Document:

Rights Agreement, dated as of September 6, 2005

 Exhibit 4.1 
  

  
 RIGHTS AGREEMENT 
  
 between 
  
 BOSTON COMMUNICATIONS GROUP, INC. 
  
 and 
  
 EQUISERVE TRUST COMPANY, N.A., 
  
 as Rights Agent 
  
 Dated September 6, 2005 
  

 Table of Contents 
  

			
	Section 1. Certain Definitions	  	1
		
	Section 2. Appointment of Rights Agent	  	5
		
	Section 3. Issuance of Rights.	  	6
		
	Section 4. Form of Rights Certificates.	  	8
		
	Section 5. Countersignature and Registration.	  	9
		
	 Section 6. Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights
                  Certificates.
	  	9
		
	Section 7. Exercise of Rights; Purchase Price; Expiration Date of Rights.	  	10
		
	Section 8. Cancellation and Destruction of Rights Certificates	  	12
		
	Section 9. Reservation and Availability of Capital Stock.	  	12
		
	Section 10. Preferred Stock Record Date	  	14
		
	Section 11. Adjustment of Purchase Price, Number and Kind of Shares or Number of Rights	  	14
		
	Section 12. Certificate of Adjusted Purchase Price or Number of Shares	  	21
		
	Section 13. Consolidation, Merger, Share Exchange or Sale or Transfer of Assets or Earning Power.	  	22
		
	Section 14. Fractional Rights and Fractional Shares.	  	24
		
	Section 15. Rights of Action	  	25
		
	Section 16. Agreement of Rights Holders	  	26
		
	Section 17. Rights Certificate Holder Not Deemed a Shareholder	  	26
		
	Section 18. Concerning the Rights Agent.	  	27
		
	Section 19. Merger or Consolidation or Change of Name of Rights Agent.	  	27
		
	Section 20. Duties of Rights Agent	  	28
		
	Section 21. Change of Rights Agent	  	30
		
	Section 22. Issuance of New Rights Certificates	  	30
		
	Section 23. Redemption.	  	31

  

 - i - 

			
	Section 24. Exchange.	  	31
		
	Section 25. Notice of Certain Events.	  	33
		
	Section 26. Notices	  	34
		
	Section 27. Supplements and Amendments	  	34
		
	Section 28. Successors	  	35
		
	Section 29. Actions by the Board, etc	  	35
		
	Section 30. Benefits of this Agreement	  	35
		
	Section 31. Severability	  	35
		
	Section 32. Governing Law	  	35
		
	Section 33. Counterparts	  	36
		
	Section 34. Descriptive Headings	  	36
		
	Section 35. Force Majeure	  	36

  
  

 - ii - 

 RIGHTS AGREEMENT 
  

RIGHTS AGREEMENT, dated September 6, 2005 (the “Agreement”), between Boston Communications Group, Inc., a Massachusetts corporation (the
“Company”), and EquiServe Trust Company, N.A., as Rights Agent (the “Rights Agent”). 
  
 W I T N E S S E T H 
  
 WHEREAS, on September 6, 2005, the Board of Directors of the Company (the “Board”) authorized and declared a dividend distribution of one Right for each share
of Common Stock (as hereinafter defined) of the Company outstanding at the close of business on September 19, 2005 (the “Record Date”), and authorized the issuance of one Right (as such number may hereinafter be adjusted pursuant to the
provisions of Section 11(i) or Section 11(p) hereof) for each share of Common Stock of the Company issued between the Record Date and the earlier of the Distribution Date or the Expiration Date, each Right initially representing the right to
purchase one one-thousandth of a share of Series A Junior Participating Preferred Stock of the Company having the rights, powers and preferences set forth in the form of Articles of Amendment attached hereto as Exhibit A, upon the terms and
subject to the conditions hereinafter set forth (the “Rights”); 
  
 NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows: 
  
 Section 1. Certain Definitions. For purposes of this Agreement, the following terms have the meanings indicated: 
  
 (a) “Acquiring Person” shall mean any Person who or which,
together with all Affiliates and Associates of such Person, shall be the Beneficial Owner of 15% or more of the shares of Common Stock then outstanding, but shall not include (i) the Company, (ii) any Subsidiary of the Company, (iii) any employee
benefit plan of the Company or of any Subsidiary of the Company or (iv) any Person organized, appointed or established by the Company for or pursuant to the terms of any such plan. Notwithstanding the foregoing, (x) no Person shall become an
“Acquiring Person” as the result of an acquisition of Common Stock by the Company which, by reducing the number of shares outstanding, increases the proportionate number of shares beneficially owned by such Person to 15% or more of the
shares of Common Stock of the Company then outstanding; provided, however that if a Person shall become the Beneficial Owner of 15% or more of the shares of Common Stock of the Company then outstanding as the result of an acquisition of Common Stock
by the Company and shall, following written notice from, or public disclosure by the Company of such share purchases by the Company become the Beneficial Owner of any additional Common Stock of the Company and shall then beneficially own 15% or more
of the shares of Common Stock then outstanding, then such Person shall be deemed to be an “Acquiring Person” and (y) if the Board determines in good faith that a Person who would otherwise be an “Acquiring Person,” as defined
pursuant to the foregoing provisions of this paragraph (a), has become such inadvertently, and such Person divests as promptly as 

 practicable (as determined in good faith by the Board of Directors), but in any event within 15 Business Days, following
receipt of written notice from the Company of such event, of Beneficial Ownership of a sufficient number of shares of Common Stock so that such Person would no longer be an “Acquiring Person,” as defined pursuant to the foregoing
provisions of this paragraph (a), then such Person shall not be deemed to be an “Acquiring Person” for any purposes of this Agreement unless and until such Person shall again become an “Acquiring Person.” 
  
 (b) “Act” shall mean the Securities Act of 1933, as amended.

  
 (c) “Affiliate” and “Associate” shall have
the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as in effect on the date of this Agreement. 
  
 (d) “Adjustment Shares” shall have the meaning set forth in Section
11(a)(ii). 
  
 (e) A Person shall be deemed the “Beneficial
Owner” of, and shall be deemed to “beneficially own,” any securities: 
  
 (i) which such Person or any of such Person’s Affiliates or Associates, directly or indirectly, owns or has the right to acquire (whether such right is exercisable immediately or only after the passage of time)
pursuant to any agreement, arrangement or understanding (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities or agreements with or between Persons and the
Company with respect to any other bona fide issuance of securities by the Company to such Persons for resale within 40 days, including without limitation pursuant to Section 4(2) of the Act or Rule 144A or Regulation S promulgated under the Act),
whether or not in writing, or upon the exercise of conversion rights, exchange rights, other rights, warrants or options, or otherwise; provided, however, that a Person shall not be deemed the “Beneficial Owner” of, or to
“beneficially own,” (A) securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any of such Person’s Affiliates or Associates until such tendered securities are accepted for purchase or
exchange, or (B) securities issuable upon exercise of Rights at any time prior to the occurrence of a Triggering Event, or (C) securities issuable upon exercise of Rights from and after the occurrence of a Triggering Event which Rights were acquired
by such Person or any of such Person’s Affiliates or Associates prior to the Distribution Date or pursuant to Section 3(a) or Section 22 hereof (the “Original Rights”) or pursuant to Section 11(i) hereof in connection with an
adjustment made with respect to any Original Rights; 
  
 (ii)
which such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has the right to vote or dispose of or has “beneficial ownership” of (as determined pursuant to Rule 13d-3 of the General Rules and
Regulations under the Exchange Act, or any comparable or successor rule), including pursuant to any agreement, arrangement or understanding (other than customary agreements with and between underwriters and selling group members with respect to a
bona fide public offering of securities or agreements with or between Persons and the Company with respect to any other bona fide issuance of securities by the Company to such Persons for resale within 40 days, including without limitation pursuant
to 
  

 - 2 - 

 Section 4(2) of the Act or Rule 144A or Regulation S promulgated under the Act), whether or not in writing;
provided, however, that a Person shall not be deemed the “Beneficial Owner” of, or to “beneficially own,” any security under this subparagraph (ii) as a result of an agreement, arrangement or understanding to vote
such security if such agreement, arrangement or understanding: (A) arises solely from a revocable proxy or consent given in response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable provisions of the
General Rules and Regulations under the Exchange Act, and (B) is not then reportable by such Person on Schedule 13D under the Exchange Act (or any comparable or successor report); or 
  
 (iii) which are beneficially owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with
which such Person (or any of such Person’s Affiliates or Associates) has any agreement, arrangement or understanding (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public
offering of securities or agreements with or between Persons and the Company with respect to any other bona fide issuance of securities by the Company to such Persons for resale within 40 days, including without limitation pursuant to Section 4(2)
of the Act or Rule 144A or Regulation S promulgated under the Act) whether or not in writing, for the purpose of acquiring, holding, voting (except pursuant to a revocable proxy or consent as described in the proviso to subparagraph (ii) of this
paragraph (e)) or disposing of any voting securities of the Company. 
  
 For all
purposes of this Agreement, any calculation of the number of shares of Common Stock outstanding at any particular time, including for purposes of determining the particular percentage of such outstanding shares of Common Stock of which any Person is
the Beneficial Owner, shall be made in accordance with the last sentence of Rule 13d-3(d)(l)(i) of the General Rules and Regulations under the Exchange Act. 
  
 (f) “Board” shall have the meaning set forth in the WHEREAS clause at the beginning of this Agreement. 
  
 (g) “Business Day” shall mean any day other than a Saturday, Sunday
or a day on which banking institutions in the Commonwealth of Massachusetts are authorized or obligated by law or executive order to close. 
  
 (h) “Close of business” on any given date shall mean 5:00 p.m., Boston time, on such date; provided, however, that if such date is
not a Business Day it shall mean 5:00 p.m., Boston time, on the next succeeding Business Day. 
  
 (i) “Common Stock” shall mean the common stock, $.01 par value, of the Company, except that “Common Stock” when used with reference to any Person other than the Company shall mean the capital stock
of such Person with the greatest voting power, or the equity securities or other equity interest having power to control or direct the management, of such Person. 
  
 (j) “Common stock equivalents” shall have the meaning set forth in Section 11(a)(iii) hereof. 
  

 - 3 - 

 (k) “Company” shall have the meaning set forth in the introductory paragraph hereof.

  
 (l) “Current market price” shall have the meaning
set forth in Section 11(d)(i) hereof. 
  
 (m) “Current
Value” shall have the meaning set forth in Section 11(a)(iii) hereof. 
  
 (n) “Distribution Date” shall have the meaning set forth in Section 3(a) hereof. 
  
 (o) “Equivalent Preferred Stock” shall have the meaning set forth in Section 11(b) hereof. 
  
 (p) “Exchange Act” shall have the meaning set forth in Section 1(c)
hereof. 
  
 (q) “Exchange Ratio” shall have the meaning
set forth in Section 24(a) hereof. 
  
 (r) “Expiration
Date” shall have the meaning set forth in Section 7(a) hereof. 
  
 (s) “Final Expiration Date” shall mean the close of business on September 6, 2015. 
  
 (t) “Permitted Offer” shall mean a tender offer or an exchange offer for all outstanding shares of Common Stock at a price and on terms
determined, prior to the consummation of such tender offer or exchange offer, by directors constituting at least 75% of all of the members of the Board, after receiving advice from a nationally recognized investment banking firm selected by the
Board, to be (a) at a price that is fair to shareholders (taking into account all factors which such members of the Board deem relevant including, without limitation, prices which could reasonably be achieved if the Company or its assets were sold
on an orderly basis designed to realize maximum value) and (b) otherwise in the best interests of the Company and its shareholders. 
  
 (u) “Person” shall mean any individual, firm, corporation, partnership, trust, association, limited liability company or other entity.

  
 (v) “Preferred Stock” shall mean shares of Series A
Junior Participating Preferred Stock, $.01 par value, of the Company having the rights and preferences set forth in the form of Articles of Amendment attached to this Agreement as Exhibit A and, to the extent that there is not a sufficient
number of shares of Series A Junior Participating Preferred Stock authorized to permit the full exercise of the Rights, any other series of Preferred Stock, $.01 par value, of the Company designated for such purpose containing terms substantially
similar to the terms of the Series A Junior Participating Preferred Stock. 
  
 (w) “Principal Party” shall have the meaning set forth in Section 13(b) hereof. 
  
 (x) “Purchase Price” shall have the meaning set forth in Section 4(a) hereof. 
  
 (y) “Record Date” shall have the meaning set forth in the WHEREAS clause at the beginning of this Agreement.

  
 (z) “Redemption Date” shall have the meaning set
forth in Section 7(a) hereof. 
  

 - 4 - 

 (aa) “Redemption Price” shall have the meaning set forth in Section 23(a) hereof. 

 
 (bb) “Rights” shall have the meaning set forth in the WHEREAS
clause at the beginning of this Agreement. 
  
 (cc) “Rights
Agent” shall have the meaning set forth in the introductory paragraph hereof. 
  
 (dd) “Rights Certificates” shall have the meaning set forth in Section 3(a) hereof. 
  
 (ee) “Section 11(a)(ii) Event” shall mean an acquisition of Common Stock described in the first sentence of Section 11(a)(ii) hereof.

  
 (ff) “Section 11(a)(ii) Trigger Date” shall have the
meaning set forth in Section 11(a)(iii) hereof. 
  
 (gg)
“Section 13 Event” shall mean any event described in clauses (x), (y) or (z) of Section 13(a) hereof. 
  
 (hh) “Spread” shall have the meaning set forth in Section 11(a)(iii) hereof. 
  
 (ii) “Stock Acquisition Date” shall mean the later of (i) the first date of public announcement (which, for
purposes of this definition, shall include, without limitation, a report filed pursuant to Section 13(d) under the Exchange Act) by the Company or an Acquiring Person that an Acquiring Person has become such or (ii) the first date on which an
executive officer of the Company has actual knowledge that an Acquiring Person has become such; provided, however that, if such Person is deemed not to be an Acquiring Person pursuant to clause (y) of Section 1(a) hereof, no Stock
Acquisition Date shall be deemed to have occurred. 
  
 (jj)
“Subsidiary” shall mean, with reference to any Person, any corporation or other entity of which an amount of voting securities sufficient to elect at least a majority of the directors (or comparable body) of such corporation or other
entity is beneficially owned, directly or indirectly, by such Person, or otherwise controlled by such Person. 
  
 (kk) “Substitution Period” shall have the meaning set forth in Section 11(a)(iii) hereof. 
  
 (ll) “Trading Day” shall have the meaning set forth in Section
11(d)(i) hereof. 
  
 (mm) “Triggering Event” shall mean
any Section 11(a)(ii) Event or any Section 13 Event. 
  
 Section
2. Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company and the holders of the Rights (who, in accordance with Section 3 hereof, shall prior to the Distribution Date also be the holders of
the Common Stock) in accordance with the terms and conditions hereof, and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint such Co-Rights Agents as it may deem necessary or desirable upon ten (10)
days’ prior written notice to the Rights Agent. The Rights Agent shall have no duty to supervise, and shall in no event be liable for, the acts or omissions of any such Co-Rights Agent. 
  

 - 5 - 

 Section 3. Issuance of Rights. 
  
 (a) Until the earlier of (i) the close of business on the tenth Business Day (or such later date as may be determined by the
Board) after the Stock Acquisition Date (or, if the tenth Business Day after the Stock Acquisition Date occurs before the Record Date, the close of business on the Record Date), or (ii) the close of business on the tenth Business Day (or such later
date as may be determined by action of the Board) after the date that a tender or exchange offer (other than a Permitted Offer) by any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or of any
Subsidiary of the Company, or any Person organized, appointed or established by the Company for or pursuant to the terms of any such plan) is first published or sent or given within the meaning of Rule 14d-2 of the General Rules and Regulations
under the Exchange Act, if upon consummation thereof, such Person would be the Beneficial Owner of 15% or more of the shares of Common Stock then outstanding (the earlier of (i) and (ii) being herein referred to as the “Distribution
Date”), (x) the Rights will be evidenced by the certificates for the Common Stock registered in the names of the holders of the Common Stock (which certificates for Common Stock shall be deemed also to be certificates for Rights) and not by
separate certificates, and (y) the Rights will be transferable only in connection with the transfer of the underlying shares of Common Stock (including a transfer to the Company). As soon as practicable after the Distribution Date, the Rights Agent
will send by first-class, insured, postage prepaid mail, to each record holder of the Common Stock as of the close of business on the Distribution Date, at the address of such holder shown on the records of the Company, one or more rights
certificates, in substantially the form of Exhibit B hereto (the “Rights Certificates”), evidencing one Right for each share of Common Stock so held, subject to adjustment as provided herein. With respect to certificates for the
Common Stock outstanding as of the close of business on the Record Date, until the Distribution Date, the Rights will be evidenced by such certificates for the Common Stock and the registered holders of the Common Stock shall also be the registered
holders of the associated Rights. In addition, in connection with the issuance or sale of shares of Common Stock following the Distribution Date and prior to the redemption or expiration of the Rights, the Company (i) shall, with respect to shares
of Common Stock so issued or sold pursuant to the exercise of stock options or under any employee benefit plan or arrangement, or upon the exercise, conversion or exchange of securities granted or issued by the Company prior to the Distribution
Date, and (ii) may, in any other case, if deemed necessary or appropriate by the Board, issue Rights Certificates representing the appropriate number of Rights in connection with such issuance or sale; provided, however, that (x) 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 the Person to whom such Rights Certificate
would be issued, and (y) no such Rights Certificate shall be issued if, and to the extent that, appropriate adjustment shall otherwise have been made in lieu of the issuance thereof. In the event that an adjustment in the number of Rights per share
of Common Stock has been made pursuant to Sections 11(i) or 11(p) hereof, at the time of distribution of the Rights Certificates, the Company shall make the necessary and appropriate rounding adjustments (in accordance with Section 14(a) hereof) so
that Rights Certificates representing only whole numbers of Rights are distributed and cash is paid in lieu of any fractional Rights. As of and after the Distribution Date, the Rights will be evidenced solely by such Rights Certificates. 

 

 - 6 - 

 (b) As promptly as practicable following the Record Date, the Company will send a copy of a Summary of
Rights to Purchase Preferred Stock, in substantially the form attached hereto as Exhibit C, by first-class, postage prepaid mail, to each record holder of the Common Stock as of the close of business on the Record Date, at the address of such
holder shown on the records of the Company. The failure to send a copy of the Summary of Rights shall not affect the enforceability of any part of this Rights Agreement or the rights of any holder of the Rights. 
  
 (c) Rights shall be issued (i) in respect of all shares of Common Stock that
are issued after the Record Date but prior to the earlier of the Distribution Date or the Expiration Date and (ii) in connection with the issuance or sale of shares of Common Stock following the Distribution Date and prior to the redemption or
expiration of the Rights (x) with respect to shares of Common Stock so issued or sold pursuant to the exercise of stock options or under any employee benefit plan or arrangement, or upon the exercise, conversion or exchange of securities, granted or
issued by the Company prior to the Distribution Date and (y) with respect to shares of Common Stock so issued or sold in any other case, if deemed necessary or appropriate by the Board. Certificates representing such shares of Common Stock
(including, without limitation, certificates issued upon transfer or exchange of Common Stock) shall also be deemed to be certificates for Rights, and shall bear the following legend: 
  
 This certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Rights Agreement
between Boston Communications Group, Inc. (the “Company”) and EquiServe Trust Company, N.A. (the “Rights Agent”) dated September 6, 2005, as the same may be amended, restated or renewed from time to time (the “Rights
Agreement”), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal offices of the Company. Under certain circumstances, as set forth in the Rights Agreement, such Rights will be evidenced
by separate certificates and will no longer be evidenced by this certificate. The Company will mail to the holder of this certificate a copy of the Rights Agreement, as in effect on the date of mailing, without charge promptly after receipt of a
written request therefor. Under certain circumstances set forth in the Rights Agreement, Rights issued to, or held by, any Person who is, was or becomes an Acquiring Person or any Affiliate or Associate thereof (as such terms are defined in the
Rights Agreement), whether currently held by or on behalf of such Person or by any subsequent holder, may become null and void. 
  
