Document:

PROMISSORY NOTE

$200,000.00                                                    September 30,2004

     After date, without grace, for value received, JACKSON RIVERS TECHNOLOGIES,
INC.,  a Nevada corporation (the "Maker") hereby promises to pay to the order of
MULTITRADE  TECHNOLOGIES  LLC,  a  limited liability company organized under the
laws of Delaware ("MTT") and JOSEPH KHAN jointly (collectively, the "Payee") the
original  principal  amount  of  TWO  HUNDRED  THOUSAND  AND  NO/100  DOLLARS
($200,000.00)  with  interest on the unpaid principal of this Note from the date
hereof  at  the  rate  of  six percent per annum.  All payments of principal and
interest  hereunder  are payable in lawful money of the United States of America
at  ____________,  or  such other place as the Payee may designate in writing to
the  Maker.

     The principal of this Note shall be due and payable in monthly installments
of  _______  per  month,  with  the  first payment being due on the _____ day of
______ , 20___ and a like payment on the same day of each month thereafter until
the  whole of said principal amount has been fully paid. Interest, computed upon
the  unpaid  principal  balance  hereof,  shall be due and payable monthly as it
accrues,  on  the  same  dates  as,  but  in  addition  to, said installments of
principal.

     Any  interest  on this Note shall be computed for the actual number of days
elapsed  and  on  the basis of a year consisting of 360 days, unless the maximum
legal  interest  rate  would  thereby be exceeded, in which event, to the extent
necessary  to  avoid  exceeding such maximum rate, interest shall be computed on
the  basis  of the actual number of days elapsed in the applicable calendar year
in  which  it accrued. It is the intention of the Maker and the Payee to conform
strictly to applicable usury laws. It is therefore agreed that (i) the aggregate
of all interest and other charges constituting interest under applicable law and
contracted  for,  chargeable  or  receivable  under  this  Note  or otherwise in
connection  with this loan transaction, shall never exceed the maximum amount of
interest,  nor produce a rate in excess of the maximum contract rate of interest
the  Payee  may charge the Maker under applicable law and in regard to which the
Maker may not successfully assert the claim or defense of usury, and (ii) if any
excess interest is provided for, it shall be deemed a mistake and the same shall
be  refunded to the Maker or credited on the unpaid principal balance hereof and
this  Note  shall  be  automatically  deemed  reformed  so as to permit only the
collection of the maximum legal contract rate and amount of interest.

     This Note may be prepaid in whole or in part at any time without premium or
penalty  by the Maker. Prepayments shall be applied to installments of principal
in  the  inverse  order  of  maturity  so  that  they will pay the last maturing
principal  installments  first, and these payments will not reduce the amount or
time  of  payment  of  the  remaining  installments. Any interest on any prepaid
installment  of  principal  shall  immediately  cease  to  accrue.

     Except  as  provided  herein,  the  Maker  and  each  surety, endorser, and
guarantor  waives all demands for payment, presentations for payment, notices of
intention to accelerate maturity, notices of acceleration of maturity, protests,
notices  of protest, grace, and diligence in the collection of this Note, and in
filing  suit  hereon, and agrees that its liability for the payment hereof shall
not  be  affected or impaired by any release or change in the security or by any
extension  or  extensions  of  time  of  payment.

     Any  check,  draft, money order or other instrument given in payment of all
or  any  portion  of  this Note may be accepted by the Payee or any other holder
hereof and handled in collection in the customary manner, but the same shall not
constitute  payment  hereunder  or diminish any rights of the Payee or any other
holder hereof, except to the extent that actual cash proceeds of such instrument
are unconditionally received by the Payee or any other holder hereof and applied
to  the  indebtedness  as  herein  provided.

     In the event of default in the payment of this Note or under any instrument
executed  in  connection  with  this Note, the Maker agrees to pay on demand all
costs  incurred  by  the Payee (i) in the collection of any sums, including, but
not  limited  to,  principal,  interest,  expenses,  and  reimbursements due and
payable  on  this  Note,  and  (ii)  in  the  enforcement of the other terms and
provisions of this Note or any instrument securing payment of this Note, whether
such  collection  or enforcement be accomplished by suit or otherwise, including
the  Payee's  reasonable  attorney's  fees.

                                        1
<PAGE>
     It is agreed that time is of the essence of this Note, and upon the failure
of  the  Maker  to  cure an event of default in the payment of any fixed monthly
payment when due hereunder within 30 days after receipt of notice from the Payee
or  other  holder  of such failure, or upon the failure of the Maker to cure any
event  of default within 30 days after receipt of notice from the Payee or other
holder  of such failure, the Payee may declare the whole sum of the principal of
this  Note  remaining  at  the  time unpaid, together with the accrued interest,
charges, and, to the extent permitted under applicable law, costs and reasonable
attorney's  fees  incurred  by  the Payee in collecting or enforcing the payment
thereof,  immediately  due  and  payable  without further notice, and failure to
exercise  said  option shall not constitute a waiver on the part of the Payee of
the  right  to  exercise  the  same  at  any  other  time.

     If  this  Note  is  not  paid  at maturity, however maturity may be brought
about,  all  principal  and interest due on the date of such maturity shall bear
interest from the date of such maturity at the maximum contract rate of interest
which the Payee may charge the Maker under applicable law.

     Any  check,  draft, money order or other instrument given in payment of all
or  any  portion  of  this Note may be accepted by the Payee or any other holder
hereof and handled in collection in the customary manner, but the same shall not
constitute  payment  hereunder  or diminish any rights of the Payee or any other
holder hereof, except to the extent that actual cash proceeds of such instrument
are unconditionally received by the Payee or any other holder hereof and applied
to  the  indebtedness  as  herein  provided.

     This  Note  is  expressly  subject  to and governed by all of the terms and
conditions contained in that certain Technology License Agreement by and between
Multitrade  Technologies  LLC,  The  Jackson  Rivers  Company and Jackson Rivers
Technologies,  Inc.,  dated  23rd  day of June, 2004, with the Effective Date of
February  24,  2004. In the event of any conflict between the terms of this Note
and  the  Technology  License  Agreement,  the  terms  of the Technology License
Agreement  shall  control.

     This Note shall be governed by and construed in accordance with the laws of
the  State  of  New  York  and  applicable  federal  law.

                                            JACKSON RIVERS TECHNOLOGIES, INC.

                                            By
                                              ----------------------------------
                                              Dennis N. Lauzon, President

                                        2
<PAGE>Exhibit 4.1

                                NBT BANCORP INC.

                                       AND

                         REGISTRAR AND TRANSFER COMPANY

                                 AS RIGHTS AGENT

                                RIGHTS AGREEMENT

                          DATED AS OF NOVEMBER 15, 2004

<PAGE>
EXHIBITS

Exhibit A     Certificate of Designation
Exhibit B     Summary of Rights
Exhibit C     Form of Rights Certificate

<PAGE>
                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

Section 1.    Certain Definitions. . . . . . . . . . . . . . . . . . . . . . . 2
Section 2.    Appointment of Rights Agent. . . . . . . . . . . . . . . . . . . 7
Section 3.    Issue of Rights Certificates. . . . . . . . . . . . . . . . . . .7
Section 4.    Form of Rights Certificates . . . . . . . . . . . . . . . . . . .9
Section 5.    Countersignature and Registration . . . . . . . . . . . . . . . 10
Section 6.    Transfer, Split Up, Combination and Exchange of
              Rights Certificates; Mutilated, Destroyed, Lost or
              Stolen Rights Certificates . . . . . . . . . . . . . . . . . . .10
Section 7.    Exercise of Rights; Purchase Price; Expiration Date
              of Rights. . . . . . . . . . . . . . . . . . . . . . . . . . . .11
Section 8.    Cancellation of Rights Certificates. . . . . . . . . . . . . . .14
Section 9.    Reservation and Availability of Capital Stock. . . . . . . . . .14
Section 10.   Preferred Stock Record Date. . . . . . . . . . . . . . . . . . .16
Section 11.   Adjustment of Purchase Price, Number and Kind of
              Shares or Number of Rights . . . . . . . . . . . . . . . . . . .16
Section 12.   Certificate of Adjusted Purchase Price or Number of
              Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25
Section 13.   Consolidation, Merger or Sale or Transfer of Assets or
              Earning Power. . . . . . . . . . . . . . . . . . . . . . . . . .25
Section 14.   Fractional Rights and Fractional Shares. . . . . . . . . . . . .30
Section 15.   Rights of Action . . . . . . . . . . . . . . . . . . . . . . . .31
Section 16.   Agreement of Rights Holders. . . . . . . . . . . . . . . . . . .32
Section 17.   Rights Certificate Holder Not Deemed a Stockholder . . . . . . .32
Section 18.   Duties of Rights Agent . . . . . . . . . . . . . . . . . . . . .33
Section 19.   Compensation and Indemnification of the Rights Agent . . . . . .36
Section 20.   Merger or Consolidation or Change of Name of Rights Agent. . . .37
Section 21.   Change of Rights Agent . . . . . . . . . . . . . . . . . . . . .37
Section 22.   Issuance of New Rights Certificates. . . . . . . . . . . . . . .38
Section 23.   Redemption . . . . . . . . . . . . . . . . . . . . . . . . . . .39
Section 24.   Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . .40
Section 25.   Notice of Certain Events . . . . . . . . . . . . . . . . . . . .41
Section 26.   Notices. . . . . . . . . . . . . . . . . . . . . . . . . . . . .42
Section 27.   Supplements and Amendments . . . . . . . . . . . . . . . . . . .43
Section 28.   Successors . . . . . . . . . . . . . . . . . . . . . . . . . . .44
Section 29.   Determinations and Actions by the Board, etc . . . . . . . . . .44
Section 30.   Benefits of this Agreement . . . . . . . . . . . . . . . . . . .44
Section 31.   Severability . . . . . . . . . . . . . . . . . . . . . . . . . .45
Section 32.   Governing Law. . . . . . . . . . . . . . . . . . . . . . . . . .45
Section 33.   Counterparts . . . . . . . . . . . . . . . . . . . . . . . . . .45
Section 34.   Descriptive Headings . . . . . . . . . . . . . . . . . . . . . .46

<PAGE>
                                RIGHTS AGREEMENT
                                ----------------

          RIGHTS  AGREEMENT,  dated  as  of November 15, 2004 (the "Agreement"),
                                                                    ---------
between  NBT Bancorp Inc., a Delaware corporation (the "Company"), and Registrar
                                                        -------
and  Transfer  Company,  a  New  Jersey  corporation  (the  "Rights  Agent").
                                                             -------------

          WHEREAS, on October 25, 2004 (the "Rights Dividend Declaration Date"),
                                             --------------------------------
the  Board of Directors of the Company authorized and declared a dividend of one
Right  for  each  share  of Common Stock (as hereinafter defined) of the Company
outstanding  at the Close of Business (as defined herein) on the Record Date (as
defined  herein),  and  has authorized the issuance of one Right with respect to
each  share  of  Common  Stock  of  the  Company  issued between the Record Date
(whether  originally  issued  or  delivered from the Company's treasury) and the
Distribution  Date  (as  hereinafter defined), each Right initially representing
the  right  to  purchase  one  one-thousandth  of  a  share  of  Series A Junior
Participating  Preferred  Stock  of  the  Company  having the rights, powers and
preferences set forth in the form of Certificate of Designation, Preferences and
Rights  attached  hereto  as  Exhibit  A,  upon  the  terms  and  subject to the
                              ----------
conditions  hereinafter  set  forth.

