Document:

EX-4.2: FORM OF CERTIFICATE

 

Exhibit 4.2

     
THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
U.S. SECURITIES ACT OF 1933 (THE “SECURITIES
ACT”) AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT (A) BY THE INITIAL INVESTOR (1) TO
A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
THE SECURITIES ACT ACQUIRING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN
OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR
RULE 904 OF REGULATION S UNDER THE SECURITIES ACT,
(3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF
AVAILABLE) OR (4) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT AND (B) BY SUBSEQUENT
INVESTORS AS SET FORTH IN (A) ABOVE OR TO AN INSTITUTIONAL
ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH CASE
(A) AND (B) IN ACCORDANCE WITH ALL APPLICABLE
SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER
JURISDICTIONS.

     
THIS SECURITY IS A GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A
SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE
OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

     
UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

 

6.625% Senior Note Due July 15,
2012

No. 1.

CUSIP NO. 902911AK2

$

     
UST INC., a corporation duly organized and
existing under the laws of Delaware (herein called the
“Company”, which term includes any successor Person
under the Indenture hereinafter referred to), for value
received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of Five Hundred Million
Dollars on July 15, 2012, and to pay interest thereon from
July 15, 2002, or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually
on January 15 and July 15 in each year, commencing
January 15, 2003, at the rate of 6.625% per annum, until
the principal hereof is paid or made available for payment;
provided, however, that if (i) the Company has not filed a
registration statement (the “Exchange Registration
Statement”) under the Securities Act of 1933, as amended
(the “Securities Act”), registering a security
substantially identical to this Security (except that such
Security will not contain terms with respect to the Special
Interest payments described below or transfer restrictions)
pursuant to an exchange offer (the “Exchange Offer”)
within 120 days after the Securities are initially issued
(or, in lieu thereof if such obligation arises pursuant to the
Indenture, a registration statement registering this Security
for resale (a “Resale Registration Statement”) within
30 days after the time such obligation arises), or
(ii) the Exchange Registration Statement relating to the
Exchange Offer has not become or been declared effective within
180 days after the Securities are initially issued (or, if
applicable, the Resale Registration Statement has not become or
been declared effective within 120 days after filing), or
(iii) the Exchange Offer has not been completed within
210 days after the securities are initially issued (if the
Exchange Offer is then required to be made pursuant to the
Exchange and Registration Rights Agreement (the “Exchange
and Registration Rights Agreement”), dated as of
July 15, 2002, by and between the Company, the Purchasers
(as defined therein) and the Holders from time to time of the
Securities) or (iv) either the Exchange Registration
Statement or, if applicable, the Resale Registration Statement
is filed and declared effective (except as specifically
permitted therein) but shall thereafter cease to be effective
without being succeeded promptly by an additional registration
statement filed and declared effective, in each case
(i) through (iv) upon the terms and conditions set
forth in the Exchange and Registration Rights Agreement (each
such event referred to in clauses (i) through (iv), a
“Registration Default”), then special interest
(“Special Interest”) will accrue (in addition to the
stated interest on the Securities) at a per annum rate of 0.25%
for the first 90 days, determined daily, on the principal
amount of the Securities, for the period from the occurrence of
the Registration Default until such time as no Registration
Default is in effect and, provided, further, that if
either the Exchange Offer has not been consummated or, if
applicable, the Resale Registration Statement has not become or
been declared effective, in each case within this first
90 days, then the per annum rate of such Special Interest
shall increase by an additional 0.25% per annum for each
subsequent 90-day period (provided that the rate of Special
Interest shall not exceed 1.0% per annum in the aggregate) and
Special Interest will be payable at such increased rate until
such time as the Company consummates the Exchange Offer or, if
applicable, the Resale Registration Statement becomes or has
been declared effective (after which such interest rate will be
restored to its initial rate). Interest accruing as a result of
Registration Default (which shall be computed on the basis of a
365-day year) is referred to herein as “Special
Interest.” Accrued Special Interest, if any, shall be paid
semi-annually on January 1 and July 1, in each year;
and the amount of accrued Special Interest shall be determined
on the basis of the number of days actually elapsed. Any accrued
and unpaid interest (including Special Interest) on this
Security upon the issuance of an Exchange Security (as defined
in the Indenture) in exchange for this Security shall cease to
be payable to the Holder hereof but such accrued and unpaid
interest (including Special Interest) shall be payable on the
next Interest Payment Date for such Exchange Security to the
Holder thereof on the related Regular Record Date.

     
The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as
provided in such Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date
for such interest, which shall be the January 1 or
July 1 (whether or not a Business Day), as the case may be,
next preceding such Interest Payment Date. Any such interest not
so punctually paid or duly provided for will

2

 

forthwith cease to be payable to the Holder on
such Regular Record Date and may either be paid to the Person in
whose name this Security (or one or more Predecessor Securities)
is registered at the close of business on a Special Record Date
for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Securities
of this series not less than 10 days prior to such Special
Record Date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities
exchange on which the Securities of this series may be listed,
and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture.

     
Payment of the principal of (and premium, if any)
and interest on this Security will be made at the office or
agency of the Company maintained for that purpose in Boston,
Massachusetts, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the
option of the Company payment of interest may be made by check
mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register.

     
Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof,
which further provisions shall for all purposes have the same
effect as if set forth at this place.

     
Unless the certificate of authentication hereon
has been executed by the Trustee referred to on the reverse
hereof by manual signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for
any purpose.

3

 

     
In Witness Whereof, the Company has caused this
instrument to be duly executed under its corporate seal.

Dated: July 15, 2002

		
	 	
    UST INC.
    

			
	 	By 	
    /s/ KENNETH R. HOPSON
    

		
	 	
    

		
	
    Attest:
    	 
	
    /s/ DEBRA A. BAKER
    	 
	
    
	 

     
This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

		
	 	
    STATE STREET BANK AND TRUST COMPANY
    

			
	 	By 	
    /s/ TODD R. DINEZZA
    

		
	 	
    

	 	
    Authorized Signature
    

4

 

[Reverse of Security ]

     
This Security is one of a duly authorized issue
of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more
series under an Indenture, dated as of May 27, 1999 (herein
called the “Indenture”, which term shall have the
meaning assigned to it in such instrument), between the Company
and State Street Bank and Trust Company, as Trustee (herein
called the “Trustee”, which term includes any
successor trustee under the Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the
Company, the Trustee and the Holders of the Securities and of
the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series
designated on the face hereof, limited in aggregate principal
amount to $600,000,000.

     
The Securities may be redeemed, in whole or from
time to time in part, at the option of the Company at a
redemption price equal to the greater of:

		
	 	     
    (1) 100% of the principal amount of the
    Securities to be redeemed, and
    
	 
	 	     
    (2) the sum of the present values of the
    remaining scheduled payments of principal and interest on the
    Securities to be redeemed (exclusive of interest to the
    applicable redemption date) discounted to that redemption date
    on a semi-annual basis (assuming a 360-day year consisting of
    twelve 30-day months) at the Treasury Rate plus 30 basis
    points,
    

plus, in the case of both clause (1) and
clause (2) above, accrued and unpaid interest on the
principal amount of the Securities being redeemed to that
redemption date. Notwithstanding the foregoing, payments of
interest on the Securities that are due and payable on or prior
to a date fixed for redemption of the Securities will be payable
to the holders of those Securities registered as such at the
close of business on the relevant record dates according to the
terms of the Securities and the terms and provisions of the
Indenture.

     
“Treasury Rate” means, with respect to
any redemption date for the Securities,

		
	 	     
    (1) the yield, under the heading that
    represents the average for the immediately preceding week,
    appearing in the most recently published statistical release
    designated “H.15 (519)” or any successor
    publication which is published weekly by the Board of Governors
    of the Federal Reserve System and which establishes yields on
    actively traded United States Treasury securities adjusted to
    constant maturity under the caption “Treasury Constant
    Maturities,” for the maturity corresponding to the
    Comparable Treasury Issue (if no maturity is within three months
    before or after the Final Maturity Date, yields for the two
    published maturities most closely corresponding to the
    Comparable Treasury Issue shall be determined and the Treasury
    Rate shall be interpolated or extrapolated from such yields on a
    straight line basis, rounding to the nearest month) or
    
	 
	 	     
    (2) if such release (or any successor
    release) is not published during the week preceding the
    calculation date or does not contain such yields, the rate per
    annum equal to the semi-annual equivalent yield to maturity of
    the Comparable Treasury Issue, calculated using a price for the
    Comparable Treasury Issue (expressed as a percentage of its
    principal amount) equal to the Comparable Treasury Price for
    such redemption date.
    

The Treasury Rate shall be calculated on the
third Business Day preceding the applicable redemption date. As
used in the immediately preceding sentence and in the definition
of “Reference Treasury Dealer Quotations” below, the
term “Business Day” means each Monday, Tuesday,
Wednesday, Thursday and Friday that is not a day on which
banking institutions in The City of New York are authorized or
obligated by law, regulation or executive order to close.

     
“Comparable Treasury Issue” means, with
respect to any redemption date for the Securities, the United
States Treasury security selected by the Independent Investment
Banker as having a maturity comparable to the remaining term of
the Securities to be redeemed that would be utilized, at the
time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of the Securities to
be redeemed.

5

 

     
“Comparable Treasury Price” means, with
respect to any redemption date for the Securities, (1) the
average of four Reference Treasury Dealer Quotations for such
redemption date, after excluding the highest and lowest such
Reference Treasury Dealer Quotations, or (2) if the Trustee
obtains fewer than four such Reference Treasury Dealer
Quotations, the average of all such quotations.

     
“Final Maturity Date” means
July 15, 2012.

     
“Independent Investment Banker” means,
with respect to any redemption date for the Securities, Morgan
Stanley & Co. Incorporated and its successors or
Goldman, Sachs & Co. and its successors, whichever
shall be selected by the Trustee after consultation with the
Company, or, if both such firms or the respective successors, if
any, to such firms, as the case may be, are unwilling or unable
to select the Comparable Treasury Issue, an independent
investment banking institution of national standing appointed by
the Trustee after consultation with the Company.

     
“Reference Treasury Dealers” means,
with respect to any redemption date for the Securities, Goldman,
Sachs & Co. and Morgan Stanley & Co.
Incorporated and their respective successors (provided, however,
that if any such firm or any such successor, as the case may be,
shall cease to be a primary U.S. Government securities
dealer in New York City (a “Primary Treasury Dealer”),
the Trustee, after consultation with the Company, shall
substitute therefor another Primary Treasury Dealer), and two
other Primary Treasury Dealers selected by the Trustee after
consultation with the Company.

     
“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any
redemption date for the Securities, the average, as determined
by the Trustee, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Trustee by that
Reference Treasury Dealer at 5:00 p.m., New York City time,
on the third Business Day preceding that redemption date.

     
Notice of any redemption will be mailed at least
30 days but not more than 60 days before the
redemption date to each holder of the Securities to be redeemed
at the holder’s registered address. If less than all of the
Securities are to be redeemed at the Company’s option, the
Trustee will select, in a manner it deems fair and appropriate,
the Securities, or portions of the Securities, to be redeemed.

     
Unless the Company defaults in payment of the
redemption price due in respect of the Securities on any
redemption date, on and after the redemption date, interest will
cease to accrue on the Securities or portions of the Securities
called for redemption on that redemption date.

     
In the event of redemption of this Security in
part only, a new Security or Securities of this series and of
like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.

     
The Securities do not have the benefit of any
sinking fund obligations.

     
The Indenture contains provisions for defeasance
at any time of the entire indebtedness of this Security or
certain restrictive covenants and Events of Default with respect
to this Security, in each case upon compliance with certain
conditions set forth in the Indenture.

     
If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of
the Securities of this series may be declared due and payable in
the manner and with the effect provided in the Indenture.

