the Company, whose determination shall be evidenced by a Board Resolution, the
principal purpose of such transaction is to change the state of incorporation of the Company and
any such transaction shall not have as one of its purposes the evasion of the foregoing
limitations.

     Notwithstanding anything in this subparagraph (m)(10) to the contrary, the Company shall be
permitted to consolidate with, merge with or into, or sell, convey, transfer, lease or otherwise
dispose of all or substantially all of its property and assets (as an entirety or substantially an
entirety in one transaction or a series of related transactions) to any Person or permit any Person
to merge with or into the Company, if such action would, at the time of such action, not be
prohibited under the terms of the Indenture, as in effect on
[     ], 2007 [insert
date that is 18 months after the Exchange Date], relating to either (i) the Company’s 8-7/8% Senior
Notes due 2013 or (ii) the Company’s 10-7/8% Senior Notes due 2010.

     (n) DEFINITIONS. As used in this Certificate of Designation, the following terms shall have
the following meanings (with terms defined in the singular having comparable meanings when used in
the plural and vice versa), unless the context otherwise requires.

     “Acquired Indebtedness” means Indebtedness of a Person existing at the time such Person
becomes a Restricted Subsidiary or assumed in connection with an Asset Acquisition by a Restricted
Subsidiary and not Incurred in connection with, or in anticipation of, such Person becoming a
Restricted Subsidiary or such Asset Acquisition; provided that Indebtedness of such Person which is
redeemed, defeased, retired or otherwise repaid at the time of or immediately upon consummation of
the transactions by which such Person becomes a Restricted Subsidiary or such Asset Acquisition
shall not be Acquired Indebtedness.

     “Adjusted Consolidated Net Income” means, for any period, the aggregate net income (or loss)
of the Company and its Restricted Subsidiaries for such period determined in conformity with GAAP;
provided that the following items shall be excluded in computing Adjusted Consolidated Net Income
(without duplication): (i) the net income of any Person (other than net income attributable to a
Restricted Subsidiary) in which any Person (other than the Company or any of its Restricted
Subsidiaries) has a joint interest and the net income of any Unrestricted Subsidiary, except to the
extent of the amount of dividends or other distributions

22

 

actually paid to the Company or any of its Restricted Subsidiaries by such other Person or
such Unrestricted Subsidiary during such period; (ii) solely for the purposes of calculating the
amount of Restricted Payments that may be made pursuant to clause (C) of the first paragraph of
subparagraph (m)(4) (and in such case, except to the extent includable pursuant to clause (i)
above), the net income (or loss) of any Person accrued prior to the date it becomes a Restricted
Subsidiary or is merged into or consolidated with the Company or any of its Restricted Subsidiaries
or all or substantially all of the property and assets of such Person are acquired by the Company
or any of its Restricted Subsidiaries; (iii) except in the case of any restriction or encumbrance
permitted under clause (vi) of subparagraph (m)(5), the net income of any Restricted Subsidiary to
the extent that the declaration or payment of dividends or similar distributions by such Restricted
Subsidiary of such net income is not at the time permitted by the operation of the terms of its
charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental
regulation applicable to such Restricted Subsidiary; (iv) any gains or losses (on an after-tax
basis) attributable to Asset Sales; (v) except for purposes of calculating the amount of Restricted
Payments that may be made pursuant to clause (C) of the first paragraph of subparagraph (m)(4), any
amount paid or accrued as dividends on Preferred Shares of the Company or any Restricted Subsidiary
owned by Persons other than the Company and any of its Restricted Subsidiaries; and (vi) all
extraordinary gains and extraordinary losses, net of tax.

     “Affiliate” means, as applied to any Person, any other Person directly or indirectly
controlling, controlled by, or under direct or indirect common control with, such Person. For
purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as applied to any Person, means
the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by
contract or otherwise.

     “Asset Disposition” means the sale or other disposition by the Company or any of its
Restricted Subsidiaries (other than to the Company or another Restricted Subsidiary) of (i) all or
substantially all of the Capital Stock of any Restricted Subsidiary or (ii) all or substantially
all of the assets that constitute a division or line of business of the Company or any of its
Restricted Subsidiaries.

     “Asset Sale” means any sale, transfer or other disposition (including by way of merger,
consolidation or sale-leaseback transaction) in one transaction or a series of related transactions
by the Company or any of its Restricted Subsidiaries to any Person other than the Company or any of
its Restricted Subsidiaries of (i) all or any of the Capital Stock of any Restricted Subsidiary,
(ii) all or substantially all of the property and assets of an operating unit or business of the
Company or any of its Restricted Subsidiaries or (iii) any other property and assets of the Company
or any of its Restricted Subsidiaries outside the ordinary course of business of the Company or
such Restricted Subsidiary and, in each case, that is not governed by the provisions described
under subparagraph (m)(10); provided that “Asset Sale” shall not include (a) sales or other
dispositions of inventory, receivables and other current assets, (b) sales or other dispositions of
assets for consideration at least equal to the fair market value of the assets sold or disposed of,
provided that the consideration received consists of property or assets (other than current assets)
of a nature or type or that are used in a business (or a company having

23

 

property or assets of a nature or type, or engaged in a business) similar or related to the
nature or type of the property and assets of, or business of, the Company and its Restricted
Subsidiaries existing on the date of such sale or other disposition or (c) sales, transfers or
other dispositions of assets constituting a Restricted Payment permitted to be made under
subparagraph (m)(4).

     “Average Life” means, at any date of determination with respect to any debt security, the
quotient obtained by dividing (i) the sum of the products of (a) the number of years from such date
of determination to the dates of each successive scheduled principal payment of such debt security
and (b) the amount of such principal payment by (ii) the sum of all such principal payments.

     “Bank Facility Agreement” means the Second Amended and Restated Credit Agreement, dated
February 28, 1997, as amended, among Dobson Operating Company and CoreStates Bank, N.A., First
Union National Bank of North Carolina, NationsBank of Texas, N.A. and the other banks party
thereto, as the same may be further amended, supplemented, extended, renewed, replaced or otherwise
modified from time to time, including the credit agreement contemplated by the New DOC Facility
Commitment Letter, together with all other agreements, instruments and documents executed or
delivered pursuant thereto or in connection therewith, in each case as such agreements, instruments
or documents may be amended, supplemented, extended, renewed, replaced or otherwise modified from
time to time.

     “Board Resolution” means a copy of a resolution, certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors and to be in full
force and effect on the date of such certification, and delivered to the Transfer Agent.

     “Business Day” means any day except a Saturday or Sunday or other day on which commercial
banks in The City of New York are required or authorized by law or other governmental action to be
closed.

     “Capital Stock” means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or non-voting) in equity of
such Person, whether now outstanding or issued after the Issue Date, including, without limitation,
all Common Stock and Preferred Shares.

     “Capitalized Lease” means, as applied to any Person, any lease of any property (whether real,
personal or mixed) of which the discounted present value of the rental obligations of such Person
as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of such
Person.

     “Capitalized Lease Obligations” means the discounted present value of the rental obligations
under a Capitalized Lease.

     “Change of Control” means such time as (i) (a) prior to the occurrence of a Public Market, a
“person” or “group” (within the meaning of Section 13(d) or 14(d)(2) under the Exchange Act)
becomes the ultimate “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of Voting
Stock representing a greater percentage of the total voting power of the Voting Stock of the
Company, on a fully diluted basis, than is held by the Existing Stockholders and their Affiliates
on such date and (b) after the occurrence of a Public Market, a “person” or

24

 

“group” (within the meaning of Section 13(d) or 14(d)(2) under the Exchange Act) becomes the
ultimate “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of more than 35% of
the total voting power of the Voting Stock of the Company on a fully diluted basis and such
ownership represents a greater percentage of the total voting power of the Voting Stock of the
Company, on a fully diluted basis, than is held by the Existing Stockholders and their Affiliates
on such date; or (ii) individuals who on the Closing Date constitute the Board of Directors
(together with any new directors whose election by the Board of Directors or whose nomination for
election by the Company s stockholders was approved by a vote of at least a majority of the members
of the Board of Directors then in office who either were members of the Board of Directors on the
Closing Date or whose election or nomination for election was previously so approved) cease for any
reason to constitute a majority of the members of the Board of Directors then in office.

     “Class A Common Stock” means the Class A Common Stock, par value $.001 per share, of the
Company.

     “Class A Preferred Stock” means the Class A Non-Voting, Non-Convertible Preferred Stock, par
value $1.00 per share, of the Company.

     “Class D Preferred Stock” means the Class D 15% Convertible Preferred Stock, par value $1.00
per share, of the Company.

     “Class E Preferred Stock” means the Class E Preferred Stock, par value $1.00 per share, of the
Company.

     “Class F Preferred Stock”means the Class F 16% Preferred Stock, par value $1.00 per share, of
the Company.

     “Class G Preferred Stock” means the Class G 16% Convertible Preferred Stock, par value $1.00
per share, of the Company.

     “Class H Preferred Stock” means the Class H Preferred Stock, par value $1.00 per share, of the
Company.

     “Closing Date” means January 22, 1998.

     “Commission” means the Securities and Exchange Commission.

     “Common Stock” means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or non-voting) of such
Person s equity, other than Preferred Shares of such Person, whether now outstanding or issued
after the Issue Date, including without limitation, all series and classes of such Common Stock.

     “Consolidated EBITDA” means, for any period, Adjusted Consolidated Net Income for such period
plus, to the extent such amount was deducted in calculating Adjusted Consolidated Net Income (i)
Consolidated Interest Expense, (ii) income taxes (other than income taxes (either positive or
negative) attributable to extraordinary and non-recurring gains or losses or sales of assets),
(iii) depreciation expense, (iv) amortization expense, and (v) all other non-

25

 

cash items reducing Adjusted Consolidated Net Income (other than items that will require cash
payments and for which an accrual or reserve is, or is required by GAAP to be, made), less all
non-cash items increasing Adjusted Consolidated Net Income, all as determined on a consolidated
basis for the Company and its Restricted Subsidiaries in conformity with GAAP; provided that, if
any Restricted Subsidiary is not a Wholly Owned Restricted Subsidiary, Consolidated EBITDA shall be
reduced (to the extent not otherwise reduced in accordance with GAAP) by an amount equal to (A) the
amount of the Adjusted Consolidated Net Income attributable to such Restricted Subsidiary
multiplied by (B) the quotient of (1) the number of shares of outstanding Common Stock of such
Restricted Subsidiary not owned on the last day of such period by the Company or any of its
Restricted Subsidiaries divided by (2) the total number of shares of outstanding Common Stock of
such Restricted Subsidiary on the last day of such period.

     “Consolidated Interest Expense” means, for any period, the aggregate amount of interest in
respect of Indebtedness (including, without limitation, amortization of original issue discount on
any Indebtedness and the interest portion of any deferred payment obligation, calculated in
accordance with the effective interest method of accounting; all commissions, discounts and other
fees and charges owed with respect to letters of credit and bankers acceptance financing; the net
costs associated with Interest Rate Agreements; and Indebtedness that is Guaranteed or secured by
the Company or any of its Restricted Subsidiaries) and all but the principal component of rentals
in respect of Capitalized Lease Obligations paid, accrued or scheduled to be paid or to be accrued
by the Company and its Restricted Subsidiaries during such period; excluding, however, (i) any
amount of such interest of any Restricted Subsidiary if the net income of such Restricted
Subsidiary is excluded in the calculation of Adjusted Consolidated Net Income pursuant to clause
(iii) of the definition thereof (but only in the same proportion as the net income of such
Restricted Subsidiary is excluded from the calculation of Adjusted Consolidated Net Income pursuant
to clause (iii) of the definition thereof) and (ii) any premiums, fees and expenses (and any
amortization thereof) payable in connection with the offering of the Senior Notes and the Preferred
Stock, all as determined on a consolidated basis (without taking into account Unrestricted
Subsidiaries) in conformity with GAAP.

     “Consolidated Leverage Ratio” means, on any Transaction Date, the ratio of (i) the aggregate
amount of Indebtedness of the Company and its Restricted Subsidiaries on a consolidated basis
outstanding on such Transaction Date, plus, solely for purpose of calculating whether a Restricted
Payment may be made pursuant to clause (vi) or (vii) of subparagraph (m)(4), the maximum fixed
redemption or repurchase price of the Preferred Stock and any Senior Securities or Parity
Securities at the time of determination, to (ii) the aggregate amount of Consolidated EBITDA for
the then most recent four fiscal quarters for which financial statements of the Company have been
filed with the Commission (such four fiscal quarter period being the “Four Quarter Period”);
provided that (A) pro forma effect shall be given to any Indebtedness that is to be Incurred or
repaid on the Transaction Date as if such Incurrence or repayment had occurred on the first day of
such Four Quarter Period; (B) pro forma effect shall be given to Asset Dispositions and Asset
Acquisitions (including giving pro forma effect to the application of proceeds of any Asset
Disposition) that occur during the period beginning on the first day of the Four Quarter Period and
ending on the Transaction Date (the “Reference Period”) as if they had occurred and such proceeds
had been applied on the first day of such Reference Period; and (C) pro forma effect shall be given
to asset dispositions and asset acquisitions

26

 

(including giving pro forma effect to the application of proceeds of any asset disposition)
that have been made by any Person that has become a Restricted Subsidiary or has been merged with
or into the Company or any Restricted Subsidiary during such Reference Period and that would have
constituted Asset Dispositions or Asset Acquisitions had such transactions occurred when such
Person was a Restricted Subsidiary as if such asset dispositions or asset acquisitions were Asset
Dispositions or Asset Acquisitions that occurred on the first day of such Reference Period;
provided that to the extent that clause (B) or (C) of this sentence requires that pro forma effect
be given to an Asset Acquisition or Asset Disposition, such pro forma calculation shall be based
upon the four full fiscal quarters immediately preceding the Transaction Date of the Person, or
division or line of business of the Person, that is acquired or disposed of for which financial
information is available.

     “Consolidated Net Worth” means, at any date of determination, stockholders equity as set forth
on the most recently available quarterly or annual consolidated balance sheet of the Company and
its Restricted Subsidiaries (which shall be as of a date not more than 90 days prior to the date of
such computation, and which shall not take into account Unrestricted Subsidiaries), less any
amounts attributable to Disqualified Stock or any equity security convertible into or exchangeable
for Indebtedness, the cost of treasury stock and the principal amount of any promissory notes
receivable from the sale of the Capital Stock of the Company or any of its Restricted Subsidiaries,
each item to be determined in conformity with GAAP (excluding the effects of foreign currency
exchange adjustments under Financial Accounting Standards Board Statement of Financial Accounting
Standards No. 52).

     “Credit Facilities” means the DOC Facility and the DCOC Facility.

     “DCOC” means Dobson Cellular Operations Company.

     “DCOC Facility” means the $120 million and $80 million credit facilities created and
established by DCOC Facility Agreement.

     “DCOC Facility Agreement” means the agreement among DCOC, NationsBank of Texas, N.A., First
Union National Bank and Toronto Dominion (Texas), Inc., each dated as of March 25, 1998,
establishing the DCOC Facility, together with all other agreements, instruments, and documents
executed or delivered pursuant thereto or in connection therewith, in each case as such agreement,
other agreements, instruments or documents may be amended, supplemented, extended, renewed,
replaced or otherwise modified from time to time.

     “Disqualified Stock” means any class or series of Capital Stock of any Person that by its
terms or otherwise is (i) required to be redeemed prior to the Mandatory Redemption Date, (ii)
redeemable at the option of the holder of such class or series of Capital Stock at any time prior
to the Mandatory Redemption Date or (iii) convertible into or exchangeable for Capital Stock
referred to in clause (i) or (ii) above or Indebtedness having a scheduled maturity prior to the
Mandatory Redemption Date; provided that any Capital Stock that would not constitute Disqualified
Stock but for provisions thereof giving holders thereof the right to require such Person to
repurchase or redeem such Capital Stock upon the occurrence of a “change of control” occurring
prior to the Mandatory Redemption Date shall not constitute Disqualified Stock if the “change of
control” provisions applicable to such Capital Stock are no more favorable to the

27

 

holders of such Capital Stock than the provisions contained in paragraph (h) and such Capital
Stock specifically provides that such Person will not repurchase or redeem any such stock pursuant
to such provision prior to the Company’s repurchase of such Senior Preferred Stock as is required
to be repurchased pursuant to paragraph (h).

     “Dividend Payment Date” means January 15, April 15, July 15 and October 15 of each year.

     “Dividend Period” means the dividend period commencing on each January 15, April 15, July 15
and October 15 and ending on the day before the following Dividend Payment Date; PROVIDED, HOWEVER,
that the first such Dividend Period shall commence on the Issue Date.

     “Dobson Wireline” means Dobson Wireline Company.

     “Dobson/Sygnet” means Dobson/Sygnet Communications Company.

     “Dobson/Sygnet Indenture” means the Indenture dated as of December 23, 1998 between
Dobson/Sygnet and United States Trust Company of New York, relating to the Dobson/Sygnet Notes, as
such indenture may be amended, supplemented, extended, renewed, replaced or otherwise modified from
time to time.

     “Dobson/Sygnet Notes” means the 12 1/4% Senior Notes due 2008 to be issued by Dobson/Sygnet
under the Dobson/Sygnet Indenture.

     “DOC Facility” means that certain credit facility created and established by the DOC Facility
Agreement.

     “DOC Facility Agreement” means the Third Amended and Restated Credit Agreement among Dobson
Operating Company, Corestates Bank, N.A., Toronto Dominion (Texas), Inc. and NationsBank of Texas,
N.A., dated as of March 25, 1998, together with all other agreements, instruments and documents
executed or delivered pursuant thereto or in connection therewith, in each case as such agreements,
instruments or documents may be amended, supplemented, extended, renewed, replaced or otherwise
modified from time to time.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     “Exchange Date” means the closing date of the Company’s exchange offer pursuant to its
Registration Statement on Form S-4, declared effective by the Commission on ___, 2005.

     “Exchange Debentures” means the Company s Senior Subordinated Debentures due 2008 issued
pursuant to the Exchange Indenture.

     “Exchange Indenture” means the indenture for the Exchange Debentures, the terms of which may
be modified to the extent the corresponding terms in the Preferred Stock have been modified in
accordance with this Certificate of Designation.

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     “Existing Stockholders” means Everett R. Dobson.

     “fair market value” means the price that would be paid in an arm s-length transaction between
an informed and willing seller under no compulsion to sell and an informed and willing buyer under
no compulsion to buy, as determined in good faith by the Board of Directors, whose determination
shall be conclusive if evidenced by a Board Resolution; provided that for purposes of clause (viii)
of the second paragraph of subparagraph (m)(1), (x) the fair market value of any security
registered under the Exchange Act shall be the average of the closing prices, regular way, of such
security for the 20 consecutive trading days immediately preceding the sale of Capital Stock and
(y) in the event the aggregate fair market value of any other property received by the Company
exceeds $10 million, the fair market value of such property shall be determined by a nationally
recognized investment banking firm and set forth in their written opinion which shall be delivered
to the Transfer Agent.

     “FCC” means the Federal Communications Commission.

     “Fleet Investors” means Fleet Venture Resources, Inc., Fleet Equity Partners VI, L.P. and
Kennedy Plaza Partners and their Affiliates.

     “Fleet Investors Preferred Stock” means the Class B Preferred Stock and the Class C Preferred
Stock.

     “GAAP” means generally accepted accounting principles in the United States of America as in
effect as of the Closing Date, including, without limitation, those set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as approved by a significant segment of the accounting
profession. All ratios and computations contained or referred to in this Certificate of Designation
shall be computed in conformity with GAAP applied on a consistent basis, except that calculations
made for purposes of determining compliance with the terms of the covenants and with other
provisions of this Certificate of Designation shall be made without giving effect to (i) the
amortization of any expenses incurred in connection with the offering of the Senior Notes and the
Senior Preferred Stock and (ii) except as otherwise provided, the amortization of any amounts
required or permitted by Accounting Principles Board Opinion Nos. 16 and 17.

     “Guarantee” means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Indebtedness or other obligation of any other Person and, without
limiting the generality of the foregoing, any obligation, direct or indirect, contingent or
otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or
payment of) such Indebtedness or other obligation of such other Person (whether arising by virtue
of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities
or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii)
entered into for purposes of assuring in any other manner the obligee of such Indebtedness or other
obligation of the payment thereof or to protect such obligee against loss in respect thereof (in
whole or in part); provided that the term “Guarantee” shall not include endorsements

29

 

for collection or deposit in the ordinary course of business. The term “Guarantee” used as a
verb has a corresponding meaning.

     “Holder” means a holder of shares of Preferred Stock.

     “Incur” means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or
otherwise become liable for or with respect to, or become responsible for, the payment of,
contingently or otherwise, such Indebtedness, including an “Incurrence” of Indebtedness by reason
of a Person becoming a Restricted Subsidiary; PROVIDED that neither the accrual of interest nor the
accretion of original issue discount shall be considered an Incurrence of Indebtedness.