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

     SECTION  1.     CERTAIN  DEFINITIONS.

          For  purposes of this Agreement, the following terms have the meanings
indicated:

          (a)     "Acquiring  Person"  shall  mean  any  Person (as such term is
                   -----------------
          hereinafter  defined)  who  or which, together with all Affiliates and
          Associates  (as  such  terms  are hereinafter defined) of such Person,
          shall be the Beneficial Owner (as such term is hereinafter defined) of
          15%  or more of the shares of Common Stock then outstanding, but shall
          not  include  (i)  the Company, (ii) any Subsidiary of the Company, or
          (iii)  any  employee  benefit plan of the Company or any Subsidiary of
          the  Company,  or  any  Person  holding  shares of Common Stock for or
          pursuant  to the terms of any such plan to the extent, and only to the
          extent,  of  such  shares  so  held. Notwithstanding the foregoing, no
          Person  shall  become  an  "Acquiring  Person"  as  the  result  of an
          acquisition  of  shares  of  Common  Stock  by  the  Company which, by
          reducing  the  number of shares of Common Stock outstanding, increases
          the  proportionate number of shares of Common Stock beneficially owned
          by  such  Person  to  15% or more of the shares of Common Stock of the

                                      -2-
<PAGE>
          Company  then  outstanding;  provided, however, that if a Person shall
          become  the Beneficial Owner of 15% or more of the Common Stock of the
          Company  then  outstanding by reason of share purchases by the Company
          and  shall,  after  such  share  purchases  by the Company, become the
          Beneficial  Owner  of an additional 1% of the outstanding Common Stock
          of  the  Company, then such Person shall be deemed to be an "Acquiring
          Person"  if such Person is then the Beneficial Owner of 15% or more of
          the  Common  Stock then outstanding. Notwithstanding the foregoing, if
          the  Board  determines in good faith that a Person who would otherwise
          be  an  "Acquiring  Person",  as  defined  pursuant  to  the foregoing
          provisions  of  this paragraph (a), has become such inadvertently, and
          such  Person divests as promptly as practicable a sufficient number of
          shares  of  Common  Stock  so  that  such Person would no longer be an
          "Acquiring Person", then such Person shall not be deemed an "Acquiring
          Person"  for  any  purposes  of  this  Agreement unless and until such
          Person  shall  again  become  an  "Acquiring  Person".

          (b)     "Affiliate" and "Associate" shall have the respective meanings
                   ---------       ---------
          ascribed  to  such  terms  in  Rule  12b-2  of  the  General Rules and
          Regulations  under  the  Exchange  Act.

          (c)     A  Person  shall be deemed the "Beneficial Owner" of and shall
                                                  ----------------
          be  deemed  to  "beneficially  own"  any  securities:
                           -----------------

                      (i)  which  such Person or any of such Person's Affiliates
               or  Associates,  directly or indirectly, has the right to acquire
               (whether  such right is exercisable immediately or only after the
               passage  of  time)  pursuant  to  any  agreement,  arrangement or
               understanding  (whether  or not in writing), or upon the exercise
               of  conversion  rights, exchange rights, other rights (other than
               these  Rights),  warrants  or  options,  or  otherwise; provided,
                                                                       --------
               however, that a Person shall not be deemed the "Beneficial Owner"
               -------
               of, or to "beneficially own", (A) securities tendered pursuant to
               a tender or exchange offer made by or on behalf of such Person or
               any of such Person's Affiliates or Associates until such tendered
               securities  are  accepted  for  purchase  or  exchange;  or  (B)
               securities  issuable upon exercise of Rights at any time prior to
               the  occurrence of a Triggering Event, or (C) securities issuable
               upon  exercise  of  Rights  from  and  after  the occurrence of a
               Triggering Event which Rights were acquired by such Person or any
               of  such  Person's  Affiliates  or  Associates  prior  to  the
               Distribution  Date  or  pursuant  to  Section  3(a) or Section 22
               hereof  (the  "Original  Rights")  or  pursuant  to Section 11(i)
                              ----------------
               hereof  in connection with an adjustment made with respect to any
               Original  Rights;

                                      -3-
<PAGE>
                     (ii)  which  such Person or any of such Person's Affiliates
               or  Associates,  directly or indirectly, has the right to vote or
               dispose  of  or  has  "beneficial  ownership"  of  (as determined
               pursuant to Rule 13d-3 of the General Rules and Regulations under
               the  Exchange  Act),  including  pursuant  to  any  agreement,
               arrangement  or  understanding,  whether  or  not  in  writing;
               provided,  however,  that  a  Person  shall  not  be  deemed  the
               --------   -------
               "Beneficial Owner" of, or to beneficially own, any security under
               this  subparagraph  (ii) as a result of an agreement, arrangement
               or  understanding  to  vote  such  security  if  such  agreement,
               arrangement  or understanding: (A) arises solely from a revocable
               proxy given in response to a public proxy or consent solicitation
               made  pursuant  to,  and  in  accordance  with,  the  applicable
               provisions  of  the  General  Rules  and  Regulations  under  the
               Exchange  Act, and (B) is not also then reportable by such Person
               on  Schedule  13D  under  the  Exchange Act (or any comparable or
               successor  report);  or

                    (iii)  which are beneficially owned, directly or indirectly,
               by  any other Person (or any Affiliate or Associate thereof) with
               which  such  Person  or  any  of  such  Person's  Affiliates  or
               Associates  has  any  agreement,  arrangement  or  understanding
               (whether  or  not  in  writing),  for  the  purpose of acquiring,
               holding,  voting  (except  pursuant  to  a  revocable  proxy  as
               described  in  the proviso to subparagraph (ii) of this paragraph
               (c))  or  disposing  of  any  voting  securities  of the Company;

          provided,  however,  that  nothing in this paragraph (c) shall cause a
          --------   -------
          Person  engaged  in business as an underwriter of securities to be the
          "Beneficial  Owner"  of,  or  to  "beneficially  own,"  any securities
          acquired  through  such Person's participation in good faith in a firm
          commitment  underwriting  until the expiration of forty days after the
          date  of  such  acquisition.

          (d)     "Board"  shall  mean  the  Board  of Directors of the Company.
                   -----

          (e)     "Business  Day"  shall  mean  any  day  other than a Saturday,
                   -------------
          Sunday,  or  a day on which banking or trust institutions in the State
          of  New  York are authorized or obligated by law or executive order to
          close.

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

                                      -4-
<PAGE>
          (g)     "Common  Stock"  when used with reference to the Company shall
                   -------------
          mean  the shares of the Common Stock, par value $.01 per share, of the
          Company.  "Common  Stock" when used with reference to any Person other
          than  the  Company  shall  mean  the  class  of capital stock with the
          greatest  aggregate voting power, or the class of equity securities or
          other  equity  interests  having  power  to  control  or  direct  the
          management,  of  such  Person.

          (h)     "Company" shall mean NBT Bancorp Inc., a Delaware corporation.
                   -------

          (i)     "Distribution Date" shall mean the earlier of (i) the Close of
                   -----------------
          Business on the tenth day after the Stock Acquisition Date (or, if the
          tenth  day  after  the Stock Acquisition Date occurs before the Record
          Date,  the Close of Business on the Record Date), or (ii) the Close of
          Business  on  the  tenth  Business Day (or, if such tenth Business Day
          occurs  before  the  Record  Date, the Close of Business on the Record
          Date),  or  such  specified  or unspecified later date on or after the
          Record  Date as may be determined by action of the Board prior to such
          time  as any Person becomes an Acquiring Person, after the date of the
          commencement  by any Person (other than the Company, any Subsidiary of
          the  Company  or  any  employee  benefit plan of the Company or of any
          Subsidiary of the Company or any Person holding shares of Common Stock
          for  or  pursuant  to  the terms of any such plan) of, or of the first
          public  announcement of the intention of any Person (other than any of
          the Persons referred to in the preceding parenthetical) to commence, a
          tender  or  exchange  offer  the consummation of which would result in
          such  Person  becoming  the  beneficial  owner  of  15% or more of the
          outstanding  shares  of  Common  Stock.

          (j)     "Exchange Act" shall mean the Securities Exchange Act of 1934,
                   ------------
          as amended, as in effect on the date of this Agreement.

          (k)     "Exchange  Date"  shall  have the meaning set forth in Section
                   --------------
          7(a)  hereof.

          (l)     "Expiration  Date" shall have the meaning set forth in Section
                   ----------------
          7(a)  hereof.

          (m)     "Final  Expiration  Date"  shall have the meaning set forth in
                   -----------------------
          Section  7(a)  hereof.

                                      -5-
<PAGE>
          (n)     "Person"  shall  mean  any  individual,  firm,  corporation,
                   ------
          partnership  or  other  entity,  and  shall  include any successor (by
          merger  or  otherwise)  of  such  entity.

          (o)     "Preferred  Stock"  shall  mean  shares  of  Series  A  Junior
                   ----------------
          Participating  Preferred  Stock  of  the  Company.

          (p)     "Principal  Party" shall have the meaning set forth in Section
                   ----------------
          13(b)  hereof.

          (q)     "Purchase  Price"  shall have the meaning set forth in Section
                   ---------------
          4(a)  and  11(a)(ii)  hereof.

          (r)     "Record Date" shall mean the close of business on November 16,
                   -----------
          2004.

          (s)     "Redemption  Period"  shall  have  the  meaning  set  forth in
                   ------------------
          Section  23(a)  hereof.

          (t)     "Rights  Agent"  shall  mean Registrar and Transfer Company, a
                   -------------
          New  Jersey  corporation.

          (u)     "Rights  Certificate"  shall  have  the  meaning  set forth in
                   -------------------
          Section  3(d)  hereof.

          (v)     "Rights  Dividend Declaration Date" shall have the meaning set
                   ---------------------------------
          forth  in  the  recitals  hereof.

          (w)     "Section  11(a)(ii)  Event"  shall mean any event described in
                   -------------------------
          Section  11(a)(ii)  hereof.

          (x)     "Section  13  Event" shall mean any event described in clauses
                   ------------------
          (x),  (y)  or  (z)  of  Section  13(a)  hereof.

          (y)     "Securities  Act"  shall  mean  the Securities Act of 1933, as
                   ---------------
          amended,  and  as  in  effect  on  the  date  of  this  Agreement.

          (z)     "Stock  Acquisition  Date" shall mean the first date of public
                   ------------------------
          announcement  (which,  for purposes of this definition, shall include,
          without  limitation,  a  report filed pursuant to Section 13(d) of the
          Exchange  Act) by the Company or an Acquiring Person that an Acquiring
          Person  has  become  such.