     
The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of
the rights and obligations of the Company and the rights of the
Holders of the Securities of each series to be affected under
the Indenture at any time by the Company and the Trustee with
the consent of the Holders of 66 2/3% in principal amount
of the Securities at the time Outstanding of each series to be
affected. The Indenture also contains provisions permitting the
Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of
the Holders of all Securities of such series, to waive
compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or

6

 

waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in
lieu hereof, whether or not notation of such consent or waiver
is made upon this Security.

     
As provided in and subject to the provisions of
the Indenture, the Holder of this Security shall not have the
right to institute any proceeding with respect to the Indenture
or for the appointment of a receiver or Trustee or for any other
remedy thereunder, unless such Holder shall have previously
given the Trustee written notice of a continuing Event of
Default with respect to the Securities of this series, the
Holders of not less than 25% in principal amount of the
Securities of this series at the time Outstanding shall have
made written request to the Trustee to institute proceedings in
respect of such Event of Default as Trustee and offered the
Trustee reasonable indemnity, and the Trustee shall not have
received from the Holders of a majority in principal amount of
Securities of this series at the time Outstanding a direction
inconsistent with such request, and shall have failed to
institute any such proceeding, for 60 days after receipt of
such notice, request and offer of indemnity. The foregoing shall
not apply to any suit instituted by the Holder of this Security
for the enforcement of any payment of principal hereof or any
premium or interest hereon on or after the respective due dates
expressed herein.

     
No reference herein to the Indenture and no
provision of this Security or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of and any premium and
interest on this Security at the times, place and rate, and in
the coin or currency, herein prescribed.

     
As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this
Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the office or
agency of the Company in any place where the principal of and
any premium and interest on this Security are payable, duly
endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar
duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Securities
of this series and of like tenor, of authorized denominations
and for the same aggregate principal amount, will be issued to
the designated transferee or transferees.

     
The Securities of this series are issuable only
in registered form without coupons in denominations of $1000 and
any integral multiple thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of
this series are exchangeable for a like aggregate principal
amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder
surrendering the same.

     
No service charge shall be made to a Holder for
any such registration of transfer or exchange, but the Company
may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

     
Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name
this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by
notice to the contrary.

     
All terms used in this Security which are defined
in the Indenture shall have the meanings assigned to them in the
Indenture.

7EX-4.3: EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

 

 Exhibit 4.3

UST Inc.

6.625% Senior Notes due July 15,
2012

EXCHANGE AND REGISTRATION RIGHTS
AGREEMENT

July 15, 2002

Goldman, Sachs & Co.

Morgan Stanley & Co. Incorporated

Credit Lyonnais Securities (USA) Inc.

PNC Capital Markets, Inc.

Scotia Capital (USA) Inc.

U.S. Bancorp Piper Jaffray Inc.

c/o Goldman, Sachs & Co.

85 Broad Street

New York, New York 10004

Ladies and Gentlemen:

     
UST Inc., a Delaware corporation (the
“Company”), proposes to issue and sell to the
Purchasers (as defined herein) upon the terms set forth in the
Purchase Agreement (as defined herein) its 6.625% Senior Notes
due July 15, 2012. As an inducement to the Purchasers to
enter into the Purchase Agreement and in satisfaction of a
condition to the obligations of the Purchasers thereunder, the
Company agrees with the Purchasers for the benefit of holders
(as defined herein) from time to time of the Registrable
Securities (as defined herein) as follows:

     
1.     Certain
Definitions. For purposes of this Exchange and Registration
Rights Agreement, the following terms shall have the following
respective meanings:

		
	 	     
    “Base Interest”
    shall mean the interest that would
    otherwise accrue on the Securities under the terms thereof and
    the Indenture, without giving effect to the provisions of this
    Exchange and Registration Rights Agreement.
    
	 
	 	     
    The term “broker-dealer” shall
    mean any broker or dealer registered with the Commission under
    the Exchange Act.
    
	 
	 	     
    “Closing Date”
    shall mean the date on which the
    Securities are initially issued.
    
	 
	 	     
    “Commission”
    shall mean the United States
    Securities and Exchange Commission, or any other federal agency
    at the time administering the Exchange Act or the Securities
    Act, whichever is the relevant statute for the particular
    purpose.
    
	 
	 	     
    “Effective Time,”
    in the case of (i) an Exchange
    Registration, shall mean the time and date as of which the
    Commission declares the Exchange Registration Statement
    effective or as of which the Exchange Registration Statement
    otherwise becomes effective and (ii) a Shelf Registration,
    shall mean the time and date as of which the Commission declares
    the Shelf Registration Statement effective or as of which the
    Shelf Registration Statement otherwise becomes effective.
    
	 
	 	     
    “Electing
    Holder” shall mean any holder of
    Registrable Securities that has returned a completed and signed
    Notice and Questionnaire to the Company in accordance with
    Section 3(d)(ii) or 3(d)(iii) hereof.
    
	 
	 	     
    “Exchange Act”
    shall mean the Securities Exchange Act
    of 1934, or any successor thereto, as the same shall be amended
    from time to time.
    
	 
	 	     
    “Exchange Offer”
    shall have the meaning assigned
    thereto in Section 2(a) hereof.
    

 

		
	 	     
    “Exchange Registration”
    shall have the meaning assigned
    thereto in Section 3(c) hereof.
    
	 
	 	     
    “Exchange Registration Statement”
    shall have the meaning assigned
    thereto in Section 2(a) hereof.
    
	 
	 	     
    “Exchange Securities”
    shall have the meaning assigned
    thereto in Section 2(a) hereof.
    
	 
	 	     
    The term “holder” shall mean
    each of the Purchasers and other persons who acquire Registrable
    Securities from time to time (including any successors or
    assigns), in each case for so long as such person owns any
    Registrable Securities.
    
	 
	 	     
    “Indenture”
    shall mean the Indenture, dated as of
    May 27, 1999, between the Company and State Street Bank and
    Trust Company, as Trustee, as the same shall be amended from
    time to time.
    
	 
	 	     
    “Notice and
    Questionnaire” means a Notice of
    Registration Statement and Selling Securityholder Questionnaire
    substantially in the form of Exhibit A hereto.
    
	 
	 	     
    The term “person” shall mean a
    corporation, association, partnership, organization, business,
    individual, government or political subdivision thereof or
    governmental agency.
    
	 
	 	     
    “Purchase Agreement”
    shall mean the Purchase Agreement,
    dated as of July [10], 2002, between the Purchasers and the
    Company relating to the Securities.
    
	 
	 	     
    “Purchasers”
    shall mean the Purchasers named in
    Schedule I to the Purchase Agreement.
    
	 
	 	     
    “Registrable Securities”
    shall mean the Securities;
    provided, however, that a Security shall cease to be a
    Registrable Security when (i) in the circumstances
    contemplated by Section 2(a) hereof, the Security has been
    exchanged for an Exchange Security in an Exchange Offer as
    contemplated in Section 2(a) hereof (provided that
    any Exchange Security that, pursuant to the last two sentences
    of Section 2(a), is included in a prospectus for use in
    connection with resales by broker-dealers shall be deemed to be
    a Registrable Security with respect to Sections 5, 6 and 9
    until resale of such Registrable Security has been effected
    within the 120-day period referred to in Section 2(a));
    (ii) in the circumstances contemplated by Section 2(b)
    hereof, a Shelf Registration Statement registering such Security
    under the Securities Act has been declared or becomes effective
    and such Security has been sold or otherwise transferred by the
    holder thereof pursuant to and in a manner contemplated by such
    effective Shelf Registration Statement; (iii) such Security
    is sold pursuant to Rule 144 under circumstances in which
    any legend borne by such Security relating to restrictions on
    transferability thereof, under the Securities Act or otherwise,
    is removed by the Company or pursuant to the Indenture;
    (iv) such Security is eligible to be sold pursuant to
    paragraph (k) of Rule 144; or (v) such Security
    shall cease to be outstanding.
    
	 
	 	     
    “Registration Default”
    shall have the meaning assigned
    thereto in Section 2(c) hereof.
    
	 
	 	     
    “Registration Expenses”
    shall have the meaning assigned
    thereto in Section 4 hereof.
    
	 
	 	     
    “Resale Period”
    shall have the meaning assigned
    thereto in Section 2(a) hereof.
    
	 
	 	     
    “Restricted Holder”
    shall mean (i) a holder that is
    an affiliate of the Company within the meaning of Rule 405,
    (ii) a holder who acquires Exchange Securities outside the
    ordinary course of such holder’s business, (iii) a
    holder who has arrangements or understandings with any person to
    participate in the Exchange Offer for the purpose of
    distributing Exchange Securities and (iv) a holder that is
    a broker-dealer, but only with respect to Exchange Securities
    received by such broker-dealer pursuant to an Exchange Offer in
    exchange for Registrable Securities acquired by the
    broker-dealer directly from the Company.
    
	 
	 	     
    “Rule 144,”
    “Rule 405” and
    “Rule 415” shall mean, in each case, such
    rule promulgated under the Securities Act (or any successor
    provision), as the same shall be amended from time to time.
    

2

 

		
	 	     
    “Securities”
    shall mean, the 6.625% Senior Notes
    due July 15, 2012 of the Company to be issued and sold to
    the Purchasers, and securities issued in exchange therefor or in
    lieu thereof pursuant to the Indenture.
    
	 
	 	     
    “Securities Act”
    shall mean the Securities Act of 1933,
    or any successor thereto, as the same shall be amended from time
    to time.
    
	 
	 	     
    “Shelf Registration”
    shall have the meaning assigned
    thereto in Section 2(b) hereof.
    
	 
	 	     
    “Shelf Registration Statement”
    shall have the meaning assigned
    thereto in Section 2(b) hereof.
    
	 
	 	     
    “Special Interest”
    shall have the meaning assigned
    thereto in Section 2(c) hereof.
    
	 
	 	     
    “Trust Indenture Act”
    shall mean the Trust Indenture Act of
    1939, or any successor thereto, and the rules, regulations and
    forms promulgated thereunder, all as the same shall be amended
    from time to time.
    

     
Unless the context otherwise requires, any
reference herein to a “Section” or “clause”
refers to a Section or clause, as the case may be, of this
Exchange and Registration Rights Agreement, and the words
“herein,” “hereof” and “hereunder”
and other words of similar import refer to this Exchange and
Registration Rights Agreement as a whole and not to any
particular Section or other subdivision.

			
	 	2.	
    Registration Under the Securities
    Act.

     
(a) Except as set forth in Section 2(b)
below, the Company agrees to file under the Securities Act, as
soon as practicable, but no later than 120 days after the
Closing Date, a registration statement relating to an offer to
exchange (such registration statement, the “Exchange
Registration Statement”, and such offer, the “Exchange
Offer”) any and all of the Securities for a like aggregate
principal amount of debt securities issued by the Company, which
debt securities are substantially identical to the Securities
(and are entitled to the benefits of a trust indenture which is
substantially identical to the Indenture or is the Indenture and
which has been qualified under the Trust Indenture Act), except
that they have been registered pursuant to an effective
registration statement under the Securities Act and do not
contain provisions for the additional interest contemplated in
Section 2(c) below (such new debt securities hereinafter
called “Exchange Securities”). The Company agrees to
use its reasonable best efforts to cause the Exchange
Registration Statement to become effective under the Securities
Act as soon as practicable, but no later than 180 days
after the Closing Date. The Exchange Offer will be registered
under the Securities Act on the appropriate form and will comply
with all applicable tender offer rules and regulations under the
Exchange Act. The Company further agrees to use its reasonable
best efforts to commence and complete the Exchange Offer
promptly, but no later than 210 days after the Closing
Date, hold the Exchange Offer open for at least 30 days and
exchange Exchange Securities for all Registrable Securities that
have been properly tendered and not withdrawn on or prior to the
expiration of the Exchange Offer. The Exchange Offer will be
deemed to have been “completed” only if the debt
securities received by holders other than Restricted Holders in
the Exchange Offer for Registrable Securities are, upon receipt,
transferable by each such holder without restriction under the
Securities Act and the Exchange Act and without material
restrictions under the blue sky or securities laws of a
substantial majority of the States of the United States of
America. The Exchange Offer shall be deemed to have been
completed upon the earlier to occur of (i) the Company
having exchanged the Exchange Securities for all outstanding
Registrable Securities pursuant to the Exchange Offer and
(ii) the Company having exchanged, pursuant to the Exchange
Offer, Exchange Securities for all Registrable Securities that
have been properly tendered and not withdrawn before the
expiration of the Exchange Offer, which shall be on a date that
is at least 30 days following the commencement of the
Exchange Offer. The Company agrees (x) to include in the
Exchange Registration Statement a prospectus for use in any
resales by any holder of Exchange Securities that is a
broker-dealer and (y) to keep such Exchange Registration
Statement effective for a period (the “Resale Period”)
beginning when Exchange Securities are first issued in the
Exchange Offer and ending upon the earlier of the expiration of
the 90th day after the Exchange Offer has been completed or such
time as such broker-dealers no longer own any Registrable
Securities. With

3

 

respect to such Exchange Registration Statement,
such holders shall have the benefit of the rights of
indemnification and contribution set forth in
Sections 6(a), (c), (d) and (e) hereof.

