Document:

<PAGE>   1
                                                                     Exhibit 4.1

                           JUPITER MEDIA METRIX, INC.

                                       AND

                     AMERICAN STOCK TRANSFER & TRUST COMPANY

                                  RIGHTS AGENT

                        PREFERRED STOCK RIGHTS AGREEMENT

                            DATED AS OF MAY 17, 2001
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<TABLE>
<CAPTION>
                                TABLE OF CONTENTS
<S>                                                                                             <C>
Section 1.    Certain Definitions ...........................................................     1

Section 2.    Appointment of Rights Agent ...................................................     7

Section 3.    Issuance of Rights Certificates ...............................................     7

Section 4.    Form of Rights Certificates ...................................................     9

Section 5.    Countersignature and Registration .............................................     9

Section 6.    Transfer, Split Up, Combination and Exchange of Rights Certificates;
              Mutilated, Destroyed, Lost or Stolen Rights Certificates ......................    10

Section 7.    Exercise of Rights; Exercise Price; Expiration Date of Rights .................    11

Section 8.    Cancellation and Destruction of Rights Certificates ...........................    13

Section 9.    Reservation and Availability of Preferred Shares ..............................    13

Section 10.   Record Date ...................................................................    14

Section 11.   Adjustment of Exercise Price, Number of Shares or Number of Rights ............    14

Section 12.   Certificate of Adjusted Exercise Price or Number of Shares ....................    21

Section 13.   Consolidation, Merger or Sale or Transfer of Assets or Earning Power ..........    21

Section 14.   Fractional Rights and Fractional Shares .......................................    25

Section 15.   Rights of Action ..............................................................    26

Section 16.   Agreement of Rights Holders ...................................................    27

Section 17.   Rights Certificate Holder Not Deemed a Stockholder ............................    27

Section 18.   Concerning the Rights Agent ...................................................    27

Section 19.   Merger or Consolidation or Change of Name of Rights Agent .....................    28

Section 20.   Duties of Rights Agent ........................................................    28

Section 21.   Change of Rights Agent ........................................................    30

Section 22.   Issuance of New Rights Certificates ...........................................    31
</TABLE>
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<TABLE>
<S>                                                                                             <C>
Section 23.   Redemption ....................................................................    31

Section 24.   Exchange ......................................................................    32

Section 25.   Notice of Certain Events ......................................................    34

Section 26.   Notices .......................................................................    34

Section 27.   Supplements and Amendments ....................................................    35

Section 28.   Successors ....................................................................    35

Section 29.   Determinations and Actions by the Board of Directors, etc. ....................    35

Section 30.   Benefits of this Agreement ....................................................    36

Section 31.   Severability ..................................................................    36

Section 32.   Governing Law .................................................................    36

Section 33.   Counterparts ..................................................................    36

Section 34.   Descriptive Headings ..........................................................    36

EXHIBITS

Exhibit A  Form of Certificate of Designation
Exhibit B  Form of Rights Certificate
</TABLE>

                                       ii

<PAGE>   4
                        PREFERRED STOCK RIGHTS AGREEMENT

         This Preferred Stock Rights Agreement is dated as of May 17, 2001
between Jupiter Media Metrix, Inc., a Delaware corporation, and American Stock
Transfer & Trust Company as Rights Agent.

         On May 16, 2001 (the "RIGHTS DIVIDEND DECLARATION DATE"), the Board of
Directors of the Company authorized and declared a dividend of one Preferred
Share Purchase Right (a "RIGHT") for each Common Share (as hereinafter defined)
of the Company outstanding as of the Close of Business (as hereinafter defined)
on June 1, 2001 (the "RECORD DATE"), each Right representing the right to
purchase one one-thousandth (0.001) of a share of Series A Participating
Preferred Stock (as such number may be adjusted pursuant to the provisions of
this Agreement), having the rights, preferences and privileges set forth in the
form of Certificate of Designations of Rights, Preferences and Privileges of
Series A Participating Preferred Stock attached here to as Exhibit A, upon the
terms and subject to the conditions herein set forth, and further authorized and
directed the issuance of one Right (as such number may be adjusted pursuant to
the provisions of this Agreement) with respect to each Common Share that shall
become outstanding between the Record Date and the earlier of the Distribution
Date and the Expiration Date (as such terms are hereinafter defined), and in
certain circumstances after the Distribution Date.

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

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

               (a) "ACQUIRING PERSON" shall mean any Person who or which,
together with all Affiliates and Associates of such Person, shall be the
Beneficial Owner of 15% or more of the Common Shares then outstanding, but shall
not include (i) the Company, any Subsidiary of the Company or any employee
benefit plan of the Company or of any Subsidiary of the Company, or any entity
holding Common Shares for or pursuant to the terms of any such plan or (2) The
NPD Group, Inc. (the "PERMITTED INVESTOR"), or any of its Affiliates or
Associates (collectively with the Permitted Investor, the "INVESTOR GROUP") to
the extent that the members of the Investor Group shall beneficially own in the
aggregate up to, but not exceeding 20% of the Common Shares of the Company then
outstanding. Notwithstanding the foregoing, no Person shall be deemed to be an
Acquiring Person as the result of an acquisition of Common Shares by the Company
which, by reducing the number of shares outstanding, increases the proportionate
number of shares beneficially owned by such Person to 15% or more of the Common
Shares of the Company then outstanding (or in the case of the Investor Group,
more than 20% of the Common Shares then outstanding); provided, however, that if
a Person shall become the Beneficial Owner of 15% or more of the Common Shares
of the Company then outstanding (or in the case of the Investor Group, more than
20% of the Common Shares then outstanding) by reason of share purchases by the
Company and shall, after such share purchases by the Company, become the
Beneficial Owner of any additional Common Shares of the Company (other than
pursuant to a dividend or distribution paid or made by the Company on the
outstanding Common Shares in Common Shares or pursuant to a split or subdivision
of the
<PAGE>   5
outstanding Common Shares), then such Person shall be deemed to be an Acquiring
Person unless upon becoming the Beneficial Owner of such additional Common
Shares of the Company such Person does not beneficially own 15% or more of the
Common Shares of the Company then outstanding (or in the case of the Investor
Group, more than 20% of the Common Shares then outstanding). Notwithstanding the
foregoing, (i) if the Company's Board of Directors determines in good faith that
a Person who would otherwise be an "Acquiring Person," as defined pursuant to
the foregoing provisions of this paragraph (a), has become such inadvertently
(including, without limitation, because (A) such Person was unaware that it
beneficially owned a percentage of the Common Shares that would otherwise cause
such Person to be an "Acquiring Person," as defined pursuant to the foregoing
provisions of this paragraph (a), or (B) such Person was aware of the extent of
the Common Shares it beneficially owned but had no actual knowledge of the
consequences of such beneficial ownership under this Agreement) and without any
intention of changing or influencing control of the Company, and if such Person
divested or divests as promptly as practicable a sufficient number of Common
Shares so that such Person would no longer be an "Acquiring Person," as defined
pursuant to the foregoing provisions of this paragraph (a), then such Person
shall not be deemed to be or to have become an "Acquiring Person" for any
purposes of this Agreement; and (ii) if, as of the date hereof, any Person is
the Beneficial Owner of 15% or more of the Common Shares outstanding (or in the
case of the Investor Group, more than 20% of the Common Shares then
outstanding), such Person shall not be or become an "Acquiring Person," as
defined pursuant to the foregoing provisions of this paragraph (a), unless and
until such time as such Person shall become the Beneficial Owner of additional
Common Shares (other than pursuant to a dividend or distribution paid or made by
the Company on the outstanding Common Shares in Common Shares or pursuant to a
split or subdivision of the outstanding Common Shares), unless, upon becoming
the Beneficial Owner of such additional Common Shares, such Person is not then
the Beneficial Owner of 15% or more of the Common Shares then outstanding (or in
the case of the Investor Group, more than 20% of the Common Shares then
outstanding).

               (b) "ADJUSTMENT FRACTION" shall have the meaning set forth in
Section 11(a)(i) hereof.

               (c) "AFFILIATE" and "ASSOCIATE" shall have the respective
meanings ascribed to such terms in Rule 12b-2 of the General Rules and
Regulations under the Exchange Act, as in effect on the date of this Agreement.

               (d) A Person shall be deemed the "BENEFICIAL OWNER" of and shall
be deemed to "beneficially own" any securities:

                    (i) which such Person or any of such Person's Affiliates or
Associates beneficially owns, directly or indirectly, for purposes of Section
13(d) of the Exchange Act and Rule 13d-3 thereunder (or any comparable or
successor law or regulation);

                    (ii) which such Person or any of such Person's Affiliates or
Associates has (A) the right to acquire (whether such right is exercisable
immediately or only after the passage of time) pursuant to any agreement,
arrangement or understanding (other than customary agreements with and between
underwriters and selling group members with respect to a bona fide public
offering of securities), or upon the exercise of conversion rights, exchange

                                       2
<PAGE>   6
rights, rights (other than the Rights), warrants or options, or otherwise;
provided, however, that a Person shall not be deemed pursuant to this Section
1(d)(ii)(A) to be the Beneficial Owner of, or to beneficially own, (1)
securities tendered pursuant to a tender or exchange offer made by or on behalf
of such Person or any of such Person's Affiliates or Associates until such
tendered securities are accepted for purchase or exchange, or (2) securities
which a Person or any of such Person's Affiliates or Associates may be deemed to
have the right to acquire pursuant to any merger or other acquisition agreement
between the Company and such Person (or one or more of its Affiliates or
Associates) if such agreement has been approved by the Board of Directors of the
Company prior to there being an Acquiring Person; or (B) the right to vote
pursuant to any agreement, arrangement or understanding; provided, however, that
a Person shall not be deemed the Beneficial Owner of, or to beneficially own,
any security under this Section 1(d)(ii)(B) if the agreement, arrangement or
understanding to vote such security (1) arises solely from a revocable proxy or
consent given to such Person in response to a public proxy or consent
solicitation made pursuant to, and in accordance with, the applicable rules and
regulations of the Exchange Act and (2) is not also then reportable on Schedule
13D under the Exchange Act (or any comparable or successor report); or

                    (iii) which are beneficially owned, directly or indirectly,
by any other Person (or any Affiliate or Associate thereof) with which such
Person or any of such Person's Affiliates or Associates has any agreement,
arrangement or understanding, whether or not in writing (other than customary
agreements with and between underwriters and selling group members with respect
to a bona fide public offering of securities) for the purpose of acquiring,
holding, voting (except to the extent contemplated by the proviso to Section
1(d)(ii)(B)) or disposing of any securities of the Company; provided, however,
that in no case shall an officer or director of the Company be deemed (x) the
Beneficial Owner of any securities beneficially owned by another officer or
director of the Company solely by reason of actions undertaken by such persons
in their capacity as officers or directors of the Company or (y) the Beneficial
Owner of securities held of record by the trustee of any employee benefit plan
of the Company or any Subsidiary of the Company for the benefit of any employee
of the Company or any Subsidiary of the Company, other than the officer or
director, by reason of any influence that such officer or director may have over
the voting of the securities held in the plan.

               (e) "BUSINESS DAY" shall mean any day other than a Saturday,
Sunday or a day on which banking institutions in New York are authorized or
obligated by law or executive order to close.

               (f) "CLOSE OF BUSINESS" on any given date shall mean 5:00 P. M.,
New York time, on such date; provided, however, that if such date is not a
Business Day it shall mean 5:00 P.M., New York time, on the next succeeding
Business Day.

               (g) "COMMON SHARES" when used with reference to the Company shall
mean the shares of Common Stock of the Company, par value $0.01 per share.
Common Shares when used with reference to any Person other than the Company
shall mean the capital stock (or equity interest) with the greatest voting power
of such other Person or, if such other Person is a Subsidiary of another Person,
the Person or Persons which ultimately control such first-mentioned Person.

                                       3
<PAGE>   7
               (h) "COMMON STOCK EQUIVALENTS" shall have the meaning set forth
in Section 11(a)(iii) hereof.

               (i) "COMPANY" shall mean Jupiter Media Metrix, Inc., a Delaware
corporation, subject to the terms of Section 13(a)(iii)(C) hereof.

               (j) "CURRENT PER SHARE MARKET PRICE" of any security (a
"Security" for purposes of this definition), for all computations other than
those made pursuant to Section 11(a)(iii) hereof, shall mean the average of the
daily closing prices per share of such Security for the thirty (30) consecutive
Trading Days immediately prior to such date, and for purposes of computations
made pursuant to Section 11(a)(iii) hereof, the Current Per Share Market Price
of any Security on any date shall be deemed to be the average of the daily
closing prices per share of such Security for the ten (10) consecutive Trading
Days immediately prior to such date; provided, however, that in the event that
the Current Per Share Market Price of the Security is determined during a period
following the announcement by the issuer of such Security of (i) a dividend or
distribution on such Security payable in shares of such Security or securities
convertible into such shares or (ii) any subdivision, combination or
reclassification of such Security, and prior to the expiration of the applicable
thirty (30) Trading Day or ten (10) Trading Day period, after the ex-dividend
date for such dividend or distribution, or the record date for such subdivision,
combination or reclassification, then, and in each such case, the Current Per
Share Market Price shall be appropriately adjusted to reflect the current market
price per share equivalent of such Security. The closing price for each day
shall be the last sale price, regular way, or, in case no such sale takes place
on such day, the average of the closing bid and asked prices, regular way, in
either case as reported in the principal consolidated transaction reporting
system with respect to securities listed or admitted to trading on the Nasdaq
or, if the Security is not listed or admitted to trading on the Nasdaq, as
reported in the principal consolidated transaction reporting system with respect
to securities listed on the principal national securities exchange on which the
Security is listed or admitted to trading or, if the Security is not listed or
admitted to trading on any national securities exchange, the last sale price or,
if such last sale price is not reported, the average of the high bid and low
asked prices in the over-the-counter market, as reported by the Nasdaq or such
other system then in use, or, if on any such date the Security is not quoted by
any such organization, the average of the closing bid and asked prices as
furnished by a professional market maker making a market in the Security
selected by the Board of Director s of the Company. If on any such date no
market maker is making a market in the Security, the fair value of such shares
on such date as determined in good faith by the Board of Directors of the
Company shall be used. If the Preferred Shares are not publicly traded, the
Current Per Share Market Price of the Preferred Shares shall be conclusively
deemed to be the product of (x) the Current Per Share Market Price of the Common
Shares as determined pursuant to this Section 1(j), as appropriately adjusted to
reflect any stock split, stock dividend or similar transaction occurring after
the date hereof, multiplied by (y) 1000. If the Security is not publicly held or
so listed or traded, Current Per Share Market Price shall mean the fair value
per share as determined in good faith by the Board of Directors of the Company,
whose determination shall be described in a statement filed with the Rights
Agent and shall be conclusive for all purposes.

               (k) "CURRENT VALUE" shall have the meaning set forth in Section
11(a)(iii) hereof.

                                       4
<PAGE>   8
               (l) "DISTRIBUTION DATE" shall mean the earlier of (i) the Close
of Business on the tenth day (or such later date as may be determined by action
of the Company's Board of Directors) after the Shares Acquisition Date (or, if
the tenth day after the Shares Acquisition Date occurs before the Record Date,
the Close of Business on the Record Date) or (ii) the Close of Business on the
tenth Business Day (or such later date as may be determined by action of the
Company's Board of Directors) after the date that a tender or exchange offer by
any Person (other than the Company, any Subsidiary of the Company, any employee
benefit plan of the Company or of any Subsidiary of the Company, or any Person
or entity organized, appointed or established by the Company for or pursuant to
the terms of any such plan) is first published or sent or given within the
meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange
Act, if, assuming the successful consummation thereof, such Person would be an
Acquiring Person, in either instance other than pursuant to a Qualified Offer.

               (m) "EQUIVALENT SHARES" shall mean Preferred Shares and any other
class or series of capital stock of the Company which is entitled to the same
rights, privileges and preferences as the Preferred Shares.

               (n) "EXCHANGE ACT" shall mean the Securities Exchange Act of
1934, as amended.

               (o) "EXCHANGE RATIO" shall have the meaning set forth in Section
24(a) hereof.

               (p) "EXERCISE PRICE" shall have the meaning set forth in Section
4(a) hereof.

               (q) "EXPIRATION DATE" shall mean the earliest to occur of: (i)
the Close of Business on the Final Expiration Date, (ii) the Redemption Date, or
(iii) the time at which the Board of Directors orders the exchange of the Rights
as provided in Section 24 hereof.

               (r) "FINAL EXPIRATION DATE" shall mean June 1, 2011.

               (s) "NASDAQ" shall mean the National Association of Securities
Dealers, Inc. Automated Quotations System.

               (t) "PERSON" shall mean any individual, firm, corporation or
other entity, and shall include any successor (by merger or otherwise) of such
entity.

               (u) "POST-EVENT TRANSFEREE" shall have the meaning set forth in
Section 7(e) hereof.

               (v) "PREFERRED SHARES" shall mean shares of Series A
Participating Preferred Stock, par value $0.01 per share, of the Company.

               (w) "PRE-EVENT TRANSFEREE" shall have the meaning set forth in
Section 7(e) hereof.

                                       5
<PAGE>   9
               (x) "PRINCIPAL PARTY" shall have the meaning set forth in Section
13(b) hereof.

               (y) "QUALIFIED OFFER" shall have the meaning set forth in Section
11(a) hereof.

               (z) "RECORD DATE" shall have the meaning set forth in the
recitals at the beginning of this Agreement.

               (aa) "REDEMPTION DATE" shall have the meaning set forth in
Section 23(a) hereof.

               (bb) "REDEMPTION PRICE" shall have the meaning set forth in
Section 23(a) hereof.

               (cc) "RIGHTS AGENT" shall mean (i) American Stock Transfer &
Trust Company, (ii) its successor or replacement as provided in Sections 19 and
21 hereof or (iii) any additional Person appointed pursuant to Section 2 hereof.

               (dd) "RIGHTS CERTIFICATE" shall mean a certificate substantially
in the form attached hereto as Exhibit B.

               (ee) "RIGHTS DIVIDEND DECLARATION DATE" shall have the meaning
set forth in the recitals at the beginning of this Agreement.

               (ff) "SECTION 11(a)(ii) TRIGGER DATE" shall have the meaning set
forth in Section 11(a)(iii) hereof.

               (gg) "SECTION 13 EVENT" shall mean any event described in clause
(i), (ii) or (iii) of Section 13(a) hereof.

               (hh) "SECURITIES ACT" shall mean the Securities Act of 1933, as
amended.

               (ii) "SHARES ACQUISITION DATE" shall mean the first date of
public announcement (which, for purposes of this definition, shall include,
without limitation, a report filed pursuant to Section 13(d) under the Exchange
Act) by the Company or an Acquiring Person that an Acquiring Person has become
such (other than pursuant to a Qualified Offer); provided that, if such Person
is determined not to have become an Acquiring Person pursuant to Section 1(a)
hereof, then no Shares Acquisition Date shall be deemed to have occurred.

               (jj) "SPREAD" shall have the meaning set forth in Section
11(a)(iii) hereof.

               (kk) "SUBSIDIARY" of any Person shall mean any corporation or
other entity of which an amount of voting securities sufficient to elect a
majority of the directors or Persons having similar authority of such
corporation or other entity is beneficially owned,

                                       6
<PAGE>   10
directly or indirectly, by such Person, or any corporation or other entity
otherwise controlled by such Person.

               (ll) "SUBSTITUTION PERIOD" shall have the meaning set forth in
Section 11(a)(iii) hereof.

               (mm) "SUMMARY OF RIGHTS" shall mean a summary of this Agreement
substantially in the form attached hereto as Exhibit C.

               (nn) "TOTAL EXERCISE PRICE" shall have the meaning set forth in
Section 4(a) hereof.

               (oo) "TRADING DAY" shall mean a day on which the principal
national securities exchange on which a referenced security is listed or
admitted to trading is open for the transaction of business or, if a referenced
security is not listed or admitted to trading on any national securities
exchange, a Business Day.

               (pp) A "TRIGGERING EVENT" shall be deemed to have occurred upon
any Person becoming an Acquiring Person.

     Section 2. Appointment of Rights Agent. The Company hereby appoints the
Rights Agent to act as agent for the Company and the holders of the Rights (who,
in accordance with Section 3 hereof, shall prior to the Distribution Date also
be the holders of the Common Shares) in accordance with the terms and conditions
hereof, and the Rights Agent hereby accepts such appointment. The Company may
from time to time appoint such co-Rights Agents as it may deem necessary or
desirable, upon ten (10) days' prior written notice to the Rights Agent. The
Rights Agent shall have no duty to supervise, and shall in no event be liable
for, the acts or omissions of any co-Rights Agent.

     Section 3. Issuance of Rights Certificates.

               (a) Until the Distribution Date, (i) the Rights will be evidenced
(subject to the provisions of Sections 3(b) and 3(c) hereof) by the certificates
for Common Shares registered in the names of the holders thereof (which
certificates shall also be deemed to be Rights Certificates) and not by separate
Rights Certificates and (ii) the right to receive Rights Certificates will be
transferable only in connection with the transfer of Common Shares. Until the
earlier of the Distribution Date or the Expiration Date, the surrender for
transfer of certificates for Common Shares shall also constitute the surrender
for transfer of the Rights associated with the Common Shares represented
thereby. As soon as practicable after the Distribution Date, the Company will
prepare and execute, the Rights Agent will countersign, and the Company will
send or cause to be sent (and the Rights Agent will, if requested, send) by
first-class, postage-prepaid mail, to each record holder of Common Shares as of
the Close of Business on the Distribution Date, at the address of such holder
shown on the records of the Company, a Rights Certificate evidencing one Right
for each Common Share so held, subject to adjustment as provided herein. In the
event that an adjustment in the number of Rights per Common Share has been made
pursuant to Section 11 hereof, then at the time of distribution of the Rights
Certificates, the Company shall make the necessary and appropriate rounding
adjustments (in accordance with Section 14(a) hereof) so that Rights
Certificates representing

                                       7
<PAGE>   11
only whole numbers of Rights are distributed and cash is paid in lieu of any
fractional Rights. As of the Distribution Date, the Rights will be evidenced
solely by such Rights Certificates and may be transferred by the transfer of the
Rights Certificates as permitted hereby, separately and apart from any transfer
of Common Shares, and the holders of such Rights Certificates as listed in the
records of the Company or any transfer agent or registrar for the Rights shall
be the record holders thereof.

               (b) With respect to certificates for Common Shares outstanding as
of the Record Date, until the Distribution Date, the Rights will be evidenced by
such certificates registered in the names of the holders thereof together with
the Summary of Rights.