     “Indebtedness” means, with respect to any Person at any date of determination (without
duplication), (i) all indebtedness of such Person for borrowed money, (ii) all obligations of such
Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of
such Person in respect of letters of credit or other similar instruments (including reimbursement
obligations with respect thereto, but excluding obligations with respect to letters of credit
(including trade letters of credit) securing obligations (other than obligations described in (i)
or (ii) above or (v), (vi), (vii) or (viii) below) entered into in the ordinary course of business
of such Person to the extent such letters of credit are not drawn upon or, if drawn upon, to the
extent such drawing is reimbursed no later than the third Business Day following receipt by such
Person of a demand for reimbursement), (iv) all obligations of such Person to pay the deferred and
unpaid purchase price of property or services, which purchase price is due more than six months
after the date of placing such property in service or taking delivery and title thereto or the
completion of such services, except Trade Payables, (v) all obligations of such Person as lessee
under Capitalized Leases, (vi) all Indebtedness of other Persons secured by a Lien on any asset of
such Person, whether or not such Indebtedness is assumed by such Person; provided that the amount
of such Indebtedness shall be the lesser of (A) the fair market value of such asset at such date of
determination and (B) the amount of such Indebtedness, (vii) all Indebtedness of other Persons
Guaranteed by such Person to the extent such Indebtedness is Guaranteed by such Person, (viii) the
maximum fixed redemption or repurchase price of Disqualified Stock of such Person at the time of
determination and (ix) to the extent not otherwise included in this definition, obligations under
Currency Agreements and Interest Rate Agreements. The amount of Indebtedness of any Person at any
date shall be the outstanding balance at such date (or in the case of a revolving credit or other
similar facility, the total amount of funds outstanding and/or available on the date of
determination) of all unconditional obligations as described above and, with respect to contingent
obligations, the maximum liability upon the occurrence of the contingency giving rise to the
obligation, provided (A) that the amount outstanding at any time of any Indebtedness issued with
original issue discount is the face amount of such Indebtedness less the unamortized portion of the
original issue discount of such Indebtedness at the time of its issuance as determined in
conformity with GAAP, (B) money borrowed at the time of the Incurrence of any Indebtedness in order
to pre-fund the payment of interest on such Indebtedness shall be deemed not to be “Indebtedness”
and (C) that Indebtedness shall not include any liability for federal, state, local or other taxes.

     “Interest Rate Agreement” means any interest rate protection agreement, interest rate future
agreement, interest rate option agreement, interest rate swap agreement, interest rate

30

 

cap agreement, interest rate collar agreement, interest rate hedge agreement, option or future
contract or other similar agreement or arrangement.

     “Investment” in any Person means any direct or indirect advance, loan or other extension of
credit (including, without limitation, by way of Guarantee or similar arrangement; but excluding
advances to customers in the ordinary course of business that are, in conformity with GAAP,
recorded as accounts receivable on the balance sheet of the Company or its Restricted Subsidiaries)
or capital contribution to (by means of any transfer of cash or other property to others or any
payment for property or services for the account or use of others), or any purchase or acquisition
of Capital Stock, bonds, notes, debentures or other similar instruments issued by, such Person and
shall include (i) the designation of a Restricted Subsidiary as an Unrestricted Subsidiary and (ii)
the fair market value of the Capital Stock (or any other Investment), held by the Company or any of
its Restricted Subsidiaries, of (or in) any Person that has ceased to be a Restricted Subsidiary
(other than as a result of being designated as an Unrestricted Subsidiary under clause (i) above),
including without limitation, by reason of any transaction permitted by clause (iii) of
subparagraph (m)(6). For purposes of the definition of “Unrestricted Subsidiary” and subparagraph
(m)(4), (i) “Investment” shall include the fair market value of the assets (net of liabilities
(other than liabilities to the Company or any of its Subsidiaries)) of any Restricted Subsidiary at
the time that such Restricted Subsidiary is designated an Unrestricted Subsidiary, (ii) the fair
market value of the assets (net of liabilities (other than liabilities to the Company or any of its
Subsidiaries)) of any Unrestricted Subsidiary at the time that such Unrestricted Subsidiary is
designated a Restricted Subsidiary shall be considered a reduction in outstanding Investments and
(iii) any property transferred to or from an Unrestricted Subsidiary shall be valued at its fair
market value at the time of such transfer.

     “Issue Date” means the date on which the Preferred Stock was originally issued.

     “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind
(including, without limitation, any conditional sale or other title retention agreement or lease in
the nature thereof or any agreement to give any security interest).

     “Logix” means Logix Communications Enterprises, Inc., formally named Dobson Wireline Company.

     “Logix Indenture” means the Indenture dated as of June 12, 1998 between Logix and United
States Trust Company of New York, relating to the Logix Notes, as such indenture may be amended,
supplemented, extended, renewed, replaced or otherwise modified from time to time.

     “Logix Notes” means the 12 1/4% Senior Notes due 2008 issued by Logix under the Logix
Indenture.

     “Mandatory Redemption Date” means January 15, 2008.

     “Memorandum” means the offering memorandum dated December 16, 1998 in connection with the
offering of the Preferred Stock.

     “Moody’s” means Moody’s Investors Service, Inc. and its successors.

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     “Net Cash Proceeds” means, (a) with respect to any Asset Sale, the proceeds of such Asset
Sale in the form of cash or cash equivalents, including payments in respect of deferred payment
obligations (to the extent corresponding to the principal, but not interest, component thereof)
when received in the form of cash or cash equivalents (except to the extent such obligations are
financed or sold with recourse to the Company or any Restricted Subsidiary) and proceeds from the
conversion of other property received when converted to cash or cash equivalents, net of (i)
brokerage commissions and other fees and expenses (including fees and expenses of counsel and
investment bankers) related to such Asset Sale, (ii) provisions for all taxes (whether or not such
taxes will actually be paid or are payable) as a result of such Asset Sale without regard to the
consolidated results of operations of the Company and its Restricted Subsidiaries, taken as a
whole, (iii) payments made to repay Indebtedness or any other obligation outstanding at the time of
such Asset Sale that either (A) is secured by a Lien on the property or assets sold or (B) is
required to be paid as a result of such sale and (iv) appropriate amounts to be provided by the
Company or any Restricted Subsidiary of the Company as a reserve against any liabilities associated
with such Asset Sale, including, without limitation, pension and other post-employment benefit
liabilities, liabilities related to environmental matters and liabilities under any indemnification
obligations associated with such Asset Sale, all as determined in conformity with GAAP and (b) with
respect to any issuance or sale of Capital Stock, the proceeds of such issuance or sale in the form
of cash or cash equivalents, including payments in respect of deferred payment obligations (to the
extent corresponding to the principal, but not interest, component thereof) when received in the
form of cash or cash equivalents (except to the extent such obligations are financed or sold with
recourse to the Company or any Restricted Subsidiary of the Company) and proceeds from the
conversion of other property received when converted to cash or cash equivalents, net of attorney’s
fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and
brokerage, consultant and other fees incurred in connection with such issuance or sale and net of
taxes paid or payable as a result thereof.

     “New DOC Facility Agreement” means the credit agreement established pursuant to the New DOC
Facility Commitment Letter, together with all other agreements, instruments and documents executed
or delivered pursuant thereto or in connection therewith, in each case as such credit agreement,
other agreements, instruments or documents may be amended, supplemented, extended, renewed,
replaced or otherwise modified from time to time.

     “New DOC Facility Commitment Letter” means the commitment letter (including the Summary of
Terms and Conditions attached thereto) dated January 7, 1998 among Dobson Communications
Corporation, Dobson Operating Company, NationsBank of Texas, N.A. and NationsBanc Montgomery
Securities LLC.

     “Offer to Purchase” means an offer by the Company to purchase Preferred Stock from the Holders
commenced by mailing a notice to the Transfer Agent and each Holder stating: (i) the covenant
pursuant to which the offer is being made and that all Preferred Stock validly tendered will be
accepted for payment on a pro rata basis; (ii) the purchase price and the date of purchase (which
shall be a Business Day no earlier than 30 days nor later than 60 days from the date such notice is
mailed) (the “Payment Date”); (iii) that any Preferred Stock not tendered will continue to accrue
dividends pursuant to its terms; (iv) that, unless the Company defaults in the payment of the
purchase price, any Preferred Stock accepted for payment pursuant to the Offer to Purchase shall
cease to accrue dividends on and after the Payment Date; (v) that Holders electing

32

 

to have Preferred Stock purchased pursuant to the Offer to Purchase will be required to
surrender the Preferred Stock, together with the form entitled “Option of the Holder to Elect
Purchase” on the reverse side of the Preferred Stock completed, to the Paying Agent at the address
specified in the notice prior to the close of business on the Business Day immediately preceding
the Payment Date; (vi) that Holders will be entitled to withdraw their election if the Paying Agent
receives, not later than the close of business on the third Business Day immediately preceding the
Payment Date, a telegram, facsimile transmission or letter setting forth the name of such Holder,
the liquidation preference of Preferred Stock delivered for purchase and a statement that such
Holder is withdrawing its election to have such Preferred Stock purchased; and (vii) that Holders
whose Preferred Stock is being purchased only in part will be issued new shares of Preferred Stock
equal in liquidation preference to the unpurchased portion of the Preferred Stock surrendered;
provided that each share of Preferred Stock purchased and each new share of Preferred Stock issued
shall be in a liquidation preference of $1,000 or integral multiples thereof. On the Payment Date,
the Company shall (i) accept for payment on a pro rata basis Preferred Stock or portions thereof
validly tendered pursuant to an Offer to Purchase; (ii) deposit with the Paying Agent money
sufficient to pay the purchase price of all Preferred Stock or portions thereof so accepted; and
(iii) deliver, or cause to be delivered, to the Transfer Agent all Preferred Stock or portions
thereof so accepted together with an Officers Certificate specifying the Preferred Stock or
portions thereof accepted for payment by the Company. The Paying Agent shall promptly mail to the
Holders of Preferred Stock so accepted payment in an amount equal to the purchase price, and the
Transfer Agent shall promptly countersign and mail to such Holders new shares of Preferred Stock
equal in liquidation preference to any unpurchased portion of the Preferred Stock surrendered;
provided that each share of Preferred Stock purchased and each new share of Preferred Stock issued
shall be in a liquidation preference of $1,000 or integral multiples thereof. The Company will
publicly announce the results of an Offer to Purchase as soon as practicable after the Payment
Date. The Transfer Agent shall act as the Paying Agent for an Offer to Purchase.

     “Officer” means (i) the Chairman of the Board, the President, any Vice President or the Chief
Financial Officer and (ii) the Treasurer, any Assistant Treasurer, the Secretary or any Assistant
Secretary.

     “Officers Certificate” means a certificate signed by one Officer listed in clause (i) of the
definition thereof and one Officer listed in clause (ii) of the definition thereof or any two
Officers listed in clause (i) of the definition thereof.

     “Permitted Investment” means (i) an Investment in the Company or a Restricted Subsidiary or a
Person which will, upon the making of such Investment, become a Restricted Subsidiary or be merged
or consolidated with or into or transfer or convey all or substantially all its assets to, the
Company or a Restricted Subsidiary; provided that such Person s primary business is related,
ancillary or complementary to the businesses of the Company and its Restricted Subsidiaries on the
date of such Investment; (ii) Temporary Cash Investments; (iii) payroll, travel and similar
advances to cover matters that are expected at the time of such advances ultimately to be treated
as expenses in accordance with GAAP; and (iv) stock, obligations or securities received in
satisfaction of judgments.

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     “Person” means any individual, corporation, partnership, joint venture, trust, unincorporated
organization or government or any agency or political subdivision thereof.

     “Preferred Shares” means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or non-voting) of such
Person s preferred or preference equity, whether now outstanding or issued after the Issue Date,
including, without limitation, the Preferred Stock and all other series and classes of such
preferred stock or preference stock.

     “Preferred Stock Exchange Offer” means each registered offer to exchange the Preferred Stock
for Exchange Preferred Stock.

     “Public Equity Offering” means an underwritten primary public offering of Common Stock of the
Company pursuant to an effective registration statement under the Securities Act.

     A “Public Market” shall be deemed to exist if (i) a Public Equity Offering has been
consummated and (ii) at least 15% of the total issued and outstanding Common Stock of the Company
has been distributed by means of an effective registration statement under the Securities Act or
sales pursuant to Rule 144 under the Securities Act.

     “Redemption Date” with respect to any shares of Preferred Stock, means the date on which such
shares of Preferred Stock are redeemed by the Company.

     “Restricted Subsidiary” means any Subsidiary of the Company other than an Unrestricted
Subsidiary.

     “Senior Indebtedness” means (i) Indebtedness of the Company under the Senior Notes, the Senior
Note Indenture, the DOC Facility Agreement and the DCOC Facility Agreement and all fees, expenses
and indemnities payable in connection with any of the foregoing and (ii) all other Indebtedness of
the Company, including principal and interest on such Indebtedness, unless such Indebtedness, by
its terms or by the terms of any agreement or instrument pursuant to which such Indebtedness is
issued, would be PARI PASSU with, or subordinated in right of payment to, the Exchange Debentures;
PROVIDED that the term “Senior Indebtedness” shall not include (a) any Indebtedness of the Company
that, when Incurred and without respect to any election under Section 1111(b) of the United States
Bankruptcy Code, was without recourse to the Company, (b) any Indebtedness of the Company to a
Subsidiary of the Company or to a joint venture in which the Company has an interest, (c) any
Indebtedness of the Company, to the extent not permitted by subparagraph (m)(1) or subparagraph
(m)(2), (d) any repurchase, redemption or other obligation in respect of Disqualified Stock, (e)
any Indebtedness to any employee of the Company or any of its Subsidiaries, (f) any liability for
federal, state, local or other taxes owed or owing by the Company or (g) any Trade Payables.
Senior Indebtedness will also include interest accruing subsequent to events of bankruptcy of the
Company at the rate provided for in the document governing such Senior Indebtedness, whether or not
such interest is an allowed claim enforceable against the debtor in a bankruptcy case under federal
bankruptcy law.

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     “Senior Exchange Debentures” means the Company s 12 1/4% Senior Subordinated Debentures due
2008 which may be issued by the Company.

     “Senior Note Indenture” means the Indenture dated as of February 28, 1997 between the Company
and United States Trust Company of New York, relating to the Senior Notes, as such indenture may be
amended, supplemented, extended, renewed, replaced or otherwise modified from time to time.

     “Senior Notes” means the 11 3/4% Senior Notes due 2007 issued by the Company under the Senior
Note Indenture.

     “Senior Preferred Stock” means the Company s 12 1/4% Senior Exchangeable Preferred.

     “Significant Subsidiary” means, at any date of determination, any Restricted Subsidiary that,
together with its Subsidiaries, (i) for the most recent fiscal year of the Company, accounted for
more than 10% of the consolidated revenues of the Company and its Restricted Subsidiaries or (ii)
as of the end of such fiscal year, was the owner of more than 10% of the consolidated assets of the
Company and its Restricted Subsidiaries, all as set forth on the most recently available
consolidated financial statements of the Company for such fiscal year.

     “S&P” means Standard & Poor’s Ratings Services and its successors.

     “Stated Maturity” means, (i) with respect to any debt security, the date specified in such
debt security as the fixed date on which the final installment of principal of such debt security
is due and payable and (ii) with respect to any scheduled installment of principal of or interest
on any debt security, the date specified in such debt security as the fixed date on which such
installment is due and payable.

     “Subsidiary” means, with respect to any Person, any corporation, association or other business
entity of which more than 50% of the voting power of the outstanding Voting Stock is owned,
directly or indirectly, by such Person and one or more other Subsidiaries of such Person.

     “Temporary Cash Investment” means any of the following: (i) direct obligations of the United
States of America or any agency thereof or obligations fully and unconditionally guaranteed by the
United States of America or any agency thereof, (ii) time deposit accounts, certificates of deposit
and money market deposits maturing within 180 days of the date of acquisition thereof issued by a
bank or trust company which is organized under the laws of the United States of America, any state
thereof or any foreign country recognized by the United States, and which bank or trust company has
capital, surplus and undivided profits aggregating in excess of $50 million (or the foreign
currency equivalent thereof) and has outstanding debt which is rated “A” (or such similar
equivalent rating) or higher by at least one nationally recognized statistical rating organization
(as defined in Rule 436 under the Securities Act) or any money-market fund sponsored by a
registered broker dealer or mutual fund distributor, (iii) repurchase obligations with a term of
not more than 30 days for underlying securities of the types described in clause (i) above entered
into with a bank meeting the qualifications described in clause (ii) above, (iv) commercial paper,
maturing not more than 90 days after the date of

35

 

acquisition, issued by a corporation (other than an Affiliate of the Company) organized and in
existence under the laws of the United States of America, any state thereof or any foreign country
recognized by the United States of America with a rating at the time as of which any investment
therein is made of “P-1” (or higher) according to Moody’s or “A-1” (or higher) according to S&P,
and (v) securities with maturities of six months or less from the date of acquisition issued or
fully and unconditionally guaranteed by any state, commonwealth or territory of the United States
of America, or by any political subdivision or taxing authority thereof, and rated at least “A” by
S&P or Moody’s.

     “Trade Payables” means, with respect to any Person, any accounts payable or any other
indebtedness or monetary obligation to trade creditors created, assumed or Guaranteed by such
Person or any of its Subsidiaries arising in the ordinary course of business in connection with the
acquisition of goods or services.

     “Transaction Date” means, with respect to the Incurrence of any Indebtedness by the Company or
any of its Restricted Subsidiaries, the date such Indebtedness is to be Incurred and, with respect
to any Restricted Payment, the date such Restricted Payment is to be made.

     “Transfer Agent” means UMB Bank, N.A.

     “Unrestricted Subsidiary” means (i) Logix, Dobson/Sygnet, Dobson Tower Company or any other
Subsidiary of the Company that at the time of determination shall be designated an Unrestricted
Subsidiary by the Board of Directors in the manner provided below and (ii) any Subsidiary of an
Unrestricted Subsidiary. The Board of Directors may designate any Restricted Subsidiary (including
any newly acquired or newly formed Subsidiary of the Company) to be an Unrestricted Subsidiary
unless such Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of, the
Company or any Restricted Subsidiary; provided that (A) any Guarantee by the Company or any
Restricted Subsidiary of any Indebtedness of the Subsidiary being so designated shall be deemed an
“Incurrence” of such Indebtedness and an “Investment” by the Company or such Restricted Subsidiary
(or both, if applicable) at the time of such designation; (B) either (I) the Subsidiary to be so
designated has total assets of $1,000 or less or (II) if such Subsidiary has assets greater than
$1,000, such designation would be permitted under subparagraph (m)(4) and (C) if applicable, the
Incurrence of Indebtedness and the Investment referred to in clause (A) of this proviso would be
permitted under subparagraphs (m)(1) and (m)(4). The Board of Directors may designate any
Unrestricted Subsidiary to be a Restricted Subsidiary; provided that immediately after giving
effect to such designation (x) all Liens and Indebtedness of such Unrestricted Subsidiary
outstanding immediately after such designation would, if Incurred at such time, have been permitted
to be incurred for all purposes of this Certificate of Designation and (y) no Voting Rights
Triggering Event, or an event which with the giving of notice or the passage of time, or both,
would become a Voting Rights Triggering Event, shall have occurred and be continuing. Any such
designation by the Board of Directors shall be evidenced to the Transfer Agent by promptly
providing the Transfer Agent a copy of the Board Resolution giving effect to such designation and
an Officers Certificate certifying that such designation complied with the foregoing provisions.

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     “Voting Stock” means with respect to any Person, Capital Stock of any class or kind ordinarily
having the power to vote for the election of directors, managers or other voting members of the
governing body of such Person.

     “Wholly Owned” means, with respect to any Subsidiary of any Person, the ownership of all of
the outstanding Capital Stock of such Subsidiary (other than any director s qualifying shares or
Investments by foreign nationals mandated by applicable law) by such Person or one or more Wholly
Owned Subsidiaries of such Person.

     (o) TRANSFER AND LEGENDING OF SHARES. (i) No transfer of shares of the Preferred Stock shall
be effective until such transfer is registered on the books of the Company. Until registered under
the Securities Act, the expiration of the time period referred to in Rule 144(k) (as then in
effect) under the Securities Act from the Issue Date, or the Company and the Holder of such shares
otherwise agree, all shares of Preferred Stock other than the Exchange Preferred Stock shall bear
the following legend:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”) OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST
OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION
IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE
TRANSFER SUCH SECURITY, PRIOR TO THE DATE WHICH IS TWO YEARS AFTER THE LATER OF THE
ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF
THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF THIS SECURITY) (THE
“RESALE RESTRICTION TERMINATION DATE”) ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY, (B)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) FOR SO
LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S.
PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER
THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF
SUBPARAGRAPH (a)(1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS
ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE

37

 

ACCOUNT OF SUCH AN INSTITUTIONAL “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT
WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION
OF THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE
TRANSFER AGENT’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (i) PURSUANT TO CLAUSE
(E) OR (F) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THE DELIVERY OF
AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF
THEM, AND (ii)IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER
IN THE FORM APPEARING ON THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO
THE TRANSFER AGENT. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF A HOLDER AFTER THE
RESALE RESTRICTION TERMINATION DATE.

     (i) The Transfer Agent shall refuse to register any attempted transfer of shares of Original
Preferred Stock not in compliance with this paragraph (o).

