Document:

Ferderal Home Loan Banks P&I Funding and Contingency Plan Agreement

 Exhibit 10.1 
 Federal Home Loan Banks P&I Funding and Contingency Plan Agreement 
 This Federal Home Loan Banks P&I Funding
and Contingency Plan Agreement (“Agreement”) is entered into as of this 20th day of July, 2006 (the
“Effective Date”) by and among the Office of Finance (the “OF”) and each of the Federal Home Loan Banks (“Banks”). The OF and the Banks are sometimes referred to herein individually as a
“party” and collectively as the “parties.” All references in this Agreement to any of the parties to this Agreement include such party or any successor entity. 
 WHEREAS, the Banks are jointly and severally liable for the payment of consolidated obligations issued pursuant to Section 11 of the Federal Home Loan Bank Act, as amended (12 U.S.C. §1431)
(“COs”);  
 WHEREAS, the OF has the authority under 12 CFR § 985.6(a) to issue and service (including making timely
payments on principal and interest due, subject to 12 CFR §§ 966.8 and 966.9) consolidated obligations issued on behalf of the Banks pursuant to, and in accordance with, the policies and procedures established by the OF Board of Directors;
and 
 WHEREAS, the Federal Reserve Board has announced a change in its Policy Statement on Payments System Risk (as the same may be amended, modified
or supplemented, the “PSR Policy”) that will cause the PSR Policy to be applied to the FHLBanks beginning July 20, 2006; and 
 WHEREAS, the OF and a task force of the Debt Management Sub-Committee of the Financial Officers’ Conference of the Banks have developed P&I Funding and Contingency Plan Procedures (as the same may be amended, modified, or
supplemented, the “Procedures”) to deal with the possibility that a Bank may not make a payment of debt service on COs to the OF on a timely basis following the application of the PSR Policy to the Banks; and 
 WHEREAS, the OF Board of Directors has approved the Procedures and determined that the OF should obtain the written agreement of the Banks on several matters
relating to the Procedures, which matters are included in this Agreement; and 
 WHEREAS, the Federal Housing Finance Board (the “Finance
Board”) has supported the adoption of the Procedures by issuing the waiver attached hereto as Exhibit A (as the same may be amended, modified or supplemented, the “Waiver”) of its prohibition of the direct placement
of COs with FHLBanks contained in 12 CFR § 966.8(c), to accommodate the implementation of the Procedures, based in part on its view that timely payment of all principal and interest to investors in COs is essential to maintain the confidence of
investors and potential investors in COs; and 
 WHEREAS, the Waiver provides that the interest rate paid by the Bank that has not remitted all the
funds to the OF by the agreed upon deadline on the CO issued pursuant to the Waiver shall be at least 500 basis points above the federal funds rate. 
  

 1 

 NOW THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration,
the receipt and sufficiency of which the parties acknowledge, the parties hereby agree as follows: 
  

	 	1.	Authorization of Issuance of COs 

 Each Bank agrees that if it is a
“Delinquent Bank” (as defined below), the OF may cause one or more overnight “Plan COs” (as defined below) to be issued on behalf of the Delinquent Bank for the benefit of one or more “Contingency Banks” (as defined
below), each such Plan CO to be issued to a Contingency Bank in the principal amount equal to the amount of funds provided by that Contingency Bank on behalf of that Delinquent Bank, to mature on the following Business Day (as defined below), and to
bear interest on such principal amount from the date of issuance to but not including that maturity date, due and payable on that maturity date, at the rate per annum (the “Base Cost”) equal to (a) the overnight fed funds quote
obtained by the OF from a recognized funds broker to be paid for any available funds delivered to the OF by a Contingency Bank or withheld from its “positive net position” as described in Section 2 of this Agreement or (b) the
actual cost if funds are purchased by that Contingency Bank in the open market and delivered to the OF. All such interest shall be calculated on an actual/360 basis based on the number of days the Plan CO is outstanding, including non-Business Days.
The Delinquent Bank shall also be obligated to pay “Additional Interest” as set forth in Section 3 of this Agreement, all or a portion of which will satisfy the obligation of the Delinquent Bank under the Waiver to pay an interest
rate on the Plan CO that is at least 500 basis points above the federal funds rate. 
 The OF shall issue a Plan CO in physical form under those
circumstances and apply the proceeds therefrom on behalf of that Delinquent Bank as provided for in the Procedures. Each Bank hereby authorizes the OF, and the OF hereby agrees, to hold any Plan COs issued as agent for each such Bank when it acts as
a Contingency Bank. 
 For purposes of this Agreement, 
 a “Delinquent Bank” means a Bank that misses any funding time specified in the Procedures, including a funding time for the repayment of Plan COs; and 
 a “Plan CO” means a CO issued on behalf of a Delinquent Bank to one or more Contingency Banks. For the avoidance of doubt, although a
Delinquent Bank is primarily responsible for repayment of a Plan CO issued on its behalf, each Plan CO is the joint and several obligation of all 12 Banks; and 
 a “Contingency Bank” means any Bank that provides funds for a Delinquent Bank under the Procedures; and 
 “Business Day” means any day other than (i) a Saturday, (ii) a Sunday or (iii) any day on which banking institutions in New York City are authorized or required by law or executive
order to close. 
  

 2 

	 	2.	Use of Proceeds to Purchase COs 

 Each Bank shall be obligated to
provide and authorizes the OF to apply any “positive net position” (i.e., the amount by which end-of-day proceeds received by a Bank from sale of COs on one day exceed payments by that Bank on COs on the same day) of that Bank to the
purchase of a Plan CO issued on behalf of a Delinquent Bank, thereby causing such Bank to become a Contingency Bank, based on the priority established in the matrix attached hereto as Exhibit B (“Contingency Funding Matrix”)
and otherwise in accordance with the Procedures. 
  

	 	3.	Additional Interest 

 Each Bank agrees that if it is a Delinquent
Bank, then it will pay an amount (“Additional Interest”) in accordance with the following schedule in addition to interest equal to the Base Cost: 
  

			
	1st offense	  	– 500 basis points per annum of the delinquent amount
	2nd offense	  	– 750 basis points per annum of the delinquent amount
	3rd and subsequent offense	  	– 1,000 basis points per annum of the delinquent amount

 The Additional Interest will be calculated on an actual/360 basis based on the actual number of days the related
Plan CO is outstanding, including non-Business Days, from the date of issuance to but excluding the stated maturity date. For purposes of this calculation, Additional Interest attributable to a delinquent amount that is not related to the principal
amount of a Plan CO (i.e., because the Delinquent Bank pays all or a portion of its delinquent amount after a deadline but before a Contingency Bank is entitled to have a Plan CO issued for its benefit on behalf of the Delinquent Bank with respect
to such amount) will be assessed on that delinquent amount assuming that a Plan CO was issued with a principal amount equal to that delinquent amount and that the Plan CO would mature on the next Business Day. 
 For purposes of calculating Additional Interest, each different time deadline established under the Procedures will accrue its own separate count of the number of
offenses, so that a Delinquent Bank will pay a separate amount for each such time deadline missed, and the step-up in Additional Interest for the occurrence of a particular offense will only be measured with regard to offenses that have occurred
within the 36-month period ending on the date of that particular offense (the “Delinquency Measurement Period”). For example, if a Delinquent Bank twice misses a morning deadline and once misses an afternoon deadline, all as
established under the Procedures, within a Delinquency Measurement Period, then the Delinquent Bank shall have been subject to Additional Interest of 500 basis points with respect to the first morning deadline missed, Additional Interest of 750
basis points with respect to the second morning deadline missed, and Additional Interest of 500 basis points with respect to the afternoon deadline missed. 
 Each Bank agrees that (i) for each Plan CO issued, the first 100 basis points of the Additional Interest shall be assessed against the Delinquent Bank for the benefit of the Contingency Bank that purchased the Plan CO as provided in
Section 1 of this 

  

 3 

 
Agreement, and the balance of the Additional Interest assessed against the Delinquent Bank (i.e., 400 basis points, 650 basis points, or 900 basis
points) will be divided equally among the Banks (including the Contingency Banks) that are not Delinquent Banks with respect to the same funding time specified in the Procedures and (ii) for Additional Interest attributable to a delinquent
amount that is not related to a Plan CO, the Additional Interest will be divided equally among the Banks that are not Delinquent Banks with respect to the same funding time specified in the Procedures. Each of the Banks and the OF agree that any
Additional Interest will be allocated and paid through the monthly assessment from the OF, and that the Additional Interest is not the joint and several obligation of the Banks. 
 Notwithstanding anything in this Section 3 or Section 7(a) or (b) of this Agreement to the contrary, and subject to Sections 5(a) and (d) below, each Bank agrees that assessment of the Additional
Interest shall be subject to the appellate process contained in the Procedures and that the OF shall have the authority to waive all or any portion of the Additional Interest or excuse the occurrence of any offense as provided for in the Procedures.
To the extent permitted under the Waiver, the assessment of Additional Interest shall be suspended pending completion of the appellate process. 
  

	 	4.	Reallocation of COs 

 Each Bank agrees that if a Bank is a
Delinquent Bank, with respect to each Plan CO issued to a Contingency Bank on behalf of a Delinquent Bank, each Bank that is a “Reallocation Bank” (as defined below) shall immediately have the obligation to purchase that Reallocation
Bank’s “Pro Rata Share” (as defined below) of such Plan CO from that Contingency Bank, with such obligation to purchase being effective immediately upon the issuance of the Plan CO , subject to the proviso in the following paragraph.

 Each Bank agrees that if it is a Reallocation Bank, it will wire to the Contingency Bank that holds a Plan CO an amount equal to (i) its Pro Rata
Share of the principal amount of that Plan CO, plus (ii) accrued interest thereon from the date of issue of the Plan CO until its stated maturity date equal to the Base Cost, not later than 1:00 p.m., Eastern Time, on the second Business Day
following the date of issuance of that Plan CO; provided, however, that such Reallocation Bank shall not be required to wire funds to the extent that it determines in good faith such purchase will violate any rule, regulation or binding
policy of the Finance Board, and under those circumstances such Reallocation Bank shall be excused from its obligation to make such payment to the Contingency Bank, but not from its joint and several obligation, with respect to such Plan CO. The
wire shall be sent to the account identified by the Contingency Bank for that purpose, and time is of the essence with respect to the wire. In the event there are multiple Plan COs issued on a particular date, Reallocation Banks shall not favor any
Contingency Bank over any other Contingency Bank, and shall purchase its Pro Rata Shares of such Plan COs on a proportional basis. To the extent that a Plan CO is repaid prior to the settlement of a Reallocation Bank’s obligations to purchase
its Pro Rata Share, that Pro Rata Share shall be reduced proportionally by the amount so repaid. 
  

 4 

 Each Contingency Bank shall promptly notify the OF of its receipt of payment of the Pro Rata Share amounts from the
Reallocation Banks. Promptly following receipt of that notice and confirmation of the payment from the Reallocation Banks, the OF shall cancel such original outstanding physical Plan CO and shall reissue replacement physical Plan COs with the
principal amounts representing the respective Pro Rata Shares of the Reallocation Banks that have paid for their purchase of the Plan CO, along with a Plan CO representing the balance of the principal amount of the original Plan CO that is retained
by the Contingency Bank. Each such reissued Plan CO remains a “Plan CO” for purposes of this Agreement and the Procedures, but a Reallocation Bank will not be treated as the Contingency Bank with respect thereto. Each Bank hereby
authorizes the OF, and the OF hereby agrees, to hold any such reissued Plan COs payable to such Bank as agent for such Bank’s benefit, and to pay debt service on such CO to the record owner of such Plan CO as reflected on the OF’s books
following reissuance. 
 For purposes of this Section, 
 a “Reallocation Bank” with respect to a Plan CO means each Bank other than (i) any Delinquent Bank on behalf of which that Plan CO
or any other Plan CO was originally issued on the same date, and (ii) the Contingency Bank that owns that Plan CO; 
 “Pro Rata
Share” of a Reallocation Bank means a fraction, the numerator of which is the total amount of outstanding COs for which the Reallocation Bank is primary obligor as of the Most Recent Measurement Date, and the denominator of which is the
total amount of outstanding COs for which all Reallocation Banks and the Contingency Bank are primary obligor as of the Most Recent Measurement Date; and 
 “Most Recent Measurement Date” means the most recent month-end data calculated by the OF and available on the OF’s Debt Servicing System, which amount is not adjusted for inter-bank ownership of
COs. 
 The Banks agree that the provisions of this Section 4 shall not affect the allocation of Additional Interest pursuant to the fourth paragraph of
Section 3 of this Agreement, including without limitation the allocation of the first 100 basis points of Additional Interest pursuant to such paragraph to a Contingency Bank that acquired the Plan CO at original issuance. 
 One or more Contingency Banks and Reallocation Banks may agree among themselves to net their payments to each other that are due as a result of multiple Plan COs having
been issued and subject to reallocation on the same date. 
 Each Bank agrees that the formula for determining the Pro Rata Shares has been agreed to by the
Banks solely for the purpose of this Agreement and is not intended to represent an agreed upon allocation of risk or responsibility for any other purpose. 
 The provisions of this Section 4 shall survive any termination of this Agreement with respect to any Plan CO issued prior to such termination. 
  