               (c) Unless the Board of Directors by resolution adopted at or
before the time of the issuance of any Common Shares after the Record Date but
prior to the earlier of the Distribution Date or the Expiration Date (or, in
certain circumstances provided in Section 22 hereof, after the Distribution
Date) specifies to the contrary, Rights shall be issued in respect of all Common
Shares that are so issued, and Certificates representing such Common Shares
shall also be deemed to be certificates for Rights, and shall bear the following
legend:

     THIS CERTIFICATE ALSO EVIDENCES AND ENTITLES THE HOLDER HEREOF TO CERTAIN
     RIGHTS AS SET FORTH IN A RIGHTS AGREEMENT BETWEEN JUPITER MEDIA METRIX,
     INC. AND AMERICAN STOCK TRANSFER & TRUST COMPANY, AS THE RIGHTS AGENT,
     DATED AS OF MAY 17, 2001, (THE "RIGHTS AGREEMENT"), THE TERMS OF WHICH ARE
     HEREBY INCORPORATED HEREIN BY REFERENCE AND A COPY OF WHICH IS ON FILE AT
     THE PRINCIPAL EXECUTIVE OFFICES OF JUPITER MEDIA METRIX, INC. UNDER CERTAIN
     CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, SUCH RIGHTS WILL BE
     EVIDENCED BY SEPARATE CERTIFICATES AND WILL NO LONGER BE EVIDENCED BY THIS
     CERTIFICATE. JUPITER MEDIA METRIX, INC. WILL MAIL TO THE HOLDER OF THIS
     CERTIFICATE A COPY OF THE RIGHTS AGREEMENT WITHOUT CHARGE AFTER RECEIPT OF
     A WRITTEN REQUEST THEREFOR. UNDER CERTAIN CIRCUMSTANCES SET FORTH IN THE
     RIGHTS AGREEMENT, RIGHTS ISSUED TO, OR HELD BY, ANY PERSON WHO IS, WAS OR
     BECOMES AN ACQUIRING PERSON OR ANY AFFILIATE OR ASSOCIATE THEREOF (AS SUCH
     TERMS ARE DEFINED IN THE RIGHTS AGREEMENT), WHETHER CURRENTLY HELD BY OR ON
     BEHALF OF SUCH PERSON OR BY ANY SUBSEQUENT HOLDER, MAY BECOME NULL AND
     VOID.

With respect to such certificates containing the foregoing legend, until the
earlier of the Distribution Date or the Expiration Date, the Rights associated
with the Common Shares represented by such certificates shall be evidenced by
such certificates alone, and the surrender for transfer of any such certificate
shall also constitute the transfer of the Rights associated with the Common
Shares represented thereby.

                                       8
<PAGE>   12
               (d) In the event that the Company purchases or acquires any
Common Shares after the Record Date but prior to the Distribution Date, any
Rights associated with such Common Shares shall be deemed canceled and retired
so that the Company shall not be entitled to exercise any Rights associated with
the Common Shares which are no longer outstanding.

     Section 4. Form of Rights Certificates.

               (a) The Rights Certificates (and the forms of election to
purchase Common Shares and of assignment to be printed on the reverse thereof)
shall be substantially in the form of Exhibit B hereto and may have such marks
of identification or designation and such legends, summaries or endorsements
printed thereon as the Company may deem appropriate and as are not inconsistent
with the provisions of this Agreement, or as may be required to comply with any
applicable law or with any rule or regulation made pursuant thereto or with any
rule or regulation of any stock exchange or a national market system, on which
the Rights may from time to time be listed or included, or to conform to usage.
Subject to the provisions of Section 11 and Section 22 hereof, the Rights
Certificates, whenever distributed, shall be dated as of the Record Date (or in
the case of Rights issued with respect to Common Shares issued by the Company
after the Record Date, as of the date of issuance of such Common Shares) and on
their face shall entitle the holders thereof to purchase such number of
one-thousandths of a Preferred Share as shall be set forth therein at the price
set forth therein (such exercise price per one one-thousandth of a Preferred
Share being hereinafter referred to as the "EXERCISE PRICE" and the aggregate
Exercise Price of all Preferred Shares issuable upon exercise of one Right being
hereinafter referred to as the "TOTAL EXERCISE PRICE"), but the number and type
of securities purchasable upon the exercise of each Right and the Exercise Price
shall be subject to adjustment as provided herein.

               (b) Any Rights Certificate issued pursuant to Section 3(a) or
Section 22 hereof that represents Rights beneficially owned by: (i) an Acquiring
Person or any Associate or Affiliate of an Acquiring Person, (ii) a Post-Event
Transferee, (iii) a Pre-Event Transferee or (iv) any subsequent transferee
receiving transferred Rights from a Post-Event Transferee or a Pre-Event
Transferee, either directly or through one or more intermediate transferees, and
any Rights Certificate issued pursuant to Section 6 or Section 11 hereof upon
transfer, exchange, replacement or adjustment of any other Rights Certificate
referred to in this sentence, shall contain (to the extent feasible) the
following legend:

     THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY
     OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR
     ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS
     AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED
     HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION
     7(e) OF THE RIGHTS AGREEMENT.

     Section 5. Countersignature and Registration.

                                       9
<PAGE>   13
               (a) The Rights Certificates shall be executed on behalf of the
Company by its Chairman of the Board, its Chief Executive Officer, its Chief
Financial Officer, its President or any Vice President, either manually or by
facsimile signature, and by the Secretary or an Assistant Secretary of the
Company, either manually or by facsimile signature, and shall have affixed
thereto the Company's seal (if any) or a facsimile thereof. The Rights
Certificates shall be manually countersigned by the Rights Agent and shall not
be valid for any purpose unless countersigned. In case any officer of the
Company who shall have signed any of the Rights Certificates shall cease to be
such officer of the Company before countersignature by the Rights Agent and
issuance and delivery by the Company, such Rights Certificates, nevertheless,
may be countersigned by the Rights Agent and issued and delivered by the Company
with the same force and effect as though the person who signed such Rights
Certificates on behalf of the Company had not ceased to be such officer of the
Company; and any Rights Certificate may be signed on behalf of the Company by
any person who, at the actual date of the execution of such Rights Certificate,
shall be a proper officer of the Company to sign such Rights Certificate,
although at the date of the execution of this Rights Agreement any such person
was not such an officer.

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

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

               (a) Subject to the provisions of Sections 7(e), 14 and 24 hereof,
at any time after the Close of Business on the Distribution Date, and at or
prior to the Close of Business on the Expiration Date, any Rights Certificate or
Rights Certificates may be transferred, split up, combined or exchanged for
another Rights Certificate or Rights Certificates, entitling the registered
holder to purchase a like number of one-thousandths of a Preferred Share (or,
following a Triggering Event, other securities, cash or other assets, as the
case may be) as the Rights Certificate or Rights Certificates surrendered then
entitled such holder to purchase. Any registered holder desiring to transfer,
split up, combine or exchange any Rights Certificate or Rights Certificates
shall make such request in writing delivered to the Rights Agent, and shall
surrender the Rights Certificate or Rights Certificates to be transferred, split
up, combined or exchanged at the office of the Rights Agent designated for such
purpose. Neither the Rights Agent nor the Company shall be obligated to take any
action whatsoever with respect to the transfer of any such surrendered Rights
Certificate until the registered holder shall have completed and signed the
certificate contained in the form of assignment on the reverse side of such
Rights Certificate and shall have provided such additional evidence of the
identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or
Associates thereof as the Company shall reasonably request. Thereupon the Rights
Agent shall, subject to Sections 7(e), 14 and 24 hereof, countersign and deliver
to the person entitled thereto a Rights Certificate or Rights Certificates, as
the case may be, as so requested. The Company may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer, split up, combination or exchange of Rights
Certificates.

                                       10
<PAGE>   14
               (b) Upon receipt by the Company and the Rights Agent of evidence
reasonably satisfactory to them of the loss, theft, destruction or mutilation of
a Rights Certificate, and, in case of loss, theft or destruction, of indemnity
or security reasonably satisfactory to them, and, at the Company's request,
reimbursement to the Company and the Rights Agent of all reasonable expenses
incidental thereto, and upon surrender to the Rights Agent and cancellation of
the Rights Certificate if mutilated, the Company will make and deliver a new
Rights Certificate of like tenor to the Rights Agent for delivery to the
registered holder in lieu of the Rights Certificate so lost, stolen, destroyed
or mutilated.

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

               (a) Subject to Sections 7(e), 23(b) and 24(b) hereof, the
registered holder of any Rights Certificate may exercise the Rights evidenced
thereby (except as otherwise provided herein) in whole or in part at any time
after the Distribution Date and prior to the Close of Business on the Expiration
Date by surrender of the Rights Certificate, with the form of election to
purchase on the reverse side thereof duly executed, to the Rights Agent at the
office of the Rights Agent designated for such purpose, together with payment of
the Exercise Price for each one-thousandth of a Preferred Share (or, following a
Triggering Event, other securities, cash or other assets as the case may be) as
to which the Rights are exercised.

               (b) The Exercise Price for each one-thousandth of a Preferred
Share issuable pursuant to the exercise of a Right shall initially be $[20],
shall be subject to adjustment from time to time as provided in Sections 11 and
13 hereof and shall be payable in lawful money of the United States of America
in accordance with paragraph (c) below.

               (c) Upon receipt of a Rights Certificate representing exercisable
Rights, with the form of election to purchase duly executed, accompanied by
payment of the Exercise Price for the number of one-thousandths of a Preferred
Share (or, following a Triggering Event, other securities, cash or other assets
as the case may be) to be purchased and an amount equal to any applicable
transfer tax required to be paid by the holder of such Rights Certificate in
accordance with Section 9(e) hereof, the Rights Agent shall, subject to Section
20(k) hereof, thereupon promptly (i) (A) requisition from any transfer agent of
the Preferred Shares (or make available, if the Rights Agent is the transfer
agent for the Preferred Shares) a certificate or certificates for the number of
one-thousandths of a Preferred Share (or, following a Triggering Event, other
securities, cash or other assets as the case may be) to be purchased and the
Company hereby irrevocably authorizes its transfer agent to comply with all such
requests or (B) if the Company shall have elected to deposit the total number of
one-thousandths of a Preferred Share (or, following a Triggering Event, other
securities, cash or other assets as the case may be) issuable upon exercise of
the Rights hereunder with a depositary agent, requisition from the depositary
agent depositary receipts representing such number of one-thousandths of a
Preferred Share (or, following a Triggering Event, other securities, cash or
other assets as the case may be) as are to be purchased (in which case
certificates for the Preferred Shares (or, following a Triggering Event, other
securities, cash or other assets as the case may be) represented by such
receipts shall be deposited by the transfer agent with the depositary agent) and
the Company hereby directs the depositary agent to comply with such request,
(ii) when appropriate, requisition from the Company the amount of cash to be
paid in lieu of issuance of fractional shares in accordance with Section 14
hereof, (iii) after receipt of such certificates or

                                       11
<PAGE>   15
depositary receipts, cause the same to be delivered to or upon the order of the
registered holder of such Rights Certificate, registered in such name or names
as may be designated by such holder and (iv) when appropriate, after receipt
thereof, deliver such cash to or upon the order of the registered holder of such
Rights Certificate. The payment of the Exercise Price (as such amount may be
reduced (including to zero) pursuant to Section 11(a)(iii) hereof) and an amount
equal to any applicable transfer tax required to be paid by the holder of such
Rights Certificate in accordance with Section 9(e) hereof, may be made in cash
or by certified bank check, cashier's check or bank draft payable to the order
of the Company. In the event that the Company is obligated to issue securities
of the Company other than Preferred Shares, pay cash and/or distribute other
property pursuant to Section 11(a) hereof, the Company will make all
arrangements necessary so that such other securities, cash and/or other property
are available for distribution by the Rights Agent, if and when appropriate.

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

               (e) Notwithstanding anything in this Agreement to the contrary,
from and after the first occurrence of a Triggering Event, any Rights
beneficially owned by (i) an Acquiring Person or an Associate or Affiliate of an
Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such
Associate or Affiliate) who becomes a transferee after the Acquiring Person
becomes such (a "POST-EVENT TRANSFEREE"), (iii) a transferee of an Acquiring
Person (or of any such Associate or Affiliate) who becomes a transferee prior to
or concurrently with the Acquiring Person becoming such and receives such Rights
pursuant to either (A) a transfer (whether or not for consideration) from the
Acquiring Person to holders of equity interests in such Acquiring Person or to
any Person with whom the Acquiring Person has any continuing agreement,
arrangement or understanding regarding the transferred Rights or (B) a transfer
which the Company's Board of Directors has determined is part of a plan,
arrangement or understanding which has as a primary purpose or effect the
avoidance of this Section 7(e) (a "PRE-EVENT TRANSFEREE") or (iv) any subsequent
transferee receiving transferred Rights from a Post-Event Transferee or a
Pre-Event Transferee, either directly or through one or more intermediate
transferees, shall become null and void without any further action and no holder
of such Rights shall have any rights whatsoever with respect to such Rights,
whether under any provision of this Agreement or otherwise. The Company shall
use all reasonable efforts to ensure that the provisions of this Section 7(e)
and Section 4(b) hereof are complied with, but shall have no liability to any
holder of Rights Certificates or to any other Person as a result of its failure
to make any determinations with respect to an Acquiring Person or any of such
Acquiring Person's Affiliates, Associates or transferees hereunder.

               (f) Notwithstanding anything in this Agreement to the contrary,
neither the Rights Agent nor the Company shall be obligated to undertake any
action with respect to a registered holder upon the occurrence of any purported
exercise as set forth in this Section 7 unless such registered holder shall, in
addition to having complied with the requirements of Section 7(a), have (i)
completed and signed the certificate contained in the form of election to
purchase set forth on the reverse side of the Rights Certificate surrendered for
such

                                       12
<PAGE>   16
exercise and (ii) provided such additional evidence of the identity of the
Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates
thereof as the Company shall reasonably request.

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

     Section 9. Reservation and Availability of Preferred Shares.

               (a) The Company covenants and agrees that it will use its best
efforts to cause to be reserved and kept available out of its authorized and
unissued Preferred Shares not reserved for another purpose (and, following the
occurrence of a Triggering Event, out of its authorized and unissued Common
Shares and/or other securities), the number of Preferred Shares (and, following
the occurrence of the Triggering Event, Common Shares and/or other securities)
that will be sufficient to permit the exercise in full of all outstanding
Rights.

               (b) If the Company shall hereafter list any of its Preferred
Shares on a national securities exchange, then so long as the Preferred Shares
(and, following the occurrence of a Triggering Event, Common Shares and/or other
securities) issuable and deliverable upon exercise of the Rights may be listed
on such exchange, the Company shall use its best efforts to cause, from and
after such time as the Rights become exercisable (but only to the extent that it
is reasonably likely that the Rights will be exercised), all shares reserved for
such issuance to be listed on such exchange upon official notice of issuance
upon such exercise.

               (c) The Company shall use its best efforts to (i) file, as soon
as practicable following the earliest date after the first occurrence of a
Triggering Event in which the consideration to be delivered by the Company upon
exercise of the Rights is described in Section 11(a)(ii) or Section 11(a)(iii)
hereof, or as soon as is required by law following the Distribution Date, as the
case may be, a registration statement under the Securities Act with respect to
the securities purchasable upon exercise of the Rights on an appropriate form,
(ii) cause such registration statement to become effective as soon as
practicable after such filing and (iii) cause such registration statement to
remain effective (with a prospectus at all times meeting the requirements of the
Securities Act) until the earlier of (A) the date as of which the Rights are no
longer exercisable for such securities and (B) the date of expiration of the
Rights. The Company may temporarily suspend, for a period not to exceed ninety
(90) days after the date set forth in clause (i) of the first sentence of this
Section 9(c), the exercisability of the Rights in order to prepare and file such
registration statement and permit it to become effective. Upon any such
suspension, the Company shall issue a public announcement stating, and notify
the Rights

                                       13
<PAGE>   17
Agent, that the exercisability of the Rights has been temporarily suspended, as
well as a public announcement and notification to the Rights Agent at such time
as the suspension is no longer in effect. The Company will also take such action
as may be appropriate under, or to ensure compliance with, the securities or
"blue sky" laws of the various states in connection with the exercisability of
the Rights. Notwithstanding any provision of this Agreement to the contrary, the
Rights shall not be exercisable in any jurisdiction, unless the requisite
qualification in such jurisdiction shall have been obtained, or an exemption
therefrom shall be available, and until a registration statement has been
declared and remains effective.

               (d) The Company covenants and agrees that it will take all such
action as may be necessary to ensure that all Preferred Shares (or other
securities of the Company) delivered upon exercise of Rights shall, at the time
of delivery of the certificates for such securities (subject to payment of the
Exercise Price), be duly and validly authorized and issued and fully paid and
nonassessable.

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

     Section 10. Record Date. Each Person in whose name any certificate for a
number of one-thousandths of a Preferred Share (or other securities of the
Company) is issued upon the exercise of Rights shall for all purposes be deemed
to have become the holder of record of Preferred Shares (or other securities of
the Company) represented thereby on, and such certificate shall be dated, the
date upon which the Rights Certificate evidencing such Rights was duly
surrendered and payment of the Total Exercise Price with respect to which the
Rights have been exercised (and any applicable transfer taxes) was made;
provided, however, that if the date of such surrender and payment is a date upon
which the transfer books of the Company are closed, such Person shall be deemed
to have become the record holder of such shares on, and such certificate shall
be dated, the next succeeding Business Day on which the transfer books of the
Company are open. Prior to the exercise of the Rights evidenced thereby, the
holder of a Rights Certificate shall not be entitled to any rights of a holder
of Preferred Shares (or other securities of the Company) for which the Rights
shall be exercisable, including, without limitation, the right to vote, to
receive dividends or other distributions or to exercise any preemptive rights,
and shall not be entitled to receive any notice of any proceedings of the
Company, except as provided herein.

     Section 11. Adjustment of Exercise Price, Number of Shares or Number of
Rights. The Exercise Price, the number and kind of shares or other property
covered by each Right and

                                       14
<PAGE>   18
the number of Rights outstanding are subject to adjustment from time to time as
provided in this Section 11.

               (a) (i). Anything in this Agreement to the contrary
notwithstanding, in the event that the Company shall at any time after the date
of this Agreement (A) declare a dividend on the Preferred Shares payable in
Preferred Shares, (B) subdivide the outstanding Preferred Shares, (C) combine
the outstanding Preferred Shares (by reverse stock split or otherwise) into a
smaller number of Preferred Shares, or (D) issue any shares of its capital stock
in a reclassification of the Preferred Shares (including any such
reclassification in connection with a consolidation or merger in which the
Company is the continuing or surviving corporation), then, in each such event,
except as otherwise provided in this Section 11 and Section 7(e) hereof: (1) the
Exercise Price in effect at the time of the record date for such dividend or of
the effective date of such subdivision, combination or reclassification shall be
adjusted so that the Exercise Price thereafter shall equal the result obtained
by dividing the Exercise Price in effect immediately prior to such time by a
fraction (the "ADJUSTMENT FRACTION"), the numerator of which shall be the total
number of Preferred Shares (or shares of capital stock issued in such
reclassification of the Preferred Shares) outstanding immediately following such
time and the denominator of which shall be the total number of Preferred Shares
outstanding immediately prior to such time; provided, however, that in no event
shall the consideration to be paid upon the exercise of one Right be less than
the aggregate par value of the shares of capital stock of the Company issuable
upon exercise of such Right; and (2) the number of one-thousandths of a
Preferred Share (or share of such other capital stock) issuable upon the
exercise of each Right shall equal the number of one-thousandths of a Preferred
Share (or share of such other capital stock) as was issuable upon exercise of a
Right immediately prior to the occurrence of the event described in clauses
(A)-(D) of this Section 11(a)(i), multiplied by the Adjustment Fraction;
provided, however, that, no such adjustment shall be made pursuant to this
Section 11(a)(i) to the extent that there shall have simultaneously occurred an
event described in clause (A), (B), (C) or (D) of Section 11(n) with a
proportionate adjustment being made thereunder. Each Common Share that shall
become outstanding after an adjustment has been made pursuant to this Section
11(a)(i) shall have associated with it the number of Rights, exercisable at the
Exercise Price and for the number of one-thousandths of a Preferred Share (or
shares of such other capital stock) as one Common Share has associated with it
immediately following the adju statement made pursuant to this Section 11(a)(i).

                    (ii) Subject to Section 24 of this Agreement, in the event
that a Triggering Event shall have occurred (unless the event causing such
Triggering Event is an acquisition of Common Shares pursuant to a tender or
exchange offer for all outstanding Common Shares at a price and on terms
determined by at least a majority of the members of the Board of Directors who
are not officers of the Company or of any of its subsidiaries and who are not
representatives, nominees, Affiliates or Associates of an Acquiring Person,
after receiving advice from one or more investment banking firms, to be (1) at a
price which is fair to stockholders (taking into account all factors which such
members of the board deem relevant, including, without limitation, a price which
could reasonably be achieved if the Company or its assets were to be sold on an
orderly basis designed to realize maximum value) and (2) otherwise in the best
interests of the Company and its stockholders (a "Qualified Offer")), then
promptly following such Triggering Event each holder of a Right, except as
provided in Section 7(e) hereof, shall thereafter have the right to receive for
each Right, upon exercise thereof in

                                       15
<PAGE>   19
accordance with the terms of this Agreement and payment of the Exercise Price in
effect immediately prior to the occurrence of the Triggering Event, in lieu of a
number of one-thousandths of a Preferred Share, such number of Common Shares of
the Company as shall equal the quotient obtained by dividing (A) the product
obtained by multiplying (1) the Exercise Price in effect immediately prior to
the occurrence of the Triggering Event by (2) the number of one-thousandths of a
Preferred Share for which a Right was exercisable (or would have been
exercisable if the Distribution Date had occurred) immediately prior to the
first occurrence of a Triggering Event, by (B) 50% of the Current Per Share
Market Price for Common Shares on the date of occurrence of the Triggering
Event; provided, however, that the Exercise Price and the number of Common
Shares of the Company so receivable upon exercise of a Right shall be subject to
further adjustment as appropriate in accordance with Section 11(e) hereof to
reflect any events occurring in respect of the Common Shares of the Company
after the occurrence of the Triggering Event.

                    (iii) In lieu of issuing Common Shares in accordance with
Section 11(a)(ii) hereof, the Company may, if the Company's Board of Directors
determines that such action is necessary or appropriate and not contrary to the
interest of holders of Rights and, in the event that the number of Common Shares
which are authorized by the Company's Certificate of Incorporation but not
outstanding or reserved for issuance for purposes other than upon exercise of
the Rights are not sufficient to permit the exercise in full of the Rights, or
if any necessary regulatory approval for such issuance has not been obtained by
the Company, the Company shall: (A) determine the excess of (1) the value of the
Common Shares issuable upon the exercise of a Right (the "CURRENT VALUE") over
(2) the Exercise Price (such excess, the "SPREAD") and (B) with respect to each
Right, make adequate provision to substitute for such Common Shares, upon
exercise of the Rights, (1) cash, (2) a reduction in the Exercise Price, (3)
other equity securities of the Company (including, without limitation, shares or
units of shares of any series of preferred stock which the Company's Board of
Directors has deemed to have the same value as Common Shares (such shares or
units of shares of preferred stock are herein called "COMMON STOCK
EQUIVALENTS")), except to the extent that the Company has not obtained any
necessary stockholder or regulatory approval for such issuance, (4) debt
securities of the Company, except to the extent that the Company has not
obtained any necessary stockholder or regulatory approval for such issuance, (5)
other assets or (6) any combination of the foregoing, having an aggregate value
equal to the Current Value, where such aggregate value has been determined by
the Company's Board of Directors based upon the advice of a nationally
recognized investment banking firm selected by the Company's Board of Directors;
provided, however, that if the Company shall not have made adequate provision to
deliver value pursuant to clause (B) above within thirty (30) days following the
later of (x) the first occurrence of a Triggering Event and (y) the date on
which the Company's right of redemption pursuant to Section 23(a) expires (the
later of (x) and (y) being referred to herein as the "SECTION 11(A)(II) TRIGGER
DATE"), then the Company shall be obligated to deliver, upon the surrender for
exercise of a Right and without requiring payment of the Exercise Price, Common
Shares (to the extent available), except to the extent that the Company has not
obtained any necessary stockholder or regulatory approval for such issuance, and
then, if necessary, cash, which shares and/or cash have an aggregate value equal
to the Spread. If the Company's Board of Directors shall determine in good faith
that it is likely that sufficient additional Common Shares could be authorized
for issuance upon exercise in full of the Rights or that any necessary
regulatory approval for such issuance will be obtained, the thirty (30) day
period set forth above may be

                                       16
<PAGE>   20
extended to the extent necessary, but not more than ninety (90) days after the
Section 11(a)(ii) Trigger Date, in order that the Company may seek stockholder
approval for the authorization of such additional shares or take action to
obtain such regulatory approval (such period, as it may be extended, the
"SUBSTITUTION PERIOD" ). To the extent that the Company determines that some
action need be taken pursuant to the first and/or second sentences of this
Section 11(a)(iii), the Company (x) shall provide, subject to Section 7(e)
hereof, that such action shall apply uniformly to all outstanding Rights and (y)
may suspend the exercisability of the Rights until the expiration of the
Substitution Period in order to seek any authorization of additional shares, to
take any action to obtain any required regulatory approval and/or to decide the
appropriate form of distribution to be made pursuant to such first sentence and
to determine the value thereof. In the event of any such suspension, the Company
shall issue a public announcement stating that the exercisability of the Rights
has been temporarily suspended, as well as a public announcement at such time as
the suspension is no longer in effect. For purposes of this Section 11(a)(iii),
the value of the Common Shares shall be the Current Per Share Market Price of
the Common Shares on the Section 11(a)(ii) Trigger Date and the value of any
Common Stock Equivalent shall be deemed to have the same value as the Common
Shares on such date.