     
Each holder that participates in the Exchange
Offer will be required, as a condition to its participation in
the Exchange Offer, to represent to the Company in writing
(which may be contained in the applicable letter of transmittal)
substantially to the effect that (i) any Exchange
Securities to be received by it will be acquired in the ordinary
course of its business, (ii) at the time of the
commencement of the Exchange Offer such holder will have no
arrangement or understanding with any person to participate in
the distribution (within the meaning of the Securities Act) of
the Exchange Securities in violation of the provisions of the
Securities Act, (iii) such holder is not an affiliate of
the Company within the meaning of the Securities Act and
(iv) such holder is not acting on behalf of a person who
could make the foregoing representations. In addition, each
broker-dealer that will receive Exchange Securities for its own
account in exchange for Registrable Securities that were
acquired as a result of market-making or other trading
activities will be required to represent that the Registrable
Securities of such broker-dealer were acquired in ordinary
trading or market-making activities. A broker-dealer that is not
able to make the foregoing representation will not be permitted
to participate in the Exchange Offer.

     
(b) If (i) on or prior to the time the
Exchange Offer is completed existing Commission interpretations
are changed such that the debt securities received by holders
other than Restricted Holders in the Exchange Offer for
Registrable Securities are not or would not be, upon receipt,
transferable by each such holder without restriction under the
Securities Act, (ii) the Exchange Offer has not been
completed within 210 days following the Closing Date or
(iii) the Exchange Offer is not available to any holder of
the Securities, the Company shall, in lieu of (or, in the case
of clause (iii), in addition to) conducting the Exchange
Offer contemplated by Section 2(a), file under the
Securities Act as soon as practicable, but no later than
30 days after the time such obligation to file arises, a
“shelf” registration statement providing for the
registration of, and the sale on a continuous or delayed basis
by the holders of, all of the Registrable Securities, pursuant
to Rule 415 or any similar rule that may be adopted by the
Commission (such filing, the “Shelf Registration” and
such registration statement, the “Shelf Registration
Statement”). The Company agrees to use its reasonable best
efforts (x) to cause the Shelf Registration Statement to
become or be declared effective no later than 120 days
after such Shelf Registration Statement is filed and to keep
such Shelf Registration Statement continuously effective for a
period ending on the earlier of the second anniversary of the
Effective Time or such time as there are no longer any
Registrable Securities outstanding, provided, however,
that no holder shall be entitled to be named as a selling
securityholder in the Shelf Registration Statement or to use the
prospectus forming a part thereof for resales of Registrable
Securities unless such holder is an Electing Holder, and
(y) after the Effective Time of the Shelf Registration
Statement, from time to time after the request of any holder of
Registrable Securities that is not then an Electing Holder, to
take any action reasonably necessary to enable such holder to
use the prospectus forming a part thereof for resales of
Registrable Securities, including, without limitation, any
action necessary to identify such holder as a selling
securityholder in the Shelf Registration Statement, provided,
however, that nothing in this clause (y) shall relieve
any such holder of the obligation to return a completed and
signed Notice and Questionnaire to the Company in accordance
with Section 3(d)(iii) hereof. The Company further agrees
to supplement or make amendments to the Shelf Registration
Statement, as and when required by the rules, regulations or
instructions applicable to the registration form used by the
Company for such Shelf Registration Statement or by the
Securities Act or rules and regulations thereunder for shelf
registration, and the Company agrees to furnish to each Electing
Holder copies of any such supplement or amendment prior to its
being used or promptly following its filing with the Commission.

     
(c) In the event that (i) the Company
has not filed the Exchange Registration Statement or Shelf
Registration Statement on or before the date on which such
registration statement is required to be filed pursuant to
Section 2(a) or 2(b), respectively, or (ii) such
Exchange Registration Statement or Shelf Registration Statement
has not become effective or been declared effective by the
Commission on or before the date on which such registration
statement is required to become or be declared effective
pursuant to Section 2(a) or 2(b), respectively, or
(iii) the Exchange Offer has not been completed within

4

 

210 days after the Closing Date (if the
Exchange Offer is then required to be made) or (iv) any
Exchange Registration Statement or Shelf Registration Statement
required by Section 2(a) or 2(b) hereof is filed and
declared effective but shall thereafter either be withdrawn by
the Company or shall become subject to an effective stop order
issued pursuant to Section 8(d) of the Securities Act
suspending the effectiveness of such registration statement
(except as specifically permitted herein) without being
succeeded immediately by an additional registration statement
filed and declared effective (each such event referred to in
clauses (i) through (iv), a “Registration
Default” and each period during which a Registration
Default has occurred and is continuing, a “Registration
Default Period”), then, as liquidated damages for such
Registration Default, subject to the provisions of
Section 9(b), special interest (“Special
Interest”), in addition to the Base Interest, shall accrue
at a per annum rate of 0.25% for the first 90 days of the
Registration Default Period, at a per annum rate of 0.50% for
the second 90 days of the Registration Default Period, at a
per annum rate of 0.75% for the third 90 days of the
Registration Default Period and at a per annum rate of 1.0%
thereafter for the remaining portion of the Registration Default
Period.

     
(d) The Company shall take all reasonable
actions necessary or advisable to be taken by it to ensure that
the transactions contemplated herein are effected as so
contemplated.

     
(e) Any reference herein to a registration
statement as of any time shall be deemed to include any document
incorporated, or deemed to be incorporated, therein by reference
as of such time and any reference herein to any post-effective
amendment to a registration statement as of any time shall be
deemed to include any document incorporated, or deemed to be
incorporated, therein by reference as of such time.

     
3.     Registration
Procedures.

     
If the Company files a registration statement
pursuant to Section 2(a) or Section 2(b), the
following provisions shall apply:

		
	 	     
    (a) At or before the Effective Time of the
    Exchange Offer or the Shelf Registration, as the case may be,
    the Company shall qualify the Indenture under the Trust
    Indenture Act of 1939.
    
	 
	 	     
    (b) In the event that such qualification
    would require the appointment of a new trustee under the
    Indenture, the Company shall appoint a new trustee thereunder
    pursuant to the applicable provisions of the Indenture.
    
	 
	 	     
    (c) In connection with the Company’s
    obligations with respect to the registration of Exchange
    Securities as contemplated by Section 2(a) (the
    “Exchange Registration”), if applicable, the Company
    shall, as soon as practicable (or as otherwise specified):
    

		
	 	     
    (i) prepare and file with the Commission, as
    soon as practicable but no later than 120 days after the
    Closing Date, an Exchange Registration Statement on any form
    which may be utilized by the Company and which shall permit the
    Exchange Offer and resales of Exchange Securities by
    broker-dealers during the Resale Period to be effected as
    contemplated by Section 2(a), and use its reasonable best
    efforts to cause such Exchange Registration Statement to become
    effective as soon as practicable thereafter, but no later than
    180 days after the Closing Date;
    
	 
	 	     
    (ii) as soon as practicable, prepare and
    file with the Commission such amendments and supplements to such
    Exchange Registration Statement and the prospectus included
    therein as may be necessary to effect and maintain the
    effectiveness of such Exchange Registration Statement for the
    periods and purposes contemplated in Section 2(a) hereof
    and as may be required by the applicable rules and regulations
    of the Commission and the instructions applicable to the form of
    such Exchange Registration Statement, and promptly provide each
    broker-dealer holding Exchange Securities with such number of
    copies of the prospectus included therein (as then amended or
    supplemented), in conformity in all material respects with the
    requirements of the Securities Act and the Trust Indenture Act
    and the rules and regulations of
    

5

 

		
	 	
    the Commission thereunder, as such broker-dealer
    reasonably may request prior to the expiration of the Resale
    Period, for use in connection with resales of Exchange
    Securities;
    
	 
	 	     
    (iii) promptly notify each broker-dealer
    holding Exchange Securities that has requested or received
    copies of the prospectus included in such registration
    statement, and confirm such advice in writing, (A) when
    such Exchange Registration Statement or the prospectus included
    therein or any prospectus amendment or supplement or
    post-effective amendment has been filed, and, with respect to
    such Exchange Registration Statement or any post-effective
    amendment, when the same has become effective, (B) of any
    comments by the Commission and by the blue sky or securities
    commissioner or regulator of any state with respect thereto or
    any request by the Commission for amendments or supplements to
    such Exchange Registration Statement or prospectus or for
    additional information, (C) of the issuance by the
    Commission of any stop order suspending the effectiveness of
    such Exchange Registration Statement or the initiation or
    threatening of any proceedings for that purpose, (D) if at
    any time the representations and warranties of the Company
    contemplated by Section 5 cease to be true and correct in all
    material respects, (E) of the receipt by the Company of any
    notification with respect to the suspension of the qualification
    of the Exchange Securities for sale in any jurisdiction or the
    initiation or threatening of any proceeding for such purpose, or
    (F) at any time during the Resale Period when a prospectus
    is required to be delivered under the Securities Act, that such
    Exchange Registration Statement, prospectus, prospectus
    amendment or supplement or post-effective amendment does not
    conform in all material respects to the applicable requirements
    of the Securities Act and the Trust Indenture Act and the rules
    and regulations of the Commission thereunder or contains an
    untrue statement of a material fact or omits to state any
    material fact required to be stated therein or necessary to make
    the statements therein not misleading in light of the
    circumstances then existing;
    
	 
	 	     
    (iv) in the event that the Company would be
    required, pursuant to Section 3(e)(iii)(F) above, to notify
    any broker-dealers holding Exchange Securities, without delay
    prepare and furnish to each such holder a reasonable number of
    copies of a prospectus supplemented or amended so that, as
    thereafter delivered to purchasers of such Exchange Securities
    during the Resale Period, such prospectus shall conform in all
    material respects to the applicable requirements of the
    Securities Act and the Trust Indenture Act and the rules and
    regulations of the Commission thereunder and shall not contain
    an untrue statement of a material fact or omit to state a
    material fact required to be stated therein or necessary to make
    the statements therein not misleading in light of the
    circumstances then existing;
    
	 
	 	     
    (v) use its reasonable best efforts to
    obtain the withdrawal of any order suspending the effectiveness
    of such Exchange Registration Statement or any post-effective
    amendment thereto at the earliest practicable date;
    
	 
	 	     
    (vi) use its reasonable best efforts to
    (A) register or qualify the Exchange Securities under the
    securities laws or blue sky laws of such jurisdictions as are
    contemplated by Section 2(a) no later than the commencement
    of the Exchange Offer and (B) keep such registrations or
    qualifications in effect and comply with such laws so as to
    permit the continuance of offers, sales and dealings therein in
    such jurisdictions until the expiration of the Resale Period;
    provided, however, that the Company shall not be required
    for any such purpose to (1) qualify as a foreign
    corporation in any jurisdiction wherein it would not otherwise
    be required to qualify but for the requirements of this
    Section 3(c)(vi), (2) consent to general service of
    process in any such jurisdiction or (3) make any changes to
    its certificate of incorporation or by-laws or any agreement
    between it and its stockholders;
    
	 
	 	     
    (vii) use its reasonable best efforts to
    obtain the consent or approval of each governmental agency or
    authority, whether federal, state or local, which may be
    required to effect the Exchange Registration, the Exchange Offer
    and the offering and sale of Exchange Securities by
    broker-dealers during the Resale Period;
    

6

 

		
	 	     
    (viii) provide a CUSIP number for all
    Exchange Securities, not later than the applicable Effective
    Time; and
    
	 
	 	     
    (ix) comply with all applicable rules and
    regulations of the Commission, and make generally available to
    its securityholders as soon as practicable but no later than
    eighteen months after the effective date of such Exchange
    Registration Statement, an earning statement of the Company and
    its subsidiaries complying with Section 11(a) of the Securities
    Act (including, at the option of the Company, Rule 158
    thereunder).
    