 5 

	 	5.	Acknowledgements 

 Each Bank acknowledges and agrees that:

  

	 	(a)	the Base Cost plus the Additional Interest assessed against a Delinquent Bank may not be lower than the amount required to be paid by the Delinquent Bank under the Waiver;

  

	 	(b)	the OF shall be required to provide any notice of issuance of a Plan CO hereunder to the Office of Supervision of the Finance Board, which notice is presently required by the Waiver
to be provided no later than 5:00 P.M. eastern time on the date of the issuance of the Plan CO; 

  

	 	(c)	its agreement in Section 1 of this Agreement with respect to any Plan CO issued on its behalf as a Delinquent Bank satisfies the regulatory requirement contained in 12 CFR
§ 966.8(b) that provides that COs may be offered for sale only in the event Banks are committed to take the proceeds; 

  

	 	(d)	the appellate process referred to in the last paragraph of Section 3 of this Agreement will be subject to the terms of the Waiver; 

  

	 	(e)	no Bank will be entitled to a Plan CO in the amount of any positive net position except to the extent its end-of-day positive net position is used to purchase a Plan CO; and

  

	 	(f)	the Additional Interest will be calculated based on the principal amount of a Plan CO, as well as any other delinquent amount paid late to the OF by the Delinquent Bank.

  

	 	6.	Representations and Warranties of the Parties 

 As of the date of
its execution and delivery of this Agreement, each party represents and warrants to the other parties that: 
 (a) This Agreement is within
such party’s powers and has been duly authorized by all necessary corporate action. 
 (b) This Agreement has been duly executed and
delivered by such party and constitutes a legal, valid and binding obligation of such party enforceable in accordance with its terms. 
  

	 	7.	Termination and Amendments 

 (a) This Agreement will
be deemed to be effective as of the Effective Date and will continue in full force until such time as (i) at least two-thirds (2/3) of the Banks agree to its termination, (ii) the Finance Board rescinds the Waiver or (iii) the
Finance Board takes any action, including without limitation modification of the Waiver, that makes compliance by the OF or the Banks with this Agreement not commercially reasonable. 
  

 6 

 (b) This Agreement may be amended only in a signed writing executed and delivered by all of the Banks and
the OF. Any such amendment shall be effective as of the effective date set forth in the amendment. 
 (c) This Agreement shall also be
subject to termination at 11:59 p.m. on December 31, 2008, and at 11:59 p.m. on each third December 31 thereafter (e.g. December 31, 2011, December 31, 2014, etc.) (“Expiration Time”) if at least one-third
( 1/3) of the Banks provide notice of their respective election to terminate to each other Bank and the OF at
least one year prior to the Expiration Time. Such notice shall identify with reasonable specificity the reason or reasons such Bank wishes to terminate the Agreement at the next Expiration Time. The Banks and the OF agree to negotiate in good faith
toward the resolution of the issues raised in the notices of termination with a view of reaching agreement on a new agreement at or prior to the Expiration Time. 
  

	 	8.	Successors and Assigns 

 This Agreement shall be binding upon and
inure to the benefit of the successors and permitted and authorized assigns of each Bank and the OF. 
  

	 	9.	Governing Law; Severability 

 This Agreement shall be governed by
the statutory and common law of the United States and, to the extent federal law incorporates or defers to state law, the laws (exclusive of the choice of law provisions) of the State of New York. Any term or provision of this Agreement that is
determined to be invalid or unenforceable shall be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement. 
  

	 	10.	Notice 

 Except for any notices of payment delivered pursuant to
Section 4 of this Agreement, which shall be delivered promptly either telephonically or electronically, any notice required or permitted to be given or made under this Agreement, including a notice to effect a change in a party’s address
for notice, must be in writing and addressed to the other parties at the addresses of such parties set forth beneath their signatures below, and will be deemed to be properly given or made on the earliest of (i) actual delivery, (ii) two
(2) Business Days after being sent, with delivery charges paid by the sending party, by a nationally recognized commercial courier service for delivery on the next Business Day, and (iii) three (3) Business Days after being sent
through the United States Postal Service, certified mail, return receipt requested, postage prepaid. 
  

 7 

	 	11.	Counterparts 

 This Agreement may be executed in multiple
counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same agreement. 
  

	 	12.	Entire Agreement; Conflicts 

 This Agreement constitutes the entire
agreement of the parties and supersedes all prior understandings or agreements, oral or written, among the parties on the subjects addressed in this Agreement. Nothing in this Agreement, including without limitation the right of Banks to terminate
it or the right of Banks to withhold approval of an amendment, shall be construed to (i) conflict with or limit the authority of the OF to carry out its duties pursuant to law, including without limitation Federal Housing Finance Board
regulations; or (ii) alter the Banks’ joint and several liability on COs, including the Plan COs issued hereunder. This Agreement does not constitute “an agreement to obtain financial assistance to meet a Bank’s current
obligations... due during this quarter”, a “consolidated obligation payment plan,” an “inter-Bank assistance agreement” or “a payment on any [CO] on behalf of another Bank” as these terms are used in 12 CFR
§ 966.9. If any applicable provision contained in the Procedures irreconcilably conflicts with any express provision of this Agreement, then such express provision of this Agreement shall control. 
  

	 	13.	No Third Party Rights Created 

 Nothing in this Agreement shall
create or be deemed to create any rights in any third party. 
  

	 	14.	Suspension of Obligations 

 If the Finance Board issues any order or
enters into or amends any written agreement, including without limitation a written agreement within the meaning of 12 USC § 1422b(a)(5), that prohibits or prevents a party to this Agreement from either being a party to this Agreement, or from
performing its obligations under this Agreement, after the Effective Date, then that party’s duty to perform its obligations under this Agreement shall be suspended while such order by or agreement with the Finance Board is in effect.

 [Signature Page to Follow] 
  

 8 

 IN WITNESS WHEREOF, this Agreement has been executed, on the date(s) set forth below, as of the day and year first above
written. 
  

									
	 Federal Home Loan Bank of Atlanta
	 		 	 Federal Home Loan Bank of Boston

	 By:
	 	 /s/ W. Wesley McMullan
	 		 	 President:
	 	 /s/ Michael A. Jessee

		 	 Name: W. Wesley McMullan
	 		 	 Date: 5-23-06

		 	 Title: Executive Vice President
	 		 	 Address for notice:

	 By:
	 	 /s/ D. Haddon Foster, II
	 		 	 111 Huntington Avenue

		 	 Name: D. Haddon Foster, II
	 		 	 Boston, MA 02199

		 	 Title: First Vice President
	 		 	
	 Date:
	 	 May 23, 2006
	 		 	
	 Address for notice:
	 		 	
	 1475 Peachtree Street, NE
	 		 	
	 Atlanta, GA 30309
	 		 	
	 Attention: Director, Financial Management
	 		 	

									
			
	 Federal Home Loan Bank of Chicago
	 		 	 Federal Home Loan Bank of Cincinnati

	 President:
	 	 /s/ Mike Thomas
	 		 	 President:
	 	 /s/ David H. Hehman

	 Date:
	 	 6/16/06
	 		 	 Date:
	 	 June 16, 2006

	 Address for notice:
	 		 	 Address for notice:

	 Federal Home Loan Bank of Chicago
	 		 	 Federal Home Loan Bank of Cincinnati

	 111 East Wacker Drive
	 		 	 221 East Fourth Street, Suite 1000

	 Chicago, Illinois 60601
	 		 	 Cincinnati, OH 45202

															
	 Attention: General Counsel
	 		 		 		 		 	 SVP/Treasurer:
	 	 /s/ Carole L. Cossé

									
			
	 Federal Home Loan Bank of Dallas
	 		 	 Federal Home Loan Bank of Des Moines

	 President:
	 	 /s/ Terry Smith
	 		 	 President:
	 	 /s/ Neil N. Fruechte

	 Date:
	 	 5/10/06
	 		 	 Date:
	 	 May 11, 2006

	 Address for notice:
	 		 	 Address for notice:

	 8500 Freeport Parkway South
	 		 	 907 Walnut

	 Suite 100
	 		 	 Des Moines, IA 50309

	 Irving, Texas 75063
	 		 		 	
			
	 Federal Home Loan Bank of Indianapolis
	 		 	 Federal Home Loan Bank of New York

	 President:
	 	 /s/ Martin L. Heger
	 		 	 President:
	 	 /s/ Alfred A. DelliBovi

	 Date:
	 	 June 1, 2006
	 		 	 Date:
	 	 May 22, 2006

	 Address for notice:
	 		 	 Address for notice:

	 8250 Woodfield Crossing Blvd.
	 		 	 101 Park Avenue, Floor 5

	 Indianapolis, IN 46240
	 		 	 New York, NY

	 Attention: Milton Miller, CFO
	 		 	 10178-0599

  

 9 

									
			
	 Federal Home Loan Bank of Pittsburgh
	 		 	 Federal Home Loan Bank of San Francisco

	 President:
	 	 /s/ John R. Price
	 		 	 President:
	 	 /s/ Dean Schultz

	 Date: May 24, 2006
	 		 	 Date: April 27, 2006

	 Address for notice:
	 		 	 Address for notice:

	601 Grant Street	 		 	600 California Street, 4th Floor
	Attn: Capital Markets	 		 	San Francisco, California 94108
	Pittsburgh, PA 15219	 		 		 	
			
	 Federal Home Loan Bank of Seattle
	 		 	 Federal Home Loan Bank of Topeka

	 President:
	 	 /s/ James E. Gilleran
	 		 	 President:
	 	 /s/ Andrew J. Jetter

	 Date: May 17, 2006
	 		 	 Date: May 12, 2006

	 Address for notice:
	 		 	 Address for notice:

	1501 Fourth Ave., Ste. 1800	 		 	 Federal Home Loan Bank of Topeka

	Seattle, WA 98101-1693	 		 	 One Security Benefit Place, Suite100

		 		 		 	 Topeka, KS 66606-2444

		 		 		 	 Attn: General Counsel

			
	 Office of Finance
	 		 	
	 Managing Director:
	 	 /s/ John K. Darr
	 		 	
	 Date: 5-22-06
	 		 	
	 Address for notice:
	 		 	
	Two Fountain Square	 		 	
	11921 Freedom Drive Suite 1000	 		 	
	Reston, VA 20190	 		 	

  

 10 

 EXHIBIT A 
 WAIVER 
  

					
	