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

                                       17
<PAGE>   21
               (c) In case the Company shall, at any time after the date of this
Agreement, fix a record date for the making of a distribution to all holders of
the Preferred Shares or of any class or series of Equivalent Shares (including
any such distribution made in connection with a consolidation or merger in which
the Company is the continuing or surviving corporation) of evidences of
indebtedness or assets (other than a regular quarterly cash dividend, if any, or
a dividend payable in Preferred Shares) or subscription rights, options or
warrants (excluding those referred to in Section 11(b)), then, in each such
case, the Exercise Price to be in effect after such record date shall be
determined by multiplying the Exercise Price in effect immediately prior to such
record date by a fraction, the numerator of which shall be the Current Per Share
Market Price of a Preferred Share or an Equivalent Share on such record date,
less the fair market value per Preferred Share or Equivalent Share (as
determined in good faith by the Board of Directors of the Company, whose
determination shall be described in a statement filed with the Rights Agent) of
the portion of the cash, assets or evidences of indebtedness so to be
distributed or of such subscription rights or warrants applicable to a Preferred
Share or Equivalent Share, as the case may be, and the denominator of which
shall be such Current Per Share Market Price of a Preferred Share or Equivalent
Share on such record date; provided, however, that in no event shall the
consideration to be paid upon the exercise of one Right be less than the
aggregate par value of the shares of capital stock of the Company issuable upon
exercise of one Right. Such adjustments shall be made successively whenever such
a record date is fixed, and in the event that such distribution is not so made,
the Exercise Price shall be adjusted to be the Exercise Price which would have
been in effect if such record date had not been fixed.

               (d) Anything herein to the contrary notwithstanding, no
adjustment in the Exercise Price shall be required unless such adjustment would
require an increase or decrease of at least one percent (1.0%) of the Exercise
Price; provided, however, that any adjustments which by reason of this Section
11(d) are not required to be made shall be carried forward and taken into
account in any subsequent adjustment. All calculations under this Section 11
shall be made to the nearest cent or to the nearest ten-thousandth of a Common
Share or other share or one hundred-thousandth of a Preferred Share, as the case
may be. Notwithstanding the first sentence of this Section 11(d), any adjustment
required by this Section 11 shall be made no later than the earlier of (i) three
(3) years from the date of the transaction which requires such adjustment or
(ii) the Expiration Date.

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

               (f) All Rights originally issued by the Company subsequent to any
adjustment made to the Exercise Price hereunder shall evidence the right to
purchase, at the adjusted Exercise Price, the number of one-thousandths of a
Preferred Share purchasable from

                                       18
<PAGE>   22
time to time hereunder upon exercise of the Rights, all subject to further
adjustment as provided herein.

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

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

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

                                       19
<PAGE>   23
               (j) Before taking any action that would cause an adjustment
reducing the Exercise Price below the par or stated value, if any, of the number
of one-thousandths of a Preferred Share issuable upon exercise of the Rights,
the Company shall take any corporate action which may, in the opinion of its
counsel, be necessary in order that the Company may validly and legally issue as
fully paid and nonassessable shares such number of one-thousandths of a
Preferred Share at such adjusted Exercise Price.

               (k) In any case in which this Section 11 shall require that an
adjustment in the Exercise Price be made effective as of a record date for a
specified event, the Company may elect to defer until the occurrence of such
event the issuing to the holder of any Right exercised after such record date of
the number of one-thousandths of a Preferred Share and other capital stock or
securities of the Company, if any, issuable upon such exercise over and above
the number of one-thousandths of a Preferred Share and other capital stock or
securities of the Company, if any, issuable upon such exercise on the basis of
the Exercise Price in effect prior to such adjustment; provided, however, that
the Company shall deliver to such holder a due bill or other appropriate
instrument evidencing such holder's right to receive such additional shares
(fractional or otherwise) upon the occurrence of the event requiring such
adjustment.

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

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

               (n) In the event that the Company shall at any time after the
date of this Agreement (A) declare a dividend on the Common Shares payable in
Common Shares, (B) subdivide the outstanding Common Shares, (C) combine the
outstanding Common Shares (by reverse stock split or otherwise) into a smaller
number of Common Shares, or (D) issue any shares of its capital stock in a
reclassification of the Common Shares (including any such reclassification in
connection with a consolidation or merger in which the Company is the continuing
or surviving corporation), then, in each such event, except as otherwise
provided in this Section 11(a) and Section 7(e) hereof: (1) each Common Share
(or shares of capital stock issued in such reclassification of the Common
Shares) outstanding immediately following such time shall have associated with
it the number of Rights as were associated with one Common Share immediately
prior to the occurrence of the event described in clauses (A)-(D) above; (2) the
Exercise Price in effect at the time of the record date for such dividend or of
the effective date of such subdivision, combination or reclassification shall be
adjusted so that the Exercise

                                       20
<PAGE>   24
Price thereafter shall equal the result obtained by multiplying the Exercise
Price in effect immediately prior to such time by a fraction, the numerator of
which shall be the total number of Common Shares outstanding immediately prior
to the event described in clauses (A)-(D) above, and the denominator of which
shall be the total number of Common Shares outstanding immediately after such
event; provided, however, that in no event shall the consideration to be paid
upon the exercise of one Right be less than the aggregate par value of the
shares of capital stock of the Company issuable upon exercise of such Right; and
(3) the number of one-thousandths of a Preferred Share (or shares of such other
capital stock) issuable upon the exercise of each Right outstanding after such
event shall equal the number of one-thousandths of a Preferred Share (or shares
of such other capital stock) as were issuable with respect to one Right
immediately prior to such event. Each Common Share that shall become outstanding
after an adjustment has been made pursuant to this Section 11(n) shall have
associated with it the number of Rights, exercisable at the Exercise Price and
for the number of one-thousandths of a Preferred Share (or share of such other
capital stock) as one Common Share has associated with it immediately following
the adjustment made pursuant to this Section 11(n). If an event occurs which
would require an adjustment under both this Section 11(n) and Section 11(a)(ii)
hereof, the adjustment provided for in this Section 11(n) shall be in addition
to, and shall be made prior to, any adjustment required pursuant to Section
11(a)(ii) hereof.

     Section 12. Certificate of Adjusted Exercise Price or Number of Shares.
Whenever an adjustment is made as provided in Sections 11 and 13 hereof, the
Company shall promptly (a) prepare a certificate setting forth such adjustment
and a brief statement of the facts accounting for such adjustment, (b) file with
the Rights Agent and with each transfer agent for the Preferred Shares a copy of
such certificate and (c) mail a brief summary thereof to each holder of a Rights
Certificate in accordance with Section 26 hereof. Notwithstanding the foregoing
sentence, the failure of the Company to make such certification or give such
notice shall not affect the validity of such adjustment or the force or effect
of the requirement for such adjustment. The Rights Agent shall be fully
protected in relying on any such certificate and on any adjustment contained
therein and shall not be deemed to have knowledge of such adjustment unless and
until it shall have received such certificate.

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

               (a) In the event that, following a Triggering Event, directly or
indirectly:

                    (i) the Company shall consolidate with, or merge with and
into, any other Person (other than a wholly-owned Subsidiary of the Company in a
transaction the principal purpose of which is to change the state of
incorporation of the Company and which complies with Section 11(m) hereof);

                    (ii) any Person shall consolidate with the Company, or merge
with and into the Company and the Company shall be the continuing or surviving
corporation of such consolidation or merger and, in connection with such merger,
all or part of the Common Shares shall be changed into or exchanged for stock or
other securities of any other person (or the Company); or

                                       21
<PAGE>   25
               (iii) the Company shall sell or otherwise transfer (or one or
more of its Subsidiaries shall sell or otherwise transfer), in one or more
transactions, assets or earning power aggregating 50% or more of the assets or
earning power of the Company and its Subsidiaries (taken as a whole) to any
other Person or Persons (other than the Company or one or more of its wholly
owned Subsidiaries in one or more transactions, each of which individually (and
together) complies with Section 11(m) hereof),

                    then, concurrent with and in each such case,

                    (A) each holder of a Right (except as provided in Section
7(e) hereof) shall thereafter have the right to receive, upon the exercise
thereof at a price equal to the Total Exercise Price applicable immediately
prior to the occurrence of the Section 13 Event in accordance with the terms of
this Agreement, such number of validly authorized and issued, fully paid,
nonassessable and freely tradeable Common Shares of the Principal Party (as
hereinafter defined), free of any liens, encumbrances, rights of first refusal
or other adverse claims, as shall be equal to the result obtained by dividing
such Total Exercise Price by an amount equal to fifty percent (50%) of the
Current Per Share Market Price of the Common Shares of such Principal Party on
the date of consummation of such Section 13 Event, provided, however, that the
Exercise Price and the number of Common Shares of such Principal Party so
receivable upon exercise of a Right shall be subject to further adjustment as
appropriate in accordance with Section 11(e) hereof;

                    (B) such Principal Party shall thereafter be liable for, and
shall assume, by virtue of such Section 13 Event, all the obligations and duties
of the Company pursuant to this Agreement;

                    (C) the term "Company" shall thereafter be deemed to refer
to such Principal Party, it being specifically intended that the provisions of
Section 11 hereof shall apply only to such Principal Party following the first
occurrence of a Section 13 Event;

                    (D) such Principal Party shall take such steps (including,
but not limited to, the reservation of a sufficient number of its Common Shares)
in connection with the consummation of any such transaction as may be necessary
to ensure that the provisions hereof shall thereafter be applicable, as nearly
as reasonably may be, in relation to its Common Shares thereafter deliverable
upon the exercise of the Rights; and

                    (E) upon the subsequent occurrence of any consolidation,
merger, sale or transfer of assets or other extraordinary transaction in respect
of such Principal Party, each holder of a Right shall thereupon be entitled to
receive, upon exercise of a Right and payment of the Total Exercise Price as
provided in this Section 13(a), such cash, shares, rights, warrants and other
property which such holder would have been entitled to receive had such holder,
at the time of such transaction, owned the Common Shares of the Principal Party
receivable upon the exercise of such Right pursuant to this Section 13(a), and
such Principal Party shall take such steps (including, but not limited to,
reservation of shares of stock) as may be necessary to permit the subsequent
exercise of the Rights in accordance with the terms hereof for such cash,
shares, rights, warrants and other property.

                                       22
<PAGE>   26

                    (F) For purposes hereof, the "earning power" of the Company
and its Subsidiaries shall be determined in good faith by the Company's Board of
Directors on the basis of the operating income of each business operated by the
Company and its Subsidiaries during the three fiscal years preceding the date of
such determination (or, in the case of any business not operated by the Company
or any Subsidiary during three full fiscal years preceding such date, during the
period such business was operated by the Company or any Subsidiary).

          (b) For purposes of this Agreement, the term "PRINCIPAL PARTY" shall
mean:

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

               (ii) in the case of any transaction described in clause (iii) of
Section 13(a) hereof, the Person that is the party receiving the greatest
portion of the assets or earning power transferred pursuant to such transaction
or transactions, or, if more than one Person that is a party to such transaction
or transactions receives the same portion of the assets or earning power so
transferred and each such portion would, were it not for the other equal
portions, constitute the greatest portion of the assets or earning power so
transferred, or if the Person receiving the greatest portion of the assets or
earning power cannot be determined, whichever of such Persons is the issuer of
Common Shares having the greatest aggregate market value of shares outstanding;
provided, however, that in any such case described in the foregoing clause
(b)(i) or (b)(ii), if the Common Shares of such Person are not at such time or
have not been continuously over the preceding 12-month period registered under
Section 12 of the Exchange Act, then (1) if such Person is a direct or indirect
Subsidiary of another Person the Common Shares of which are and have been so
registered, the term "Principal Party" shall refer to such other Person, or (2)
if such Person is a Subsidiary, directly or indirectly, of more than one Person,
the Common Shares of which are and have been so registered, the term "Principal
Party" shall refer to whichever of such Persons is the issuer of Common Shares
having the greatest aggregate market value of shares outstanding, or (3) if such
Person is owned, directly or indirectly, by a joint venture formed by two or
more Persons that are not owned, directly or indirectly by the same Person, the
rules set forth in clauses (1) and (2) above shall apply to each of the owners
having an interest in the venture as if the Person owned by the joint venture
was a Subsidiary of both or all of such joint venturers, and the Principal Party
in each such case shall bear the obligations set forth in this Section 13 in the
same ration as its interest in such Person bears to the total of such interests.

                                       23
<PAGE>   27

          (c) The Company shall not consummate any Section 13 Event unless the
Principal Party shall have a sufficient number of authorized Common Shares that
have not been issued or reserved for issuance to permit the exercise in full of
the Rights in accordance with this Section 13 and unless prior thereto the
Company and such issuer shall have executed and delivered to the Rights Agent a
supplemental agreement confirming that such Principal Party shall, upon
consummation of such Section 13 Event, assume this Agreement in accordance with
Sections 13(a) and 13(b) hereof, that all rights of first refusal or preemptive
rights in respect of the issuance of Common Shares of such Principal Party upon
exercise of outstanding Rights have been waived, that there are no rights,
warrants, instruments or securities outstanding or any agreements or
arrangements which, as a result of the consummation of such transaction, would
eliminate or substantially diminish the benefits intended to be afforded by the
Rights and that such transaction shall not result in a default by such Principal
Party under this Agreement, and further providing that, as soon as practicable
after the date of such Section 13 Event, such Principal Party will:

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

               (ii) use its best efforts to list (or continue the listing of)
the Rights and the securities purchasable upon exercise of the Rights on a
national securities exchange or to meet the eligibility requirements for
quotation on Nasdaq and list (or continue the listing of) the Rights and the
securities purchasable upon exercise of the Rights on Nasdaq; and

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

     In the event that at any time after the occurrence of a Triggering Event
some or all of the Rights shall not have been exercised at the time of a
transaction described in this Section 13, the Rights which have not theretofore
been exercised shall thereafter be exercisable in the manner described in
Section 13(a) (without taking into account any prior adjustment required by
Section 11(a)(ii)).

          (d) In case the "Principal Party" for purposes of Section 13(b) hereof
has provision in any of its authorized securities or in its certificate of
incorporation or by-laws or other instrument governing its corporate affairs,
which provision would have the effect of (i) causing such Principal Party to
issue (other than to holders of Rights pursuant to Section 13 hereof), in
connection with, or as a consequence of, the consummation of a Section 13 Event,
Common Shares or Equivalent Shares of such Principal Party at less than the then
Current Per Share Market Price thereof or securities exercisable for, or
convertible into, Common Shares or Equivalent Shares of such Principal Party at
less than such then Current Per Share Market Price, or (ii) providing for any
special payment, tax or similar provision in connection with the issuance

                                       24
<PAGE>   28

of the Common Shares of such Principal Party pursuant to the provisions of
Section 13 hereof, then, in such event, the Comp any hereby agrees with each
holder of Rights that it shall not consummate any such transaction unless prior
thereto the Company and such Principal Party shall have executed and delivered
to the Rights Agent a supplemental agreement providing that the provision in
question of such Principal Party shall have been canceled, waived or amended, or
that the authorized securities shall be redeemed, so that the applicable
provision will have no effect in connection with or as a consequence of, the
consummation of the proposed transaction.

          (e) The Company covenants and agrees that it shall not, at any time
after the Distribution Date, effect or permit to occur any Section 13 Event, if
(i) at the time or immediately after such Section 13 Event there are any rights,
warrants or other instruments or securities outstanding or agreements in effect
which would substantially diminish or otherwise eliminate the benefits intended
to be afforded by the Rights, (ii) prior to, simultaneously with or immediately
after such Section 13 Event, the stockholders of the Person who constitutes, or
would constitute, the "Principal Party" for purposes of Section 13(b) hereof
shall have received a distribution of Rights previously owned by such Person or
any of its Affiliates or Associates or (iii) the form or nature of organization
of the Principal Party would preclude or limit the exercisability of the Rights.

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

          (g) Notwithstanding anything in this Agreement to the contract,
Section 13 shall not be applicable to a transaction described in subparagraphs
(i) and (ii) of Section 13(a) if (i) such transaction is consummated with a
Person or Persons who acquired Common Shares pursuant to a tender or exchange
offer for all outstanding Common Shares which is a Qualified Offer as such term
is defined in Section 11(a)(ii) hereof (or a wholly owned subsidiary of any such
Person or Persons), (ii) the price per share of the Common Shares offered in
such transaction is not less than the price per share of the Common Shares paid
to all holders of Common Shares whose shares were purchased pursuant to such
tender or exchange offer and (iii) the form of consideration being offered to
the remaining holders of common Shares pursuant to such transaction is the same
as the form of consideration paid pursuant to such tender or exchange offer.
Upon consummation of any such transaction contemplated by this Section 13(g),
all Rights hereunder shall expire.

     Section 14. Fractional Rights and Fractional Shares.

          (a) The Company shall not be required to issue fractions of Rights or
to distribute Rights Certificates which evidence fractional Rights. In lieu of
such fractional Rights, there shall be paid to the registered holders of the
Rights Certificates with regard to which such fractional Rights would otherwise
be issuable, an amount in cash equal to the same fraction of the current market
value of a whole Right. For the purposes of this Section 14(a), the current
market value of a whole Right shall be the closing price of the Rights for the
Trading Day immediately prior to the date on which such fractional Rights would
have been otherwise issuable, as determined pursuant to the second sentence of
Section 1(j) hereof.

                                       25
<PAGE>   29

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

          (c) The Company shall not be required to issue fractions of Common
Shares or to distribute certificates which evidence fractional Common Shares
upon the exercise or exchange of Rights. In lieu of such fractional Common
Shares, the Company shall pay to the registered holders of Rights Certificates
at the time such Rights are exercised as herein provided an amount in cash equal
to the same fraction of the current market value of a Common Share. For purposes
of this Section 14(c), the current market value of a Common Share shall be the
closing price of a Common Share (as determined pursuant to the second sentence
of Section 1(j) hereof) for the Trading Day immediately prior to the date of
such exercise.

          (d) The holder of a Right by the acceptance of the Right expressly
waives his or her right to receive any fractional Rights or any fractional
shares (other than fractions that are integral multiples of one one-thousandth
of a Preferred Share) upon exercise of a Right.

     Section 15. Rights of Action. All rights of action in respect of this
Agreement, excepting the rights of action given to the Rights Agent pursuant to
Section 18 hereof, are vested in the respective registered holders of the Rights
Certificates (and, prior to the Distribution Date, the registered holders of the
Common Shares); and any registered holder of any Rights Certificate (or, prior
to the Distribution Date, of the Common Shares), without the consent of the
Rights Agent or of the holder of any other Rights Certificate (or, prior to the
Distribution Date, of the Common Shares), may, in his or her own behalf and for
his or her own benefit, enforce, and may institute and maintain any suit, action
or proceeding against the Company to enforce, or otherwise act in respect of,
his or her right to exercise the Rights evidenced by such Rights Certificate in
the manner provided in such Rights Certificate and in this Agreement. Without
limiting the foregoing or any remedies available to the holders of Rights, it is
specifically acknowledged that the holders of Rights would not have an adequate
remedy at law for any breach of this Agreement and will be entitled to specific
performance of the obligations under, and injunctive relief against actual or
threatened violations of, the obligations of any Person subject to this
Agreement.

                                       26
<PAGE>   30

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

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

          (b) after the Distribution Date, the Rights Certificates are
transferable only on the registry books of the Rights Agent if surrendered at
the principal office or offices of the Rights Agent designated for such
purposes, duly endorsed or accompanied by a proper instrument of transfer and
with the appropriate forms and certificates fully executed; and

          (c) subject to Sections 6(a) and 7(f) hereof, the Company and the
Rights Agent may deem and treat the person in whose name the Rights Certificate
(or, prior to the Distribution Date, the associated Common Shares certificate)
is registered as the absolute owner thereof and of the Rights evidenced thereby
(notwithstanding any notations of ownership or writing on the Rights
Certificates or the associated Common Shares certificate made by anyone other
than the Company or the Rights Agent) for all purposes whatsoever, and neither
the Company nor the Rights Agent shall be affected by any notice to the
contrary.

     Section 17. Rights Certificate Holder Not Deemed a Stockholder. No holder,
as such, of any Rights Certificate shall be entitled to vote, receive dividends
or be deemed for any purpose to be the holder of the Preferred Shares or any
other securities of the Company which may at any time be issuable on the
exercise of the Rights represented thereby, nor shall anything contained herein
or in any Rights Certificate be construed to confer upon the holder of any
Rights Certificate, as such, any of the rights of a stockholder of the Company
or any right to vote for the election of directors or upon any matter submitted
to stockholders at any meeting thereof, or to give or withhold consent to any
corporate action, or to receive notice of meetings or other actions affecting
stockholders (except as specifically provided in Section 25 hereof), or to
receive dividends or subscription rights, or otherwise, until the Right or
Rights evidenced by such Rights Certificate shall have been exercised in
accordance with the provisions hereof.

     Section 18. Concerning the Rights Agent.

          (a) The Company agrees to pay to the Rights Agent reasonable
compensation for all services rendered by it hereunder and, from time to time,
on demand of the Rights Agent, its reasonable expenses and counsel fees and
other disbursements incurred in the administration and execution of this
Agreement and the exercise and performance of its duties hereunder. The Company
also agrees to indemnify the Rights Agent for, and to hold it harmless against,
any loss, liability or expense, incurred without gross negligence, bad faith or
willful misconduct on the part of the Rights Agent, for anything done or omitted
by the Rights Agent in connection with the acceptance and administration of this
Agreement, including the costs and expenses of defending against any claim of
liability in the premises. In no event will the Rights Agent be liable for
special, indirect, incidental or consequential loss or damage of any kind
whatsoever, even if the Rights Agent has been advised of the possibility of such
loss or damage.