     (ii) At any time after 40 days following the Issue Date, upon receipt by the Transfer Agent
and the Company of a certificate substantially in the form of Exhibit A hereto, the Transfer Agent
shall authenticate and deliver one or more shares of unlegended Preferred Stock in the place of the
legended Preferred Stock.

     (iii) In connection with proposed transfers of Original Preferred Stock described in Exhibit B
or Exhibit C, the Transfer Agent or the Company may require the transferor or transferee, as the
case may be, to deliver the appropriate letter attached hereto as Exhibits B or C. Each Holder of
Original Preferred Stock shall notify the Company or the Transfer Agent in the event of any
transfer by such Holder of any shares of Original Preferred Stock to a foreign transferee.

38

 

          IN WITNESS WHEREOF, Dobson Communications Corporation has caused this Certificate of
Designation to be executed in its corporate name by ___, its ___, and
attested by ___, its ___, this ___day of ___, 2005.

	 	 	 	 	 
	 

	 	DOBSON COMMUNICATIONS
	 

	 	CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	   Name:
	 

	 	 	 	   Title:

	 
	Attest:

	 	 	 	 
	By:
	 	 	 
	 

	 	 	 
	 

	 	Name:	 
	 

	 	Title:	 

[corporate seal]

39

 

EXHIBIT A

Form of Certificate as to

Completion of Distribution and

Termination of Restricted Period

__________________, ____

United States Trust Company of New York

114 W. 47th Street

New York, NY
10036-1532

Attention: Corporate Trust Department

Re: Dobson Communications Corporation

(the
“Company”) Senior Exchangeable

Preferred
Stock (the “Securities”)

Dear Ladies and Gentlemen:

          This letter relates to ___shares of Securities represented by the attached Certificate (the
“Legended Certificate”) which bears a legend outlining restrictions upon transfer of such Legended
Certificate. Pursuant to paragraph (o) of the Certificate of Designation (the “Certificate of
Designation”) filed with the Secretary of State of the State of Oklahoma on December 23, 1998
relating to the Securities, we hereby certify that we are a person outside the United States to
whom the Securities could be transferred in accordance with Rule 904 of Regulation S promulgated
under the U.S. Securities Act of 1933, as amended. Accordingly, you are hereby requested to
exchange the Legended Certificate for an unlegended certificate representing an identical number of
shares of Securities, all in the manner provided for in the Certificate of Designation.

          You and the Company are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby. Terms used in this
certificate have the meanings set forth in Regulation S.

	 	 	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	[Name of Holder]
	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Authorized Signature	 	 

A-1

 

EXHIBIT B

Form of Certificate to Be

Delivered in Connection with

Transfers to Non-QIB Accredited Investors

_______________, ____

United States Trust Company of New York

114 W. 47th Street

New York, NY
10036-1532

Attention: Corporate Trust Department

Re: Dobson Communications Corporation

(the “Company”) Senior Exchangeable

Preferred Stock (the “Securities”)

Dear Ladies and Gentlemen:

 In
connection with our proposed purchase of ___ shares of the Securities, we confirm that:

            1. We understand that any subsequent transfer of the Securities is subject to
certain restrictions and conditions set forth in the Certificate of Designation
relating to the Securities (the “Certificate of Designation”) and the undersigned
agrees to be bound by, and not to resell, pledge or otherwise transfer the
Securities except in compliance with, such restrictions and conditions and the
Securities Act of 1933, as amended (the “Securities Act”).

            2. We understand that the offer and sale of the Securities have not been
registered under the Securities Act, and that the Securities may not be offered or
sold except as permitted in the following sentence. We agree, on our own behalf and
on behalf of any accounts for which we are acting as hereinafter stated, that if we
should sell any Securities, we will do so only (A) to the Company or any subsidiary
thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified
institutional buyer” (as defined therein), (C) inside the United States to an
institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7)
of Regulation D under the Securities Act) that, prior to such transfer, furnishes to
you a signed letter substantially in the form of this letter and, if such transfer
is in respect of Securities having an aggregate liquidation preference at the time
of transfer of less than $100,000, an opinion of counsel acceptable to the Company
that such transfer is in compliance with the Securities Act, (D) outside the United
States in accordance with Rule 904 of Regulation S under the Securities Act, (E)
pursuant to the exemption from registration provided by Rule 144 under the
Securities Act (if available) or (F) pursuant to an effective registration statement
under the Securities Act, and we further agree to provide to any person purchasing
any of the Securities from us a

B-1

 

notice advising such purchaser that resales of the Securities are restricted as
stated herein.

            3. We understand that, on any proposed resale of any Securities, we will be
required to furnish to you and the Company such certifications, legal opinions and
other information as you and the Company may reasonably require to confirm that the
proposed sale complies with the foregoing restrictions. We further understand that
the Securities purchased by us will bear a legend to the effect set out in paragraph
2.

            4. We are an institutional “accredited investor” and have such knowledge and
experience in financial and business matters as to be capable of evaluating the
merits and risks of our investment in the Securities, and we and any accounts for
which we are acting are each able to bear the economic risk of our or its
investment.

            5. We are acquiring the Securities purchased by us for our own account or for
one or more accounts (each of which is an institutional “accredited investor”) as to
each of which we exercise sole investment discretion.

            6. We are not acquiring the Securities with a view to a distribution thereof or
with any present intention of offering or selling any of the Securities, except as
permitted above; provided that the disposition of our property and property of our
accounts for which we are acting as fiduciary will remain at all times within our
control.

            You and the Company are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby.

	 	 	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	[Name of Holder]
	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Authorized Signature	 	 

B-2

 

EXHIBIT C

Form of Certificate to Be Delivered

in Connection with Transfers

Pursuant to Regulation S

                                        ,                     

United States Trust Company of New York

114 W. 47th Street

New York, NY 10036-1532

Attention: Corporate Trust Department

Re: Dobson Communications Corporation

(the “Company”) Senior Exchangeable

Preferred Stock (the “Securities”)

Dear Ladies and Gentlemen:

          In connection with our proposed sale of ___shares of the Securities, we confirm that such
sale has been effected pursuant to and in accordance with Regulation S under the Securities Act of
1933, as amended (the “Securities Act”), and, accordingly, we represent that:

     (1) the offer of the Securities was not made to a person in the United States;

     (2) at the time the buy order was originated, the transferee was outside the
United States or we and any person acting on our behalf reasonably believed that the
transferee was outside the United States;

     (3) no directed selling efforts have been made in the United States in
contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as
applicable; and

     (4) the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act.

C-1

 

          You and the Company are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby. Terms used in this
certificate have the meanings set forth in Regulation S.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	[Name of Holder]
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	     Authorized Signature

C-2

 

          IN WITNESS WHEREOF, the Corporation has caused this Certificate to be signed by
                                        , its                     , and attested to by                     , its
                    , this                      day of                     , 2005.

	 	 	 	 	 
	 

	 	[Name]	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	     Title:

	 	 	 
	ATTEST:
	 	 
	 
	 	 
	[Name]
	 	 
	 
	 	 
	 
	 	 
	Title:exv4w14

 

Form of Amended and Restated Certificate of Designation for 13% Preferred Stock

DOBSON COMMUNICATIONS CORPORATION

AMENDED AND RESTATED CERTIFICATE OF DESIGNATION OF THE POWERS,

PREFERENCES AND RELATIVE, PARTICIPATING,

OPTIONAL AND OTHER SPECIAL RIGHTS

OF 13% SENIOR EXCHANGEABLE

PREFERRED STOCK DUE 2009 AND QUALIFICATIONS,

LIMITATIONS AND RESTRICTIONS THEREOF

 

Pursuant to Title 18, Section 1032(G) of the

General Corporation Act of the State of Oklahoma

 

               Dobson Communications Corporation, a corporation organized and existing under the General
Corporation Act of the State of Oklahoma (the “Company”), does hereby certify that, pursuant to
authority conferred upon the board of directors of the Company (or any committee of such board of
directors, the “Board of Directors”) by its Amended and Restated Certificate of Incorporation, as
amended (hereinafter referred to as the “Certificate of Incorporation”), and pursuant to the
provisions of Title 18, Section 1032(G) of the General Corporation Act of the State of Oklahoma,
said Board of Directors with full power and authority to act on behalf of the Board of Directors,
acting by written consent dated [            ], 2005, duly approved and adopted the
following resolution, which resolution has been approved by the Holders (as defined below) of a
majority of the outstanding shares of 13% Senior Exchangeable Preferred Stock (as defined below)
(the “Resolution”):

               WHEREAS, (i) pursuant to the authority vested in the Board of Directors by its Certificate of
Incorporation and (ii) by written consent dated April 29, 1999 (the “Prior Resolution”), the Board
of Directors created, authorized and provided for the issue of 13% Senior Exchangeable Preferred
Stock due 2009, par value $1.00 per share, with a liquidation preference of $1,000 per share,
consisting of 500,000 shares, having the designations, voting power, preferences and relative,
participating, optional and other special rights, qualifications, limitations and restrictions
thereof that are set forth in the Certificate of Incorporation and in the Prior Resolution;

 

 

               WHEREAS, pursuant to the Prior Resolution, the Company issued shares of 13% Senior
Exchangeable Preferred Stock due 2009;

               WHEREAS, the Company desires and has requested the Holders to consent to the execution and
filing of this written consent dated [            ], 2005 (the “Resolution”) for the
purpose of amending and restating in its entirety the Prior Resolution to eliminate all voting
rights, other than voting rights required by law, and substantially all of the restrictive
covenants set forth in the Prior Resolution, in each case for a period of 18 months from the
Exchange Date (as defined below), after which time a revised set of covenants and limited special
voting rights as set forth herein (the “Springing Covenants and Voting Rights”) would be applicable
to the 13% Senior Exchangeable Preferred Stock due 2009 as long as an aggregate of 15,000 shares of
(i) the 13% Senior Exchangeable Preferred Stock due 2009 and (ii) the Company’s 12-1/4% Senior
Exchangeable Preferred Stock are outstanding (the “Springing Covenant and Voting Right Condition”).

               WHEREAS, consents to the amendments to the Prior Resolution, which will eliminate all voting
rights, other than voting rights required by law, and substantially all of the restrictive
covenants set forth in the Prior Resolution, in each case for a period of 18 months from the
Exchange Date, after which time the Springing Covenants and Voting Rights would be applicable to
the 13% Senior Exchangeable Preferred Stock due 2009 as long as the Springing Covenant and Voting
Right Condition is met and continues, all pursuant to this Resolution, of Holders of at least a
majority of the outstanding shares of 13% Senior Exchangeable Preferred Stock due 2009 have been
received;

               WHEREAS, all things necessary to make this Resolution a valid amendment and restatement of the
Prior Resolution in its entirety have occurred.

               NOW THEREFORE, be it:

               RESOLVED, that, pursuant to the authority vested in the Board of Directors by its Certificate
of Incorporation, the Board of Directors does hereby amend and restate the Prior Resolution in its
entirety and authorizes and provides that the 13% Senior Exchangeable Preferred Stock due 2009, par
value $1.00 per share, with a liquidation preference of $1,000 per share, consisting of 394,297
shares, shall have the designations, voting power, preferences and relative, participating,
optional and other special rights, qualifications, limitations and restrictions thereof that are
set forth in the Certificate of Incorporation and in this Resolution as follows (the terms used
herein, unless otherwise defined herein, are used herein as defined in paragraph (n) hereof):

               (a) DESIGNATION. There is hereby created out of the authorized and unissued shares of
preferred stock of the Company a series of preferred stock designated as the “13% Senior
Exchangeable Preferred Stock due 2009” (the “Senior Exchangeable Preferred Stock”). The number of
shares constituting such series shall be 394,297 shares of 13% Senior Exchangeable Preferred Stock
due 2009 (the “Preferred Stock”). The liquidation preference of the Preferred Stock shall be
$1,000 per share.

2

 

               (b) RANK. The Preferred Stock shall, with respect to dividend distributions and distributions
upon the liquidation, winding-up and dissolution of the Company, rank (i) senior to all classes of
Common Stock of the Company, the Class A Preferred Stock, the Class D Preferred Stock, the Class E
Preferred Stock, the Class F Preferred Stock, the Class G Preferred Stock, the Class H Preferred
Stock and to each other class of capital stock or series of preferred stock hereafter created by
the Board of Directors, the terms of which do not expressly provide that it ranks senior to or on
parity with the Preferred Stock as to dividend distributions and distributions upon the
liquidation, winding-up and dissolution of the Company (collectively referred to herein, together
with all classes of common stock of the Company, as the “Junior Securities”); (ii) subject to
certain conditions, equally with the Senior Preferred Stock and with any class of capital stock or
series of preferred stock hereafter created by the Board of Directors, the terms of which expressly
provide that such class or series will rank on a parity with the Preferred Stock as to dividend
distributions and distributions upon the liquidation, winding-up and dissolution of the Company
(collectively referred to as “Parity Securities”); and (iii) subject to certain conditions, junior
to each class of capital stock or series of preferred stock hereafter created by the Board of
Directors, the terms of which have been approved by the Holders of the Preferred Stock in
accordance with subparagraph (f)(i) hereof and which expressly provide that such class or series
will rank senior to the Preferred Stock as to dividend distributions and distributions upon the
liquidation, winding-up and dissolution of the Company (collectively referred to as “Senior
Securities”).

               (c) DIVIDENDS. (i) Beginning on the Issue Date, the Holders of the outstanding shares of
Preferred Stock shall be entitled to receive, when, as and if declared by the Board of Directors,
out of funds legally available therefor, dividends on each share of Preferred Stock at a rate per
annum equal to 13% of the liquidation preference per share, payable quarterly. All dividends shall
accrue, whether or not earned or declared, on a daily basis from the Issue Date and shall be
payable quarterly in arrears on each Dividend Payment Date, commencing on the first Dividend
Payment Date after the Issue Date. On and before May 1, 2004, the Company may pay dividends, at
its option, in cash or in additional fully paid and nonassessable Preferred Stock having an
aggregate liquidation preference equal to the amount of such dividends. Dividends paid in
additional shares of Preferred Stock will be calculated and paid to registered holders to the
nearest whole share. After May 1, 2004, dividends may be paid only in cash. If any dividend (or
portion thereof) payable on any Dividend Payment Date after May 1, 2004, is not declared or paid in
full in cash (or on or prior to May 1, 2004, in cash or Preferred Stock) on such Dividend Payment
Date, the amount of accrued and unpaid dividends will accumulate and bear interest at the dividend
rate on the Preferred Stock, compounding quarterly, until declared and paid in full. Each
distribution in the form of a dividend (whether in cash or in additional shares of Preferred Stock)
shall be payable to Holders of record as they appear on the stock books of the Company on such
record date, not less than 10 nor more than 60 days preceding the relevant Dividend Payment Date,
as shall be fixed by the Board of Directors. Dividends shall cease to accumulate in respect of
shares of the Preferred Stock on the Exchange Date (as defined in subparagraph (g)(i)(A) hereof) or
on the date of their earlier redemption unless the Company shall have failed to issue the
appropriate aggregate principal amount of Exchange Debentures in respect of the Preferred Stock on
the Exchange Date or shall have failed to pay the relevant redemption price on the date fixed for
redemption.

               (ii) [Reserved.]

3

 

               (iii) All dividends paid with respect to shares of the Preferred Stock pursuant to
subparagraph (c)(i) hereof shall be paid pro rata to the Holders entitled thereto.

               (iv) Dividends that are in arrears and unpaid for any past Dividend Period and dividends in
connection with any optional redemption pursuant to subparagraph (e)(i) hereof may be declared and
paid at any time, without reference to any regular Dividend Payment Date, to Holders of record on
such date, not more than 45 days prior to the payment thereof, as may be fixed by the Board of
Directors.

               (v) No full cash dividends shall be declared by the Board of Directors or paid or funds set
apart for payment of cash dividends by the Company on any Parity Securities for any period unless
full cumulative dividends shall have been or contemporaneously shall be declared and paid in full
or declared and, if payable in cash, a sum in cash shall be set apart sufficient for such payment
on the Preferred Stock for all Dividend Periods terminating on or prior to the date of payment of
such full dividends on such Parity Securities. If full dividends are not paid, as aforesaid, upon
the shares of the Preferred Stock, all cash dividends declared upon shares of the Preferred Stock
and any other Parity Securities shall be declared pro rata so that the amount of cash dividends
declared per share on the Preferred Stock and such Parity Securities shall in all cases bear to
each other the same ratio that accrued cash dividends per share on the Preferred Stock and such
Parity Securities bear to each other.

                    (vi) (A) Holders of shares of Preferred Stock shall be entitled to receive the dividends
provided for in subparagraph (c)(i) hereof in preference to and in priority over any dividends
upon any of the Junior Securities.

                    (B) So long as any shares of Preferred Stock are outstanding, the Company shall not
declare, pay or set apart for payment any dividend on any of the Junior Securities (other
than distributions or dividends in Junior Securities to the holders of Junior Securities) or
make any payment on account of, or set apart for payment money for a sinking or other similar
fund for, the repurchase, redemption or other retirement of any of the Junior Securities
(other than (x) the repurchase, redemption or other acquisition of Capital Stock of the
Company (or options, warrants or other rights to acquire such Capital Stock) in exchange for,
or out of the proceeds of a substantially concurrent offering (other than to a Subsidiary of
the Company) of, shares of Capital Stock (other than Disqualified Stock) of the Company and
(y) the repurchase, redemption or other acquisition of the Class F Preferred Stock or the
Class G Preferred Stock out of the proceeds of the sale on the Issue Date of Preferred
Stock), and shall not permit any corporation or other entity directly or indirectly
controlled by the Company to purchase or redeem any of the Junior Securities or any such
warrants, rights, calls or options, unless full cumulative dividends determined in accordance
herewith have been paid in full on the Preferred Stock for all Dividend Periods terminating
on or prior to the date of payment of such dividends on such Junior Securities.

                    (C) So long as any shares of Preferred Stock are outstanding, the Company shall not
declare, pay or set apart for payment any cash dividend on any of the Parity Securities (for
the avoidance of doubt, other than distributions or dividends payable in additional Parity
Securities or Junior Securities to the holders of Parity Securities)

4

 

unless full cumulative dividends determined in accordance herewith have been paid in
full on the Preferred Stock for all Dividend Periods terminating on or prior to the date of
payment of such dividends on such Parity Securities.

               (vii) Dividends payable on shares of the Preferred Stock for any period less than a year shall
be computed on the basis of a 360-day year of twelve 30-day months and the actual number of days
elapsed in the period for which dividends are payable. If any Dividend Payment Date occurs on a
day that is not a Business Day, any accrued dividends otherwise payable on such Dividend Payment
Date shall be paid on the next succeeding Business Day.

               (d) LIQUIDATION PREFERENCE. Upon any voluntary or involuntary liquidation, dissolution or
winding-up of the affairs of the Company, Holders of Preferred Stock then outstanding shall be
entitled to be paid, out of the assets of the Company available for distribution to its
stockholders, $1,000 per share of Preferred Stock, plus an amount in cash equal to accumulated and
unpaid dividends thereon to the date fixed for liquidation, dissolution or winding-up (including an
amount equal to a prorated dividend for the period from the last Dividend Payment Date to the date
fixed for liquidation, dissolution or winding-up), before any payment shall be made on or any
assets distributed to the holders of any of the Junior Securities, including, without limitation,
the Class A Preferred Stock, the Class D Preferred Stock, the Class E Preferred Stock, the Class F
Preferred Stock, the Class G Preferred Stock, the Class H Preferred Stock and the Common Stock of
the Company. If, upon any voluntary or involuntary liquidation, dissolution or winding-up of the
Company, the amounts payable with respect to the Preferred Stock and all other Parity Securities
are not paid in full, the holders of the Preferred Stock and the Parity Securities shall share
equally and ratably in any distribution of assets of the Company in proportion to the full
liquidation preference and accumulated and unpaid dividends to which each is entitled. After
payment of the full amount of the liquidation preferences and accumulated and unpaid dividends to
which they are entitled, the Holders of Preferred Stock shall not be entitled to any further
participation in any distribution of assets of the Company. However, a merger, consolidation or
sale, of all or substantially all of the assets of the Company shall not be deemed to be a
liquidation, dissolution or winding-up of the Company.

                    (e) REDEMPTION. (i) OPTIONAL REDEMPTION. (A) The Preferred Stock may be redeemed
(subject to contractual and other restrictions with respect thereto and the legal availability
of funds therefor) at any time on or after May 1, 2004, at the Company’s option, in whole or
in part, in the manner provided in subparagraph (e)(iii), at the redemption prices (expressed
as a percentage of the liquidation preference thereof) set forth below, plus an amount in cash
equal to all accumulated and unpaid dividends (including an amount in cash equal to a prorated
dividend for the period from the Dividend Payment Date immediately prior to the Redemption
Date to the Redemption Date, but subject to the right of Holders of Preferred Stock on a
record date to receive dividends on a Dividend Payment Date), if redeemed during the 12-month
period beginning May 1 of each of the years set forth below:

	 	 	 	 	 
	YEAR	 	PERCENTAGE	 
	2004
	 	 	106.500	 
	2005
	 	 	104.333	 
	2006
	 	 	102.167	 
	2007 and thereafter
	 	 	100.000	%

5

 

provided that no optional redemption pursuant to this subparagraph (e)(i)(A) shall be
authorized or made unless prior thereto full unpaid cumulative dividends for all Dividend
Periods terminating on or prior to the Redemption Date, and for an amount equal to a prorated
dividend for the period from the Dividend Payment Date immediately prior to the Redemption
Date to the Redemption Date, subject to the rights of Holders of Preferred Stock on a record
date to receive dividends on a Dividend Payment Date, shall have been, or on or immediately
prior to the Redemption Date are, declared and paid in cash or declared and a sum set apart
sufficient for such cash payment on the Redemption Date on the outstanding shares of such
Preferred Stock.