	 	 Number:
 Date:
	  	2005-22
December 14, 2005

 FEDERAL HOUSING FINANCE BOARD

 Waiver Concerning the Direct Placement of Consolidated Obligations 
 WHEREAS, section 2A of the Federal Home Loan Bank Act (12 U.S.C. § 1422a(a)(3)) requires the Federal Housing Finance Board (Finance Board) to ensure that the Federal Home Loan Banks (Banks) remain adequately
capitalized and able to raise funds in the capital markets to the extent consistent with ensuring the safe and sound operation of the Banks; 
 WHEREAS,
timely payment of all principal and interest to investors in consolidated obligations (COs) is essential to maintain the confidence of investors and potential investors in COs; 
 WHEREAS, the Federal Reserve Bank of New York will implement procedures that will prevent a Bank or any other government sponsored enterprise from incurring an overdraft in the accounts at the Federal Reserve Bank of
New York used to pay the principal and interest due on securities; 
 WHEREAS, the Banks Office of Finance (OF) serves as agent for each Bank in remitting to
the Federal Reserve Bank of New York all funds due for principal and interest payments on COs; 
 WHEREAS, under 12 C.F.R. §§ 907.2 and 907.6, any
party may request a waiver of a provision, restriction, or requirement of the Finance Board regulations not otherwise required by law if such waiver is not inconsistent with the law, does not adversely affect any substantial existing rights and the
Finance Board finds that application of the restriction would adversely effect achievement of the purposes of the Bank Act, or upon a showing of good cause; 
 WHEREAS, on October 18, 2005, the OF submitted to the Finance Board a request to waive the prohibition on direct placement of COs in 12 C.F.R. § 966.8(c) when a Bank has not provided to the OF by the agreed upon deadline all funds
for principal and interest payments due that day on COs, or portions of COs, for which that Bank is the primary obligor; and 
 WHEREAS, Finance Board staff
has reviewed the waiver request and determined that it is consistent with the Bank Act, for good cause, and raises no legal or safety and soundness concerns if the waiver is granted pursuant to the terms of this resolution. 
 NOW, THEREFORE, IT IS RESOLVED that effective July 1, 2006, the Board of Directors hereby waives 12 C.F.R. § 966.8(c) when direct placement of COs is necessary
to assure that the Federal Reserve Bank of New York has sufficient funds to timely pay all principal and interest due that day on COs or portions of COs; 
  

 A-1 

 Resolution Number 2005-22 
 Page 2 of 2 
 IT IS FURTHER RESOLVED that the OF must notify the Office of Supervision no later than 5:00 pm, eastern time, on any day it directly
places a CO pursuant to this waiver; and 
 IT IS FURTHER RESOLVED that the interest rate paid by the Bank that has not remitted all the funds to the OF by
the agreed upon deadline on the CO issued pursuant to this waiver shall be at least 500 basis points above the federal funds rate. 
  

	
	 By the Board of Directors
 of the Federal Housing Finance
Board

	
	/s/ Ronald A. Rosenfeld
	Ronald A. Rosenfeld
	Chairman

 EXHIBIT B 
 Contingency Funding Matrix 
 Priority 
  

																									
	 	  	 1
	  	 2
	  	 3
	  	 4
	  	 5
	  	 6
	  	 7
	  	 8
	  	 9
	  	 10
	  	 11
	  	 12

													
	 Jan
	  	 BOST
	  	 NWYK
	  	 PITT
	  	 ATLA
	  	 CINC
	  	 INDP
	  	 CHIC
	  	 DSMN
	  	 DALL
	  	 TPKA
	  	 SNFR
	  	 STTL

													
	 Feb
	  	 NWYK
	  	 PITT
	  	 ATLA
	  	 CINC
	  	 INDP
	  	 CHIC
	  	 DSMN
	  	 DALL
	  	 TPKA
	  	 SNFR
	  	 STTL
	  	 BOST

													
	 Mar
	  	 PITT
	  	 ATLA
	  	 CINC
	  	 INDP
	  	 CHIC
	  	 DSMN
	  	 DALL
	  	 TPKA
	  	 SNFR
	  	 STTL
	  	 BOST
	  	 NWYK

													
	 Apr
	  	 ATLA
	  	 CINC
	  	 INDP
	  	 CHIC
	  	 DSMN
	  	 DALL
	  	 TPKA
	  	 SNFR
	  	 STTL
	  	 BOST
	  	 NWYK
	  	 PITT

													
	 May
	  	 CINC
	  	 INDP
	  	 CHIC
	  	 DSMN
	  	 DALL
	  	 TPKA
	  	 SNFR
	  	 STTL
	  	 BOST
	  	 NWYK
	  	 PITT
	  	 ATLA

													
	 Jun
	  	 INDP
	  	 CHIC
	  	 DSMN
	  	 DALL
	  	 TPKA
	  	 SNFR
	  	 STTL
	  	 BOST
	  	 NWYK
	  	 PITT
	  	 ATLA
	  	 CINC

													
	 Jul
	  	 CHIC
	  	 DSMN
	  	 DALL
	  	 TPKA
	  	 SNFR
	  	 STTL
	  	 BOST
	  	 NWYK
	  	 PITT
	  	 ATLA
	  	 CINC
	  	 INDP

													
	 Aug
	  	 DSMN
	  	 DALL
	  	 TPKA
	  	 SNFR
	  	 STTL
	  	 BOST
	  	 NWYK
	  	 PITT
	  	 ATLA
	  	 CINC
	  	 INDP
	  	 CHIC

													
	 Sep
	  	 DALL
	  	 TPKA
	  	 SNFR
	  	 STTL
	  	 BOST
	  	 NWYK
	  	 PITT
	  	 ATLA
	  	 CINC
	  	 INDP
	  	 CHIC
	  	 DSMN

													
	 Oct
	  	 TPKA
	  	 SNFR
	  	 STTL
	  	 BOST
	  	 NWYK
	  	 PITT
	  	 ATLA
	  	 CINC
	  	 INDP
	  	 CHIC
	  	 DSMN
	  	 DALL

													
	 Nov
	  	 SNFR
	  	 STTL
	  	 BOST
	  	 NWYK
	  	 PITT
	  	 ATLA
	  	 CINC
	  	 INDP
	  	 CHIC
	  	 DSMN
	  	 DALL
	  	 TPKA

													
	 Dec
	  	 STTL
	  	 BOST
	  	 NWYK
	  	 PITT
	  	 ATLA
	  	 CINC
	  	 INDP
	  	 CHIC
	  	 DSMN
	  	 DALL
	  	 TPKA
	  	 SNFR

  

 B-1Stockholder Protection Rights Agreement

 Exhibit 4.2 

  
 STOCKHOLDER PROTECTION RIGHTS AGREEMENT 
  
 dated as of 
  
 June 27, 2006 
  
 between 
  
 FUEL SYSTEMS SOLUTIONS, INC. 
  
 and 
  
 CHASEMELLON SHAREHOLDER
SERVICES, L.L.C. 
  
 as Rights Agent 
  

 Table of Contents 
  

					
	 	  	 	  	Page

	 ARTICLE I DEFINITIONS
	  	1
	 1.1.
	  	 Definitions
	  	1
		
	 ARTICLE II THE RIGHTS
	  	6
	 2.1.
	  	 Summary of Rights
	  	6
	 2.2.
	  	 Legend on Common Stock Certificates
	  	6
	 2.3.
	  	 Exercise of Rights; Separation of Rights
	  	7
	 2.4.
	  	 Adjustments to Exercise Price; Number of Rights
	  	9
	 2.5.
	  	 Date on Which Exercise is Effective
	  	10
	 2.6.
	  	 Execution, Authentication, Delivery and Dating of Rights Certificates
	  	10
	 2.7.
	  	 Registration, Registration of Transfer and Exchange
	  	10
	 2.8.
	  	 Mutilated, Destroyed, Lost and Stolen Rights Certificates
	  	11
	 2.9.
	  	 Persons Deemed Owners
	  	12
	 2.10.
	  	 Delivery and Cancellation of Certificates
	  	12
	 2.11.
	  	 Agreement of Rights Holders
	  	12
		
	 ARTICLE III ADJUSTMENTS TO THE RIGHTS IN THE EVENT OF CERTAIN TRANSACTIONS
	  	13
	 3.1.
	  	 Flip-in
	  	13
	 3.2.
	  	 Flip-over
	  	14
		
	 ARTICLE IV THE RIGHTS AGENT
	  	15
	 4.1.
	  	 General
	  	15
	 4.2.
	  	 Merger or Consolidation or Change of Name of Rights Agent
	  	16
	 4.3.
	  	 Duties of Rights Agent
	  	16
	 4.4.
	  	 Change of Rights Agent
	  	18
		
	 ARTICLE V MISCELLANEOUS
	  	19
	 5.1.
	  	 Redemption
	  	19
	 5.2.
	  	 Expiration
	  	19
	 5.3.
	  	 Issuance of New Rights Certificates
	  	19
	 5.4.
	  	 Supplements and Amendments
	  	20
	 5.5.
	  	 Fractional Shares
	  	20
	 5.6.
	  	 Rights of Action
	  	20
	 5.7.
	  	 Holder of Rights Not Deemed a Stockholder
	  	21
	 5.8.
	  	 Notice of Proposed Actions
	  	21
	 5.9.
	  	 Notices
	  	21
	 5.10.
	  	 Suspension of Exercisability
	  	22
	 5.11.
	  	 Costs of Enforcement
	  	22
	 5.12.
	  	 Successors
	  	22
	 5.13.
	  	 Benefits of this Agreement
	  	22
	 5.14.
	  	 Determination and Actions by the Board of Directors, etc.
	  	22
	 5.15.
	  	 Descriptive Headings
	  	22

  

 i 

					
	 5.16.
	  	 Governing Law
	  	22
	 5.17.
	  	 Counterparts
	  	23
	 5.18.
	  	 Severability
	  	23

  
 EXHIBITS 
  

			
	Exhibit A	  	Form of Rights Certificate (Together with Form of Election to Exercise)

  

 ii 

 STOCKHOLDER PROTECTION RIGHTS AGREEMENT 
  
 STOCKHOLDER PROTECTION RIGHTS AGREEMENT (as amended from time to time, this
“Agreement”), dated as of June 27, 2006, between Fuel Systems Solutions, Inc., a Delaware corporation (the “Company”), and ChaseMellon Shareholder Services, L.L.C., a New Jersey limited liability company as Rights
Agent (the “Rights Agent”, which term shall include any successor Rights Agent hereunder). 
  
 WITNESSETH: 
  
 WHEREAS, the Board of Directors of the Company has (a) authorized and declared a dividend of one right (“Right”) in respect of each share of Common Stock (as hereinafter defined) held of record as of the close of
business on the effective date of the reorganization (the “Record Time”) involving the Company, IMPCO Technologies, Inc., a Delaware corporation (“IMPCO”), and IMPCO Merger Sub, Inc., a Delaware corporation
(“Merger Sub”), pursuant to the Agreement and Plan of Reorganization by and among the Company, IMPCO and Merger Sub, dated as of June 27, 2006, and payable in respect of each such share on the Record Time and (b) as provided in
Section 2.4, authorized the issuance of one Right in respect of each share of Common Stock issued after the Record Time and prior to the Separation Time (each as hereinafter defined) and, to the extent provided in Section 5.3, each share
of Common Stock issued after the Separation Time; 
  
 WHEREAS,
subject to the terms and conditions hereof, each Right entitles the holder thereof, after the Separation Time, to purchase securities or assets of the Company (or, in certain cases, securities of certain other entities) pursuant to the terms and
subject to the conditions set forth herein; and 
  
 WHEREAS, the
Company desires to appoint the Rights Agent to act on behalf of the Company, and the Rights Agent is willing so to act, in connection with the issuance, transfer, exchange and replacement of Rights Certificates (as hereinafter defined), the exercise
of Rights and other matters referred to herein. 
  