                                       27
<PAGE>   31

          (b) The Rights Agent shall be protected and shall incur no liability
for, or in respect of any action taken, suffered or omitted by it in connection
with, its administration of this Agreement in reliance upon any Rights
Certificate or certificate for the Preferred Shares or Common Shares or for
other securities of the Company, instrument of assignment or transfer, power of
attorney, endorsement, affidavit, letter, notice, direction, consent,
certificate, statement or other paper or document reasonably believed by it to
be genuine and to be signed, executed and, where necessary, verified or
acknowledged, by the proper Person or Persons, or otherwise upon the advice of
counsel as set forth in Section 20 hereof.

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

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

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

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

          (a) The Rights Agent may consult with legal counsel (who may be legal
counsel for the Company), and the opinion of such counsel shall be full and
complete authorization and protection to the Rights Agent as to any action taken
or omitted by it in good faith and in accordance with such opinion.

          (b) Whenever in the performance of its duties under this Agreement the
Rights Agent shall deem it necessary or desirable that any fact or matter
(including, without

                                       28
<PAGE>   32

limitation, the identity of any Acquiring Person and the determination of
Current Per Share Market Price) be proved or established by the Company prior to
taking or suffering any action hereunder, such fact or matter (unless other
evidence in respect thereof be herein specifically prescribed) may be deemed to
be conclusively proved and established by a certificate signed by any one of the
Chairman of the Board, the Chief Executive Officer, the President, any Vice
President, the Chief Financial Officer, the Secretary or any Assistant Secretary
of the Company and delivered to the Rights Agent; and such certificate shall be
full authorization to the Rights Agent for any action taken or suffered in good
faith by it under the provisions of this Agreement in reliance upon such
certificate.

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

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

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

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

          (g) The Rights Agent is hereby authorized and directed to accept
instructions with respect to the performance of its duties hereunder from any
one of the Chairman of the Board, the Chief Executive Officer, the President,
any Vice President, the Chief Financial Officer, the Secretary or any Assistant
Secretary of the Company, and to apply to such officers for advice or
instructions in connection with its duties, and it shall not be liable for any
action taken or suffered by it in good faith in accordance with instructions of
any such officer or for any delay in acting while waiting for those
instructions. Any application by the Rights Agent for written instructions from
the Company may, at the option of the Rights Agent, set forth in writing any
action proposed to be taken or omitted by the Rights Agent under this Rights

                                       29
<PAGE>   33

Agreement and the date on and/or after which such action shall be taken or such
omission shall be effective. The Rights Agent shall not be liable for any action
taken by, or omission of, the Rights Agent in accordance with a proposal
included in any such application on or after the date specified in such
application (which date shall not be less than five (5) Business Days after the
date on which any officer of the Company actually receives such application,
unless any such officer shall have consented in writing to an earlier date)
unless, prior to taking any such action (or the effective date in the case of an
omission), the Rights Agent shall have received written instructions in response
to such application specifying the action to be taken or omitted.

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

          (i) The Rights Agent may execute and exercise any of the rights or
powers hereby vested in it or perform any duty hereunder either itself or by or
through its attorneys or agents, and the Rights Agent shall not be answerable or
accountable for any act, default, neglect or misconduct of any such attorneys or
agents or for any loss to the Company resulting from any such act, default,
neglect or misconduct, provided reasonable care was exercised in the selection
and continued employment thereof.

          (j) No provision of this Agreement shall require the Rights Agent to
expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder or in the exercise of its rights if
there shall be reasonable grounds for believing that repayment of such funds or
adequate indemnification against such risk or liability is not reasonably
assured to it.

          (k) If, with respect to any Rights Certificate surrendered to the
Rights Agent for exercise or transfer, the certificate attached to the form of
assignment or form of election to purchase, as the case may be, has either not
been completed or indicates an affirmative response to clause 1 and/or 2
thereof, the Rights Agent shall not take any further action with respect to such
requested exercise or transfer without first consulting with the Company.

     Section 21. Change of Rights Agent. The Rights Agent or any successor
Rights Agent may resign and be discharged from its duties under this Agreement
upon thirty (30) days' notice in writing mailed to the Company and to each
transfer agent of the Preferred Shares and the Common Shares by registered or
certified mail, and to the holders of the Rights Certificates by first-class
mail. The Company may remove the Rights Agent or any successor Rights Agent upon
thirty (30) days' notice in writing, mailed to the Rights Agent or successor
Rights Agent, as the case may be, and to each transfer agent of the Preferred
Shares and the Common Shares by registered or certified mail, and to the holders
of the Rights Certificates by first-class mail. If the Rights Agent shall resign
or be removed or shall otherwise become incapable of acting, the Company shall
appoint a successor to the Rights Agent. If the Company shall fail to make such
appointment within a period of thirty (30) days after giving notice of such
removal or after it has

                                       30
<PAGE>   34

been notified in writing of such resignation or incapacity by the resigning or
incapacitated Rights Agent or by the holder of a Rights Certificate (who shall,
with such notice, submit his or her Rights Certificate for inspection by the
Company), then the registered holder of any Rights Certificate may apply to any
court of competent jurisdiction for the appointment of a new Rights Agent. Any
successor Rights Agent, whether appointed by the Company or by such a court,
shall be a corporation organized and doing business under the laws of the United
States or of any state of the United States, in good standing, which is
authorized under such laws to exercise corporate trust or stockholder services
powers and is subject to supervision or examination by federal or state
authority and which has at the time of its appointment as Rights Agent a
combined capital and surplus of at least $100 million. After appointment, the
successor Rights Agent shall be vested with the same powers, rights, duties and
responsibilities as if it had been originally named as Rights Agent without
further act or deed; but the predecessor Rights Agent shall deliver and transfer
to the successor Rights Agent any property at the time held by it hereunder, and
execute and deliver any further assurance, conveyance, act or deed necessary for
the purpose. Not later than the effective date of any such appointment, the
Company shall file notice thereof in writing with the predecessor Rights Agent
and each transfer agent of the Preferred Shares and the Common Shares, and mail
a notice thereof in writing to the registered holders of the Rights
Certificates. Failure to give any notice provided for in this Section 21,
however, or any defect therein, shall not affect the legality or validity of the
resignation or removal of the Rights Agent or the appointment of the successor
Right s Agent, as the case may be.

     Section 22. Issuance of New Rights Certificates. Notwithstanding any of the
provisions of this Agreement or of the Rights to the contrary, the Company may,
at its option, issue new Rights Certificates evidencing Rights in such form as
may be approved by its Board of Directors to reflect any adjustment or change in
the Exercise Price and the number or kind or class of shares or other securities
or property purchasable under the Rights Certificates made in accordance with
the provisions of this Agreement. In addition, in connection with the issuance
or sale of Common Shares following the Distribution Date and prior to the
redemption or expiration of the Rights, the Company (a) shall, with respect to
Common Shares so issued or sold pursuant to the exercise of stock options or
under any employee plan or arrangement or upon the exercise, conversion or
exchange of other securities of the Company outstanding a t the date hereof or
upon the exercise, conversion or exchange of securities hereinafter issued by
the Company and (b) may, in any other case, if deemed necessary or appropriate
by the Board of Directors of the Company, issue Rights Certificates representing
the appropriate number of Rights in connection with such issuance or sale;
provided, however, that (i) no such Rights Certificate shall be issued and this
sentence shall be null and void ab initio if, and to the extent that, such
issuance or this sentence would create a significant risk of or result in
material adverse tax consequences to the Company or the Person to whom such
Rights Certificate would be issued or would create a significant risk of or
result in such options' or employee plans' or arrangements' failing to qualify
for otherwise available special tax treatment and (ii) no such Rights
Certificate shall be issued if, and to the extent that, appropriate adjustment
shall otherwise have been made in lieu of the issuance thereof.

     Section 23. Redemption.

                                       31
<PAGE>   35

          (a) The Company may, at its option and with the approval of the Board
of Directors, at any time prior to the Close of Business on the earlier of (i)
the fifth day following the Shares Acquisition Date (or such later date as may
be determined by action of the Company's Board of Directors and publicly
announced by the Company) and (ii) the Final Expiration Date, redeem all but not
less than all the then outstanding Rights at a redemption price of $0.01 per
Right, appropriately adjusted to reflect any stock split, stock dividend or
similar transaction occurring after the date hereof (such redemption price being
herein referred to as the "Redemption Price") and the Company may, at its
option, pay the Redemption Price either in Common Shares (based on the Current
Per Share Market Price thereof at the time of redemption) or cash. Such
redemption of the Rights by the Company may be made effective at such time, on
such basis and with such conditions as the Board of Directors in its sole
discretion may establish. The date on which the Board of Directors elects to
make the redemption effective shall be referred to as the "Redemption Date."

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

     Section 24. Exchange.

          (a) Subject to applicable laws, rules and regulations, and subject to
subsection 24(c) below, the Company may, at its option, by action of the Board
of Directors, at any time after the occurrence of a Triggering Event, exchange
all or part of the then outstanding and exercisable Rights (which shall not
include Rights that have become void pursuant to the provisions of Section 7(e)
hereof) for Common Shares at an exchange ratio of one Common Share per Right,
appropriately adjusted to reflect any stock split, stock dividend or similar
transaction occurring after the date hereof (such exchange ratio being
hereinafter referred to as the "Exchange Ratio"). Notwithstanding the foregoing,
the Board of Directors shall not be empowered to effect such exchange at any
time after any Person (other than the Company, any Subsidiary of the Company,
any employee benefit plan of the Company or any such Subsidiary, or any entity
holding Common Shares for or pursuant to the terms of any such plan), together
with all Affiliates and Associates of such Person, becomes the Beneficial Owner
of 50% or more of the Common Shares then outstanding.

                                       32
<PAGE>   36

          (b) Immediately upon the action of the Board of Directors ordering the
exchange of any Rights pursuant to subsection 24(a) of this Section 24 and
without any further action and without any notice, the right to exercise such
Rights shall terminate and the only right thereafter of a holder of such Rights
shall be to receive that number of Common Shares equal to the number of such
Rights held by such holder multiplied by the Exchange Ratio. The Company shall
give public notice of any such exchange; provided, however, that the failure to
give, or any defect in, such notice shall not affect the validity of such
exchange. The Company shall mail a notice of any such exchange to all of the
holders of such Rights at their last addresses as they appear upon the registry
books of the Rights Agent. Any notice which is mailed in the manner herein
provided shall be deemed given, whether or not the holder receives the notice.
Each such notice of exchange will state the method by which the exchange of the
Common Shares for Rights will be effected and, in the event of any partial
exchange, the number of Rights which will be exchanged. Any partial exchange
shall be effected pro rata based on the number of Rights (other than Rights
which have become void pursuant to the provisions of Section 7(e) hereof) held
by each holder of Rights.

          (c) In the event that there shall not be sufficient Common Shares
issued but not outstanding or authorized but unissued to permit any exchange of
Rights as contemplated in accordance with Section 24(a), the Company shall
either take such action as may be necessary to authorize additional Common
Shares for issuance upon exchange of the Rights or alternatively, at the option
of a majority of the Board of Directors, with respect to each Right (i) pay cash
in an amount equal to the Current Value (as hereinafter defined), in lieu of
issuing Common Shares in exchange therefor, or (ii) issue debt or equity
securities or a combination thereof, having a value equal to the Current Value,
in lieu of issuing Common Shares in exchange for each such Right, where the
value of such securities shall be determined by a nationally recognized
investment banking firm selected by majority vote of the Board of Directors, or
(iii) deliver any combination of cash, property, Common Shares and/or other
securities having a value equal to the Current Value in exchange for each Right.
For purposes of this Section 24(c) only, the Current Value shall mean the
product of the Current Per Share Market Price of Common Shares on the date of
the occurrence of the event described above in subparagraph (a), multiplied by
the number of Common Shares for which the Right otherwise would be exchangeable
if there were sufficient shares available. To the extent that the Company
determines that some action need be taken pursuant to clauses (i), (ii) or (iii)
of this Section 24(c), the Board of Directors may temporarily suspend the
exercisability of the Rights for a period of up to sixty (60) days following the
date on which the event described in Section 24(a) shall have occurred, in order
to seek any authorization of additional Common Shares and/or to decide the
appropriate form of distribution to be made pursuant to the above provision and
to determine the value thereof. In the event of any such suspension , the
Company shall issue a public announcement stating that the exercisability of the
Rights has been temporarily suspended.

          (d) The Company shall not be required to issue fractions of Common
Shares or to distribute certificates which evidence fractional Common Shares. In
lieu of such fractional Common Shares, there shall be paid to the registered
holders of the Rights Certificates with regard to which such fractional Common
Shares would otherwise be issuable, an amount in cash equal to the same fraction
of the current market value of a whole Common Share (as determined pursuant to
the second sentence of Section 1(j) hereof).

                                       33
<PAGE>   37

          (e) The Company may, at its option, by majority vote of the Board of
Directors, at any time before any Person has become an Acquiring Person,
exchange all or part of the then outstanding Rights for rights of substantially
equivalent value, as determined reasonably and with good faith by the Board of
Directors based upon the advice of one or more nationally recognized investment
banking firms.

          (f) Immediately upon the action of the Board of Directors ordering the
exchange of any Rights pursuant to subsection 24(e) of this Section 24 and
without any further action and without any notice, the right to exercise such
Rights shall terminate and the only right thereafter of a holder of such Rights
shall be to receive that number of rights in exchange therefor as has been
determined by the Board of Directors in accordance with subsection 24(e) above.
The Company shall give public notice of any such exchange; provided, however,
that the failure to give, or any defect in, such notice shall not affect the
validity of such exchange. The Company shall mail a notice of any such exchange
to all of the holders of such Rights at their last addresses as they appear upon
the registry books of the transfer agent for the Common Shares of the Company.
Any notice which is mailed in the manner herein provided shall be deemed given,
whether or not the holder receives the notice. Each such notice of exchange will
state the method by which the exchange of the Rights will be effected.

     Section 25. Notice of Certain Events.

          (a) In case the Company shall propose to effect or permit to occur any
Triggering Event or Section 13 Event, the Company shall give notice thereof to
each holder of Rights in accordance with Section 26 hereof at least twenty (20)
days prior to occurrence of such Triggering Event or such Section 13 Event.

          (b) In case any Triggering Event or Section 13 Event shall occur,
then, in any such case, the Company shall as soon as practicable thereafter give
to each holder of a Rights Certificate, in accordance with Section 26 hereof, a
notice of the occurrence of such event, which shall specify the event and the
consequences of the event to holders of Rights under Sections 11(a)(ii) and 13
hereof.

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

                           Jupiter Media Metrix, Inc.
                           21 Astor Place
                           New York, New York 10003
                           Attention: General Counsel

                           with a copy to:

                           Brobeck, Phleger & Harrison LLP
                           1633 Broadway, 47th Floor
                           New York, New York 10019

                                       34
<PAGE>   38

                           Attention: Richard Gilden, Esq.

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

                           American Stock Transfer & Trust Company
                           6201 15th Avenue
                           Brooklyn, New York 11219
                           Attention: General Counsel

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

     Section 27. Supplements and Amendments. Prior to the occurrence of a
Distribution Date, the Company may supplement or amend this Agreement in any
respect without the approval of any holders of Rights and the Rights Agent
shall, if the Company so directs, execute such supplement or amendment. From and
after the occurrence of a Distribution Date, the Company and the Rights Agent
may from time to time supplement or amend this Agreement without the approval of
any holders of Rights in order to (i) cure any ambiguity, (ii) correct or
supplement any provision contained herein which may be defective or inconsistent
with any other provisions herein, (iii) shorten or lengthen any time period
hereunder or (iv) to change or supplement the provisions hereunder in any manner
that the Company may deem necessary or desirable and that shall not adversely
affect the interests of the holders of Rights (other than an Acquiring Person or
an Affiliate or Associate of an Acquiring Person); provided, this Agreement may
not be supplemented or amended to lengthen, pursuant to clause (iii) of this
sentence, (A) a time period relating to when the Rights may be redeemed at such
time as the Rights are not then redeemable or (B) any other time period unless
such lengthening is for the purpose of protecting, enhancing or clarifying the
rights of, and/or the benefits to, the holders of Rights (other than an
Acquiring Person or an Affiliate or Associate of an Acquiring Person). Upon the
delivery of a certificate from an appropriate officer of the Company that states
that the proposed supplement or amendment is in compliance with the terms of
this Section 27, the Rights Agent shall execute such supplement or amendment.
Prior to the Distribution Date, the interests of the holders of Rights shall be
deemed coincident with the interests of the holders of Common Shares.

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

     Section 29. Determinations and Actions by the Board of Directors, etc. For
all purposes of this Agreement, any calculation of the number of Common Shares
outstanding at any particular time, including for purposes of determining the
particular percentage of such

                                       35
<PAGE>   39

outstanding Common Shares of which any Person is the Beneficial Owner, shall be
made in accordance with the last sentence of Rule 13d-3(d)(1)(i) of the General
Rules and Regulations under the Exchange Act. The Board of Directors of the
Company shall have the exclusive power and authority to administer this
Agreement and to exercise all rights and powers specifically granted to the
Board, or the Company, or as may be necessary or advisable in the administration
of this Agreement, including, without limitation, the right and power (i) to
interpret the provisions of this Agreement and (ii) to make all determinations
deemed necessary or advisable for the administration of this Agreement
(including a determination to redeem or not redeem the Rights or to amend the
Agreement). All such actions, calculations, interpretations and determinations
(including, for purposes of clause (y) below, all omissions with respect to the
foregoing) which are done or made by the Board in good faith, shall (x) be
final, conclusive and binding on the Company, the Rights Agent, the holders of
the Rights Certificates and all other parties and (y) not subject the Board or
the Continuing Directors to any liability to the holders of the Rights.

     Section 30. Benefits of this Agreement. Nothing in this Agreement shall be
construed to give to any Person other than the Company, the Rights Agent and the
registered holders of the Rights Certificates (and, prior to the Distribution
Date, the Common Shares) any legal or equitable right, remedy or claim pursuant
to this Agreement; but this Agreement shall be for the sole and exclusive
benefit of the Company, the Rights Agent and the registered holders of the
Rights Certificates (and, prior to the Distribution Date, the Common Shares).

     Section 31. Severability. If any term, provision, covenant or restriction
of this Agreement is held by a court of competent jurisdiction or other
authority to be invalid, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated;
provided, however, that notwithstanding anything in this Agreement to the
contrary, if any such term, provision, covenant or restriction is held by such
court or authority to be invalid, void or unenforceable and the Board of
Directors of the Company determines in its good faith judgment that severing the
invalid language from this Agreement would adversely affect the purpose or
effect of this Agreement, the right of redemption set forth in Section 23 hereof
shall be reinstated and shall not expire until the Close of Business on the
tenth day following the date of such determination by the Board of Directors.

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

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

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

                                       36
<PAGE>   40

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

"COMPANY"                               JUPITER MEDIA METRIX, INC.
                                        By: /s/ Kurt Abrahamson
                                            -----------------------------------
                                        Name: Kurt Abrahamson
                                              ---------------------------------
                                        Title: Group President
                                               --------------------------------

"RIGHTS AGENT"                          AMERICAN STOCK TRANSFER & TRUST COMPANY
                                        By: /s/ Herbert J. Lemmer
                                            -----------------------------------
                                        Name: Herbert J. Lemmer
                                              ---------------------------------
                                        Title: Vice President
                                               --------------------------------

                                       37
<PAGE>   41

                                    EXHIBIT A

                CERTIFICATE OF DESIGNATION OF RIGHTS, PREFERENCES
                                AND PRIVILEGES OF
                     SERIES A PARTICIPATING PREFERRED STOCK
                          OF JUPITER MEDIA METRIX, INC.

The undersigned, Tod Johnson and Jean Robinson do hereby certify:

1.   That they are the duly elected and acting Chairman and Chief Executive
     Officer and Chief Financial Officer, respectively, of Jupiter Media Metrix,
     Inc., a Delaware corporation (the "CORPORATION").

2.   That pursuant to the authority conferred upon the Board of Directors by the
     Restated Certificate of Incorporation of the said Corporation, the said
     Board of Directors on May 16, 2001, adopted the following resolution
     creating a series of 150,000 shares of Preferred Stock designated as Series
     A Participating Preferred Stock:

     "RESOLVED, that pursuant to the authority vested in the Board of Directors
of the corporation by the Restated Certificate of Incorporation, the Board of
Directors does hereby provide for the issue of a series of Preferred Stock of
the Corporation and does hereby fix and herein state and express the
designations, powers, preferences and relative and other special rights and the
qualifications, limitations and restrictions of such series of Preferred Stock
as follows:

     Section 1. Designation and Amount. The shares of such series shall be
designated as "SERIES A PARTICIPATING PREFERRED STOCK." The Series A
Participating Preferred Stock shall have a par value of $0.01 per share, and the
number of shares constituting such series shall be 150,000.

     Section 2. Proportional Adjustment. In the event that the Corporation shall
at any time after the issuance of any share or shares of Series A Participating
Preferred Stock (i) declare any dividend on Common Stock of the Corporation
("COMMON Stock") payable in shares of Common Stock, (ii) subdivide the
outstanding Common Stock or (iii) combine the outstanding Common Stock into a
smaller number of shares, then in each such case the Corporation shall
simultaneously effect a proportional adjustment to the number of outstanding
shares of Series A Participating Preferred Stock.

     Section 3. Dividends and Distributions.

          (a) Subject to the prior and superior right of the holders of any
shares of any series of Preferred Stock ranking prior and superior to the shares
of Series A Participating Preferred Stock with respect to dividends, the holders
of shares of Series A Participating Preferred Stock shall be entitled to receive
when, as and if declared by the Board of Directors out of funds legally
available for the purpose, quarterly dividends payable in cash on the last day
of February, May, August and November in each year (each such date being
referred to herein as a "QUARTERLY DIVIDEND PAYMENT DATE"), commencing on the
first Quarterly Dividend Payment Date after the first issuance of a share or
fraction of a share of Series A Participating Preferred

                                       38
<PAGE>   42

Stock, in an amount per share (rounded to the nearest cent) equal to 1,000 times
the aggregate per share amount of all cash dividends, and 1,000 times the
aggregate per share amount (payable in kind) of all non-cash dividends or other
distributions other than a dividend payable in shares of Common Stock or a
subdivision of the outstanding shares of Common Stock (by reclassification or
otherwise), declared on the Common Stock since the immediately preceding
Quarterly Dividend Payment Date, or, with respect to the first Quarterly
Dividend Payment Date, since the first issuance of any share or fraction of a
share of Series A Participating Preferred Stock.

          (b) The Corporation shall declare a dividend or distribution on the
Series A Participating Preferred Stock as provided in paragraph (a) above
immediately after it declares a dividend or distribution on the Common Stock
(other than a dividend payable in shares of Common Stock).

          (c) Dividends shall begin to accrue on outstanding shares of Series A
Participating Preferred Stock from the Quarterly Dividend Payment Date next
preceding the date of issue of such shares of Series A Participating Preferred
Stock, unless the date of issue of such shares is prior to the record date for
the first Quarterly Dividend Payment Date, in which case dividends on such
shares shall begin to accrue from the date of issue of such shares, or unless
the date of issue is a Quarterly Dividend Payment Date or is a date after the
record date for the determination of holders of shares of Series A Participating
Preferred Stock entitled to receive a quarterly dividend and before such
Quarterly Dividend Payment Date, in either of which events such dividends shall
begin to accrue from such Quarterly Dividend Payment Date. Accrued but unpaid
dividends shall not bear interest. Dividends paid on the shares of Series A
Participating Preferred Stock in an amount less than the total amount of such
dividends at the time accrued and payable on such shares shall be allocated pro
rata on a share-by-share basis among all such shares at the time outstanding.
The Board of Directors may fix a record date for the determination of holders of
shares of Series A Participating Preferred Stock entitled to receive payment of
a dividend or distribution declared thereon, which record date shall be no more
than 30 days prior to the date fixed for the payment thereof.