          (aa)     "Subsidiary"  of  any  Person  shall  mean any corporation or
                    ----------
          other  entity  of  which  a majority of the voting power of the voting
          equity

                                      -6-
<PAGE>
          securities  or  equity  interests is owned, directly or indirectly, by
          such  Person,  or  is  otherwise  controlled  by  such  Person.

          (bb)     "Triggering  Event" shall mean any Section 11(a)(ii) Event or
                    -----------------
          any  Section  13  Event.

     SECTION  2.     APPOINTMENT  OF  RIGHTS  AGENT.

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

     SECTION  3.     ISSUE  OF  RIGHTS  CERTIFICATES.

          (a)     As  promptly  as  practicable  following  the Record Date, the
Company will send or deliver a copy of a Summary of Rights to Purchase Preferred
Stock,  in  substantially the form attached hereto as Exhibit B (the "Summary of
                                                      ---------       ----------
Rights"),  to  each record holder of Common Stock as of the Close of Business on
------
the  Record  Date  at  the  address  of  such holder shown on the records of the
Company.  With respect to certificates for shares of Common Stock outstanding as
of the Record Date, until the Distribution Date, the Rights will be evidenced by
such  certificates for the Common Stock and the registered holders of the Common
Stock  shall also be the registered holders of the associated Rights.  Until the
Distribution Date (or the earlier Expiration Date or Final Expiration Date), the
transfer  of  any  certificate representing shares of Common Stock in respect of
which  Rights  have been issued shall also constitute the transfer of the Rights
associated  with  the  shares  of  Common  Stock  represented  thereby.

          (b)     Rights  shall  be  issued  in  respect of all shares of Common
Stock  issued  (whether  originally issued or from the Company's treasury) after
the  Record  Date  but  prior  to  the  earlier  of the Distribution Date or the
Expiration  Date  or  the Final Expiration Date.  Rights shall also be issued to
the extent provided in Section 22 in respect of all shares of Common Stock which
are  issued (whether originally issued or from the Company's treasury) after the
Distribution  Date  and prior to the Expiration Date.  Certificates representing
such  shares of Common Stock shall also be deemed to be certificates for Rights,
and  shall  bear the following legend (in addition to any other legends that may
be  required):

          This  certificate  also  evidences  and  entitles the holder hereof to
          certain  Rights as set forth in a Rights Agreement between NBT Bancorp
          Inc.

                                      -7-
<PAGE>
          (the  "Company")  and  Registrar  and  Transfer  Company  (the "Rights
          Agent") dated as of November 15, 2004, as the same may be amended from
          time  to  time (the "Rights Agreement"), the terms of which are hereby
          incorporated herein by reference and a copy of which is on file at the
          principal  executive  offices  of  the  Company.  Under  certain
          circumstances,  as set forth in the Rights Agreement, such Rights will
          be  evidenced by separate certificates and will no longer be evidenced
          by  this  certificate.  The  Company  will  mail to the holder of this
          certificate a copy of the Rights Agreement as in effect on the date of
          mailing  without  charge  after receipt of a written request therefor.

          Under  certain circumstances set forth in the Rights Agreement, Rights
          issued  to, or held by, any Person who is, was or becomes an Acquiring
          Person  or  any  Affiliate  or  Associate  thereof  (as such terms are
          defined  in  the  Rights  Agreement),  whether currently held by or on
          behalf of such Person or by any subsequent holder, may become null and
          void.

With  respect  to  such  certificates containing the foregoing legend, until the
earlier  of  (i)  the  Distribution Date or (ii) the Expiration Date, the Rights
associated  with  the  Common  Stock  represented  by such certificates shall be
evidenced  by  such  certificates  alone  and registered holders of Common Stock
shall  also be the registered holders of the associated Rights, and the transfer
of  any  such  certificate  shall  also  constitute  the  transfer of the Rights
associated  with  the  Common  Stock  represented  thereby.

          (c)     Until  the  Distribution Date (i) the Rights will be evidenced
(subject  to  the  provisions  of  paragraph  (a)  of  this  Section  3)  by the
certificates  for  Common  Stock  registered in the names of the holders thereof
(which  certificates  for  Common  Stock  shall  also  be  deemed  to  be Rights
Certificates)  and not by separate Rights Certificates, and (ii) the Rights will
be transferable only in connection with the transfer of the underlying shares of
Common  Stock (including a transfer to the Company).  The Company shall give the
Rights  Agent  prompt  written  notice  of  the  Distribution  Date.

          (d)     As soon as practicable after the Distribution Date and receipt
of  written  notice  of the Distribution Date from the Company, the Rights Agent
upon  notification  thereof will, at the Company's expense, send by first-class,
insured,  postage  prepaid mail, to each record holder of Common Stock as of the
Close  of Business on the Distribution Date, at the address of such holder shown
on  the  records of the Company, a rights certificate, in substantially the form
of  Exhibit  C  hereto (the "Rights Certificate"), evidencing one Right for each
    ----------               ------------------
share of Common Stock so held, subject to adjustment as provided herein.  In the
event  that  an adjustment in the number of Rights per share of Common Stock has
been  made  pursuant  to  Section  11 hereof, at the time of distribution of the
Rights  Certificates,  the Company shall make necessary and appropriate rounding
adjustments  (in

                                      -8-
<PAGE>
accordance  with  Section 14(a) hereof) so that Rights Certificates representing
only  whole  numbers  of  Rights are distributed and cash is paid in lieu of any
fractional  Rights.  As  of  and after the Distribution Date, the Rights will be
evidenced  solely  by  such  Rights  Certificates.

     SECTION  4.     FORM  OF  RIGHTS  CERTIFICATES.

          (a)     The Rights Certificates (and the forms of election to purchase
and  of  assignment to be printed on the reverse thereof) shall be substantially
the  same  as  Exhibit  C  hereto  and  may have such marks of identification or
               ----------
designation  and  such legends, summaries or endorsements printed thereon as the
Company may deem appropriate, and as are not inconsistent with the provisions of
this  Agreement, or as may be required to comply with any applicable law or with
any  rule  or regulation made pursuant thereto or with any rule or regulation of
any  stock  exchange  on which the Rights may from time to time be listed, or to
conform  to  usage.  The  Rights  Certificates  shall  be in a machine printable
format  and  in  a form reasonably satisfactory to the Rights Agent.  Subject to
the  provisions  of  Section  11 and Section 22 hereof, the Rights Certificates,
whenever  issued,  shall  be  dated  as  of  the  Record  Date, show the date of
countersignature,  and  on  their  face  shall  entitle  the  holders thereof to
purchase  such  number  of  one one-thousandths of a share of Preferred Stock as
shall  be  set forth therein at the price set forth therein (such exercise price
per  one  one-thousandth  of  a share, the "Purchase Price"), but the amount and
                                            --------------
type  of  securities  purchasable  upon  exercise of each Right and the Purchase
Price  thereof  shall  be  subject  to  adjustment  as  provided  herein.

          (b)     Any  Rights  Certificate  issued  pursuant  to Section 3(d) or
Section  22  hereof  that  represents  Rights  beneficially  owned  by:  (i)  an
Acquiring  Person  or  any Associate or Affiliate of an Acquiring Person; (ii) a
transferee  of  an  Acquiring Person (or of any such Associate or Affiliate) who
becomes  a  transferee  after  the  Acquiring  Person  becomes  such; or (iii) a
transferee  of  an  Acquiring Person (or of any such Associate or Affiliate) who
becomes a transferee prior to or concurrently with the Acquiring Person becoming
such  and receives such Rights pursuant to either (A) a transfer (whether or not
for  consideration)  from the Acquiring Person to holders of equity interests in
such  Acquiring  Person or to any Person with whom such Acquiring Person has any
continuing  agreement,  arrangement  or  understanding regarding the transferred
Rights  or  (B)  a  transfer which a majority of the Directors has determined is
part  of  an  agreement,  arrangement  or  understanding  which has as a primary
purpose  or  effect  avoidance of Section 7(e) hereof and any Rights Certificate
issued  pursuant  to  Section  6  or  Section 11 hereof upon transfer, exchange,
replacement  or  adjustment  of any other Rights Certificate referred to in this
sentence,  shall  contain  (to  the  extent  feasible)  the  following  legend:

                                      -9-
<PAGE>
          The  Rights  represented  by  this  Rights  Certificate  are  or  were
          beneficially  owned  by a Person who was or became an Acquiring Person
          or an Affiliate or Associate of an Acquiring Person (as such terms are
          defined in the Rights Agreement). Accordingly, this Rights Certificate
          and  the  Rights  represented  hereby  may become null and void in the
          circumstances  specified  in  Section  7(e)  of such Rights Agreement.

          The  Company  shall instruct the Rights Agent in writing of the Rights
which should be so legended and shall supply the Rights Agent with such legended
Rights  Certificates.

     SECTION  5.     COUNTERSIGNATURE  AND  REGISTRATION.

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

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

     SECTION  6.    TRANSFER,  SPLIT  UP,  COMBINATION  AND  EXCHANGE OF RIGHTS
                    CERTIFICATES;  MUTILATED,  DESTROYED,  LOST OR STOLEN RIGHTS
                    CERTIFICATES.

          (a)     Subject  to  the  provisions of Section 4(b), Section 7(e) and
Section  14  hereof, at any time after the Close of Business on the Distribution
Date,  and at or prior to the Close of Business on the earlier of the Expiration
Date  or

                                      -10-
<PAGE>
Final  Expiration  Date,  any  Rights  Certificate  or  Certificates  may  be
transferred,  split  up, combined or exchanged for another Rights Certificate or
Certificates,  entitling  the registered holder to purchase a like number of one
one-thousandths  of a share of Preferred Stock (or following a Triggering Event,
Common  Stock,  other  securities, cash, or other assets, as the case may be) as
the Rights Certificate or Certificates surrendered then entitled such holder (or
former  holder  in  the  case  of a transfer) to purchase. Any registered holder
desiring to transfer, split up, combine or exchange any Rights Certificate shall
make  such request in writing delivered to the Rights Agent, and shall surrender
the  Rights Certificate or Certificates to be transferred, split up, combined or
exchanged at the office of the Rights Agent designated for such purpose. Neither
the  Rights  Agent  nor  the  Company  shall  be  obligated  to  take any action
whatsoever  with  respect  to  the  transfer  of  any  such  surrendered  Rights
Certificate until the registered holder shall have properly completed and signed
the  certificate contained in the form of assignment on the reverse side of such
Rights  Certificate  and  shall  have  provided  such additional evidence of the
identity  of  the Beneficial Owner (or former Beneficial Owner) or Affiliates or
Associates thereof as the Company shall reasonably request. Thereupon the Rights
Agent  shall,  subject  to  Section  4(b),  Section  7(e) and Section 14 hereof,
countersign  and  deliver to the Person entitled thereto a Rights Certificate or
Certificates,  as  the  case  may  be,  as so requested. The Company may require
payment  by  the  holder  of  Rights  of  a  sum  sufficient to cover any tax or
governmental  charge  that may be imposed in connection with any transfer, split
up,  combination  or  exchange  of  Rights  Certificates.