 With respect to such certificates containing the foregoing legend, until the earlier of (i) the Distribution Date and (ii) the Expiration Date, the Rights associated with
the Common Stock represented by such certificates shall be evidenced by such certificates alone and registered holders of Common Stock shall also be the registered holders of the associated Rights. Notwithstanding this Section 3(c), the omission of
a legend shall not affect the enforceability of any part of this Rights Agreement or the rights of any holder of the Rights. 
  

 - 7 - 

 (d) Until the earlier of the Distribution Date and the Expiration Date, the transfer of any certificates
representing shares of Common Stock in respect of which Rights have been issued shall also constitute the transfer of the Rights associated with such shares of Common Stock. In the event that the Company purchases or acquires any shares of Common
Stock after the Record Date but prior to the Distribution Date, any Rights associated with such shares of Common Stock shall be deemed cancelled and retired so that the Company shall not be entitled to exercise any Rights associated with the shares
of Common Stock which are no longer outstanding. 
  
 Section 4.
Form of Rights Certificates. 
  
 (a) The Rights
Certificates (and the forms of election to purchase, certification and assignment to be printed on the reverse thereof) shall each be substantially in the form set forth in Exhibit B hereto and may have such marks of identification or
designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any applicable law or with any rule
or regulation made pursuant thereto or with any rule or regulation of any stock exchange or over-the-counter market on which the Rights may from time to time be listed, or to conform to usage. Subject to the provisions of Sections 7, 11 and 22
hereof, the Rights Certificates, whenever distributed, shall entitle the holders thereof to purchase such number of one one-thousandths of a share of Preferred Stock as shall be set forth therein at the price set forth therein (such exercise price
per one one-thousandth of a share, the “Purchase Price”), but the amount and type of securities purchasable upon the exercise of each Right and the Purchase Price thereof shall be subject to adjustment as provided herein. 
  
 (b) Any Rights Certificate issued pursuant to Section 3, Section 11(i) or
Section 22 hereof that represents Rights beneficially owned by persons known to be: (i) an Acquiring Person or an Associate or Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who
becomes a transferee after the Acquiring Person becomes such, or (iii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives
such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person to holders of equity interests in such Acquiring Person or to any Person with whom such Acquiring Person has any continuing agreement,
arrangement or understanding (whether or not in writing) regarding the transferred Rights or (B) a transfer which the Board has determined is part of a plan, arrangement or understanding (whether or not in writing) that has as a primary purpose or
effect of avoidance of Section 7(e) hereof, and any Rights Certificate issued pursuant to Section 6 or Section 11 hereof upon transfer, exchange, replacement or adjustment of any other Rights Certificate referred to in this sentence, shall contain
(to the extent feasible) the following legend: 
  
 The Rights
represented by this Rights Certificate are or were beneficially owned by a Person who was or became an Acquiring Person or an Affiliate or Associate of an Acquiring Person (as such terms are defined in the Rights Agreement). Accordingly, this Rights
Certificate and the Rights represented hereby may become null and void in the circumstances specified in Section 7(e) of such Agreement. 
  

 - 8 - 

 The provisions of Section 7(e) hereof shall be operative whether or not the foregoing legend is contained on any such
Rights Certificate. 
  
 Section 5. Countersignature and
Registration. 
  
 (a) The Rights Certificates shall be
executed on behalf of the Company by its Chairman of the Board, President or any Vice President, either manually or by facsimile signature, and shall have affixed thereto the Company’s seal or a facsimile thereof, which shall be attested by the
Secretary or an Assistant Secretary of the Company, either manually or by facsimile signature. The Rights Certificates shall be manually countersigned by the Rights Agent and shall not be valid for any purpose unless so countersigned. In case any
officer of the Company who shall have signed any of the Rights Certificates shall cease to be such officer of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Rights Certificates, nevertheless,
may be countersigned by the Rights Agent and issued and delivered by the Company with the same force and effect as though the person who signed such Rights Certificates had not ceased to be such officer of the Company; and any Rights Certificates
may be signed on behalf of the Company by any person who, at the actual date of the execution of such Rights Certificate, shall be a proper officer of the Company to sign such Rights Certificate, although at the date of the execution of this Rights
Agreement any such person was not such an officer. 
  
 (b)
Following the Distribution Date, the Rights Agent shall keep or cause to be kept, at its office designated as the appropriate place for surrender of Rights Certificates upon exercise or transfer, books for registration and transfer of the Rights
Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Rights Certificates, the number of Rights evidenced on its face by each of the Rights Certificates, the Rights Certificate number and the
date of each of the Rights Certificates. 
  
 Section 6.
Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates. 
  
 (a) Subject to the provisions of Section 4(b), Section 7(e) and Section 14 hereof, at any time after the close of business on the Distribution Date, and
at or prior to the close of business on the Expiration Date, any Rights Certificate or Certificates (other than Rights Certificates representing Rights that have become void pursuant to Section 7(e) hereof or that have been exchanged pursuant to
Section 24 hereof) may be transferred, split up, combined or exchanged for another Rights Certificate or Certificates, entitling the registered holder to purchase a like number of one one-thousandths of a share of Preferred Stock (or, following a
Triggering Event, Common Stock, other securities, cash or other assets, as the case may be) as the Rights Certificate or Certificates surrendered then entitled such holder (or former holder in the case of a transfer) to purchase. Any registered
holder desiring to transfer, split up, combine 
  

 - 9 - 

 or exchange any Rights Certificate or Certificates shall make such request in writing delivered to the Rights Agent, and
shall surrender the Rights Certificate or Certificates to be transferred, split up, combined or exchanged, with the form of assignment and certificate appropriately executed, at the office of the Rights Agent designated for such purpose. Neither the
Rights Agent nor the Company shall be obligated to take any action whatsoever with respect to the transfer of any such surrendered Rights Certificate until the registered holder shall have completed and signed the certificate contained in the form
of assignment on the reverse side of such Rights Certificate and shall have provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company shall reasonably
request. Thereupon the Rights Agent shall, subject to Section 4(b), Section 7(e) and Section 14 hereof, countersign and deliver to the Person entitled thereto a Rights Certificate or Rights Certificates, as the case may be, as so requested. The
Company may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer, split up, combination or exchange of Rights Certificates. 
  
 (b) Upon receipt by the Company and the Rights Agent of evidence reasonably
satisfactory to them of the loss, theft, destruction or mutilation of a Rights Certificate, and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to them, and reimbursement to the Company and the Rights Agent
of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and cancellation of the Rights Certificate if mutilated, the Company will execute and deliver a new Rights Certificate of like tenor to the Rights Agent for
countersignature and delivery to the registered owner in lieu of the Rights Certificate so lost, stolen, destroyed or mutilated. 
  
 Section 7. Exercise of Rights; Purchase Price; Expiration Date of Rights. 
  
 (a) Subject to Section 7(e) hereof, the registered holder of any Rights Certificate may exercise the Rights evidenced
thereby (except as otherwise provided herein including, without limitation, the restrictions on exercisability set forth in Section 9(c), Section 11(a)(iii) and Section 23 hereof) in whole or in part at any time after the Distribution Date upon
surrender of the Rights Certificate, with the form of election to purchase and the certificate on the reverse side thereof duly executed, to the Rights Agent at the office of the Rights Agent designated for such purpose, together with payment of the
aggregate Purchase Price with respect to the total number of one one-thousandths of a share of Preferred Stock (or other shares, securities, cash or other assets, as the case may be) as to which such surrendered Rights are then exercisable, at or
prior to the earliest of (i) the Final Expiration Date, (ii) the time at which the Rights expire as provided in Section 13(d) hereof, (iii) the time at which the Rights are redeemed as provided in Section 23 hereof (the “Redemption Date”)
and (iv) the time at which such Rights are exchanged as provided in Section 24 hereof (the earliest of (i), (ii), (iii) and (iv) being herein referred to as the “Expiration Date”). 
  
 (b) The Purchase Price for each one one-thousandth of a share of Preferred
Stock pursuant to the exercise of a Right shall initially be $35.00 and shall be subject to adjustment from time to time as provided in Sections 11 and 13(a) hereof and shall be payable in lawful money of the United States of America in accordance
with paragraph (c) below. 
  

 - 10 - 

 (c) Upon receipt of a Rights Certificate representing exercisable Rights, with the form of election to
purchase and the certificate duly executed, accompanied by payment, with respect to each Right so exercised, of the Purchase Price per one one-thousandth of a share of Preferred Stock (or other shares, securities, cash or other assets, as the case
may be) to be purchased and an amount equal to any applicable transfer tax, the Rights Agent shall, subject to Section 20(k) hereof, thereupon promptly (i) (A) requisition from any transfer agent of the shares of Preferred Stock (or make available,
if the Rights Agent is the transfer agent for such shares) certificates for the total number of one one-thousandths of a share of Preferred Stock to be purchased and the Company hereby authorizes its transfer agent to comply with such requests, or
(B) if the Company shall have elected to deposit the total number of shares of Preferred Stock issuable upon exercise of the Rights hereunder with a depositary agent, requisition from the depositary agent depositary receipts representing such number
of one one-thousandths of a share of Preferred Stock as are to be purchased (in which case certificates for the shares of Preferred Stock represented by such receipts shall be deposited by the transfer agent with the depositary agent) and the
Company hereby directs the depositary agent to comply with such requests, (ii) requisition from the Company the amount of cash, if any, to be paid in lieu of fractional shares in accordance with Section 14 hereof, (iii) after receipt of such
certificates or depositary receipts, cause the same to be delivered to or upon the order of the registered holder of such Rights Certificate, registered in such name or names as may be designated by such holder, and (iv) after receipt thereof,
deliver such cash, if any, to or upon the order of the registered holder of such Rights Certificate. The payment of the Purchase Price (as such amount may be reduced pursuant to Section 11(a)(iii) hereof) may be made in cash or by certified bank
check or money order payable to the order of the Company. In the event that the Company is obligated to issue other securities (including Common Stock) of the Company, pay cash and/or distribute other property pursuant to Section 11(a) hereof, the
Company shall make all arrangements necessary so that such other securities, cash and/or other property are available for distribution by the Rights Agent, if and when appropriate. 
  
 (d) In case the registered holder of any Rights Certificate shall exercise less than all the Rights evidenced thereby, a new
Rights Certificate evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent and delivered to, or upon the order of, the registered holder of such Rights Certificate, registered in such name or names as may
be designated by such holder, subject to the provisions of Section 14 hereof. 
  
 (e) Notwithstanding anything in this Agreement to the contrary, from and after the first occurrence of a Section 11(a)(ii) Event, any Rights beneficially owned by (i) an Acquiring Person or an Associate or Affiliate
of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee after the Acquiring Person becomes such, or (iii) a transferee of an Acquiring Person (or of any such Associate or
Affiliate) who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person to holders of equity
interests in such Acquiring Person or to any Person with whom the Acquiring Person has any continuing agreement, arrangement or understanding (whether or not in writing) regarding the transferred Rights or (B) a transfer which the Board has
determined is part of a plan, arrangement or understanding (whether or not in writing) that has as a primary purpose or effect avoidance of this Section 7(e), shall become null 
  

 - 11 - 

 and void without any further action and no holder of such Rights shall have any rights whatsoever with respect to such
Rights, whether under any provision of this Agreement or otherwise. No Rights Certificate shall be issued at any time upon the transfer of any Rights to an Acquiring Person whose Rights would be void pursuant to the preceding sentence or any
Associate or Affiliate thereof or to any nominee of such Acquiring Person, Associate or Affiliate; and any Rights Certificate delivered to the Rights Agent for transfer to an Acquiring Person whose Rights would be void pursuant to the preceding
sentence shall be cancelled. The Company shall use all reasonable efforts to insure that the provisions of this Section 7(e) and Section 4(b) hereof are complied with, but shall have no liability to any holder of Rights Certificates or other Person
as a result of its failure to make any determinations with respect to an Acquiring Person or its Affiliates, Associates or transferees hereunder. 
  
 (f) Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake any action with
respect to a registered holder upon the occurrence of any purported transfer or exercise as set forth in this Section 7 unless such registered holder shall have (i) completed and signed the certificate following the form of assignment or election to
purchase set forth on the reverse side of the Rights Certificate surrendered for such assignment or exercise, and (ii) provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or any Affiliates or
Associates thereof as the Company shall reasonably request. 
  
 Section 8. Cancellation and Destruction of Rights Certificates. All Rights Certificates surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered to the Company or any of its agents,
be delivered to the Rights Agent for cancellation or in cancelled form, or, if surrendered to the Rights Agent, shall be cancelled by it, and no Rights Certificates shall be issued in lieu thereof except as expressly permitted by any of the
provisions of this Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel and retire, any other Rights Certificate purchased or acquired by the Company otherwise than upon the
exercise thereof. The Rights Agent shall deliver all cancelled Rights Certificates to the Company, or shall, at the written request of the Company, destroy such cancelled Rights Certificates, and in such case shall deliver a certificate of
destruction thereof to the Company. 
  
 Section 9. Reservation
and Availability of Capital Stock. 
  
 (a) The Company
covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares of Preferred Stock (and, following the occurrence of a Triggering Event, out of its authorized and unissued shares of Common Stock
and/or other securities), the number of shares of Preferred Stock (and, following the occurrence of a Triggering Event, Common Stock and/or other securities) that, as provided in this Agreement including Section 11(a)(iii) hereof, will be sufficient
to permit the exercise in full of all outstanding Rights. 
  
 (b)
So long as the shares of Preferred Stock (and, following the occurrence of a Section 11(a)(ii) Event, Common Stock and/or other securities) issuable and deliverable upon the exercise of the Rights may be listed on any national securities exchange or
automated quotation 
  

 - 12 - 

 system, the Company shall use its best efforts to cause, from and after such time as the Rights become exercisable, all
shares reserved for such issuance to be so listed upon official notice of issuance upon such exercise. 
  
 (c) The Company shall use its best efforts to (i) file, as soon as practicable following the earliest date after the first occurrence of a Section
11(a)(ii) Event on which the consideration to be delivered by the Company upon exercise of the Rights has been determined in accordance with Section 11(a)(iii) hereof, or as soon as is required by law following the Distribution Date, as the case may
be, a registration statement under the Act, with respect to the securities purchasable upon exercise of the Rights on an appropriate form, (ii) cause such registration statement to become effective as soon as practicable after such filing, (iii)
cause such registration statement to remain effective (with a prospectus at all times meeting the requirements of the Act) until the earlier of (A) the date as of which the Rights are no longer exercisable for such securities, and (B) the Expiration
Date, and (iv) obtain such other regulatory approvals as may be necessary for it to issue securities purchasable upon the exercise of the Rights. The Company will also take such action as may be appropriate under, or to ensure compliance with, the
securities or “blue sky” laws of the various states in connection with the exercisability of the Rights. The Company may temporarily suspend, for a period of time not to exceed ninety (90) days after the date set forth in clause (i) of the
first sentence of this Section 9(c), the exercisability of the Rights in order to prepare and file such registration statement and permit it to become effective or to obtain any other required regulatory approval in connection with the
exercisability of the Rights. Upon any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily suspended, as well as a public announcement at such time as the suspension is no
longer in effect. Notwithstanding any provision of this Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction unless the requisite registration or qualification in such jurisdiction shall have been effected or obtained.

  
 (d) The Company covenants and agrees that it will take all
such action as may be necessary to ensure that all one one-thousandths of a share of Preferred Stock (and, following the occurrence of a Triggering Event, Common Stock and/or other securities) delivered upon exercise of Rights shall, at the time of
delivery of the certificates for such shares (subject to payment of the Purchase Price), be duly and validly authorized and issued and fully paid and nonassessable. 
  
 (e) The Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer
taxes and charges that may be payable in respect of the issuance or delivery of the Rights Certificates and of any certificates for a number of one one-thousandths of a share of Preferred Stock (or Common Stock and/or other securities, as the case
may be) upon the exercise of Rights. The Company shall not, however, be required (i) to pay any transfer tax that may be payable in respect of any transfer or delivery of Rights Certificates to a Person other than, or the issuance or delivery of a
number of one one-thousandths of a share of Preferred Stock (or Common Stock and/or other securities, as the case may be) in respect of a name other than that of, the registered holder of the Rights Certificate evidencing Rights surrendered for
exercise or (ii) to issue or deliver any certificates for a number of one one-thousandths of a share of Preferred Stock (or Common Stock and/or other securities, as the case may be) in a name other than that of the registered holder upon the
exercise of any Rights until 
  

 - 13 - 

 such tax shall have been paid (any such tax being payable by the holder of such Rights Certificate at the time of
surrender) or until it has been established to the Company’s satisfaction that no such tax is due. 
  
 Section 10. Preferred Stock Record Date. Each Person in whose name any certificate for a number of one one-thousandths of a share of Preferred
Stock (or Common Stock and/or other securities, as the case may be) is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of such fractional shares of Preferred Stock (or Common Stock and/or other
securities, as the case may be) represented thereby on, and such certificate shall be dated, the date upon which the Rights Certificate evidencing such Rights was duly surrendered with the forms of election and certification duly executed and
payment of the Purchase Price (and all applicable transfer taxes) was made; provided, however, that if the date of such surrender and payment is a date upon which the Preferred Stock (or Common Stock and/or other securities, as the case may be)
transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such shares (fractional or otherwise) on, and such certificate shall be dated, the next succeeding Business Day on which the Preferred Stock
(or Common Stock and/or other securities, as the case may be) transfer books of the Company are open. Prior to the exercise of the Rights evidenced thereby, the holder of a Rights Certificate, as such, shall not be entitled to any rights of a
shareholder of the Company with respect to securities for which the Rights shall be exercisable, including, without limitation, the right to vote, to receive dividends or other distributions or to exercise any preemptive rights, and shall not be
entitled to receive any notice of any proceedings of the Company, except as provided herein. 
  
 Section 11. Adjustment of Purchase Price, Number and Kind of Shares or Number of Rights. The Purchase Price, the number and kind of shares covered by each Right and the number of Rights outstanding are subject
to adjustment from time to time as provided in this Section 11. 
  
 (a) (i) In the event the Company shall at any time after the date of this Agreement (A) declare a dividend on the Preferred Stock payable in shares of Preferred Stock, (B) subdivide the outstanding Preferred Stock, (C) combine the
outstanding Preferred Stock into a smaller number of shares, or (D) issue any shares of its capital stock in a reclassification of the Preferred Stock (including any such reclassification in connection with a consolidation, merger or share exchange
in which the Company is the continuing, surviving or acquiring corporation), except as otherwise provided in this Section 11(a) and Section 7(e) hereof, the Purchase Price in effect at the time of the record date for such dividend or of the
effective date of such subdivision, combination or reclassification, and the number and kind of shares of Preferred Stock or capital stock, as the case may be, issuable on such date, shall be proportionately adjusted so that the holder of any Right
exercised after such time shall be entitled to receive, upon payment of the Purchase Price then in effect, the aggregate number and kind of shares of Preferred Stock or capital stock, as the case may be, which, if such Right had been exercised
immediately prior to such date and at a time when the Preferred Stock transfer books of the Company were open, he would have owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision, combination or
reclassification. If an event occurs that would require an adjustment under both this Section 11(a)(i) and Section 11(a)(ii) hereof, the adjustment provided for in this Section 11(a)(i) shall be in addition to, and shall be made prior to, any
adjustment required pursuant to Section 11(a)(ii) hereof. 
  