     Section 4. Voting Rights. The holders of shares of Series A Participating
Preferred Stock shall have the following voting rights:

          (a) Each share of Series A Participating Preferred Stock shall entitle
the holder thereof to 1,000 votes on all matters submitted to a vote of the
stockholders of the Corporation.

          (b) Except as otherwise provided herein or by law, the holders of
shares of Series A Participating Preferred Stock and the holders of shares of
Common Stock shall vote together as one class on all matters submitted to a vote
of stockholders of the Corporation.

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

                                       39
<PAGE>   43

     Section 5. Certain Restrictions.

          (a) The Corporation shall not declare any dividend on, make any
distribution on, or redeem or purchase or otherwise acquire for consideration
any shares of Common Stock after the first issuance of a share or fraction of a
share of Series A Participating Preferred Stock unless concurrently therewith it
shall declare a dividend on the Series A Participating Preferred Stock as
required by Section 3 hereof.

          (b) Whenever quarterly dividends or other dividends or distributions
payable on the Series A Participating Preferred Stock as provided in Section 3
are in arrears, thereafter and until all accrued and unpaid dividends and
distributions, whether or not declared, on shares of Series A Participating
Preferred Stock outstanding shall have been paid in full, the Corporation shall
not

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

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

               (iii) redeem or purchase or otherwise acquire for consideration
shares of any stock ranking on a parity (either as to dividends or upon
liquidation, dissolution or winding up) with the Series A Participating
Preferred Stock, provided that the Corporation may at any time redeem, purchase
or otherwise acquire shares of any such parity stock in exchange for shares of
any stock of the Corporation ranking junior (either as to dividends or upon
dissolution, liquidation or winding up) to the Series A Participating Preferred
Stock;

               (iv) purchase or otherwise acquire for consideration any shares
of Series A Participating Preferred Stock, or any shares of stock ranking on a
parity with the Series A Participating Preferred Stock, except in accordance
with a purchase offer made in writing or by publication (as determined by the
Board of Directors) to all holders of such shares upon such terms as the Board
of Directors, after consideration of the respective annual dividend rates and
other relative rights and preferences of the respective series and classes,
shall determine in good faith will result in fair and equitable treatment among
the respective series or classes.

          (c) The Corporation shall not permit any subsidiary of the Corporation
to purchase or otherwise acquire for consideration any shares of stock of the
Corporation unless the Corporation could, under paragraph (a) of this Section 5,
purchase or otherwise acquire such shares at such time and in such manner.

     Section 6. Reacquired Shares. Any shares of Series A Participating
Preferred Stock purchased or otherwise acquired by the Corporation in any manner
whatsoever shall be

                                       40
<PAGE>   44

retired and canceled promptly after the acquisition thereof. All such shares
shall upon their cancellation become authorized but unissued shares of Preferred
Stock and may be reissued as part of a new series of Preferred Stock to be
created by resolution or resolutions of the Board of Directors, subject to the
conditions and restrictions on issuance set forth herein and in the Restated
Certificate of Incorporation, as then amended.

     Section 7. Liquidation, Dissolution or Winding Up. Upon any liquidation,
dissolution or winding up of the Corporation, the holders of shares of Series A
Participating Preferred Stock shall be entitled to receive an aggregate amount
per share equal to 1,000 times the aggregate amount to be distributed per share
to holders of shares of Common Stock plus an amount equal to any accrued and
unpaid dividends on such shares of Series A Participating Preferred Stock.

     Section 8. Consolidation, Merger, etc. In case the Corporation shall enter
into any consolidation, merger, combination or other transaction in which the
shares of Common Stock are exchanged for or changed into other stock or
securities, cash and/or any other property, then in any such case the shares of
Series A Participating Preferred Stock shall at the same time be similarly
exchanged or changed in an amount per share equal to 1,000 times the aggregate
amount of stock, securities, cash and/or any other property (payable in kind),
as the case may be, into which or for which each share of Common Stock is
changed or exchanged.

     Section 9. No Redemption. The shares of Series A Participating Preferred
Stock shall not be redeemable.

     Section 10. Ranking. The Series A Participating Preferred Stock shall rank
junior to all other series of the Corporation's Preferred Stock as to the
payment of dividends and the distribution of assets, unless the terms of any
such series shall provide otherwise.

     Section 11. Amendment. The Restated Certificate of Incorporation of the
Corporation shall not be further amended in any manner which would materially
alter or change the powers, preference or special rights of the Series A
Participating Preferred Stock so as to affect them adversely without the
affirmative vote of the holders of a majority of the outstanding shares of
Series A Participating Preferred Stock, voting separately as a series.

     Section 12. Fractional Shares. Series A Participating Preferred Stock may
be issued in fractions of a share which shall entitle the holder, in proportion
to such holder's fractional shares, to exercise voting rights, receive
dividends, participate in distributions and to have the benefit of all other
rights of holders of Series A Participating Preferred Stock.

     RESOLVED FURTHER, that the President or any Vice President and the
Secretary or any Assistant Secretary of this corporation be, and they hereby
are, authorized and directed to prepare and file a Certificate of Designation of
Rights, Preferences and Privileges in accordance with the foregoing resolution
and the provisions of Delaware law and to take such actions as they may deem
necessary or appropriate to carry out the intent of the foregoing resolution."

     We further declare under penalty of perjury that the matters set forth in
the foregoing Certificate of Designation are true and correct of our own
knowledge.

                                       41
<PAGE>   45

     Executed at New York, New York on May __, 2001.

                                           ____________________________________
                                           Chairman and Chief Executive Officer

                                           _____________________________________
                                           Chief Financial Officer

                                       42
<PAGE>   46
                                    EXHIBIT B

                           FORM OF RIGHTS CERTIFICATE

Certificate No. R-  Rights                                 _____________ Rights

NOT EXERCISABLE AFTER THE EARLIER OF (i) JUNE 1, 2011, (ii) THE DATE TERMINATED
BY THE COMPANY OR (iii) THE DATE THE COMPANY EXCHANGES THE RIGHTS PURSUANT TO
THE RIGHTS AGREEMENT. THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE
COMPANY, AT $0.01 PER RIGHT ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT.
UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR
AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN
THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL
AND VOID. [THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE
BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN
AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE
RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS
REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN
SECTION 7(e) OF SUCH RIGHTS AGREEMENT.]*

                               RIGHTS CERTIFICATE

                           JUPITER MEDIA METRIX, INC.

     This certifies that ______________________________, or registered assigns,
is the registered owner of the number of Rights set forth above, each of which
entitles the owner thereof, subject to the terms, provisions and conditions of
the Rights Agreement dated as of May 17, 2001 (the "RIGHTS AGREEMENT"), between
Jupiter Media Metrix, Inc., a Delaware corporation (the "COMPANY"), and American
Stock Transfer & Trust Company ( the "RIGHTS AGENT"), to purchase from the
Company at any time after the Distribution Date (as such term is defined in the
Rights Agreement) and prior to 5:00 P.M., New York time, on June 1, 2011 at the
office of the Rights Agent designated for such purpose, or at the office of its
successor as Rights Agent, one one-thousandth (1/1,000) of a fully paid and
non-assessable share of Series A Participating Preferred Stock, par value $0.01
per share (the "PREFERRED SHARES"), of the Company, at an Exercise Price of
$13.00 per one-thousandth of a Preferred Share (the "EXERCISE PRICE"), upon
presentation and surrender of this Rights Certificate with the Form of Election
t o Purchase and related Certificate duly executed. The number of Rights
evidenced by this Rights Certificate (and the number of one-thousandths of a
Preferred Share which may be purchased upon exercise hereof) set forth above are
the number and Exercise Price as of June 1,2001 based on the Preferred Shares as
constituted at such date. As provided in the Rights Agreement, the Exercise

--------
         * The portion of the legend in bracket shall be inserted only if
applicable and shall replace the preceding sentence.

                                       43
<PAGE>   47
Price and the number and kind of Preferred Shares or other securities which may
be purchased upon the exercise of the Rights evidenced by this Rights
Certificate are subject to modification and adjustment upon the happening of
certain events.

     This Rights Certificate is subject to all of the terms, provisions and
conditions of the Rights Agreement, which terms, provisions and conditions are
hereby incorporated herein by reference and made a part hereof and to which
Rights Agreement reference is hereby made for a full description of the rights,
limitations of rights, obligations, duties and immunities hereunder of the
Rights Agent, the Company and the holders of the Rights Certificates, which
limitations of rights include the temporary suspension of the exercisability of
such Rights under the specific circumstances set forth in the Rights Agreement.
Copies of the Rights Agreement are on file at the principal executive offices of
the Company and the above-mentioned office of the Rights Agent.

     Subject to the provisions of the Rights Agreement, the Rights evidenced by
this Rights Certificate (i) may be redeemed by the Company, at its option, at a
redemption price of $0.01 per Right or (ii) may be exchanged by the Company in
whole or in part for Common Shares, substantially equivalent rights or other
consideration as determined by the Company.

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

     No fractional portion of less than one one-thousandth of a Preferred Share
will be issued upon the exercise of any Right or Rights evidenced hereby but in
lieu thereof a cash payment will be made, as provided in the Rights Agreement.

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

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

                                       44
<PAGE>   48

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

ATTEST:                                      JUPITER MEDIA METRIX, INC.

________________________________________     By: _______________________________
                                             Its: ______________________________

Countersigned: _________________________

AMERICAN STOCK TRANSFER &
TRUST COMPANY
as Rights Agent

By: ____________________________________
Its:____________________________________

                                       45
<PAGE>   49
                   FORM OF REVERSE SIDE OF RIGHTS CERTIFICATE

                               FORM OF ASSIGNMENT

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

     FOR VALUE RECEIVED_______________ hereby sells, assigns and transfers unto
_______________________________________________________________________________
                  (Please print name and address of transferee)
this Rights Certificate, together with all right, title and interest therein,
and does hereby irrevocably constitute and appoint__________________________
Attorney, to transfer the within Rights Certificate on the books of the
within-named Company, with full power of substitution.

Dated: _______________, ____

                                        ________________________________________
                                        Signature

Signature Medallion Guaranteed:

     Signatures must be medallion guaranteed by a member firm of a registered
national securities exchange, a member of the National Association of Securities
Dealers, Inc., or a commercial bank or trust company having an office or
correspondent in the United States or by an eligible guarantor institution bank
(bank, stockbroker, savings and loan association or credit union with membership
in an approved signature medallion program), pursuant to Rule 17Ad-15
promulgated under the Securities Exchange Act of 1934, as amended.

                                       46
<PAGE>   50
                                   CERTIFICATE

     The undersigned hereby certifies by checking the appropriate boxes that:

     (1) this Rights Certificate [ ] is [ ] is not being sold, assigned and
transferred by or on behalf of a Person who is or was an Acquiring Person, or an
Affiliate or Associate of any such Person (as such terms are defined in the
Rights Agreement);

     (2) after due inquiry and to the best knowledge of the undersigned, it [ ]
did [ ] did not acquire the Rights evidenced by this Rights Certificate from any
Person who is, was or subsequently became an Acquiring Person or an Affiliate or
Associate of any such Person.

Dated: _______________, ____

                                        ________________________________________
                                        Signature

Signature Guaranteed:

     Signatures must be guaranteed by a member firm of a registered national
securities exchange, a member of the National Association of Securities Dealers,
Inc., or a commercial bank or trust company having an office or correspondent in
the United States.

                                       47
<PAGE>   51
             FORM OF REVERSE SIDE OF RIGHTS CERTIFICATE -- CONTINUED

                          FORM OF ELECTION TO PURCHASE

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

To:_____________________________

                  The undersigned hereby irrevocably elects to exercise
_____________________ Rights represented by this Rights Certificate to purchase
the number of one-thousandths of a Preferred Share issuable upon the exercise of
such Rights and requests that certificates for such shares be issued in the name
of:

Please insert social security
or other identifying number

                         (Please print name and address)

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

Please insert social security
or other identifying number

                         (Please print name and address)

Dated: _______________, ____

                                        _______________________________________
                                        Signature

                                        (Signature must conform in all respects
                                        to name of holder as specified on the
                                        face of this Rights Certificate)
Signature Guaranteed:

                  Signature must be guaranteed by an "Eligible Guarantor
Institution" (with membership in an approved signature guarantee medallion
program) pursuant to Rule 17Ad-15 of the Securities Exchange Act of 1934.

                                       48
<PAGE>   52

CERTIFICATE

          The undersigned hereby certifies by checking the appropriate boxes
that:

          (1) the Rights evidenced by this Rights Certificate [ ] are [ ] are
not being exercised by or on behalf of a Person who is or was an Acquiring
Person or an Affiliate or Associate of any such Person (as such terms are
defined in the Rights Agreement);

          (2) after due inquiry and to the best knowledge of the undersigned, it
[ ] did [ ] did not acquire the Rights evidenced by this Rights Certificate from
any Person who is, was or subsequently became an Acquiring Person or an
Affiliate or Associate of any such Person.

Dated: _______________, ____

                                           _____________________________________
                                           Signature

Signature Guaranteed:

     Signatures must be guaranteed by a member firm of a registered national
securities exchange, a member of the National Association of Securities Dealers,
Inc., or a commercial bank or trust company having an office or correspondent in
the United States.

                                       49
<PAGE>   53

             FORM OF REVERSE SIDE OF RIGHTS CERTIFICATE -- CONTINUED

                                     NOTICE

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

                                       50<PAGE>   1
                                                                   EXHIBIT 10.44

                               FOURTH AMENDMENT TO
                   THIRD AMENDED AND RESTATED CREDIT AGREEMENT

         THIS FOURTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT
(this "Amendment"), dated as of March 30, 2001 (the "Fourth Amendment Effective
Date"), is by and among LASON, INC., a Delaware corporation (the "Company"),
LASON CANADA COMPANY, a Nova Scotia unlimited liability company ("Lason
Canada"), LASON U.K., LTD., a corporation organized under the laws of the United
Kingdom ("Lason U.K." and, collectively with the Company and Lason Canada, the
"Borrowers"), the lenders set forth on the signature pages hereof (collectively,
the "Lenders") and BANK ONE, MICHIGAN, a Michigan banking corporation, as
administrative agent for the Lenders (in such capacity, the "Agent").

                                    RECITALS

         A. The Borrowers, the Agent and the Lenders are parties to a Third
Amended and Restated Credit Agreement dated as of August 16, 1999 (as now and
hereafter amended, the "Credit Agreement"), pursuant to which the Lenders
agreed, subject to the terms and conditions thereof, to extend credit to the
Borrowers.

         B. The Credit Agreement was amended by a First Amendment to Third
Amended and Restated Credit Agreement dated as of August 25, 1999 (the "First
Amendment") among the Borrowers, the Lenders and the Agent, pursuant to which
the parties agreed to modify certain terms and conditions of the extension of
credit to the Borrowers.

         C. On December 17, 1999, the Company informed the Agent and the Lenders
that the Company was in violation of certain financial covenants set forth in
the Credit Agreement. The Agent and the Lenders, at the request of the Company,
waived the defaults created by such violation through March 30, 2000.

         D. At the request of the Company, the Credit Agreement was further
amended by a Second Amendment to Third Amended and Restated Credit Agreement
dated as of March 30, 2000 (the "Second Amendment") among the Borrowers, the
Lenders and the Agent, pursuant to which the amount of revolving credit
available to the Borrowers under the Credit Agreement was increased and certain
terms and conditions of the extension of credit to the Borrowers were modified.

         E. On April 13, 2000, the Company informed the Agent that the Company
did not have sufficient cash to meet its payroll obligations due April 14, 2000.
At the request of the Company, on April 13, 2000 Bank One, Michigan, as an
interim financial accommodation to the Company, advanced the principal sum of
$1,400,000 to the Company in order to permit the Company to meet its payroll
obligations. On May 31, 2000, the Borrowers, the Agent and the Lenders agreed
that such principal amount would be added to the then-outstanding principal
balance of the Revolving Credit Loans, and the amount of the revolving credit
available to the Borrowers under the Credit Agreement was increased accordingly.

         F. At various times between April 29, 2000 and September 7, 2000, the
Company informed the Agent and the Lenders that certain Events of Default had
occurred under the Credit Agreement. Such

<PAGE>   2

Events of Default included the Company's violation of: (i) the covenant
contained in Section 2.24 as of April 29, 2000; (ii) the covenant contained in
Section 6.2(f) as of March 1, 2000; (iii) the covenant contained in Section 7.1
as of March 31, 2000; (iv) the covenant contained in Section 7.5 as of March 31,
2000; (v) paragraph 2(f) of the Second Amendment; (vi) the covenant contained in
Section 7.2 as of June 30, 2000; (vii) the covenant contained in Section 6.5 as
of June 30, 2000; (viii) the covenant contained in Section 7.3 as of June 30,
2000; and (ix) the covenant contained in Section 8.4. At various times the
Company and its advisors requested that the Agent and the Lenders waive such
Events of Default on a temporary basis. The Company and its advisors also
requested that the Agent and the Lenders defer the scheduled installment payment
of principal on the Term Loan due on May 31, 2000 pursuant to Section 2.7.2. The
Agent and the Lenders granted the waivers and deferrals requested by the Company
subject to the terms and conditions set forth in letter agreements dated May 15,
2000, May 31, 2000, July 10, 2000 and August 15, 2000.

         G. Prior to September 15, 2000, the Company and its advisors prepared
and submitted to the Agent and the Lenders a restructuring proposal. In
connection with such proposal, the Company and its advisors requested that the
Agent and the Lenders (a) modify certain terms and conditions of borrowing under
the Credit Agreement, (b) waive the then-existing defaults on a temporary basis
and (c) permit the Borrowers to continue to borrow under the revolving credit
facility established in the Credit Agreement, all in order to (i) permit the
Company an opportunity to implement its restructuring plan and (ii) permit the
Company to continue to develop and implement a revised business plan and
financial strategy that would address, inter alia, repayment of the indebtedness
owed to the Lenders. Pursuant to such request, the Credit Agreement was further
amended by a Third Amendment to Third Amended and Restated Credit Agreement
dated as of September 15, 2000 (the "Third Amendment") among the Borrowers, the
Lenders and the Agent. The Third Amendment, among other things, granted to the
Company a "Restructuring Period" during which the Company would be permitted to
implement its restructuring plan to include, without limitation, the sale of
certain designated assets and business units.

         H. The Credit Agreement (as modified by the First Amendment, the Second
Amendment and the Third Amendment), all promissory notes executed by any
Borrower in favor of the Agent and/or the Lenders, and any and all of the
Security Documents (including without limitation all security agreements,
mortgages, guaranties, pledges and other instruments, documents or agreements of
any kind evidencing or securing the indebtedness of the Borrowers in favor of
the Lenders) are sometimes referred to collectively as the "Loan Documents."

         I. On December 6, 2000, the Company informed the Agent and the Lenders
that the Company was in violation of the covenant contained in Section 1.3.f of
the Third Amendment, thereby creating an Event of Default under the Credit
Agreement. On December 21, 2000, the Company informed the Agent and the Lenders
that the Company anticipated that it would not have sufficient cash to make the
scheduled installment payment of principal on the Term Loan due on December 31,
2000 pursuant to Section 2.7.2 of the Credit Agreement (as said Section 2.7.2
was amended by the Third Amendment) and the scheduled payment of interest on the
Loans due on December 31, 2000 pursuant to Section 2.14 of the Credit Agreement.
The Company and its advisors requested that the Lenders and the Agent (i) waive
the Event of Default created by the violation of Section 1.3.f of the Third
Amendment so that the Restructuring Period could continue and (ii) defer
temporarily the scheduled payment of principal on the Term Loan due on December
31, 2000 and the scheduled payment of interest on the Loans due on December 31,
2000, so that the Company would have sufficient cash to meet its immediate and
necessary operating expenses. The Lenders and the Agent granted such waiver and
deferral subject to the terms and conditions set forth in that certain letter
agreement dated December 29, 2000.

         J. On January 17, 2001, representatives of the Company, the Lenders and
the Agent met to, among other things, review the Company's updated business plan
and proposed financial strategy for the

                                       2
<PAGE>   3

period ending December 31, 2001. Following such meeting the Company informed the
Agent and the Lenders that the Company remained in violation of the covenant
contained in Section 1.3.f of the Third Amendment and that the Company also was
in violation of the covenant contained in Section 1.3.g of the Third Amendment.
The Company and its advisors requested that the Lenders and the Agent (i) extend
the duration of the waiver set forth in the December 29, 2000 letter so that the
Company could continue to refine its updated business plan and obtain any
necessary approvals with respect to the implementation of such plan; (ii) waive
the continuing Defaults so that the Restructuring Period may continue; (iii)
extend the duration of the temporary deferral of the scheduled installment
payment of principal on the Term Loan due on December 31, 2000, and also defer
temporarily the scheduled installment payment of principal on the Term Loan due
on January 31, 2001, so that the Company would have sufficient cash to meet its
immediate and necessary operating expenses; (iv) extend the duration of the
temporary deferral of a portion of the scheduled payment of interest on the
Loans due on December 31, 2000, and also defer temporarily the scheduled payment
of interest on the Loans due on January 31, 2001, so that the Company would have
sufficient cash to meet its immediate and necessary operating expenses; (v)
approve the implementation of the Company's employee retention program; and (vi)
with respect to certain proposed asset sales identified by the Company, approve
a modification of the terms otherwise applicable to such asset sales as provided
in the Third Amendment. The Lenders and the Agent granted such requests subject
to the terms and conditions set forth in that certain letter agreement dated
January 19, 2001.

         K. The waivers granted by the December 29, 2000 letter and the January
19, 2001 letter have now expired. The Company (i) remains in violation of the
covenant contained in Section 1.3f of the Third Amendment, (ii) remains in
violation of the covenant contained in Section 1.3g of the Third Amendment,
(iii) has failed to pay principal and interest to the Lenders when due under the
terms of the Loan Documents, as such terms were modified by the December 29,
2000 letter and the January 19, 2001 letter, (iv) has failed timely to provide
the information required by Sections 6.1(b), 6.2(b), 6.2(f) and 6.2(g) of the
Credit Agreement and by Section 1.3b of the Third Amendment, and (v) is in
violation of the covenant contained in Section 1.3p of the Third Amendment
(collectively the "Existing Defaults").

         L. As a consequence of the Existing Defaults, among other things, (i)
the Required Lenders have the right at any time to declare all indebtedness owed
to the Lenders by the Borrowers and all other obligations owed to the Lenders or
the Agent under the Loan Documents to be immediately due and payable, pursuant
to Section 9.2(b) of the Credit Agreement and Section 1.10 of the Third
Amendment, and (ii) the Lenders have no obligation to advance further loans or
credit to the Borrowers, pursuant to Section 4.2(b) of the Credit Agreement.

         M. Notwithstanding the continuation of the Existing Defaults, the
Company and its advisors have requested that the Agent and the Lenders, in lieu
of the exercise of remedies available under the Loan Documents or at law or in
equity, (a) modify the restructuring conditions set forth in the Third Amendment
and extend the Restructuring Period, (b) waive the Existing Defaults on a
temporary basis, (c) permit the Borrowers to continue to borrow under the
revolving credit facility established in the Credit Agreement, (d) defer certain
scheduled installment payments of principal on the Term Loan and (e) defer the
due date of scheduled payments of interest on the Loans, all in order to permit
the Company an opportunity to continue to implement its restructuring plan.