 NOW THEREFORE,
in consideration of the premises and the respective agreements set forth herein, the parties hereby agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 1.1. Definitions. For purposes of this Agreement, the following terms have the meanings indicated: 
  
 “Acquiring Person” shall mean any Person who is a Beneficial Owner of 15% or more of the outstanding shares of Common Stock; provided, however, that the
term “Acquiring Person” shall not include any Person (i) who is the Beneficial Owner of 15% or more of the outstanding shares of Common Stock on the date of this Agreement or who shall become the Beneficial Owner of 15% or more of the
outstanding shares of Common Stock solely as a result of an acquisition by the Company of shares of Common Stock, until such time hereafter or thereafter as any of such 

  

 1 

 
Person shall become the Beneficial Owner (other than by means of a stock dividend or stock split) of any additional shares of Common Stock, (ii) who
becomes the Beneficial Owner of 15% or more of the outstanding shares of Common Stock but who acquired Beneficial Ownership of shares of Common Stock without any plan or intention to seek or affect control of the Company, if such Person promptly
divests, or enters into an agreement satisfactory to the Company, in its sole discretion, pursuant to which it will divest (without exercising or retaining any power, including voting power, with respect to such shares), sufficient shares of Common
Stock (or securities convertible into, exchangeable into or exercisable for Common Stock) so that such Person ceases to be the Beneficial Owner of 15% or more of the outstanding shares of Common Stock or (iii) who Beneficially Owns shares of
Common Stock consisting solely of one or more of (A) shares of Common Stock Beneficially Owned pursuant to the grant or exercise of an option granted to such Person (an “Option Holder”) by the Company in connection with an
agreement to merge with, or acquire, the Company entered into prior to a Flip-in Date, (B) shares of Common Stock (or securities convertible into, exchangeable into or exercisable for Common Stock), Beneficially Owned by such Option Holder or
its Affiliates or Associates at the time of grant of such option, and (C) shares of Common Stock (or securities convertible into, exchangeable into or exercisable for Common Stock) acquired by Affiliates or Associates of such Option Holder
after the time of such grant which, in the aggregate, amount to less than 1% of the outstanding shares of Common Stock. Notwithstanding the foregoing, the Company, any wholly-owned Subsidiary of the Company and any employee stock ownership plan or
other employee benefit plan of the Company or a wholly-owned Subsidiary of the Company shall not be an “Acquiring Person.” Notwithstanding the foregoing, for purposes of this definition “Acquiring Person,” none of Mariano
Costamagna and/or his Affiliates shall be considered a Beneficial Owner of shares of Common Stock acquired by any of them after the Record Time directly from the Company, a wholly-owned subsidiary of the Company, any Company employee stock ownership
plan or any other Company employee benefit plan (whether through a new Company issuance or otherwise); provided, however, that Mariano Costamagna and/or his Affiliates shall be considered the Beneficial Owner of shares of Common Stock issued upon
the exercise of any securities convertible or exercisable for Common Stock if such securities were acquired by any of them after the Record Time directly from a person or entity other than the Company, any wholly-owned subsidiary of the Company, any
Company employee stock ownership plan or any other Company employee benefit plan. 
  
 “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 under the Exchange Act, as such Rule is in effect on the date of this Agreement.

  
 “Agreement” shall have the meaning set forth
in the preamble. 
  
 A Person shall be deemed the
“Beneficial Owner”, and to have “Beneficial Ownership” of, and to “Beneficially Own”, any securities as to which such Person or any of such Person’s Affiliates or Associates is or may be deemed to be
the beneficial owner of pursuant to Rule 13d-3 and 13d-5 under the Exchange Act, as such Rules are in effect on the date of this Agreement, as well as any securities as to which such Person or any of such Person’s Affiliates or Associates has
the right to become Beneficial Owner (whether such right is exercisable immediately or only after the passage of time or the occurrence of conditions) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion
rights, exchange rights, rights 

  

 2 

 
(other than the Rights), warrants or options, or otherwise; provided, however, that a Person shall not be deemed the “Beneficial Owner”, or to have
“Beneficial Ownership” of, or to “Beneficially Own”, any security (i) solely because such security has been tendered pursuant to a tender or exchange offer made by such Person or any of such Person’s Affiliates or
Associates until such tendered security is accepted for payment or exchange or (ii) solely because such Person or any of such Person’s Affiliates or Associates has or shares the power to vote or direct the voting of such security pursuant
to a revocable proxy given in response to a public proxy or consent solicitation made to more than ten holders of shares of a class of stock of the Company registered under Section 12 of the Exchange Act and pursuant to, and in accordance with,
the applicable rules and regulations under the Exchange Act, except if such power (or the arrangements relating thereto) is then reportable under Item 6 of Schedule 13D under the Exchange Act (or any similar provision of a comparable or
successor report). Notwithstanding the foregoing, no officer or director of the Company shall be deemed to Beneficially Own any securities of any other Person by virtue of any actions such officer or director takes in such capacity. For purposes of
this Agreement, in determining the percentage of the outstanding shares of Common Stock with respect to which a Person is the Beneficial Owner, all shares as to which such Person is deemed the Beneficial Owner shall be deemed outstanding.

  
 “Business Day” shall mean any day other than
a Saturday, Sunday or a day on which banking institutions in The City of New York are generally authorized or obligated by law or executive order to close. 
  
 “Close of Business” on any given date shall mean 5:00 p.m. Los Angeles, California time on such date or, if such date is not a Business
Day, 5:00 p.m. Los Angeles, California time on the next succeeding Business Day. 
  
 “Common Stock” shall mean the shares of Common Stock, par value $0.001 per share, of the Company. 
  
 “Company” shall have the meaning set forth in the preamble. 
  
 “Election to Exercise” shall have the meaning set forth in Section 2.3(d) hereof. 
  
 “Exchange Act” shall mean the Securities Exchange Act of
1934, as amended. 
  
 “Exchange Ratio” shall have
the meaning set forth in Section 3.1(c) hereof. 
  
 “Exchange Time” shall mean the time at which the right to exercise the Rights shall terminate pursuant to Section 3.1(c) hereof. 
  

“Exercise Price” shall mean, as of any date, the price at which a holder may purchase the securities issuable upon exercise of one
whole Right. Until adjustment thereof in accordance with the terms hereof, the Exercise Price shall equal $100.00. For purposes of clarity, no adjustment in the Exercise Price shall be made as a result of the reorganization involving IMPCO
Technologies, Inc. and the Company, pursuant to the Agreement and Plan of Reorganization by and among IMPCO Technologies, Inc., IMPCO Merger Sub, Inc. and the Company dated as of June 27, 2006. 
  

 3 

 “Expansion Factor” shall have the meaning set forth in Section 2.4(a) hereof.

  
 “Expiration Time” shall mean the earliest of
(i) the Exchange Time, (ii) the Redemption Time, (iii) the Close of Business on July 22, 2009 and (iv) immediately prior to the effective time of a consolidation, merger or share exchange of the Company (A) into another
corporation or (B) with another corporation in which the Company is the surviving corporation but Common Stock is converted into cash and/or securities of another corporation, in either case pursuant to an agreement entered into by the Company
prior to a Stock Acquisition Date. 
  
 “Flip-in
Date” shall mean the tenth Business Day after any Stock Acquisition Date or such earlier or later date as the Board of Directors of the Company may from time to time fix by resolution adopted prior to the Flip-in Date that would otherwise
have occurred. 
  
 “Flip-over Entity” for
purposes of Section 3.2, shall mean (i) in the case of a Flip-over Transaction or Event described in clause (i) of the definition thereof, the Person issuing any securities into which shares of Common Stock are being converted or
exchanged and, if no such securities are being issued, the other party to such Flip-over Transaction or Event and (ii) in the case of a Flip-over Transaction or Event referred to in clause (ii) of the definition thereof, the Person
receiving the greatest portion of the (A) assets or (B) operating income or cash flow being transferred in such Flip-over Transaction or Event, provided in all cases if such Person is a subsidiary of a corporation, the parent corporation
shall be the Flip-over Entity. 
  
 “Flip-over
Stock” shall mean the capital stock (or similar equity interest) with the greatest voting power in respect of the election of directors (or other persons similarly responsible for direction of the business and affairs) of the Flip-over
Entity. 
  
 “Flip-over Transaction or Event”
shall mean a transaction or series of transactions after a Flip-in Date in which, directly or indirectly, (i) the Company shall consolidate or merge or participate in a share exchange with any other Person if, at the time of the consolidation,
merger or share exchange or at the time the Company enters into any agreement with respect to any such consolidation, merger or share exchange, the Acquiring Person controls the Board of Directors of the Company and either (A) any term of or
arrangement concerning the treatment of shares of capital stock in such consolidation, merger or share exchange relating to the Acquiring Person is not identical to the terms and arrangements relating to other holders of the Common Stock or
(B) the Person with whom the transaction or series of transactions occurs is the Acquiring Person or an Affiliate or Associate of the Acquiring Person or (ii) the Company shall sell or otherwise transfer (or one or more of its Subsidiaries
shall sell or otherwise transfer) assets (A) aggregating more than 50% of the assets (measured by either book value or fair market value) or (B) generating more than 50% of the operating income or cash flow, of the Company and its
Subsidiaries (taken as a whole) to any Person (other than the Company or one or more of its wholly owned Subsidiaries) or to two or more such Persons which are Affiliates or Associates or otherwise acting in concert, if, at the time of the entry by
the Company (or any such Subsidiary) into an agreement with respect to such sale or transfer of assets, the Acquiring Person controls the Board of Directors of the Company. An Acquiring Person shall be deemed to control the Company’s Board of
Directors when, following a Flip-in Date, the persons who were directors of the Company (or persons nominated and/or appointed as directors by vote of a majority of such 

  

 4 

 
persons) before the Stock Acquisition Date shall cease to constitute a majority of the Company’s Board of Directors. 
  
 “Market Price” per share of any securities on any date shall
mean the average of the daily closing prices per share of such securities (determined as described below) on each of the 20 consecutive Trading Days through and including the Trading Day immediately preceding such date; provided, however, that if an
event of a type analogous to any of the events described in Section 2.4 hereof shall have caused the closing prices used to determine the Market Price on any Trading Days during such period of 20 Trading Days not to be fully comparable with the
closing price on such date, each such closing price so used shall be appropriately adjusted in order to make it fully comparable with the closing price on such date. The closing price per share of any securities on any date shall be the last
reported sale price, regular way, or, in case no such sale takes place or is quoted on such date, the average of the closing bid and asked prices, regular way, for each share of such securities, in either case as reported in the principal
consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange, Inc. or, if the securities are not listed or admitted to trading on the New York Stock Exchange, Inc., as reported in
the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the securities are listed or admitted to trading or, if the securities are not listed or admitted to
trading on any national securities exchange, as reported by the National Association of Securities Dealers, Inc. Automated Quotation System or such other system then in use, or, if on any such date the securities are not listed or admitted to
trading on any national securities exchange or 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 securities selected by the Board of Directors of the
Company; provided, however, that if on any such date the securities are not listed or admitted to trading on a national securities exchange or traded in the over-the-counter market, the closing price per share of such securities on such date shall
mean the fair value per share of securities on such date as determined in good faith by the Board of Directors of the Company, after consultation with a nationally recognized investment banking firm, and set forth in a certificate delivered to the
Rights Agent. 
  
 “Option Holder” shall have the
meaning set forth in the definition of Acquiring Person. 
  
 “Person” shall mean any individual, firm, partnership, limited liability company association, group (as such term is used in Rule 13d-5 under the Securities Exchange Act of 1934, as such Rule is in effect on the date of
this Agreement), corporation or other entity. 
  
 “Record
Time” shall have the meaning set forth in the Recitals. 
  
 “Redemption Price” shall mean an amount equal to one cent, $0.01. 
  
 “Redemption Time” shall mean the time at which the right to exercise the Rights shall terminate pursuant to Section 5.1 hereof. 
  
 “Right” shall have the meaning set forth in the Recitals. 
  
 “Rights Agent” shall have the meaning set forth in the
Preamble. 
  

 5 

 “Rights Certificate” shall have the meaning set forth in Section 2.3(c) hereof.

  
 “Rights Register” shall have the meaning set
forth in Section 2.7(a) hereof. 
  
 “Separation
Time” shall mean the Close of Business on the earlier of (i) the tenth Business Day (or such later date as the Board of Directors of the Company may from time to time fix by resolution adopted prior to the Separation Time that would
otherwise have occurred) after the date on which any Person commences a tender or exchange offer which, if consummated, would result in such Person’s becoming an Acquiring Person and (ii) the Flip-in Date; provided, that if any tender or
exchange offer referred to in clause (i) of this paragraph is cancelled, terminated or otherwise withdrawn prior to the Separation Time without the purchase of any shares of Common Stock pursuant thereto, such offer shall be deemed, for
purposes of this paragraph, never to have been made. 
  