 - 14 - 

 (ii) Subject to Section 24 of this Agreement, in the event that any Person, alone or together with its
Affiliates or Associates, becomes an Acquiring Person (other than pursuant to a Permitted Offer), then, promptly following the first occurrence of such event, proper provision shall be made so that each holder of a Right (except as provided below
and in Section 7(e) hereof) shall thereafter have the right to receive (subject to the last sentence of Section 23(a)), upon exercise thereof at the then current Purchase Price in accordance with the terms of this Agreement, in lieu of a number of
one one-thousandths of a share of Preferred Stock, such number of shares of Common Stock of the Company that equals the result obtained by (x) multiplying the then current Purchase Price by the then number of one one-thousandths of a share of
Preferred Stock for which a Right was exercisable immediately prior to the first occurrence of a Section 11(a)(ii) Event, and (y) dividing that product (which, following such first occurrence, shall thereafter be referred to as the “Purchase
Price” for each Right and for all purposes of this Agreement) by 50% of the current market price (determined pursuant to Section 11(d) hereof) per share of Common Stock on the date of such first occurrence (such number of shares, the
“Adjustment Shares”). 
  
 (iii) In the event that the
number of shares of Common Stock that are authorized by the Company’s Articles of Organization but not outstanding or reserved for issuance for purposes other than upon exercise of the Rights are not sufficient to permit the exercise in full of
the Rights in accordance with the foregoing subparagraph (ii) of this Section 11(a), the Company shall: (A) determine the excess of (1) the value of the Adjustment Shares issuable upon the exercise of a Right (the “Current Value”) over (2)
the Purchase Price (such excess, the “Spread”), and (B) with respect to each Right, make adequate provision to substitute for the Adjustment Shares, upon payment of the applicable Purchase Price, (1) cash, (2) a reduction in the Purchase
Price, (3) Common Stock or other equity securities of the Company (including, without limitation, shares, or units of shares, of preferred stock which the Board has deemed to have the same value as shares of Common Stock (such shares of preferred
stock, “common stock equivalents”)), (4) debt securities of the Company, (5) other assets, or (6) any combination of the foregoing, having an aggregate value equal to the Current Value, where such aggregate value has been determined by the
Board based upon the advice of a nationally recognized investment banking firm selected by the Board; provided, however, if the Company shall not have made adequate provision to deliver value pursuant to clause (B) above within thirty
(30) days following the later of (x) the first occurrence of a Section 11(a)(ii) Event and (y) the date on which the Company’s right of redemption pursuant to Section 23(a) expires (the later of (x) and (y) being referred to herein as the
“Section 11(a)(ii) Trigger Date”), then the Company shall be obligated to deliver, upon the surrender for exercise of a Right and without requiring payment of the Purchase Price, shares of Common Stock (to the extent available) and then,
if necessary, cash, which shares and/or cash have an aggregate value equal to the Spread. If the Board shall determine in good faith that it is likely that sufficient additional shares of Common Stock could be authorized for issuance upon exercise
in full of the Rights, the thirty (30) day period set forth above may be extended to the extent necessary, but not more than ninety (90) days after the Section 11(a)(ii) Trigger Date, in order that the Company may seek shareholder approval for the
authorization of such additional shares (such period, as it may be extended in 
  

 - 15 - 

 accordance with this sentence until up to ninety (90) days after the Section 11(a)(ii) Trigger Date, the
“Substitution Period”). To the extent that the Company determines that some action need be taken pursuant to the first and/or second sentences of this Section 11(a)(iii), the Company (x) shall provide, subject to Section 7(e) hereof, that
such action shall apply uniformly to all outstanding Rights, and (y) may suspend the exercisability of the Rights until the expiration of the Substitution Period in order to seek any authorization of additional shares and/or to decide the
appropriate form of distribution to be made pursuant to such first sentence and to determine the value thereof. In the event of any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been
temporarily suspended, as well as a public announcement at such time as the suspension is no longer in effect. For purposes of this Section 11(a)(iii), the value of the Common Stock shall be the current market price (as determined pursuant to
Section 11(d) hereof) per share of the Common Stock on the Section 11(a)(ii) Trigger Date and the value of any “common stock equivalent” shall be deemed to have the same value as the Common Stock on such date. 
  
 (b) In case the Company shall fix a record date for the issuance of rights,
options or warrants to all holders of Preferred Stock entitling them to subscribe for or purchase (for a period expiring within forty-five (45) calendar days after such record date) Preferred Stock (or shares having the same rights, privileges and
preferences as the shares of Preferred Stock (“equivalent preferred stock”)) or securities convertible into Preferred Stock or equivalent preferred stock at a price per share of Preferred Stock or per share of equivalent preferred stock
(or having a conversion price per share, if a security convertible into Preferred Stock or equivalent preferred stock) less than the current market price (as determined pursuant to Section 11(d) hereof) per share of Preferred Stock on such record
date, the Purchase Price to be in effect after such record date shall be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the number of shares of Preferred
Stock outstanding on such record date, plus the number of shares of Preferred Stock which the aggregate offering price of the total number of shares of Preferred Stock and/or equivalent preferred stock so to be offered (and/or the aggregate initial
conversion price of the convertible securities so to be offered) would purchase at such current market price, and the denominator of which shall be the number of shares of Preferred Stock outstanding on such record date, plus the number of
additional shares of Preferred Stock and/or equivalent preferred stock to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible). In case such subscription price may be paid by
delivery of consideration part or all of which may be in a form other than cash, the value of such consideration shall be as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent and
shall be conclusive for all purposes. Shares of Preferred Stock owned by or held for the account of the Company shall not be deemed outstanding for the purpose of any such computation. Such adjustment shall be made successively whenever such a
record date is fixed, and in the event that such rights, options or warrants are not so issued, the Purchase Price shall be adjusted to be the Purchase Price which would then be in effect if such record date had not been fixed. 
  
 (c) In case the Company shall fix a record date for a distribution to all
holders of Preferred Stock (including any such distribution made in connection with a consolidation, merger or share exchange in which the Company is the continuing, surviving or acquiring 
  

 - 16 - 

 corporation) of evidences of indebtedness, cash (other than a regular quarterly cash dividend out of the earnings or
retained earnings of the Company), assets (other than a dividend payable in Preferred Stock, but including any dividend payable in stock other than Preferred Stock) or subscription rights or warrants (excluding those referred to in Section 11(b)
hereof), the Purchase Price to be in effect after such record date shall be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the current market price (as
determined pursuant to Section 11(d) hereof) per share of Preferred Stock on such record date, less the fair market value (as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent
and shall be conclusive for all purposes) of the portion of the cash, assets or evidences of indebtedness so to be distributed or of such subscription rights or warrants applicable to a share of Preferred Stock and the denominator of which shall be
such current market price (as determined pursuant to Section 11(d) hereof) per share of Preferred Stock on such record date. Such adjustments shall be made successively whenever such a record date is fixed, and in the event that such distribution is
not so made, the Purchase Price shall be adjusted to be the Purchase Price which would have been in effect if such record date had not been fixed. 
  
 (d) (i) For the purpose of any computation hereunder, other than computations made pursuant to Section 11(a)(iii) hereof, the “current market
price” per share of Common Stock on any date shall be deemed to be the average of the daily closing prices per share of such Common Stock for the thirty (30) consecutive Trading Days (as such term is hereinafter defined) immediately prior to
such date, and for purposes of computations made pursuant to Section 11(a)(iii) hereof, the “current market price” per share of Common Stock on any date shall be deemed to be the average of the daily closing prices per share of such Common
Stock for the ten (10) consecutive Trading Days immediately following such date; provided, however, that in the event that the current market price per share of the Common Stock is determined during a period following the announcement
by the issuer of such Common Stock of (A) a dividend or distribution on such Common Stock payable in shares of such Common Stock or securities convertible into shares of such Common Stock (other than the Rights), or (B) any subdivision, combination
or reclassification of such Common Stock, and prior to the expiration of the requisite thirty (30) Trading Day or ten (10) Trading Day period, as set forth above, after the ex-dividend date for such dividend or distribution, or the record date for
such subdivision, combination or reclassification occurs, then, and in each such case, the “current market price” shall be properly adjusted to take into account ex-dividend or post record date trading. The closing price for each day shall
be the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect
to securities listed or admitted to trading on the principal national securities exchange on which the shares of Common Stock are listed or admitted to trading or, if the shares of Common Stock are not listed or admitted to trading on any national
securities exchange, the last quoted price or, if not so quoted, the average of the high bid and the low asked prices in the over-the-counter market, as reported by The Nasdaq Stock Market, Inc. (“Nasdaq”) or such other system then in use,
or, if on any such date the shares of Common Stock are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the Common Stock selected by the Board. All
references in this Section to closing prices, last quoted prices or other stock prices mean prices during regular trading hours, without giving 
  

 - 17 - 

 effect to any after-hours or extended hours trading. If on any such date no market maker is making a market in the Common
Stock, the fair value of such shares on such date shall be as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes. The term “Trading
Day” shall mean a day on which Nasdaq or any national securities exchange on which the shares of Common Stock are listed or admitted to trading is open for the transaction of business or, if the shares of Common Stock are not listed or admitted
to trading on Nasdaq or any national securities exchange, a Business Day. If the Common Stock is not publicly held or not so listed or traded, “current market price” per share shall mean the fair value per share as determined in good faith
by the Board, whose determination shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes. 
  
 (ii) For the purpose of any computation hereunder, the “current market price” per share of Preferred Stock shall be determined in the same
manner as set forth above for the Common Stock in clause (i) of this Section 11(d) (other than the last sentence thereof). If the current market price per share of Preferred Stock cannot be determined in the manner provided above or if the Preferred
Stock is not publicly held or listed or traded in a manner described in clause (i) of this Section 11(d), the “current market price” per share of Preferred Stock shall be conclusively deemed to be an amount equal to 1,000 (as such number
may be appropriately adjusted for such events as stock splits, stock dividends and recapitalizations with respect to the Common Stock occurring after the date of this Agreement) multiplied by the current market price per share of the Common Stock.
If neither the Common Stock nor the Preferred Stock is publicly held or so listed or traded, “current market price” per share of the Preferred Stock shall mean the fair value per share as determined in good faith by the Board, which
determination shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes. For all purposes of this Agreement, the “current market price” of one one-thousandth of a share of Preferred Stock shall
be equal to the “current market price” of one share of Preferred Stock divided by 1,000. 
  
 (e) Anything herein to the contrary notwithstanding, no adjustment in the Purchase Price shall be required unless such adjustment would require an
increase or decrease of at least one percent (1%) in the Purchase Price; provided, however, that any adjustments which by reason of this Section 11(e) are not required to be made shall be carried forward and taken into account in any
subsequent adjustment. All calculations under this Section 11 shall be made to the nearest cent or to the nearest ten-millionth of a share of Preferred Stock, or hundred-thousandth of a share of Common Stock or other security, as the case may be.
Notwithstanding the first sentence of this Section 11(e), any adjustment required by this Section 11 shall be made no later than the earlier of (i) three years from the date of the transaction which mandates such adjustment, or (ii) the Expiration
Date. 
  
 (f) If as a result of an adjustment made pursuant to
Section 11(a)(ii) or Section 13(a) hereof, the holder of any Right thereafter exercised shall become entitled to receive any securities other than Preferred Stock, thereafter the number of such other securities so receivable upon exercise of any
Right and the Purchase Price thereof shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Stock contained in Sections 11(a), (b), (c), (e), (g),
(h), (i), (j), (k) and 
  

 - 18 - 

 (m), and the provisions of Sections 7, 9, 10, 13 and 14 hereof with respect to the Preferred Stock shall apply on like
terms to any such other securities; provided, however, that the Company shall not be liable for its inability to reserve and keep available for issuance upon exercise of the Rights pursuant to Section 11(a)(ii) a number of shares of
Common Stock greater than the number then authorized by the Company’s Articles of Organization but not outstanding or reserved for other purposes. 
  
 (g) All Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price hereunder shall evidence the right to purchase, at
the adjusted Purchase Price, the number of one one-thousandths of a share of Preferred Stock purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment as provided herein. 
  
 (h) Unless the Company shall have exercised its election as provided in
Section 11(i), upon each adjustment of the Purchase Price as a result of the calculations made in Sections 11(b) and (c), each Right outstanding immediately prior to the making of such adjustment shall thereafter evidence the right to purchase, at
the adjusted Purchase Price, that number of one one-thousandths of a share of Preferred Stock (calculated to the nearest ten-millionth) obtained by (i) multiplying (x) the number of one one-thousandths of a share covered by a Right immediately prior
to this adjustment, by (y) the Purchase Price in effect immediately prior to such adjustment of the Purchase Price, and (ii) dividing the product so obtained by the Purchase Price in effect immediately after such adjustment of the Purchase Price.

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

 - 19 - 

 (j) Irrespective of any adjustment or change in the Purchase Price or the number of one one-thousandths
of a share of Preferred Stock issuable upon the exercise of the Rights, the Rights Certificates theretofore and thereafter issued may continue to express the Purchase Price per one one-thousandth of a share and the number of one one-thousandths of a
share which were expressed in the initial Rights Certificates issued hereunder. 
  
 (k) Before taking any action that would cause an adjustment reducing the Purchase Price below the then par value, if any, of the number of one one-thousandths of a share of Preferred Stock issuable upon exercise of
the Rights, the Company shall take any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue such number of one one-thousandths of a share of fully paid and nonassessable
Preferred Stock at such adjusted Purchase Price. 
  
 (l) In any
case in which this Section 11 shall require that an adjustment in the Purchase Price be made effective as of a record date for a specified event, the Company may elect to defer until the occurrence of such event the issuance to the holder of any
Right exercised after such record date the number of one one-thousandths of a share of Preferred Stock and other capital stock or securities of the Company, if any, issuable upon such exercise over and above the number of one one-thousandths of a
share of Preferred Stock and other capital stock or securities of the Company, if any, issuable upon such exercise on the basis of the Purchase Price in effect prior to such adjustment; provided, however, that the Company shall deliver
to such holder a due bill or other appropriate instrument evidencing such holder’s right to receive such additional shares (fractional or otherwise) or securities upon the occurrence of the event requiring such adjustment. 
  
 (m) Anything in this Section 11 to the contrary notwithstanding, the Company
shall be entitled to make such reductions in the Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that in their good faith judgment the Board shall determine to be advisable in order that
any (i) consolidation or subdivision of the Preferred Stock, (ii) issuance wholly for cash of any shares of Preferred Stock at less than the current market price, (iii) issuance wholly for cash of shares of Preferred Stock or securities which by
their terms are convertible into or exchangeable for shares of Preferred Stock, (iv) stock dividends or (v) issuance of rights, options or warrants referred to in this Section 11, hereafter made by the Company to holders of its Preferred Stock shall
not be taxable to such shareholders. 
  
 (n) The Company covenants
and agrees that it shall not, at any time after the Distribution Date, (i) consolidate with any other Person (other than a Subsidiary of the Company in a transaction that complies with Section 11(o) hereof), (ii) merge with or into any other Person
(other than a Subsidiary of the Company in a transaction that complies with Section 11(o) hereof), (iii) consummate a share exchange with any other Person (other than a Subsidiary of the Company in a transaction that complies with Section 11(o)
hereof), or (iv) sell or transfer (or permit any Subsidiary to sell or transfer), in one transaction, or a series of related transactions, assets or earning power aggregating more than 50% of the assets or earning power of the 
  

 - 20 - 

 Company and its Subsidiaries (taken as a whole) to any other Person or Persons (other than the Company and/or any of its
Subsidiaries in one or more transactions each of which complies with Section 11(o) hereof), if (x) at the time of or immediately after such consolidation, merger, share exchange or sale there are any charter or bylaw provisions or any rights,
warrants or other instruments or securities outstanding or agreements in effect that would substantially diminish or otherwise eliminate the benefits intended to be afforded by the Rights or (y) prior to, simultaneously with or immediately after
such consolidation, merger, share exchange or sale, the shareholders of the Person who constitutes, or would constitute, the “Principal Party” for purposes of Section 13(a) hereof shall have received a distribution of Rights previously
owned by such Person or any of its Affiliates or Associates. The Company shall not consummate any consolidation, merger, share exchange, sale or transfer described in clause (i), (ii), (iii) or (iv) of the prior sentence unless prior thereto the
Company and such other Person shall have executed and delivered to the Rights Agent a supplemental agreement evidencing compliance with this Section 11(n). 
  
 (o) The Company covenants and agrees that, after the Distribution Date, it will not, except as permitted by Section 23, Section 24 or Section 27 hereof,
take (or permit any Subsidiary to take) any action if at the time such action is taken it is reasonably foreseeable that such action will diminish substantially or otherwise eliminate the benefits intended to be afforded by the Rights. 

 
 (p) Anything in this Agreement to the contrary notwithstanding, in the
event that the Company shall at any time after the Record Date and prior to the Distribution Date (i) declare or pay any dividend on the outstanding shares of Common Stock payable in shares of Common Stock, (ii) subdivide the outstanding shares of
Common Stock, or (iii) combine the outstanding shares of Common Stock into a smaller number of shares, the number of Rights associated with each share of Common Stock then outstanding, or issued or delivered thereafter but prior to the Distribution
Date, shall be proportionately adjusted so that the number of Rights thereafter associated with each share of Common Stock following any such event shall equal the result obtained by multiplying the number of Rights associated with each share of
Common Stock immediately prior to such event by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to the occurrence of such event and the denominator of which shall be the number of shares
of Common Stock outstanding immediately following the occurrence of such event. 
  
 Section 12. Certificate of Adjusted Purchase Price or Number of Shares. Whenever an adjustment is made as provided in Section 11 or Section 13 hereof, the Company shall promptly (a) prepare a certificate
setting forth such adjustment and a brief statement of the facts accounting for such adjustment, (b) file with the Rights Agent, and with each transfer agent for the Preferred Stock and the Common Stock, a copy of such certificate, and (c) mail a
brief summary thereof to each holder of a Rights Certificate (or, if prior to the Distribution Date, to each holder of a certificate representing shares of Common Stock) in accordance with Section 26 hereof. The Rights Agent shall be fully protected
in relying on any such certificate and on any adjustment therein contained and shall not be deemed to have knowledge of any adjustment unless and until it shall have received such certificate. 
  