         N. Based upon the foregoing recitals, and without waiving any existing
or future rights or remedies which the Agent and/or the Lenders may have against
any Borrower or any Guarantor, the Agent and the Lenders are willing to amend
the terms of the Credit Agreement and the Third Amendment under the terms and
conditions expressly set forth herein.

                                       3
<PAGE>   4

                                      TERMS

         In consideration of the premises and of the mutual agreements herein
contained, the parties agree as follows:

                                 ARTICLE 1.
                      DEFAULT AND RESTRUCTURING PROVISIONS

         1.1 Affirmation of Recitals. The Borrowers and the Guarantors hereby
acknowledge and affirm the accuracy of the foregoing recitals.

         1.2 Existing Defaults. The Borrowers acknowledge the occurrence of the
Existing Defaults and the continuation of such Existing Defaults through the
date of this Amendment. As a result of the Existing Defaults, the Borrowers
acknowledge that the Required Lenders have the right at any time to declare all
indebtedness owed by the Borrowers to the Lenders to be immediately due and
payable. Also as a result of the Existing Defaults, the Borrowers acknowledge
that they are precluded from making any payments to the holders of any
Subordinated Indebtedness (if any) and the Borrowers have agreed not to make any
payment related to any Subordinated Indebtedness, notwithstanding the provisions
of Section 8.2(iv) of the Credit Agreement, absent the prior written consent of
the Required Lenders (or the Agent acting with the consent of the Required
Lenders).

         1.3 Restructuring Conditions. Section 1.3 of the Third Amendment set
forth certain "restructuring conditions" governing the Borrowers' implementation
of their business improvement plan. Such "restructuring conditions" are hereby
amended and restated in their entirety as set forth below in this Section 1.3.
Nothing contained herein, however, shall be deemed to modify or retract the
terms and conditions that were applicable under the Third Amendment during the
period from and including the Third Amendment Effective Date through and
including the date immediately preceding the Fourth Amendment Effective Date.
All actions performed by or on behalf of the Borrowers during such period in
furtherance of their obligations under the Third Amendment are hereby confirmed
and ratified, and the Agent and the Lenders shall be entitled to retain the full
benefit of such performance. There shall be no disgorgement, refund or
rescission with respect to any payment made by or on behalf of the Borrowers and
received by the Agent or the Lenders pursuant to the terms of the Third
Amendment. Except to the extent expressly modified by the terms set forth below,
each of the terms and conditions set forth in the Third Amendment is hereby
confirmed and ratified and shall remain in full force and effect as provided
therein. From and after the Fourth Amendment Effective Date, subject to strict
compliance with the terms and conditions set forth herein, the Lenders agree to
refrain from enforcing their rights and remedies based on the Existing Defaults
while the Company and its consultants continue to implement their plan for
improvement of the Company's financial condition, provided that (i) except to
the extent and on the terms set forth expressly herein, the Agent and the
Lenders do not waive the Existing Defaults and (ii) the agreement contained
herein shall not create a waiver of the right of the Agent or the Lenders, upon
the occurrence of an Event of Default hereunder or under the Loan Documents, to
enforce available rights and remedies at any time, in their sole discretion, in
accordance with the Credit Agreement (as modified herein) and the other Loan
Documents. Absent an earlier Event of Default, the Borrowers shall be permitted
to implement their restructuring efforts during the period from the Third
Amendment Effective Date through January 31, 2002 (the "Restructuring Period").
The Borrowers' restructuring opportunity shall be governed by and subject to the
following terms and conditions:

                           a. The Company shall keep the representatives of the
                  Agent and the Lenders apprised of the Borrowers' business and
                  financial operations and of any material discussions

                                       4
<PAGE>   5

                  and negotiations pertaining to lessors, vendors, suppliers,
                  customers, earn-out creditors, joint venture partners,
                  acquisition targets or potential purchasers of any business
                  segments or significant assets of any Borrower. Reports on
                  such matters shall be provided periodically as appropriate and
                  not less frequently than weekly.

                           b. Notwithstanding any prior practice, the Borrowers
                  shall strictly comply with the financial reporting
                  requirements under the Loan Documents, as modified herein. In
                  addition to the reporting requirements set forth in Sections
                  6.1 and 6.2 of the Credit Agreement (as modified herein), (i)
                  not later than Thursday of each week during the Restructuring
                  Period, the Company and its financial and operational advisors
                  will deliver to the Agent and the Lenders, in form and detail
                  satisfactory to the Agent, weekly updates related to the
                  detailed 13-week rolling domestic cash flow forecast as
                  required under Section 4.3 of this Amendment; (ii) not later
                  than the tenth (10th) Business Day of each month during the
                  Restructuring Period, the Company and its financial and
                  operational advisors will deliver to the Agent and the
                  Lenders, in form and detail satisfactory to the Agent, (w)
                  summary agings by division of accounts payable and accounts
                  receivable for each Borrower as of the end of the prior month,
                  (x) a detailed schedule of all projected and actual earn-out
                  payments for which any Borrower is or may be obligated,
                  including any variance in the amount or timing of actual
                  payments compared against the most recent projection of such
                  payments, (y) summary capital expenditures for the prior month
                  and cumulative capital expenditures during the Restructuring
                  Period, and (z) a duly-executed Compliance Certificate with
                  respect to the cash flow restrictions and other payment
                  restrictions set forth in subparagraph f below; and (iii) the
                  Company shall deliver to the Agent, immediately upon receipt
                  thereof, copies of any correspondence, letters of intent,
                  agreements or similar documents pertaining in any manner to
                  any proposed sale or other disposition of any assets of the
                  Company or its Subsidiaries other than in the ordinary course
                  of business.

                           c. (i) Except to the extent expressly excused or
                  waived under the terms and conditions set forth in this
                  Amendment, the Borrowers shall pay when due all amounts owed
                  to the Agent and the Lenders under the Loan Documents.

                              (ii) Notwithstanding the provisions of Section
                  2.7.2 of the Credit Agreement (as previously modified by
                  Section 2.7 of the Third Amendment), but provided that no
                  further Default or Event of Default occurs under this
                  Amendment or the Loan Documents (as modified hereby), the
                  Lenders agree to defer the due date of certain installment
                  payments of principal on the Term Loan during the
                  Restructuring Period according to the table set forth below.
                  At the end of the Restructuring Period (on January 31, 2002),
                  or upon the occurrence of an earlier Event of Default, (x) all
                  principal payments in respect of the Term Loan previously
                  deferred shall immediately be due and payable without further
                  action on behalf of the Agent or the Lenders, (y) any future
                  scheduled deferrals automatically shall be canceled and
                  rescinded without further action on behalf of the Agent or the
                  Lenders, and (z) the Lenders shall have the remedies as
                  described in Section 1.10 of this Amendment. Subject to the
                  foregoing conditions, the following table sets forth the
                  agreement of the parties with respect to the deferral of
                  principal in respect of the Term Loan:

                                       5
<PAGE>   6

<TABLE>
<CAPTION>

                 Payment Date              Principal Installment         Principal Installment
                 ------------              ---------------------         ---------------------
                                           under Third Amendment  with deferral under this Amendment
                                           ---------------------  ----------------------------------
                <S>                        <C>                    <C>

                 May 31, 2000                    $3,750,000                $3,750,000
                 August 31, 2000                 $3,750,000                $3,750,000
                 September 30, 2000              $1,250,000                $1,250,000
                 October 31, 2000                $1,250,000                $1,250,000
                 November 30, 2000               $1,250,000                $1,250,000
                 December 31, 2000               $1,250,000                    0
                 January 31, 2001                $1,250,000                    0
                 February 28, 2001               $1,250,000                    0
                 March 31, 2001                  $1,250,000                    0
                 April 30, 2001                  $1,250,000                    0
                 May 31, 2001                    $1,250,000                    0
                 June 30, 2001                   $2,187,500                    0
                 July 31, 2001                   $2,187,500                    0
                 August 31, 2001                 $2,187,500                    0
                 September 30, 2001              $2,187,500                    0
                 October 31, 2001                $2,187,500                $1,000,000
                 November 30, 2001               $2,187,500                $1,000,000
                 December 31, 2001               $2,187,500                $1,000,000
                 January 31, 2002                $2,187,500               $22,000,000
                 February 28, 2002               $2,187,500                $2,187,500
                 March 31, 2002                  $2,187,500                $2,187,500
                 April 30, 2002                  $2,187,500                $2,187,500
                 May 31, 2002                    $2,187,500                $2,187,500
                 June 30, 2002                   $3,750,000                $3,750,000
                 July 31, 2002                   $3,750,000                $3,750,000
                 August 31, 2002                 $3,750,000                $3,750,000
                 September 30, 2002              $3,750,000                $3,750,000
                 October 31, 2002                $3,750,000                $3,750,000
                 November 31, 2002               $3,750,000                $3,750,000
                 December 31, 2002               $3,750,000                $3,750,000
                 January 31, 2003                $3,750,000                $3,750,000
                 February 28, 2003               $3,750,000                $3,750,000
                 March 31, 2003                  $3,750,000                $3,750,000
                 April 30, 2003                  $3,750,000                $3,750,000
                 May 31, 2003                    $3,750,000                $3,750,000
                 June 30, 2003                   $5,000,000                $5,000,000
                 July 31, 2003                   $5,000,000                $5,000,000
                 August 31, 2003                 $5,000,000                $5,000,000
                 September 30, 2003              $5,000,000                $5,000,000
                 October 31, 2003                $5,000,000                $5,000,000
                 November 30, 2003               $5,000,000                $5,000,000
                 December 31, 2003               $5,000,000                $5,000,000
                 January 31, 2004                $5,000,000                $5,000,000
                 February 29, 2004               $5,000,000                $5,000,000
                 March 31, 2004                  $5,000,000                $5,000,000
                 April 30, 2004                  $5,000,000                $5,000,000
                 May 31, 2004                    $5,000,000                $5,000,000

</TABLE>

                              (iii) Pursuant to Section 2.5 of the Third
                  Amendment and Section 2.14 of the Credit Agreement, the
                  Borrowers agreed to pay interest on each Advance on the last
                  Business Day of each month. Notwithstanding such provisions,
                  from and after the Fourth Amendment Effective Date and during
                  the remainder of the Restructuring Period, interest on each
                  Advance shall be paid on a weekly basis according to the
                  following schedule: (A) on March 15, 2001, the Borrowers paid
                  all outstanding interest due under the Third Amendment as of
                  January 31, 2001 and a portion of the outstanding interest due
                  under the Third Amendment as of February 28, 2001; (B) the
                  Borrowers shall not be required to make any further interest
                  payments during the remainder of the month of March, 2001; (C)
                  commencing April 10, 2001 and continuing on each Tuesday
                  thereafter until the earlier to occur of (-x-) April 24, 2001
                  or (-y-) the date on which the Company closes the sale of
                  substantially all of its business operations in the United
                  Kingdom (the "UK Sale Date"), the

                                       6
<PAGE>   7

                  Borrowers shall pay interest that is two (2) months in arrears
                  in equal weekly installments (i.e., absent the earlier
                  occurrence of the UK Sale Date, the remaining interest due
                  under the Third Amendment on February 28, 2001 shall be paid
                  in three (3) equal weekly installments on April 10, 2001,
                  April 17, 2001 and April 24, 2001); and (D) on the earlier to
                  occur of (I) the UK Sale Date or (II) May 1, 2001, all unpaid
                  interest then in arrears under the requirements of the Third
                  Amendment shall be due and payable in full, and thereafter for
                  the remainder of the Restructuring Period interest on each
                  Advance will be paid currently on a weekly basis in equal
                  installments (based upon good faith estimates of the amount
                  due) on each Tuesday (i.e., for any month containing four
                  Tuesdays interest otherwise due on the last Business Day of
                  such month will be payable each Tuesday in four (4) equal
                  installments, and for any month containing five Tuesdays
                  interest otherwise due on the last Business Day of such month
                  will be payable each Tuesday in five (5) equal installments).
                  The first weekly installment due each month shall be adjusted
                  to reflect the actual aggregate amount of interest due for the
                  prior month. Upon the occurrence of an Event of Default, (-1-)
                  all interest payments previously deferred shall immediately be
                  due and payable without further action on behalf of the Agent
                  or the Lenders, (-2-) any future scheduled deferrals
                  automatically shall be canceled and rescinded without further
                  action on behalf of the Agent or the Lenders, and (-3-) the
                  Lenders shall have the remedies as described in Section 1.10
                  of this Amendment.

                              (iv) The parties agree that no course of dealing
                  is intended or is capable of being inferred from the Lenders'
                  prior agreement (as described in the recitals to this
                  Amendment) and current agreement (as described in the
                  preceding subparagraphs) to certain deferrals of principal and
                  interest installments, and no future deferrals of principal,
                  interest or other charges are contemplated by the parties or
                  expected by the Borrowers.

                           d. The aggregate outstanding amount of the Revolving
                  Credit Loans shall not exceed the maximum amount described in
                  Article 2 of the Third Amendment.

                           e. All representations and warranties made by the
                  Borrowers under this Amendment shall be true and correct.

                           f. (i) There shall be no material adverse

                  change in the financial performance or condition of the
                  Borrowers as compared with the projections submitted to and
                  approved by the Agent and the Lenders in the Approved Budget
                  pursuant to Section 4.3 of this Amendment.

                              (ii) For each "Measuring Period" (defined below)
                  during the Restructuring Period, the actual cumulative
                  "Pre-Earn-out Net Cash Flow" (defined below) of the Company
                  and its Subsidiaries on a consolidated basis during such
                  Measuring Period shall equal or exceed the projected
                  Pre-Earn-out Net Cash Flow for such Measuring Period as
                  compared against the Approved Budget, within a negative
                  variance of twenty percent (20%) for the first Measuring
                  Period and ten percent (10%) for each Measuring Period
                  thereafter. The term "Pre-Earn-out Net Cash Flow" shall mean
                  the excess (if any) of the consolidated aggregate cash
                  receipts of the Company and its Subsidiaries during the
                  relevant period (including the Company's share of any Net Cash
                  Proceeds generated by any sale of assets as otherwise
                  permitted under this Amendment) compared to the consolidated
                  aggregate cash disbursements of the Company and its
                  subsidiaries during such period for operating expenses, taxes
                  and debt service, but excluding any disbursements made during
                  such period in respect of any "Earn-out Obligations"
                  (hereafter defined), all as shown on the reports required
                  pursuant to Section 4.3 of this Amendment and prepared in a
                  manner

                                       7
<PAGE>   8

                  consistent with the presentation set forth in the Approved
                  Budget. The term "Earn-out Obligations" shall mean any amounts
                  required to be paid by the Company or any of its Subsidiaries
                  pursuant to any agreement, instrument or document governing or
                  related to any prior Acquisition by the Company or any of its
                  Subsidiaries. The cumulative Pre-Earn-out Net Cash Flow of the
                  Company and its Subsidiaries shall be measured as of the end
                  of each calendar month, for the cumulative period commencing
                  September 1, 2000 and ending on the last day of each
                  successive month (each a "Measuring Period") (i.e., the first
                  Measuring Period shall be a one-month period commencing
                  September 1, 2000 and ending September 30, 2000, the second
                  Measuring Period shall be a two-month period commencing
                  September 1, 2000 and ending October 31, 2000, etc.).

                              (iii) The Borrowers shall not, absent the prior
                  written consent of the Required Lenders, disburse any funds in
                  an amount that would cause a violation of the net cash flow
                  restrictions or other payment restrictions set forth above,
                  and shall not in any event disburse any funds in a manner
                  inconsistent with any other restrictions set forth in this
                  Amendment or the Loan Documents.

                              (iv) Prior to the Fourth Amendment Effective Date,
                  the Company advised the Agent and the Lenders that the Company
                  was in violation of the covenant contained in subparagraph f
                  (ii) above and does not anticipate the ability to comply with
                  such covenant until October, 2001. Provided that no further
                  Event of Default occurs, the Agent and the Lenders agree to
                  forbear from the exercise of any remedies due to the Company's
                  violation of such covenant through September 30, 2001.

                           g. (i) The Company will not permit Consolidated
                  EBITDA to be less than (i) $28,775,000 for the ten (10)
                  consecutive months ending October 31, 2001; (ii) $31,680,000
                  for the eleven (11) consecutive months ending November 30,
                  2001; and (iii) $34,784,000 for the twelve (12) consecutive
                  months ending December 31, 2001. During the Restructuring
                  Period, the Company's compliance with the foregoing
                  restrictions shall be in lieu of compliance with Section 7.5
                  of the Credit Agreement.

                              (ii) Prior to the Fourth Amendment Effective Date,
                  the Company advised the Agent and the Lenders that the Company
                  was in violation of the covenant contained in subparagraph g
                  (i) above (as such covenant was expressed in the Third
                  Amendment) and does not anticipate the ability to comply with
                  such covenant until the fiscal quarter beginning October 1,
                  2001. Provided that no further Event of Default occurs, the
                  Agent and the Lenders agree to forbear from the exercise of
                  any remedies due to the Company's violation of such covenant
                  through the fiscal quarter ending September 30, 2001.

                           h. The Company has advised the Agent and the Lenders
                  of the commencement of certain actions or arbitration
                  proceedings against one or more Borrowers. No judgment, order,
                  decree, injunction or finding by any court, arbitrator or
                  similar tribunal shall be entered against any Borrower in any
                  such action or proceeding or any other action or proceeding
                  that would prevent, impair or delay the completion of the
                  Company's business improvement plan. With the exception of the
                  pending actions and proceedings identified by the Company, no
                  other action or proceeding shall be commenced or continued
                  against any Borrower that would, if adversely determined,
                  either singly or in combination with other pending or new
                  actions or proceedings, cause a Material Adverse Effect or
                  prevent, impair or delay the completion of the Company's
                  business improvement plan.

                                       8
<PAGE>   9

                           i. Absent prior approval on behalf of the Agent and
                  the Lenders, no Borrower shall (i) file with any bankruptcy
                  court or be the subject of any petition under title 11 of the
                  United States Code (the "Bankruptcy Code"), (ii) be the
                  subject of any order for relief issued under the Bankruptcy
                  Code, (iii) file or be the subject of any petition seeking any
                  liquidation, reorganization, adjustment, protection,
                  arrangement, composition, dissolution or similar relief under
                  any present or future federal or state act or law relating to
                  bankruptcy, insolvency, reorganization or other relief for
                  debtors, (iv) have sought or consented to or acquiesced in the
                  appointment of any receiver, trustee, conservator, liquidator,
                  custodian or other similar official, or (v) be the subject of
                  any order, judgment or decree entered by any court of
                  competent jurisdiction approving a petition filed against such
                  party for any liquidation, reorganization, adjustment,
                  protection, arrangement, composition, dissolution or similar
                  relief under any present or future federal or state act or law
                  relating to bankruptcy, insolvency, reorganization or other
                  relief for debtors.

                           j. The Agent on behalf of the Lenders, or its
                  representatives or consultants, shall be permitted to conduct
                  audits of any collateral securing the obligations of the
                  Borrowers to the Lenders. The Company shall compensate the
                  Agent for such audits in accordance with the Agent's schedule
                  of fees, as applicable, and as such schedule may be amended
                  from time to time. The foregoing permission to conduct audits
                  shall not restrict or impair the right of the Agent or the
                  Lenders to inspect the collateral and any records pertaining
                  thereto at such times and at such intervals as the Agent or
                  the Required Lenders may require.

                           k. There shall be no material adverse change in the
                  ability of the Borrowers to obtain supplies or other assets to
                  continue their operations.

                           l. Notwithstanding anything in the Credit Agreement
                  to the contrary (including without limitation the provisions
                  of Section 8.2 of the Credit Agreement), during the
                  Restructuring Period, absent the prior written consent of the
                  Required Lenders, the Company shall not, and shall not permit
                  or cause any of its Subsidiaries to, create, incur, assume or
                  suffer to exist any Indebtedness other than Indebtedness as
                  permitted under subsections 8.2(i), (ii), (iv), (v), (vii) and
                  (viii) of the Credit Agreement.

                           m. Notwithstanding anything in the Credit Agreement
                  to the contrary (including without limitation the provisions
                  of Section 8.3 of the Credit Agreement), during the
                  Restructuring Period, absent the prior written consent of the
                  Required Lenders, the Company shall not, and shall not permit
                  or cause any of its Subsidiaries to, create, incur or suffer
                  to exist any new or additional Lien other than Liens in favor
                  of the Agent for the benefit of itself and the Lenders and
                  Liens in existence immediately prior to the Third Amendment
                  Effective Date.

                           n. Notwithstanding anything in the Credit Agreement
                  to the contrary (including without limitation the provisions
                  of Section 8.4 of the Credit Agreement), during the
                  Restructuring Period, neither the Company nor any of its
                  Subsidiaries shall agree to or consummate the sale,
                  assignment, lease, conveyance, transfer or other disposition
                  of any of its assets, except for (i) sales of inventory in the
                  ordinary course of business or (ii) the disposition of assets
                  under terms approved by the Required Lenders as evidenced by
                  the prior written consent of the Agent (provided that such
                  consent shall require the approval of all of the Lenders in
                  the event of any proposed disposition of all or substantially
                  all of the Collateral). Notwithstanding clause (ii) of the
                  preceding sentence, approval by the Required Lenders need not
                  be obtained with respect to certain proposed dispositions of
                  assets having a

                                       9
<PAGE>   10

                  value (x) less than $500,000 in connection with any particular
                  transaction and (y) less than $1,500,000 in the aggregate for
                  all such transactions, and the Agent shall be authorized in
                  its sole discretion to approve the terms of such dispositions
                  of assets.

                           o. Notwithstanding anything in the Credit Agreement
                  to the contrary (including without limitation the provisions
                  of Section 8.5 of the Credit Agreement), during the
                  Restructuring Period, neither the Company nor any of its
                  Subsidiaries shall agree to or consummate any Acquisition at
                  any time (even though such Acquisition would qualify as a
                  Permitted Acquisition), any purchase of or investment in any
                  other Person, extend any credit to any other Person, or enter
                  into any similar business arrangement or combination, in each
                  case without the prior written consent of the Required
                  Lenders. The Company shall be permitted to consummate its
                  acquisition of DRI of Kentucky, Inc. upon such terms and
                  conditions as may be approved in writing by the Required
                  Lenders.

                           p. Notwithstanding anything in the Credit Agreement
                  to the contrary, and notwithstanding the agreements described
                  in paragraph 5 of Schedule 8.7 attached to the Credit
                  Agreement or any similar agreements, during the Restructuring
                  Period, neither the Company nor any of its Subsidiaries shall
                  advance any loans or credit to any officer, director,
                  stockholder or other Affiliate of the Company or any of its
                  Subsidiaries, or otherwise enter into any similar transaction,
                  nor shall the Company or any of its Subsidiaries forgive or
                  defer any payment of principal or interest with respect to any
                  existing loan or advance to any such officer, director,
                  stockholder or other Affiliate.