		
	 	     
    (d) In connection with the Company’s
    obligations with respect to the Shelf Registration, if
    applicable, the Company shall, as soon as practicable (or as
    otherwise specified):
    

		
	 	     
    (i) prepare and file with the Commission, as
    soon as practicable but in any case within the time periods
    specified in Section 2(b), a Shelf Registration Statement
    on any form which may be utilized by the Company and which shall
    register all of the Registrable Securities for resale by the
    holders thereof in accordance with such method or methods of
    disposition as may be specified by such of the holders as, from
    time to time, may be Electing Holders and use its reasonable
    best efforts to cause such Shelf Registration Statement to
    become effective as soon as practicable but in any case within
    the time periods specified in Section 2(b);
    
	 
	 	     
    (ii) not less than 30 calendar days prior to
    the Effective Time of the Shelf Registration Statement, mail the
    Notice and Questionnaire to the holders of Registrable
    Securities; no holder shall be entitled to be named as a selling
    securityholder in the Shelf Registration Statement as of the
    Effective Time, and no holder shall be entitled to use the
    prospectus forming a part thereof for resales of Registrable
    Securities at any time, unless such holder has returned a
    completed and signed Notice and Questionnaire to the Company by
    the deadline for response set forth therein; provided,
    however, holders of Registrable Securities shall have at
    least 28 calendar days from the date on which the Notice and
    Questionnaire is first mailed to such holders to return a
    completed and signed Notice and Questionnaire to the Company;
    
	 
	 	     
    (iii) after the Effective Time of the Shelf
    Registration Statement, upon the request of any holder of
    Registrable Securities that is not then an Electing Holder, as
    soon as practicable send a Notice and Questionnaire to such
    holder; provided that the Company shall not be required
    to take any action to name such holder as a selling
    securityholder in the Shelf Registration Statement or to enable
    such holder to use the prospectus forming a part thereof for
    resales of Registrable Securities until such holder has returned
    a completed and signed Notice and Questionnaire to the Company;
    
	 
	 	     
    (iv) as soon as practicable prepare and file
    with the Commission such amendments and supplements to such
    Shelf Registration Statement and the prospectus included therein
    as may be necessary to effect and maintain the effectiveness of
    such Shelf Registration Statement for the period specified in
    Section 2(b) hereof and as may be required by the
    applicable rules and regulations of the Commission and the
    instructions applicable to the form of such Shelf Registration
    Statement, and furnish to the Electing Holders copies of any
    such supplement or amendment simultaneously with or prior to its
    being used or filed with the Commission;
    
	 
	 	     
    (v) comply with the provisions of the
    Securities Act with respect to the disposition of all of the
    Registrable Securities covered by such Shelf Registration
    Statement in accordance with the intended methods of disposition
    by the Electing Holders provided for in such Shelf Registration
    Statement;
    
	 
	 	     
    (vi) provide (A) the Electing Holders,
    (B) the underwriters (which term, for purposes of this
    Exchange and Registration Rights Agreement, shall include a
    person deemed to be an underwriter within the meaning of
    Section 2(a)(11) of the Securities Act), if any, thereof,
    (C) any sales or placement agent therefor, (D) counsel
    for any such underwriter or agent and (E) not more than one
    counsel for all the Electing Holders the opportunity to
    participate in the
    

7

 

		
	 	
    preparation of such Shelf Registration Statement,
    each prospectus included therein or filed with the Commission
    and each amendment or supplement thereto;
    
	 
	 	     
    (vii) for a reasonable period prior to the
    filing of such Shelf Registration Statement, and throughout the
    period specified in Section 2(b), make available at reasonable
    times at the Company’s principal place of business or such
    other reasonable place determined by the Company for inspection
    by the persons referred to in Section 3(d)(vi) who shall
    certify to the Company in writing that they have a current
    intention to sell the Registrable Securities pursuant to the
    Shelf Registration such financial and other information and
    books and records of the Company, and cause the officers,
    employees, counsel and independent certified public accountants
    of the Company to respond to such inquiries, as shall be
    reasonably necessary, in the judgment of the respective counsel
    referred to in such Section, to conduct a reasonable
    investigation within the meaning of Section 11 of the
    Securities Act; provided, however, that each such party
    shall be required to maintain in confidence and not to disclose
    to any other person any information or records reasonably
    designated by the Company as being confidential, until such time
    as (A) such information becomes a matter of public record
    (whether by virtue of its inclusion in such registration
    statement or otherwise), or (B) such person shall be
    required so to disclose such information pursuant to a subpoena
    or order of any court or other governmental agency or body
    having jurisdiction over the matter (subject to the requirements
    of such order, and only after such person shall have given the
    Company prompt prior written notice of such requirement), or
    (C) such information is required to be set forth in such
    Shelf Registration Statement or the prospectus included therein
    or in an amendment to such Shelf Registration Statement or an
    amendment or supplement to such prospectus in order that such
    Shelf Registration Statement, prospectus, amendment or
    supplement, as the case may be, complies with applicable
    requirements of the federal securities laws and the rules and
    regulations of the Commission and does not contain an untrue
    statement of a material fact or omit to state therein a material
    fact required to be stated therein or necessary to make the
    statements therein not misleading in light of the circumstances
    then existing;
    
	 
	 	     
    (viii) promptly notify each of the Electing
    Holders, any sales or placement agent therefor and any
    underwriter thereof (which notification may be made through any
    managing underwriter that is a representative of such
    underwriter for such purpose) and confirm such advice in
    writing, (A) when such Shelf Registration Statement or the
    prospectus included therein or any prospectus amendment or
    supplement or post-effective amendment has been filed, and, with
    respect to such Shelf Registration Statement or any
    post-effective amendment, when the same has become effective,
    (B) of any comments by the Commission and by the blue sky
    or securities commissioner or regulator of any state with
    respect thereto or any request by the Commission for amendments
    or supplements to such Shelf Registration Statement or
    prospectus or for additional information, (C) of the
    issuance by the Commission of any stop order suspending the
    effectiveness of such Shelf Registration Statement or the
    initiation or threatening of any proceedings for that purpose,
    (D) if at any time the representations and warranties of
    the Company contemplated by Section 3(d)(xvii) or
    Section 5 cease to be true and correct in all material
    respects, (E) of the receipt by the Company of any
    notification with respect to the suspension of the qualification
    of the Registrable Securities for sale in any jurisdiction or
    the initiation or threatening of any proceeding for such
    purpose, or (F) if at any time when a prospectus is
    required to be delivered under the Securities Act, that such
    Shelf Registration Statement, prospectus, prospectus amendment
    or supplement or post-effective amendment does not conform in
    all material respects to the applicable requirements of the
    Securities Act and the Trust Indenture Act and the rules and
    regulations of the Commission thereunder or contains an untrue
    statement of a material fact or omits to state any material fact
    required to be stated therein or necessary to make the
    statements therein not misleading in light of the circumstances
    then existing;
    

8

 

		
	 	     
    (ix) use its reasonable best efforts to
    obtain the withdrawal of any order suspending the effectiveness
    of such registration statement or any post-effective amendment
    thereto at the earliest practicable date;
    
	 
	 	     
    (x) if requested by any managing underwriter
    or underwriters, any placement or sales agent or any Electing
    Holder, promptly incorporate in a prospectus supplement or
    post-effective amendment such information as is required by the
    applicable rules and regulations of the Commission and as such
    managing underwriter or underwriters, such agent or such
    Electing Holder specifies in writing should be included therein
    relating to the terms of the sale of such Registrable
    Securities, including information with respect to the principal
    amount of Registrable Securities being sold by such Electing
    Holder or agent or to any underwriters, the name and description
    of such Electing Holder, agent or underwriter, the offering
    price of such Registrable Securities and any discount,
    commission or other compensation payable in respect thereof, the
    purchase price being paid therefor by such underwriters and with
    respect to any other terms of the offering of the Registrable
    Securities to be sold by such Electing Holder or agent or to
    such underwriters; and make all required filings of such
    prospectus supplement or post-effective amendment promptly after
    notification of the matters to be incorporated in such
    prospectus supplement or post-effective amendment;
    
	 
	 	     
    (xi) furnish or make available to each
    Electing Holder, each placement or sales agent, if any,
    therefor, each underwriter, if any, thereof and the respective
    counsel referred to in Section 3(d)(vi) an executed copy
    (or, in the case of an Electing Holder, a conformed copy) of
    such Shelf Registration Statement, each such amendment and
    supplement thereto (in each case including all exhibits thereto
    (in the case of an Electing Holder of Registrable Securities,
    upon request) and documents incorporated by reference therein)
    and such number of copies of such Shelf Registration Statement
    (excluding exhibits thereto and documents incorporated by
    reference therein unless specifically so requested by such
    Electing Holder, agent or underwriter, as the case may be) and
    of the prospectus included in such Shelf Registration Statement
    (including each preliminary prospectus and any summary
    prospectus), in conformity in all material respects with the
    applicable requirements of the Securities Act and the Trust
    Indenture Act and the rules and regulations of the Commission
    thereunder, and such other documents, as such Electing Holder,
    agent, if any, and underwriter, if any, may reasonably request
    in order to facilitate the offering and disposition of the
    Registrable Securities owned by such Electing Holder, offered or
    sold by such agent or underwritten by such underwriter and to
    permit such Electing Holder, agent and underwriter to satisfy
    the prospectus delivery requirements of the Securities Act; and
    the Company hereby consents to the use of such prospectus
    (including such preliminary and summary prospectus) and any
    amendment or supplement thereto by each such Electing Holder and
    by any such agent and underwriter, in each case in the form most
    recently provided to such person by the Company, in connection
    with the offering and sale of the Registrable Securities covered
    by the prospectus (including such preliminary and summary
    prospectus) or any supplement or amendment thereto;
    
	 
	 	     
    (xii) use its reasonable best efforts to
    (A) register or qualify the Registrable Securities to be
    included in such Shelf Registration Statement under such
    securities laws or blue sky laws of such jurisdictions as any
    Electing Holder and each placement or sales agent, if any,
    therefor and underwriter, if any, thereof shall reasonably
    request and (B) keep such registrations or qualifications
    in effect and comply with such laws so as to permit the
    continuance of offers, sales and dealings therein in such
    jurisdictions during the period the Shelf Registration is
    required to remain effective under Section 2(b) above and
    for so long as may be necessary to enable any such Electing
    Holder, agent or underwriter to complete its distribution of
    Securities pursuant to such Shelf Registration Statement;
    provided, however, that the Company shall not be required
    for any such purpose to (1) qualify as a foreign
    corporation in any jurisdiction wherein it would not otherwise
    be required to qualify but for the requirements of this
    Section 3(d)(xii), (2) consent
    

9

 

		
	 	
    to general service of process in any such
    jurisdiction or (3) make any changes to its certificate of
    incorporation or by-laws or any agreement between it and its
    stockholders;
    
	 
	 	     