                    (B) In addition, on or prior to May 1, 2002, the Company may redeem Preferred Stock
having an aggregate liquidation preference of up to 35% of the aggregate liquidation
preference of all Preferred Stock originally issued on the Issue Date, at a redemption price
equal to 113% of the liquidation preference, plus an amount in cash equal to all accumulated
and unpaid dividends (including an amount in cash equal to a prorated dividend for the period
from the Dividend Payment Date immediately prior to the Redemption Date to the Redemption
Date, but subject to the right of Holders of Preferred Stock on a record date to receive
dividends due on a Dividend Payment Date), with the proceeds of any sale of its Common Stock;
provided that such Redemption Date occurs within 180 days after consummation of such sale and
at least 65% aggregate liquidation preference of Preferred Stock originally issued remains
outstanding after each such redemption, and provided further that no optional redemption
pursuant to this subparagraph (e)(i)(B) shall be authorized or made unless prior thereto full
unpaid cumulative dividends for all Dividend Periods terminating on or prior to the Redemption
Date and for an amount equal to a prorated dividend for the period from the Dividend Payment
Date immediately prior to the Redemption Date to the Redemption Date, subject to the right of
Holders of Preferred Stock on a record date to receive dividends on a Dividend Payment Date,
shall have been, or immediately prior to the Redemption Date are, declared and paid in full in
cash or declared and a sum set apart sufficient for such payment in full in cash on the
Redemption Date on the outstanding shares of the Preferred Stock.

                    (C) In the event of a redemption pursuant to subparagraph (e)(i) hereof of only a
portion of the then outstanding shares of the Preferred Stock, the Company shall effect such
redemption as it determines, pro rata according to the number of shares held by each Holder
of Preferred Stock, provided that the Company may redeem such shares held by any Holder of
fewer than 100 shares of Preferred Stock without regard to such pro rata redemption
requirement, or by lot, in each case, as may be determined by the Company in its sole
discretion.

                    (ii) MANDATORY REDEMPTION. On May 1, 2009, the Company shall redeem from any source of
funds legally available therefor, in the manner provided in subparagraph (e)(iii) hereof, all
of the shares of the Preferred Stock then outstanding at a redemption price equal to 100% of
the liquidation preference per share, plus, without duplication, an amount in cash equal to
all accumulated and unpaid dividends per share

6

 

(including an amount equal to a prorated dividend for the period from the Dividend
Payment Date immediately prior to the Redemption Date to the Redemption Date).

                    (iii) PROCEDURES FOR REDEMPTION. (A) At least 30 days and not more than 60 days prior to
the date fixed for any redemption of the Preferred Stock, written notice (the “Redemption
Notice”) shall be given by first-class mail, postage prepaid, to each Holder of record on the
record date fixed for such redemption of the Preferred Stock at such Holder’s address as the
same appears on the stock register of the Company, provided that no failure to give such
notice nor any deficiency therein shall affect the validity of the procedure for the
redemption of any shares of Preferred Stock to be redeemed except as to the Holder or Holders
to whom the Company has failed to give said notice or except as to the Holder or Holders whose
notice was defective. The Redemption Notice shall state:

               (1) whether the redemption is pursuant to subparagraph (e)(i)(A), (e)(i)(B) or (e)(ii) hereof;

               (2) the redemption price;

               (3) whether all or less than all the outstanding shares of the Preferred Stock are to be
redeemed and the total number of shares of the Preferred Stock being redeemed;

               (4) the number of shares of Preferred Stock held, as of the appropriate record date, by the
Holder that the Company intends to redeem;

               (5) the date fixed for redemption;

               (6) that the Holder is to surrender to the Company, at the place or places where certificates
for shares of Preferred Stock are to be surrendered for redemption, in the manner and at the price
designated, its certificate or certificates representing the shares of Preferred Stock to be
redeemed; and

               (7) that dividends on the shares of the Preferred Stock to be redeemed shall cease to accrue
on such Redemption Date unless the Company defaults in the payment of the redemption price.

                    (B) Each Holder of Preferred Stock shall surrender the certificate or certificates
representing such shares of Preferred Stock to the Company, duly endorsed, in the manner and
at the place designated in the Redemption Notice and on the Redemption Date. The full
redemption price for such shares of Preferred Stock shall be payable in cash to the Person
whose name appears on such certificate or certificates as the owner thereof, and each
surrendered certificate shall be canceled and retired. In the event that less than all of
the shares represented by any such certificate are redeemed, a new certificate shall be
issued representing the unredeemed shares.

                    (C) Unless the Company defaults in the payment in full of the applicable redemption
price, dividends on the Preferred Stock called for redemption shall cease to accrue on the
Redemption Date, and the Holders of such redeemed shares shall

7

 

cease to have any further rights with respect thereto from and after the Redemption
Date, other than the right to receive the redemption price, without interest.

               (f) VOTING RIGHTS. (i) The Holders of shares of the Preferred Stock, except as otherwise
required under Oklahoma law, shall not be entitled or permitted to vote on any general corporate
matters, except as specifically set forth in clauses (f)(ii) and (f)(iii) below, and then only upon
the occurrence and during the continuance of the conditions set forth therein. In any case in
which the Holders of shares of the Preferred Stock shall be entitled to vote pursuant to this
paragraph (f) or pursuant to Oklahoma law, each Holder of shares of the Preferred Stock shall be
entitled to one vote for each share of Preferred Stock held. Any action that may be taken
hereunder by the Holders of the Preferred Stock at a meeting may be taken by written consent of a
majority of the Holders of such Preferred Stock. The Holders of at least a majority of the
outstanding shares of Preferred Stock, voting or consenting, as the case may be, separately as one
class, whether voting in person or by proxy, either in writing or by resolution adopted at an
annual or special meeting, may waive compliance with any provision of this Certificate of
Designation.

          (ii)     (A) So long as any shares of the Preferred Stock are outstanding, the Company shall
not authorize any class of Senior Securities without the affirmative vote or, notwithstanding
any contrary provision of the Amended and Restated By-Laws of the Company (the “By-Laws”),
written consent of Holders of at least a majority of the outstanding shares of Preferred
Stock, voting or consenting, as the case may be, separately as one class, given in person or
by proxy, either in writing or by resolution adopted at an annual or special meeting, except
that, without the approval of Holders of the Preferred Stock, the Company may issue shares of
Senior Securities in exchange for, or the proceeds of which are used to redeem or repurchase
(1) all (but not less than all) shares of Preferred Stock then outstanding or (2) indebtedness
of the Company.

                    (B) So long as any shares of the Preferred Stock are outstanding, the Company shall not
amend this Certificate of Designation (including by way of merger, consolidation or otherwise)
so as to affect adversely the specified rights (including, without limitations, the covenants
described in paragraph (m)), preferences, privileges or voting rights of Holders of Preferred
Stock, or authorize the issuance of any additional shares of Preferred Stock (other than to
pay dividends in kind, to comply with the Registration Rights Agreement dated the Issue Date,
or as to the Additional Preferred Stock and the Registered Additional Preferred Stock),
without the affirmative vote or, notwithstanding any contrary provisions of the By-Laws,
written consent of Holders of at least a majority of the outstanding shares of Preferred
Stock, voting or consenting, as the case may be, separately as one class, given in person or
by proxy, either in writing or by resolution adopted at an annual or special meeting. The
Holders of at least a majority of the outstanding shares of Preferred Stock, voting or
consenting, as the case may be, separately as one class, whether voting in person or by proxy,
either in writing or by resolution adopted at an annual or special meeting, may waive
compliance with any provision of this Certificate of Designation.

                    (C) Except as set forth in subparagraph (f)(i) hereof, (1) the creation, authorization or
issuance of any shares of any Junior Securities, Parity Securities or Senior

8

 

Securities, or (2) the increase or decrease in the amount of authorized capital stock of any
class, including any preferred stock, shall not require the consent of Holders of Preferred
Stock and shall not, unless not complying with subparagraph (f)(i) hereof, be deemed to affect
adversely the rights, preferences, privileges or voting rights of Holders of shares of
Preferred Stock.

               (iii) If on [            ], 2007 [insert date that is 18 months after the Exchange Date],
there are outstanding 15,000 shares or more, in aggregate, of the Preferred Stock and the Company’s
12-1/4% Senior Exchangeable Preferred Stock (but only for so long thereafter as such aggregate
number of shares is outstanding), the following clauses (iii)(A), (iii)(B), (iii)(C) and (iii)(D)
of this paragraph (f) shall become applicable and be deemed for any such period to be a part of
this Amended and Restated Certificate of Designation, it being expressly understood that in no
event shall any of such provisions of clauses (iii)(A), (iii)(B), (iii)(C) and (iii)(D) of this
paragraph (f) be applicable (x) prior to [            ], 2007 [insert date that is 18 months after
the Exchange Date], or (y) at any time later than [            ], 2007 [insert date that is 18
months after the Exchange Date] following any date thereafter when there are outstanding fewer than
15,000 shares, in aggregate, of the Preferred Stock and the Company’s 12-1/4% Senior Exchangeable
Preferred Stock:

                    (A) If (1) dividends on the Preferred Stock are in arrears and unpaid (and, with respect
to dividends that become payable after May 1, 2004, are not paid in cash) for four quarterly
periods (whether or not consecutive); (2) the Company fails to discharge any redemption
obligation with respect to the Preferred Stock; (3) the Company fails to make an Offer to
Purchase (and complete such purchase of) all of the outstanding shares of Preferred Stock
following a Change of Control, if such Offer to Purchase is required to be made pursuant to
paragraph (h) hereof; (4) the Company breaches or violates one of the provisions set forth in
paragraph (m) hereof and the breach or violation continues for a period of 30 consecutive days
or more after notice thereof to the Company by Holders of 25% or more of the shares of the
Preferred Stock then outstanding; (5) there occurs with respect to any issue or issues of
Indebtedness of the Company and/or any Significant Subsidiary having an outstanding principal
amount of $10 million or more in the aggregate for all such issues of the Company and/or any
Significant Subsidiary, whether such Indebtedness now exists or shall hereafter be created,
(i) an event of default that has caused the holder thereof to declare such Indebtedness to be
due and payable prior to its Stated Maturity and such Indebtedness has not been discharged in
full or such acceleration has not been rescinded or annulled within 30 days of such
acceleration and/or (ii) the failure to make a principal payment at the final (but not any
interim) fixed maturity and such defaulted payment shall not have been made, waived or
extended within 30 days of such payment default; or (6) there occurs (i) the entry of a decree
or order by a court having jurisdiction in the premises adjudging the Company or any
Significant Subsidiary a bankrupt or insolvent, or approving as properly filed a petition
seeking reorganization, arrangement, adjustments or composition of or in respect of the
Company or any Significant Subsidiary under the Bankruptcy Act of Title 11 of the United
States Code, as amended from time to time (the “Federal Bankruptcy Code”), or any other
applicable federal or state law, or appointing a receiver, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Company or any Significant Subsidiary or of
any substantial part of its property, or ordering the winding up or liquidation of its
affairs, and the

9

 

continuance of any such decree or order unstayed and in effect for a period of 90 consecutive
days or (ii) the institution by the Company or any Significant Subsidiary of proceedings to be
adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or
insolvency proceedings against it, or the filing by it of a petition or answer or consent
seeking reorganization or relief under the Federal Bankruptcy Code or any other applicable
federal or state law, or the consent by it to the filing of any such petition or the
appointment of a receiver, liquidator, assignee, trustee, sequestrator (or similar official)
of the Company or any Significant Subsidiary or of any substantial part of its property, or
the making by it in writing of its inability to pay its debts generally as they become due;
then the number of directors constituting the Board of Directors shall be adjusted to permit
the Holders of the majority of the then outstanding shares of Preferred Stock, voting
separately as one class, to elect two directors. For the purpose of determining the number of
quarterly periods for which accrued dividends have not been paid, any accrued and unpaid
dividend that is subsequently paid shall not be treated as unpaid. Each event described in
clauses (1), (2), (3), (4), (5) and (6) of this subparagraph (f)(iii)(A) is a “Voting Rights
Triggering Event.” Within 15 days of the time the Company becomes aware of the occurrence of
any default referred to in clause (4), (5) or (6), of this subparagraph (f)(iii)(A), the
Company shall give written notice thereof to the Holders.

                    (B) The right of the Holders of Preferred Stock voting separately as one class to elect
two directors as described in subparagraph (f)(iii)(A) shall continue until such time as (1)
in the event such right arises due to a default referred to in clause (1) of the preceding
paragraph, all accumulated dividends that are in arrears on the Preferred Stock and that gave
rise to such default are paid in full (and, in the case of dividends payable after May 1,
2004, paid in cash); and (2) in the event such right arises due to any default referred to in
clause (2), (3), (4), (5) or (6) of the preceding paragraph, the Company remedies any such
failure, breach or default, at which time the term of any directors elected pursuant to
subparagraph (f)(iii)(A) hereof shall terminate and the number of directors constituting the
board of directors shall be reduced to the number necessary to reflect the termination of the
right of the Holders of the Preferred Stock to elect directors, subject always to the same
provisions for the renewal and divestment of such special voting rights in the case of any
future Voting Rights Triggering Event.

          At any time after voting power to elect directors shall have become vested and be
continuing in the Holders of shares of the Preferred Stock pursuant to subparagraph
(f)(iii)(A) hereof, or if vacancies shall exist in the offices of directors elected by the
Holders of shares of the Preferred Stock, a proper officer of the Company may, and
upon the written request of the Holders of record of at least 25% of the shares of Preferred
Stock then outstanding addressed to the Secretary of the Company shall, call a special meeting
of the Holders of Preferred Stock for the purpose of electing the directors which such Holders
are entitled to elect. If such meeting shall not be called by the proper officer of the
Company within 30 days after personal service of said written request upon the Secretary of
the Company, or within 30 days after mailing the same within the United States by certified
mail, addressed to the Secretary of the Company at its principal executive offices, then the
Holders of record of at least 25% of the outstanding shares of the Preferred Stock may
designate in writing one of their number to call such meeting at the expense of the Company,
and such meeting may be called by the Person so designated upon the notice

10

 

required for the annual meetings of stockholders of the Company and shall be held at the place
for holding the annual meetings of stockholders or such other place in the United States as
shall be designated in such notice. Notwithstanding the provisions of this subparagraph
(f)(iii)(B), no such special meeting shall be called if any such request is received less than
40 days before the date fixed for the next ensuing annual or special meeting of stockholders
of the Company. Any Holder of shares of the Preferred Stock so designated shall have, and the
Company shall provide, access to the lists of Holders of shares of the Preferred Stock for
purposes of calling a meeting pursuant to the provisions of this subparagraph (f)(iii)(B).

                    (C) At any meeting held for the purpose of electing directors at which the Holders of
Preferred Stock shall have the right, voting separately as one class, to elect directors as
aforesaid, the presence in person or by proxy of the Holders of at least a majority of the
outstanding Preferred Stock shall be required to constitute a quorum of such Preferred Stock.

                    (D) Any vacancy occurring in the office of a director elected by the Holders of the
Preferred Stock may be filled by the remaining director elected by such Holders unless and
until such vacancy shall be filled by such Holders.

          (iv) [Reserved]

               (g) EXCHANGE. (i) REQUIREMENTS. (A) The Company may, at the sole option of the Board
of Directors (subject to the legal availability of funds therefor), exchange all, but not less
than all, of the outstanding Preferred Stock, including any Preferred Stock issued as payment
for dividends, into Exchange Debentures, subject to the conditions set forth in this
subparagraph (g)(i)(A). In order to effect such exchange, the Company shall (a) if necessary
to satisfy the condition set forth in clause (II) of this subparagraph (g)(i)(A) based upon
the written advice of counsel to the Company, file a registration statement with the
Commission relating to the exchange, and (b) if a registration statement is filed with the
Commission pursuant to clause (a), use its best efforts to cause such registration statement
to be declared effective as soon as practicable by the Commission unless the opinion referred
to in clause (II) of this subparagraph (g)(i)(A) shall have been subsequently delivered. In
order to effectuate such exchange, the Company shall send a written notice (the “Exchange
Notice”) of exchange by mail to each Holder of record of shares of Preferred Stock, which
notice shall state: (v) that the Company is exchanging the Preferred Stock into Exchange
Debentures pursuant to this Certificate of Designation; (w) the date fixed for exchange (the
“Exchange Date”), which date shall not be less than 15 days nor more than 60 days following
the date on which the Exchange Notice is mailed (except as provided in the last sentence of
this subparagraph (g)(i)(A)); (x) that the Holder is to surrender to the Company, at the place
or places where certificates for shares of Preferred Stock are to be surrendered for exchange,
in the manner designated in the Exchange Notice, such Holder’s certificate or certificates
representing the shares of Preferred Stock to be exchanged; (y) that dividends on the shares
of Preferred Stock to be exchanged shall cease to accrue on the Exchange Date whether or not
certificates for shares of Preferred Stock are surrendered for exchange on the Exchange Date
unless the Company shall default in the delivery of Exchange Debentures; and (z) that

11

 

interest on the Exchange Debentures shall accrue from the Exchange Date whether or not
certificates for shares of Preferred Stock are surrendered for exchange on the Exchange Date.
On the Exchange Date, if the conditions set forth in clauses (I) through (VI) of this
subparagraph (g)(i)(A) are satisfied and the exchange is permitted under the Company’s then
outstanding indebtedness, the Company shall issue Exchange Debentures in exchange for the
Preferred Stock as provided in subparagraph (g)(ii)(A), PROVIDED that on the Exchange Date:
(I) there shall be legally available funds sufficient therefor (including, without limitation,
legally available funds sufficient therefor under Title 18, Sections 1032(B) and 1041 (or any
successor provisions) of the Oklahoma General Corporation Act); (II) either (x) a registration
statement relating to the Exchange Debentures shall have been declared effective under the
Securities Act of 1933, as amended (the “Securities Act”) prior to such exchange and shall
continue to be in effect on the Exchange Date or (y)(i) the Company shall have obtained a
written opinion of counsel that an exemption from the registration requirements of the
Securities Act is available for such exchange and that upon receipt of such Exchange
Debentures pursuant to such exchange made in accordance with such exemption, each Holder that
is not an Affiliate of the Company will not be subject to any restrictions imposed by the
Securities Act upon the resale thereof and (ii) such exemption is relied upon by the Company
for such exchange; (III) the Exchange Indenture shall have been duly executed by the Company
and the trustee thereunder (the “Trustee”) with irrevocable instructions to authenticate the
Exchange Debentures necessary for such exchange, (IV) the Exchange Indenture and the Trustee
shall have been qualified under the Trust Indenture Act of 1939, as amended; (V) immediately
after giving effect to such exchange, no Default or Event of Default (each as defined in the
Exchange Indenture) would exist under the Exchange Indenture; and (VI) the Company shall have
delivered to the Trustee a written opinion of counsel, dated the date of the exchange,
regarding the satisfaction of the conditions set forth in clauses (I), (II), (III) and (IV).
In the event that the issuance of the Exchange Debentures is not permitted on the Exchange
Date or any of the conditions set forth in clauses (I) through (VI) of the preceding sentence
are not satisfied on the Exchange Date, the Company shall use its best efforts to satisfy such
conditions and effect such exchange as soon as practicable.

                    (B) Upon any exchange pursuant to subparagraph (g)(i)(A) hereof, the Holders of
outstanding Preferred Stock shall be entitled to receive a principal amount of Exchange
Debentures for Preferred Stock, the liquidation preference of which, plus the amount of
accumulated and unpaid dividends (including a prorated dividend for the period from the
immediately preceding Dividend Payment Date to the Exchange Date) with respect to which,
equals such principal amount; provided that the Company at its option may pay cash for any or
all accrued and unpaid dividends in lieu of issuing Exchange Debentures in respect of such
dividends and provided further that the Company may, at the sole option of the Board of
Directors, subject to the restrictions in the Senior Note Indenture, the Credit Facilities and
any of its other then-existing indebtedness, pay cash in lieu of issuing an Exchange Debenture
in a principal amount less than $1,000.

                    (ii) PROCEDURE FOR EXCHANGE. (A) On or before the Exchange Date, each Holder of
Preferred Stock shall surrender the certificate or certificates representing such shares of
Preferred Stock, in the manner and at the place designated in the Exchange Notice. The
Company shall cause the Exchange Debentures to be executed

12

 

on the Exchange Date and, upon surrender in accordance with the Exchange Notice of the
certificates for any shares of Preferred Stock so exchanged (properly endorsed or assigned for
transfer, if the notice shall so state), such shares shall be exchanged by the Company into
Exchange Debentures. The Company shall pay interest on the Exchange Debentures at the rate
and on the dates described in the Memorandum.