 - 21 - 

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

  
 (a) In the event that, at any time after a Person has become
an Acquiring Person, (x) the Company shall consolidate with, merge with and into, or consummate a share exchange with, any other Person (other than a Subsidiary of the Company in a transaction that complies with Section 11(o) hereof), and the
Company shall not be the continuing, surviving or acquiring corporation of such consolidation, merger or share exchange, (y) any Person (other than a Subsidiary of the Company in a transaction that complies with Section 11(o) hereof) shall
consolidate with, merge with or into, or consummate a share exchange with, the Company, and the Company shall be the continuing, surviving or acquiring corporation of such consolidation, merger or share exchange and, in connection with such
consolidation, merger or share exchange, all or part of the outstanding shares of Common Stock shall be changed into or exchanged for stock or other securities of any other Person or cash or any other property, or (z) the Company shall sell or
otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise transfer), in one transaction or a series of related transactions, assets or earning power aggregating more than 50% of the assets or earning power of the Company and its
Subsidiaries (taken as a whole) to any Person or Persons (other than the Company or any Subsidiary of the Company in one or more transactions each of which complies with Section 11(o) hereof), then, and in each such case and except as contemplated
by Section 13(d) hereof, proper provision shall be made so that: (i) each holder of a Right, except as provided in Section 7(e) hereof, shall thereafter have the right to receive, upon the exercise thereof at the then current Purchase Price in
accordance with the terms of this Agreement, such number of validly authorized and issued, fully paid, non-assessable and freely tradeable shares of Common Stock of the Principal Party (as such term is hereinafter defined), which shall not be
subject to any liens, encumbrances, rights of first refusal or other adverse claims, as shall be equal to the result obtained by (1) multiplying the then current Purchase Price by the number of one one-thousandths of a share of Preferred Stock for
which a Right is exercisable immediately prior to the first occurrence of a Section 13 Event (or, if a Section 11(a)(ii) Event has occurred prior to the first occurrence of a Section 13 Event, multiplying the number of such one one-thousandths of a
share for which a Right was exercisable immediately prior to the first occurrence of a Section 11(a)(ii) Event by the Purchase Price in effect immediately prior to such first occurrence), and (2) dividing that product (which, following the first
occurrence of a Section 13 Event, shall be referred to as the “Purchase Price” for each Right and for all purposes of this Agreement) by 50% of the current market price (determined pursuant to Section 11(d)(i) hereof) per share of the
Common Stock of such Principal Party on the date of consummation of such Section 13 Event; (ii) such Principal Party shall thereafter be liable for, and shall assume, by virtue of such Section 13 Event, all the obligations and duties of the Company
pursuant to this Agreement; (iii) the term “Company” shall thereafter be deemed to refer to such Principal Party, it being specifically intended that, subject to clause (v) below, the provisions of Section 11 hereof shall apply only to
such Principal Party following the first occurrence of a Section 13 Event; (iv) such Principal Party shall take such steps (including, but not limited to, the reservation of a sufficient number of shares of its Common Stock) in connection with the
consummation of any such transaction as may be necessary to assure that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in relation to its shares of Common Stock thereafter deliverable upon the exercise of the
Rights; and (v) the provisions of Section 11(a)(ii) hereof shall be of no effect following the first occurrence of any Section 13 Event. 
  

 - 22 - 

 (b) “Principal Party” shall mean 
  
 (i) in the case of any transaction described in clause (x) or (y) of the first sentence of Section 13(a), the Person that is
the issuer of any securities into which shares of Common Stock of the Company are converted, or for which shares of Common Stock of the Company are exchanged, in such merger, consolidation or share exchange, and if no securities are so issued, the
Person that is the other party to such merger, consolidation or share exchange, and 
  
 (ii) in the case of any transaction described in clause (z) of the first sentence of Section 13(a), the Person that is the party receiving the greatest portion of the assets or earning power transferred pursuant to
such transaction or transactions; 
  
 provided, however, that in any
such case, (1) if the Common Stock of such Person is not at such time and has not been continuously over the preceding twelve (12) month period registered under Section 12 of the Exchange Act, and such Person is a direct or indirect Subsidiary of
another Person the Common Stock of which is and has been so registered, “Principal Party” shall refer to such other Person; (2) in case such Person is a Subsidiary, directly or indirectly, of more than one Person, the Common Stocks of two
or more of which are and have been so registered, “Principal Party” shall refer to whichever of such Persons is the issuer of the Common Stock having the greatest aggregate market value; and (3) in case such Person is owned, directly or
indirectly, by a joint venture formed by two or more Persons that are not owned, directly or indirectly, by the same Person, the rules set forth in (1) and (2) above shall apply to each of the chains of ownership having an interest in such joint
venture as if such party were a “Subsidiary” of both or all of such joint ventures and the Principal Parties in each such chain shall bear the obligations set forth in this Section 13 in the same ratio as their direct or indirect interests
in such Person bear to the total of such interests. 
  
 (c) The
Company shall not consummate any such consolidation, merger, share exchange, sale or transfer unless the Principal Party shall have a sufficient number of authorized shares of its Common Stock which have not been issued or reserved for issuance to
permit the exercise in full of the Rights in accordance with this Section 13 and unless prior thereto the Company and such Principal Party shall have executed and delivered to the Rights Agent a supplemental agreement providing for the terms set
forth in paragraphs (a) and (b) of this Section 13 and further providing that, as soon as practicable after the date of any consolidation, merger, share exchange or sale of assets mentioned in paragraph (a) of this Section 13, the Principal Party
will 
  
 (i) prepare and file a registration statement under the
Act, with respect to the Rights and the securities purchasable upon exercise of the Rights on an appropriate form, and will use its best efforts to cause such registration statement to (A) become effective as soon as practicable after such filing
and (B) remain effective (with a prospectus at all times meeting the requirements of the Act) until the Expiration Date; 
  

 - 23 - 

 (ii) use its best efforts to qualify or register the Rights and the securities purchasable upon exercise
of the Rights under the blue sky laws of such jurisdictions as may be necessary or appropriate; and 
  
 (iii) deliver to holders of the Rights historical financial statements for the Principal Party and each of its Affiliates that comply in all respects with
the requirements for registration on Form 10 under the Exchange Act (or any comparable or successor form). 
  
 The provisions of this Section 13 shall similarly apply to successive mergers, consolidations, share exchanges or sales or other transfers. In the event that a Section 13 Event shall occur at the same time as, or at
any time after, the occurrence of a Section 11(a)(ii) Event, the Rights which have not theretofore been exercised shall thereafter become exercisable in the manner described in Section 13(a). 
  
 (d) Notwithstanding anything in this Agreement to the contrary, Section 13
shall not be applicable to a transaction described in subparagraphs (x) and (y) of Section 13(a) if (i) such transaction is consummated with a Person or Persons (or a wholly owned subsidiary of any such Person or Persons) who acquired shares of
Common Stock pursuant to a Permitted Offer, (ii) the price per share of Common Stock paid in such transaction is not less than the price per share of Common Stock paid to all holders of shares of Common Stock whose shares were purchased pursuant to
such Permitted Offer, and (iii) the form of consideration paid in such transaction is the same as the form of consideration paid pursuant to such Permitted Offer. Upon consummation of any such transaction contemplated by this Section 13(d), all
Rights hereunder shall expire. 
  
 Section 14. Fractional
Rights and Fractional Shares. 
  
 (a) The Company shall not
be required to issue fractions of Rights, except prior to the Distribution Date as provided in Section 11(i) or (p) hereof, or to distribute Rights Certificates that evidence fractional Rights. In lieu of such fractional Rights, there shall be paid
to the registered holders of the Rights Certificates with regard to which such fractional Rights would otherwise be issuable, an amount in cash equal to the same fraction of the current market value of a whole Right. For purposes of this Section
14(a), the current market value of a whole Right shall be the closing price of the Rights for the Trading Day immediately prior to the date on which such fractional Rights would have been otherwise issuable. The closing price of the Rights for any
day shall be the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with
respect to securities listed or admitted to trading on the principal national securities exchange on which the Rights are listed or admitted to trading, or if the Rights are not listed or admitted to trading on any national securities exchange, the
last quoted price or, if not so quoted, the average of the high bid and the low asked prices in the over-the-counter market, as reported by Nasdaq or such other system then in use or, if on any such date the Rights are not quoted by any such
organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the Rights selected by the Board. All references in this Section to closing prices, last quoted prices or other stock prices
means prices during regular trading hours, without giving effect to any after-hours 
  

 - 24 - 

 or extended hours trading. If on any such date no such market maker is making a market in the Rights, the fair value of
the Rights on such date as determined in good faith by the Board shall be used, which determination shall be described in a statement filed with Rights Agent and shall be conclusive for all purposes. 
  
 (b) The Company shall not be required to issue fractions of shares of
Preferred Stock (other than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock) upon exercise of the Rights or to distribute certificates that evidence fractional shares of Preferred Stock (other than
fractions which are integral multiples of one one-thousandth of a share of Preferred Stock). Fractional shares of Preferred Stock in integral multiples of one one-thousandth of a share of Preferred Stock may, at the election of the Company, be
evidenced by depositary receipts; provided, however, that holders of such depositary receipts shall have all of the designations and the powers, preferences and rights, and the qualifications, limitations and restrictions to which they are entitled
as beneficial owners of the shares of Preferred Stock represented by such depositary receipts. In lieu of fractional shares of Preferred Stock (other than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock),
the Company shall pay to the registered holders of Rights Certificates at the time such Rights are exercised as herein provided an amount in cash equal to the same fraction of the current market value of one one-thousandth of a share of Preferred
Stock. For purposes of this Section 14(b), the current market value of one one-thousandth of a share of Preferred Stock shall be one one-thousandth of the closing price of a share of Preferred Stock (as determined pursuant to Section 11(d)(ii)
hereof) for the Trading Day immediately prior to the date of such exercise. 
  
 (c) Following the occurrence of a Triggering Event, the Company shall not be required to issue fractions of shares of Common Stock upon exercise of the Rights or to distribute certificates which evidence fractional
shares of Common Stock. In lieu of fractional shares of Common Stock, the Company shall pay to the registered holders of Rights Certificates at the time such Rights are exercised as herein provided an amount in cash equal to the same fraction of the
current market price of one (1) share of Common Stock (as determined pursuant to Section 11(d)(i) hereof) for the Trading Day immediately prior to the date of such exercise. 
  
 (d) The holder of a Right by the acceptance of such Right expressly waives his right to receive any fractional Rights or any
fractional shares upon exercise of a Right, except as permitted by this Section 14. 
  
 Section 15. Rights of Action. All rights of action in respect of this Agreement, except the rights of action expressly given to the Rights Agent in Section 18 hereof, are vested in the respective registered
holders of the Rights Certificates (and, prior to the Distribution Date, the registered holders of the Common Stock); and any registered holder of any Rights Certificate (or, prior to the Distribution Date, of the Common Stock), without the consent
of the Rights Agent or of the holder of any other Rights Certificate (or, prior to the Distribution Date, of the Common Stock), may, in his own behalf and for his own benefit, enforce, and may institute and maintain any suit, action or proceeding
against the Company to enforce, or otherwise act in respect of, his right to exercise the Rights evidenced by such Rights Certificate in the manner provided in such Rights Certificate and in this Agreement. Without limiting the foregoing or any
remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights 
  

 - 25 - 

 would not have an adequate remedy at law for any breach of this Agreement and shall be entitled to specific performance
of the obligations hereunder and injunctive relief against actual or threatened violations of the obligations hereunder of any Person subject to this Agreement. 
  

Section 16. Agreement of Rights Holders. Every holder of a Right by accepting the same consents and agrees with the Company and the Rights Agent
and with every other holder of a Right that: 
  
 (a) prior to the
Distribution Date, the Rights will be transferable only in connection with the transfer of Common Stock; 
  
 (b) after the Distribution Date, the Rights Certificates are transferable only on the registry books of the Rights Agent if surrendered at the office of
the Rights Agent designated for such purposes, duly endorsed or accompanied by a proper instrument of transfer and with the appropriate forms and certificates duly completed and fully executed; 
  
 (c) subject to Section 6(a) and Section 7(f) hereof, the Company and the
Rights Agent may deem and treat the person in whose name a Rights Certificate (or, prior to the Distribution Date, the associated Common Stock certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby
(notwithstanding any notations of ownership or writing on the Rights Certificates or the associated Common Stock certificate made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the
Rights Agent, subject to the penultimate sentence of Section 7(e) hereof, shall be required to be affected by any notice to the contrary; and 
  
 (d) notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability to any holder of a Right
or other Person as a result of its inability to perform any of its obligations under this Agreement by reason of any preliminary or permanent injunction or other order, decree or ruling issued by a court of competent jurisdiction or by a
governmental, regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority, prohibiting or otherwise restraining performance of such obligation;
provided, however, the Company must use its best efforts to prevent the issuance of any such order, decree or ruling and to have any such order, decree or ruling lifted or otherwise overturned as soon as possible. 
  
 Section 17. Rights Certificate Holder Not Deemed a Shareholder. No
holder, as such, of any Rights Certificate shall be entitled to vote, receive dividends or be deemed for any purpose the holder of the number of one one-thousandths of a share of Preferred Stock or any other securities of the Company which may at
any time be issuable on the exercise of the Rights represented thereby, nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of any Rights Certificate, as such, any of the rights of a shareholder of
the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting
shareholders (except as provided in Section 25 hereof), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such Rights Certificate shall have been exercised in accordance with the provisions hereof.

  

 - 26 - 

 Section 18. Concerning the Rights Agent. 
  
 (a) The Company agrees to pay to the Rights Agent reasonable compensation
for all services rendered by it hereunder and, from time to time, on demand of the Rights Agent, its reasonable expenses and counsel fees and disbursements and other disbursements incurred in the administration and execution of this Agreement and
the exercise and performance of its duties hereunder. The Company also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability or expense, incurred without gross negligence, bad faith or willful misconduct on
the part of the Rights Agent, for anything done or omitted by the Rights Agent in connection with the acceptance and administration of this Agreement, including the costs and expenses of defending against any claim of liability in the premises.

  
 (b) The Rights Agent shall be protected and shall incur no
liability for or in respect of any action taken, suffered or omitted by it in connection with its administration of this Agreement in reliance upon any Rights Certificate or certificate for Common Stock or for other securities of the Company,
instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement, or other paper or document believed by it to be genuine and to be signed, executed and, where necessary,
verified or acknowledged, by the proper Person or Persons, or otherwise upon the advice of counsel as set forth in Section 20 hereof. 
  
 Section 19. Merger or Consolidation or Change of Name of Rights Agent. 
  
 (a) Any corporation into which the Rights Agent or any successor Rights Agent may be merged or with which it may be
consolidated, or any corporation resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any corporation succeeding to the corporate trust business of the Rights Agent or any successor
Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided, however, that such corporation would be
eligible for appointment as a successor Rights Agent under the provisions of Section 21 hereof. In case at the time such successor Rights Agent shall succeed to the agency created by this Agreement, any of the Rights Certificates shall have been
countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of a predecessor Rights Agent and deliver such Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not
have been countersigned, any successor Rights Agent may countersign such Rights Certificates either in the name of the predecessor or in the name of the successor Rights Agent; and in all such cases such Rights Certificates shall have the full force
provided in the Rights Certificates and in this Agreement. 
  
 (b)
In case at any time the name of the Rights Agent shall be changed and at such time any of the Rights Certificates shall have been countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver
Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not have been 
  

 - 27 - 

 countersigned, the Rights Agent may countersign such Rights Certificates either in its prior name or in its changed name;
and in all such cases such Rights Certificates shall have the full force provided in the Rights Certificates and in this Agreement. 
  
 Section 20. Duties of Rights Agent. The Rights Agent undertakes the duties and obligations imposed by this Agreement upon the following terms and
conditions, by all of which the Company and the holders of Rights Certificates, by their acceptance thereof, shall be bound: 
  
 (a) The Rights Agent may consult with legal counsel (who may be legal counsel for the Company), and the opinion of such counsel shall be full and complete
authorization and protection to the Rights Agent as to any action taken or omitted by it in good faith and in accordance with such opinion. 
  
 (b) Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter
(including, without limitation, the identity of any Acquiring Person and the determination of “current market price”) be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless
other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by the Chairman of the Board, the President, any Vice President, the Treasurer, any Assistant
Treasurer, the Secretary or any Assistant Secretary of the Company and delivered to the Rights Agent; and such certificate shall be full authorization to the Rights Agent for any action taken or suffered in good faith by it under the provisions of
this Agreement in reliance upon such certificate. 
  
 (c) The
Rights Agent shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct. 
  
 (d) The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Rights
Certificates or be required to verify the same (except as to its countersignature on such Rights Certificates), but all such statements and recitals are and shall be deemed to have been made by the Company only. 
  
 (e) The Rights Agent shall not be under any responsibility in respect of the
validity of this Agreement or the execution and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Rights Certificate (except its countersignature thereof); nor shall it be
responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Rights Certificate; nor shall it be responsible for any adjustment required under the provisions of Section 11, Section 13 or Section 24
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 evidenced by Rights Certificates after
receipt of a certificate describing any such adjustment, delivered pursuant to Section 12); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock or
Preferred Stock to be issued pursuant to this Agreement or any Rights Certificate or as to whether any shares of Common Stock or Preferred Stock will, when so issued, be validly authorized and issued, fully paid and nonassessable. 
  

 - 28 - 

 (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 the Chairman of the Board, the President, any Vice President, the Secretary, any Assistant Secretary, the Treasurer or any Assistant Treasurer of the Company, and to
apply to such officers for advice or instructions in connection with its duties, and it shall not be liable for any action taken or suffered to be taken by it in good faith in accordance with instructions of any such officer. Any application by the
Rights Agent for written instructions from the Company may, at the option of the Rights Agent, set forth in writing any action proposed to be taken or omitted by the Rights Agent with respect to its duties or obligations under this Rights Agreement
and the date on and/or after which such action shall be taken or omitted and the Rights Agent shall not be liable for any action taken or omitted in accordance with a proposal included in any such application on or after the date specified therein
(which date shall not be less than five Business Days after the date any such officer actually receives such application, unless any such officer shall have consented in writing to an earlier date) unless, prior to taking or omitting any such
action, the Rights Agent has received written instructions in response to such application specifying the action to be taken or omitted. 
  
 (h) The Rights Agent and any shareholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights or other securities
of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Rights Agent under this Agreement.
Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other legal entity. 
  
 (i) The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through
its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company resulting from any such act, default, neglect or
misconduct; provided, however, reasonable care was exercised in the selection and continued employment thereof. 
  
 (j) No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder or in the exercise of its rights if there shall be reasonable grounds for believing that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.

  
 (k) If, with respect to any Rights Certificate surrendered to
the Rights Agent for exercise or transfer, the certificate attached to the form of assignment or form of election to purchase, as the case may be, has not been completed, the Company and the Rights Agent will deem the beneficial owner of the rights
evidenced by such Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof and such assignment or election to purchase will not be honored. 
  

 - 29 - 

 Section 21. Change of Rights Agent. The Rights Agent or any successor Rights Agent may resign and
be discharged from its duties under this Agreement upon thirty (30) days’ notice in writing mailed to the Company, and to each transfer agent of the Common Stock and Preferred Stock, by registered or certified mail, and to the holders of the
Rights Certificates by first-class mail. In the event the transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed to resign automatically on the effective date of such termination;
and any required notice will be sent by the Company. The Company may remove the Rights Agent or any successor Rights Agent upon thirty (30) days’ notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and
to each transfer agent of the Common Stock and Preferred Stock, by registered or certified mail, and to the holders of the Rights Certificates by first-class mail. If the Rights Agent shall resign or be removed or shall otherwise become incapable of
acting, the Company shall appoint a successor to the Rights Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after giving notice of such removal or after it has been notified in writing of such
resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Rights Certificate (who shall, with such notice, submit his Rights Certificate for inspection by the Company), then any registered holder of any Rights
Certificate may apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be (a) a corporation organized and doing business under
the laws of the United States (or of any state of the United States) in good standing, which is authorized under such laws to exercise corporate trust or stock transfer powers and is subject to supervision or examination by federal or state
authority and which has at the time of its appointment as Rights Agent a combined capital and surplus of at least $50,000,000 or (b) an affiliate of a corporation described in clause (a) of this sentence. After appointment, the successor Rights
Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent
any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment, the Company shall file notice thereof in
writing with the predecessor Rights Agent and each transfer agent of the Common Stock and the Preferred Stock, and mail a notice thereof in writing to the registered holders of the Rights Certificates. Failure to give any notice provided for in this
Section 21, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be. 
  
 Section 22. Issuance of New Rights Certificates. Notwithstanding any
of the provisions of this Agreement or of the Rights to the contrary, the Company may, at its option, issue new Rights Certificates evidencing Rights in such form as may be approved by the Board to reflect any adjustment or change in the Purchase
Price and the number or kind or class of shares or other securities or property purchasable under the Rights Certificates made in accordance with the provisions of this Agreement. 
  