 “Stock Acquisition Date” shall mean the first date of public announcement by the Company (by any means) or by an Acquiring Person (including by means of filing a Schedule 13D or Schedule 13G under the Securities Exchange
Act of 1934 (or any comparable or successor report or schedule) or an amendment thereto) that a Person has become an Acquiring Person. 
  
 “Subsidiary” of any specified Person shall mean any corporation or other entity of which a majority of the voting power of the equity
securities or a majority of the equity interest is Beneficially Owned, directly or indirectly, by such Person. 
  
 “Trading Day” when used with respect to any securities, shall mean a day on which the New York Stock Exchange, Inc. is open for the
transaction of business or, if such securities are not listed or admitted to trading on the New York Stock Exchange, Inc., a day on which the principal national securities exchange on which such securities are listed or admitted to trading is open
for the transaction of business or, if such securities are not listed or admitted to trading on any national securities exchange, a Business Day. 
  
 ARTICLE II 
  
 THE RIGHTS 
  
 2.1. Summary of Rights. As soon as practicable after the Record Time, the Company will mail a letter summarizing the terms of the Rights to each holder of record of Common Stock as of the Record Time, at such holder’s address as
shown by the records of the Company. 
  
 2.2. Legend on Common
Stock Certificates. Certificates for the Common Stock issued after the Record Time but prior to the Separation Time shall evidence one Right for each share of Common Stock represented thereby and shall have impressed on, printed on, written on
or otherwise affixed to them the following legend: 
  
 Until the
Separation Time (as defined in the Rights Agreement referred to below), this certificate also evidences and entitles the holder hereof to certain Rights as set forth in a Rights Agreement, dated as of June 27, 2006 (as such may be amended
from time to 

  

 6 

 
time, the “Rights Agreement”), between Fuel Systems Solutions, Inc. (the “Company”) and ChaseMellon Shareholder Services, L.L.C., as
Rights Agent, the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of the Company. Under certain circumstances, as set forth in the Rights Agreement, such Rights may be
redeemed, may become exercisable for securities or assets of the Company or securities of another entity, may be exchanged for shares of Common Stock or other securities or assets of the Company, may expire, may become void (if they are
“Beneficially Owned” by an “Acquiring Person” or an Affiliate or Associate thereof, as such terms are defined in the Rights Agreement, or by any transferee of any of the foregoing) or may be evidenced by separate certificates and
may no longer be evidenced by this certificate. The Company will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge after the receipt of a written request therefor. 
  
 Certificates representing shares of Common Stock that are issued and outstanding at the
Record Time shall evidence one Right for each share of Common Stock evidenced thereby notwithstanding the absence of the foregoing legend. 
  
 2.3. Exercise of Rights; Separation of Rights. 
  
 (a) Subject to Sections 3.1, 5.1 and 5.10 and subject to adjustment as herein set forth, each Right will entitle the holder thereof, after
the Separation Time and prior to the Expiration Time, to purchase, for the Exercise Price, one share of Common Stock. 
  
 (b) Until the Separation Time, (i) no Right may be exercised and (ii) each Right will be evidenced by the certificate for the
associated share of Common Stock (together, in the case of certificates issued prior to the Record Time, with the letter mailed to the record holder thereof pursuant to Section 2.1) and will be transferable only together with, and will be
transferred by a transfer (whether with or without such letter) of, such associated share. 
  
 (c) Subject to the terms and conditions hereof, after the Separation Time and prior to the Expiration Time, the Rights (i) may be
exercised and (ii) may be transferred independent of shares of Common Stock. Promptly following the Separation Time, upon receipt by the Rights Agent of notice thereof and receipt by the Rights Agent of all other necessary information, the
Rights Agent will mail to each holder of record of Common Stock as of the Separation Time (other than any Person whose Rights have become void pursuant to Section 3.1(b)), at such holder’s address as shown by the records of the Company
(the Company hereby agreeing to furnish copies of such records to the Rights Agent for this purpose), (x) a certificate (a “Rights Certificate”) in substantially the form of Exhibit A hereto appropriately completed, representing the
number of Rights held by such holder at the Separation Time and having such marks of identification or designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate (but which do not affect the rights or
duties of the Rights Agent) and as are not inconsistent with the provisions of this Agreement, or as may be 

  

 7 

 
required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any national securities exchange or
quotation system on which the Rights may from time to time be listed or traded, or to conform to usage, and (y) a disclosure statement describing the Rights; provided, however, that the Company shall have no obligation to distribute Rights
Certificates to any Acquiring Person or Affiliate or Associate of an Acquiring Person or any transferee of any of the foregoing. 
  
 (d) Subject to the terms and conditions hereof, Rights may be exercised on any Business Day after the Separation Time and prior to the
Expiration Time by submitting to the Rights Agent the Rights Certificate evidencing such Rights with an Election to Exercise (an “Election to Exercise”) substantially in the form attached to the Rights Certificate duly and properly
completed, accompanied by payment in cash, or by certified or official bank check or money order payable to the order of the Company, of a sum equal to the Exercise Price multiplied by the number of Rights being exercised and a sum sufficient to
cover any tax or charge which may be payable in respect of any transfer involved in the transfer or delivery of Rights Certificates or the issuance or delivery of certificates for shares or depositary receipts (or both) in a name other than that of
the holder of the Rights being exercised. 
  
 (e)
Upon receipt of a Rights Certificate, with an Election to Exercise duly and properly completed accompanied by payment as set forth in Section 2.3(d), and subject to the terms and conditions hereof, the Rights Agent will thereupon promptly
(i)(A) requisition from a transfer agent stock certificates evidencing such number of shares or other securities to be purchased (the Company hereby irrevocably authorizing its transfer agents to comply with all such requisitions) and (B) if
the Company elects pursuant to Section 5.5 not to issue certificates representing fractional shares, requisition from the depositary selected by the Company depositary receipts representing the fractional shares to be purchased or requisition
from the Company the amount of cash to be paid in lieu of fractional shares in accordance with Section 5.5 and (ii) after receipt of such certificates, depositary receipts and/or cash, deliver the same to or upon the order of the
registered holder of such Rights Certificate, registered (in the case of certificates or depositary receipts) in such name or names as may be designated by such holder. The Rights Agent shall have no duty or obligation with respect to this Section
and any other Section of this Agreement relating to fractional shares unless and until it has received specific instructions (and sufficient cash, if required) from the Company with respect to its duties and obligations under such Sections.

  
 (f) In case the holder of any Rights shall
exercise less than all the Rights evidenced by such holder’s Rights Certificate, a new Rights Certificate evidencing the Rights remaining unexercised will be issued by the Rights Agent to such holder or to such holder’s duly authorized
assigns. 
  
 (g) The Company covenants and agrees
that it will (i) take all such action as may be necessary to ensure that all shares delivered upon exercise of Rights shall, at the time of delivery of the certificates for such shares (subject to payment of the Exercise Price), be duly and
validly authorized, executed, issued and delivered and fully paid and nonassessable; (ii) take all such action as may be necessary to comply with any applicable requirements of the Securities Act of 1933 or the Exchange Act, and the rules and
regulations thereunder, and any other applicable law, rule or regulation, in connection with the issuance of any shares upon exercise of 

  

 8 

 
Rights; and (iii) pay when due and payable any and all federal and state taxes and charges which may be payable in respect of the original issuance or
delivery of the Rights Certificates or of any shares issued upon the exercise of Rights, provided, that the Company shall not be required to pay any tax or charge which may be payable in respect of any transfer involved in the transfer or delivery
of Rights Certificates or the issuance or delivery of certificates for shares in a name other than that of the holder of the Rights being transferred or exercised. 
  
 2.4. Adjustments to Exercise Price; Number of Rights. 
  
 (a) In the event the Company shall at any time after the Record Time and prior to the Separation Time
(i) declare or pay a dividend on Common Stock payable in Common Stock, (ii) subdivide the outstanding Common Stock or (iii) combine the outstanding Common Stock into a smaller number of shares of Common Stock, (x) the Exercise
Price in effect after such adjustment will be equal to the Exercise Price in effect immediately prior to such adjustment divided by the number of shares of Common Stock (the “Expansion Factor”) that a holder of one share of Common Stock
immediately prior to such dividend, subdivision or combination would hold thereafter as a result thereof and (y) each Right held prior to such adjustment will become that number of Rights equal to the Expansion Factor, and the adjusted number
of Rights will be deemed to be distributed among the shares of Common Stock with respect to which the original Rights were associated (if they remain outstanding) and the shares issued in respect of such dividend, subdivision or combination, so that
each such share of Common Stock will have exactly one Right associated with it. Each adjustment made pursuant to this paragraph shall be made as of the payment or effective date for the applicable dividend, subdivision or combination. In the event
the Company shall at any time after the Record Time and prior to the Separation Time issue any shares of Common Stock otherwise than in a transaction referred to in the preceding paragraph, each such share of Common Stock so issued shall
automatically have one new Right associated with it, which Right shall be evidenced by the certificate representing such share. To the extent provided in Section 5.3, Rights shall be issued by the Company in respect of shares of Common Stock
that are issued or sold by the Company after the Separation Time. 
  
 (b) In the event the Company shall at any time after the Record Time and prior to the Separation Time issue or distribute any securities or assets in respect of, in lieu of or in exchange for Common Stock (other than
pursuant to a regular periodic cash dividend or a dividend paid solely in Common Stock) whether by dividend, in a reclassification or recapitalization (including any such transaction involving a merger, consolidation or share exchange), or
otherwise, the Company shall make such adjustments, if any, in the Exercise Price, number of Rights and/or securities or other property purchasable upon exercise of Rights as the Board of Directors of the Company, in its sole discretion, may deem to
be appropriate under the circumstances in order to adequately protect the interests of the holders of Rights generally, and the Company and the Rights Agent shall amend this Agreement as necessary to provide for such adjustments. 
  
 (c) Each adjustment to the Exercise Price made pursuant to
this Section 2.4 shall be calculated to the nearest cent. Whenever an adjustment to the Exercise Price is made pursuant to this Section 2.4, the Company shall (i) promptly prepare a certificate setting forth such adjustment and a
brief statement of the facts and computations accounting for such 

  

 9 

 
adjustment and (ii) promptly file with the Rights Agent and with each transfer agent for the Common Stock a copy of such certificate. The Rights Agent
shall be fully protected in relying on any such certificate and on any adjustment therein contained and shall have no duty with respect to and shall not be deemed to have knowledge of any adjustment unless and until it shall have received such a
certificate. 
  
 (d) Rights certificates shall
represent the securities purchasable under the terms of this Agreement, including any adjustment or change in the securities purchasable upon exercise of the Rights, even though such certificates may continue to express the securities purchasable at
the time of issuance of the initial Rights Certificates. 
  
 2.5.
Date on Which Exercise is Effective. Each Person in whose name any certificate for shares is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of the shares represented thereby on the date
upon which the Rights Certificate evidencing such Rights was duly surrendered and payment of the Exercise Price for such Rights (and any applicable taxes and other governmental charges payable by the exercising holder hereunder) was made; provided,
however, that if the date of such surrender and payment is a date upon which the stock transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the
next succeeding Business Day on which the stock transfer books of the Company are open. 
  
 2.6. Execution, Authentication, Delivery and Dating of Rights Certificates. 
  
 (a) The Rights Certificates shall be executed on behalf of the Company by its Chairman of the Board, President or one of its Vice
Presidents, under its corporate seal reproduced thereon attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Rights Certificates may be manual or facsimile. Rights Certificates bearing the
manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the countersignature and
delivery of such Rights Certificates. Promptly after the Company learns of the Separation Time, the Company will notify the Rights Agent of such Separation Time in writing and will deliver Rights Certificates executed by the Company to the Rights
Agent for counter-signature, and, subject to Section 3.1(b), the Rights Agent shall manually countersign and deliver such Rights Certificates to the holders of the Rights pursuant to Section 2.3(c) hereof. No Rights Certificate shall be
valid for any purpose unless manually countersigned by the Rights Agent. 
  