                    (B) If notice has been mailed as aforesaid, and if before the Exchange Date (1) the
Exchange Indenture shall have been duly executed and delivered by the Company and the Trustee
and (2) all Exchange Debentures necessary for such exchange shall have been duly executed by
the Company and delivered to the Trustee with irrevocable instructions to authenticate the
Exchange Debentures necessary for such exchange, then dividends will cease to accrue on the
Preferred Stock on and after the Exchange Date and the rights of the Holders of the Preferred
Stock as stockholders of the Company shall cease on and after the Exchange Date (except the
right to receive Exchange Debentures, an amount in cash, to the extent applicable, equal to
the accrued and unpaid dividends to the Exchange Date, and, if the Company so elects, cash in
lieu of any Exchange Debenture which is in an amount that is less than $1,000), and the Person
or Persons entitled to receive the Exchange Debentures issuable upon exchange shall be treated
for all purposes as the registered Holder or Holders of such Exchange Debentures as of the
Exchange Date.

               (h) CHANGE OF CONTROL. (i) Within 30 days following the occurrence of a Change of Control,
the Company shall be required (subject to the legal availability of funds therefor) to make an
Offer to Purchase (the “Change of Control Offer”) to each Holder of Preferred Stock to repurchase
all or any part of such Holder’s Preferred Stock at a cash purchase price equal to 101% of the
liquidation preference thereof, plus an amount in cash equal to all accumulated and unpaid
dividends (including an amount in cash equal to a prorated dividend for the period from the
Dividend Payment Date immediately prior to the date of purchase to the date of purchase, subject to
the right of Holders of Preferred Stock on a record date to receive dividends on a Dividend Payment
Date) (the “Change of Control Payment”). Notwithstanding the foregoing, the Company shall not be
required to make a Change of Control Offer or to repurchase any Preferred Stock tendered pursuant
to an Offer to Purchase if any Indebtedness of the Company or its Restricted Subsidiaries
outstanding which would prohibit such Change of Control Offer until such Indebtedness is repaid,
redeemed or repurchased in full; provided that if the Company does not make a Change of Control
Offer or does not repurchase any Preferred Stock validly tendered pursuant to a Change of Control
Offer and not withdrawn, then such failure shall constitute a Voting Rights Triggering Event (but
only during any such time while the conditions set forth in the first paragraph of subparagraph
(f)(ii) above to the effectiveness of the voting rights set forth in such section are satisfied and
remain in effect).

               (ii) On the Change of Control Payment Date, the Company shall, to the extent lawful, (1)
accept for payment all shares of Preferred Stock or portions thereof properly tendered pursuant to
the Offer to Purchase and not withdrawn, (2) deposit with the Paying Agent an amount equal to the
Change of Control Payment in respect of all shares of Preferred Stock or portions thereof so
tendered, and (3) deliver or cause to be delivered to the Transfer Agent for the Preferred Stock so
accepted together with an Officer’s Certificate stating the aggregate

13

 

liquidation preference of the Preferred Stock or portions thereof being purchased by the Company.
The Company will direct the Transfer Agent to promptly mail to each Holder of shares of Preferred
Stock so accepted payment in an amount equal to the Change of Control Payment for such shares, and
the Transfer Agent will promptly authenticate and mail (or cause to be transferred by book entry)
to each Holder a certificate representing the Preferred Stock equal in liquidation preference to
any unpurchased portion of the Preferred Stock surrendered, if any. Unless the Company defaults in
the payment for the shares of Preferred Stock tendered pursuant to the Offer to Purchase, dividends
shall cease to accrue with respect to the shares of Preferred Stock tendered and all rights of
Holders of such tendered shares shall terminate, except for the right to receive payment therefor,
on the Change of Control Payment Date. The Company shall publicly announce the results of the
Change of Control Offer on or as soon as practicable after the Change of Control Payment Date.

               (iii) The Company shall comply with Rule 14e-1 under the Exchange Act and any securities laws
and regulations to the extent such laws and regulations are applicable to the repurchase of shares
of the Preferred Stock in connection with a Change of Control. To the extent that the provisions
of any such securities laws or securities regulations conflict with the provisions of this
paragraph (h), the Company shall comply with the applicable securities laws and regulations and
shall not be deemed to have breached its obligations under this paragraph (h) by virtue thereof.
In addition, the Company shall not be required to make a Change of Control Offer upon a Change of
Control if a third party makes the Change of Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in this paragraph (h) and purchases all
Preferred Stock validly tendered and not withdrawn under such Change of Control Offer.

               (i) CONVERSION OR EXCHANGE. The Holders of shares of Preferred Stock shall not have any
rights hereunder to convert such shares into or exchange such shares for shares of any other class
or classes or of any other series of any class or classes of Capital Stock of the Company.

               (j) PREEMPTIVE RIGHTS. No shares of Preferred Stock shall have any rights of preemption
whatsoever as to any securities of the Company, or any warrants, rights or options issued or
granted with respect thereto, regardless of how such securities or such warrants, rights or options
may be designated, issued or granted.

               (k) REISSUANCE OF PREFERRED STOCK. Shares of Preferred Stock that have been issued and
reacquired in any manner, including shares purchased or redeemed or exchanged, shall (upon
compliance with any applicable provisions of the laws of Oklahoma) have the status of authorized
but unissued shares of preferred stock of the Company undesignated as to series and may be
designated or redesignated and issued or reissued, as the case may be, as part of any series of
preferred stock of the Company, provided that any issuance of such shares as Preferred Stock must
be in compliance with the terms hereof.

               (l) BUSINESS DAY. If any payment, redemption or exchange shall be required by the terms
hereof to be made on a day that is not a Business Day, such payment, redemption or exchange shall
be made on the immediately succeeding Business Day.

14

 

               (m) CERTAIN ADDITIONAL PROVISIONS. If on [            ], 2007 [insert date that is 18
months after the Exchange Date], there are outstanding 15,000 shares or more, in aggregate, of the
Preferred Stock and the Company’s 12-1/4% Senior Exchangeable Preferred Stock (but only for so long
thereafter as such aggregate number of shares is outstanding), the following clauses (1) through
(10) of this paragraph (m) shall become applicable and be deemed for any such period to be a part
of this Amended and Restated Certificate of Designation, it being expressly understood that in no
event shall any of the provisions of this paragraph (m) be applicable (x) prior to [            ],
2007 [insert date that is 18 months after the Exchange Date], or (y) at any time later than [           ]
        , 2007 [insert date that is 18 months after the Exchange Date] following any date thereafter
when there are outstanding fewer than 15,000 shares, in aggregate, of the Preferred Stock and the
Company’s 12-1/4% Senior Exchangeable Preferred Stock.

                    (1) LIMITATION ON INDEBTEDNESS. (a) The Company shall not, and shall not permit any
of its Restricted Subsidiaries to, Incur any Indebtedness (other than Indebtedness existing
on the Issue Date); provided that the Company and any Restricted Subsidiary may Incur
Indebtedness, if, after giving effect to the Incurrence of such Indebtedness and the receipt
and application of the proceeds therefrom, the Consolidated Leverage Ratio would be less
than 8.5 to 1, for Indebtedness Incurred on or prior to June 30, 2001, 8 to 1 for
Indebtedness Incurred after June 30, 2001 and on or prior to June 30, 2002, and 7.5 to 1 for
Indebtedness Incurred thereafter.

          In addition to the foregoing, the Company and any Restricted Subsidiary (except as
specified below) may Incur each and all of the following: (i) Indebtedness outstanding under
one or more Credit Agreements at any time in an aggregate principal amount not to exceed
$650 million less any amount of such Indebtedness permanently repaid under subparagraph
(m)(8) below; (ii) Indebtedness issued in exchange for, or the net proceeds of which are
used to refinance or refund, then outstanding Indebtedness, other than Indebtedness Incurred
under clause (i), (iii), (v) or (vii) of this paragraph, or this clause (ii), and any
refinancings thereof in an amount not to exceed the amount so refinanced or refunded (plus
premiums, accrued interest, accrued dividends, fees and expenses); PROVIDED that such new
Indebtedness, determined as of the date of Incurrence of such new Indebtedness, does not
mature or have a mandatory redemption or repurchase date prior to the Stated Maturity of the
Indebtedness to be refinanced or refunded, and the Average Life of such new Indebtedness is
at least equal to the remaining Average Life of the Indebtedness to be refinanced or
refunded; and provided further that in no event may Indebtedness of the Company be
refinanced by means of any Indebtedness of any Restricted Subsidiary pursuant to this clause
(ii); (iii) Indebtedness (A) in respect of performance, surety or appeal bonds provided in
the ordinary course of business, (B) under Currency Agreements and Interest Rate Agreements;
provided that such agreements (a) are designed solely to protect the Company or its
Restricted Subsidiaries against fluctuations in foreign currency exchange rates or interest
rates and (b) do not increase the Indebtedness of the obligor outstanding at any time other
than as a result of fluctuations in foreign currency exchange rates or interest rates or by
reason of fees, indemnities and compensation payable thereunder; or (C) arising from
agreements providing for indemnification, adjustment of purchase price or similar
obligations, or from Guarantees or letters of credit, surety bonds or performance
bonds securing any

15

 

obligations of the Company or any of its Restricted Subsidiaries pursuant to such
agreements, in any case Incurred in connection with the disposition of any business, assets
or Restricted Subsidiary of the Company (other than Guarantees of Indebtedness Incurred by
any Person acquiring all or any portion of such business, assets or Restricted Subsidiary of
the Company for the purpose of financing such acquisition), in an amount not to exceed the
gross proceeds actually received by the Company or any Restricted Subsidiary in connection
with such disposition; (iv) Indebtedness of the Company (and/or, in the case of (B) below,
Dobson/Sygnet), to the extent the net proceeds thereof are promptly (A) used to purchase
Senior Preferred Stock and Preferred Stock, pro rata, tendered in an Offer to Purchase (or
similar offer to purchase made under the certificate of designation relating to the Senior
Preferred Stock) made as a result of a Change in Control or (B) deposited to defease the
Senior Notes or Dobson/Sygnet Senior Notes; (v) Guarantees of Indebtedness of the Company by
any Restricted Subsidiary or by the Company of Indebtedness of any Restricted Subsidiary so
long as Indebtedness was permitted to be Incurred under another provision of this
subparagraph (m)(1); (vi) Indebtedness of the Company not to exceed, at any one time
outstanding, two times the sum of (x) the Net Cash Proceeds received by the Company after
the Issue Date from the issuance and sale of its Capital Stock (other than Disqualified
Stock) to a Person that is not a Subsidiary of the Company to the extent such Net Cash
Proceeds have not been used pursuant to clause (C)(2) of the first paragraph, or clause
(viii) of the second paragraph, of subparagraph (m)(4) to make a Restricted Payment and (y)
80% of the fair market value of property other than cash received by the Company after the
Issue Date from the issuance and sale of its Capital Stock (other than Disqualified Stock)
to a Person that is not a Subsidiary of the Company; provided that such Indebtedness does
not mature prior to the Mandatory Redemption Date; (vii) intercompany Indebtedness (other
than any Guarantee to the extent addressed in clause (v) above) by or among the Company and
its Restricted Subsidiaries; provided, however, that (A) if the Company is the obligor on
such Indebtedness, such Indebtedness is expressly subordinated to the prior payment in full
in cash of all obligations in respect of the Exchange Debentures (if issued) and the
Exchange Debenture Indenture and (B)(1) any subsequent issuance or transfer of Capital Stock
that results in any such Indebtedness being held by a Person other than Dobson or another
Restricted Subsidiary thereof and (2) any sale or other transfer of any such Indebtedness to
a Person other than the Company or another Restricted Subsidiary thereof shall be deemed, in
each case, to constitute an Incurrence of Indebtedness by the Company or such Restricted
Subsidiary, as the case may be, that was not permitted by this clause (vii); and (viii)
Indebtedness outstanding at any time in an aggregate principal amount not to exceed $75
million.

          (b) Notwithstanding any other provision of this subparagraph (m)(1), the
maximum amount of Indebtedness that the Company or a Restricted Subsidiary may Incur
pursuant to this subparagraph (m)(1), shall not be deemed to be exceeded, with respect to
any outstanding Indebtedness due solely to the result of fluctuations in the exchange rates
of currencies.

          (c) For purposes of determining any particular amount of Indebtedness under this
subparagraph (m)(1), Guarantees, Liens or obligations with respect to letters of credit
supporting Indebtedness otherwise included in the determination of such particular

16

 

amount shall not be included and any liens granted pursuant to the equal and ratable
provisions referred to in subparagraph (m)(3) below, shall not be treated as Indebtedness.

          (d) For purposes of determining compliance with this subparagraph (m)(1), in the
event that an item of Indebtedness meets the criteria of one or more of the types of
Indebtedness described in subparagraph (b) above or would be entitled to be Incurred
pursuant to subparagraph (a) above, the Company, in its sole discretion, shall classify, and
from time to time may reclassify (in whole or in part), such item of Indebtedness in any
manner that complies with this subparagraph (m)(1). Accrual of interest, the accretion of
accreted value and the payment of interest in the form of additional Indebtedness or the
payment of dividends on Preferred Shares in the form of additional shares of the same class
or series of Preferred Shares will not be deemed an Incurrence of Indebtedness for purposes
of this subparagraph (m)(1).

          (e) Notwithstanding anything in this subparagraph (m)(1) to the contrary, the
Company shall be permitted, and may permit any of its Restricted Subsidiaries to, Incur any
Indebtedness if such incurrence would, at the time of incurrence, not be prohibited under
the terms of the Indenture, as in effect on [            ], 2007 [insert date that
is 18 months after the Exchange Date], relating to either (i) the Company’s 8-7/8% Senior
Notes due 2013 or (ii) the Company’s 10-7/8% Senior Notes due 2010.

               (2) LIMITATION ON SENIOR SUBORDINATED INDEBTEDNESS. The Company shall not Incur any
Indebtedness that is subordinate in right of payment to any Senior Indebtedness unless such
Indebtedness would be pari passu with, or subordinated in right of payment to, the Exchange
Debentures (if and when issued); provided that the foregoing limitation shall not apply to
distinctions between categories of Senior Indebtedness of the Company that exist by reason
of any Liens or Guarantees arising or created in respect of some but not all such Senior
Indebtedness.

               (3) LIMITATION ON LIENS. The Company shall not Incur any Indebtedness secured by a
Lien (“Secured Indebtedness”) which is not Senior Indebtedness unless effective provision is
made to have the Exchange Debentures (if and when issued) secured equally and ratably with
(or, if the Secured Indebtedness would be subordinated in right of payment to the Exchange
Debentures, prior to) such Secured Indebtedness for so long as such Secured Indebtedness is
secured by a Lien.

               (4) LIMITATION ON RESTRICTED PAYMENTS. The Company shall not, and shall not permit
any Restricted Subsidiary to, directly or indirectly, (i) declare or pay any dividend or
make any distribution on or with respect to its Junior Securities (other than (x) dividends
or distributions payable solely in shares of its Junior Securities (other than Disqualified
Stock) or in options, warrants or other rights to acquire shares of such Junior Securities
(other than Disqualified Stock), and (y) pro rata dividends or distributions on Common Stock
of Restricted Subsidiaries held by minority stockholders, provided that such dividends do
not in the aggregate exceed the minority stockholders’ pro rata share of such Restricted
Subsidiaries’ net income from the first day of the fiscal quarter beginning immediately
following the Issue Date) held by Persons other than the Company or any of its Restricted
Subsidiaries, (ii) purchase, redeem, retire

17

 

or otherwise acquire for value any shares of Junior Securities of (A) the Company or an
Unrestricted Subsidiary (including options, warrants or other rights to acquire such shares
of Junior Securities) held by any Person or (B) a Restricted Subsidiary (including options,
warrants or other rights to acquire such shares of Junior Securities) held by any Affiliate
of the Company (other than a Wholly Owned Restricted Subsidiary) or any holder (or any
Affiliate of such holder) of 5% or more of the Capital Stock of the Company, or (iii) make
any Investment, other than a Permitted Investment, in any Person (such payments or any other
actions described in clauses (i) through (iii) being collectively “Restricted
Payments”) if, at the time of, and after giving effect to, the proposed Restricted
Payment: (A) a Voting Rights Triggering Event, or an event which with the giving of notice
or the passage of time, or both, would become a Voting Rights Triggering Event, shall have
occurred and be continuing, (B) the Company could not Incur at least $1.00 of Indebtedness
under the first paragraph of subparagraph (m)(1), (C) the aggregate amount of such
Restricted Payment and all other Restricted Payments declared or made after the Issue Date
(the amount, if other than in cash, to be determined in good faith by the Board of
Directors, whose determination shall be conclusive and evidenced by a Board Resolution)
shall exceed the sum of (1)(x) 100% of the aggregate amount of the Company’s Consolidated
EBITDA (or, if the Consolidated EBITDA is a loss, minus 100% of the amount of such loss)
accrued on a cumulative basis during the period (taken as one accounting period) beginning
on July 1, 1999 and ending on the last day of the last fiscal quarter preceding the
Transaction Date for which reports have been filed pursuant to subparagraph (m)(9), minus
(y) 1.4 times the Company’s Consolidated Interest Expense for the same period, plus (2) the
aggregate Net Cash Proceeds received by the Company after the Issue Date as a capital
contribution or from the issuance and sale of its Capital Stock, and options, warrants and
other rights to acquire the Company’s Capital Stock, to a Person who is not a Subsidiary of
the Company (except to the extent such Net Cash Proceeds are used to Incur Indebtedness
pursuant to clause (vi)(x) under the second paragraph of subparagraph (m)(1)(a)) (in each
case, exclusive of any Disqualified Stock or any options, warrants or other rights that are
redeemable at the option of the holder, or are required to be redeemed, prior to the
Mandatory Redemption Date), plus (3) an amount equal to the net reduction in Investments
that constitute Restricted Payments resulting from payments of interest on Indebtedness,
dividends, repayments of loans or advances, returns of capital or other transfers of assets,
in each case to the Company or any Restricted Subsidiary or from the Net Cash Proceeds from
the sale of any such Investment (except, in each case, to the extent any such payment or
proceeds are included in the calculation of Consolidated EBITDA), or from redesignations of
Unrestricted Subsidiaries as Restricted Subsidiaries (valued in each case as provided in the
definition of “Investments”), not to exceed, in each case, the amount of the relevant
Investments so being sold or reduced.

          The foregoing provision shall not be violated by reason of: (i) the payment of any
dividend within 60 days after the date of declaration thereof if, at said date of
declaration, such payment would comply with the foregoing paragraph; (ii) the repurchase,
redemption or other acquisition of Capital Stock of the Company (or options, warrants or
other rights to acquire such Capital Stock) in exchange for, or out of the proceeds of a
substantially concurrent offering (other than to a Subsidiary of the Company) of, shares of
Capital Stock (other than Disqualified Stock) of the Company; (iii) the repurchase,

18

 

redemption or other acquisition of the Class F Preferred Stock or the Class G Preferred
Stock out of the proceeds of the sale on the Issue Date of Preferred Stock; (iv) the
declaration or payment of dividends on the Common Stock of the Company following a Public
Equity Offering of such Common Stock, of up to 6% per annum of the Net Cash Proceeds
received by the Company in such Public Equity Offering; (v) payments or distributions, to
dissenting stockholders pursuant to applicable law, pursuant to or in connection with a
consolidation, merger or transfer of assets that complies with the provisions described in
subparagraph (m)(10); (vi) the purchase, redemption, acquisition, cancellation or other
retirement for value of shares of Junior Securities of the Company to the extent necessary
in the good faith judgment of the Board of Directors of the Company, to prevent the loss or
secure the renewal or reinstatement of any license or franchise held by the Company or any
Restricted Subsidiary from any governmental agency; (vii) the purchase, redemption,
retirement or other acquisition for value of Junior Securities of the Company, or options to
purchase such shares, held by directors, employees or former directors or employees of the
Company or any Restricted Subsidiary (or their estates or beneficiaries under their estates)
upon death, disability, retirement, termination of employment or pursuant to the terms of
any agreement under which such shares of Junior Securities or options were issued; provided
that the aggregate consideration paid for such purchase, redemption, acquisition,
cancellation or other retirement of such shares of Junior Securities or options after the
Issue Date does not exceed $1,500,000 in any calendar year, or $5 million in the aggregate;
(viii) Investments in any Person or Persons, the primary business of which is related,
ancillary or complementary to the business of the Company and its Restricted Subsidiaries on
the date of such Investments, in an aggregate amount not to exceed $40 million plus an
amount not to exceed the Net Cash Proceeds received by the Company after the Issue Date from
the issuance and sale of its Capital Stock (other than Disqualified Stock) to a Person that
is not a Subsidiary of the Company, except to the extent such Net Cash Proceeds are used to
Incur Indebtedness outstanding pursuant to clause (vi)(x) of the second paragraph of
subparagraph (m)(1)(a) or to make Restricted Payments pursuant to clause (iii)(C)(2) of the
first paragraph thereof, or clauses (ii) or (iii) of this paragraph, of this subparagraph
(m)(4); or (ix) the distribution on or with respect to the holders of the Company’s Junior
Securities of the Capital Stock of Logix; provided that, except in the case of clauses (i)
and (ii), no Voting Rights Triggering Event, or an event which with the giving of notice or
the passage of time, or both, would become a Voting Rights Triggering Event, shall have
occurred and be continuing or occur as a consequence of the actions or payments set forth
therein.