    (xiii) use its reasonable best efforts to
    obtain the consent or approval of each governmental agency or
    authority, whether federal, state or local, which may be
    required to effect the Shelf Registration or the offering or
    sale in connection therewith or to enable the selling holder or
    holders to offer, or to consummate the disposition of, their
    Registrable Securities;
    
	 
	 	     
    (xiv) unless any Registrable Securities
    shall be in book-entry only form, cooperate with the Electing
    Holders and the managing underwriters, if any, to facilitate the
    timely preparation and delivery of certificates representing
    Registrable Securities to be sold, which certificates, if so
    required by any securities exchange upon which any Registrable
    Securities are listed, shall be penned, lithographed or
    engraved, or produced by any combination of such methods, on
    steel engraved borders, and which certificates shall not bear
    any restrictive legends; and, in the case of an underwritten
    offering, enable such Registrable Securities to be in such
    denominations and registered in such names as the managing
    underwriters may request at least two business days prior to any
    sale of the Registrable Securities;
    
	 
	 	     
    (xv) provide a CUSIP number for all
    Registrable Securities, not later than the applicable Effective
    Time;
    
	 
	 	     
    (xvi) enter into underwriting agreements,
    engagement letters, agency agreements, “best efforts”
    underwriting agreements or similar agreements, as appropriate,
    including customary provisions relating to indemnification and
    contribution, and take such other actions in connection
    therewith as any Electing Holders aggregating at least 20% in
    aggregate principal amount of the Registrable Securities at the
    time outstanding shall request in order to expedite or
    facilitate the disposition of such Registrable Securities;
    provided, however, that the Company shall not be required
    to enter into any such agreement more than once with respect to
    all of the Registrable Securities;
    
	 
	 	     
    (xvii) if an agreement of the type referred
    to in Section 3(d)(xvi) hereof is entered into,
    (A) make such representations and warranties to the
    Electing Holders and the placement or sales agent, if any,
    therefor and the underwriters, if any, thereof in form,
    substance and scope as are customarily made in connection with
    an offering of debt securities pursuant to any appropriate
    agreement or to a registration statement filed on the form
    applicable to the Shelf Registration; (B) obtain an opinion
    of counsel to the Company in customary form and covering such
    matters, of the type customarily covered by such an opinion, as
    the managing underwriters, if any, or as any Electing Holders of
    at least 20% in aggregate principal amount of the Registrable
    Securities at the time outstanding may reasonably request,
    addressed to such Electing Holder or Electing Holders and the
    placement or sales agent, if any, therefor and the underwriters,
    if any, thereof and dated the effective date of such Shelf
    Registration Statement (and if such Shelf Registration Statement
    contemplates an underwritten offering of a part or all of the
    Registrable Securities, dated the date of the closing under the
    underwriting agreement relating thereto) (it being agreed that
    the matters to be covered by such opinion shall include the due
    incorporation and good standing of the Company and its
    subsidiaries; the qualification of the Company and its
    subsidiaries to transact business as foreign corporations; the
    due authorization, execution and delivery of the relevant
    agreement of the type referred to in Section 3(d)(xvi)
    hereof; the due authorization, execution, authentication and
    issuance, and the validity and enforceability, of the
    Securities; the absence of legal or governmental proceedings
    involving the Company that would have material adverse effect;
    the absence of a breach by the Company or any of its
    subsidiaries of, or a default under, material agreements binding
    upon the Company or any subsidiary of the Company as a result of
    the offering of the Securities; the absence of governmental
    approvals required to be obtained in connection with the Shelf
    Registration, the offering and sale of the Registrable
    Securities, this Exchange and Registration Rights Agreement or
    any agreement of the type referred to in Section 3(d)(xvi)
    hereof, except such approvals as
    

10

 

		
	 	
    may be required under state securities or blue
    sky laws; the material compliance as to form of such Shelf
    Registration Statement and any documents incorporated by
    reference therein and of the Indenture with the requirements of
    the Securities Act and the Trust Indenture Act and the rules and
    regulations of the Commission thereunder, respectively; and, as
    of the date of the opinion and of the Shelf Registration
    Statement or most recent post-effective amendment thereto, as
    the case may be, the absence from such Shelf Registration
    Statement and the prospectus included therein, as then amended
    or supplemented, and from the documents incorporated by
    reference therein (in each case other than the financial
    statements and other financial information contained therein) of
    an untrue statement of a material fact or the omission to state
    therein a material fact necessary to make the statements therein
    not misleading (in the case of such documents, in the light of
    the circumstances existing at the time that such documents were
    filed with the Commission under the Exchange Act));
    (C) obtain a “cold comfort” letter or letters
    from the independent certified public accountants of the Company
    addressed to the selling Electing Holders, the placement or
    sales agent, if any, therefor or the underwriters, if any,
    thereof, dated (i) the effective date of such Shelf
    Registration Statement and (ii) the effective date of any
    prospectus supplement to the prospectus included in such Shelf
    Registration Statement or post-effective amendment to such Shelf
    Registration Statement which includes unaudited or audited
    financial statements as of a date or for a period subsequent to
    that of the latest such statements included in such prospectus
    (and, if such Shelf Registration Statement contemplates an
    underwritten offering pursuant to any prospectus supplement to
    the prospectus included in such Shelf Registration Statement or
    post-effective amendment to such Shelf Registration Statement
    which includes unaudited or audited financial statements as of a
    date or for a period subsequent to that of the latest such
    statements included in such prospectus, dated the date of the
    closing under the underwriting agreement relating thereto), such
    letter or letters to be in customary form and covering such
    matters of the type customarily covered by letters of such type;
    (D) deliver such documents and certificates, including
    officers’ certificates, as may be reasonably requested by
    any Electing Holders of at least 20% in aggregate principal
    amount of the Registrable Securities at the time outstanding or
    the placement or sales agent, if any, therefor and the managing
    underwriters, if any, thereof to evidence the accuracy of the
    representations and warranties made pursuant to clause (A)
    above or those contained in Section 5(a) hereof and the
    compliance with or satisfaction of any agreements or conditions
    contained in the underwriting agreement or other agreement
    entered into by the Company; and (E) undertake such
    obligations relating to expense reimbursement, indemnification
    and contribution as are provided for in Section 6 hereof.
    
	 
	 	     
    (xviii) notify in writing each holder of
    Registrable Securities of any proposal by the Company to amend
    or waive any provision of this Exchange and Registration Rights
    Agreement pursuant to Section 9(h) hereof and of any
    amendment or waiver effected pursuant thereto, each of which
    notices shall contain the text of the amendment or waiver
    proposed or effected, as the case may be;
    
	 
	 	     
    (xix) in the event that any broker-dealer
    registered under the Exchange Act shall underwrite any
    Registrable Securities or participate as a member of an
    underwriting syndicate or selling group or “assist in the
    distribution” (within the meaning of the Conduct Rules (the
    “Conduct Rules) of the National Association of Securities
    Dealers, Inc. (“NASD”) or any successor thereto, as
    amended from time to time) thereof, whether as a holder of such
    Registrable Securities or as an underwriter, a placement or
    sales agent or a broker or dealer in respect thereof, or
    otherwise, assist such broker-dealer in complying with the
    requirements of such Conduct Rules, including by (A) if
    such Conduct Rules shall so require, engaging a “qualified
    independent underwriter” (as defined in such Conduct Rules)
    to participate in the preparation of the Shelf Registration
    Statement relating to such Registrable Securities, to exercise
    usual standards of due diligence in respect thereto and, if any
    portion of the offering contemplated by such Shelf Registration
    Statement is an underwritten offering or is made through a
    placement or sales agent, to recommend the yield of such
    Registrable Securities,
    

11

 

		
	 	
    (B) indemnifying any such qualified
    independent underwriter to the extent of the indemnification of
    underwriters provided in Section 6 hereof (or to such other
    customary extent as may be requested by such underwriter), and
    (C) providing such information to such broker-dealer as may
    be required in order for such broker-dealer to comply with the
    requirements of the Conduct Rules; and
    
	 
	 	     
    (xx) comply with all applicable rules and
    regulations of the Commission, and make generally available to
    its securityholders as soon as practicable but in any event not
    later than eighteen months after the effective date of such
    Shelf Registration Statement, an earning statement of the
    Company and its subsidiaries complying with Section 11(a)
    of the Securities Act (including, at the option of the Company,
    Rule 158 thereunder).
    

		
	 	     
    (e) In the event that the Company would be
    required, pursuant to Section 3(d)(viii)(F) above, to
    notify the Electing Holders, the placement or sales agent, if
    any, therefor and the managing underwriters, if any, thereof,
    the Company shall without delay prepare and furnish to each of
    the Electing Holders, to each placement or sales agent, if any,
    and to each such underwriter, if any, a reasonable number of
    copies of a prospectus supplemented or amended so that, as
    thereafter delivered to purchasers of Registrable Securities,
    such prospectus shall conform in all material respects to the
    applicable requirements of the Securities Act and the Trust
    Indenture Act and the rules and regulations of the Commission
    thereunder and shall not contain an untrue statement of a
    material fact or omit to state a material fact required to be
    stated therein or necessary to make the statements therein not
    misleading in light of the circumstances then existing. Each
    Electing Holder agrees that upon receipt of any notice from the
    Company pursuant to Section 3(d)(viii)(F) hereof, such
    Electing Holder shall forthwith discontinue the disposition of
    Registrable Securities pursuant to the Shelf Registration
    Statement applicable to such Registrable Securities until such
    Electing Holder shall have received copies of such amended or
    supplemented prospectus, and if so directed by the Company, such
    Electing Holder shall deliver to the Company (at the
    Company’s expense) all copies, other than permanent file
    copies, then in such Electing Holder’s possession of the
    prospectus covering such Registrable Securities at the time of
    receipt of such notice.
    
	 
	 	     
    (f) In the event of a Shelf Registration, in
    addition to the information required to be provided by each
    Electing Holder in its Notice Questionnaire, the Company may
    require such Electing Holder to furnish to the Company such
    additional information regarding such Electing Holder and such
    Electing Holder’s intended method of distribution of
    Registrable Securities as may be required in order to comply
    with the Securities Act. No Electing Holder may include any of
    its Registrable Securities in any Shelf Registration pursuant to
    this Agreement unless and until such Electing Holder furnishes
    to the Company, in writing, such information as is required by
    applicable law for use in connection with any Shelf Registration
    or related prospectus or preliminary prospectus. Each such
    Electing Holder agrees to notify the Company as promptly as
    practicable of any inaccuracy or change in information
    previously furnished by such Electing Holder to the Company or
    of the occurrence of any event in either case as a result of
    which any prospectus relating to such Shelf Registration
    contains or would contain an untrue statement of a material fact
    regarding such Electing Holder or such Electing Holder’s
    intended method of disposition of such Registrable Securities or
    omits to state any material fact regarding such Electing Holder
    or such Electing Holder’s intended method of disposition of
    such Registrable Securities required to be stated therein or
    necessary to make the statements therein not misleading in light
    of the circumstances then existing, and promptly to furnish to
    the Company any additional information required to correct and
    update any previously furnished information or required so that
    such prospectus shall not contain, with respect to such Electing
    Holder or the disposition of such Registrable Securities, an
    untrue statement of a material fact or omit to state a material
    fact required to be stated therein or necessary to make the
    statements therein not misleading in light of the circumstances
    then existing.
    
	 
	 	     
    (g) Until the expiration of two years after
    the Closing Date, the Company will not, and will not permit any
    of its “affiliates” (as defined in Rule 144) to,
    resell any of the Securities that have been
    

12

 

		
	 	
    reacquired by any of them except pursuant to an
    effective registration statement under the Securities Act.
    