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

     SECTION  7.    EXERCISE  OF  RIGHTS;  PURCHASE  PRICE;  EXPIRATION DATE OF
                    RIGHTS.

          (a)     Subject  to  Section 7(e) hereof, the registered holder of any
Rights  Certificate  may  exercise  the  Rights  evidenced  thereby  (except  as
otherwise  provided  herein  including,  without limitation, the restrictions on
exercisability  set  forth in Section 9(c), Section 11(a)(iii) and Section 23(a)
hereof)  in  whole  or  in  part  at  any  time after the Distribution Date upon
surrender  of  the Rights Certificate, with the form of election to purchase and
the  certificate  on the reverse side thereof duly and properly executed, to the
Rights  Agent  at  the  office  of  the  Rights  Agent  designated

                                      -11-
<PAGE>
for  such  purpose,  together  with  payment  of the Purchase Price for each one
one-thousandth of a share of Preferred Stock (or other securities, cash or other
assets, as the case may be) as to which the Rights are exercised, at or prior to
the  earlier  of  (i)  the  close  of  business  on October 24, 2014 (the "Final
                                                                           -----
Expiration Date"), (ii) the time at which the Rights are redeemed as provided in
---------------
Section  23  hereof,  or  (iii) the time at which such Rights are exchanged (the
"Exchange Date") as provided in Section 24 hereof (the earliest of (i), (ii) and
 -------------
(iii)  being  herein  referred  to  as  the  "Expiration  Date").
                                              ----------------

          (b)     Each  Right  shall  entitle  the  registered holder thereof to
purchase  one  one-thousandth  of  a  share of Preferred Stock, and the Purchase
Price  for each one one-thousandth of a share of Preferred Stock pursuant to the
exercise  of  a Right shall initially be $70, and shall be subject to adjustment
from  time to time as provided in Sections 11 and 13 hereof and shall be payable
in lawful money of the United States of America in accordance with paragraph (c)
below.

          (c)     Upon  receipt of a Rights Certificate representing exercisable
Rights,  with  the  form  of  election  to purchase and the certificate duly and
properly  executed,  accompanied  by  payment,  with  respect  to  each Right so
exercised,  of the Purchase Price per one one-thousandth of a share of Preferred
Stock  (or Common Stock, other securities, cash or other assets, as the case may
be)  to  be  purchased  and  an  amount  equal to any applicable transfer tax or
governmental charge in cash, or by certified check or cashier's check payable to
the  order  of  the  Company,  the  Rights Agent shall, subject to Section 18(k)
hereof,  thereupon  promptly  (i) (A) requisition from any transfer agent of the
shares  of  Preferred  Stock  (or  make  available,  if  the Rights Agent is the
transfer  agent)  certificates  for the total number of one one-thousandths of a
share  of  Preferred  Stock  to  be purchased and the Company hereby irrevocably
authorizes  its  transfer  agent to comply with all such requests, or (B) if the
Company  shall  have  elected to deposit the total number of shares of Preferred
Stock  issuable  upon  exercise of the Rights hereunder with a depositary agent,
requisition  from  the  depositary  agent  depositary receipts representing such
number  of  one  one-thousandths  of  a  share  of  Preferred Stock as are to be
purchased  (in  which  case  certificates  for  the  shares  of  Preferred Stock
represented  by  such receipts shall be deposited by the transfer agent with the
depositary agent) and the Company will direct the depositary to comply with such
request,  (ii)  requisition  from  the Company the amount of cash, if any, to be
paid  in  lieu  of  issuance of fractional shares in accordance with Section 14,
(iii)  promptly after receipt of such certificates or depositary receipts, cause
the  same  to be delivered to or upon the order of the registered holder of such
Rights  Certificate,  registered  in  such name or names as may be designated by
such  holder and (iv) after receipt thereof, promptly deliver such cash, if any,
to  or  upon  the order of the registered holder of such Rights Certificate.  In
the  event  that  the  Company is obligated to issue other securities (including
Common Stock) of the Company, pay cash and/or distribute other property pursuant
to  Section  11(a)  hereof,  the Company will make all arrangements necessary so
that  such securities, cash and/or other

                                      -12-
<PAGE>
property  are  available  for  distribution  by  the  Rights  Agent, if and when
appropriate.

          (d)     In  case the registered holder of any Rights Certificate shall
exercise  less  than  all the Rights evidenced thereby, a new Rights Certificate
evidencing Rights equivalent to the Rights remaining unexercised shall be issued
by  the  Rights  Agent  and  delivered  to, or upon the order of, the registered
holder  of  such  Rights Certificate, registered in such name or names as may be
designated by such holder, subject to the provisions of Section 14 hereof.

          (e)     Notwithstanding  anything  in  this Agreement to the contrary,
from  and  after  the  first occurrence of a Section 11(a)(ii) Event, any Rights
beneficially owned by (i) an Acquiring Person or an Associate or Affiliate of an
Acquiring  Person,  (ii)  a  transferee  of  an Acquiring Person (or of any such
Associate  or  Affiliate)  who  becomes  a transferee after the Acquiring Person
becomes  such,  or  (iii)  a  transferee  of an Acquiring Person (or of any such
Associate  or  Affiliate) who becomes a transferee prior to or concurrently with
the  Acquiring  Person becoming such and receives such Rights pursuant to either
(A)  a  transfer (whether or not for consideration) from the Acquiring Person to
holders  of equity interests in such Acquiring Person or to any Person with whom
such Acquiring Person has any continuing agreement, arrangement or understanding
regarding  the  transferred  Rights  or  (B)  a transfer which a majority of the
Directors  has  determined is part of an agreement, arrangement or understanding
which  has  as  a  primary purpose or effect the avoidance of this Section 7(e),
shall  become  null  and  void without any further action, and no holder of such
Rights  shall  have  any  rights whatsoever with respect to such Rights, whether
under  any  provision of this Agreement or otherwise.  The Company shall use all
reasonable  efforts  to  ensure  that  the  provisions  of this Section 7(e) and
Section 4(b) hereof are complied with, but shall have no liability to any holder
of  Rights  Certificates  or other Person as a result of its failure to make any
determinations with respect to an Acquiring Person or its Affiliates, Associates
or  transferees  hereunder.  The  Rights  Agent will endeavor to comply with the
provisions  hereof  to  the extent it has received instructions from the Company
concerning  such  matters.

          (f)     Notwithstanding  anything  in  this Agreement to the contrary,
neither  the  Rights  Agent  nor the Company shall be obligated to undertake any
action  with respect to a registered holder upon the occurrence of any purported
exercise as set forth in this Section 7 unless such registered holder shall have
(i)  properly  completed  and  signed  the  certificate contained in the form of
election  to  purchase  set  forth on the reverse side of the Rights Certificate
surrendered for such exercise, and (ii) provided such additional evidence of the
identity  of  the Beneficial Owner (or former Beneficial Owner) or Affiliates or
Associates  thereof  as  the  Company  shall  reasonably  request.

                                      -13-
<PAGE>
     SECTION  8.     CANCELLATION  OF  RIGHTS  CERTIFICATES.

          All  Rights  Certificates  surrendered  for  the  purpose of exercise,
transfer, split up, combination or exchange shall, if surrendered to the Company
or to any of its agents, be delivered to the Rights Agent for cancellation or in
cancelled  form,  or,  if surrendered to the Rights Agent, shall be cancelled by
it,  and  no  Rights  Certificates  shall  be  issued  in lieu thereof except as
expressly  permitted  by  any  provisions of this Rights Agreement.  The Company
shall  deliver  to  the  Rights  Agent  for cancellation and retirement, and the
Rights  Agent shall so cancel and retire, any other Rights Certificate purchased
or acquired by the Company otherwise than upon the exercise thereof.  The Rights
Agent shall deliver all cancelled Rights Certificates to the Company.

     SECTION  9.     RESERVATION  AND  AVAILABILITY  OF  CAPITAL  STOCK.

          (a)     The  Company  covenants  and  agrees  that it will cause to be
reserved  and  kept  available  out  of  its  authorized  and unissued shares of
Preferred  Stock (and following the occurrence of a Triggering Event, out of its
authorized and unissued shares of Common Stock and/or other securities or out of
its  authorized and issued shares held in its treasury), the number of shares of
Preferred  Stock (and, following the occurrence of a Triggering Event, shares of
Common  Stock  and/or  other  securities)  that,  as provided in this Agreement,
including  Section  11(a)(iii) hereof, will be sufficient to permit the exercise
in  full  of  all  outstanding  Rights.

          (b)     In the event the shares of Preferred Stock (and, following the
occurrence of a Triggering Event, Common Stock and/or other securities) issuable
upon  the  exercise of Rights become listed on any national securities exchange,
the Company shall use its best efforts to cause, from and after such time as the
Rights become exercisable, all shares reserved for such issuance to be listed on
such exchange upon official notice of issuance upon such exercise.

          (c)     The Company shall use its best efforts to (i) file, as soon as
practicable  following the earliest date after the first occurrence of a Section
11(a)(ii)  Event  on which the consideration to be delivered by the Company upon
exercise of the Rights has been determined in accordance with this Agreement, or
as  soon  as is required by law following the Distribution Date, as the case may
be,  a  registration  statement  under  the  Securities  Act with respect to the
securities  purchasable upon exercise of the Rights on an appropriate form, (ii)
cause  such  registration  statement  to become effective as soon as practicable
after  such  filing,  and  (iii)  cause  such  registration  statement to remain
effective  (with  a  prospectus  at  all  times  meeting the requirements of the
Securities  Act) until the earlier of (A) the date as of which the Rights are no
longer  exercisable  for  such  securities,  and  (B)  the Expiration Date.  The
Company  will  also  take  such  action  as  may  be  appropriate  under,  or to

                                      -14-
<PAGE>
ensure  compliance with, the securities or "blue sky" laws of the various states
in connection with the exercisability of the Rights. The Company may temporarily
suspend,  for a period of time not to exceed ninety (90) days after the date set
forth  in  clause  (i)  of  the  first  sentence  of  this  Section  9(c),  the
exercisability  of  the  Rights  in  order to prepare and file such registration
statement  and  permit it to become effective. In addition, if the Company shall
determine  that  a registration statement is required following the Distribution
Date, the Company may temporarily suspend the exercisability of the Rights until
such  time  as  a  registration  statement has been declared effective. Upon any
suspension  of  exercisability  of  Rights referred to in this Section 9(c), the
Company shall issue a public announcement stating that the exercisability of the
Rights  has been temporarily suspended, as well as a public announcement at such
time  as  the  suspension is no longer in effect, in each case with simultaneous
written  notice  to  the  Rights  Agent.  Notwithstanding  any provision of this
Agreement to the contrary, the Rights shall not be exercisable and shall be null
and  void  so  long  as held by a holder in any jurisdiction where the requisite
qualification to the issuance to such holder, or the exercise by such holder, of
the  Rights  in such jurisdiction shall not have been obtained or be obtainable,
or  the  exercise  thereof  shall  not  be  permitted  under applicable law or a
registration  statement shall not have been declared effective. The Rights Agent
may  assume  that  any  Right  exercised  is  permitted  to  be  exercised under
applicable  law  and  shall  have  no liability for acting in reliance upon such
assumption.