 - 30 - 

 Section 23. Redemption. 
  
 (a) The Board may, at its option, at any time prior to the earlier of (i) the close of business on the tenth Business Day
(or such later date as may be determined by the Board pursuant to clause (i) of the first sentence of Section 3(a) with respect to the Distribution Date) following the Stock Acquisition Date (or, if the Stock Acquisition Date shall have occurred
prior to the Record Date, the close of business on the tenth Business Day following the Record Date) and (ii) the Final Expiration Date, redeem all but not less than all the then outstanding Rights at a redemption price of $0.001 per Right, as such
amount may be appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (such redemption price being hereinafter referred to as the “Redemption Price”). The redemption of the
Rights by the Board may be made effective at such time, on such basis and with such conditions as the Board in its sole discretion may establish. The Company may, at its option, pay the Redemption Price in cash, shares of Common Stock (based on the
“current market price,” as defined in Section 11(d)(i) hereof, of the Common Stock at the time of redemption) or any other form of consideration, or any combination of any of the foregoing, deemed appropriate by the Board. Notwithstanding
anything contained in this Agreement to the contrary, the Rights shall not be exercisable after the first occurrence of a Section 11(a)(ii) Event until such time as the Company’s right of redemption hereunder has expired. 
  
 (b) Immediately upon the action of the Board ordering the redemption of the
Rights, evidence of which shall have been filed with the Rights Agent and without any further action and without any notice, the right to exercise the Rights shall terminate and the only right thereafter of the holders of Rights shall be to receive
the Redemption Price for each Right so held. Promptly after the action of the Board ordering the redemption of the Rights, the Company shall give notice of such redemption to the Rights Agent and the holders of the then outstanding Rights by mailing
such notice to all such holders at each holder’s last address as it appears upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the Transfer Agent for the Common Stock. Any notice which is
mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption will state the method by which the payment of the Redemption Price will be made. 
  
 (c) In the event of a redemption of the Rights in accordance with this
Agreement, the Company may, at its option, discharge all of its obligations with respect to the Rights by (i) issuing a press release announcing the manner of redemption of the Rights in accordance with this Agreement and (ii) mailing payment of the
Redemption Price to the registered holders of the Rights at their last addresses as they appear on the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the Transfer Agent of the Common Stock, and upon
such action, all outstanding Rights and Right Certificates shall be null and void without any further action by the Company. 
  
 Section 24. Exchange. 
  
 (a) The Board may, at its option, at any time after a Section 11(a)(ii) Event, exchange all or part of the then outstanding and exercisable Rights (which
(i) shall not include Rights that 
  

 - 31 - 

 have become void pursuant to the provisions of Section 7(e) hereof, and (ii) shall include, without limitation, any
Rights issued after the Distribution Date) for shares of Common Stock at an exchange ratio of one share of Common Stock per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date
hereof (such exchange ratio being hereinafter referred to as the “Exchange Ratio”). Notwithstanding the foregoing, the Board shall not be empowered to effect such exchange at any time after any Person (other than the Company, any
Subsidiary of the Company, any employee benefit plan of the Company or any such Subsidiary, or any entity holding Common Stock for or pursuant to the terms of any such plan), together with all Affiliates and Associates of such Person, becomes the
Beneficial Owner of 50% or more of the shares of Common Stock then outstanding. 
  
 (b) Immediately upon the action of the Board ordering the exchange of any Rights pursuant to subsection (a) of this Section 24, evidence of which shall have been filed with the Rights Agent, and without any further
action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of shares of Common Stock equal to the number of such Rights held by such
holder multiplied by the Exchange Ratio. The Company shall promptly give public notice of any such exchange; provided, however, that the failure to give, or any defect in, such notice shall not affect the validity of such exchange. The
Company promptly shall mail a notice of any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent. Any notice which is mailed in the manner herein provided shall be
deemed given, whether or not the holder receives the notice. Each such notice of exchange shall state the method by which the exchange of shares of Common Stock for Rights will be effected and, in the event of any partial exchange, the number of
Rights which will be exchanged. Any partial exchange shall be effected pro rata based on the number of Rights (other than Rights which have become void pursuant to the provisions of Section 7(e) hereof) held by each holder of Rights. 
  
 (c) In any exchange pursuant to this Section 24, the Company, at its option,
may substitute Preferred Stock (or equivalent preferred stock, as such term is defined in Section 11(b) hereof) for shares of Common Stock exchangeable for Rights, at the initial rate of one one-thousandth of a share of Preferred Stock (or
equivalent preferred stock) for each share of Common Stock, as appropriately adjusted to reflect adjustments in the voting rights of the Preferred Stock pursuant to Article IV, Part C of the Articles of Amendment attached hereto as Exhibit A,
so that the fraction of a share of Preferred Stock (or equivalent preferred stock) delivered in lieu of each share of Common Stock shall have the same voting rights as one share of Common Stock. 
  
 (d) In the event that there shall not be sufficient shares of Common Stock or
Preferred Stock issued but not outstanding or authorized but unissued to permit any exchange of Rights as contemplated in accordance with this Section 24, the Company shall take all such action as may be necessary to authorize additional shares of
Common Stock or Preferred Stock for issuance upon exchange of the Rights. 
  
 (e) The Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional shares of Common Stock. In lieu of such 
  

 - 32 - 

 fractional shares of Common Stock, there shall be paid to the registered holders of the Right Certificates with regard to
which such fractional shares of Common Stock would otherwise be issuable, an amount in cash equal to the same fraction of the current market value of a whole share of Common Stock. For the purposes of this subsection (e), the current market value of
a whole share of Common Stock shall be the closing price per share of Common Stock (as determined pursuant to the second sentence of Section 11(d)(i) hereof) for the Trading Day immediately prior to the date of exchange pursuant to this Section 24.

  
 Section 25. Notice of Certain Events. 
  
 (a) In case the Company shall propose, at any time after the Distribution
Date, (i) to pay any dividend payable in stock of any class to the holders of Preferred Stock or to make any other distribution to the holders of Preferred Stock (other than a regular quarterly cash dividend out of earnings or retained earnings of
the Company), or (ii) to offer to the holders of Preferred Stock rights or warrants to subscribe for or to purchase any additional shares of Preferred Stock or shares of stock of any class or any other securities, rights or options, or (iii) to
effect any reclassification of its Preferred Stock (other than a reclassification involving only the subdivision of outstanding shares of Preferred Stock), or (iv) to effect any consolidation or merger into or with any other Person (other than a
Subsidiary of the Company in a transaction that complies with Section 11(o) hereof), to effect a share exchange with any other Person (other than a Subsidiary of the Company in a transaction that complies with Section 11(o) hereof) or to effect any
sale or other transfer (or to permit one or more of its Subsidiaries to effect any sale or other transfer), in one transaction or a series of related transactions, of more than 50% of the assets or earning power of the Company and its Subsidiaries
(taken as a whole) to any other Person or Persons (other than the Company and/or any of its Subsidiaries in one or more transactions each of which complies with Section 11(o) hereof), or (v) to effect the liquidation, dissolution or winding up of
the Company, then, in each such case, the Company shall give to each holder of a Rights Certificate, to the extent feasible and in accordance with Section 26 hereof, a notice of such proposed action, which shall specify the record date for the
purposes of such stock dividend, distribution of rights or warrants, or the date on which such reclassification, consolidation, merger, share exchange, sale, transfer, liquidation, dissolution, or winding up is to take place and the date of
participation therein by the holders of the shares of Preferred Stock, if any such date is to be fixed, and such notice shall be so given in the case of any action covered by clause (i) or (ii) above at least twenty (20) days prior to the record
date for determining holders of the shares of Preferred Stock for purposes of such action, and in the case of any such other action, at least twenty (20) days prior to the date of the taking of such proposed action or the date of participation
therein by the holders of the shares of Preferred Stock, whichever shall be the earlier. 
  
 (b) In case a Section 11(a)(ii) Event shall occur, then, in any such case, (i) the Company shall as soon as practicable thereafter give to each holder of a Rights Certificate, to the extent feasible and in accordance
with Section 26 hereof, a notice of the occurrence of such event, which shall specify the event and the consequences of the event to holders of Rights under Section 11(a)(ii) hereof, and (ii) all references in the preceding paragraph to Preferred
Stock shall be deemed thereafter to refer also to Common Stock and/or, if appropriate, other securities; provided that the failure to give such notice shall not affect the validity of such consent. 
  

 - 33 - 

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

  
 Boston Communications Group, Inc. 

55 Middlesex Turnpike 
 Bedford, MA 01730 
 Attention: Chief Executive Officer 
  
 with a copy to: 
  
 Wilmer Cutler Pickering Hale and Dorr LLP 
 60 State Street 
 Boston, MA 02109 
 Attention: James R. Burke, Esq. 
  
 Subject to the provisions of Section 21, any notice or demand authorized by this Agreement to be given or made by the Company or by the
holder of any Rights Certificate to or on the Rights Agent shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until another address is filed in writing with the Company) as follows: 
  
 EquiServe Trust Company, N.A. 
 250 Royall Street 
 Canton, MA 02021 
 Attn: Client Administration 
  
 Notices or demands authorized by this Agreement to be given or made by the Company or the Rights Agent to the holder of any Rights
Certificate (or, if prior to the Distribution Date, to the holder of certificates representing shares of Common Stock) shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed to such holder at the address of such
holder as shown on the registry books of the Company. 
  
 Section
27. Supplements and Amendments. Except as provided in the penultimate sentence of this Section 27, for so long as the Rights are then redeemable, the Company may, in its sole and absolute discretion, and the Rights Agent shall, if the Company
so directs, supplement or amend any provision of this Agreement in any respect without the approval of any holders of the Rights. At any time when the Rights are no longer redeemable, except as provided in the penultimate sentence of this Section
27, the Company may, by approval of at least 75% of the members of the Board, and the Rights Agent shall, if the Company so directs, supplement or amend this Agreement without the approval of any holders of Rights in order (i) to cure any ambiguity
or (ii) to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, provided that no such supplement or amendment shall adversely affect the interests of the holders of Rights as
such (other than an Acquiring Person or an Affiliate or Associate of an Acquiring Person). Upon the delivery of a certificate from an appropriate officer of the Company which states that the proposed supplement or amendment is in compliance with the
terms of this Section 27, the Rights Agent shall execute such supplement or amendment. Any supplement or amendment that the Rights Agent is 
  

 - 34 - 

 required to sign pursuant to this Section 27 shall be effective upon execution by the Company (whether or not then
executed by the Rights Agent or the certificate referred to in the immediately preceding sentence has been delivered). Notwithstanding anything contained in this Agreement to the contrary, no supplement or amendment shall be made which changes the
Redemption Price. Prior to the Distribution Date, the interests of the holders of Rights shall be deemed coincident with the interests of the holders of Common Stock. 
  
 Section 28. Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or
the Rights Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 
  
 Section 29. Actions by the Board, etc. The Board 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 (including a determination to redeem or not redeem the Rights or to amend 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 to any liability to the holders of the Rights. 
  
 Section 30. Benefits of this Agreement. Nothing in this Agreement shall be construed to give to any Person other than the Company, the Rights Agent
and the registered holders of the Rights Certificates (and, prior to the Distribution Date, registered holders of the Common Stock) any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and
exclusive benefit of the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, registered holders of the Common Stock). 
  
 Section 31. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or
invalidated; provided, however, that notwithstanding anything in this Agreement to the contrary, if any such term, provision, covenant or restriction is held by such court or authority to be invalid, void or unenforceable and the Board determines in
its good faith judgment that severing the invalid, void or unenforceable language from this Agreement would adversely affect the purpose or effect of this Agreement, the right of redemption set forth in Section 23 hereof shall be reinstated and
shall not expire until the close of business on the tenth day following the date of such determination by the Board. 
  
 Section 32. Governing Law. This Agreement, each Right and each Rights Certificate issued hereunder shall be deemed to be a contract made under the
laws of the Commonwealth of Massachusetts and for all purposes shall be governed by and construed in accordance with the laws of Massachusetts applicable to contracts made and to be performed entirely within Massachusetts. 
  

 - 35 - 

 Section 33. Counterparts. This Agreement may be executed in any number of counterparts and each of
such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
  
 Section 34. Descriptive Headings. Descriptive headings of the several Sections of this Agreement are inserted for convenience only and shall not
control or affect the meaning or construction of any of the provisions hereof. 
  
 Section 35. Force Majeure. Notwithstanding anything to the contrary contained herein, Rights Agent shall not be liable for any delays or failures in performance resulting from acts beyond its reasonable control
including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information
storage or retrieval systems, labor difficulties, war, or civil unrest. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 - 36 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and their
respective corporate seals to be hereunto affixed and attested, all as of the day and year first above written. 
  

							
	Attest:	  	BOSTON COMMUNICATIONS GROUP, INC.
				
	By:	 	 /s/ Alan Bouffard

	  	By:	 	 /s/ E.Y. Snowden

	Name:	 	Alan Bouffard	  	Name:	 	E.Y. Snowden
	Title:	 	General Counsel	  	Title:	 	President and Chief Executive Officer
		
	Attest:	  	EQUISERVE TRUST COMPANY, N.A.
				
	By:	 	 /s/ illegible

	  	By:	 	 /s/ illegible

	Name:	 	  

	  	Name:	 	  

	Title:	 	  

	  	Title:	 	  

  

 - 37 - 

 Exhibit A 
  

Form of 
 Articles of Amendment

  
 (General Laws Chapter 156D, Section 10.06; 950 CMR
113.34) 
  
 Boston Communications Group, Inc., having a
registered office at 55 Middlesex Turnpike, Bedford, Massachusetts 01730, certifies as follows: 
  
 FIRST, Articles III and IV of the Articles of Organization of the corporation are amended by this Amendment. 
  
 SECOND, this Amendment was duly adopted and approved on September 6, 2005 by
the board of directors without shareholder approval, and shareholder approval was not required by law or by the Articles of Organization. 
  
 THIRD, the specific text of the amendments effected by this Amendment is as follows: 
  
 ARTICLE III is amended to read as follows: 
  
 ARTICLE III. The total number of shares of each class of stock that the corporation is authorized to issue is (i) 35,000,000
shares of Common Stock, $0.01 per value per share, and (ii) 2,000,000 shares of Preferred Stock, $0.01 par value per share, of which 35,000 shares are designated Series A Junior Participating Preferred Stock. 
  
 ARTICLE IV is amended to read as follows: 
  
 ARTICLE IV. The total number of shares of all classes of stock which the
corporation shall have authority to issue is (i) 35,000,000 shares of Common Stock, $0.01 par value per share (“Common Stock”), and (ii) 2,000,000 shares of Preferred Stock, $0.01 par value per share (“Preferred Stock”), of which
35,000 shares are designated Series A Junior Participating Preferred Stock. 
  
 A. COMMON STOCK 
  
 General. The voting, dividend and liquidation rights of the holders of the Common Stock are subject to and qualified by the rights of the holders of the Preferred Stock of any series as may be designated by the Board of Directors
upon any issuance of the Preferred Stock of any series. 
  
 Voting. The holders of the Common Stock are entitled to one vote for each share held at all meetings of shareholders (and written actions in lieu of meetings). There shall be no cumulative voting. 
  

 A-1 

 Dividends. Dividends may be declared and paid on the Common Stock from funds lawfully available
therefor as and when determined by the Board of Directors and subject to any preferential dividend rights of any then outstanding Preferred Stock. 
  
 Liquidation. Upon the dissolution or liquidation of the corporation, whether voluntary or involuntary, holders of Common Stock will be entitled to
receive all assets of the corporation available for distribution to its shareholders, subject to any preferential rights of any then outstanding Preferred Stock. 
  
 B. PREFERRED STOCK 
  
 Preferred Stock may be issued from time to time in one or more series, each of such series to have such terms as stated or expressed herein and in the
resolution or resolutions providing for the issue of such series adopted by the Board of Directors of the corporation as hereinafter provided. Any shares of Preferred Stock which may be redeemed, purchased or acquired by the corporation may be
reissued except as otherwise provided by law. Different series of Preferred Stock shall not be construed to constitute different classes of shares for the purposes of voting by classes unless expressly provided. 
  
 Authority is hereby expressly granted to the Board of Directors from time to
time to issue the Preferred Stock in one or more series, and in connection with the creation of any such series, by resolution or resolutions providing for the issue of the shares thereof, to determine and fix such voting powers, full or limited, or
no voting powers, and such designations, preferences and relative participating, optional or other special rights, and qualifications, limitations or restrictions thereof, including, without limitation thereof, dividend rights, conversion rights,
redemption privileges and liquidation preferences, as shall be stated and expressed in such resolutions, all to the full extent now or hereafter permitted by Chapter 156D of the Massachusetts General Laws. Without limiting the generality of the
foregoing, the resolutions providing for issuance of any series of Preferred Stock may provide that such series shall be superior or rank equally or be junior to the Preferred Stock of any other series to the extent permitted by law. No vote of the
holders of the Preferred Stock or Common Stock shall be a prerequisite to the issuance of any shares of any series of the Preferred Stock authorized by and complying with the conditions of the Articles of Organization, the right to have such vote
being expressly waived by all present and future holders of the capital stock of the corporation. 
  
 C. SERIES A JUNIOR PARTICIPATING PREFERRED STOCK: 
  
 Section 1. Designation and Amount. The shares of such series shall be designated as “Series A Junior Participating Preferred Stock” (the
“Series A Preferred Stock”) and the number of shares constituting the Series A Preferred Stock shall be 35,000 (Thirty-Five Thousand). Such number of shares may be increased or decreased by the vote of the Board and the filing of Articles
of Amendment prior to issuance; provided, that no decrease shall reduce the number of shares of Series A Preferred Stock to a number less than the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of
outstanding options, rights or warrants or upon the conversion of any outstanding securities issued by the corporation convertible into Series A Preferred Stock; and provided further, that no increase shall increase the number of shares of Series A
Preferred Stock to such number which, when aggregated with the other authorized classes and series of capital stock of the corporation, exceeds the total number of authorized shares specified in these Articles of Organization. 
  

 A-2 

 Section 2. Dividends and Distributions. 
  
 (A) Subject to the rights of the holders of any shares of any series of
Preferred Stock (or any similar stock) ranking prior and superior to the Series A Preferred Stock with respect to dividends, the holders of shares of Series A Preferred Stock, in preference to the holders of Common Stock and of any other junior
stock, shall be entitled to receive, when, as and if declared by the Board out of funds of the corporation legally available for the payment of dividends, quarterly dividends payable in cash on the last day of each fiscal quarter of the corporation
in each year (each such date being referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series A Preferred Stock,
in an amount per share (rounded to the nearest cent) equal to the greater of (a) $10 or (b) subject to the provision for adjustment hereinafter set forth, 1,000 times the aggregate per share amount of all cash dividends, and 1,000 times the
aggregate per share amount (payable in kind) of all non-cash dividends or other distributions, other than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise),
declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A Preferred Stock. In
the event the corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision, combination or consolidation of the outstanding shares of Common Stock (by reclassification or
otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the amount to which holders of shares of Series A Preferred Stock were entitled immediately prior to
such event under clause (b) of the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is
the number of shares of Common Stock that were outstanding immediately prior to such event. In the event the corporation shall at any time declare or pay any dividend on the Series A Preferred Stock payable in shares of Series A Preferred Stock, or
effect a subdivision, combination or consolidation of the outstanding shares of Series A Preferred Stock (by reclassification or otherwise than by payment of a dividend in shares of Series A Preferred Stock) into a greater or lesser number of shares
of Series A Preferred Stock, then in each such case the amount to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event under clause (b) of the first sentence of this Section 2(A) shall be adjusted by
multiplying such amount by a fraction, the numerator of which is the number of shares of Series A Preferred Stock that were outstanding immediately prior to such event and the denominator of which is the number of shares of Series A Preferred Stock
outstanding immediately after such event. 
  