                           q. The Company has advised the Agent and the Lenders
                  that the Company has entered into certain written agreements
                  or letters of intent (subject to customary due diligence
                  activities), and intends to enter into one or more additional
                  written agreements or letters of intent (subject to customary
                  due diligence activities), for the sale of certain business
                  segments or assets of the Company and its Subsidiaries, which
                  would be within the scope of Section 2.7.3 of the Credit
                  Agreement. Effective as of the Fourth Amendment Effective
                  Date, with respect to certain identified sales, the Company
                  and the Lenders have agreed upon (i) the anticipated sale
                  closing date, (ii) the minimum Net Cash Proceeds to be
                  generated by the sale or disposition, and (iii) the allocation
                  among the Company and the Lenders with respect to such Net
                  Cash Proceeds. During the Restructuring Period and so long as
                  the Company is in strict compliance with its covenants and
                  obligations set forth in this Amendment, notwithstanding the
                  provisions of Section 2.7.3 of the Credit Agreement, the
                  Lenders shall permit the Company to retain, for working
                  capital purposes, the designated proportion of the Net Cash
                  Proceeds received by the Company or any Subsidiary in
                  connection with any sale or other disposition of any of the
                  designated assets, provided that the terms of such sale or
                  other disposition (including price, timing and all other
                  material terms of sale) shall be acceptable to the Required
                  Lenders or the Agent (pursuant to Section 1.3n of this
                  Amendment) as evidenced by a written consent executed by the
                  Agent. The remaining portion of any such Net Cash Proceeds
                  shall be, immediately upon receipt, tendered to the Agent for
                  the benefit of the Lenders, to be applied as a reduction of
                  the outstanding principal balance of the Term Loan (and, after
                  repayment in full of the Term Loan, as a reduction of the
                  outstanding principal balance of the Revolving Credit Loans as
                  a permanent reduction of the aggregate amount of the Revolving
                  Credit Commitments). Any application of Net Cash Proceeds to
                  the outstanding principal balance of the Term Loan shall first
                  be applied to any past due or deferred principal installments
                  and thereafter as a prepayment in accordance with Section
                  2.7.3 (i.e., in inverse order of maturity). For any sale
                  transaction (x) consummated after the designated sale closing
                  date (provided that the failure to close the sale by such date
                  is not caused by the Lenders' failure to timely respond to any

                                       10
<PAGE>   11

                  request for consent) and/or (y) generating Net Cash Proceeds
                  below the designated minimum amount (but nevertheless on such
                  terms approved by the Required Lenders or the Agent, as the
                  case may be), the sharing formula will be adjusted such that
                  an additional five percent (5%) of the Net Cash Proceeds will
                  be payable to the Lenders as a reduction of the outstanding
                  principal balance of the Term Loan or the Revolving Credit
                  Loans as set forth above. For purposes of calculating the Net
                  Cash Proceeds subject to the sharing formulae set forth
                  herein, any payments, credits, setoffs or similar recognition
                  of amounts required in connection with or on account of any
                  Earn-out Obligations shall be disregarded.

                           r. The Company shall, immediately upon receipt
                  thereof, provide to the Agent and the Lenders copies of any
                  written agreement or letter of intent for the sale of any
                  business segments or assets of the Company and its
                  Subsidiaries, which shall be subject to the approval of the
                  Lenders as set forth in subparagraph n above. With respect to
                  any transaction evidenced by a binding agreement or letter of
                  intent that is approved by the Required Lenders under the
                  provisions of this Amendment and otherwise is permissible
                  under the Credit Agreement (as modified herein), such
                  transaction shall be consummated within the time parameters
                  and other terms and conditions as disclosed in the applicable
                  written agreement or letter of intent, as the same may be
                  amended from time to time with the approval of the Required
                  Lenders. In the event that the Company consummates one or more
                  permissible sales of material assets which results in a
                  material diminution of Consolidated EBITDA, the Agent and the
                  Lenders agree to, in good faith, discuss with the Company the
                  appropriate level of periodic principal amortization as set
                  forth in Section 2.7.2 of the Credit Agreement.

                           s. Notwithstanding anything in the Credit Agreement
                  to the contrary, during the Restructuring Period, the Company
                  shall not, and shall not permit any Subsidiary to, make any
                  Capital Expenditures that exceed in the aggregate for the
                  Company and its Subsidiaries (i) $3,600,000 during the fiscal
                  quarter ending September 30, 2000; (ii) $7,200,000 during the
                  two consecutive fiscal quarters ending December 31, 2000;
                  (iii) $10,800,000 during the three consecutive fiscal quarters
                  ending March 31, 2001; (iv) $14,400,000 during the four
                  consecutive fiscal quarters ending June 30, 2001; (v)
                  $14,400,000 during the four consecutive fiscal quarters ending
                  September 30, 2001; or (vi) $14,400,000 during the four
                  consecutive fiscal quarters ending December 31, 2001.

                           t. The Company shall continue to engage, for at least
                  the duration of the Restructuring Period, one or more
                  financial consultants or turnaround advisors acceptable to the
                  Agent and the Required Lenders and a Chief Financial Officer
                  acceptable to the Agent and the Required Lenders. The scope of
                  the engagement of any financial consultants or turnaround
                  advisors, and the scope of the responsibilities of the Chief
                  Financial Officer, shall be acceptable to the Agent and the
                  Required Lenders. Without limiting the generality of the
                  preceding sentence, the Chief Financial Officer shall control
                  and implement procedures regarding the Company's cash
                  management and cash disbursements, which procedures shall be
                  acceptable to the Agent and the Required Lenders. The Company
                  shall initiate and diligently complete its search for a
                  permanent Chief Executive Officer according to a timetable
                  acceptable to the Required Lenders.

                           u. During the Restructuring Period, neither the
                  Company nor any of its Subsidiaries shall pay any
                  discretionary bonus or similar compensation award to any of
                  their respective officers or employees except pursuant to a
                  comprehensive plan approved by the Required Lenders. The
                  preceding sentence shall not limit the right of the Company or
                  its Subsidiaries to pay any bonus required under any existing
                  written employment agreement,

                                       11
<PAGE>   12

                  incentive plan or similar "guaranteed" bonus plan. Upon
                  request, the Company shall deliver to the Lenders and the
                  Agent copies of any applicable employment agreements,
                  incentive plans or similar "guaranteed" bonus plans.

                           v. The Company has advised the Agent and the Lenders
                  that the Company intends to consult with one or more
                  investment banking firms to explore various strategic
                  alternatives and will, not later than April 16, 2001, engage
                  an investment banking firm with respect to certain of the
                  Company's domestic operations. The Company shall keep
                  representatives of the Agent and the Lenders apprised of such
                  consultations. The identity of any investment banking firm
                  engaged by the Company and the scope and terms of the
                  engagement must be acceptable to the Agent and the Required
                  Lenders, acting within the exercise of their reasonable
                  discretion.

                           w. The Company shall pay to the Agent, for the
                  benefit of the Lenders, an amendment fee in the amount of
                  $1,450,000, payable in installments as follows: $100,000 not
                  later than September 15, 2000, $100,000 on the fifteenth day
                  of each month commencing October 15, 2000 through and
                  including August 15, 2001, and $50,000 on the fifteenth day of
                  each month commencing September 15, 2001 through and including
                  January 15, 2002.

                           x. (i) In connection with the designation by the
                  Company of certain business segments or assets for sale as
                  described in subparagraph 1.3q above, the Company and the
                  Lenders have agreed that up to ten percent (10%) of the Net
                  Cash Proceeds derived from certain designated proposed sales
                  may, under the terms and conditions set forth herein, be made
                  available to the Company to pay certain Earn-out Obligations
                  in such order, portion and priority as the Company may
                  specify. Upon the closing of each of the designated sales, up
                  to ten percent (10%) of the Net Cash Proceeds generated from
                  such sales (the exact percentage, not to exceed 10%, shall be
                  designated by the Company in a writing submitted to the Agent
                  prior to closing of each of the applicable sales) will be
                  deposited into a segregated cash collateral account maintained
                  by the Agent. All funds deposited into such cash collateral
                  account, and all interest thereon, shall at all times prior to
                  disbursement be the sole property of the Agent for the benefit
                  of itself and the Lenders for application against the
                  Borrowers' obligations under the Loan Documents, and
                  immediately upon the occurrence of any Event of Default, or
                  upon expiration of the Restructuring Period, or upon the
                  failure of any conditions for disbursement of funds to the
                  Company as set forth below, all sums maintained in such cash
                  collateral account may immediately, and without further notice
                  to the Borrowers, be applied in reduction of the Borrowers'
                  obligations to the Agent and the Lenders in such order,
                  portion and priority as the Agent and the Lenders may specify.
                  The cash collateral account established by the Agent shall be
                  for the sole benefit and protection of the Agent and the
                  Lenders. No other person or entity (including without
                  limitation any Borrower or any holder of any Earn-out
                  Obligation) shall have any claim or right whatsoever against
                  such cash collateral account or any funds on deposit in such
                  account from time to time. Each Borrower acknowledges and
                  agrees that all funds deposited into such cash collateral
                  account represent proceeds from the liquidation of collateral
                  securing the obligations owed to the Agent and the Lenders,
                  and that Borrowers have no entitlement to such funds.

                              (ii) During the Restructuring Period, the Agent
                  agrees from time to time to disburse to the Company, solely
                  from the cash collateral account established pursuant to
                  subparagraph (i) above and not out of any other funds of the
                  Agent or the

                                       12
<PAGE>   13

                  Lenders, such sums as may be requested by the Company for the
                  purpose of making cash payments on behalf of the Company and
                  its Subsidiaries in respect of one or more Earn-out
                  Obligations, in such order, portion and priority as the
                  Company may specify, subject to the following restrictions:

                                            (A) cash payments in respect of any
                  Earn-out Obligations may be made only so long as the Borrowers
                  and the Guarantors are in strict compliance with all terms and
                  conditions set forth in this Amendment (including without
                  limitation the timely payment of all principal, interest, fees
                  and other charges when due hereunder);

                                            (B) cash payments in respect of any
                  Earn-out Obligations may be made only so long as not less than
                  eighty percent (80%), both in the number of holders of
                  Earn-out Obligations and in the aggregate outstanding dollar
                  amount of Earn-out Obligations, have agreed in writing to a
                  standstill agreement having such terms and conditions as may
                  be mutually acceptable to the Company and the Agent;

                                            (C) the aggregate amount of cash
                  payments in respect of Earn-out Obligations from time to time
                  shall be limited such that the "Earn-out Recovery Ratio" at no
                  time exceeds the "Senior Lender Recovery Ratio" (for purposes
                  hereof, "Earn-out Recovery Ratio" means the ratio of (i) the
                  aggregate amount paid on a cash basis by the Company or any of
                  its Subsidiaries on a cumulative basis during the
                  Restructuring Period to any holders of Earn-out Obligations to
                  (ii) the aggregate amount of legitimate and non-disputed
                  Earn-out Obligations due or to become due on a cash basis
                  during the Restructuring Period, and "Senior Lender Recovery
                  Ratio" means the ratio of (x) the sum of all principal
                  payments in respect of the Term Loan and principal payments
                  causing a permanent reduction of the outstanding principal
                  balance of the Revolving Credit Loans received by the Lenders
                  during the Restructuring Period to (y) the aggregate
                  outstanding principal amount owed by the Borrowers to the
                  Lenders at the commencement of the Restructuring Period);

                                            (D) with respect to the deposit of
                  any funds in the segregated cash collateral account, up to
                  one-half (1/2) of the amount of any such deposit may, subject
                  to compliance with the other terms and conditions set forth
                  herein, be made available to the Company immediately upon such
                  deposit, and the remaining amount of any such deposit will be
                  made available (subject to compliance with the other terms and
                  conditions set forth herein) in equal installments over a
                  period not less than three (3) months; and

                                            (E) the Company shall not make any
                  payment to the holder of any Earn-out Obligation until (x) the
                  amount of the applicable claim has been verified or audited to
                  the Company's satisfaction and (y) such holder shall have
                  executed and delivered a settlement agreement and release
                  having such terms as are acceptable to the Company and the
                  Agent (the Company and the Agent shall endeavor to agree upon
                  a standard form of such settlement agreement and release).

                              (iii) Notwithstanding the procedure established in
                  subparagraph (ii) above, after the Fourth Amendment Effective
                  Date the Company shall be permitted to disburse up to
                  $3,000,000 from Pre-Earn-out Net Cash Flow (if any) in payment
                  of one or more Earn-out Obligations, under the following terms
                  and conditions:

                                            (A) such disbursements may be made
                  only so long as the Borrowers and the Guarantors are in strict
                  compliance with all terms and conditions set forth

                                       13
<PAGE>   14

                  in this Amendment (including without limitation the timely
                  payment of all principal, interest, fees and other charges
                  when due hereunder); and

                                            (B) the amount of Net Cash Proceeds
                  to be deposited into the cash collateral account as provided
                  in subparagraph (i) above shall be reduced by an amount equal
                  to the aggregate amount devoted to Earn-out Obligations from
                  Pre-Earn-out Net Cash Flow.

                           y. There shall be no other Default or Event of
                  Default under the Credit Agreement (as modified herein) or the
                  other Loan Documents (except for the Existing Defaults
                  expressly acknowledged and waived in this Amendment through
                  the effective date hereof).

Notwithstanding the provisions of this Section 1.3, all indebtedness of the
Borrowers to the Lenders shall be due and payable on demand in the discretion of
the Required Lenders upon expiration or termination of the Restructuring Period
or any failure of any one or more of the conditions set forth in this Section
1.3. Further, any failure of any one or more of the conditions set forth in this
Section 1.3 shall constitute an Event of Default under the Loan Documents
(without the necessity of any notice or cure period).

         1.4 No Course of Dealing; Review of the Company's Business Plan. The
Borrowers and the Guarantors acknowledge and agree that notwithstanding any
course of dealing between the Borrowers and the Lenders prior to the date
hereof, the Lenders shall have no obligation to make Loans to any Borrower
outside of the strict conditions and requirements of the Credit Agreement (as
modified herein) nor to refrain from exercising available remedies except as
expressly set forth herein. Notwithstanding any past practice, the Borrowers and
the Guarantors agree that (i) the Agent and the Lenders shall not be obligated
or expected to honor any "overdrafts" or items for which funds of the applicable
Borrower are not immediately available, and (ii) the Agent and the Lenders shall
not be obligated or expected to provide any credit references on behalf of any
Borrower, and any inquiries in this regard may be referred back to the
applicable Borrower. The Agent and the Lenders shall be under no obligation
whatsoever to consent to the Company's business plan as the same may be revised
from time to time, and instead the Agent's and the Lenders' consideration of the
Company's business plan shall be undertaken by the Agent and the Lenders in
their sole, absolute and unreviewable discretion. The Agent's and the Lenders'
consideration of the Company's business plan shall be without prejudice to (i)
the possibility that the Agent or the Lenders may conclude that such business
plan, as revised from time to time, does not adequately address the Company's
defaults under the Loan Documents and/or the potential erosion of collateral
supporting the Borrowers' indebtedness to the Lenders, or (ii) the right of the
Agent or the Lenders, in accordance with the terms hereof, to exercise rights or
remedies available due to defaults under the Loan Documents (as modified
herein).

         1.5 Dominion of Funds; Transfer of Accounts. (a) Each Borrower shall
enter into a dominion of funds arrangement with the Agent and shall execute and
deliver any and all further documents necessary or desirable to implement such
dominion of funds arrangement, including without limitation any lock box
agreements or blocked account agreements. To the extent that any Borrower
receives any wire transfer or electronic payment in lieu of payment of accounts
by cash, check or other item, the Agent is authorized, immediately upon the
receipt of such wire transfer or electronic payment, to transfer the proceeds
thereof into the cash collateral account maintained in accordance with the
dominion of funds arrangement.

                  (b) With respect to any bank account maintained on behalf of
any Borrower at any financial institution other than the Agent or one of the
Lenders, each Borrower shall, not later than April 30, 2001, close such accounts
and maintain its banking accounts with the Agent or one or more of the Lenders,
unless the Agent shall otherwise consent in writing.

                                       14
<PAGE>   15

                  (c) Each Borrower shall comply strictly will all procedures
and requirements established from time to time by the Agent or any applicable
Lender with respect to any cash management or similar services provided by the
Agent or such Lender.

         1.6 Cooperation With the Agent, the Lenders and their Financial
Consultants. Each Borrower agrees that it will make all of its records available
to the Agent and the Lenders and any financial consultant retained by them and
will make all of its personnel available to the Agent and the Lenders and such
consultants for inquiry as to its business, financial condition and prospects,
and that they will otherwise fully cooperate with the Agent, the Lenders and
their financial consultants in assisting the Lenders to conduct such analyses as
they may wish to make of the Borrowers and their financial condition.

         1.7 Defaults. In addition to any events of default specified in the
Loan Documents, the following shall constitute an Event of Default under this
Amendment and under the Loan Documents:

                  a. Any Borrower or any Guarantor shall fail to comply with,
perform or observe any term, condition, covenant or agreement set forth in this
Amendment;

                  b. Any representation or warranty of Borrowers or Guarantors
contained in this Amendment shall be untrue when made or shall, during the term
of this Amendment, become impaired, untrue or misleading;

                  c. With the exception of the Existing Defaults as of the date
hereof, the occurrence of any new or further violation of the sections of the
Credit Agreement implicated by any of the Existing Defaults (provided that,
during the Restructuring Period, a continuing or further violation of the
financial covenants in Article VII of the Credit Agreement shall not be deemed a
new or further Event of Default);

                  d. The entry of any judgment, order, decree, injunction or
finding by any court, arbitrator or similar tribunal that materially threatens
the ability of the Company to implement or continue the implementation of its
business improvement plan during the Restructuring Period;

                  e. The violation of any non-compete covenant in favor of the
Company or any of its Subsidiaries or divisions, which violation materially
threatens the ability of the Company to implement or continue the implementation
of its business improvement plan during the Restructuring Period and which is
not stayed or enjoined within thirty (30) days after the occurrence of the
violation; or

                  f. The occurrence of any further Material Adverse Change
pertaining to any Borrower or any Guarantor.

         1.8 Expiration; No Further Extension Implied. The Borrowers and the
Guarantors acknowledge that the Agent and the Lenders have no obligation to
extend the term of the Restructuring Period or refrain from enforcing their
rights and remedies before the end of the Restructuring Period in the event of
any failure of any one or more of the terms and conditions expressed herein,
that no course of dealing that would permit arguing for further extensions
contrary to the Lenders' wishes exists or is capable of being inferred, and that
nothing contained herein or otherwise is intended to be a promise or agreement
to continue to extend the term of the Restructuring Period beyond January 31,
2002 or to extend any further credit to the Borrowers. Furthermore, no future
agreement by the Agent and the Lenders to continue to extend the term of the
Restructuring Period beyond January 31, 2002 or any other agreement shall be
valid or enforceable unless it is contained in a final written agreement signed
by authorized representatives of the Agent and the Lenders. Preliminary
understandings or agreements on

                                       15
<PAGE>   16

one or more issues during the course of any negotiations and prior to the
finalization thereof shall not be binding unless and until such a final written
agreement is executed on behalf of the applicable parties.

         1.9 Business and Financial Consultant. The Agent and the Lenders hereby
acknowledge that the Company has engaged Conway MacKenzie & Dunleavy ("CMD") as
business and financial consultants to the Company. The Agent and the Lenders
acknowledge that the retention of CMD by the Company has materially contributed
to the willingness of the Agent and the Lenders to enter into this Amendment.
The Company agrees to promptly provide to the Agent and the Lenders all
financial reports, projections and other information as may be provided to it by
CMD or as may be provided to CMD by the Company, and agrees to cause CMD to
prepare and deliver to the Agent and the Lenders such other reports and
information concerning the business and financial condition of the Company as
the Agent or the Lenders shall from time to time request.

         1.10 Remedies Upon Default or Termination. Immediately upon the
occurrence of a further Event of Default or a default under this Amendment or
any document or agreement comprising the Loan Documents, and without notice or
an opportunity to cure such Event of Default or default, or on January 31, 2002
in the absence of (i) a further written agreement among the Borrowers, the Agent
and the Lenders pertaining to the repayment of the Borrowers' obligations, (ii)
earlier demand for repayment following a further Event of Default or (iii) the
Borrowers then being in full compliance with all provisions of the Loan
Documents (as amended by this Amendment but without the benefit of any waiver of
defaults), the Restructuring Period shall automatically expire and, upon the
election of the Required Lenders but without further notice, all of the
Borrowers' obligations to the Lenders shall be immediately due and payable (to
the extent not already due and payable), all undertakings of the Agent and the
Lenders hereunder, including without limitation the Agent's and the Lenders'
agreement not to exercise available remedies, shall terminate without notice to
the Company and without the requirement of any further action by or on behalf of
the Agent or the Lenders, the waiver of the Existing Defaults as set forth
herein shall be deemed rescinded ab initio, and the Agent or the Lenders shall
have the right to exercise any remedies provided in this Amendment or any of the
Loan Documents, or under applicable law or in equity. All rights and remedies of
the Agent and the Lenders shall be cumulative and not exclusive, and the Agent
or the Lenders shall be entitled to pursue one or more rights and/or remedies
simultaneously or sequentially without the necessity of an election of remedies.

         1.11 Reservation of Rights; No Waiver by Conduct. This Amendment grants
a restructuring opportunity until January 31, 2002 only, or until an earlier
Event of Default, upon the terms and conditions set forth in this Amendment.
Nothing herein shall be deemed to constitute a waiver of any Existing Defaults
(except to the extent and on the terms expressly set forth herein), or a waiver
of any new Events of Default or defaults of any other provision of any of the
documents referred to herein, and nothing herein shall in any way prejudice the
rights and remedies of the Agent and/or the Lenders under any of the documents
referred to herein or applicable law. Further, the Agent and the Lenders shall
have the right to waive any conditions set forth in this Amendment and/or such
documents, in their sole discretion, and any such waiver shall not prejudice,
waive or reduce any other right or remedy which the Agent or the Lenders may
have against the Company. No waiver of the rights or any condition of this
Amendment and/or any other document by the Agent or the Lenders shall be
effective unless the same shall be contained in a writing signed by authorized
representatives of the Agent or the Lenders, as the case may be, in the manner
required by Section 12.5 of the Credit Agreement. No course of dealing on the
part of the Agent or the Lenders, nor any delay or failure on the part of the
Agent or the Lenders in exercising any right, power or privilege hereunder shall
operate as a waiver of such right, power or privilege, nor shall any single or
partial exercise thereof preclude any further exercise thereof or the exercise
of any other right, power or privilege.

                                       16
<PAGE>   17

         1.12 Limitations on Certain Advances. Notwithstanding the provisions of
Section 2.1 of the Credit Agreement, during the Restructuring Period the
Borrowers agree that the Lenders shall not be obligated to advance any Alternate
Currency Loan or any Multicurrency Revolving Credit Loan, but instead any
request for such an advance will be honored only in the discretion of each
Alternate Currency Lender or Multicurrency Revolving Credit Lender.
Notwithstanding the provisions of Sections 2.6, 2.8 and 2.9 of the Credit
Agreement, during the Restructuring Period the Borrowers agree that the Lenders
shall not be obligated to advance any Eurodollar Loan and that, upon the end of
any existing Interest Period with respect to any outstanding Eurodollar Loan,
such Eurodollar Loan shall be converted to a Floating Rate Loan.

         1.13 Survival. All representations, warranties, covenants, agreements,
releases and waivers made by or on behalf of the Company, any other Borrower or
any Guarantor under this Amendment shall survive and continue after the
expiration or termination of the Restructuring Period.

                                   ARTICLE 2.
                                   AMENDMENTS

         Effective as of the Fourth Amendment Effective Date, the Credit
Agreement shall be amended as follows:

         2.1      A new definition of "Fourth Amendment Effective Date" is added
Section 1.1 of the Credit Agreement in appropriate alphabetical order, stating
as follows:

                  "Fourth Amendment Effective Date" shall mean March 30, 2001.