          (d)     The  Company  covenants  and agrees that it will take all such
action  as may be necessary to ensure that all one one-thousandths of a share of
Preferred  Stock  (and,  following  the occurrence of a Triggering Event, Common
Stock  and/or  other securities) delivered upon exercise of Rights shall, at the
time  of delivery of the certificates for such shares (subject to payment of the
Purchase  Price),  be  duly and validly authorized and issued and fully paid and
non-assessable.

          (e)     The Company further covenants and agrees that it will pay when
due  and  payable any and all federal and state transfer taxes and charges which
may be payable in respect of the issuance or delivery of the Rights Certificates
or  of  any  certificates  for  a  number  of  one one-thousandths of a share of
Preferred  Stock  (or  Common Stock and/or other securities, as the case may be)
upon the exercise of Rights.  The Company shall not, however, be required to pay
any  transfer  tax  or charge which may be payable in respect of any transfer or
delivery  of  Rights  Certificates  to  a  Person other than, or the issuance or
delivery  of  certificates  for  a  number  of one one-thousandths of a share of
Preferred Stock (or Common Stock and/or other securities, as the case may be) in
a  name  other  than  that  of  the  registered holder of the Rights Certificate
evidencing  Rights  surrendered  for  exercise  or  to  issue  or  deliver  any
certificates  for  a number of one one-thousandths of a share of Preferred Stock
(or  Common  Stock  and/or other securities, as the case may be) in a name other
than  that  of  the  registered holder upon the exercise of any Rights until any
such tax or charge shall have been paid (any such tax or charge being payable by
the  holder  of  such  Rights  Certificate  at  the  time  of  surrender)  or

                                      -15-
<PAGE>
until  it has been established to the Company's satisfaction that no such tax or
charge  is  due.

     SECTION  10.     PREFERRED  STOCK  RECORD  DATE.

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

     SECTION  11.   ADJUSTMENT OF PURCHASE PRICE, NUMBER AND KIND OF SHARES OR
                    NUMBER  OF  RIGHTS.

          The  Purchase  Price,  the  number  and kind of shares covered by each
Right  and  the number of Rights outstanding are subject to adjustment from time
to  time  as  provided  in  this  Section  11.

          (a)(i)  In  the  event the Company shall at any time after the date of
this  Agreement  (A) declare a dividend on the Preferred Stock payable in shares
of  Preferred  Stock, (B) subdivide the outstanding Preferred Stock, (C) combine
the outstanding Preferred Stock into a smaller number of shares or (D) issue any
shares  of  its  capital  stock  in  a  reclassification  of the Preferred Stock
(including  any  such  reclassification  in  connection  with a consolidation or
merger  in which the Company is the continuing or surviving corporation), except
as  otherwise  provided  in  this  Section  11(a)  and  Section 7(e) hereof, the
Purchase  Price in effect at the time of the record date for such dividend or of
the effective date of such subdivision, combination or reclassification, and the
number and kind of shares of Preferred Stock or the number and kind of shares of
capital  stock  issuable  on  such  date,  as  the

                                      -16-
<PAGE>
case  may  be, shall be proportionately adjusted so that the holder of any Right
exercised  after  such  time  shall  be entitled to receive, upon payment of the
aggregate  adjusted  Purchase Price then in effect necessary to exercise a Right
in  full,  the  aggregate  number  and  kind of shares of Preferred Stock or the
number  and  kind of shares of capital stock, as the case may be, which, if such
Right  had  been exercised immediately prior to such date and at a time when the
Preferred  Stock  (or other capital stock, as the case may be) transfer books of
the  Company were open, such holder would have owned upon such exercise and been
entitled  to  receive  by  virtue of such dividend, subdivision, combination, or
reclassification; provided, however, that in no event shall the consideration to
                  --------  -------
be  paid  upon the exercise of one Right be less than the aggregate par value of
the  shares of capital stock of the Company issuable upon exercise of one Right.
If  an  event  occurs  which would require an adjustment under both this Section
11(a)(i)  and  Section  11(a)(ii)  hereof,  the  adjustment provided for in this
Section  11(a)(i)  shall  be  in  addition  to,  and shall be made prior to, any
adjustment  required  pursuant  to  Section  11(a)(ii)  hereof.

               (ii)     Subject  to Sections 23 and 24 of this Agreement, in the
event  that  any  Person (other than the Company, any Subsidiary of the Company,
any employee benefit plan of the Company or of any Subsidiary of the Company, or
any Person organized, appointed or established by the Company for or pursuant to
the  terms  of  any  such  plan),  alone  or  together  with  its Affiliates and
Associates,  shall,  at  any  time  after  the Rights Dividend Declaration Date,
become  an  Acquiring  Person, unless the event causing such Person to become an
Acquiring  Person  is  a  transaction  set forth in Section 13(a) hereof, proper
provision  shall  be  made  so that promptly following the Redemption Period (as
defined  in Section 23(a)), each holder of a Right (except as provided below and
in  Section  7(e)  hereof)  shall  thereafter  have  the  right to receive, upon
exercise  thereof  and  payment  of an amount equal to the then current Purchase
Price in accordance with the terms of this Agreement, in lieu of a number of one
one-thousandths  of  a share of Preferred Stock, such number of shares of Common
Stock  of  the Company as shall equal the result obtained by (x) multiplying the
then current Purchase Price by the then number of one one-thousandths of a share
of  Preferred  Stock  for  which  a  Right  was  or  would have been exercisable
immediately  prior to the first occurrence of a Section 11(a)(ii) Event, whether
or  not  such  Right was then exercisable, and (y) dividing that product (which,
following  such  first  occurrence,  shall  thereafter  be  referred  to  as the
"Purchase Price" for each Right and for all purposes of this Agreement except to
 --------------
the  extent  set  forth in Section 13 hereof) by 50% of the current market price
per  share  of Common Stock (determined pursuant to Section 11(d) hereof) on the
date  of such first occurrence (such number of shares, the "Adjustment Shares").
                                                            -----------------

               (iii)     The Company may at its option substitute for a share of
Common  Stock  issuable  upon  the  exercise  of  Rights  in accordance with the
foregoing  subparagraph  (ii)  such  number  or fractions of shares of Preferred
Stock  having  an  aggregate  market value equal to the current per share market
price  of  a  share  of Common Stock.  In the event that the number of shares of
Common  Stock

                                      -17-
<PAGE>
which  is  authorized  by  the  Company's  Certificate  of Incorporation but not
outstanding,  or  reserved for issuance for purposes other than upon exercise of
the  Rights,  is  not sufficient to permit the exercise in full of the Rights in
accordance  with the foregoing subparagraph (ii), the Board shall, to the extent
permitted  by applicable law and by any agreements or instruments then in effect
to  which  the  Company is a party, (A) determine the excess of (1) the value of
the  Adjustment  Shares  issuable  upon  the  exercise  of a Right (the "Current
                                                                         -------
Value")  over  (2)  the Purchase Price (such excess, the "Spread"), and (B) with
-----                                                     ------
respect  to each Right (subject to Section 7(e) hereof), make adequate provision
to substitute for some or all of the Adjustment Shares, upon exercise of a Right
and  payment  of the applicable Purchase Price, (1) cash, (2) a reduction in the
Purchase  Price,  (3)  Common  Stock  or  other equity securities of the Company
(including,  without  limitation, shares, or units of shares, of Preferred Stock
which  the  Board  has  deemed to have the same value as shares of Common Stock)
(such  shares  of  equity  securities  being  herein  called  "common  stock
                                                               -------------
equivalents"),  (4) debt securities of the Company, (5) other assets, or (6) any
-----------
combination  of  the  foregoing,  having an aggregate value equal to the Current
Value,  where  such  aggregate value has been determined by the Board based upon
the  advice  of  an  investment  banking  firm  selected by the Board; provided,
                                                                       --------
however,  if the Company shall not have made adequate provision to deliver value
-------
pursuant  to clause (B) above within thirty (30) days following the later of (x)
the  first occurrence of a Section 11(a)(ii) Event and (y) the date on which the
Company's  right  of  redemption pursuant to Section 23(a) expires (the later of
(x)  and  (y) being referred to herein as the "Section 11(a)(ii) Trigger Date"),
                                               ------------------------------
then  the Company shall be obligated to deliver, upon the surrender for exercise
of a Right and without requiring payment of the Purchase Price, shares of Common
Stock  (to  the  extent  available)  and  then, if necessary, cash, which shares
and/or  cash  have  an  aggregate  value  equal  to  the  Spread.

          If,  upon the occurrence of a Section 11(a)(ii) Event, the Board shall
determine  in  good faith that it is likely that sufficient additional shares of
Common  Stock  could  be  authorized  for  issuance upon exercise in full of the
Rights,  then if the Board so elects, the thirty (30) day period set forth above
may  be  extended  to  the  extent necessary, but not more than ninety (90) days
after  the  Section  11(a)(ii)  Trigger Date, in order that the Company may seek
stockholder  approval  for  the  authorization  of  such additional shares (such
period,  as  it may be extended, the "Substitution Period").  To the extent that
                                      -------------------
action  is  to  be  taken  pursuant  to the preceding provisions of this Section
11(a)(iii),  the Company (x) shall provide, subject to Section 7(e) hereof, that
such action shall apply uniformly to all outstanding Rights, and (y) may suspend
the exercisability of the Rights until the expiration of the Substitution Period
in  order  to  seek  any authorization of additional shares and/or to decide the
appropriate  form  of  distribution to be made pursuant to the first sentence of
this Section 11(a)(iii) and to determine the value thereof.  In the event of any
such  suspension, the Company shall issue a public announcement stating that the
exercisability  of  the  Rights  has  been  temporarily  suspended,  as  well

                                      -18-
<PAGE>
as  a public announcement at such time as the suspension is no longer in effect.
For  purposes of this Section 11(a)(iii), the value of the Common Stock shall be
the  current  market  price (as determined pursuant to Section 11(d) hereof) per
share of the Common Stock on the Section 11(a)(ii) Trigger Date and the value of
any  "common  stock  equivalent"  shall  be deemed to have the same value as the
Common  Stock  on  such  date.  The  Board  may,  but  shall not be required to,
establish  procedures  to  allocate  the right to receive shares of Common Stock
upon the exercise of the Rights among holders of Rights pursuant to this Section
11(a)(iii).