 (B) The corporation
shall declare a dividend or distribution on the Series A Preferred Stock as provided in paragraph (A) of this Section immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common
Stock), and the corporation shall pay such dividend or distribution on the Series A Preferred Stock 
  

 A-3 

 before the dividend or distribution declared on the Common Stock is paid or set apart; provided that, in the event no
dividend or distribution shall have been declared on the Common Stock during the period between any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date, a dividend of $10 per share on the Series A Preferred Stock
shall nevertheless be payable on such subsequent Quarterly Dividend Payment Date. 
  
 (C) Dividends shall begin to accrue and be cumulative on outstanding shares of Series A Preferred Stock from the Quarterly Dividend Payment Date next preceding the date of issue of such shares, unless the date of
issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend
Payment Date or is a date after the record date for the determination of holders of shares of Series A Preferred Stock entitled to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends
shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the shares of Series A Preferred Stock in an amount less than the total amount of such
dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Board may fix a record date for the determination of holders of shares of Series A
Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which record date shall be not more than 70 days prior to the date fixed for the payment thereof. 
  
 Section 3. Voting Rights. The holders of shares of Series A Preferred
Stock shall have the following voting rights: 
  
 (A) Subject to
the provision for adjustment hereinafter set forth, each share of Series A Preferred Stock shall entitle the holder thereof to 1,000 votes on all matters submitted to a vote of the shareholders of the corporation. In the event the corporation shall
at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision, combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a
dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the number of votes per share to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event
shall be adjusted by multiplying such number by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event. In the event the corporation shall at any time declare or pay any dividend on the Series A Preferred Stock payable in shares of Series A Preferred Stock, or effect a subdivision, combination or
consolidation of the outstanding shares of Series A Preferred Stock (by reclassification or otherwise than by payment of a dividend in shares of Series A Preferred Stock) into a greater or lesser number of shares of Series A Preferred Stock, then in
each such case the number of votes per share to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of
shares of Series A Preferred Stock that were outstanding immediately prior to such event and the denominator of which is the number of shares of Series A Preferred Stock outstanding immediately after such event. 
  

 A-4 

 (B) Except as otherwise provided in these Articles of Organization or by law, the holders of shares of
Series A Preferred Stock and the holders of shares of Common Stock and any other capital stock of the corporation having general voting rights shall vote together as one class on all matters submitted to a vote of shareholders of the corporation.

  
 (C) (i) If at any time dividends on any Series A Preferred
Stock shall be in arrears in an amount equal to six quarterly dividends thereon, the holders of the Series A Preferred Stock, voting as a separate series from all other series of Preferred Stock and classes of capital stock, shall be entitled to
elect two members of the Board in addition to any Directors elected by any other series, class or classes of securities and the authorized number of Directors will automatically be increased by two. Promptly thereafter, the Board of the corporation
shall, as soon as may be practicable, call a special meeting of holders of Series A Preferred Stock for the purpose of electing such members of the Board. Such special meeting shall in any event be held within 45 days of the occurrence of such
arrearage. 
  
 (ii) During any period when the holders of Series A
Preferred Stock, voting as a separate series, shall be entitled and shall have exercised their right to elect two Directors, then, and during such time as such right continues, (a) the then authorized number of Directors shall be increased by two,
and the holders of Series A Preferred Stock, voting as a separate series, shall be entitled to elect the additional Directors so provided for, and (b) each such additional Director shall not be a member of any existing class of the Board, but shall
serve until the next annual meeting of shareholders for the election of Directors, or until his successor shall be elected and shall qualify, or until his right to hold such office terminates pursuant to the provisions of this Section 3(C).

  
 (iii) A Director elected pursuant to the terms hereof may be
removed with or without cause by the holders of Series A Preferred Stock entitled to vote in an election of such Director. 
  
 (iv) If, during any interval between annual meetings of shareholders for the election of Directors and while the holders of Series A Preferred Stock shall
be entitled to elect two Directors, there is no such Director in office by reason of resignation, death or removal, then, promptly thereafter, the Board shall call a special meeting of the holders of Series A Preferred Stock for the purpose of
filling such vacancy and such vacancy shall be filled at such special meeting. Such special meeting shall in any event be held within 45 days of the occurrence of such vacancy. 
  
 (v) At such time as the arrearage is fully cured, and all dividends accumulated and unpaid on any shares of Series A
Preferred Stock outstanding are paid, and, in addition thereto, at least one regular dividend has been paid subsequent to curing such arrearage, the term of office of any Director elected pursuant to this Section 3(C), or his successor, shall
automatically terminate, and the authorized number of Directors shall automatically decrease by two, the rights of the holders of the shares of the Series A Preferred Stock to vote as provided in this Section 3(C) shall cease, subject to renewal
from time to time upon the same terms and conditions, and the holders of shares of the Series A Preferred Stock shall have only the limited voting rights elsewhere herein set forth. 
  

 A-5 

 (D) Except as set forth herein, or as otherwise provided by law, holders of Series A Preferred Stock
shall have no special voting rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking any corporate action. 
  
 Section 4. Certain Restrictions. 
  
 (A) Whenever quarterly dividends or other dividends or distributions payable
on the Series A Preferred Stock as provided in Section 2 are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series A Preferred Stock outstanding shall have been paid in
full, the corporation shall not: 
  
 (i) declare or pay
dividends, or make any other distributions, on any shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock; 
  
 (ii) declare or pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as to
dividends or upon liquidation, dissolution or winding up) with the Series A Preferred Stock, except dividends paid ratably on the Series A Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion to the
total amounts to which the holders of all such shares are then entitled; 
  
 (iii) redeem or purchase or otherwise acquire for consideration shares of any stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock, provided that
the corporation may at any time redeem, purchase or otherwise acquire shares of any such junior stock in exchange for shares of any stock of the corporation ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to
the Series A Preferred Stock; or 
  
 (iv) redeem or purchase or
otherwise acquire for consideration any shares of Series A Preferred Stock, or any shares of stock ranking on a parity with the Series A Preferred Stock, except in accordance with a purchase offer made in writing or by publication (as determined by
the Board) to all holders of such shares upon such terms as the Board, after consideration of the respective annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will
result in fair and equitable treatment among the respective series or classes. 
  
 (B) The corporation shall not permit any subsidiary of the corporation to purchase or otherwise acquire for consideration any shares of stock of the corporation unless the corporation could, under paragraph (A) of
this Section 4, purchase or otherwise acquire such shares at such time and in such manner. 
  
 Section 5. Reacquired Shares. Any shares of Series A Preferred Stock purchased or otherwise acquired by the corporation in any manner whatsoever shall automatically become authorized but unissued shares of
Preferred Stock and may be reissued as part of a new series of Preferred Stock subject to the conditions and restrictions on issuance set forth in these Articles of Organization, or in any other amendment to these Articles of Organization creating a
series of Preferred Stock or any similar stock or as otherwise required by law. 
  

 A-6 

 Section 6. Liquidation, Dissolution or Winding Up. 
  
 (A) Upon any liquidation, dissolution or winding up of the corporation, no
distribution shall be made (1) to the holders of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock unless, prior thereto, the holders of shares of Series A
Preferred Stock shall have received $1,000 per share, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment, provided that the holders of shares of Series A Preferred
Stock shall be entitled to receive an aggregate amount per share, subject to the provision for adjustment hereinafter set forth, equal to 1,000 times the aggregate amount to be distributed per share to holders of shares of Common Stock, or (2) to
the holders of shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Preferred Stock, except distributions made ratably on the Series A Preferred Stock and all such parity stock
in proportion to the total amounts to which the holders of all such shares are entitled upon such liquidation, dissolution or winding up. 
  
 (B) Neither the consolidation, merger, share exchange or other business combination of the corporation with or into any other corporation nor the sale,
lease, exchange or conveyance of all or any part of the property, assets or business of the corporation shall be deemed to be a liquidation, dissolution or winding up of the corporation for purposes of this Section 6. 
  
 (C) In the event the corporation shall at any time declare or pay any
dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision, combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common
Stock) into a greater or lesser number of shares of Common Stock, then in each such case the aggregate amount to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event under the proviso in clause (1) of
paragraph (A) of this Section 6 shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares
of Common Stock that were outstanding immediately prior to such event. In the event the corporation shall at any time declare or pay any dividend on the Series A Preferred Stock payable in shares of Series A Preferred Stock, or effect a subdivision,
combination or consolidation of the outstanding shares of Series A Preferred Stock (by reclassification or otherwise than by payment of a dividend in shares of Series A Preferred Stock) into a greater or lesser number of shares of Series A Preferred
Stock, then in each such case the aggregate amount to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event under the proviso in clause (1) of paragraph (A) of this Section 6 shall be adjusted by
multiplying such amount by a fraction, the numerator of which is the number of shares of Series A Preferred Stock that were outstanding immediately prior to such event and the denominator of which is the number of shares of Series A Preferred Stock
outstanding immediately after such event. 
  

 A-7 

 Section 7. Consolidation, Merger, Share Exchange, etc. Notwithstanding anything to the contrary
contained herein, in case the corporation shall enter into any consolidation, merger, share exchange, combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any
other property, then in any such case each share of Series A Preferred Stock shall at the same time be similarly exchanged or changed into an amount per share, subject to the provision for adjustment hereinafter set forth, equal to 1,000 times the
aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged. In the event the corporation shall at any time declare or pay
any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision, combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common
Stock) into a greater or lesser number of shares of Common Stock, then in each such case the amount set forth in the preceding sentence with respect to the exchange or change of shares of Series A Preferred Stock shall be adjusted by multiplying
such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such
event. In the event the corporation shall at any time declare or pay any dividend on the Series A Preferred Stock payable in shares of Series A Preferred Stock, or effect a subdivision, combination or consolidation of the outstanding shares of
Series A Preferred Stock (by reclassification or otherwise than by payment of a dividend in shares of Series A Preferred Stock) into a greater or lesser number of shares of Series A Preferred Stock, then in each such case the amount set forth in the
first sentence of this Section 7 with respect to the exchange or change of shares of Series A Preferred Stock shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Series A Preferred Stock that
were outstanding immediately prior to such event and the denominator of which is the number of shares of Series A Preferred Stock outstanding immediately after such event. 
  
 Section 8. No Redemption. The shares of Series A Preferred Stock shall not be redeemable. 
  
 Section 9. Rank. The Series A Preferred Stock shall rank, with respect
to the payment of dividends and the distribution of assets, junior to all series of any other class of the Preferred Stock issued either before or after the issuance of the Series A Preferred Stock, unless the terms of any such series shall provide
otherwise. 
  
 Section 10. Amendment. At such time as any
shares of Series A Preferred Stock are outstanding, the Articles of Organization, as amended, of the corporation shall not be amended in any manner which would materially alter or change the powers, preferences or special rights of the Series A
Preferred Stock so as to affect them adversely without the affirmative vote of the holders of at least two-thirds of the outstanding shares of Series A Preferred Stock, voting together as a single class. 
  
 Section 11. Fractional Shares. Series A Preferred Stock may be issued
in fractions of a share which shall entitle the holder, in proportion to such holder’s fractional shares, to exercise voting rights, receive dividends, participate in distributions and have the benefit of all other rights of holders of Series A
Preferred Stock. 
  

 A-8 

 FOURTH, this Amendment does not authorize an exchange or effect a reclassification or cancellation of
issued shares of the corporation. 
  
 FIFTH: 
  
 (A) The total shares authorized prior to this Amendment was (i) 35,000,000
shares of Common Stock, par value $.01 per share, and (ii) 2,000,000 shares of Preferred Stock, par value $.01 per share. 
  
 (B) The total shares authorized upon the effectiveness of this Amendment is (i) 35,000,000 shares of Common Stock, par value $.01 per share, and (ii)
2,000,000 shares of Preferred Stock, par value $.01 per share, of which 35,000 shares of Preferred Stock are designated Series A Junior Participating Preferred Stock. 
  
 The foregoing amendments will become effective at the time and on the date when these Articles of Amendment are approved by
the Division. 
  

			
	Signed by	 	  

  
 (Please check
appropriate box) 
  

	 	 ̈	Chairman of the board of directors, 

  

	 	 ̈	President, 

  

	 	 ̈	Other officer, 

  

	 	 ̈	Court-appointed fiduciary, 

  
 on this          day of             , 2005. 
  

 A-9 

 COMMONWEALTH OF MASSACHUSETTS 
  
 William Francis Galvin 
  
 Secretary of the Commonwealth 
  
 One Ashburton Place, Boston, Massachusetts 02108-1512 
  
 Articles of Amendment 
  
 (General Laws Chapter 156D, Section 10.06; 950 CMR 113.34) 
  

I hereby certify that upon examination of these articles of amendment, it appears that the provisions of the General Laws relative thereto have been
complied with, and the filing fee in the amount of $             having been paid, said articles are deemed to have been filed with me this
         day of             , 2005, at          a.m./p.m. 
                                        
 (time) 
  

			
	Effective date:	 	  

	 	 	(must be within 90 days of date submitted)

  
 WILLIAM FRANCIS
GALVIN 
  
 Secretary of the Commonwealth 
  

			
	 Filing Fee:
	 	Minimum filing fee $100 per article amended, stock increases $100 per 100,000 shares, plus $100 for each additional 100,000 shares or any fraction thereof.

  
 Contact information: 
  
 Alan J.
Bouffard, Esq. 
 Boston Communications Group, Inc. 
 55 Middlesex Turnpike 
 Bedford, MA 01730 
 Telephone: (781) 476-4603 
 Email: abouffard@bcgi.net 
  

 A-10 

 Exhibit B 
  

[Form of Rights Certificate] 
  

			
	 Certificate No. R-
	 	             Rights

  
 NOT EXERCISABLE AFTER SEPTEMBER 6,
2015 OR EARLIER IF REDEEMED OR EXCHANGED BY THE COMPANY. THE RIGHTS ARE SUBJECT TO REDEMPTION AT $.001 PER RIGHT AND TO EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING
PERSON (AS SUCH TERM IS DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID. [THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING
PERSON OR AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION
7(e) OF SUCH AGREEMENT.]1 
  

BOSTON COMMUNICATIONS GROUP, INC. 
  
 Rights Certificate 
  
 This certifies that
                            , or registered assigns, is the registered owner of the number of Rights
set forth above, each of which entitles the owner thereof, subject to the terms, provisions and conditions of the Rights Agreement, dated September 6, 2005 (the “Rights Agreement”), between Boston Communications Group, Inc., a
Massachusetts corporation (the “Company”), and EquiServe Trust Company, N.A. (the “Rights Agent”), to purchase from the Company after the Distribution Date (as such term is defined in the Rights Agreement) and at any time prior
to 5:00 p.m. (Boston time) on September 6, 2015 at the office of the Rights Agent designated for such purpose, or its successors as Rights Agent, one one-thousandth of a fully paid, non-assessable share of Series A Junior Participating Preferred
Stock (the “Preferred Stock”) of the Company, $.01 par value per share, at a purchase price of $35.00 in cash per one one-thousandth of a share (the “Purchase Price”), upon presentation and surrender of this Rights Certificate
with the Form of Election to Purchase and related Certificate duly executed. The number of Rights evidenced by this Rights Certificate (and the number of one one-thousandth of a share of Preferred Stock which may be purchased upon exercise hereof)
set forth above, and the Purchase Price set forth above, are the number and Purchase Price as of the close of business on September 19, 2005, based on the Preferred Stock as constituted at such date. Capitalized terms used herein and not otherwise
defined herein shall have the meanings ascribed to such terms in the Rights Agreement. 
  

	1	The portion of the legend in brackets shall be inserted only if applicable and shall replace the preceding sentence. 

  

 B-1 

 Upon the occurrence of a Section 11(a)(ii) Event, if the Rights evidenced by this Rights Certificate are beneficially
owned by (i) an Acquiring Person or an Affiliate or Associate of any such Acquiring Person (as such terms are defined in the Rights Agreement), (ii) a transferee of any such Acquiring Person, Associate or Affiliate who becomes a transferee after the
Acquiring Person becomes an Acquiring Person, or (iii) under certain circumstances specified in the Rights Agreement, a transferee of a person who, concurrently with or after such transfer, became an Acquiring Person, or an Affiliate or Associate of
an Acquiring Person, such Rights shall become null and void and no holder hereof shall have any right with respect to such Rights from and after the occurrence of such Section 11(a)(ii) Event. 
  
 As provided in the Rights Agreement, the Purchase Price and the number and kind of shares of
Preferred Stock or other securities which may be purchased upon the exercise of the Rights evidenced by this Rights Certificate are subject to modification and adjustment upon the happening of certain events, including Section 11(a)(ii) Events.

  
 This Rights Certificate is subject to all of the terms, provisions and
conditions of the Rights Agreement, which terms, provisions and conditions are hereby incorporated herein by reference and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of
rights, obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders of the Rights Certificates, which limitations of rights include the temporary suspension of the exercisability of such Rights under the specific
circumstances set forth in the Rights Agreement. Copies of the Rights Agreement are on file at the principal offices of the Company and are available upon written request to the Company. 
  
 This Rights Certificate, with or without other Rights Certificates, upon surrender at the office of the Rights Agent designated for such
purpose, with the Form of Election and Certificate set forth on the reverse side duly executed, may be exchanged for another Rights Certificate or Rights Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like
aggregate number of one one-thousandths of a share of Preferred Stock as the Rights evidenced by the Rights Certificate or Rights Certificates surrendered shall have entitled such holder to purchase. If this Rights Certificate shall be exercised in
part, the holder shall be entitled to receive upon surrender hereof another Rights Certificate or Rights Certificates for the number of whole Rights not exercised. 
  
 Subject to the provisions of the Rights Agreement, the Rights evidenced by this Certificate may be redeemed by the Company at its option at
a redemption price of $.001 per Right at any time prior to the earlier of (i) the close of business on the tenth Business Day (or such later date as may be determined by the Board pursuant to clause (i) of the first sentence of Section 3(a) of the
Rights Agreement with respect to the Distribution Date) following the Stock Acquisition Date (or, if the Stock Acquisition Date shall have occurred prior to the Record Date, the close of business on the tenth Business Day following the Record Date)
and (ii) the Final Expiration Date. 
  
 Subject to the provisions of the Rights
Agreement, the Company may, at its option, at any time after a Section 11(a)(ii) Event, exchange all or part of the Rights evidenced by this Certificate for shares of the Company’s Common Stock or for Preferred Stock (or shares of a class or
series of the Company’s preferred stock having the same rights, privileges and preferences as the Preferred Stock). 
  

 B-2 

 No fractional shares of Preferred Stock will be issued upon the exercise of any Right or Rights evidenced hereby (other
than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock, which may, at the election of the Company, be evidenced by depositary receipts), but in lieu thereof a cash payment will be made, as provided in the
Rights Agreement. 
  
 No holder of this Rights Certificate, as such, shall be
entitled to vote or receive dividends or be deemed for any purpose the holder of shares of Preferred Stock or of any other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights
Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or
to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting shareholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Right
or Rights evidenced by this Rights Certificate shall have been exercised as provided in the Rights Agreement. 
  
 This Rights Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Rights Agent. 
  
 WITNESS the facsimile signature of the proper officers of the Company and its corporate seal. 
  
 Dated as of
                     
  

							
	ATTEST:	  	BOSTON COMMUNICATIONS GROUP, INC.
			
	  

	  	By:	 	  

	Secretary	  	Title:	 	  

			
	COUNTERSIGNED:	  	 	 	 
			
	EQUISERVE TRUST COMPANY, N.A.	  	 	 	 
				