     
4.     Registration
Expenses.

     
The Company agrees to bear and to pay or cause to
be paid promptly all expenses incident to the Company’s
performance of or compliance with this Exchange and Registration
Rights Agreement, including (a) all Commission and any NASD
registration, filing and review fees and expenses including fees
and disbursements of counsel for the placement or sales agent or
underwriters in connection with such registration, filing and
review, (b) all fees and expenses in connection with the
qualification of the Securities for offering and sale under the
State securities and blue sky laws referred to in
Section 3(d)(xii) hereof and determination of their
eligibility for investment under the laws of such jurisdictions
as any managing underwriters or the Electing Holders may
designate, including any fees and disbursements of counsel for
the Electing Holders or underwriters in connection with such
qualification and determination, (c) all expenses relating
to the preparation, printing, production, distribution and
reproduction of each registration statement required to be filed
hereunder, each prospectus included therein or prepared for
distribution pursuant hereto, each amendment or supplement to
the foregoing, the expenses of preparing the Securities for
delivery and the expenses of printing or producing any
underwriting agreements, agreements among underwriters, selling
agreements and blue sky or legal investment memoranda and all
other documents in connection with the offering, sale or
delivery of Securities to be disposed of (including certificates
representing the Securities), (d) delivery expenses
relating to the offering, sale or delivery of Securities and the
preparation of documents referred in clause (c) above,
(e) fees and expenses of the Trustee under the Indenture,
any agent of the Trustee and any counsel for the Trustee and of
any collateral agent or custodian, (f) internal expenses
(including all salaries and expenses of the Company’s
officers and employees performing legal or accounting duties),
(g) fees, disbursements and expenses of counsel and
independent certified public accountants of the Company
(including the expenses of any opinions or “cold
comfort” letters required by or incident to such
performance and compliance), (h) fees, disbursements and
expenses of any “qualified independent underwriter”
engaged pursuant to Section 3(d)(xix) hereof,
(i) fees, disbursements and expenses of one counsel for the
Electing Holders retained in connection with a Shelf
Registration, as selected by the Electing Holders of at least a
majority in aggregate principal amount of the Registrable
Securities held by Electing Holders (which counsel shall be
reasonably satisfactory to the Company), (j) any fees
charged by securities rating services for rating the Securities,
and (k) fees, expenses and disbursements of any other
persons, including special experts, retained by the Company in
connection with such registration (collectively, the
“Registration Expenses”). To the extent that any
reasonable Registration Expenses are incurred, assumed or paid
by any holder of Registrable Securities or any placement or
sales agent therefor or underwriter thereof, the Company shall
reimburse such person for the full amount of the Registration
Expenses so incurred, assumed or paid promptly after receipt of
a request therefor. Notwithstanding the foregoing, the holders
of the Registrable Securities being registered shall pay all
agency fees and commissions and underwriting discounts and
commissions attributable to the sale of such Registrable
Securities and the fees and disbursements of any counsel or
other advisors or experts retained by such holders (severally or
jointly), other than the counsel and experts specifically
referred to above.

     
5.     Representations
and Warranties.

     
The Company represents and warrants to, and
agrees with, each Purchaser and each of the holders from time to
time of Registrable Securities that:

		
	 	     
    (a) Each registration statement covering
    Registrable Securities and each prospectus (including any
    preliminary or summary prospectus) contained therein or
    furnished pursuant to Section 3(d) or Section 3(c)
    hereof and any further amendments or supplements to any such
    registration statement or prospectus, when it becomes effective
    or is filed with the Commission, as the case may be, and, in the
    case of an underwritten offering of Registrable Securities, at
    the time of the closing under the underwriting agreement
    relating thereto, will conform in all material respects to the
    requirements of the Securities Act and the Trust Indenture Act
    and the rules and regulations of the Commission
    

13

 

		
	 	
    thereunder and will not contain an untrue
    statement of a material fact or omit to state a material fact
    required to be stated therein or necessary to make the
    statements therein not misleading; and at all times subsequent
    to the Effective Time when a prospectus would be required to be
    delivered under the Securities Act, other than from
    (i) such time as a notice has been given to holders of
    Registrable Securities pursuant to Section 3(d)(viii)(F) or
    Section 3(c)(iii)(F) hereof until (ii) such time as
    the Company furnishes an amended or supplemented prospectus
    pursuant to Section 3(e) or Section 3(c)(iv) hereof,
    each such registration statement, and each prospectus (including
    any summary prospectus) contained therein or furnished pursuant
    to Section 3(d) or Section 3(c) hereof, as then
    amended or supplemented, will conform in all material respects
    to the requirements of the Securities Act and the Trust
    Indenture Act and the rules and regulations of the Commission
    thereunder and will not contain an untrue statement of a
    material fact or omit to state a material fact required to be
    stated therein or necessary to make the statements therein not
    misleading in the light of the circumstances then existing;
    provided, however, that this representation and warranty
    shall not apply to any statements or omissions made in reliance
    upon and in conformity with information furnished in writing to
    the Company by a holder of Registrable Securities expressly for
    use therein.
    
	 
	 	     
    (b) Any documents incorporated by reference
    in any prospectus referred to in Section 5(a) hereof, when
    they become or became effective or are or were filed with the
    Commission, as the case may be, will conform or conformed in all
    material respects to the requirements of the Securities Act or
    the Exchange Act, as applicable, and none of such documents will
    contain or contained an untrue statement of a material fact or
    will omit or omitted to state a material fact required to be
    stated therein or necessary to make the statements therein not
    misleading; provided, however, that this representation
    and warranty shall not apply to any statements or omissions made
    in reliance upon and in conformity with information furnished in
    writing to the Company by a holder of Registrable Securities
    expressly for use therein.
    
	 
	 	     
    (c) The compliance by the Company with all
    of the provisions of this Exchange and Registration Rights
    Agreement and the consummation of the transactions herein
    contemplated will not conflict with or result in a breach of any
    of the terms or provisions of, or constitute a default under,
    any indenture, mortgage, deed of trust, loan agreement or other
    agreement or instrument to which the Company or any subsidiary
    of the Company is a party or by which the Company or any
    subsidiary of the Company is bound or to which any of the
    property or assets of the Company or any subsidiary of the
    Company is subject, nor will such action result in any violation
    of the provisions of the certificate of incorporation, as
    amended, or the by-laws of the Company or any statute or any
    order, rule or regulation of any court or governmental agency or
    body having jurisdiction over the Company or any subsidiary of
    the Company or any of their properties; and no consent,
    approval, authorization, order, registration or qualification of
    or with any such court or governmental agency or body is
    required for the consummation by the Company of the transactions
    contemplated by this Exchange and Registration Rights Agreement,
    except the registration under the Securities Act of the
    Securities, qualification of the Indenture under the Trust
    Indenture Act and such consents, approvals, authorizations,
    registrations or qualifications as may be required under State
    securities or blue sky laws in connection with the offering and
    distribution of the Securities.
    
	 
	 	     
    (d) This Exchange and Registration Rights
    Agreement has been duly authorized, executed and delivered by
    the Company.
    

     
6.     Indemnification.

     
(a) Indemnification by the Company.
The Company will indemnify and hold harmless each of the holders
of Registrable Securities included in an Exchange Registration
Statement, each of the Electing Holders of Registrable
Securities included in a Shelf Registration Statement and each
person who participates as a placement or sales agent or as an
underwriter in any offering or sale of such Registrable
Securities against any losses, claims, damages or liabilities,
joint or several, to which such holder, agent or underwriter may
become subject under the Securities Act or otherwise, insofar as
such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon an untrue
statement or

14

 

alleged untrue statement of a material fact
contained in any Exchange Registration Statement or Shelf
Registration Statement, as the case may be, under which such
Registrable Securities were registered under the Securities Act,
or any preliminary, final or summary prospectus contained
therein or furnished by the Company to any such holder, Electing
Holder, agent or underwriter, or any amendment or supplement
thereto, or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not
misleading, and will reimburse such holder, such Electing
Holder, such agent and such underwriter for any legal or other
expenses reasonably incurred by them in connection with
investigating or defending any such action or claim as such
expenses are incurred; provided, however, that the
Company shall not be liable to any such person in any such case
to the extent that any such loss, claim, damage or liability
arises out of or is based upon an untrue statement or alleged
untrue statement or omission or alleged omission made in such
registration statement, or preliminary, final or summary
prospectus, or amendment or supplement thereto, in reliance upon
and in conformity with written information furnished to the
Company by such person expressly for use therein ; and
provided, further, that with respect to any untrue
statement or omission of a material fact made in such Exchange
Registration Statement or Shelf Registration Statement or any
amendment thereto, the indemnity agreement contained in this
Section 6(a) shall not inure to the benefit of any person
from whom the person asserting any such loss, claim, damage or
liability purchased the Securities concerned, to the extent that
any such loss, claim, damage or liability of such person occurs
under the circumstance where it shall have been determined by a
court of competent jurisdiction by final and nonappealable
judgment that (w) the Company had previously furnished
copies of the Exchange Registration Statement or Shelf
Registration Statement to such person or their representative,
(x) delivery of the Exchange Registration Statement or
Shelf Registration Statement was required to be made to such
person, (y) the untrue statement or omission of a material
fact contained in the Exchange Registration Statement or Shelf
Registration Statement was corrected by an amendment or
supplement to the prospectus (including any summary prospectus)
forming a part thereof, and (z) there was not sent or given
to the person, at or prior to the written confirmation of the
sale of such Securities to such person, a copy of the amended or
supplemented Exchange Registration Statement or Shelf
Registration Statement.

     
(b) Indemnification by the Holders and
any Agents and Underwriters. The Company may require, as a
condition to including any Registrable Securities in any
registration statement filed pursuant to Section 2(b)
hereof and to entering into any underwriting agreement with
respect thereto, that the Company shall have received an
undertaking reasonably satisfactory to it from the Electing
Holder of such Registrable Securities and from each underwriter
named in any such underwriting agreement, severally and not
jointly, to (i) indemnify and hold harmless the Company,
and all other holders of Registrable Securities, against any
losses, claims, damages or liabilities to which the Company or
such other holders of Registrable Securities may become subject,
under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon an untrue statement or alleged
untrue statement of a material fact contained in such
registration statement, or any preliminary, final or summary
prospectus contained therein or furnished by the Company to any
such Electing Holder, agent or underwriter, or any amendment or
supplement thereto, or arise out of or are based upon the
omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the
statements therein not misleading, in each case to the extent,
but only to the extent, that such untrue statement or alleged
untrue statement or omission or alleged omission was made in
reliance upon and in conformity with written information
furnished to the Company by such Electing Holder or underwriter
expressly for use therein, and (ii) reimburse the Company
for any legal or other expenses reasonably incurred by the
Company in connection with investigating or defending any such
action or claim as such expenses are incurred; provided,
however, that no such Electing Holder shall be required to
undertake liability to any person under this Section 6(b)
for any amounts in excess of the dollar amount of the proceeds
to be received by such Electing Holder from the sale of such
Electing Holder’s Registrable Securities pursuant to such
registration.

     
(c) Notices of Claims, Etc. Promptly
after receipt by an indemnified party under subsection
(a) or (b) above of written notice of the commencement
of any action, such indemnified party shall, if a claim in
respect thereof is to be made against an indemnifying party
pursuant to the indemnification provisions of

15

 

or contemplated by this Section 6, notify
such indemnifying party in writing of the commencement of such
action; but the omission so to notify the indemnifying party
shall not relieve it from any liability which it may have to any
indemnified party otherwise than under the indemnification
provisions of or contemplated by Section 6(a) or 6(b)
hereof. In case any such action shall be brought against any
indemnified party and it shall notify an indemnifying party of
the commencement thereof, such indemnifying party shall be
entitled to participate therein and, to the extent that it shall
wish, jointly with any other indemnifying party similarly
notified, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party (who shall not, except
with the consent of the indemnified party, be counsel to the
indemnifying party), and, after notice from the indemnifying
party to such indemnified party of its election so to assume the
defense thereof, such indemnifying party shall not be liable to
such indemnified party for any legal expenses of other counsel
or any other expenses, in each case subsequently incurred by
such indemnified party, in connection with the defense thereof
other than reasonable costs of investigation. No indemnifying
party shall, without the written consent of the indemnified
party, effect the settlement or compromise of, or consent to the
entry of any judgment with respect to, any pending or threatened
action or claim in respect of which indemnification or
contribution may be sought hereunder (whether or not the
indemnified party is an actual or potential party to such action
or claim) unless such settlement, compromise or judgment
(i) includes an unconditional release of the indemnified
party from all liability arising out of such action or claim and
(ii) does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any
indemnified party.