          (b)     In  case  the Company shall fix a record date for the issuance
of  rights, options or warrants to all holders of Preferred Stock entitling them
(for  a  period  expiring within forty-five (45) calendar days after such record
date)  to  subscribe  for or purchase Preferred Stock (or shares having the same
rights, privileges and preferences as the shares of Preferred Stock ("equivalent
                                                                      ----------
preferred  stock") or securities convertible into Preferred Stock at a price per
----------------
share of Preferred Stock or per share of "equivalent preferred stock" (or having
a  conversion price per share of Preferred Stock, if a security convertible into
Preferred  Stock)  less than the current per share market price of the Preferred
Stock  (as  defined  in  Section 11(d) hereof) on such record date, the Purchase
Price  to be in effect after such record date shall be determined by multiplying
the  Purchase  Price  in  effect  immediately  prior  to  such  record date by a
fraction,  the  numerator  of  which  shall be the number of shares of Preferred
Stock  outstanding  on  such record date, plus the number of shares of Preferred
Stock  which  the  aggregate  offering  price  of  the total number of shares of
Preferred  Stock  and/or equivalent preferred stock so to be offered (and/or the
aggregate  initial  conversion  price  of  the  convertible  securities so to be
offered)  would  purchase  at  such current market price, and the denominator of
which  shall  be  the  number  of  shares of Preferred Stock outstanding on such
record  date,  plus  the  number  of additional shares of Preferred Stock and/or
equivalent  preferred  stock to be offered for subscription or purchase (or into
which  the  convertible  securities so to be offered are initially convertible);
provided,  however, that in no event shall the consideration to be paid upon the
--------   -------
exercise  of  one  Right  be  less than the aggregate par value of the shares of
capital  stock of the Company issuable upon exercise of one Right.  In case such
subscription  price may be paid in a consideration part or all of which shall be
in  a  form  other  than  cash,  the  value  of  such  consideration shall be as
determined in good faith by the Board, whose determination shall be described in
a  statement  filed  with  the  Rights  Agent  and  shall  be conclusive for all
purposes.  Shares  of  Preferred  Stock  owned by or held for the account of the
Company shall not be deemed outstanding for the purpose of any such computation.
Such adjustment shall be made successively whenever such a record date is fixed;
and  in  the  event that such rights or warrants are not so issued, the Purchase
Price  shall  be adjusted to be the Purchase Price which would then be in effect
if  such  record  date  had  not  been  fixed.

          (c)     In case the Company shall fix a record date for a distribution
to  all  holders  of  Preferred  Stock  (including any such distribution made in
connection

                                      -19-
<PAGE>
with  a  consolidation  or  merger  in  which  the  Company is the continuing or
surviving  corporation) of evidences of indebtedness, cash (other than a regular
quarterly  cash  dividend  out  of  the  earnings  or  retained  earnings of the
Company),  assets  (other  than  a  dividend  payable  in  Preferred  Stock, but
including  any  dividend  payable  in  stock  other  than  Preferred  Stock), or
subscription  rights  or  warrants (excluding those referred to in Section 11(b)
hereof),  the  Purchase  Price  to  be in effect after such record date shall be
determined by multiplying the Purchase Price in effect immediately prior to such
record date by a fraction, the numerator of which shall be the current per share
market price of the Preferred Stock (as defined in Section 11(d) hereof) on such
record  date,  less  the  fair  market value (as determined in good faith by the
Board,  whose  determination  shall  be  described in a statement filed with the
Rights  Agent  and  shall  be conclusive for all purposes) of the portion of the
cash,  assets  or  evidences  of  indebtedness  so  to be distributed or of such
subscription rights or warrants applicable to a share of Preferred Stock and the
denominator  of  which  shall  be  such  current  per  share market price of the
Preferred  Stock; provided, however, that in no event shall the consideration to
                  --------  -------
be  paid  upon the exercise of one Right be less than the aggregate par value of
the  shares of capital stock of the Company issuable upon exercise of one Right.
Such adjustment shall be made successively whenever such a record date is fixed;
and in the event that such distribution is not so made, the Purchase Price shall
again be adjusted to be the Purchase Price which would then be in effect if such
record  date  had  not  been  fixed.

          (d)     (i) For the purpose of any computation hereunder, the "current
                                                                         -------
market  price" of the Common Stock on any date shall be deemed to be the average
-------------
of  the  daily  closing  prices  per  share  of  such  Common  Stock  for the 30
consecutive Trading Days (as such term is hereinafter defined) immediately prior
to  but  not  including such date; provided, however, that in the event that the
                                   --------  -------
current market price of the Common Stock is determined during a period following
the  announcement  by  the  issuer  of  such  Common  Stock of (i) a dividend or
distribution  on  such  Common  Stock  payable in shares of such Common Stock or
securities  convertible  into such Common Stock (other than the Rights), or (ii)
any subdivision, combination or reclassification of such Common Stock, and prior
to  the expiration of the requisite thirty (30) Trading Day period, as set forth
above,  after  the  ex-dividend  date  for such dividend or distribution, or the
record  date for such subdivision, combination or reclassification, then, and in
each  such  case,  the "current market price" shall be appropriately adjusted to
take  into account ex-dividend trading.  The closing price for each day shall be
the  last  sale price, regular way, or, in case no such sale takes place on such
day,  the  average  of  the closing bid and asked prices, regular way, in either
case as reported in the principal consolidated transaction reporting system with
respect  to  securities  listed  or  admitted  to  trading on the New York Stock
Exchange or, if the shares of Common Stock are not listed or admitted to trading
on  the  New  York  Stock  Exchange,  as  reported in the principal consolidated
transaction  reporting system with respect to securities listed on the principal
national  securities  exchange  on  which  the  shares  of

                                      -20-
<PAGE>
Common Stock are listed or admitted to trading or, if the shares of Common Stock
are  not  listed or admitted to trading on any national securities exchange, the
last  quoted  price  or,  if  not so quoted, the average of the high bid and low
asked  prices  in  the  over-the-counter  market,  as  reported  by the National
Association  of  Securities Dealers, Inc. Automated Quotations System ("NASDAQ")
                                                                        ------
or  such  other system then in use, or, if on any such date the shares of Common
Stock  are  not  quoted by any such organization, the average of the closing bid
and  asked prices as furnished by a professional market maker making a market in
the  shares  of  Common  Stock  selected  by  the  Board.

          If  on  any such date no market maker is making a market in the Common
Stock, the fair value of such shares on such date as determined in good faith by
the  Board  shall be used.  The term "Trading Day" shall mean a day on which the
principal  national  securities exchange on which the shares of Common Stock are
listed  or  admitted  to trading is open for the transaction of business, or, if
the shares of Common Stock are not listed or admitted to trading on any national
securities  exchange,  the  term  "Trading  Day"  shall  mean a Monday, Tuesday,
                                   ------------
Wednesday,  Thursday  or  Friday  on  which banking or trust institutions in the
State  of  New York are not authorized or obligated by law or executive order to
close.  If  the  Common  Stock  is  not  publicly  held or not listed or traded,
"current market price" shall mean the fair value per share as determined in good
faith  by the Board, whose determination shall be described in a statement filed
with  the  Rights  Agent  and  shall  be  conclusive  for  all  purposes.

               (ii)     For  the  purpose  of  any  computation  hereunder,  the
"current  market  price" per share of Preferred Stock shall be determined in the
 ----------------------
same  manner  as  set  forth  above  for  the Common Stock in clause (i) of this
Section  11(d)  (other  than  the last sentence thereof).  If the current market
price  per  share of Preferred Stock cannot be determined in the manner provided
above  or  if  the Preferred Stock is not publicly held or listed or traded in a
manner described in clause (i) of this Section 11(d), the "current market price"
per  share of Preferred Stock shall be conclusively deemed to be an amount equal
to  1,000 (as such number may be appropriately adjusted for such events as stock
splits,  stock  dividends and recapitalizations with respect to the Common Stock
occurring  after  the  date  of this Agreement) multiplied by the current market
price  per  share  of  the  Common  Stock.  If  neither the Common Stock nor the
Preferred  Stock is publicly held or so listed or traded, "current market price"
per  share  of  the  Preferred  Stock  shall  mean  the  fair value per share as
determined in good faith by the Board, whose determination shall be described in
a  statement  filed  with  the  Rights  Agent  and  shall  be conclusive for all
purposes.  For all purposes of this Agreement, the "current market price" of one
one-thousandth  of  a  share  of  Preferred Stock shall be equal to the "current
market  price"  of  one  share  of  Preferred  Stock  divided  by  1,000.

          (e)     Anything herein to the contrary notwithstanding, no adjustment
in  the Purchase Price shall be required unless such adjustment would require an

                                      -21-
<PAGE>
increase  or  decrease  of  at  least  one percent (1%) in such price; provided,
                                                                       --------
however,  that  any  adjustments  which  by reason of this Section 11(e) are not
-------
required  to  be  made  shall  be  carried forward and taken into account in any
subsequent  adjustment.  All calculations under this Section 11 shall be made to
the  nearest cent or to the nearest ten-thousandth of a share of Common Stock or
other  share or one-millionth of a share of Preferred Stock, as the case may be.
Notwithstanding the first sentence of this Section 11(e), an adjustment required
by  this  Section  11 shall be made no later than the earlier of (i) three years
from  the  date  of  the  transaction which requires such adjustment or (ii) the
Expiration  Date.

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

          (g)     All  Rights originally issued by the Company subsequent to any
adjustment  made  to  the  Purchase  Price hereunder shall evidence the right to
purchase, at the adjusted Purchase Price, the number of one one-thousandths of a
share  of  Preferred Stock purchasable from time to time hereunder upon exercise
of the Rights, all subject to further adjustment as provided herein.

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

          (i)     The  Company  may elect on or after the date of any adjustment
of  the Purchase Price to adjust the number of Rights, in lieu of any adjustment
in the number of one one-thousandths of a share of Preferred Stock issuable upon
the  exercise  of a Right.  Each of the Rights outstanding after such adjustment
of  the  number  of  Rights  shall  be  exercisable  for  the  number  of  one
one-thousandths  of a share of Preferred Stock for which a Right was exercisable
immediately  prior  to such adjustment.  Each Right held of record prior to such
adjustment  of  the  number

                                      -22-
<PAGE>
of  Rights  shall  become  that  number  of  Rights  (calculated  to the nearest
ten-thousandth)  obtained  by  dividing the Purchase Price in effect immediately
prior  to  adjustment  of  the  Purchase  Price  by the Purchase Price in effect
immediately  after  adjustment  of  the Purchase Price. The Company shall make a
public  announcement  of its election to adjust the number of Rights, indicating
the record date for the adjustment, and, if known at the time, the amount of the
adjustment  to  be  made. This record date may be the date on which the Purchase
Price  is  adjusted  or any day thereafter, but, if the Rights Certificates have
been  issued,  shall be at least ten (10) days later than the date of the public
announcement.  If  Rights Certificates have been issued, upon each adjustment of
the  number  of  Rights  pursuant  to  this Section 11(i), the Company shall, as
promptly  as practicable, cause to be distributed to holders of record of Rights
Certificates  on  such  record  date  Rights Certificates evidencing, subject to
Section 14 hereof, the additional Rights to which such holders shall be entitled
as a result of such adjustment, or, at the option of the Company, shall cause to
be distributed to such holders of record in substitution and replacement for the
Rights  Certificates  held  by such holders prior to the date of adjustment, and
upon  surrender  thereof,  if  required  by the Company, new Rights Certificates
evidencing  all  the  Rights  to which such holders shall be entitled after such
adjustment.  Rights  Certificates so to be distributed shall be issued, executed
and countersigned in the manner provided for herein (and may bear, at the option
of  the  Company,  the  adjusted  Purchase Price) and shall be registered in the
names  of  the  holders  of  record  of  Rights  Certificates on the record date
specified  in  the  public  announcement.