	By:	 	  

	  	 	 	 
	Authorized Signature	  	 	 	 

  

 B-3 

 [Form of Reverse Side of Rights Certificate] 
  
 FORM OF ASSIGNMENT 
  
 (To be executed by the registered holder if such 
  
 holder desires to transfer the Rights Certificate.) 
  
 FOR VALUE RECEIVED________________________________________________________________ hereby sells, 
 assigns and transfers unto ____________________________________________________________________ 
 ________________________________________________________________________________________________ 
  
 (Please print name and address of transferee) 
  
 ______________________________________________________________________________________________________  this Rights Certificate, together with all right, title and interest therein, and does hereby
irrevocably constitute and appoint __________________________  Attorney, to transfer the within Rights Certificate on the books of the within-named Company, with full power of substitution. 
  
 Dated:
                     
  

	
	  

	Signature

  
 Signature Guaranteed:

  
 Certificate 
  
 The undersigned hereby certifies that the Rights evidenced by this Rights Certificate are not
beneficially owned by, or being assigned to, an Acquiring Person or an Affiliate or Associate thereof (as such terms are defined pursuant to the Rights Agreement). 
  
 Dated:                     

  

	
	  

	Signature

  
 Signature Guaranteed:

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

 B-4 

 FORM OF ELECTION TO PURCHASE 
  
 (To be executed if holder desires to exercise 
  
 Rights represented by the Rights Certificate.) 
  
 To: EquiServe Trust Company, N.A. 
  
 The undersigned hereby irrevocably elects to exercise
                         Rights represented by this Rights Certificate to purchase the shares of Preferred Stock issuable
upon the exercise of the Rights (or such other securities of the Company or of any other person which may be issuable upon the exercise of the Rights) and requests that certificates for such shares be issued in the name of and delivered to:

  
 Please insert social security or other identifying number

  

  
  

  
 (Please print name and address) 
  

  
 If such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a
new Rights Certificate for the balance of such Rights shall be registered in the name of and delivered to: 
  
 Please insert social security or other identifying number 
  

 
  

  
 (Please print name and address) 
  

  
 Dated:                          

 

	
	  

	Signature

  
 Signature Guaranteed:

  

 B-5 

 Certificate 
  
 The undersigned hereby certifies by checking the appropriate boxes that: 
  
 (1) the Rights evidenced by this Rights Certificate [ ] are [ ] are not being exercised by or on behalf of a Person who is
or was an Acquiring Person or an Affiliate or Associate thereof (as such terms are defined pursuant to the Rights Agreement); 
  
 (2) after due inquiry and to the best knowledge of the undersigned, the undersigned [ ] did [ ] did not acquire the Rights evidenced by this Rights
Certificate from any Person who is, was or became an Acquiring Person or an Affiliate or Associate thereof. 
  
 Dated:                      
  

	
	  

	Signature

  
 Signature Guaranteed:

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

 B-6 

 Exhibit C 
  

SUMMARY OF RIGHTS TO 
  
 PURCHASE PREFERRED STOCK 
  
 On September 6, 2005, the Board of Directors of Boston Communications Group, Inc. (the “Company”), declared a dividend of one Right for each outstanding share
of the Company’s Common Stock to shareholders of record at the close of business on September 19, 2005 (the “Record Date”). Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series
A Junior Participating Preferred Stock, $.01 par value per share (the “Preferred Stock”), at a Purchase Price of $35.00 in cash, subject to adjustment. The description and terms of the Rights are set forth in a Rights Agreement dated
September 6, 2005 (the “Rights Agreement”) between the Company and EquiServe Trust Company, N.A., as Rights Agent. 
  
 Initially, the Rights are not exercisable and will be attached to all certificates representing outstanding shares of Common Stock, and no separate Rights Certificates
will be distributed. The Rights will separate from the Common Stock, and the Distribution Date will occur, upon the earlier of (i) the close of business on the tenth business day (or such later date as may be determined by the Board of Directors)
following the later of (a) the first date of a public announcement that a person or group of affiliated or associated persons (an “Acquiring Person”) has acquired, or obtained the right to acquire, beneficial ownership of 15% or more of
the outstanding shares of Common Stock or (b) the first date on which an executive officer of the Company has actual knowledge that an Acquiring Person has become such (the “Stock Acquisition Date”), or (ii) the close of business on the
tenth business day (or such later date as may be determined by the Board of Directors) following the commencement of a tender offer or exchange offer (other than a Permitted Offer (as defined in the Rights Agreement)) that would result in a person
or group beneficially owning 15% or more of the outstanding shares of Common Stock. The Distribution Date may be deferred in circumstances determined by the Board of Directors. In addition, certain inadvertent acquisitions will not trigger the
occurrence of the Distribution Date. Until the Distribution Date (or earlier redemption or expiration of the Rights), (i) the Rights will be evidenced by the Common Stock certificates outstanding on the Record Date, together with this Summary of
Rights, or by new Common Stock certificates issued after the Record Date which contain a notation incorporating the Rights Agreement by reference, (ii) the Rights will be transferred with and only with such Common Stock certificates, and (iii) the
surrender for transfer of any certificates for Common Stock outstanding (with or without a copy of this Summary of Rights or such notation) will also constitute the transfer of the Rights associated with the Common Stock represented by such
certificate. 
  
 The Rights are not exercisable until the Distribution Date and
will expire upon the close of business on September 6, 2015 (the “Final Expiration Date”) unless earlier redeemed or exchanged as described below. As soon as practicable after the Distribution Date, separate Rights Certificates will be
mailed to holders of record of the Common Stock as of the close of business on the Distribution Date and, thereafter, the separate Rights Certificates alone will represent the Rights. Except as otherwise determined by the Board of Directors, and
except for shares of Common Stock issued upon exercise, conversion or exchange of then outstanding options, convertible or exchangeable securities or other contingent obligations to issue shares or pursuant to any employee benefit plan or
arrangement, only shares of Common Stock issued prior to the Distribution Date will be issued with Rights. 
  

 C-1 

 In the event that any Person becomes an Acquiring Person, unless the event causing the 15% threshold to be crossed is a
Permitted Offer (as defined in the Rights Agreement), then, promptly following the first occurrence of such event, each holder of a Right (except as provided below and in Section 7(e) of the Rights Agreement) shall thereafter have the right to
receive, upon exercise, that number of shares of Common Stock of the Company (or, in certain circumstances, cash, property or other securities of the Company) which equals the exercise price of the Right divided by 50% of the current market price
(as defined in the Rights Agreement) per share of Common Stock at the date of the occurrence of such event. However, Rights are not exercisable following such event until such time as the Rights are no longer redeemable by the Company as described
below. Notwithstanding any of the foregoing, following the occurrence of such event, all Rights that are, or (under certain circumstances specified in the Rights Agreement) were, beneficially owned by any Acquiring Person will be null and void. The
event summarized in this paragraph is referred to as a “Section 11(a)(ii) Event.” 
  
 For example, at an exercise price of $35 per Right, each Right not owned by an Acquiring Person (or by certain related parties) following a Section 11(a)(ii) Event would entitle its holder to purchase for $35 such
number of shares of Common Stock (or other consideration, as noted above) as equals $35 divided by one-half of the current market price (as defined in the Rights Agreement) of the Common Stock. Assuming that the Common Stock had a market price of
$10 per share at such time, the holder of each valid Right would be entitled to purchase seven shares of Common Stock, having a market value of 7 x $10, or $70, for $35. 
  
 In the event that, at any time after any Person becomes an Acquiring Person, (i) the Company is consolidated with, merged with and into, or
consummates a share exchange with, another entity, and the Company is not the surviving or acquiring entity of such consolidation, merger or share exchange (other than a transaction that follows a Permitted Offer) or if the Company is the surviving
or acquiring entity, but shares of its outstanding Common Stock are changed or exchanged for stock or securities (of any other person) or cash or any other property, or (ii) more than 50% of the Company’s assets or earning power is sold or
transferred, each holder of a Right (except Rights which previously have been voided as set forth above) shall thereafter have the right to receive, upon exercise, that number of shares of common stock of the acquiring company which equals the
exercise price of the Right divided by 50% of the current market price (as defined in the Rights Agreement) of such common stock at the date of the occurrence of the event. The events summarized in this paragraph are referred to as “Section 13
Events.” A Section 11(a)(ii) Event and Section 13 Events are collectively referred to as “Triggering Events.” 
  
 For example, at an exercise price of $35 per Right, each valid Right following a Section 13 Event would entitle its holder to purchase for $35 such number of shares of
common stock of the acquiring company as equals $35 divided by one-half of the current market price (as defined in the Rights Agreement) of such common stock. Assuming that such common stock had a market price of $10 per share at such time, the
holder of each valid Right would be entitled to purchase seven shares of common stock of the acquiring company, having a market value of 7 x $10, or $70, for $35. 
  

 C-2 

 At any time after the occurrence of a Section 11(a)(ii) Event, when no person owns a majority of the Common Stock, the
Board of Directors of the Company may exchange the Rights (other than Rights owned by such Acquiring Person which have become void), in whole or in part, at an exchange ratio of one share of Common Stock, or one one-thousandth of a share of
Preferred Stock (or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences and privileges), per Right (subject to adjustment). 
  
 The Purchase Price payable, and the number of units of Preferred Stock or other securities or property issuable, upon exercise of the Rights
are subject to adjustment from time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Preferred Stock, (ii) if holders of the Preferred Stock are granted certain rights or
warrants to subscribe for Preferred Stock or convertible securities at less than the then-current market price (as defined in the Rights Agreement) of the Preferred Stock, or (iii) upon the distribution to holders of the Preferred Stock of evidences
of indebtedness or assets (excluding regular periodic cash dividends paid out of earnings or retained earnings) or of subscription rights or warrants (other than those referred to above). The number of Rights associated with each share of Common
Stock is also subject to adjustment in the event of a stock split of the Common Stock or a stock dividend on the Common Stock payable in Common Stock or subdivisions, consolidations or combinations of the Common Stock occurring, in any such case,
prior to the Distribution Date. 
  
 With certain exceptions, no adjustment in the
Purchase Price will be required until cumulative adjustments amount to at least 1% of the Purchase Price. No fractional shares of Preferred Stock (other than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock)
will be issued and, in lieu thereof, an adjustment in cash will be made based on the market price of the Preferred Stock on the last trading date prior to the date of exercise. 
  
 Preferred Stock purchasable upon exercise of the Rights will not be redeemable. Each share of Preferred Stock will be entitled to receive,
when, as and if declared by the Board of Directors, a minimum preferential quarterly dividend payment of $10 per share or, if greater, an aggregate dividend of 1,000 times the dividend declared per share of Common Stock. In the event of liquidation,
the holders of the Preferred Stock will be entitled to a minimum preferential liquidation payment of $1,000 per share, plus an amount equal to accrued and unpaid dividends, and will be entitled to an aggregate payment of 1,000 times the payment made
per share of Common Stock. Each share of Preferred Stock will have 1,000 votes, voting together with the Common Stock. In the event of any merger, consolidation, share exchange or other transaction in which Common Stock is changed or exchanged, each
share of Preferred Stock will be entitled to receive 1,000 times the amount received per share of Common Stock. These rights are protected by customary antidilution provisions. Because of the nature of the Preferred Stock’s dividend,
liquidation and voting rights, the value of one one-thousandth of a share of Preferred Stock purchasable upon exercise of each Right should approximate the value of one share of Common Stock. 
  
 At any time prior to the earlier of the tenth Business Day (or such later date as may be
determined by the Board of Directors of the Company) after the Stock Acquisition Date, the Company may redeem the Rights in whole, but not in part, at a price of $0.001 per Right (the 
  

 C-3 

 “Redemption Price”), payable in cash or stock. Immediately upon the redemption of the Rights or such earlier
time as established by the Board in the resolution ordering the redemption of the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price. 
  
 Until a Right is exercised, the holder thereof, as such, will have no rights as a shareholder
of the Company, including, without limitation, the right to vote or to receive dividends. Although the distribution of the Rights should not be taxable to shareholders or to the Company, shareholders may, depending upon the circumstances, recognize
taxable income in the event that the Rights become exercisable for Common Stock (or other consideration) of the Company or for common stock of the acquiring company as set forth above. 
  
 Any provision of the Rights Agreement, other than the redemption price, may be amended by the Board prior to such time as the Rights are no
longer redeemable. Once the Rights are no longer redeemable, the Board’s authority to amend the Rights is limited to correcting ambiguities or defective or inconsistent provisions in a manner that does not adversely affect the interest of
holders of Rights. 
  
 The Rights are intended to protect the shareholders of the
Company in the event of an unfair or coercive offer to acquire the Company and to provide the Board with adequate time to evaluate unsolicited offers. The Rights may have anti-takeover effects. The Rights will cause substantial dilution to a person
or group that attempts to acquire the Company without conditioning the offer on a substantial number of Rights being acquired. The Rights, however, should not affect any prospective offeror willing to make an offer at a fair price and otherwise in
the best interests of the Company and its shareholders, as determined by the Board. The Rights should not interfere with any merger, share exchange or other business combination approved by the Board. 
  
 A copy of the Rights Agreement has been filed with the Securities and Exchange Commission as
an Exhibit to the Company’s Current Report on Form 8-K dated September 6, 2005. A copy of the Rights Agreement is available free of charge from the Company. This summary description of the Rights does not purport to be complete and is qualified
in its entirety by reference to the Rights Agreement, which is incorporated herein by reference. 
  

 C-4Asset Purchase Agreement dated September 2, 2005

 Exhibit 10.35.1 
  
 ASSET PURCHASE AGREEMENT 
  
 This Asset Purchase Agreement (the “Agreement”) dated the 2nd day of September 2005 is entered into among DaimlerChrysler
Services North America LLC, a Michigan limited liability company (“DCSNA”), Elspeth Pacific, Inc., a Delaware corporation wholly owned by DCSNA (“Elspeth”, and hereinafter referred to together with DCSNA as “Sellers”),
and Horizon Lines, LLC (“Buyer”), a Delaware limited liability company. 
  
 WITNESSETH: 
  
 WHEREAS, each of Elspeth and the
Buyer, inter alia, is a party to certain Participation Agreements dated as of December 1, 1988, as amended, modified or supplemented (the “Participation Agreements”) and other Operative Documents, as amended, modified or supplemented,
defined by reference in each such Participation Agreement respecting each of the vessels SS Horizon Pacific and SS Horizon Enterprise (hereinafter referred to as the “Vessels”); and 
  
 WHEREAS, Elspeth and U.S. Bank National Association, as successor in interest to The
Connecticut National Bank (the “Owner Trustee”) are parties to a certain Trust Agreement respecting each of the Vessels, pursuant to which Trust Agreements, Elspeth is the sole Owner Participant and beneficial owner of the respective Trust
Estates as defined in each Trust Agreement; and 
  
 WHEREAS, DCSNA is directly and
primarily liable and not merely as a surety for the obligations of Elspeth under the Operative Documents as defined in each Participation Agreement; and 
  
 WHEREAS, Elspeth has agreed to sell to Buyer its Owner Participant rights under the Operative Documents as defined in each Participation Agreement, and the Buyer has
agreed to purchase such Owner Participant rights and, as of the Closing Date, to succeed to all of the respective Owner Participant rights and assume all of the respective Owner Participant duties and obligations of Elspeth under the Operative
Documents as defined in each Participation Agreement (such interests, rights and obligations under the Operative Documents as defined in each Participation Agreement are hereinafter referred to as the “OP Interest”); 

 NOW, THEREFORE, in consideration of the foregoing and the agreements contained herein, Sellers and Buyer agree as
follows: 
  
 ARTICLE 1 
 DEFINITIONS 
  
 1. Definitions. Capitalized terms used herein and not otherwise defined have the meaning specified in Schedule X to each respective Participation Agreement.

  
 ARTICLE 2 
 PURCHASE AND SALE 
  
 2.1 Purchase and Sale: On the terms and subject to the conditions hereof, and in reliance on the representations and warranties of Sellers and of Buyer contained
herein, Elspeth will, on or before September 22, 2005 or such other date as the parties hereto shall agree in writing (the “Closing Date”), sell, transfer, assign, convey and deliver to Buyer, and Buyer will purchase and accept from
Elspeth, all of Elspeth’s right, title and interest in and to its OP Interest for an aggregate consideration of Twenty-Five Million Two Hundred Thousand dollars (US $25.2m) (the “Purchase Price”), payable in cash on the Closing Date.
The parties understand and agree that each Vessel is subject to existing non-recourse debt issued by each Owner Trustee in the outstanding amount of Two Million Three Hundred Thirty-Nine Thousand Six Hundred Ninety-Two United States Dollars and
Forty-Three Cents (US$2,339,692.43) with respect to the SS Horizon Enterprise and Two Million One Hundred Seventy-Three Thousand Seven Hundred Thirty-Four United States Dollars and Sixty-Six Cents (US$2,173,734.66) with respect to the SS Horizon
Pacific, aggregating Four Million Five Hundred Thirteen Thousand Four Hundred Twenty-Seven United States Dollars and Nine Cents (US $4,513,427.09) for both Vessels. If the closing has not occurred by October 15, 2005, then this Agreement shall
terminate and the parties shall have no further obligation hereunder except as a result of a breach by any party, and in such event all rights and remedies are reserved. 
  
 2.2 Payment of Purchase Price: Payment of the Purchase Price shall be made by Buyer to Elspeth in immediately available funds, no
later than 3:00 p.m. EDT on the Closing Date by wire to the following account: 
  
 Bank: Chase Manhattan Bank, N.A. 
 1 Chase Manhattan Plaza 
 New York, New York, 10081 
  
 Account Name: DaimlerChrysler Capital Services 
 Routing No. 021-0000-21 
 Account No. 036-1-069768 
  
 2.3 Risk of Loss: Notwithstanding any other provision hereof or of any Sale Document, the risk of loss in respect of the OP Interest,
including any asset forming part of the respective Trust Estates and the credit risk with respect to any 

  

 2 

 Charterer or Guarantor, shall pass to Buyer on the Closing Date after Sellers and Buyer have complied fully with the
requirements of Section 3.1 hereof. 
  
 2.4 Event of Loss: If an Event of
Loss occurs prior to the Closing Date or if Elspeth’s OP Interest with respect to a given Vessel cannot be legally transferred for any reason, and such fact is known to either Seller or to Buyer (and notice thereof is given by one to the other)
before the Closing Date, then the Purchase Price stall be reduced by Twelve Million Six Hundred Thousand United States Dollars (US $12.6m) per such lost Vessel. 
  

2.5 Prior Claims: The rights conveyed by Sellers hereunder do not include rights of either Seller as owner participant arising from events that occur prior to
the Closing Date (“Prior Claims”) including specifically, but without limitation, the right to receive any amounts due or accrued to either Seller under the Operative Documents as defined in each Participation Agreement as of a date prior
to the Closing Date, the right to receive any indemnity payments under any such Operative Documents, or rights with respect to expenses incurred or events occurring prior to the Closing Date. 
  
 ARTICLE 3 
 CONDITIONS TO CLOSING 
  
 3.1 Closing: The Closing (the “Closing”) shall take place on the Closing Date at the Sellers’ offices located at 501 Merritt 7, Norwalk,
Connecticut, or such other place as notified by Sellers to Buyer ten (10) business days in advance, with all executed documents respecting sale (collectively, the “Sale Documents”) available for inspection at a pre-C1osing meeting to be
held two business days prior to the Closing Date. At the Closing, Buyer shall pay the Purchase Price in accordance with Section 2.2 hereof, against delivery by Elspeth of an Assignment and Assumption Agreement with respect to its OP Interests in
each Vessel and the other Sale Documents. Upon delivery of such instruments, Buyer shall assume all of the obligations in respect of such OP Interests whether or not such obligations relate to periods of time prior to, on or after the Closing Date.