     
(d) Contribution. If for any reason
the indemnification provisions contemplated by Section 6(a)
or Section 6(b) are unavailable to or insufficient to hold
harmless an indemnified party in respect of any losses, claims,
damages or liabilities (or actions in respect thereof) referred
to therein, then each indemnifying party shall contribute to the
amount paid or payable by such indemnified party as a result of
such losses, claims, damages or liabilities (or actions in
respect thereof) in such proportion as is appropriate to reflect
the relative fault of the indemnifying party and the indemnified
party in connection with the statements or omissions which
resulted in such losses, claims, damages or liabilities (or
actions in respect thereof), as well as any other relevant
equitable considerations. The relative fault of such
indemnifying party and indemnified party shall be determined by
reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or omission or alleged
omission to state a material fact relates to information
supplied by such indemnifying party or by such indemnified
party, and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such
statement or omission. The parties hereto agree that it would
not be just and equitable if contributions pursuant to this
Section 6(d) were determined by pro rata allocation (even
if the holders or any agents or underwriters or all of them were
treated as one entity for such purpose) or by any other method
of allocation which does not take account of the equitable
considerations referred to in this Section 6(d). The amount
paid or payable by an indemnified party as a result of the
losses, claims, damages, or liabilities (or actions in respect
thereof) referred to above shall be deemed to include any legal
or other fees or expenses reasonably incurred by such
indemnified party in connection with investigating or defending
any such action or claim. Notwithstanding the provisions of this
Section 6(d), no holder shall be required to contribute any
amount in excess of the amount by which the dollar amount of the
proceeds received by such holder from the sale of any
Registrable Securities (after deducting any fees, discounts and
commissions applicable thereto) exceeds the amount of any
damages which such holder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or
alleged omission, and no underwriter shall be required to
contribute any amount in excess of the amount by which the total
price at which the Registrable Securities underwritten by it and
distributed to the public were offered to the public exceeds the
amount of any damages which such underwriter has otherwise been
required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such
fraudulent misrepresentation. The holders’ and any
underwriters’ obligations in this Section 6(d) to
contribute shall be several in proportion to the principal
amount of Registrable Securities registered or underwritten, as
the case may be, by them and not joint.

16

 

     
(e) The obligations of the Company under
this Section 6 shall be in addition to any liability which
the Company may otherwise have and shall extend, upon the same
terms and conditions, to each officer, director and partner of
each holder, agent and underwriter and each person, if any, who
controls any holder, agent or underwriter within the meaning of
the Securities Act; and the obligations of the holders and any
agents or underwriters contemplated by this Section 6 shall
be in addition to any liability which the respective holder,
agent or underwriter may otherwise have and shall extend, upon
the same terms and conditions, to each officer and director of
the Company (including any person who, with his consent, is
named in any registration statement as about to become a
director of the Company) and to each person, if any, who
controls the Company within the meaning of the Securities Act.

     
7.     Underwritten
Offerings.

     
(a) Selection of Underwriters. If any
of the Registrable Securities covered by the Shelf Registration
are to be sold pursuant to an underwritten offering, the
managing underwriter or underwriters thereof shall be designated
by Electing Holders holding at least a majority in aggregate
principal amount of the Registrable Securities to be included in
such offering, provided that such designated managing
underwriter or underwriters is or are reasonably acceptable to
the Company.

     
(b) Participation by Holders. Each
holder of Registrable Securities hereby agrees with each other
such holder that no such holder may participate in any
underwritten offering hereunder unless such holder
(i) agrees to sell such holder’s Registrable
Securities on the basis provided in any underwriting
arrangements approved by the persons entitled hereunder to
approve such arrangements and (ii) completes and executes
all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents reasonably required
under the terms of such underwriting arrangements.

     
8.     Rule 144.

     
The Company covenants to the holders of
Registrable Securities that to the extent it shall be required
to do so under the Exchange Act, the Company shall timely file
the reports required to be filed by it under the Exchange Act or
the Securities Act (including the reports under Section 13
and 15(d) of the Exchange Act referred to in
subparagraph (c)(1) of Rule 144 adopted by the
Commission under the Securities Act) and the rules and
regulations adopted by the Commission thereunder, and shall take
such further action as any holder of Registrable Securities may
reasonably request, all to the extent required from time to time
to enable such holder to sell Registrable Securities without
registration under the Securities Act within the limitations of
the exemption provided by Rule 144 under the Securities
Act, as such Rule may be amended from time to time, or any
similar or successor rule or regulation hereafter adopted by the
Commission. Upon the written request of any holder of
Registrable Securities in connection with that holder’s
sale pursuant to Rule 144, the Company shall deliver to
such holder a written statement as to whether it has complied
with such requirements.

     
9.     Miscellaneous.

     
(a) No Inconsistent Agreements. The
Company represents, warrants, covenants and agrees that it has
not granted, and shall not grant, registration rights with
respect to Registrable Securities or any other securities which
would be inconsistent with the terms contained in this Exchange
and Registration Rights Agreement.

     
(b) Specific Performance. The parties
hereto acknowledge that there would be no adequate remedy at law
if the Company fails to perform any of its obligations hereunder
and that the Purchasers and the holders from time to time of the
Registrable Securities may be irreparably harmed by any such
failure, and accordingly agree that the Purchasers and such
holders, in addition to any other remedy to which they may be
entitled at law or in equity, shall be entitled to compel
specific performance of the obligations of the Company under
this Exchange and Registration Rights Agreement in accordance
with the terms and conditions of this Exchange and Registration
Rights Agreement, in any court of the United States or any State
thereof having jurisdiction.

17

 

     
(c) Notices. All notices, requests,
claims, demands, waivers and other communications hereunder
shall be in writing and shall be deemed to have been duly given
when delivered by hand, if delivered personally or by courier,
or three days after being deposited in the mail (registered or
certified mail, postage prepaid, return receipt requested) as
follows: If to the Company, to it at 100 West Putnam Avenue,
Greenwich, Connecticut 06830, and if to a holder, to the address
of such holder set forth in the security register or other
records of the Company, or to such other address as the Company
or any such holder may have furnished to the other in writing in
accordance herewith, except that notices of change of address
shall be effective only upon receipt.

     
(d) Parties in Interest. All the
terms and provisions of this Exchange and Registration Rights
Agreement shall be binding upon, shall inure to the benefit of
and shall be enforceable by the parties hereto and the holders
from time to time of the Registrable Securities and the
respective successors and assigns of the parties hereto and such
holders. In the event that any transferee of any holder of
Registrable Securities shall acquire Registrable Securities, in
any manner, whether by gift, bequest, purchase, operation of law
or otherwise, such transferee shall, without any further writing
or action of any kind, be deemed a beneficiary hereof for all
purposes and such Registrable Securities shall be held subject
to all of the terms of this Exchange and Registration Rights
Agreement, and by taking and holding such Registrable Securities
such transferee shall be entitled to receive the benefits of,
and be conclusively deemed to have agreed to be bound by all of
the applicable terms and provisions of this Exchange and
Registration Rights Agreement. If the Company shall so request,
any such successor, assign or transferee shall agree in writing
to acquire and hold the Registrable Securities subject to all of
the applicable terms hereof.

     
(e) Survival. The respective
indemnities, agreements, representations, warranties and each
other provision set forth in this Exchange and Registration
Rights Agreement or made pursuant hereto shall remain in full
force and effect regardless of any investigation (or statement
as to the results thereof) made by or on behalf of any holder of
Registrable Securities, any director, officer or partner of such
holder, any agent or underwriter or any director, officer or
partner thereof, or any controlling person of any of the
foregoing, and shall survive delivery of and payment for the
Registrable Securities pursuant to the Purchase Agreement and
the transfer and registration of Registrable Securities by such
holder and the consummation of an Exchange Offer.

     
(f) Governing Law. This Exchange
and Registration Rights Agreement shall be governed by and
construed in accordance with the laws of the State of New
York.

     
(g) Headings. The descriptive
headings of the several Sections and paragraphs of this Exchange
and Registration Rights Agreement are inserted for convenience
only, do not constitute a part of this Exchange and Registration
Rights Agreement and shall not affect in any way the meaning or
interpretation of this Exchange and Registration Rights
Agreement.

     
(h) Entire Agreement; Amendments.
This Exchange and Registration Rights Agreement and the other
writings referred to herein (including the Indenture and the
form of Securities) or delivered pursuant hereto which form a
part hereof contain the entire understanding of the parties with
respect to its subject matter. This Exchange and Registration
Rights Agreement supersedes all prior agreements and
understandings between the parties with respect to its subject
matter. This Exchange and Registration Rights Agreement may be
amended and the observance of any term of this Exchange and
Registration Rights Agreement may be waived (either generally or
in a particular instance and either retroactively or
prospectively) only by a written instrument duly executed by the
Company and the holders of at least a majority in aggregate
principal amount of the Registrable Securities at the time
outstanding. Each holder of any Registrable Securities at the
time or thereafter outstanding shall be bound by any amendment
or waiver effected pursuant to this Section 9(h), whether
or not any notice, writing or marking indicating such amendment
or waiver appears on such Registrable Securities or is delivered
to such holder.

     
(i) Inspection. For so long as this
Exchange and Registration Rights Agreement shall be in effect,
this Exchange and Registration Rights Agreement and a complete
list of the names and addresses of all the holders of
Registrable Securities shall be made available for inspection
and copying on any business day by any holder of Registrable
Securities for proper purposes only (which shall include any
purpose

18

 

related to the rights of the holders of
Registrable Securities under the Securities, the Indenture and
this Agreement) at the offices of the Company at the address
thereof set forth in Section 9(c) above and at the office
of the Trustee under the Indenture.

     
(j) Counterparts. This agreement may
be executed by the parties in counterparts, each of which shall
be deemed to be an original, but all such respective
counterparts shall together constitute one and the same
instrument.

     
If the foregoing is in accordance with your
understanding, please sign and return to us nine counterparts
hereof, and upon the acceptance hereof by you, on behalf of each
of the Purchasers, this letter and such acceptance hereof shall
constitute a binding agreement between each of the Purchasers
and the Company. It is understood that your acceptance of this
letter on behalf of each of the Purchasers is pursuant to the
authority set forth in a telex and a form of Agreement among
Purchasers, the form of which shall be submitted to the Company
for examination upon request, but without warranty on your part
as to the authority of the signers thereof.

		
	 	
    Very truly yours,
    
	 
	 	
    UST INC.
    

			
	 	By: 	
    /s/ ROBERT T. D’ALESSANDRO
    

		
	 	
    

	 	
    Name: Robert T. D’Alessandro
    

			
	 	Title:  	
    Senior Vice President and Chief Financial Officer
    

		
	
    Accepted as of the date hereof:
    	 
	 
	
    GOLDMAN, SACHS & CO.
    	 

			
	By: 	
    /s/ GOLDMAN, SACHS & CO.
    	 

		
	
    
	 
	
    (Goldman, Sachs & Co.)
    	 
	 
	
    On behalf of each of the Purchasers
    	 

19

 

 Exhibit A

UST Inc.

INSTRUCTION TO DTC PARTICIPANTS

(Date of Mailing)

URGENT — IMMEDIATE ATTENTION
REQUESTED

DEADLINE FOR RESPONSE:
[DATE]*

     
The Depository Trust Company (“DTC”)
has identified you as a DTC Participant through which beneficial
interests in the UST Inc. (the “Company”)
[     ]% Senior Notes due
July [     ], 2012 (the
“Securities”) are held.