 (b) Each Rights Certificate shall be dated the date of countersignature thereof. 
  
 2.7. Registration, Registration of Transfer and Exchange. 
  

(a) After the Separation Time, the Company will cause to be kept a register (the “Rights Register”) in which, subject
to such reasonable regulations as it may prescribe, the Company will provide for the registration and transfer of Rights. The Rights Agent is hereby appointed “Rights Registrar” for the purpose of maintaining the Rights Register for the
Company and registering Rights and transfers of Rights after the Separation Time as herein provided. In the event that the Rights Agent shall cease to be the Rights Registrar, the Rights Agent will have 

  

 10 

 
the right to examine the Rights Register at all reasonable times after the Separation Time. After the Separation Time and prior to the Expiration Time, upon
surrender for registration of transfer or exchange of any Rights Certificate, and subject to the provisions of Section 2.7(c) and (d), the Company will execute, and the Rights Agent will countersign and deliver, in the name of the holder or the
designated transferee or transferees, as required pursuant to the holder’s instructions, one or more new Rights Certificates evidencing the same aggregate number of Rights as did the Rights Certificate so surrendered. 
  
 (b) Except as otherwise provided in Section 3.1(b), all
Rights issued upon any registration of transfer or exchange of Rights Certificates shall be the valid obligations of the Company, and such Rights shall be entitled to the same benefits under this Agreement as the Rights surrendered upon such
registration of transfer or exchange. 
  
 (c)
Every Rights Certificate surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company or the Rights Agent, as the case may be, duly executed by
the holder thereof or such holder’s attorney duly authorized in writing. As a condition to the issuance of any new Rights Certificate under this Section 2.7, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto. The Rights Agent shall have no duty or obligation with respect to a Rights holder under this Section 2.6 unless and until the Rights Agent is satisfied that any taxes and/or charges
have been paid by such Rights holder. 
  
 (d) The
Company shall not be required to register the transfer or exchange of any Rights after such Rights have become void under Section 3.1(b), been exchanged under Section 3.1(c) or been redeemed under Section 5.1. 
  
 2.8. Mutilated, Destroyed, Lost and Stolen Rights Certificates.

  
 (a) If any mutilated Rights Certificate is
surrendered to the Rights Agent prior to the Expiration Time, then, subject to Sections 3.1(b), 3.1(c) and 5.1, the Company shall execute and the Rights Agent shall countersign and deliver in exchange therefor a new Rights Certificate evidencing the
same number of Rights as did the Rights Certificate so surrendered. 
  
 (b) If there shall be delivered to the Company and the Rights Agent prior to the Expiration Time (i) evidence to their satisfaction of the destruction, loss or theft of any Rights Certificate and (ii) such
security or indemnity as may be required by them to save each of them and any of their agents harmless, then, subject to Sections 3.1(b), 3.1(c) and 5.1 and in the absence of notice to the Company or the Rights Agent that such Rights Certificate has
been acquired by a bona fide purchaser, the Company shall execute and upon its request the Rights Agent shall countersign and deliver, in lieu of any such destroyed, lost or stolen Rights Certificate, a new Rights Certificate evidencing the same
number of Rights as did the Rights Certificate so destroyed, lost or stolen. 
  
 (c) As a condition to the issuance of any new Rights Certificate under this Section 2.8, the Company may require the payment of a sum sufficient to cover any tax or other 

  

 11 

 
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Rights Agent) connected therewith.

  
 (d) Every new Rights Certificate issued
pursuant to this Section 2.8 in lieu of any destroyed, lost or stolen Rights Certificate shall evidence an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Rights Certificate shall be at
any time enforceable by anyone, and, subject to Section 3.1(b) shall be entitled to all the benefits of this Agreement equally and proportionately with any and all other Rights duly issued hereunder. 
  
 2.9. Persons Deemed Owners. Prior to due presentment of a Rights
Certificate (or, prior to the Separation Time, the associated Common Stock certificate) for registration of transfer, the Company, the Rights Agent and any agent of the Company or the Rights Agent may deem and treat the person in whose name such
Rights Certificate (or, prior to the Separation Time, such Common Stock certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby for all purposes whatsoever, including the payment of the Redemption Price and
neither the Company nor the Rights Agent shall be affected by any notice to the contrary. As used in this Agreement, unless the context otherwise requires, the term “holder” of any Rights shall mean the registered holder of such Rights
(or, prior to the Separation Time, the associated shares of Common Stock). 
  
 2.10. Delivery and Cancellation of Certificates. All Rights Certificates surrendered upon exercise or for registration of transfer or exchange shall, if surrendered to any Person other than the Rights Agent, be
delivered to the Rights Agent and, in any case, shall be promptly cancelled by the Rights Agent. The Company may at any time deliver to the Rights Agent for cancellation any Rights Certificates previously countersigned and delivered hereunder which
the Company may have acquired in any manner whatsoever, and all Rights Certificates so delivered shall be promptly cancelled by the Rights Agent. No Rights Certificates shall be countersigned in lieu of or in exchange for any Rights Certificates
cancelled as provided in this Section 2.10, except as expressly permitted by this Agreement. The Rights Agent shall destroy all cancelled Rights Certificates and deliver a certificate of destruction to the Company. 
  
 2.11. Agreement of Rights Holders. Every holder of Rights by accepting
the same consents and agrees with the Company and the Rights Agent and with every other holder of Rights that: 
  
 (a) prior to the Separation Time, each Right will be transferable only together with, and will be transferred by a transfer of, the
associated share of Common Stock; 
  
 (b) after
the Separation Time, the Rights Certificates will be transferable only on the Rights Register as provided herein; 
  
 (c) prior to due presentment of a Rights Certificate (or, prior to the Separation Time, the associated Common Stock certificate) for
registration of transfer, the Company, the Rights Agent and any agent of the Company or the Rights Agent may deem and treat the person in whose name the Rights Certificate (or, prior to the Separation Time, the associated Common Stock certificate)
is registered as the absolute owner thereof and of the Rights evidenced thereby 

  

 12 

 
for all purposes whatsoever, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary; 
  
 (d) Rights beneficially owned by certain Persons will, under
the circumstances set forth in Section 3.1(b), become void; and 
  
 (e) this Agreement may be supplemented or amended from time to time pursuant to Section 2.4(b) or 5.4 hereof. 
  
 ARTICLE III 
  
 ADJUSTMENTS TO THE RIGHTS IN 
 THE EVENT OF CERTAIN TRANSACTIONS 
  
 3.1. Flip-in. 
  
 (a) In the event that prior to the Expiration Time a Flip-in
Date shall occur, except as provided in this Section 3.1, each Right shall constitute the right to purchase from the Company, upon exercise thereof in accordance with the terms hereof (but subject to Section 5.10), that number of shares of
Common Stock having an aggregate Market Price on the Stock Acquisition Date equal to twice the Exercise Price for an amount in cash equal to the Exercise Price (such right to be appropriately adjusted in order to protect the interests of the holders
of Rights generally in the event that on or after such Stock Acquisition Date an event of a type analogous to any of the events described in Section 2.4(a) or (b) shall have occurred with respect to the Common Stock). 
  
 (b) Notwithstanding the foregoing, any Rights that are or
were Beneficially Owned on or after the Stock Acquisition Date by an Acquiring Person or an Affiliate or Associate thereof or by any transferee, direct or indirect, of any of the foregoing shall become void and any holder of such Rights (including
transferees) shall thereafter have no right to exercise or transfer such Rights under any provision of this Agreement. If any Rights Certificate is presented for assignment or exercise and the Person presenting the same will not complete the
certification set forth at the end of the form of assignment or notice of election to exercise and provide such additional evidence of the identity of the Beneficial Owner and its Affiliates and Associates (or former Beneficial Owners and their
Affiliates and Associates) as the Company shall reasonably request, then the Company shall be entitled conclusively to deem the Beneficial Owner thereof to be an Acquiring Person or an Affiliate or Associate thereof or a transferee of any of the
foregoing and accordingly will deem the Rights evidenced thereby to be void and not transferable or exercisable. 
  
 (c) The Board of Directors of the Company may, at its option, at any time after a Flip-in Date and prior to the time that an Acquiring
Person becomes the Beneficial Owner of more than 50% of the outstanding shares of Common Stock elect to exchange all (but not less than all) the then outstanding Rights (which shall not include Rights that have become void pursuant to the provisions
of Section 3.1(b)) for shares of Common Stock at an exchange ratio of one share of Common Stock per Right, appropriately adjusted in order to protect the interests of holders of Rights generally in the event that after the Separation Time an
event of a type 

  

 13 

 
analogous to any of the events described in Section 2.4(a) or (b) shall have occurred with respect to the Common Stock (such exchange ratio, as
adjusted from time to time, being hereinafter referred to as the “Exchange Ratio”). Immediately upon the action of the Board of Directors of the Company electing to exchange the Rights, without any further action and without any
notice, the right to exercise the Rights will terminate and each Right (other than Rights that have become void pursuant to Section 3.1(b)) will thereafter represent only the right to receive a number of shares of Common Stock equal to the
Exchange Ratio. Promptly after the action of the Board of Directors electing to exchange the Rights, the Company shall give written notice thereof (specifying the steps to be taken to receive shares of Common Stock in exchange for Rights) to the
Rights Agent and the holders of the Rights (other than Rights that have become void pursuant to Section 3.1(b)) outstanding immediately prior thereto by mailing such notice in accordance with Section 5.9. Each Person in whose name any
certificate for shares is issued upon the exchange of Rights pursuant to this Section 3.1(c) shall for all purposes be deemed to have become the holder of record of the shares 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 any applicable taxes and other governmental charges payable by the holder was made; provided, however, that if the date of such surrender and payment
is a date upon which the stock transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding Business Day on which the stock
transfer books of the Company are open. 
  
 (d)
In the event that there shall not be sufficient authorized but unissued shares of Common Stock of the Company to permit the exercise or exchange in full of the Rights in accordance with Section 3.1(a) or (c), and the Company elects not to, or
is otherwise unable to, make the exchange referred to in Section 3.1(c), the Company shall take such action as shall be necessary to ensure and provide, to the extent permitted by applicable law and any agreements or instruments in effect on
the Stock Acquisition Date to which it is a party, that each Right shall thereafter constitute the right to receive, (x) at the Company’s option, either (A) in return for the Exercise Price, debt or equity securities or other assets
(or a combination thereof) having a fair value equal to twice the Exercise Price, or (B) without payment of consideration (except as otherwise required by applicable law), debt or equity securities or other assets (or a combination thereof)
having a fair value equal to the Exercise Price, or (y) if the Board of Directors of the Company elects to exchange the Rights in accordance with Section 3.1(c), debt or equity securities or other assets (or a combination thereof) having a
fair value equal to the product of the Market Price of a share of Common Stock on the Flip-in Date times the Exchange Ratio in effect on the Flip-in Date, where in any case set forth in (x) or (y) above the fair value of such debt or
equity securities or other assets shall be as determined in good faith by the Board of Directors of the Company, after consultation with a nationally recognized investment banking firm. 
  
 3.2. Flip-over. 
  
 (a) Prior to the Expiration Time, the Company shall not enter into any agreement with respect to, consummate or permit to occur any
Flip-over Transaction or Event unless and until it shall have entered into a supplemental agreement with the Flip-over Entity, for the benefit of the holders of the Rights, providing that, upon consummation or occurrence of the Flip-over Transaction
or Event (i) each Right shall thereafter constitute the right to purchase 

  

 14 

 
from the Flip-over Entity, upon exercise thereof in accordance with the terms hereof, that number of shares of Flip-over Stock of the Flip-over Entity having
an aggregate Market Price on the date of consummation or occurrence of such Flip-over Transaction or Event equal to twice the Exercise Price for an amount in cash equal to the Exercise Price (such right to be appropriately adjusted in order to
protect the interests of the holders of Rights generally in the event that after such date of consummation or occurrence an event of a type analogous to any of the events described in Section 2.4(a) or (b) shall have occurred with respect
to the Flip-over Stock) and (ii) the Flip-over Entity shall thereafter be liable for, and shall assume, by virtue of such Flip-over Transaction or Event and such supplemental agreement, all the obligations and duties of the Company pursuant to
this Agreement. The provisions of this Section 3.2 shall apply to successive Flip-over Transactions or Events. 
  