          Each Restricted Payment permitted pursuant to the preceding paragraph (other than an
exchange of Capital Stock for Capital Stock referred to in clause (ii) thereof) and the Net
Cash Proceeds from any issuance of Capital Stock referred to in clauses (ii), (iii) or
(viii) shall be included in calculating whether the conditions of clause (iii)(C) of the
first paragraph of this subparagraph (m)(4) have been met with respect to any subsequent
Restricted Payments. For purposes of this subparagraph (m)(4), the phrase “Junior
Securities,” when used with respect to a Restricted Subsidiary, shall mean all Capital Stock
of such Restricted Subsidiary.

19

 

          Notwithstanding anything in this subparagraph (m)(4) to the contrary, the Company
shall be permitted, and may permit any of its Restricted Subsidiaries to, take any action
that would otherwise be prohibited by this subparagraph (m)(4) if the taking of such action
would, at the time of such action, not be prohibited under the terms of the Indenture, as
in effect on [            ], 2007 [insert date that is 18 months after the
Exchange Date], relating to either (i) the Company’s 8-7/8% Senior Notes due 2013 or (ii)
the Company’s 10-7/8% Senior Notes due 2010.

               (5) LIMITATION ON DIVIDEND AND OTHER PAYMENT RESTRICTIONS AFFECTING RESTRICTED
SUBSIDIARIES. The Company shall not, and shall not permit any Restricted Subsidiary to,
create or otherwise cause or suffer to exist or become effective any consensual encumbrance
or restriction of any kind on the ability of any Restricted Subsidiary to (i) pay dividends
or make any other distributions permitted by applicable law on any Capital Stock of such
Restricted Subsidiary owned by the Company or any other Restricted Subsidiary, (ii) pay any
Indebtedness owed to the Company or any other Restricted Subsidiary, (iii) make loans or
advances to the Company or any other Restricted Subsidiary or (iv) transfer any of its
property or assets to the Company or any other Restricted Subsidiary.

          The foregoing provisions shall not restrict any encumbrances or restrictions: (i)
existing on the Issue Date in the certificate of designation for the Senior Preferred Stock, the
Senior Note Indenture, the Credit Facilities or any other agreements or Indebtedness of the Company
or its Restricted Subsidiaries in effect on the Issue Date, and any amendments, extensions,
refinancings, renewals or replacements of such agreements; provided that the encumbrances and
restrictions in any such amendments, extensions, refinancings, renewals or replacements are no less
favorable in all material respects to the Holders than those encumbrances or restrictions that are
then in effect and that are being extended, refinanced, renewed or replaced; (ii) existing under or
by reason of applicable law; (iii) existing with respect to any Person or the property or assets of
such Person acquired by the Company or any Restricted Subsidiary, existing at the time of such
acquisition and not incurred in contemplation thereof, which encumbrances or restrictions are not
applicable to any Person or the property or assets of any Person other than such Person or the
property or assets of such Person so acquired; (iv) in the case of clause (iv) of the first
paragraph of this subparagraph (m)(5), (A) that restrict in a customary manner the subletting,
assignment or transfer of any property or asset that is a lease, license, conveyance or contract or
similar property or asset, (B) existing by virtue of any transfer of, agreement to transfer, option
or right with respect to, or Lien on, any property or assets of the Company or any Restricted
Subsidiary not otherwise prohibited by this Certificate of Designation or (C) arising or agreed to
in the ordinary course of business, not relating to any Indebtedness, and that do not, individually
or in the aggregate, detract from the value of property or assets of the Company or any Restricted
Subsidiary in any manner material to the Company or any Restricted Subsidiary; (v) with respect to
a Restricted Subsidiary and imposed pursuant to an agreement that has been entered into for the
sale or disposition of all or substantially all of the Capital Stock of, or property and assets of,
such Restricted Subsidiary; or (vi) contained in the terms of any Indebtedness (other than as
contemplated by clause (i) above) or any agreement creating Indebtedness, of a Restricted
Subsidiary entered into after the Issue Date, if the

20

 

encumbrance or restriction applies only in the event of a payment default, a default with
respect to a financial covenant contained in such Indebtedness or agreement, or an event of
default resulting in the acceleration of the final maturity of such Indebtedness, the
encumbrance or restriction is not materially more disadvantageous to the Holders of the
Preferred Stock than is customary in comparable financings (as determined by the Company)
and if the Company determines that any such encumbrance or restriction will not materially
affect the Company’s ability to make dividend payments on the Preferred Stock or principal
or interest payments on the Exchange Debentures. Nothing contained in this subparagraph
(m)(5) shall prevent the Company or any Restricted Subsidiary from (1) creating, incurring,
assuming or suffering to exist any Liens otherwise permitted in subparagraph (m)(3) or (2)
restricting the sale or other disposition of property or assets of the Company or any of its
Restricted Subsidiaries that secure Indebtedness of the Company or any of its Restricted
Subsidiaries.

     Notwithstanding anything in this subparagraph (m)(5) to the contrary, the Company shall
be permitted, and may permit any of its Restricted Subsidiaries to, create or otherwise
cause or suffer to exist or become effective any consensual encumbrance or restriction of
any kind on the ability of any Restricted Subsidiary to do any of the actions specified in
this subparagraph (m)(5) if such action or suffering would, at the time of such action or
suffering, not be prohibited under the terms of the Indenture, as in
effect on [           
], 2007 [insert date that is 18 months after the Exchange Date], relating to either
(i) the Company’s 8-7/8% Senior Notes due 2013 or (ii) the Company’s 10-7/8% Senior Notes
due 2010.

     (6) LIMITATION ON THE ISSUANCE AND SALE OF CAPITAL STOCK OF RESTRICTED SUBSIDIARIES.
The Company shall not sell, and shall not permit any Restricted Subsidiary, directly or
indirectly, to issue or sell, any shares of Capital Stock of a Restricted Subsidiary
(including options, warrants or other rights to purchase shares of such Capital Stock)
except (i) to the Company or a Wholly Owned Restricted Subsidiary; (ii) issuances of
director’s qualifying shares or sales to foreign nationals of shares of Capital Stock of
foreign Restricted Subsidiaries, to the extent required by applicable law; (iii) if,
immediately after giving effect to such issuance or sale, such Restricted Subsidiary would
(A) continue to be a Restricted Subsidiary or (B) if it would no longer constitute a
Restricted Subsidiary, any Investment in such Person remaining after giving effect to such
issuance or sale would have been permitted to be made under subparagraph (m)(4), if made on
the date of such issuance or sale; provided, however, that in the event of either (A) or
(B), the Net Cash Proceeds of such sale are applied in accordance with subparagraph (m)(8);
and (iv) sales of Common Stock of a Restricted Subsidiary, but only if the assets of such
Restricted Subsidiary consist solely of assets relating to the Company’s PCS or resale
business; provided, however, that the Net Cash Proceeds of such sale are applied as provided
in subparagraph (m)(8).

     (7) LIMITATION ON TRANSACTIONS WITH STOCKHOLDERS AND AFFILIATES. The Company shall
not, and shall not permit any Restricted Subsidiary to, directly or indirectly, engage in
any transaction, including, without limitation, the purchase, sale, lease or exchange of
property or assets, or the rendering of any service, with any Affiliate except (A) upon fair
and reasonable terms no less

21

 

favorable to the Company or such Restricted Subsidiary than could be obtained in a
comparable arm’s-length transaction with an unrelated Person and (B)(1) with respect to any
transaction or series of related transactions involving aggregate consideration in excess of
$2.0 million, such transaction is approved by at least a majority of the disinterested
members of the Board of Directors or (2) with respect to any transaction or series of
related transactions involving aggregate consideration in excess of $10.0 million, the
Company obtains a written opinion as to the fairness to the Holders of the Preferred Stock
of such transaction or series of related transactions issued by an investment banking,
accounting or appraisal firm of national standing.

     The foregoing limitation does not limit, and shall not apply to (i) any transaction
solely between the Company and any of its Restricted Subsidiaries or solely between
Restricted Subsidiaries; (ii) the payment of reasonable and customary regular fees and
indemnity payments to directors of the Company who are not employees of the Company and the
payment of reasonable compensation and indemnity payments to officers of the Company; (iii)
any payments or other transactions pursuant to any tax-sharing agreement between the Company
and any other Person with which the Company files a consolidated tax return or with which
the Company is part of a consolidated group for tax purposes; (iv) any Restricted Payments
not prohibited by subparagraph (m)(4); or (v) the redemption of the Class F Preferred Stock
and Class G Preferred Stock with proceeds from the sale of the Preferred Stock.

     (8) LIMITATIONS ON ASSET SALES. The Company shall not, and shall not permit any
Restricted Subsidiary to, consummate any Asset Sale, unless (1) the consideration received
by the Company or such Restricted Subsidiary is at least equal to the fair market value of
the assets sold or disposed of and (2) at least 75% of the consideration received consists
of cash or Temporary Cash Investments.

     In the event and to the extent that the Net Cash Proceeds received by the Company or
any of its Restricted Subsidiaries from one or more Asset Sales occurring on or after the
Issue Date in any period of 12 consecutive months exceeds 10% of Adjusted Consolidated Net
Tangible Assets (determined as of the date closest to the commencement of such 12-month
period for which a consolidated balance sheet of the Company has been filed with the SEC)
then the Company shall or shall cause the relevant Restricted Subsidiary, to (1) within 12
months after the date Net Cash Proceeds so received exceed 10% of Adjusted Consolidated Net
Tangible Assets, to (a) apply an amount equal to such excess Net Cash Proceeds to
permanently repay Senior Indebtedness of the Company or Indebtedness of any Restricted
Subsidiary in each case owing to a Person other than the Company or any of its Restricted
Subsidiaries, or (b) invest an equal amount, or the amount not so applied pursuant to clause
(a) (or enter into a definitive agreement committing to so invest within 12 months after the
date of such agreement), in property or assets (other than current assets) of a nature or
type or that are used in a business (or in a company having property and assets of a nature
or type, or engaged in a business) related, ancillary or complementary to the business of,
the Company and its Restricted Subsidiaries existing on the date of such investment.

               (9) COMMISSION REPORTS AND REPORTS TO HOLDERS.

22

 

     Whether or not the Company is required to file reports with the Commission, for so long as
any Preferred Stock is outstanding, the Company shall file with the Commission all such
reports and other information as it would be required to file with the Commission by
Sections 13(a) or 15(d) under the Exchange Act if it were subject thereto. The Company shall
supply the Transfer Agent and each Holder or shall supply to the Transfer Agent for
forwarding to each such Holder, without cost to such Holder, copies of such reports and
other information.

     (10) CONSOLIDATION, MERGER AND SALE OF ASSETS. The Company shall not consolidate
with, merge with or into, or sell, convey, transfer, lease or otherwise dispose of all or
substantially all of its property and assets (as an entirety or substantially an entirety in
one transaction or a series of related transactions) to any Person or permit any Person to
merge with or into the Company unless: (i) the Company shall be the continuing Person, or
the Person (if other than the Company) formed by such consolidation or into which the
Company is merged or that acquired or leased such property and assets of the Company shall
be a corporation organized and validly existing under the laws of the United States of
America or any jurisdiction thereof and the Preferred Stock shall be converted into or
exchanged for and shall become shares of such successor company, having in respect of such
successor company or resulting company substantially the same powers, preferences and
relative participating, optional or other special rights and the qualifications, limitations
or restrictions thereon that the Preferred Stock had immediately prior to such transaction;
(ii) immediately after giving effect to such transaction, no Voting Rights Triggering Event,
or an event which with the giving of notice or the passage of time, or both, would become a
Voting Rights Triggering Event, shall have occurred and be continuing; (iii) immediately
after giving effect to such transaction on a pro forma basis the Company, or, if other than
the Company, the successor company or resulting company, as the case may be, could Incur at
least $1.00 of Indebtedness under the first paragraph of subparagraph (m)(1); provided that
this clause (iii) shall not apply to a consolidation or merger with or into a Wholly Owned
Restricted Subsidiary in connection with which no consideration (other than Common Stock in
the surviving Person or the Company) shall be issued or distributed to the stockholders of
the Company; and (iv) the Company delivers to the Transfer Agent an Officers’ Certificate
(attaching the arithmetic computations to demonstrate compliance with clause (iii)) and an
opinion of counsel, in each case stating that such consolidation, merger or transfer
complies with this provision and that all conditions precedent provided for herein relating
to such transaction have been complied with; provided, however, that clause (iii) shall not
apply if, in the good faith determination of the Board of Directors of the Company, whose
determination shall be evidenced by a Board Resolution, the principal purpose of such
transaction is to change the state of incorporation of the Company and any such transaction
shall not have as one of its purposes the evasion of the foregoing limitations.

     Notwithstanding anything in this subparagraph (m)(10) to the contrary, the Company
shall be permitted to consolidate with, merge with or into, or sell, convey, transfer, lease
or otherwise dispose of all or substantially all of its property and assets (as an entirety
or substantially an entirety in one transaction or a series of related

23

 

transactions) to any Person or permit any Person to merge with or into the Company, if such
action would, at the time of such action, not be prohibited under the terms of the
Indenture, as in effect on [            ], 2007 [insert date that is 18 months
after the Exchange Date], relating to either (i) the Company’s 8-7/8% Senior Notes due 2013
or (ii) the Company’s 10-7/8% Senior Notes due 2010.

              (n) DEFINITIONS. As used in this Certificate of Designation, the following terms shall have
the following meanings (with terms defined in the singular having comparable meanings when used in
the plural and vice versa), unless the context otherwise requires.

              “Acquired Indebtedness” means Indebtedness of a Person existing at the time such Person
becomes a Restricted Subsidiary or which is assumed in connection with an Asset Acquisition by a
Restricted Subsidiary and not Incurred in connection with, or in anticipation of, such Person
becoming a Restricted Subsidiary or such Asset Acquisition; provided that Indebtedness of such
Person which is redeemed, defeased, retired or otherwise repaid at the time of or immediately upon
consummation of the transactions by which such Person becomes a Restricted Subsidiary or such Asset
Acquisition shall not be Acquired Indebtedness.

              “Adjusted Consolidated Net Income” means, for any period, the aggregate net income (or loss)
of the Company and its Restricted Subsidiaries for such period determined in conformity with GAAP;
provided that the following items shall be excluded in computing Adjusted Consolidated Net Income
(without duplication): (i) the net income of any Person (other than net income attributable to a
Restricted Subsidiary) in which any Person (other than the Company or any of its Restricted
Subsidiaries) has a joint interest and the net income of any Unrestricted Subsidiary, except to the
extent of the amount of dividends or other distributions actually paid to the Company or any of its
Restricted Subsidiaries by such other Person or such Unrestricted Subsidiary during such period;
(ii) solely for the purposes of calculating the amount of Restricted Payments that may be made
pursuant to clause (C) of the first paragraph of subparagraph (m)(4) (and in such case, except to
the extent includable pursuant to clause (i) above), the net income (or loss) of any Person accrued
prior to the date it becomes a Restricted Subsidiary or is merged into or consolidated with the
Company or any of its Restricted Subsidiaries or all or substantially all of the property and
assets of such Person are acquired by the Company or any of its Restricted Subsidiaries; (iii)
except in the case of any restriction or encumbrance permitted under clause (vi) of subparagraph
(m)(5), the net income of any Restricted Subsidiary to the extent that the declaration or payment
of dividends or similar distributions by such Restricted Subsidiary of such net income is not at
the time permitted by the operation of the terms of its charter or any agreement, instrument,
judgment, decree, order, statute, rule or governmental regulation applicable to such Restricted
Subsidiary; (iv) any gains or losses (on an after-tax basis) attributable to Asset Sales; (v)
except for purposes of calculating the amount of Restricted Payments that may be made pursuant to
clause (C) of the first paragraph of subparagraph (m)(4), any amount paid or accrued as dividends
on Preferred Shares of the Company or any Restricted Subsidiary owned by Persons other than the
Company and any of its Restricted Subsidiaries; and (vi) all extraordinary gains and extraordinary
losses, net of tax.

              “Adjusted Consolidated Net Tangible Assets” means the total amount of assets of the Company
and its Restricted Subsidiaries (less applicable depreciation, amortization and other valuation
reserves), except to the extent resulting from write-ups of capital assets (excluding

24

 

write-ups in connection with accounting for acquisitions in conformity with GAAP), after deducting
therefrom all
current liabilities of the Company and its Restricted Subsidiaries
(excluding intercompany items) and all goodwill, trade names, trademarks, patents, unamortized debt
discount and expense and other like intangibles (other than FCC license acquisition costs), all as
set forth on the most recent quarterly or annual consolidated balance sheet of Dobson and its
Restricted Subsidiaries, prepared in conformity with GAAP and filed with the Commission pursuant to
subparagraph (m)(9).

     “Affiliate” means, as applied to any Person, any other Person directly or indirectly
controlling, controlled by, or under direct or indirect common control with, such Person. For
purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as applied to any Person, means
the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by
contract or otherwise.

     “Asset Acquisition” means (i) an Investment by the Company or any of its Restricted
Subsidiaries in any other Person pursuant to which such Person shall become a Restricted Subsidiary
or shall be merged into or consolidated with the Company or any of its Restricted Subsidiaries;
provided that such Person’s primary business is related, ancillary or complementary to the
businesses of the Company and its Restricted Subsidiaries on the date of such Investment or (ii) an
acquisition by the Company or any of its Restricted Subsidiaries of the property and assets of any
Person other than the Company or any of its Restricted Subsidiaries that constitute substantially
all of a division, operating unit or line of business of such Person; provided that the property
and assets acquired are related, ancillary or complementary to the businesses of the Company and
its Restricted Subsidiaries on the date of such acquisition.

     “Asset Disposition” means the sale or other disposition by the Company or any of its
Restricted Subsidiaries (other than to the Company or another Restricted Subsidiary) of (i) all or
substantially all of the Capital Stock of any Restricted Subsidiary or (ii) all or substantially
all of the assets that constitute a division, operating unit or line of business of the Company or
any of its Restricted Subsidiaries.

     “Asset Sale” means any sale, transfer or other disposition (including by way of merger,
consolidation or sale-leaseback transaction) in one transaction or a series of related transactions
by the Company or any of its Restricted Subsidiaries to any Person other than the Company or any of
its Restricted Subsidiaries of (i) all or any of the Capital Stock of any Restricted Subsidiary,
(ii) all or substantially all of the property and assets of a division, operating unit or business
of the Company or any of its Restricted Subsidiaries or (iii) any other property and assets of the
Company or any of its Restricted Subsidiaries outside the ordinary course of business of the
Company or such Restricted Subsidiary and, in each case, that is not governed by the provisions
described under subparagraph (m)(10); provided that “Asset Sale” shall not include (a) sales,
transfers or other dispositions of inventory, receivables and other current assets in the ordinary
course, (b) sales, transfers, or other dispositions of assets for consideration at least equal to
the fair market value of the assets sold or disposed of, provided that the consideration received
consists of Capital Stock of a Person that becomes a Restricted Subsidiary engaged in, or property
or assets (other than current assets, except to the extent used

25

 

as a bona fide means of equalizing the value of the property or assets involved in a swap
transaction) of a nature or type or that are used in a business (or a company having property or
assets of a nature or type, or engaged in a business) similar or related to the nature or type of
the property and assets of, or business of, the Company and its Restricted Subsidiaries existing on
the date of such sale or other disposition, (c) sales, transfers or other dispositions of assets
constituting a Restricted Payment permitted to be made under subparagraph (m)(4), or (d) sales,
transfers or other dispositions of assets, including issuances of Capital Stock, between or among
the Company and its Restricted Subsidiaries.

     “Average Life” means, at any date of determination with respect to any debt security, the
quotient obtained by dividing (i) the sum of the products of (a) the number of years from such date
of determination to the dates of each successive scheduled principal payment of such debt security
and (b) the amount of such principal payment by (ii) the sum of all such principal payments.

     “Bank Facility Agreement” means the Second Amended and Restated Credit Agreement, dated
February 28, 1997, as amended, among Dobson Operating Company and CoreStates Bank, N.A., First
Union National Bank of North Carolina, NationsBank of Texas, N.A. and the other banks party
thereto, as the same may be further amended, supplemented, extended, renewed, replaced or otherwise
modified from time to time, including the credit agreement contemplated by the New DOC Facility
Commitment Letter, together with all other agreements, instruments and documents executed or
delivered pursuant thereto or in connection therewith, in each case as such agreements, instruments
or documents may be amended, supplemented, extended, renewed, replaced or otherwise modified from
time to time.

     “Board Resolution” means a copy of a resolution, certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors and to be in full
force and effect on the date of such certification, and delivered to the Transfer Agent.

     “Business Day” means any day except a Saturday or Sunday or other day on which commercial
banks in The City of New York are required or authorized by law or other governmental action to be
closed.

     “Capital Stock” means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or non-voting) in equity of
such Person, whether now outstanding or issued after the Issue Date, including, without limitation,
all Common Stock and Preferred Shares.