     
The Company is in the process of registering the
Securities under the Securities Act of 1933 for resale by the
beneficial owners thereof. In order to have their Securities
included in the registration statement, beneficial owners must
complete and return the enclosed Notice of Registration
Statement and Selling Securityholder Questionnaire.

     
It is important that beneficial owners of the
Securities receive a copy of the enclosed materials as soon as
possible as their rights to have the
Securities included in the registration statement depend upon
their returning the Notice and Questionnaire by [Deadline For
Response]. Please forward a copy of the enclosed documents
to each beneficial owner that holds interests in the Securities
through you. If you require more copies of the enclosed
materials or have any questions pertaining to this matter,
please contact UST Inc, 100 West Putnam Avenue, Greenwich,
Connecticut 06830 (212) 661-1100, Attention: Debra Baker.

		
	* 	
    Not less than 28 calendar days from date of
    mailing.
    

A-1

 

UST Inc.

Notice of Registration Statement

and

Selling Securityholder Questionnaire

(Date)

     
Reference is hereby made to the Exchange and
Registration Rights Agreement (the “Exchange and
Registration Rights Agreement”) between UST Inc. (the
“Company”) and the Purchasers named therein. Pursuant
to the Exchange and Registration Rights Agreement, the Company
has filed with the United States Securities and Exchange
Commission (the “Commission”) a registration statement
on Form [     ](the
“Shelf Registration Statement”) for the registration
and resale under Rule 415 of the Securities Act of 1933, as
amended (the “Securities Act”), of the Company’s
X% Notes due 2012 (the “Securities”). A copy of the
Exchange and Registration Rights Agreement is attached hereto.
All capitalized terms not otherwise defined herein shall have
the meanings ascribed thereto in the Exchange and Registration
Rights Agreement.

     
Each beneficial owner of Registrable Securities
(as defined below) is entitled to have the Registrable
Securities beneficially owned by it included in the Shelf
Registration Statement. In order to have Registrable Securities
included in the Shelf Registration Statement, this Notice of
Registration Statement and Selling Securityholder Questionnaire
(“Notice and Questionnaire”) must be completed,
executed and delivered to the Company’s counsel at the
address set forth herein for receipt ON OR BEFORE [Deadline
for Response]. Beneficial owners of Registrable Securities
who do not complete, execute and return this Notice and
Questionnaire by such date (i) will not be named as selling
securityholders in the Shelf Registration Statement and
(ii) may not use the Prospectus forming a part thereof for
resales of Registrable Securities.

     
Certain legal consequences arise from being named
as a selling securityholder in the Shelf Registration Statement
and related Prospectus. Accordingly, holders and beneficial
owners of Registrable Securities are advised to consult their
own securities law counsel regarding the consequences of being
named or not being named as a selling securityholder in the
Shelf Registration Statement and related Prospectus.

     
The term “Registrable
Securities” is defined in the Exchange and Registration
Rights Agreement.

A-2

 

ELECTION

     
The undersigned holder (the “Selling
Securityholder”) of Registrable Securities hereby elects to
include in the Shelf Registration Statement the Registrable
Securities beneficially owned by it and listed below in
Item (3). The undersigned, by signing and returning this
Notice and Questionnaire, agrees to be bound with respect to
such Registrable Securities by the terms and conditions of this
Notice and Questionnaire and the Exchange and Registration
Rights Agreement, including, without limitation, Section 6
of the Exchange and Registration Rights Agreement, as if the
undersigned Selling Securityholder were an original party
thereto.

     
Upon any sale of Registrable Securities pursuant
to the Shelf Registration Statement, the Selling Securityholder
will be required to deliver to the Company and Trustee the
Notice of Transfer set forth in Appendix A to the
Prospectus and as Exhibit B to the Exchange and
Registration Rights Agreement.

     
The Selling Securityholder hereby provides the
following information to the Company and represents and warrants
that such information is accurate and complete:

A-3

 

QUESTIONNAIRE

	 	 	 	 	 
	
    
    (1)
    

    	 	
    (a)
    	 	
    Full Legal Name of Selling Securityholder:
    
	 	 	 	 	

	 	 	
    (b)
    	 	
    Full Legal Name of Registered Holder (if not the
    same as in (a) above) of Registrable Securities Listed in Item
    (3) below:
    
	 	 	 	 	

	 	 	
    (c)
    	 	
    Full Legal Name of DTC Participant (if applicable
    and if not the same as (b) above) Through Which Registrable
    Securities Listed in Item (3) below are Held:
    
	 	 	 	 	

	 
	
    
    (2)
    

    	 	 	 	
    Address for Notices to Selling Securityholder:
    

	 	 	 
	 	 	

	 	 	

	
    
    Telephone:
    

    	 	
    

	
    
    Fax:
    

    	 	
    

	
    
    Contact Person:
    

    	 	
    

	 	 	 	 	 
	
    
    (3)
    

    	 	 	 	
    Beneficial Ownership of Securities:
    
	 	 	 	 	
    Except as set forth below in this
    Item (3), the undersigned does not beneficially own any
    Securities.
	 	 	
    (a)
    	 	
    Principal amount of Registrable Securities
    beneficially owned: 

    
	 	 	 	 	
    CUSIP No(s). of such Registrable
    Securities: 
	 	 	 	 	

	 	 	
    (b)
    	 	
    Principal amount of Securities other than
    Registrable Securities beneficially owned:
    
	 	 	 	 	

	 	 	 	 	
    CUSIP No(s). of such other
    Securities: 
	 	 	 	 	

	 	 	
    (c)
    	 	
    Principal amount of Registrable Securities which
    the undersigned wishes to be included in the Shelf Registration
    Statement: ------------------------------------------------------------

    CUSIP No(s). of such Registrable Securities to be included in
    the Shelf Registration Statement: 
	 	 	 	 	

	 
	
    
    (4)
    

    	 	 	 	
    Beneficial Ownership of Other Securities of the
    Company:
    
	 	 	 	 	
    Except as set forth below in this Item (4),
    the undersigned Selling Securityholder is not the beneficial or
    registered owner of any other securities of the Company, other
    than the Securities listed above in Item (3).
	 	 	 	 	
    State any exceptions here:
    
	 
	
    
    (5)
    

    	 	 	 	
    Relationships with the Company:
    
	 	 	 	 	
    Except as set forth below, neither the Selling
    Securityholder nor any of its affiliates, officers, directors or
    principal equity holders (5% or more) has held any position or
    office or has had any other material relationship with the
    Company (or its predecessors or affiliates) during the past
    three years.
	 	 	 	 	
    State any exceptions here:
    

A-4

 

	 	 	 	 	 
	
    
    (6)
    

    	 	 	 	
    Plan of Distribution:
    
	 	 	 	 	
    Except as set forth below, the undersigned
    Selling Securityholder intends to distribute the Registrable
    Securities listed above in Item (3) only as follows (if at
    all): Such Registrable Securities may be sold from time to time
    directly by the undersigned Selling Securityholder or,
    alternatively, through underwriters, broker-dealers or agents.
    Such Registrable Securities may be sold in one or more
    transactions at fixed prices, at prevailing market prices at the
    time of sale, at varying prices determined at the time of sale,
    or at negotiated prices. Such sales may be effected in
    transactions (which may involve crosses or block transactions)
    (i) on any national securities exchange or quotation
    service on which the Registered Securities may be listed or
    quoted at the time of sale, (ii) in the over-the-counter
    market, (iii) in transactions otherwise than on such
    exchanges or services or in the over-the-counter market, or
    (iv) through the writing of options. In connection with
    sales of the Registrable Securities or otherwise, the Selling
    Securityholder may enter into hedging transactions with
    broker-dealers, which may in turn engage in short sales of the
    Registrable Securities in the course of hedging the positions
    they assume. The Selling Securityholder may also sell
    Registrable Securities short and deliver Registrable Securities
    to close out such short positions, or loan or pledge Registrable
    Securities to broker-dealers that in turn may sell such
    securities.
	 	 	 	 	
    State any exceptions here:
    

     
By signing below, the Selling Securityholder
acknowledges that it understands its obligation to comply, and
agrees that it will comply, with the provisions of the Exchange
Act and the rules and regulations thereunder, particularly
Regulation M.

     
In the event that the Selling Securityholder
transfers all or any portion of the Registrable Securities
listed in Item (3) above after the date on which such
information is provided to the Company, the Selling
Securityholder agrees to notify the transferee(s) at the time of
the transfer of its rights and obligations under this Notice and
Questionnaire and the Exchange and Registration Rights Agreement.

     
By signing below, the Selling Securityholder
consents to the disclosure of the information contained herein
in its answers to Items (1) through (6) above and the
inclusion of such information in the Shelf Registration
Statement and related Prospectus. The Selling Securityholder
understands that such information will be relied upon by the
Company in connection with the preparation of the Shelf
Registration Statement and related Prospectus.

     
In accordance with the Selling
Securityholder’s obligation under Section 3(d) of the
Exchange and Registration Rights Agreement to provide such
information as may be required by law for inclusion in the Shelf
Registration Statement, the Selling Securityholder agrees to
promptly notify the Company of any inaccuracies or changes in
the information provided herein which may occur subsequent to
the date hereof at any time while the Shelf Registration
Statement remains in effect. All notices hereunder and pursuant
to the Exchange and Registration Rights Agreement shall be made
in writing, by hand-delivery, first-class mail, or air courier
guaranteeing overnight delivery as follows:

     (i) To the
Company:

		
	 	
    [UST Inc.
    
	 	
    100 West Putnam Avenue
    
	 	
    Greenwich, Connecticut 06830]
    

     (ii) With a
copy to:

		
	 	
    [Skadden, Arps, Slate, Meagher & Flom]
    
	 	
    

	 	
    

	 	
    

	 	
    

A-5

 

     
Once this Notice and Questionnaire is executed by
the Selling Securityholder and received by the Company’s
counsel, the terms of this Notice and Questionnaire, and the
representations and warranties contained herein, shall be
binding on, shall inure to the benefit of and shall be
enforceable by the respective successors, heirs, personal
representatives, and assigns of the Company and the Selling
Securityholder (with respect to the Registrable Securities
beneficially owned by such Selling Securityholder and listed in
Item (3) above. This Agreement shall be governed in all
respects by the laws of the State of New York.

     
IN WITNESS WHEREOF, the undersigned, by authority
duly given, has caused this Notice and Questionnaire to be
executed and delivered either in person or by its duly
authorized agent.

Dated: 

		
	 	
    

	 	
    Selling Securityholder
    
	 	
    (Print/type full legal name of beneficial owner
    of Registrable Securities)
    
	 
	 	
    By: 

    
	 	
    Name:
    
	 	
    Title:
    
	 
	 	
    PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE
    AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE [DEADLINE FOR
    RESPONSE] TO THE COMPANY’S COUNSEL AT:
    
	 
	 	
    [Skadden, Arps, Slate, Meagher & Flom]
    
	 	
    

	 	
    

	 	
    

	 	
    

A-6

 

Exhibit B

NOTICE OF TRANSFER PURSUANT TO REGISTRATION
STATEMENT

State Street Bank & Trust Company

UST Inc.

c/o State Street Bank and Trust Company

Corporate Trust Division

Two International Place,

Boston, MA 02110

Attention: Trust Officer

Re: UST Inc. (the “Company”)

[ ]% Senior Notes due [ ]

Dear Sirs:

     
Please be advised that has transferred $
aggregate principal amount of the above reference Notes pursuant
to an effective Registration Statement on
Form [     ] (File
No. 333-                              )
filed by the Company.

     
We hereby certify that a prospectus delivery
requirements, if any, of the Securities Act of 1933, as amended,
have been satisfied and that the above-named beneficial owner of
the Notes is named as a “Selling Holder” in the
Prospectus dated [date] or in supplements thereto, and that the
aggregate principal amount of the Notes transferred are the
Notes listed in such Prospectus opposite such owner’s name.

Dated:

		
	 	
    Very truly yours,
    
	 
	 	
    [Name]
    
	 
	 	
    By: 

    
	 	
    [Authorized Signature]
    

A-7

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