 (b) Prior to the Expiration Time, unless the Rights will be redeemed pursuant to Section 5.1 hereof in connection therewith, the
Company shall not enter into any agreement with respect to, consummate or permit to occur any Flip-over Transaction or Event if at the time thereof there are any rights, warrants or securities outstanding or any other arrangements, agreements or
instruments that would eliminate or otherwise diminish in any material respect the benefits intended to be afforded by this Rights Agreement to the holders of Rights upon consummation of such transaction. 
  
 ARTICLE IV 
  
 THE RIGHTS AGENT 
  
 4.1. General. 
  
 (a) The Company hereby appoints the Rights Agent to act as agent for the Company in accordance with the terms and conditions hereof, and
the Rights Agent hereby accepts such appointment. 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 preparation, execution, delivery administration and amendment of this Agreement and the exercise and performance of its duties hereunder. The Company also agrees to indemnify the Rights Agent for,
and to hold it harmless against, any loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost or expense, incurred without gross negligence, bad faith or willful misconduct on the part of the Rights Agent (which gross
negligence, bad faith or willful misconduct being determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction), for any action taken, suffered or omitted by the Rights Agent in connection with the
acceptance and administration of this Agreement, including, without limitation, the costs and expenses of defending against any claim of liability. The indemnity provided herein shall survive the termination of this Agreement and the termination and
the expiration of the Rights. 
  
 (b) The Rights
Agent shall be authorized and protected and shall incur no liability for or in respect of any action taken, suffered or omitted by it in connection with its acceptance and administration of this Agreement in reliance upon any certificate for
securities purchasable upon exercise of Rights, Rights Certificate, certificate for other securities of the 

  

 15 

 
Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement, or
other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the proper person or persons. 
  

4.2. Merger or Consolidation or Change of Name of Rights Agent. 
  
 (a) Any Person into which the Rights Agent or any successor Rights Agent may be merged or with which it may
be consolidated, or any Person resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent is a party, or any Person succeeding to the shareholder services business of the Rights Agent or any successor Rights
Agent, will be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such Person would be eligible for appointment as a
successor Rights Agent under the provisions of Section 4.4 hereof. In case at the time such successor Rights Agent succeeds to the agency created by this Agreement any of the Rights Certificates 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 have not 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 will 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 is 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. 
  
 4.3. Duties of Rights Agent. The Rights Agent undertakes only the duties and obligations expressly 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 advice or opinion of such counsel
will be full and complete authorization and protection to the Rights Agent and the Rights Agent shall incur no liability for or in respect of any action taken or omitted by it or suffered by it in good faith and in accordance with such advice or
opinion. 
  
 (b) Whenever in the performance of
its duties under this Agreement the Rights Agent deems it necessary or desirable that any fact or matter (including, without limitation, the identity of any Acquiring Person and the determination of Market Price) be proved or established by the
Company prior to taking, suffering or omitting to take any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically 

  

 16 

 
prescribed) may be deemed to be conclusively proved and established by a certificate signed by a person believed by the Rights Agent to be the Chairman of
the Board, the President or any Vice President and by the Treasurer or any Assistant Treasurer or the Secretary or any Assistant Secretary of the Company and delivered to the Rights Agent; and such certificate will be full authorization and
protection to the Rights Agent and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken in good faith by it under the provisions of this Agreement in reliance upon such certificate.

  
 (c) The Rights Agent will be liable hereunder
only for its own gross negligence, bad faith or willful misconduct, each as determined by a court of competent jurisdiction. Anything to the contrary notwithstanding, in no event shall the Rights Agent be liable for special, punitive, indirect,
consequential or incidental loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damage. 
  
 (d) The Rights Agent will not be liable for or by reason of
any of the statements of fact or recitals contained in this Agreement or in the certificates for securities purchasable upon exercise of Rights or the Rights Certificates (except its countersignature thereof) or be required to verify the same, but
all such statements and recitals are and will be deemed to have been made by the Company only. 
  
 (e) The Rights Agent will have no liability nor not be under any responsibility in respect of the validity of this Agreement or the
execution and delivery hereof (except the due authorization, execution and delivery hereof by the Rights Agent) or in respect of the validity or execution of any certificate for securities purchasable upon exercise of Rights or Rights Certificate
(except its countersignature thereof); nor will it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Rights Certificate; nor will it be responsible for any change in the exercisability of
the Rights (including the Rights becoming void pursuant to Section 3.1(b) hereof) or any adjustment required under the provisions of Section 2.4, 3.1 or 3.2 hereof or responsible for the manner, method or amount of any such adjustment or
the ascertaining of the existence of facts that would require any such adjustment (except with respect to the exercise of Rights after receipt of the certificate contemplated by Section 2.4 describing any such adjustment); nor will it by any
act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any securities purchasable upon exercise of Rights or any Rights or as to whether any securities purchasable upon exercise of Rights will, when
issued, be duly and validly authorized, executed, issued and delivered and 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 person believed by the Rights Agent to be the Chairman of the Board, the President or any Vice President or the Secretary or any Assistant Secretary or the
Treasurer or any Assistant Treasurer of the Company, and to apply 

  

 17 

 
to such persons for advice or instructions in connection with its duties, and such instructions shall be full authorization and protection to the Rights
Agent and the Rights Agent shall incur no liability for or in respect of any action taken or suffered or omitted by it in good faith in accordance with instructions of any such person. 
  
 (h) The Rights Agent and any stockholder, affiliate, director, officer or employee of the Rights Agent may
buy, sell or deal in Common Stock, 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 Person. 
  
 (i) The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any
duty hereunder either itself or by or through its attorneys or agents, and the Rights Agent will 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, absent gross negligence, bad faith or willful misconduct 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 it believes that repayment of such funds or adequate indemnification against such risk or liability is not assured to it. 
  
 4.4. Change of Rights Agent. The Rights Agent may resign and be
discharged from its duties under this Agreement upon 30 days’ notice (or such lesser notice as is acceptable to the Company) in writing mailed to the Company and to each transfer agent of Common Stock by registered or certified mail, and to the
holders of the Rights in accordance with Section 5.9. The Company may remove the Rights Agent upon 30 days’ notice in writing, mailed to the Rights Agent and to each transfer agent of the Common Stock by registered or certified mail, and
to the holders of the Rights in accordance with Section 5.9. If the Rights Agent should resign or be removed or otherwise become incapable of acting, the Company will appoint a successor to the Rights Agent. If the Company fails to make such
appointment within a period of 30 days after such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of any Rights (which holder shall, with such notice,
submit such holder’s Rights Certificate for inspection by the Company), then the holder of any Rights and the Rights Agent may apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent,
whether appointed by the Company or by such a court, shall be a (a) Person organized and doing business under the laws of the United States or any state of the United States, in good standing, which is authorized under such laws to exercise the
powers of the Rights Agent contemplated by this Agreement and is subject to supervision or examination by federal or state authority and which has at the time of its appointment as Rights Agent a combined capital and surplus of at least $50,000,000
or (b) an Affiliate of a Person described in clause (a) of this sentence that is under control of such corporation. After appointment, the successor Rights Agent will 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 

  

 18 

 
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 will file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Stock, and mail a notice thereof in writing to the holders of the
Rights. Failure to give any notice provided for in this Section 4.4, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent,
as the case may be. 
  
 ARTICLE V 
  
 MISCELLANEOUS 
  
 5.1. Redemption. 
  
 (a) The Board of Directors of the Company may, at its option, at any time prior to the Close of Business on the Flip-in Date, elect to
redeem all (but not less than all) the then outstanding Rights at the Redemption Price and the Company, at its option, may pay the Redemption Price either in cash or shares of Common Stock or other securities of the Company deemed by the Board of
Directors, in the exercise of its sole discretion, to be at least equivalent in value to the Redemption Price. 
  
 (b) Immediately upon the action of the Board of Directors of the Company electing to redeem the Rights (or, if the resolution of the Board
of Directors electing to redeem the Rights states that the redemption will not be effective until the occurrence of a specified future time or event, upon the occurrence of such future time or event), without any further action and without any
notice, the right to exercise the Rights will terminate and each Right will thereafter represent only the right to receive the Redemption Price in cash or securities, as determined by the Board of Directors. Promptly after the Rights are redeemed,
the Company shall give written notice of such redemption to the Rights Agent and the holders of the then outstanding Rights by mailing such notice in accordance with Section 5.9. 
  
 5.2. Expiration. The Rights and this Agreement shall expire at the Expiration Time and no Person shall have any
rights pursuant to this Agreement or any Right after the Expiration Time, except, if the Rights are exchanged or redeemed, as provided in Section 3.1 or 5.1 hereof , respectively. 
  
 5.3. 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 number or kind or class of shares of stock purchasable
upon exercise of Rights made in accordance with the provisions of this Agreement. In addition, in connection with the issuance or sale of shares of Common Stock by the Company following the Separation Time and prior to the Expiration Time pursuant
to the terms of securities convertible or redeemable into shares of Common Stock or to options, in each case issued or granted prior to, and outstanding at, the Separation Time, the Company shall issue to the holders of such shares of Common Stock,
Rights Certificates representing the appropriate number of Rights in connection with the issuance or sale of such shares of Common Stock; provided, 

  

 19 

 
however, in each case, (i) no such Rights Certificate shall be issued, if, and to the extent that, the Company shall be advised by counsel that such
issuance would create a significant risk of material adverse tax consequences to the Company or to the Person to whom such Rights Certificates would be issued, (ii) no such Rights Certificates shall be issued if, and to the extent that,
appropriate adjustment shall have otherwise been made in lieu of the issuance thereof, and (iii) the Company shall have no obligation to distribute Rights Certificates to any Acquiring Person or Affiliate or Associate of an Acquiring Person or
any transferee of any of the foregoing. 
  
 5.4. Supplements
and Amendments. The Company and the Rights Agent may from time to time supplement or amend this Agreement without the approval of any holders of Rights (i) prior to the close of business on the Flip-in Date, in any respect (including to
provide for the termination of Rights without the payment of any Redemption Price) and (ii) after the close of business on the Flip-in Date, to make any changes that the Company may deem necessary or desirable and which shall not materially
adversely affect the interests of the holders of Rights generally or in order to cure any ambiguity or to correct or supplement any provision contained herein which may be inconsistent with any other provisions herein or otherwise defective. The
Rights Agent will, upon the delivery of a certificate from an appropriate officer of the Company stating that the proposed supplement or amendment complies with this Section 5.4, duly execute and deliver any supplement or amendment hereto
requested by the Company which satisfies the terms of the preceding sentence. Notwithstanding anything contained in this Agreement to the contrary, the Rights Agent may, but shall not be obligated to, enter into any supplement or amendment that
affects the rights, duties, obligations or indemnities of the Rights Agent hereunder. 
  
 5.5. Fractional Shares. If the Company elects not to issue certificates representing fractional shares upon exercise or redemption of Rights, the Company shall, in lieu thereof, in the sole discretion of the
Board of Directors, either (a) evidence such fractional shares by depositary receipts issued pursuant to an appropriate agreement between the Company and a depositary selected by it, providing that each holder of a depositary receipt shall have
all of the rights, privileges and preferences to which such holder would be entitled as a beneficial owner of such fractional share, or (b) pay to the registered holder of such Rights the appropriate fraction of the Market Price per share in
cash. 
  