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

          (k)     Before  taking  any  action  that  would  cause  an adjustment
reducing  the  Purchase Price below the then-par value, if any, of the number of
one  one-thousandths of a share of Preferred Stock issuable upon exercise of the
Rights, the Company shall take any corporate action which may, in the opinion of
its  counsel,  be  necessary  in  order that the Company may validly and legally
issue  fully  paid  and  non-assessable  such number of one one-thousandths of a
share  of  Preferred  Stock  at  such  adjusted  Purchase  Price.

          (l)     In  any  case  in  which this Section 11 shall require that an
adjustment  in  the  Purchase  Price be made effective as of a record date for a
specified  event,  the  Company  may elect to defer until the occurrence of such
event  the  issuance to the holder of any Right exercised after such record date
the  number  of  one  one-thousandths  of  a  share of Preferred Stock and other
capital  stock or securities of the Company, if any, issuable upon such exercise
over  and  above the

                                      -23-
<PAGE>
number  of  one  one-thousandths of a share of Preferred Stock and other capital
stock  or  securities of the Company, if any, issuable upon such exercise on the
basis  of  the  Purchase  Price  in  effect  prior to such adjustment; provided,
                                                                       --------
however,  that  the  Company  shall  deliver  to such holder a due bill or other
-------
appropriate instrument evidencing such holder's right to receive such additional
shares  upon  the  occurrence  of  the  event  requiring  such  adjustment.

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

          (n)     The  Company  covenants  and  agrees that it shall not, at any
time  after  the Distribution Date, (i) consolidate with any other Person (other
than  a  Subsidiary  of the Company in a transaction which complies with Section
11(o) hereof), (ii) merge with or into any other Person (other than a Subsidiary
of  the  Company  in a transaction which complies with Section 11(o) hereof), or
(iii)  sell  or  transfer (or permit any Subsidiary to sell or transfer), in one
transaction,  or  a  series  of  related  transactions,  assets or earning power
aggregating  more than 50% of the assets or earning power of the Company and its
Subsidiaries  (taken  as a whole) to any other Person or Persons (other than the
Company and/or any of its Subsidiaries in one or more transactions each of which
complies  with Section 11(o) hereof), if (x) at the time of or immediately after
such  consolidation,  merger  or  sale  there  are any rights, warrants or other
instruments  or  securities  outstanding  or  agreements  in  effect which would
substantially  diminish  or  otherwise  eliminate  the  benefits  intended to be
afforded by the Rights or (y) prior to, simultaneously with or immediately after
such  consolidation,  merger  or  sale,  the  stockholders  of  the  Person  who
constitutes,  or would constitute, the "Principal Party" for purposes of Section
13(a)  hereof  shall  have received a distribution of Rights previously owned by
such  Person  or  any  of  its  Affiliates  and  Associates.

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

                                      -24-
<PAGE>
          (p)     Anything in this Agreement to the contrary notwithstanding, in
the  event  that  the  Company  shall  at  any  time  after  the Rights Dividend
Declaration  Date  and  prior to the Distribution Date (i) declare a dividend on
the  outstanding  shares of Common Stock payable in shares of Common Stock, (ii)
subdivide  the  outstanding  shares  of  Common  Stock,  or  (iii)  combine  the
outstanding  shares  of Common Stock into a smaller number of shares, the number
of Rights associated with each share of Common Stock then outstanding, or issued
or  delivered  thereafter  but  prior  to  the  Distribution  Date,  shall  be
proportionately adjusted so that the number of Rights thereafter associated with
each  share  of  Common  Stock  following  any such event shall equal the result
obtained  by  multiplying  the  number  of  Rights associated with each share of
Common  Stock  immediately  prior  to  such event by a fraction the numerator of
which  shall  be  the  total  number  of  shares  of  Common  Stock  outstanding
immediately  prior  to  the occurrence of the event and the denominator of which
shall  be  the  total  number  of shares of Common Stock outstanding immediately
following  the  occurrence  of  such  event.

     SECTION 12.    CERTIFICATE OF ADJUSTED PURCHASE PRICE OR NUMBER OF
                    SHARES.

          Whenever  an  adjustment  is  made  as  provided  in Sections 11 or 13
hereof,  the Company shall (a) promptly prepare a certificate setting forth such
adjustment,  and  a brief statement of the facts and computations accounting for
such  adjustment, (b) promptly file with the Rights Agent and with each transfer
agent  for  the  Preferred Stock and the Common Stock a copy of such certificate
and  (c)  mail  or  deliver  a  brief summary thereof to each holder of a Rights
Certificate  (or,  if  prior  to  the  Distribution  Date,  to  each holder of a
certificate  representing  shares of Common Stock) in accordance with Section 25
hereof.  The  Rights  Agent  shall  be  fully  protected  in relying on any such
certificate  and  on any adjustment therein contained and shall not be deemed to
have  knowledge  of  any adjustment unless and until it shall have received such
certificate.

     SECTION  13.   CONSOLIDATION,  MERGER  OR  SALE  OR TRANSFER OF ASSETS OR
                    EARNING  POWER.

          (a)     Subject  to  Section  23 of this Agreement, in the event that,
following  the  Stock  Acquisition  Date,  directly  or  indirectly,

               (x)     the  Company  shall  consolidate  with, or merge with and
          into,  any  other  Person (other than a Subsidiary of the Company in a
          transaction  which  complies  with  Section  11(o)  hereof),

               (y)     any  Person  (other than a Subsidiary of the Company in a
          transaction  which  complies  with  Section  11(o)  hereof)  shall
          consolidate  with, or merge with or into, the Company, and the Company
          shall be

                                      -25-
<PAGE>
          the  continuing  or  surviving  corporation  of  such consolidation or
          merger  and,  in  connection with such consolidation or merger, all or
          part  of  the outstanding shares of Common Stock shall be changed into
          or exchanged for stock or other securities of any other Person or cash
          or  any  other  property,  or

               (z)     the  Company  shall sell or otherwise transfer (or one or
          more  of  its  Subsidiaries  shall sell or otherwise transfer), in one
          transaction  or  a  series  of related transactions, assets or earning
          power  aggregating more than 50% of the assets or earning power of the
          Company  and  its  Subsidiaries  (taken  as  a whole) to any Person or
          Persons  (other  than  the Company or any Subsidiary of the Company in
          one  or  more  transactions  each of which complies with Section 11(o)
          hereof),

then, and in each such case, proper provision shall be made so that:

               (i)     each  holder  of  a  Right, except as provided in Section
          7(e)  hereof,  shall, upon the expiration of the Redemption Period (as
          defined  in Section 23(a)), thereafter have the right to receive, upon
          the  exercise thereof at the then current Purchase Price in accordance
          with  the  terms  of this Agreement, such number of validly authorized
          and  issued,  fully paid, non-assessable and freely tradable shares of
          Common  Stock  of  the  Principal  Party  (as such term is hereinafter
          defined),  not  subject  to  any  liens, encumbrances, rights of first
          refusal  or  other  adverse  claims,  as  shall be equal to the result
          obtained  by

                    (1)     multiplying  the  then current Purchase Price by the
               number  of  one one-thousandths of a share of Preferred Stock for
               which  a  Right  was  exercisable  immediately prior to the first
               occurrence  of  a  Section  13  Event (or, if a Section 11(a)(ii)
               Event  has occurred prior to the first occurrence of a Section 13
               Event,  multiplying  the number of one one-thousandths of a share
               of  Preferred Stock for which a Right was exercisable immediately
               prior to the first occurrence of a Section 11(a)(ii) Event by the
               Purchase  Price  in  effect  immediately  prior  to  such  first
               occurrence),  and

                    (2)     dividing  that product (which product, following the
               first  occurrence  of a Section 13 Event, shall be referred to as
               the  "Purchase Price" for each Right and for all purposes of this
                     --------------
               Agreement)  by  50%  of the current market price per share of the
               shares  of  Common  Stock  of such Principal Party on the date of
               consummation  of  such Section 13 Event (or the fair market value
               on  such  date  of  other securities or property of the Principal
               Party,  as  provided  for  herein);

                                      -26-
<PAGE>
               (ii)     such Principal Party shall thereafter be liable for, and
          shall  assume, by virtue of such Section 13 Event, all the obligations
          and  duties  of  the  Company  pursuant  to  this  Agreement;

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

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

               (v)      the  provisions  of Section 11(a)(ii) hereof shall be of
          no  effect  following  the  first  occurrence of any Section 13 Event.

          (b)     "Principal  Party"  shall  mean
                   ----------------

               (i)  in  the  case  of any transaction described in clause (x) or
          (y)  of the first sentence of Section 13(a), (A) the Person (including
          the Company as successor thereto or as the surviving corporation) that
          is  the  issuer of any securities into which shares of Common Stock of
          the  Company  are  converted  in  such merger or consolidation, or, if
          there  is  more  than one such issuer, the issuer of Common Stock that
          has the highest aggregate current market price (determined pursuant to
          Section  11(d)  hereof)  and  (B)  if  no  securities  or other equity
          interests  are  so  issued,  the  Person  (including  the  Company  as
          successor  thereto  or  as  the  surviving  entity)  that is the other
          constituent  party  to  such  merger or consolidation, or, if there is
          more  than  one such Person, the Person that is a constituent party to
          such  merger  or  consolidation,  the  Common  Stock  of which has the
          highest aggregate current market price (determined pursuant to Section
          11(d)  hereof);  and

               (ii)  in  the  case of any transaction described in clause (z) of
          the  first  sentence  of  Section  13(a), the Person that is the party
          receiving  the  greatest  portion  of  the  assets  or  earning  power
          transferred  pursuant to such transaction or transactions, or, if each
          Person  that  is  a party to such transaction or transactions receives
          the  same  portion of the assets or earning power transferred pursuant
          to  such  transaction  or  transactions or if the Person receiving the
          largest  portion  of  the

                                      -27-
<PAGE>
          assets  or  earning  power cannot be determined, whichever Person that
          has  received  assets or earning power pursuant to such transaction or
          transactions,  the  Common  Stock  of  which has the highest aggregate
          current  market  price  (determined pursuant to Section 11(d) hereof);

provided, however, that in any such case, (1) if the Common Stock of such Person
--------  -------
is not at such time and has not been continuously over the preceding twelve (12)
month period registered under Section 12 of the Exchange Act, and such Person is
a  direct  or indirect Subsidiary of another Person the Common Stock of which is
and  has been so registered, "Principal Party" shall refer to such other Person;
(2) if the Common Stock of such Person is not and has not been so registered and
such  Person  is  a Subsidiary, directly or indirectly, of more than one Person,
the  Common  Stocks  of  two  or  more of which are and have been so registered,
"Principal  Party" shall refer to whichever of such Persons is the issuer of the
Common  Stock  having the greatest aggregate market value; and (3) if the Common
Stock  of  such  Person is not and has not been so registered and such Person is
owned,  directly or indirectly, by a joint venture formed by two or more Persons
that  are  not  owned, directly or indirectly, by the same Person, the rules set
forth in (1) and (2) above shall apply to each of the chains of ownership having
an  interest in such joint venture as if such party were a Subsidiary of both or
all  of such joint venturers, and the Principal Parties in each such chain shall
bear  the  obligations  set  forth in this Section 13 in the same ratio as their
direct or indirect interests in such Person bear to the total of such interests.