         2.2      Section 6.2(f) of the Credit Agreement is restated in its
entirety as follows:

                           (f) As soon as available and in any event within
                  thirty (30) days after the end of each month, the consolidated
                  balance sheet of the Company and its Subsidiaries as of the
                  end of such month, and the related consolidated statements of
                  income and cash flows of the Company and its Subsidiaries for
                  such month and for the period commencing at the end of the
                  previous fiscal year and ending with the end of such month, in
                  form and detail acceptable to the Agent, setting forth in each
                  case in comparative form the corresponding figures for the
                  corresponding date or period of the preceding fiscal year and
                  the variances, if any, from the budget and forecast delivered
                  pursuant to Section 4.3 of that certain Fourth Amendment to
                  Third Amended and Restated Credit Agreement dated as of March
                  30, 2001, and together with a duly executed Compliance
                  Certificate;

         2.3      Section 9.1(p) of the Credit Agreement is restated in its
entirety as follows:

                  (p) The Company shall fail to consummate the sale of assets,
                  which assets have been designated by the Company for sale
                  prior to the Fourth Amendment Effective Date, which results in
                  Net Cash Proceeds acceptable to the Required Lenders received
                  by the Company (i) on or before April 30, 2001 in the case of
                  certain foreign assets and (ii) on or before August 31, 2001
                  in the case of certain domestic assets.

                                       17
<PAGE>   18

                                   ARTICLE 3.
                                 REPRESENTATIONS

         Each Borrower represents and warrants to the Agent and the Lenders
that:

         3.1 The execution, delivery and performance by it of this Amendment are
within its powers, have been duly authorized by all necessary action and are not
in contravention with any law, rule or regulation, or any judgment, decree,
writ, injunction, order or award of any arbitrator, court or governmental
authority, of the terms of its Articles of Incorporation or By-laws, or any
contract or undertaking to which it is a party or by which it or its property is
or may be bound.

         3.2 This Amendment is its legal, valid and binding obligation,
enforceable against it in accordance with the terms hereof.

         3.3 No consent, approval or authorization of or declaration,
registration or filing with any governmental authority or any nongovernmental
person or entity, including, without limitation, any of its creditors or
stockholders, is required on its part in connection with the execution, delivery
and performance of this Amendment or as a condition to the legality, validity or
enforceability of this Amendment.

         3.4 After giving effect to the amendments herein contained, the
representations and warranties contained in Article V of the Credit Agreement
are true on and as of the date hereof with the same force and effect as if made
on and as of the date hereof.

                                   ARTICLE 4.
                       ADDITIONAL COVENANTS OF THE COMPANY

         The Company shall:

         4.1 Promptly perform and observe, and cause each other Borrower and
each Guarantor to perform and observe, its respective obligations set forth in
this Amendment.

         4.2 Cause each of the Guarantors to execute the Consent and Agreement
at the end of this Amendment.

         4.3 Not later than April 6, 2001, prepare and deliver to the Agent and
the Lenders a revised interim business plan and detailed budget forecast for the
remainder of the year 2001 and through the remainder of the Restructuring
Period, including financial and cash flow projections, and such business plan,
budget forecast and projections shall be acceptable to the Required Lenders
(once approved by the Required Lenders, such budget forecast and projections
shall be referred to as the "Approved Budget"). The cash flow projections shall
be prepared in the same manner as required under the Third Amendment. Not later
than Thursday of each week (commencing April 12, 2001), the Company shall update
all applicable line items of the Approved Budget and domestic cash flow
projections to reflect actual results from the prior week and on a cumulative
basis, and shall prepare and deliver to the Agent and the Lenders such update
and a report of any variances between actual results and the Approved Budget
originally approved by the Required Lenders.

         4.4 Promptly deliver to the Lenders such information as has previously
been requested in writing by the Lenders, the Agent or the Agent's financial
consultant.

                                       18
<PAGE>   19

         4.5 Within five (5) Business Days following a request by the Agent,
cause each of its Foreign Subsidiaries, to the extent requested by the Agent, to
execute and deliver to the Agent one or more guarantees of the Company's
indebtedness in favor of the Lenders.

         4.6 Within five (5) Business Days following a request by the Agent,
cause each of its Foreign Subsidiaries to complete the execution and delivery of
the Security Documents as required by the Agent and to the extent permitted by
applicable law and not cost prohibitive as determined by the Agent.

         4.7 Not permit any amendment pertaining to any Subordinated
Indebtedness unless the form and substance of such amendment is acceptable to
the Lenders and the Agent as evidenced by the written consent of the Agent,
which may be withheld in the sole discretion of the Agent and the Lenders.

         4.8 Promptly complete, and cause each other Borrower to complete, all
matters required by the Agent for full implementation of the dominion of funds
arrangement between the Borrowers and the Agent and otherwise cooperate with the
implementation of such arrangement.

         4.9 Promptly execute and deliver, and cause each other Borrower and
each Guarantor to execute and deliver, such other documents as the Agent or the
Lenders may reasonably request.

         4.10 With respect to any sums required to be paid under the terms of
this Amendment to the Agent or the Lenders prior to the date of execution
hereof, pay such sums immediately upon execution of this Amendment.

                                   ARTICLE 5.
                                 MISCELLANEOUS.

         5.1 Cross References. References in the Credit Agreement or in any
note, certificate, instrument or other document to the "Credit Agreement" shall
be deemed to be references to the Credit Agreement as amended hereby and as
further amended from time to time.

         5.2 Expenses and Costs. Each Borrower agrees to pay and to save the
Agent and the Lenders harmless for the payment of all fees, out-of-pocket
disbursements, and other costs and expenses incurred by or on behalf of the
Agent or any Lender arising in any way in connection with this Amendment, or any
other document relating to indebtedness described in the recitals to this
Amendment, including the fees and expenses of Dickinson Wright PLLC, counsel to
the Agent, and Jay Alix & Associates, Inc., consultant to the Agent, and
specifically including, without limitation, (a) the cost of any financial audit
or inquiry conducted by the Agent, any Lender or their consultants, (b) the fees
and expenses of counsel for the Agent or any Lender for the work performed as a
result of the Borrowers' defaults or financial problems, and for the
preparation, examination and approval of this Amendment or any documents in
connection with this Amendment, (c) for the payment of all fees and
out-of-pocket disbursements incurred by the Agent or any Lender, including
attorneys' fees, in any way arising from or in connection with any action taken
by the Agent or any Lender to monitor, advise, enforce or collect the
obligations described in the recitals hereto or to enforce any obligations of
any Borrower or any Guarantor under this Amendment or the other documents
referred to herein, including any actions to lift the automatic stay or to
otherwise in any way participate in any bankruptcy, reorganization or insolvency
proceeding of any Borrower or Guarantor or in any trial or appellate
proceedings, and (d) any expenses or fees (including attorneys' fees) incurred
in relation to or in defense of any litigation instituted by any Borrower, any
Guarantor or any third party against the Agent or any Lender arising from or
relating to the obligations described in the recitals hereto or this Amendment,
including any so-called "lender liability" action. All of these expenses and
fees (including attorneys' fees) shall be part of

                                       19
<PAGE>   20

the obligations and indebtedness owing under the Credit Agreement, and shall be
secured by all of the collateral described in the Security Documents. In the
event the Borrowers fail to pay any such fees, expenses and costs within five
(5) days of being invoiced therefor, the Agent or the Lenders, as the case may
be, shall be permitted to charge the accounts of any Borrower for such fees,
expenses and costs, without prejudice to any other rights or remedies of the
Agent or the Lenders. The rights and remedies of the Agent and the Lenders
contained in this paragraph shall be in addition to, and not in lieu of, the
rights and remedies contained in the Credit Agreement, the Security Documents
and as otherwise provided by law.

         5.3 Waiver of Existing Defaults. The Company has requested that the
Lenders and the Agent waive the Existing Defaults subject to the terms and
conditions set forth herein. Pursuant to such request, the Lenders and the Agent
hereby waive the Existing Defaults for the period prior to the effectiveness of
this Amendment and, so long as there is no occurrence of a new Event of Default
(for purposes hereof, a new Event of Default includes a new or further violation
of any of the sections of the Credit Agreement implicated in any of the Existing
Defaults other than the financial covenants set forth in Article VII thereof),
for the remainder of the Restructuring Period, but not at any time thereafter.
The Company acknowledges and agrees that the waiver contained herein is a
limited, specific and one-time waiver as described above. Such limited waiver
(a) shall not modify or waive any other term, covenant or agreement contained in
any of the Loan Documents, and (b) shall not be deemed to have prejudiced any
present or future right or rights which the Agent or the Lenders now have or may
have under this Amendment, the Credit Agreement (as modified hereby) or the
other Loan documents.

         5.4 Release. Each Borrower and each Guarantor represents and warrants
that it is not aware of any claims or causes of action against the Agent or any
Lender, any participant lender or any of their successors or assigns, and that
it has no defenses, offsets or counterclaims with respect to the indebtedness
owed by the Borrowers to the Lenders. Notwithstanding this representation and as
further consideration for the agreements and understandings herein, the
Borrowers and Guarantors, on behalf of themselves and their respective
employees, agents, executors, heirs, successors and assigns, hereby release the
Agent and the Lenders, their respective predecessors, officers, directors,
employees, agents, attorneys, affiliates, subsidiaries, successors and assigns,
from any liability, claim, right or cause of action which now exists or
hereafter arises as a result of acts, omissions or events occurring on or prior
to the date hereof, whether known or unknown, including but not limited to
claims arising from or in any way related to the Credit Agreement or the
business relationship among the Borrowers, the Guarantors, the Agent and the
Lenders.

         5.5 Performance by Lenders and Agent; No Agency; Borrowers Remain in
Control. Each Borrower and each Guarantor acknowledges and agrees that the Agent
and the Lenders have fully performed all of their obligations under the Credit
Agreement and all documents executed in connection with the Credit Agreement,
and that all actions taken by the Agent and the Lenders are reasonable and
appropriate under the circumstances and within their rights under the Credit
Agreement and all other documents executed in connection therewith and otherwise
available. The actions of the Agent and the Lenders taken pursuant to this
Amendment and the documents referred to herein are in furtherance of the efforts
of the Agent and the Lenders as secured lenders seeking to collect the
obligations owed to the Lenders. Nothing contained in this Amendment shall be
deemed to create a partnership, joint venture or agency relationship of any
nature between the Borrowers and the Lenders or the Agent. The Borrowers, the
Guarantors, the Agent and the Lenders agree that notwithstanding the provisions
of this Amendment, each Borrower remains in control of its business operations
and determines the business plans (including employment, management and
operating directions) for its business.

         5.6 Entire Agreement; Severability. The Credit Agreement, as previously
amended and as amended by this Amendment, constitutes the entire understanding
of the parties with respect to the subject matter hereof and may only be
modified or amended by a writing signed by the party to be charged. If any
provision of this Amendment is in conflict with any applicable statute or rule
of law or

                                       20
<PAGE>   21

otherwise unenforceable, such offending provision shall be null and void only to
the extent of such conflict or unenforceability, but shall be deemed separate
from and shall not invalidate any other provision of this Amendment.

         5.7 No Other Promises or Inducements. There are no promises or
inducements which have been made to any signatory hereto to cause such signatory
to enter into this Amendment other than those which are set forth in this
Amendment. Each Borrower and each Guarantor acknowledges that its authorized
officers have thoroughly read and reviewed the terms and provisions of this
Amendment and are familiar with same, that the terms and provisions contained
herein are clearly understood by such Borrower or Guarantor and have been fully
and unconditionally consented to by such Borrower or Guarantor, and that such
Borrower or Guarantor has had full benefit and advice of counsel of its own
selection, or the opportunity to obtain the benefit and advice of counsel of its
own selection, in regard to understanding the terms, meaning and effect of this
Amendment, and that this Amendment has been entered into by each Borrower and
Guarantor freely, voluntarily, with full knowledge, and without duress, and that
in executing this Amendment, each Borrower and Guarantor is relying on no other
representations, either written or oral, express or implied, made by any other
party hereto, and that the consideration hereunder received by the Borrowers has
been actual and adequate.

         5.8 Sufficiency of Restructuring Period. Each Borrower represents that:
(a) it has no intention to file or acquiesce in the filing of any bankruptcy or
insolvency proceeding hereafter, absent approval on behalf of the Agent and the
Lenders of such proceeding; and (b) the Restructuring Period (as extended
herein) is sufficient for such Borrower to accomplish the commitments it has
undertaken in this Amendment.

         5.9 Ratification. The Borrowers agree that the Credit Agreement, the
Security Documents and all other documents and agreements executed by the
Borrowers or the Guarantors in connection with the Credit Agreement in favor of
the Agent or any Lender are ratified and confirmed and shall remain in full
force and effect as amended hereby, and that there is no set off, counterclaim
or defense with respect to any of the foregoing. Terms used but not defined
herein shall have the respective meanings ascribed thereto in the Credit
Agreement.

         5.10 Counterparts; Effectiveness. This Amendment may be executed in any
number of counterparts with the same effect as if the signatures thereto and
hereto were upon the same instrument. Facsimile copies of signatures shall be
treated as original signatures for all purposes under this Amendment. This
Amendment shall become effective as of March 30, 2001 when each of the following
has been satisfied:

         (a) Receipt by the Agent of counterparts of this Amendment duly
executed by each Borrower and each Lender, and counterparts of the Consent and
Agreement annexed hereto duly executed by each Guarantor.

         (b) With respect to any interest, fees or other charges previously
required to be paid by the Company under the terms of any waiver or extension
letter (as modified by the terms of this Amendment), receipt by the Agent of
full payment of such interest, fees or other charges.

         (c) Copies, certified by the Secretary or Assistant Secretary of each
Borrower and Guarantor, of its Board of Directors' resolutions and of
resolutions or actions of any other body authorizing the execution of this
Amendment and all Security Documents to be executed in connection herewith to
which the Company or Guarantor, as applicable, is a party.

                                       21
<PAGE>   22

         (d) An incumbency certificate, executed by the Secretary or Assistant
Secretary of each Borrower and Guarantor, which shall identify by name and title
and bear the signatures of the Authorized Officers and any other officers of
each Borrower and Guarantor authorized to sign this Amendment and all Security
Documents to be executed in connection herewith to which the Company and each
Guarantor is a party, upon which certificate the Agent and the Lenders shall be
entitled to rely until informed of any change in writing by such Borrower and
such Guarantor.

         (e) A written opinion of the Borrowers' and Guarantors' counsel,
addressed to the Agent and Lenders and in form and substance satisfactory to the
Agent.

         (f) Executed copies of all Security Documents and other documents in
connection therewith requested by the Agent, together with all necessary
consents and other related documents in connection therewith, insurance
certificates, financing statements, environmental reports, opinions of foreign
counsel, original stock certificates and related transfer powers, UCC, judgment
and other lien and encumbrance searches, title searches and insurance, surveys
and other documents required by the Agent.

         (g) Delivery of such other agreements and documents, and the
satisfaction of such other conditions as may be reasonably required by the
Agent, including without limitation a solvency certificate of the Company, and
such evidence of the perfection and priority of all liens and security interests
as required by the Agent, all of which shall be satisfactory to the Agent and
its counsel to the extent required by the Agent.

         5.11 Other Documents. Each Borrower and each Guarantor agrees to
execute and deliver any and all documents reasonably deemed necessary or
appropriate by the Agent or the Lenders to carry out the intent of and/or to
implement this Amendment.

         5.12 Governing Law. This Amendment shall be governed by and construed
in accordance with the laws of the State of Michigan without giving effect to
choice of law principles of such State.

         5.13 Miscellaneous. This Amendment is made for the sole benefit and
protection of the Borrowers, the Agent and the Lenders and their respective
successors and permitted assigns (provided that no Borrower shall be permitted,
absent the prior written consent of all of the Lenders, to assign any of its
rights or obligations under this Amendment). No other person or entity shall
have any rights whatsoever under this Amendment. Time shall be of the strictest
essence in the performance of each and every one of the Borrowers' obligations
hereunder.

         5.14 Construction. This Amendment shall not be construed more strictly
against the Lenders or the Agent merely by virtue of the fact that the same has
been prepared by the Lenders and the Agent or their counsel, it being recognized
that the Company, the Agent and the Lenders have contributed substantially and
materially to the preparation of this Amendment, and each of the parties hereto
waives any claim contesting the existence and the adequacy of the consideration
given by any of the other parties hereto in entering into this Amendment.

         5.15 Headings. The headings of the various paragraphs in this Amendment
are for convenience of reference only and shall not be deemed to modify or
restrict the terms or provisions hereof.

         5.16 Waiver of Jury Trial; Consent to Jurisdiction. (a) Each Borrower,
each Guarantor, each Lender and the Agent hereby specifically ratifies and
confirms the waiver of jury trial set forth in Section 12.16 of the Credit
Agreement. Without limiting the generality of the preceding ratification and
confirmation, each Borrower, each Guarantor, each Lender and the Agent, after
consulting or having had

                                       22
<PAGE>   23

the opportunity to consult with counsel, knowingly, voluntarily and
intentionally waives any right any of them may have to a trial by jury in any
litigation or proceeding based upon or arising out of this Amendment or any
related instrument or agreement or any of the transactions contemplated by this
Amendment or any conduct, dealing, statements (whether oral or written) or
actions of any of them. None of the Borrowers, the Guarantors, the Lenders or
the Agent shall seek to consolidate, by counterclaim or otherwise, any such
action in which a jury trial has been waived with any other action in which a
jury trial cannot be or has not been waived. These provisions shall not be
deemed to have been modified in any respect or relinquished by any party hereto
except by a written instrument executed by such party.

         (b) Each Borrower and each Guarantor agrees that any legal action or
proceeding with respect to this Amendment or any related instrument or
agreement, including the Credit Agreement as previously amended and as amended
hereby, or with respect to the transactions contemplated hereby, may be brought
in any court of the State of Michigan, sitting in or having jurisdiction over
the County of Wayne, Michigan, or in any federal court located within the
Eastern District of Michigan, and Borrowers and Guarantors hereby submit to and
accept generally and unconditionally the non-exclusive jurisdiction of those
courts with respect to their person and property and irrevocably consent to
service of process in connection with any such action or proceeding by mailing
such service of process (certified or registered, if capable of certification or
registration) to Borrowers and/or Guarantors at the address they may have from
time to time provided to the Agent. Borrowers and Guarantors hereby irrevocably
waive any objection based upon jurisdiction, improper venue or forum non
conveniens in any such suit or proceeding in the above-described courts. Nothing
contained herein shall limit the right of the Agent or the Lenders to serve
process in any other manner permitted by law or limit the right of the Agent or
the Lenders to commence any such action or proceeding in the courts of any other
jurisdiction.

                             [Signatures next page]

                                       23
<PAGE>   24

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered as of the date and year first above written.

                                LASON, INC.

                                By:      /s/ Ronald D. Risher
                                    --------------------------------------------

                                Title:   Executive Vice President and CFO
                                       -----------------------------------------

                                LASON CANADA COMPANY

                                By:      /s/ Ronald D. Risher
                                    --------------------------------------------

                                Title:   Executive Vice President and CFO
                                       -----------------------------------------

                                LASON U.K., LTD.

                                By:      /s/ Ronald D. Risher
                                    --------------------------------------------

                                Title:   Director
                                       ----------------------------------------

                                BANK ONE, MICHIGAN, AS AGENT AND AS A LENDER

                                By:      /s/ Francelle E. Fulton
                                    --------------------------------------------

                                Title:   First Vice President
                                       -----------------------------------------

                                COMERICA BANK

                                By:      /s/ Cynthia B. Jones
                                    --------------------------------------------

                                Title:   Vice President
                                       -----------------------------------------

                                CREDIT LYONNAIS-CHICAGO BRANCH

                                By:      /s/ John-Charles van Essche
                                    --------------------------------------------

                                Title:   Vice President
                                       -----------------------------------------

                                NATIONAL CITY BANK

                                By:      /s/ David Lucht
                                    --------------------------------------------

                                Title:   Executive Vice President/Sr. Credit
                                         Officer
                                       -----------------------------------------

                                       24
<PAGE>   25

                                ABN AMRO BANK N.V.

                                By:      /s/ Steven C. Wimpenny
                                    --------------------------------------------

                                Title:   Group Senior Vice President
                                       -----------------------------------------

                                And By: /s/ Parker H. Douglas
                                        ----------------------------------------

                                Title:   Group Vice President
                                       -----------------------------------------

                                MICHIGAN NATIONAL BANK

                                By:      /s/ Otto A. Wilhelm
                                    --------------------------------------------

                                Title:   Controller - Asset Structuring
                                       -----------------------------------------

                                UNION BANK OF CALIFORNIA, N. A.

                                By:      /s/ Robert C. Greb
                                    --------------------------------------------

                                Title:   Vice President
                                       -----------------------------------------

                                THE FUJI BANK LIMITED

                                By:      /s/ Peter L. Chinnici
                                    --------------------------------------------

                                Title:   Senior Vice President & Group Head
                                       -------------------------------------

                                THE CHASE MANHATTAN BANK

                                By:      /s/ Arlene M. Carroll
                                    --------------------------------------------

                                Title:   Vice President
                                       -----------------------------------------

                                MELLON BANK, N.A.

                                By:      /s/ Kurt Hewett
                                    --------------------------------------------

                                Title:   First Vice President
                                       -----------------------------------------

                                       25
<PAGE>   26

                                FLEET NATIONAL BANK

                                By:      /s/ Ronald J. Ryan
                                    --------------------------------------------

                                Title:   Authorized Officer
                                       -----------------------------------------

                                BARCLAYS BANK PLC
                                NEW YORK BRANCH

                                By:      /s/ Mark Manski
                                    --------------------------------------------

                                Title:   Director
                                       -----------------------------------------

                                       26
<PAGE>   27

                       CONSENT AND AGREEMENT OF GUARANTORS

         As of the date and year first above written, each of the undersigned
hereby:

         (a) fully consents to the terms and provisions of the above Amendment
and the consummation of the transactions contemplated thereby and agrees to all
terms and provisions of the above Amendment applicable to it;

         (b) agrees that each Guaranty, Security Document and all other
agreements executed by any of the undersigned in connection with the Credit
Agreement or otherwise in favor of the Agent or the Lenders (collectively, the
"Guarantor Documents") are hereby ratified and confirmed and shall remain in
full force and effect, and each of the undersigned acknowledges that it has no
setoff, counterclaim or defense with respect to any Guarantor Document; and

         (c) acknowledges that its consent and agreement hereto is a condition
to the Lenders' obligation under this Amendment and it is in its interest and to
its financial benefit to execute this consent and agreement.

                                    LASON SERVICES, INC.

                                    By:  /s/ Ronald D. Risher
                                         ---------------------------------------

                                       Its:  Executive Vice President and CFO
                                           -------------------------------------

                                    LASON SYSTEMS, INC.

                                    By:  /s/ Ronald D. Risher
                                         ---------------------------------------

                                       Its:  Executive Vice President and CFO
                                           -------------------------------------

                                    LASON INTERNATIONAL, INC.

                                    By:  /s/ Ronald D. Risher
                                        ----------------------------------------

                                       Its:  Executive Vice President and CFO
                                           -------------------------------------

                                    LASON SYSTEMS PMC, INC.

                                    By:  /s/ Ronald D. Risher
                                         ---------------------------------------

                                       Its:  Executive Vice President and CFO
                                           -------------------------------------

                                       27

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