  
 3.2 Conditions Precedent to the Obligations of Buyer: The obligations
of Buyer are subject to the fulfillment (or waiver by Buyer) on the Closing Date of each of the following conditions precedent: 
  
 (a) Approvals: All required approvals and consents of, and notifications to: (i) any third party including, without limitation, the Indenture
Trustee (if any); and (ii) any Governmental Authority, including but not limited to the Marad Approval defined in Section 3.3(a) hereof, as necessary in each case on the part of the Sellers in respect of the transactions contemplated hereby shall
have been obtained, or waivers thereof duly obtained, or notices given and executed, and certified copies of each such consent, waiver and notification shall have been delivered to Buyer. 
  

 3 

 (b) Absence of Litigation: Neither Seller nor Buyer shall be party to or have knowledge of an
imminent commencement of any litigation, arbitration, investigation or other proceeding which seeks, or the effect of which is, to prohibit the transfer of the OP Interest as contemplated herein and by the Sale Documents. 
  
 (c) Amendments: Neither Seller shall have made or permitted to be
made any material amendment, waiver or supplement to any Operative Document except in accordance with the express terms thereof, unless Buyer shall have given its prior written consent to such action. 
  
 (d) Filings and Recordations: Seller and Buyer shall have made such
filings and disclosed such information as shall be necessary to fully consummate and reflect the transaction contemplated in this Agreement. 
  
 (e) Truth of Representations: The representations and warranties made by each Seller herein and in the Sale Documents shall be true and correct in
all material respects on and as of the Closing Date. 
  
 (f)
Performance of Covenants: Each Seller shall have performed and complied in all material respects with all agreements and conditions required herein and by the Sale Documents to be performed or complied with by such party prior to or at the
Closing. 
  
 (g) Items to be Delivered by Seller: Seller
shall have delivered to Buyer, each in form and substance reasonably satisfactory to Buyer: 
  
 (i) Officer’s Certificate: A certificate executed by a duly authorized officer of each Seller dated the Closing Date certifying the fulfillment of the conditions specified in Sections 3.2(b), (e) and (f)
hereof and confirming that the condition of Section 3.2(h) has been met; and 
  
 (ii) Secretary’s Certificate: A certificate executed by the Secretary or Assistant Secretary of each Seller dated the Closing Date certifying the form of the organizing documents of each Seller, the
by-laws or operating agreement of each Seller, and the incumbency of the officers of each Seller executing this Agreement and the Sale Documents; and 
  
 (iii) Sale Documents: Executed copies of all Sale Documents; and 
  
 (iv) Lien Searches: Lien searches with respect to each Seller and each Owner Trustee as to filings under the
Connecticut Uniform Commercial Code shall indicate that there are no liens on the OP Interest or each Trust Estate (other than in favor of each respective Indenture Trustee or as expressly permitted under the Operative Documents or those expressly
assumed by Buyer hereunder). 
  

 4 

 (h) No Material Adverse Change: Since the date hereof, there shall not have occurred any material
adverse change in the business, operation or condition, (financial or otherwise) of either Seller, which materially impairs such Seller’s ability to perform any of its obligations hereunder. 
  
 3.3 Conditions Precedent to the Obligations of Sellers: The obligations of each Seller
are subject to the fulfillment or waiver by such Seller on or prior to the Closing Date of each of the following conditions precedent: 
  
 (a) Approvals: All required approvals and consents of, and notifications to any third party or Governmental Authority, including but not limited
to, an approval (the “Marad Approval”) of the transfer of the OP Interest respecting SS Horizon Enterprise from the Maritime Administration under the Construction Differential Subsidy Contract covering such Vessel, as necessary on the part
of the Buyer in respect of the transactions contemplated hereby, shall have been obtained, or waivers thereof duly obtained, or notices given and executed, and certified copies of each such consent, waiver and notification shall have been delivered
to Seller. 
  
 (b) Absence of Litigation: There shall not
be any litigation, arbitration, investigation or other proceeding which seeks, or the effect of which is, to prohibit the transfer of the OP Interest as contemplated herein and by the Sale Documents. 
  
 (c) Truth of Representations: The representations and warranties made
by Buyer herein and in the Sale Documents and the Operative Documents shall be true and correct in all material respects on and as of the Closing Date. 
  
 (d) Filings and Recordations: Sellers and Buyer shall have made such filings and disclosed such information as shall be necessary to fully
consummate and reflect the transaction contemplated in this Agreement. 
  
 (e) Performance of Covenants: Buyer shall have performed and complied in all material respects with all agreements and conditions required herein and by the Sale Documents and the Operative Documents to be performed or complied with
by such party prior to or at the Closing. 
  
 (f) Items to be
Delivered by Buyer: Buyer shall have delivered to Sellers: 
  
 (i) Officer’s Certificate: A certificate executed by a duly authorized officer of the Buyer dated the Closing Date certifying the fulfillment of the conditions specified in Sections 3.3(b), (c) and (e) hereof and that the
condition of Section 3.3(g) has been met; and 
  

 5 

 (ii) Secretary’s Certificate: A certificate executed by the Secretary or Assistant Secretary
of Buyer dated the Closing Date certifying to and attaching evidence of the existence and governing documents of the Buyer, and the incumbency of the officers of Buyer executing this Agreement or the Sale Documents; and 
  
 (iii) Purchase Price: On the Closing Date, the Purchase Price and
other amounts payable by Buyer to Sellers on such date; and 
  
 (iv) Sale Documents: Executed copies of each of the Sale Documents to which Buyer is a party. 
  
 (g) No Material Adverse Change: Since the date hereof, there shall not have occurred any material adverse change in the business, operation or
condition (financial or otherwise) of the Buyer, which materially impairs the Buyer’s ability to perform any of its obligations hereunder. 
  
 ARTICLE 4 
 REPRESENTATIONS AND
WARRANTIES 
  
 4.1 Representations and Warranties of Sellers: Each
Seller represents and warrants to Buyer as of the date hereof that: 
  
 (a) Due Incorporation: It is a business entity duly incorporated or organized, validly existing and in good standing under the laws of the state of its creation, and has the power and authority to own or charter its properties and
assets, and to carry on its business as it does currently, and to perform its respective obligations hereunder and under the Sale Documents to which it is a party. 
  
 (b) Authority Relative to Sale Documents: The execution, delivery and performance by each Seller of this Agreement
and the Sale Documents to which it is a party have been duly authorized by all necessary corporate or limited liability company action and this Agreement and each such Seller’s Sale Documents have been, or on the Closing Date will be, duly
executed and delivered by such Seller, and on the Closing Date will constitute the legal, valid and binding obligation of such Seller enforceable against such Seller in accordance with their respective terms. 
  
 (c) No Violation of Law, Etc.: The execution, delivery and
performance by either Seller of this Agreement and the Sale Documents to which it is a party will not: (i) require any authorization or approval by filing with, or notice to (except a notice under Section 23 of the respective Participation
Agreements and the Marad Approval), any third person or any Governmental Authority, or (ii) violate, conflict with or constitute an event of default or an event which, upon the giving of notice or the lapse of time or both, would constitute an event
of default or 

  

 6 

 
result in a loss of rights under any provision of the business organization or operating documents of each Seller, or of any agreement or instrument to
which, either Seller is a party, or by which either Seller or its respective properties are bound, including, without limitation, the Operative Documents to which such Seller is a party, if such event would prohibit or materially interfere with the
consummation of the transactions contemplated herein or in the Sale Documents. 
  
 (d) Good Title to OP Interest: Upon execution and delivery to Buyer of the Sale Documents at the Closing, (x) Seller will convey good and valid title to such Seller’s OP Interest to Buyer, and (y) each
Vessel will be free and clear of all Owner Encumbrances arising out of actions or inactions of either Seller as Owner Participant. 
  
 (e) No Default: Neither Seller is in default under, or in violation of any material obligations to be performed by it pursuant to the Operative
Documents, and no condition or event exists which upon the giving of notice or the lapse of time, or both, would constitute such a default by such Seller; provided, however, that no representation or warranty is made in this clause (e) with respect
to any such default or violation as may exist by reason of a default on the part of any party to any Operative Document other than Sellers. 
  
 (f) Brokers: No person or entity acting on behalf of either Seller or any affiliate thereof is, or will be entitled to, any brokerage fee,
commission, finder’s fee or financial advisory fee, directly or indirectly from Buyer in connection with the transactions contemplated herein and in the Sale Documents. 
  
 (g) Litigation: There is no litigation or proceeding pending or, to the knowledge of Seller, threatened against
Seller, which seeks to, or, if adversely determined, would prohibit or materially interfere with the consummation by Seller of the transactions contemplated herein or in the Sale Documents. 
  
 (h) Citizenship: Elspeth has been since April 22, 2003 and will
continue to be to the Closing Date duly qualified to be the owner participant under the Trust Agreement respecting each Vessel in accordance with the terms of 46 U.S.C. §12106(e). 
  
 4.2 Representations and Warranties of Buyer: Buyer hereby represents and warrants as of the date hereof that: 
  
 (a) Due Incorporation: It is a business entity duly organized,
validly existing and in good standing under the laws of the state of its creation, and has the power and authority to own or charter its properties and assets, and to carry on its business as it does currently, and to perform its respective
obligations hereunder and under the Sale Documents to which it is a party. 
  

 7 

 (b) Authority Relative to Sale Documents: The execution, delivery and performance by Buyer of this
Agreement and the Sale Documents to which it is a party have been duly authorized by all necessary limited liability company action on the part of the Buyer, and this Agreement and each such Sale Document has been, or on the Closing Date will be,
duly executed and delivered by Buyer, and on the Closing Date will constitute the legal, valid and binding obligation of Buyer enforceable against it in accordance with its terms. 
  
 (c) No Violation of Law, Etc.: The execution, delivery and performance by Buyer of this Agreement and the Sale
Documents to which it is a party will not: (i) require any authorization or approval by filing with, or notice to (except a notice under Section 23 of the respective Participation Agreements and the Marad Approval), any third person or any
Governmental Authority, or (ii) violate, conflict with or constitute an event of default or an event which, upon the giving of notice or the lapse of time or both, would constitute an event of default or result in a loss of rights under any
provision of the business organization or operating documents of Buyer, or of any agreement or instrument to which Buyer is a party, or by which it or its respective properties are bound, if such event would prohibit or materially interfere with the
consummation of the transactions contemplated herein or in the Sale Documents. 
  
 (d) Litigation: There is no litigation or proceeding pending or, to the knowledge, of Buyer, threatened against Buyer, which seeks to or, if adversely determined, would prohibit or materially interfere with the
consummation by Buyer of the transactions contemplated herein or in the Sale Documents. 
  
 (e) Brokers: No person or entity acting on behalf of Buyer or any affiliate thereof is, or will be entitled to, any brokerage fee, commission, finder’s fee or financial advisory fee, directly or indirectly
from Sellers or any of their affiliates in connection with the transactions contemplated herein or in the Sale Documents. 
  
 (f) Requirements: Buyer complies with all legal and regulatory requirements, and requirements of the Operative Documents necessary in order to
acquire the OP Interests and to beneficially own the Vessels and to continue the documentation of the Vessels under the laws and flag of the United States. Assuming all consents, approvals and notifications required to be obtained or given by the
Sellers are so obtained or given, neither the entry into this Agreement by Buyer nor its consummation of the transactions contemplated herein will violate any law or regulation relating to the ability of the Owner Trustee to own and lease the
Vessels nor expose either Seller, under the terms of the Operative Documents, to any indemnification claim from any party thereto. 
  
 (g) Information True and Correct: All information furnished to Sellers with respect to Buyer fulfilling its requirements hereunder is true and
correct. 
  

 8 

 4.3 Limitation: EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES SET FORTH IN SECTION 4.1 AND THE ASSIGNMENT AND
ASSUMPTION AGREEMENT THE SALE OF THE OP INTERESTS IS MADE “AS IS, WHERE IS”, AND THE SELLER SHALL NOT BE DEEMED TO HAVE MADE ANY FURTHER REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, NOW OR HEREAFTER OF ANY NATURE OR KIND, INCLUDING
WITHOUT LIMITATION, AS TO THE (i) VALUE, CONDITION, DESIGN, OPERATION, MERCHANTABILITY, QUALITY OF MATERIAL OR WORKMANSHIP, FITNESS FOR USE OR FOR A PARTICULAR PURPOSE, MAINTENANCE OR MARKETABILITY OF THE OP INTERESTS OR ANY VESSEL WHICH IS PART
THEREOF, (ii) CREDIT WORTHINESS OF THE CHARTERER OR GUARANTOR, (iii) ADEQUACY OF ANY INSURANCE COVERAGE APPLICABLE TO ANY VESSEL, (iv) COLLECTIBILITY OF ANY AMOUNT UNDER ANY OPERATIVE DOCUMENT, OR (v) TAX CHARACTERIZATION OF THE CHARTER. 

 
 ARTICLE 5 
 COVENANTS 
  
 5.1 Seller’s Post-Closing Payments: Assuming that a Closing hereunder occurs, any payment, fee or other compensation received by either Seller on or after the Closing Date, relating to the OP Interest
shall be for the account of Buyer and Sellers shall promptly remit said amount to Buyer, and until so remitted, any such amount shall be received and held by Sellers for the benefit of Buyer. 
  
 5.2 Prior Claims: If Buyer shall receive any amount in respect of a Prior Claim, or
event described in Section 2.5 above, then Buyer shall promptly remit said amount to Seller and, until so remitted, any such amount received by Buyer shall be received and held by Buyer for the benefit of Seller. 
  
 5.3 Pre-Closing Cooperation: Each party shall furnish all such information, sign any
documents, forms or filings, or take any such measures as may be necessary in order to effectuate the purposes of this transaction including, without limitation, all measures in connection with any government filings, instructions or notices to the
Owner Trustee or Indenture Trustee, etc. 
  
 ARTICLE 6

 MISCELLANEOUS 
  
 6.1 Fees and Expenses: Sellers and Buyer shall each be solely responsible for all fees and expenses incurred by each of them in connection with the execution and
delivery hereof and of the Sale Documents, including counsel fees and expenses. Buyer shall be solely responsible for all fees and expenses incurred by Buyer in connection with the execution and delivery of this Agreement and the Sale Documents
contemplated hereby, 

  

 9 

 
including fees and expenses of such Buyer’s counsel. In the event of a dispute under or enforcement of this Agreement and any Sale Document, the losing
party shall pay all reasonable fees and expenses (including, without limitation, reasonable attorneys’ fees and expenses) of the prevailing party in its efforts to enforce any such document or otherwise resolve such dispute. EACH PARTY WAIVES
ITS RIGHT TO A JURY TRIAL IN ANY ACTION OR PROCEEDING BROUGHT IN CONNECTION WITH THIS AGREEMENT. 
  
 6.2 Notices: All notices and documents delivered hereunder shall be in writing, and shall he forwarded by certified mail, return receipt request and postage prepaid; or facsimile, or personally delivered by
overnight courier, and addressed as follows: 
  
 If to either
Seller before September 30, 2005: 
  
 DaimlerChrysler Services
North America LLC 
 and/or Elspeth Pacific, Inc. 
 c/o DaimlerChrysler Capital Services. 
 Attn: William S. Bishop and Richard M. Cozart, Esq.  
 501 Merritt 7, Fifth Floor 
 Norwalk, CT 06851 
 Fax: 203-750-7100

  
 If to either Seller after September 30, 2005: 
  
 DaimlerChrysler Services North America LLC 
 and/or Elspeth Pacific, Inc. 
 c/o
DaimlerChrysler Services North America LLC 
 Attn: James Stano 
 27777 Inkster Road 
 CIMS: 
 Farmington Hills, MI 48334-5326 
 Fax: 248-427-3550 
  
 If to Buyer: 
  
 Horizon Lines, LLC 
 4064 Colony Road, Suite 200 
 Charlotte, North Carolina 28211 
 Attn: General Counsel 
 Fax: 704-973-7010

  

 10 

 Any facsimile notice shall be followed by written notice delivered in one of the other manners as provided for in this
Section 6.2 
  
 6.3 Entire Agreement; Amendments: Except as otherwise
specifically provided herein, this Agreement and the Sale Documents contain the entire agreement of the parties with respect to the subject matter hereof, and supercede all prior agreements and understandings between the parties, whether written or
oral. Neither this Agreement nor any Sale Document may be amended except by written instrument signed by the parties thereto. 
  
 6.4 Successors and Assigns: This Agreement shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and
assigns. 
  
 6.5 Governing Law: This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without giving effect to the conflict of laws provisions thereof. 
  
 6.6 Counterparts: This Agreement may be executed in separate counterparts, each of which when so executed and delivered, shall be deemed an original for all
purposes, but all such counterparts shall constitute but one and the same instrument. 
  
 6.7 Severability: Whenever possible, each provision of this Agreement and the Sale Documents will be interpreted in such manner as to be effective and valid under applicable law. However, if any provision hereof or of any Sale
Document is held to be prohibited by or invalid under applicable law, then such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
hereof or of such Sale Documents. The remainder of such provision and the remaining provisions of such Sale Document shall be interpreted, to the maximum extent possible, so as to conform to the original intent hereof and of the affected Sale
Document. 
  
 6.8 Headings: The article and section headings contained
herein are for convenience only and shall not be construed as part of this Agreement. 
  
 6.9 No Third-Party Beneficiaries: This Agreement and the Sale Documents are for the sole benefit of the parties thereto and their permitted successors and assigns, and nothing herein, express or implied, shall give or be construed to
give to any person or entity, other than the parties hereto and such successors and assigns, any legal or equitable right thereunder. 
  
 6.10 Assignment and Assumption Agreement: In the event of any conflicts between the terms of this Agreement and the Assignment and Assumption Agreement, then the
terms of this Agreement shall govern. 
  

 11 

 6.11 Further Assurances: Each of the parties hereto agrees that, at any other party’s request and sole cost
and expense, it shall do, execute, acknowledge and deliver all such further acts, conveyances, assignments, transfers, documents and other assurances necessary to effectuate the purposes and carry out the terms and intent of this Agreement and the
Sale Documents. Buyer will permit Seller and its authorized officers, employees or representatives to have reasonable access, during Buyer’s regular business hours, upon reasonable notice, to inspect and copy any agreements, records, books,
contracts, commitments or supporting pages which have been furnished to Buyer by Seller pursuant to the Sale Documents for the purposes of: (i) preparing financial statements, tax returns or similar items; (ii) responding to threatened or pending
litigations or proceedings; and (iii) preparing for tax audits, reports to shareholders or government agencies; provided, however, that nothing herein shall require Buyer to retain any documents longer than it would in the ordinary course of
business or to mate available any privileged documents or information. 
  
 6.12
DCSNA: DCSNA is a party hereto for the sole purpose set forth in the following sentence. DCSNA hereby guarantees that on the Closing Date the representations and warranties made by Elspeth herein and in the Sale Documents are true and correct
in all material respects. 
  
 (REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK.) 
  

 12 

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

			
	 DaimlerChrysler Services North America LLC

		
	 	 	 /s/ William S. Bishop

	 By:
	 	 William S. Bishop

	 Title:
	 	 Vice President

  

			
	 Elspeth Pacific, Inc.

		
	 	 	 /s/ Richard M. Cozart

	 By:
	 	 Richard M. Cozart

	 Title:
	 	 Vice-President

  

			
	 Horizon Lines, LLC

	
	 /s/ Alherd P. Kazura

	 By:
	 	 Alherd P. Kazura

	 Title:
	 	 Vice President

  

 13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]