 5.6. Rights of Action. Subject to the terms of
this Agreement (including Sections 3.1(b) and 5.14), rights of action in respect of this Agreement, other than rights of action vested solely in the Rights Agent, are vested in the respective holders of the Rights; and any holder of any Rights,
without the consent of the Rights Agent or of the holder of any other Rights, may, on such holder’s own behalf and for such holder’s own benefit and the benefit of other holders of Rights, enforce, and may institute and maintain any suit,
action or proceeding against the Company to enforce, or otherwise act in respect of, such holder’s right to exercise such holder’s Rights in the manner provided in such holder’s 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. 
  

 20 

 5.7. Holder of Rights Not Deemed a Stockholder. No holder, as such, of any Rights shall be
entitled to vote, receive dividends or be deemed for any purpose the holder of shares or any other securities which may at any time be issuable on the exercise of such Rights, nor shall anything contained herein or in any Rights Certificate be
construed to confer upon the holder of any Rights, 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 Section 5.8 hereof), or to receive dividends or subscription rights, or otherwise, until such Rights shall
have been exercised or exchanged in accordance with the provisions hereof. 
  
 5.8. Notice of Proposed Actions. In case the Company shall propose after the Separation Time and prior to the Expiration Time (i) to effect or permit a Flip-over Transaction or Event or (ii) to effect
the liquidation, dissolution or winding up of the Company, then, in each such case, the Company shall give to each holder of a Right, in accordance with Section 5.9 hereof, a notice of such proposed action, which shall specify the date on which
such Flip-over Transaction or Event, liquidation, dissolution, or winding up is to take place, and such notice shall be so given at least 20 Business Days prior to the date of the taking of such proposed action. 
  
 5.9. Notices. Notices or demands authorized or required by this
Agreement to be given or made by the Rights Agent or by the holder of any Rights to or on the Company shall be sufficiently given or made if delivered or sent by first-class mail, postage prepaid, addressed (until another address is filed in writing
with the Rights Agent) as follows: 
  
 Fuel
Systems Solutions, Inc. 
 3030 South Susan Street 
 Santa Ana, CA 92704 
  
 Attention: Chief Financial Officer 
  
 Any notice or demand authorized or required by this Agreement to be given or made by the Company or by the holder of any Rights to or on the Rights Agent
shall be sufficiently given or made if delivered or sent by first-class mail, postage prepaid, addressed (until another address is filed in writing with the Company) as follows: 
  
 ChaseMellon Shareholder Services, L.L.C. 
 520 Pike Street, Suite 1220 
 Seattle, WA 98101 
  
 Attention: Relationship Manager 
  
 Notices or demands
authorized or required by this Agreement to be given or made by the Company or the Rights Agent to or on the holder of any Rights shall be sufficiently given or made if delivered or sent by first-class mail, postage prepaid, addressed to such holder
at the address of such holder as it appears upon the registry books of the Rights Agent or, prior to the Separation Time, on the registry books of the transfer agent for the Common Stock. Any notice 

  

 21 

 
which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. 
  
 5.10. Suspension of Exercisability. To the extent that the Company
determines in good faith that some action will or need be taken pursuant to Section 3.1 or to comply with federal or state securities laws, the Company may suspend the exercisability of the Rights for a reasonable period in order to take such
action or comply with such laws. In the event of any such suspension, the Company shall issue as promptly as practicable a public announcement stating that the exercisability or exchangeability of the Rights has been temporarily suspended (with
prompt written notice thereof to the Rights Agent). Notice thereof pursuant to Section 5.9 shall not be required. Failure to give a notice pursuant to the provisions of this Agreement shall not affect the validity of any action taken hereunder.

  
 5.11. Costs of Enforcement. The Company agrees that if
the Company or any other Person the securities of which are purchasable upon exercise of Rights fails to fulfill any of its obligations pursuant to this Agreement, then the Company or such Person will reimburse the holder of any Rights for the costs
and expenses (including legal fees) incurred by such holder in actions to enforce such holder’s rights pursuant to any Rights or this Agreement. 
  
 5.12. 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. 
  
 5.13. 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 holders of the Rights any legal or equitable right, remedy or claim under this
Agreement and this Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent and the holders of the Rights. 
  
 5.14. Determination and Actions by the Board of Directors, etc. 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 to the Company, or as may be necessary or advisable in the administration of this Agreement, including, without limitation, the right and power
to (i) interpret the provisions of this Agreement and (ii) make all determinations deemed necessary or advisable for the administration of this 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 and all
other parties, and (y) not subject the Board of Directors of the Company to any liability to the holders of the Rights. The Rights Agent shall always be entitled to assume that the Company’s Board of Directors acted in good faith and shall
be fully protected and incur no liability in reliance thereon. 
  
 5.15. Descriptive Headings. Descriptive headings appear herein for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 
  
 5.16. Governing Law. THIS AGREEMENT AND EACH RIGHT ISSUED HEREUNDER
SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF 

  

 22 

 
THE STATE OF DELAWARE AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE APPLICABLE TO CONTRACTS TO BE MADE
AND PERFORMED ENTIRELY WITHIN SUCH STATE; PROVIDED, HOWEVER, THAT ALL PROVISIONS REGARDING THE RIGHTS, DUTIES AND OBLIGATIONS OF THE RIGHTS AGENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE. 
  
 5.17. 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. 
  
 5.18. Severability. If any term or
provision hereof or the application thereof to any circumstance shall, in any jurisdiction and to any extent, be invalid or unenforceable, such term or provision shall be ineffective as to such jurisdiction to the extent of such invalidity or
unenforceability without invalidating or rendering unenforceable the remaining terms and provisions hereof or the application of such term or provision to circumstances other than those as to which it is held invalid or unenforceable. 
  
 *   *   *   * 
  

 23 

 IN WITNESS WHEREOF, the parties hereto have caused this Stockholder Protection Rights Agreement to be
duly executed as of the date first above written. 
  

			
	 FUEL SYSTEMS SOLUTIONS, INC.

		
	By:	 	/s/    MARIANO
COSTAMAGNA        
	 	 	Mariano Costamagna,
	 	 	Chief Executive Officer and President
	
	 CHASEMELLON SHAREHOLDER SERVICES,
 L.L.C.

		
	By:	 	/s/    JOHN CASTELLANOS        
	 Name:
	 	John Castellanos
	 Title:
	 	Vice President

  

 S-1 

 EXHIBIT A 
  
 [Form of Rights Certificate] 
  

Certificate No. W-             Rights 
  
 THE RIGHTS ARE SUBJECT TO REDEMPTION OR MANDATORY EXCHANGE, AT THE OPTION OF THE COMPANY, ON THE TERMS SET FORTH IN THE
RIGHTS AGREEMENT. RIGHTS BENEFICIALLY OWNED BY ACQUIRING PERSONS OR AFFILIATES OR ASSOCIATES THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) OR TRANSFEREES OF ANY OF THE FOREGOING WILL BE VOID. 
  
 Rights Certificate 
  
 FUEL SYSTEMS SOLUTIONS, INC. 
  
 This certifies that
                                        ,
or registered assigns, is the registered holder of the number of Rights set forth above, each of which entitles the registered holder thereof, subject to the terms, provisions and conditions of the Stockholder Protection Rights Agreement, dated as
of June 27, 2006 (as amended from time to time, the “Rights Agreement”), between Fuel Systems Solutions, Inc., a Delaware corporation (the “Company”), and ChaseMellon Shareholder Services, L.L.C., a New Jersey limited
liability company, as Rights Agent (the “Rights Agent”, which term shall include any successor Rights Agent under the Rights Agreement), to purchase from the Company at any time after the Separation Time (as such term is defined in the
Rights Agreement) and prior to the close of business July 22, 2009, one fully paid share of Common Stock, par value $0.001 per share (the “Common Stock”), of the Company (subject to adjustment as provided in the Rights Agreement) at
the Exercise Price referred to below, upon presentation and surrender of this Rights Certificate with the Form of Election to Exercise duly executed at the office of the Rights Agent designated for such purpose. The Exercise Price shall initially be
$100.00 per Right and shall be subject to adjustment in certain events as provided in the Rights Agreement. 
  
 In certain circumstances described in the Rights Agreement, the Rights evidenced hereby may entitle the registered holder thereof to purchase securities
of an entity other than the Company or securities of the Company other than Common Stock or assets of the Company, all as provided in the Rights Agreement. 
  
 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. Copies of the 

  

 A-1 

 
Rights Agreement are on file at the principal office of the Company and are available without cost upon written request. 
  
 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 evidencing an aggregate number of Rights equal to the aggregate number of Rights evidenced
by the Rights Certificate or Rights Certificates surrendered. If this Rights Certificate shall be exercised in part, the registered holder shall be entitled to receive, upon surrender hereof, another Rights Certificate or Rights Certificates for the
number of whole Rights not exercised. 
  
 Subject to the
provisions of the Rights Agreement, each Right evidenced by this Certificate may be (a) redeemed by the Company under certain circumstances, at its option, at a redemption price of $0.01 per Right or (b) exchanged by the Company under
certain circumstances, at its option, for one share of Common Stock or one share of Common Stock per Right (or, in certain cases, other securities or assets of the Company), subject in each case to adjustment in certain events 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 any securities 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 Rights evidenced by this Rights
Certificate shall have been exercised or exchanged 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. 
  

 A-2 

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

 

					
	 Date:
                    

		
	 ATTEST:
	 	 FUEL SYSTEMS SOLUTIONS, INC.

			
	 	 	By	 	 
	 	 	 	 	Secretary
	
	 Countersigned:

	
	 CHASEMELLON SHAREHOLDER SERVICES, L.L.C.

			
	 	 	By	 	 
	 	 	 	 	 Authorized Signature

  

 A-3 

 [Form of Reverse Side of Rights Certificate] 
  
 FORM OF ASSIGNMENT 
  
 (To be executed by the registered holder if such holder desires to transfer this 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 Guaranteed:

	
	  
	 Signature

 (Signature must correspond to name as written upon the face of this Rights Certificate in every
particular, without alteration or enlargement or any change whatsoever) 
  
 Signatures must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee Medallion program), pursuant to SEC Rule 17Ad-15.

  
 (To be completed if true) 
  
 The undersigned hereby represents, for the benefit of all holders of Rights and shares of
Common Stock, that the Rights evidenced by this Rights Certificate are not, and, to the knowledge of the undersigned, have never been, Beneficially Owned by an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights
Agreement). 
  

	
	
	  
	 Signature

  

 A-4 

 NOTICE 
  
 In the event the certification set forth above is not completed in connection with a purported assignment, the Company will deem the Beneficial Owner of
the Rights evidenced by the enclosed Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) or a transferee of any of the foregoing and accordingly will deem the Rights evidenced by
such Rights Certificate to be void and not transferable or exercisable. 
  
 [To be
attached to each Rights Certificate] 
  
 FORM OF ELECTION TO EXERCISE 

 
 (To be executed if holder desires to 
 exercise the Rights Certificate.) 
  
 TO: FUEL SYSTEMS SOLUTIONS, INC. 
  
 The undersigned hereby irrevocably elects to exercise whole Rights represented by the attached Rights Certificate to purchase the shares of Common Stock issuable upon the
exercise of such Rights and requests that certificates for such shares be issued in the name of: 
  
 Address: 
  
 Social Security or Other Taxpayer

 Identification Number: 
  
 If such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a new Rights Certificate for the balance of such Rights shall be registered in
the name of and delivered to: 
  
 Address: 
  
 Social Security or Other Taxpayer 
 Identification Number: 
  
 Signatures must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee Medallion program), pursuant
to SEC Rule 17Ad-15. 
  
 ___________________________________ 
  

 A-5 

 (To be completed if true) 
  
 The undersigned hereby represents, for the benefit of all holders of Rights and shares of Common Stock, that the Rights
evidenced by the attached Rights Certificate are not, and, to the knowledge of the undersigned, have never been, Beneficially Owned by an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement). 
  

	
	
	  
	 Signature

  

 A-6 

 NOTICE 
  
 In the event the certification set forth above is not completed in connection with a purported exercise, the Company will deem the Beneficial Owner of the
Rights evidenced by the attached Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) or a transferee of any of the foregoing and accordingly will deem the Rights evidenced by such
Rights Certificate to be void and not transferable or exercisable. 
  

 A-7

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