     “Capitalized Lease” means, as applied to any Person, any lease of any property (whether real,
personal or mixed) of which the discounted present value of the rental obligations of such Person
as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of such
Person.

     “Capitalized Lease Obligations” means the discounted present value of the rental obligations
under a Capitalized Lease.

26

 

     “Change of Control” means (i) any “person” or “group” (within the meaning of Section 13(d) or
14(d)(2) under the Exchange Act) becomes the ultimate “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act) of more than 35% of the total voting power of the Voting Stock of the
Company on a fully diluted basis and such ownership represents a greater percentage of the total
voting power of the Voting Stock of the Company, on a fully diluted basis, than is held by the
Existing Stockholders and their Affiliates on such date; or (ii) individuals who on the Issue Date
constitute the Board of Directors (together with any new directors whose election by the Board of
Directors or whose nomination for election by the Company’s stockholders was approved by a vote of
at least a majority of the members of the Board of Directors then in office who either were members
of the Board of Directors on the Issue Date or whose election or nomination for election was
previously so approved) cease for any reason to constitute a majority of the members of the Board
of Directors then in office; (iii) the sale, lease, transfer, conveyance or other disposition
(other than by way of merger or consolidation), in one or a series of related transactions, of all
or substantially all the combined assets of the Company and its Restricted Subsidiaries, taken as a
whole, to any Person other than a Wholly Owned Restricted Subsidiary or the Existing Stockholder or
any Affiliate thereof; or (iv) the adoption of a plan of liquidation or dissolution of the Company.

     “Class A Common Stock” means the Class A Common Stock, par value $.001 per share, of the
Company.

     “Class A Preferred Stock” means the Class A Non-Voting, Non-Convertible Preferred Stock, par
value $1.00 per share, of the Company.

     “Class D Preferred Stock” means the Class D 15% Convertible Preferred Stock, par value $1.00
per share, of the Company.

     “Class E Preferred Stock” means the Class E Preferred Stock, par value $1.00 per share, of the
Company.

     “Class F Preferred Stock” means the Class F 16% Preferred Stock, par value $1.00 per share, of
the Company.

     “Class G Preferred Stock” means the Class G 16% Convertible Preferred Stock, par value $1.00
per share, of the Company.

     “Class H Preferred Stock” means the Class H Preferred Stock, par value $1.00 per share, of the
Company.

     “Commission” means the Securities and Exchange Commission.

     “Common Stock” means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or non-voting) of such
Person’s equity, other than Preferred Shares of such Person, whether now outstanding or issued
after the Issue Date, including without limitation, all series and classes of such Common Stock.

     “Consolidated EBITDA” means, for any period, Adjusted Consolidated Net Income for such period
plus, to the extent such amount was deducted in calculating Adjusted

27

 

Consolidated Net Income (i) Consolidated Interest Expense, (ii) income taxes (other than
income taxes (either positive or negative) attributable to extraordinary and non-recurring gains or
losses or sales of assets), (iii) depreciation expense, (iv) amortization expense, and (v) all
other non-cash items reducing Adjusted Consolidated Net Income (other than items that will require
cash payments and for which an accrual or reserve is, or is required by GAAP to be, made), less all
non-cash items increasing Adjusted Consolidated Net Income, all as determined on a consolidated
basis for the Company and its Restricted Subsidiaries in conformity with GAAP; provided that, if
any Restricted Subsidiary is not a Wholly Owned Restricted Subsidiary, Consolidated EBITDA shall be
reduced (to the extent not otherwise reduced in accordance with GAAP) by an amount equal to (A) the
amount of the Adjusted Consolidated Net Income attributable to such Restricted Subsidiary
multiplied by (B) the quotient of (1) the number of shares of outstanding Common Stock of such
Restricted Subsidiary not owned on the last day of such period by the Company or any of its
Restricted Subsidiaries divided by (2) the total number of shares of outstanding Common Stock of
such Restricted Subsidiary on the last day of such period.

     “Consolidated Interest Expense” means, for any period, the aggregate amount of interest in
respect of Indebtedness (including, without limitation, amortization of original issue discount on
any Indebtedness and the interest portion of any deferred payment obligation, calculated in
accordance with the effective interest method of accounting; all commissions, discounts and other
fees and charges owed with respect to letters of credit and bankers acceptance financing; the net
costs associated with Interest Rate Agreements; and Indebtedness that is Guaranteed or secured by
the Company or any of its Restricted Subsidiaries) and all but the principal component of rentals
in respect of Capitalized Lease Obligations paid, accrued or scheduled to be paid or to be accrued
by the Company and its Restricted Subsidiaries during such period; excluding, however, any amount
of such interest of any Restricted Subsidiary if the net income of such Restricted Subsidiary is
excluded in the calculation of Adjusted Consolidated Net Income pursuant to clause (iii) of the
definition thereof (but only in the same proportion as the net income of such Restricted Subsidiary
is excluded from the calculation of Adjusted Consolidated Net Income pursuant to clause (iii) of
the definition thereof).

     “Consolidated Leverage Ratio” means, on any Transaction Date, the ratio of (i) the aggregate
amount of Indebtedness of the Company and its Restricted Subsidiaries on a consolidated basis
outstanding on such Transaction Date, to (ii) the product of (A) the aggregate amount of
Consolidated EBITDA of the Company and its Restricted Subsidiaries for the then most recent two
fiscal quarters for which financial statements of the Company have been filed with the Commission
(such two fiscal quarter period being the “Two Quarter Period”) and (B) two; provided that (A) pro
forma effect shall be given to any Indebtedness that is to be Incurred or repaid on the Transaction
Date as if such Incurrence or repayment had occurred on the first day of such Two Quarter Period;
(B) pro forma effect shall be given to Asset Dispositions and Asset Acquisitions (including giving
pro forma effect to the application of proceeds of any Asset Disposition) that occur during the
period beginning on the first day of the Two Quarter Period and ending on the Transaction Date (the
“Reference Period”) as if they had occurred and such proceeds had been applied on the first day of
such Reference Period; and (C) pro forma effect shall be given to asset dispositions and asset
acquisitions (including giving pro forma effect to the application of proceeds of any asset
disposition) that have been made by any Person that has become a Restricted Subsidiary or has been
merged with or into the Company or any Restricted

28

 

Subsidiary during such Reference Period and that would have constituted Asset Dispositions or
Asset Acquisitions had such transactions occurred when such Person was a Restricted Subsidiary as
if such asset dispositions or asset acquisitions were Asset Dispositions or Asset Acquisitions that
occurred on the first day of such Reference Period; provided that to the extent that clause (B) or
(C) of this sentence requires that pro forma effect be given to an Asset Acquisition or Asset
Disposition, such pro forma calculation shall be based upon the two full fiscal quarters
immediately preceding the Transaction Date of the Person, or division, operating unit or line of
business of the Person, that is acquired or disposed of for which financial information is
available.

     “Consolidated Net Worth” means, at any date of determination, stockholders equity as set
forth on the most recently available quarterly or annual consolidated balance sheet of the Company
and its Restricted Subsidiaries (which shall be as of a date not more than 90 days prior to the
date of such computation, and which shall not take into account Unrestricted Subsidiaries), less
any amounts attributable to Disqualified Stock or any equity security convertible into or
exchangeable for Indebtedness, the cost of treasury stock and the principal amount of any
promissory notes receivable from the sale of the Capital Stock of the Company or any of its
Restricted Subsidiaries, each item to be determined in conformity with GAAP (excluding the effects
of foreign currency exchange adjustments under Financial Accounting Standards Board Statement of
Financial Accounting Standards No. 52).

     “Credit Agreement” means one or more debt facilities (including, without limitation, the
Credit Facilities) or commercial paper facilities with banks or other institutional lenders
providing for revolving credit loans, term loans, receivables financing (including through the sale
of receivables to such lenders or to special purpose entities formed to borrow from such lenders
against such receivables) or letters of credit, in each case together with all other agreements,
instruments and documents executed or delivered pursuant thereto or in connection therewith, in
each case as such agreement, other agreements, instruments or documents may be amended,
supplemented, extended, renewed, replaced or otherwise modified from time to time.

     “Credit Facilities” means the DOC Facility and the DCOC Facility and the Dobson/Sygnet
Facility.

     “Currency Agreement” means any foreign exchange contract, currency swap agreement or other
similar agreement or arrangement.

     “DCOC” means Dobson Cellular Operations Company.

     “DCOC Facility” means the credit facilities created and established by the DCOC Facility
Agreement.

     “DCOC Facility Agreement” means the agreement among DCOC, NationsBank of Texas, N.A., First
Union National Bank and Toronto Dominion (Texas), Inc., dated as of March 25, 1998, establishing
the DCOC Facility, together with all other agreements, instruments, and documents executed or
delivered pursuant thereto or in connection therewith, in each case as such agreement, other
agreements, instruments or documents may be amended, supplemented, extended, renewed, replaced or
otherwise modified from time to time.

29

 

     “Disqualified Stock” means any class or series of Capital Stock of any Person that by its
terms or otherwise is (i) required to be redeemed prior to the Mandatory Redemption Date, (ii)
redeemable at the option of the holder of such class or series of Capital Stock at any time prior
to the Mandatory Redemption Date or (iii) convertible into or exchangeable for Capital Stock
referred to in clause (i) or (ii) above or Indebtedness having a scheduled maturity prior to the
Mandatory Redemption Date; provided that any Capital Stock that would not constitute Disqualified
Stock but for provisions thereof giving holders thereof the right to require such Person to
repurchase or redeem such Capital Stock upon the occurrence of a “change of control” occurring
prior to the Mandatory Redemption Date shall not constitute Disqualified Stock if the “change of
control” provisions applicable to such Capital Stock are no more favorable to the holders of such
Capital Stock than the provisions contained in paragraph (h) and such Capital Stock specifically
provides that the issuer of such Capital Stock will not repurchase or redeem any such Capital Stock
pursuant to such provision prior to the Company’s repurchase of such Preferred Stock as is required
to be repurchased pursuant to paragraph (h).

     “Dividend Payment Date” means February 1, May 1, August 1 and November 1 of each year.

     “Dividend Period” means the dividend period commencing on each February 1, May 1, August 1 and
November 1 and ending on the day before the following Dividend Payment Date; provided, however,
that the first such Dividend Period shall commence on the Issue Date.

     “Dobson/Sygnet” means Dobson/Sygnet Communications Company.

     “Dobson/Sygnet Facility” means that certain credit facility established by the Dobson/Sygnet
Facility Agreement.

     “Dobson/Sygnet Facility Agreement” means the Credit Agreement dated as of December 23, 1998,
among Dobson/Sygnet and NationsBank, N.A., together with all other agreements, instruments and
documents, executed or delivered pursuant thereto or in connection therewith, in each case as such
agreements, instruments or documents may be amended, supplemented, extended, renewed, replaced or
otherwise modified from time to time.

     “Dobson/Sygnet Indenture” means the Indenture dated as of December 23, 1998 between
Dobson/Sygnet and United States Trust Company of New York, relating to the Dobson/Sygnet Notes, as
such indenture may be amended, supplemented, extended, renewed, replaced or otherwise modified from
time to time.

     “Dobson/Sygnet Notes” means the 12 1/4% Senior Notes due 2008 to be issued by Dobson/Sygnet
under the Dobson/Sygnet Indenture.

     “DOC Facility” means that certain credit facility created and established by the DOC Facility
Agreement.

     “DOC Facility Agreement” means the Third Amended and Restated Credit Agreement among Dobson
Operating Company, Corestates Bank, N.A., Toronto Dominion (Texas), Inc. and NationsBank of Texas,
N.A., dated as of March 25, 1998, together with all other agreements, instruments and documents
executed or delivered pursuant thereto or in

30

 

connection therewith, in each case as such agreements, instruments or documents may be
amended, supplemented, extended, renewed, replaced or otherwise modified from time to time.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     “Exchange Date” means the closing date of the Company’s exchange offer pursuant to its
Registration Statement on Form S-4, declared effective by the Commission on ___, 2005.

     “Exchange Debentures” means the Company’s 13% Senior Subordinated Debentures due 2009 issued
pursuant to the Exchange Indenture in exchange for the Preferred Stock.

     “Exchange Indenture” means the indenture for the Exchange Debentures, the terms of which may
be modified to the extent the corresponding terms in the Preferred Stock have been modified in
accordance with this Certificate of Designation.

     “Existing Stockholders” means Everett R. Dobson.

     “Fair Market value” means the price that would be paid in an arm’s-length transaction between
an informed and willing seller under no compulsion to sell and an informed and willing buyer under
no compulsion to buy, as determined in good faith by the Board of Directors, whose determination
shall be conclusive if evidenced by a Board Resolution; provided that for purposes of clause (vi)
of the second paragraph of subparagraph (m)(1), (x) the fair market value of any security
registered under the Exchange Act shall be the average of the closing prices, regular way, of such
security for the 20 consecutive trading days immediately preceding the sale of Capital Stock and
(y) in the event the aggregate fair market value of any other property received by the Company
exceeds $10 million, the fair market value of such property shall be determined by a nationally
recognized investment banking firm and set forth in their written opinion which shall be delivered
to the Transfer Agent.

     “FCC” means the Federal Communications Commission.

     “GAAP” means generally accepted accounting principles in the United States of America as in
effect as of the Closing Date, including, without limitation, those set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as approved by a significant segment of the accounting
profession. All ratios and computations contained or referred to in this Certificate of Designation
shall be computed in conformity with GAAP applied on a consistent basis, except that calculations
made for purposes of determining compliance with the terms of the covenants and with other
provisions of this Certificate of Designation shall be made without giving effect to, except as
otherwise provided, the amortization of any amounts required or permitted by Accounting Principles
Board Opinion Nos. 16 and 17.

     “Guarantee” means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Indebtedness or other obligation of any other Person and, without
limiting the generality of the foregoing, any obligation, direct or indirect, contingent or

31

 

otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase
or payment of) such Indebtedness or other obligation of such other Person (whether arising by
virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods,
securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise)
or (ii) entered into for purposes of assuring in any other manner the obligee of such Indebtedness
or other obligation of the payment thereof or to protect such obligee against loss in respect
thereof (in whole or in part); provided that the term “Guarantee” shall not include endorsements
for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb
has a corresponding meaning.

     “Holder” means a holder of shares of Preferred Stock.

     “Incur” means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or
otherwise become liable for or with respect to, or become responsible for, the payment of,
contingently or otherwise, such Indebtedness, including an “Incurrence” of Indebtedness by reason
of a Person becoming a Restricted Subsidiary.

     “Indebtedness” means, with respect to any Person at any date of determination (without
duplication), (i) all indebtedness of such Person for borrowed money, (ii) all obligations of such
Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of
such Person in respect of letters of credit or other similar instruments (including reimbursement
obligations with respect thereto, but excluding obligations with respect to letters of credit
(including trade letters of credit) securing obligations (other than obligations described in (i)
or (ii) above or (v), (vi), (vii) or (viii) below) entered into in the ordinary course of business
of such Person to the extent such letters of credit are not drawn upon or, if drawn upon, to the
extent such drawing is reimbursed no later than the third Business Day following receipt by such
Person of a demand for reimbursement), (iv) all obligations of such Person to pay the deferred and
unpaid purchase price of property or services, which purchase price is due more than six months
after the date of placing such property in service or taking delivery and title thereto or the
completion of such services, except Trade Payables, (v) all obligations of such Person as lessee
under Capitalized Leases, (vi) all Indebtedness of other Persons secured by a Lien on any asset of
such Person, whether or not such Indebtedness is assumed by such Person; provided that the amount
of such Indebtedness shall be the lesser of (A) the fair market value of such asset at such date of
determination and (B) the amount of such Indebtedness, (vii) all Indebtedness of other Persons
Guaranteed by such Person to the extent such Indebtedness is Guaranteed by such Person, (viii) the
maximum fixed redemption or repurchase price of Disqualified Stock (or, in the case of any
Restricted Subsidiary, of Preferred Shares) of such Person outstanding at the time of determination
and (ix) to the extent not otherwise included in this definition, obligations under Currency
Agreements and Interest Rate Agreements. The amount of Indebtedness of any Person at any date shall
be the outstanding balance at such date of all unconditional obligations as described above and,
with respect to contingent obligations, the maximum liability upon the occurrence of the
contingency giving rise to the obligation, provided that (A) the amount outstanding at any time of
any Indebtedness issued with original issue discount is the face amount of such Indebtedness less
the unamortized portion of the original issue discount of such Indebtedness at the time of its
issuance as determined in conformity with GAAP, (B) money borrowed at the time of the Incurrence of
any Indebtedness in order to pre-fund the payment of interest on such Indebtedness shall be deemed
not to be “Indebtedness” and (C) that

32

 

Indebtedness shall not include any liability for federal, state, local or other taxes.

     “Interest Rate Agreement” means any interest rate protection agreement, interest rate future
agreement, interest rate option agreement, interest rate swap agreement, interest rate cap
agreement, interest rate collar agreement, interest rate hedge agreement, option or future contract
or other similar agreement or arrangement.

     “Investment” in any Person means any direct or indirect advance, loan or other extension of
credit (including, without limitation, by way of Guarantee or similar arrangement; but excluding
advances to customers in the ordinary course of business that are, in conformity with GAAP,
recorded as accounts receivable on the balance sheet of the Company or its Restricted Subsidiaries)
or capital contribution to (by means of any transfer of cash or other property to others or any
payment for property or services for the account or use of others), or any purchase or acquisition
of Capital Stock, bonds, notes, debentures or other similar instruments issued by, such Person and
shall include (i) the designation of a Restricted Subsidiary as an Unrestricted Subsidiary and (ii)
the fair market value of the Capital Stock (or any other Investment), held by the Company or any of
its Restricted Subsidiaries, of (or in) any Person that has ceased to be a Restricted Subsidiary
(other than as a result of being designated as an Unrestricted Subsidiary under clause (i) above),
including without limitation, by reason of any transaction permitted by clause (iii) of
subparagraph (m)(6). For purposes of the definition of “Unrestricted Subsidiary” and subparagraph
(m)(4), (i) “Investment” shall include the fair market value of the assets (net of liabilities
(other than liabilities to the Company or any of its Subsidiaries)) of any Restricted Subsidiary at
the time that such Restricted Subsidiary is designated an Unrestricted Subsidiary, (ii) the fair
market value of the assets (net of liabilities (other than liabilities to the Company or any of its
Subsidiaries)) of any Unrestricted Subsidiary at the time that such Unrestricted Subsidiary is
designated a Restricted Subsidiary shall be considered a reduction in outstanding Investments and
(iii) any property transferred to or from an Unrestricted Subsidiary shall be valued at its fair
market value at the time of such transfer.

     “Issue Date” means May 5, 1999.

     “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind
(including, without limitation, any conditional sale or other title retention agreement or lease in
the nature thereof or any agreement to give any security interest).

     “Logix” means Logix Communications Enterprises, Inc., formally named Dobson Wireline Company.

     “Logix Indenture” means the Indenture dated as of June 12, 1998 between Logix and United
States Trust Company of New York, relating to the Logix Notes, as such indenture may be amended,
supplemented, extended, renewed, replaced or otherwise modified from time to time.

     “Logix Notes” means the 12 1/4% Senior Notes due 2008 issued by Logix under

33

 

the Logix Indenture.

     “Mandatory Redemption Date” means May 1, 2009.

     “Memorandum” means the offering memorandum dated April 29, 1999 in connection with the
offering of the Preferred Stock.

     “Moody’s” means Moody’s Investors Service, Inc. and its successors.

     “Net Cash Proceeds” means, (a) with respect to any Asset Sale, the proceeds of such Asset Sale
in the form of cash or cash equivalents, including payments in respect of deferred payment
obligations (to the extent corresponding to the principal, but not interest, component thereof)
when received in the form of cash or cash equivalents (except to the extent such obligations are
financed or sold with recourse to the Company or any Restricted Subsidiary) and proceeds from the
conversion of other property received when converted to cash or cash equivalents, net of (i)
brokerage commissions and other fees and expenses (including fees and expenses of counsel and
investment bankers) related to such Asset Sale, (ii) provisions for all taxes (whether or not such
taxes will actually be paid or are payable) as a result of such Asset Sale without regard to the
consolidated results of operations of the Company and its Restricted Subsidiaries, taken as a
whole, (iii) payments made to repay Indebtedness or any other obligation (owing to a Person other
than the Company or any Subsidiary of the Company) outstanding at the time of such Asset Sale that
either (A) is secured by a Lien on the property or assets sold or (B) is required to be paid as a
result of such sale and (iv) appropriate amounts to be provided by the Company or any Restricted
Subsidiary of the Company as a reserve against any liabilities associated with such Asset Sale,
including, without limitation, pension and other post-employment benefit liabilities, liabilities
related to environmental matters and liabilities under any indemnification obligations associated
with such Asset Sale, all as determined in conformity with GAAP and (b) with respect to any
issuance or sale of Capital Stock, the proceeds of such issuance or sale in the form of cash or
cash equivalents, including payments in respect of deferred payment obligations (to the extent
corresponding to the principal, but not interest, component thereof) when received in the form of
cash or cash equivalents (except to the extent such obligations are financed or sold with recourse
to the Company or any Restricted Subsidiary of the Company) and proceeds from the conversion of
other property received when converted to cash or cash equivalents, net of attorney’s fees,
accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage,
consultant and other fees incurred in connection with such issuance or sale and net of taxes paid
or payable as a result thereof.

     “Offer to Purchase” means an offer by the Company to purchase Preferred Stock from the Holders
commenced by mailing a notice to the Transfer Agent and each Holder stating: (i) the covenant
pursuant to which the offer is being made and that all Preferred Stock validly tendered and not
withdrawn will be accepted for payment on a pro rata basis; (ii) the purchase price and the date of
purchase (which shall be a Business Day no earlier than 30 days nor later than 60 days from the
date such notice is mailed) (the “Payment Date”); (iii) that any Preferred Stock not tendered will
continue to accrue dividends pursuant to its terms; (iv) that, unless the Company defaults in the
payment of the purchase price, any Preferred Stock accepted for

34

 

payment pursuant to the Offer to Purchase shall cease to accrue dividends on and after the Payment
Date; (v) that Holders electing to have Preferred Stock purchased pursuant to the Offer to Purchase
will be required to surrender the Preferred Stock, together with the form entitled “Option of the
Holder to Elect Purchase” on the reverse side of the Preferred Stock completed, to the Paying Agent
at the address specified in the notice prior to the close of business on the Business Day
immediately preceding the Payment Date; (vi) that Holders will be entitled to withdraw their
election if the Paying Agent receives, not later than the close of business on the third Business
Day immediately preceding the Payment Date, a telegram, facsimile transmission or letter setting
forth the name of such Holder, the liquidation preference of Preferred Stock delivered for purchase
and a statement that such Holder is withdrawing its election to have such Preferred Stock
purchased; and (vii) that Holders whose Preferred Stock is being purchased only in part will be
issued new shares of Preferred Stock equal in liquidation preference to the unpurchased portion of
the Preferred Stock surrendered; provided that each share of Preferred Stock purchased and each new
share of Preferred Stock issued shall be in a liquidation preference of $1,000 or integral
multiples thereof. On the Payment Date, the Company shall (i) accept for payment on a pro rata
basis Preferred Stock or portions thereof validly tendered and not withdrawn pursuant to an Offer
to Purchase; (ii) deposit with the Paying Agent money sufficient to pay the purchase price of all
Preferred Stock or portions thereof so accepted; and (iii) deliver, or cause to be delivered, to
the Transfer Agent all Preferred Stock or portions thereof so accepted together with an Officers
Certificate specifying the Preferred Stock or portions thereof accepted for payment by the Company.
The Paying Agent shall promptly mail to the Holders of Preferred Stock so accepted payment in an
amount equal to the purchase price, and the Transfer Agent shall promptly countersign and mail to
such Holders new shares of Preferred Stock equal in liquidation preference to any unpurchased
portion of the Preferred Stock surrendered; provided that each share of Preferred Stock purchased
and each new share of Preferred Stock issued shall be in a liquidation preference of $1,000 or
integral multiples thereof. The Company will publicly announce the results of an Offer to Purchase
as soon as practicable after the Payment Date. The Transfer Agent shall act as the Paying Agent for
an Offer to Purchase. The Company will comply with Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent such laws and regulations are applicable
to an Offer to Purchase.

     “Officer” means (i) the Chairman of the Board, the President, any Vice President or the Chief
Financial Officer and (ii) the Treasurer, any Assistant Treasurer, the Secretary or any Assistant
Secretary.

     “Officers Certificate” means a certificate signed by one Officer listed in clause (i) of the
definition thereof and one Officer listed in clause (ii) of the definition thereof or any two
Officers listed in clause (i) of the definition thereof.

     “Permitted Investment” means (i) an Investment in the Company or a Restricted Subsidiary or a
Person which will, upon the making of such Investment, become a Restricted Subsidiary or be merged
or consolidated with or into or transfer or convey all or substantially all its assets to, the
Company or a Restricted Subsidiary; provided that such Person’s primary business is related,
ancillary or complementary to the businesses of the Company and its Restricted Subsidiaries on the
date of such Investment; (ii) Temporary Cash Investments; (iii)

35

 

payroll, travel and similar advances to cover matters that are expected at the time of such
advances ultimately to be treated as expenses in accordance with GAAP; and (iv) stock, obligations
or securities received in satisfaction of judgments or pursuant to any court supervised plan of
reorganization or similar proceeding; (v) non-cash consideration acquired in any Asset Sale
effected in accordance with the subparagraph (m)(8); and (vi) any acquisitions of assets used, or
Capital Stock of a Person primarily engaged, in a business related, ancillary or complementary to
the business of the Company and its Restricted Subsidiaries solely in exchange for Junior
Securities (other than Disqualified Stock) of the Company.

     “Person” means any individual, corporation, partnership, joint venture, trust, unincorporated
organization or government or any agency or political subdivision thereof.

     “Preferred Shares” means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or non-voting) of such
Person’s preferred or preference equity, whether now outstanding or issued after the Issue Date,
including, without limitation, the Preferred Stock and all other series and classes of such
preferred stock or preference stock.

     “Preferred Stock” means the Company’s 13% Senior Exchangeable Preferred Stock due 2009 issued
by the Company, as further described in paragraph (a).

     “Preferred Stock Exchange Offer” means each registered offer to exchange the Preferred Stock
for Exchange Preferred Stock.

     “Public Equity Offering” means an underwritten primary public offering of Common Stock of the
Company pursuant to an effective registration statement under the Securities Act.

     A “Public Market” shall be deemed to exist if (i) a Public Equity Offering has been
consummated and (ii) at least 15% of the total issued and outstanding Common Stock of the Company
has been distributed by means of an effective registration statement under the Securities Act or
sales pursuant to Rule 144 under the Securities Act.

     “Redemption Date” with respect to any shares of Preferred Stock, means the date on which such
shares of Preferred Stock are redeemed by the Company.

     “Restricted Subsidiary” means any Subsidiary of the Company other than an Unrestricted
Subsidiary.

     “Senior Exchange Debentures” means the Company’s 12-1/4% Senior Subordinated Debentures due
2008 which may be issue by the Company.

     “Senior Exchangeable Preferred Stock” means the Company’s 13% Senior Exchangeable Preferred
Stock due 2009.

36

 

     “Senior Indebtedness” means (i) Indebtedness of the Company under the Senior Notes, the Senior
Note Indenture, the DOC Facility Agreement and the DCOC Facility Agreement and all fees, expenses
and indemnities payable in connection with any of the foregoing and (ii) all other Indebtedness of
the Company, including principal and interest on such Indebtedness, unless such Indebtedness, by
its terms or by the terms of any agreement or instrument pursuant to which such Indebtedness is
issued, would be pari passu with, or subordinated in right of payment to, the Exchange Debentures;
provided that the term “Senior Indebtedness” shall not include (a) any Indebtedness of the Company
that, when Incurred and without respect to any election under Section 1111(b) of the United States
Bankruptcy Code, was without recourse to the Company, (b) any Indebtedness of the Company to a
Subsidiary of the Company or to a joint venture in which the Company has an interest, (c) any
Indebtedness of the Company, to the extent not permitted by subparagraph (m)(1) or subparagraph
(m)(2), (d) the Senior Exchange Debentures, or any other indebtedness of the Company that purports
to be subordinated to any other Indebtedness of the Company, (e) any repurchase, redemption or
other obligation in respect of Disqualified Stock, (f) any Indebtedness to any employee of the
Company or any of its Subsidiaries, (g) any liability for federal, state, local or other taxes owed
or owing by the Company or (h) any Trade Payables. Senior Indebtedness will also include interest
accruing subsequent to events of bankruptcy of the Company at the rate provided for in the document
governing such Senior Indebtedness, whether or not such interest is an allowed claim enforceable
against the debtor in a bankruptcy case under federal bankruptcy law.

     “Senior Note Indenture” means the Indenture dated as of February 28, 1997 between the Company
and United States Trust Company of New York, relating to the Senior Notes, as such indenture may be
amended, supplemented, extended, renewed, replaced or otherwise modified from time to time.

     “Senior Notes” means the 11 3/4% Senior Notes due 2007 issued by the Company under the Senior
Note Indenture.

     “Senior Preferred Stock” means the Company’s 12 1/4% Senior Exchangeable Preferred Stock due
2008 issued by the Company on January 22, 1998 and the Company’s 12- 1/4% Senior Exchangeable
Preferred Stock due 2008 issued on December 23, 1998, including any Preferred Shares issued in
exchange for any of the foregoing pursuant to the registration rights agreement entered into in
connection with the offer and sale of the foregoing securities and all additional shares of the
Company’s 12-1/4% Senior Exchangeable Preferred Stock due 2008 issued as the payment of dividends
on any of the foregoing shares.

     “Significant Subsidiary” means, at any date of determination, any Restricted Subsidiary that,
together with its Subsidiaries, (i) for the most recent fiscal year of the Company, accounted for
more than 10% of the consolidated revenues of the Company and its Restricted Subsidiaries or (ii)
as of the end of such fiscal year, was the owner of more than 10% of the consolidated assets of the
Company and its Restricted Subsidiaries, all as set forth on the most recently available
consolidated financial statements of the Company for such fiscal year.

     “S&P” means Standard & Poor’s Ratings Services and its successors.

     “Stated Maturity” means, (i) with respect to any indebtedness, the date specified

37

 

in such indebtedness as the fixed date on which the final installment of principal of such
indebtedness is due and payable and (ii) with respect to any scheduled installment of principal of
or interest on any Indebtedness, the date specified in such Indebtedness as the fixed date on which
such installment is due and payable.

     “Subsidiary” means, with respect to any Person, any corporation, association or other business
entity of which more than 50% of the voting power of the outstanding Voting Stock is owned,
directly or indirectly, by such Person and one or more other Subsidiaries of such Person.

     “Temporary Cash Investment” means any of the following: (i) direct obligations of the United
States of America or any agency thereof or obligations fully and unconditionally guaranteed by the
United States of America or any agency thereof having maturities of not more than one year from the
date of acquisition, (ii) time deposit accounts, certificates of deposit and money market deposits
maturing within 180 days of the date of acquisition thereof issued by a bank or trust company which
is organized under the laws of the United States of America, any state thereof or any foreign
country recognized by the United States, and which bank or trust company has capital, surplus and
undivided profits aggregating in excess of $50 million (or the foreign currency equivalent thereof)
and has outstanding debt which is rated “A” (or such similar equivalent rating) or higher by at
least one nationally recognized statistical rating organization (as defined in Rule 436 under the
Securities Act) or any money-market fund sponsored by a registered broker dealer or mutual fund
distributor, (iii) repurchase obligations with a term of not more than 30 days for underlying
securities of the types described in clause (i) above entered into with a bank meeting the
qualifications described in clause (ii) above, (iv) commercial paper, maturing not more than 90
days after the date of acquisition, issued by a corporation (other than an Affiliate of the
Company) organized and in existence under the laws of the United States of America, any state
thereof or any foreign country recognized by the United States of America with a rating at the time
as of which any investment therein is made of “P-1” (or higher) according to Moody’s or “A-1” (or
higher) according to S&P, and (v) securities with maturities of six months or less from the date of
acquisition issued or fully and unconditionally guaranteed by any state, commonwealth or territory
of the United States of America, or by any political subdivision or taxing authority thereof, and
rated at least “A” or such similar equivalent or higher by S&P or Moody’s.

     “Trade Payables” means, with respect to any Person, any accounts payable or any other
indebtedness or monetary obligation to trade creditors created, assumed or Guaranteed by such
Person or any of its Subsidiaries arising in the ordinary course of business in connection with the
acquisition of goods or services.

     “Transaction Date” means, with respect to the Incurrence of any Indebtedness by the Company or
any of its Restricted Subsidiaries, the date such Indebtedness is to be Incurred and, with respect
to any Restricted Payment, the date such Restricted Payment is to be made.

     “Transfer Agent” means UMB Bank, N.A.

     “Unrestricted Subsidiary” means (i) Logix, Dobson Tower Company or any other Subsidiary of the
Company that at the time of determination after the Issue Date shall be

38

 

designated an Unrestricted Subsidiary by the Board of Directors in the manner provided below and
(ii) any Subsidiary of an Unrestricted Subsidiary. The Board of Directors may designate any
Restricted Subsidiary (including any newly acquired or newly formed Subsidiary of the Company) to
be an Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of, or owns or holds
any Lien on any property of, the Company or any Restricted Subsidiary; provided that (A) any
Guarantee by the Company or any Restricted Subsidiary of any Indebtedness of the Subsidiary being
so designated shall be deemed an “Incurrence” of such Indebtedness and an “Investment” by the
Company or such Restricted Subsidiary (or both, if applicable) at the time of such designation; (B)
either (I) the Subsidiary to be so designated has total assets of $1,000 or less or (II) if such
Subsidiary has assets greater than $1,000, such designation would be permitted under subparagraph
(m)(4) and (C) if applicable, the Incurrence of Indebtedness and the Investment referred to in
clause (A) of this proviso would be permitted under subparagraphs (m)(1) and (m)(4). The Board of
Directors may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that
immediately after giving effect to such designation (x) all Liens and Indebtedness of such
Unrestricted Subsidiary outstanding immediately after such designation would, if Incurred at such
time, have been permitted to be incurred for all purposes of this Certificate of Designation and
(y) no Voting Rights Triggering Event, or an event which with the giving of notice or the passage
of time, or both, would become a Voting Rights Triggering Event, shall have occurred and be
continuing. Any such designation by the Board of Directors shall be evidenced to the Transfer Agent
by promptly providing the Transfer Agent a copy of the Board Resolution giving effect to such
designation and an Officers’ Certificate certifying that such designation complied with the
foregoing provisions.

     “Voting Stock” means with respect to any Person, Capital Stock of any class or kind ordinarily
having the power to vote for the election of directors, managers or other voting members of the
governing body of such Person.

     “Wholly Owned” means, with respect to any Subsidiary of any Person, the ownership of all of
the outstanding Capital Stock of such Subsidiary (other than any director’s qualifying shares or
Investments by foreign nationals mandated by applicable law) by such Person or one or more Wholly
Owned Subsidiaries of such Person.

     (o) TRANSFER AND LEGENDING OF SHARES. (i) No transfer of shares of the Preferred Stock shall
be effective until such transfer is registered on the books of the Company. Until registered under
the Securities Act, the expiration of the time period referred to in Rule 144(k) (as then in
effect) under the Securities Act from the Issue Date, or the Company and the Holder of such shares
otherwise agree, all shares of Preferred Stock other than the Registered Preferred Stock and
Additional Registered Preferred Stock (together with any dividends thereon paid in additional
shares of Preferred Stock) (the Preferred Stock subject to this paragraph (o) being the “Restricted
Preferred Stock”) shall bear the following legend:

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR IN ACCORDANCE WITH AN APPLICABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (SUBJECT TO THE DELIVERY OF SUCH
EVIDENCE, IF ANY,

39

 

REQUIRED UNDER THE CERTIFICATE OF DESIGNATIONS OR THE EXCHANGE INDENTURE, AS APPLICABLE,
PURSUANT TO WHICH THIS SECURITY IS ISSUED) AND IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF
ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. EACH PURCHASER OF THE SECURITY EVIDENCED
HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A OR ANOTHER EXEMPTION UNDER THE SECURITIES
ACT. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF DOBSON COMMUNICATIONS
CORPORATION THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1)(A) TO A
PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (B) IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED
STATES TO A FOREIGN PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 UNDER THE
SECURITIES ACT OR (D) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), AS LONG AS
THE REGISTRAR RECEIVES A CERTIFICATION OF THE TRANSFEROR AND AN OPINION OF COUNSEL THAT SUCH
TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (2) TO DOBSON COMMUNICATIONS CORPORATION OR (3)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION
AND (B) THE HOLDER WILL AND EACH SUBSEQUENT HOLDER IS REQUIRED TO NOTIFY ANY PURCHASER FROM IT OF
THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTION SET FORTH IN (A) ABOVE.

     (ii) The Transfer Agent shall refuse to register any attempted transfer of shares of
Restricted Preferred Stock not in compliance with this paragraph (o).

     (iii) In connection with proposed transfers of Restricted Preferred Stock described in Exhibit
A or Exhibit B, the Transfer Agent or the Company may require the transferor or transferee, as the
case may be, to deliver the appropriate letter attached hereto as Exhibits A or B. Each Holder of
Restricted Preferred Stock shall notify the Company or the Transfer Agent in the event of any
transfer by such Holder of any shares of Restricted Preferred Stock to a foreign transferee.

40

 

     IN WITNESS WHEREOF, Dobson Communications Corporation has caused this Certificate of
Designation to be executed in its corporate name by Ronald L. Ripley, its Vice President, and
attested by Trent LeForce, its Assistant Secretary, this [ ] day of [           ], 2005.

	 	 	 	 	 
	 	 	DOBSON COMMUNICATIONS CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Name: Ronald L. Ripley
	 	 	Title: Vice President

Attest:

	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	Name: Trent LeForce	 	 
	            Title: Assistant Secretary	 	 

[corporate seal]

41

 

EXHIBIT A

Form of Certificate to Be

Delivered in Connection
with

Transfers to Non-QIB Accredited Investors

_______________, ____

	 	 	 	 	 
	United States Trust Company of New York
	114 W. 47th Street
	New York, NY 10036-1532
	 
	Attention:	 	Corporate Trust Department
	 

	 	 	 
	Re:	 	Dobson Communications Corporation (the “Company”)
	 	 	Senior Exchangeable Preferred Stock (the “Securities”)

Dear Ladies and Gentlemen:

     In connection with our proposed purchase of ___shares of the Securities, we confirm that:

     1. We understand that any subsequent transfer of the Securities is subject to certain
restrictions and conditions set forth in the Certificate of Designation relating to the Securities
(the “Certificate of Designation”) and the undersigned agrees to be bound by, and not to resell,
pledge or otherwise transfer the Securities except in compliance with, such restrictions and
conditions and the Securities Act of 1933, as amended (the “Securities Act”).

     2. We understand that the offer and sale of the Securities have not been registered under the
Securities Act, and that the Securities may not be offered or sold except as permitted in the
following sentence. We agree, on our own behalf and on behalf of any accounts for which we are
acting as hereinafter stated, that if we should sell any Securities, we will do so only (A) to the
Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a
“qualified institutional buyer” (as defined therein), (C) inside the United States to an
institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D
under the Securities Act) that, prior to such transfer, furnishes to you a signed letter
substantially in the form of this letter and, if such transfer is in respect of Securities having
an aggregate liquidation preference at the time of transfer of less than $100,000, an opinion of
counsel acceptable to the Company that such transfer is in compliance with the Securities Act, (D)
outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E)
pursuant to the exemption from registration provided by Rule 144 under the Securities Act (if
available) or (F) pursuant to an effective registration statement under the Securities Act, and we
further agree to provide to any person purchasing any of the Securities from us a notice advising
such purchaser that resales of the Securities are restricted as stated herein.

     3. We understand that, on any proposed resale of any Securities, we will be required to
furnish to you and the Company such certifications, legal opinions and other information as you and
the Company may reasonably require to confirm that the proposed sale

 

 

complies with the foregoing restrictions. We further understand that the Securities purchased
by us will bear a legend to the effect set out in paragraph 2.

     4. We are an institutional “accredited investor” and have such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and risks of our
investment in the Securities, and we and any accounts for which we are acting are each able to bear
the economic risk of our or its investment.

     5. We are acquiring the Securities purchased by us for our own account or for one or more
accounts (each of which is an institutional “accredited investor”) as to each of which we exercise
sole investment discretion.

     6. We are not acquiring the Securities with a view to a distribution thereof or with any
present intention of offering or selling any of the Securities, except as permitted above; provided
that the disposition of our property and property of our accounts for which we are acting as
fiduciary will remain at all times within our control.

     You and the Company are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby.

	 	 	 
	 	Very truly yours,
	 
	 	[Name of Holder]
	 
	 	By:	 
	 	 	Authorized Signature

 

 

EXHIBIT B

Form of Certificate to Be Delivered

in Connection with Transfers

Pursuant to Regulation S

_______________, ____

	 	 	 	 	 
	United States Trust Company of New York
	114 W. 47th Street
	New York, NY 10036-1532
	 
	Attention: Corporate Trust Department
	 

	 	 	 
	Re:	 	Dobson Communications Corporation (the “Company”)
	 	 	Senior Exchangeable Preferred Stock (the “Securities”)

     Dear Ladies and Gentlemen:

     In connection with our proposed sale of ___shares of the Securities, we confirm that such
sale has been effected pursuant to and in accordance with Regulation S under the Securities Act of
1933, as amended (the “Securities Act”), and, accordingly, we represent that:

     (1) the offer of the Securities was not made to a person in the United States;

     (2) at the time the buy order was originated, the transferee was outside the United States or
we and any person acting on our behalf reasonably believed that the transferee was outside the
United States;

     (3) no directed selling efforts have been made in the United States in contravention of the
requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and

     (4) the transaction is not part of a plan or scheme to evade the registration requirements of
the Securities Act.

     You and the Company are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby. Terms used in this
certificate have the meanings set forth in Regulation S.

	 	 	 
	 	Very truly yours,
	 
	 	[Name of Holder]
	 
	 	By:	 
	 	 	Authorized Signature

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