          (c)     The  Company  shall not consummate any Section 13 Event unless
the  Principal  Party shall have a sufficient number of authorized shares of its
Common  Stock  which have not been issued or reserved for issuance to permit the
exercise  in  full  of  the Rights in accordance with this Section 13 and unless
prior  thereto  the  Company  and  such  Principal Party shall have executed and
delivered  to  the Rights Agent a supplemental agreement providing for the terms
set  forth  in  paragraphs  (a) and (b) of this Section 13 and further providing
that,  as  soon  as practicable after the date of any such Section 13 Event, the
Principal  Party  will:

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

               (ii)  deliver  to  holders  of  the  Rights  historical financial
          statements  for  the  Principal Party and each of its Affiliates which
          comply  in all respects with the requirements for registration on Form
          10  under  the  Exchange  Act;

                                      -28-
<PAGE>
               (iii)  use  its  best  efforts to obtain any necessary regulatory
          approvals  in  respect  of the securities purchasable upon exercise of
          outstanding  Rights;  and

               (iv)  use its best efforts, if such Common Stock of the Principal
          Party  shall  be  listed  or admitted to trading on the New York Stock
          Exchange  or on another national securities exchange, to list or admit
          to  trading (or continue the listing of) the Rights and the securities
          purchasable upon exercise of the Rights on the New York Stock Exchange
          or  on such securities exchange, or if the securities of the Principal
          Party  purchasable  upon exercise of the Rights shall not be listed or
          admitted  to  trading  on  the  New  York Stock Exchange or a national
          securities  exchange,  to  cause  the  Rights  and  the  securities
          purchasable  upon  exercise of the Rights to be reported by such other
          system  then  in  use.

          (d)     In  case  the  Principal  Party  that  is  to  be a party to a
transaction  referred to in this Section 13 has at the time of such transaction,
or  immediately  following such transaction will have, a provision in any of its
authorized securities or in its certificate of incorporation or by-laws or other
instrument governing its affairs, or any other agreements or arrangements, which
provision would have the effect of (i) causing such Principal Party to issue, in
connection  with,  or  as  a  consequence  of, the consummation of a transaction
referred  to  in this Section 13, shares of Common Stock of such Principal Party
at  less  than  the  then current market price per share (determined pursuant to
Section 11(d) hereof) or securities exercisable for, or convertible into, Common
Stock of such Principal Party at less than such then current market price (other
than  to  holders of Rights pursuant to this Section 13); (ii) providing for any
special  payment,  tax  or similar provisions in connection with the issuance of
the  Common  Stock  of  such  Principal Party pursuant to the provisions of this
Section  13;  or  (iii)  otherwise  eliminating or substantially diminishing the
benefits  intended  to  be  afforded  by  the Rights in connection with, or as a
consequence  of,  the  consummation of a transaction referred to in this Section
13;  then,  in such event, the Company shall not consummate any such transaction
unless  prior  thereto  the Company and such Principal Party shall have executed
and  delivered  to  the Rights Agent a supplemental agreement providing that the
provision  in question of such Principal Party shall have been cancelled, waived
or  amended,  or  that  the authorized securities shall be redeemed, so that the
applicable provision will have no effect in connection with, or as a consequence
of,  the  consummation  of  the  proposed  transaction.

          (e)     The  provisions  of  this  Section 13 shall similarly apply to
successive  mergers or consolidations or sales or other transfers.  In the event
that  a  Section  13  Event  shall  occur  at any time after the occurrence of a
Section  11(a)(ii)

                                      -29-
<PAGE>
Event,  the  Rights  which  have not theretofore been exercised shall thereafter
become  exercisable  in  the  manner  described  in  Section  13(a)  hereof.

     SECTION  14.     FRACTIONAL  RIGHTS  AND  FRACTIONAL  SHARES.

          (a)     The Company shall not be required to issue fractions of Rights
except prior to the Distribution Date as provided in Section 11(p) hereof, or to
distribute  Rights  Certificates  which  evidence fractional Rights.  In lieu of
such  fractional  Rights,  there  shall be paid to the registered holders of the
Rights  Certificates with regard to which such fractional Rights would otherwise
be  issuable, an amount in cash equal to the same fraction of the current market
value  of  the whole Right.  For the purposes of this Section 14(a), the current
market  value  of a whole Right shall be the closing price of the Rights for the
Trading  Day immediately prior to the date on which such fractional Rights would
have  been  otherwise issuable.  The closing price for any day shall be the last
sale price, or, in case no such sale takes place on such day, the average of the
high  bid and low asked prices, in either case as reported by the New York Stock
Exchange or, if the Rights are not listed or admitted to trading on the New York
Stock  Exchange, as reported in the principal consolidated transaction reporting
system  with  respect  to securities listed on the principal national securities
exchange  on  which  the Rights are listed or admitted to trading, or such other
system then in use or, if on any such date the Rights are not quoted by any such
organization,  the average of the closing bid and asked prices as furnished by a
professional  market  maker making a market in the Rights selected by the Board.
If  on  any  such date no such market maker is making a market in the Rights the
fair  value  of the Rights on such date as determined in good faith by the Board
shall  be  used.  In the event the Rights are listed or admitted to trading on a
national  securities  exchange,  the closing price for any day shall be the last
sale  price,  regular way, or, in case no such sale takes place on such day, the
average  of  the  high  bid and low asked prices, regular way, in either case as
reported in the principal consolidated transaction reporting system with respect
to  the  national securities exchange on which the Rights are listed or admitted
to  trading.

          (b)     The Company shall not be required to issue fractions of shares
of  Preferred  Stock  (other  than fractions which are integral multiples of one
one-thousandth  of a share of Preferred Stock) upon exercise of the Rights or to
distribute  certificates  which  evidence  fractional  shares of Preferred Stock
(other  than  fractions  which are integral multiples of one one-thousandth of a
share of Preferred Stock).  In lieu of fractional shares of Preferred Stock that
are  not integral multiples of one one-thousandth of a share of Preferred Stock,
the Company may pay to the registered holders of Rights Certificates at the time
such Rights are exercised as herein provided an amount in cash equal to the same
fraction  of  the  current  market  value  of  one  one-thousandth of a share of
Preferred  Stock.  For

                                      -30-
<PAGE>
purposes  of  this Section 14(b), the current market value of one one-thousandth
of  a  share of Preferred Stock shall be one one-thousandth of the closing price
of  a  share  of  Preferred  Stock  (as determined pursuant to Section 11(d)(ii)
hereof)  for  the  Trading  Day  immediately prior to the date of such exercise.

          (c)     Following  the  occurrence  of  one of the events specified in
Section  11  giving  rise  to  the  right  to receive Common Stock, common stock
equivalents  or other securities upon the exercise of a Right, the Company shall
not  be  required  to  issue  fractions  of shares of Common Stock, common stock
equivalents  or  other  securities  upon exercise of the Rights or to distribute
certificates  which  evidence  fractional  shares  of Common Stock, common stock
equivalents  or other securities.  In lieu of fractional shares of Common Stock,
common  stock  equivalents  or  other  securities  the  Company  may  pay to the
registered  holders of Rights Certificates at the time such Rights are exercised
as  herein  provided an amount in cash equal to the same fraction of the current
market value of one (1) share of Common Stock, common stock equivalents or other
securities.  For purposes of this Section 14(c), the current market value of one
share  of  Common  Stock shall be the closing price of one share of Common Stock
(as  determined  pursuant  to  Section  11(d)(i)  hereof)  for  the  Trading Day
immediately  prior  to  the  date  of  such  exercise.

          (d)     The  holder  of  a  Right  by  the  acceptance  of  the Rights
expressly  waives  his  right to receive any fractional Rights or any fractional
shares  upon  exercise  of  a  Right,  except  as  permitted by this Section 14.

     SECTION  15.     RIGHTS  OF  ACTION.

          All  rights  of action in respect of this Agreement, except the rights
of  action  vested  in  the  Rights  Agent pursuant to Section 18 and Section 19
hereof,  are  vested  in  the  respective  registered  holders  of  the  Rights
Certificates (and, prior to the Distribution Date, the registered holders of the
Common Stock); and any registered holder of any Rights Certificate (or, prior to
the  Distribution  Date, of the Common Stock), without the consent of the Rights
Agent  or  of  the  holder  of  any  other  Rights Certificate (or, prior to the
Distribution  Date, of the Common Stock), may, in his own behalf and for his own
benefit,  enforce, and may institute and maintain any suit, action or proceeding
against  the  Company  to  enforce, or otherwise act in respect of, his right to
exercise  the Rights evidenced by such Rights Certificate in the manner provided
in  such  Rights  Certificate  and  in  this  Agreement.  Without  limiting  the
foregoing or any remedies available to the holders of Rights, it is specifically
acknowledged that the holders of Rights would not have an adequate remedy at law
for any breach of this Agreement and will be entitled to specific performance of
the  obligations  under,  and  injunctive  relief  against  actual or threatened
violations  of,  the  obligations  hereunder  of  any  Person  subject  to  this
Agreement.

                                      -31-
<PAGE>
     SECTION  16.     AGREEMENT  OF  RIGHTS  HOLDERS.

          Every holder of a Right by accepting the same consents and agrees with
the  Company  and  the Rights Agent and with every other holder of a Right that:

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

          (b)     after  the  Distribution  Date,  the  Rights  Certificates are
transferable  only  on  the registry books of the Rights Agent if surrendered at
the  office  of  the Rights Agent designated for such purposes, duly endorsed or
accompanied  by a proper instrument of transfer and with the appropriate form of
assignment  and  the  certificate contained therein duly completed and executed;

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

          (d)     Notwithstanding  anything  in  this Agreement to the contrary,
neither  the Company nor the Rights Agent shall have any liability to any holder
of  a  Right  or other Person as a result of its inability to perform any of its
obligations  under  this  Agreement  by  reason  of any preliminary or permanent
injunction  or other order, decree, judgment or ruling (whether interlocutory or
final)  issued  by  a  court  of  competent  jurisdiction  or by a governmental,
regulatory  or  administrative  agency  or  commission,  or  any  statute, rule,
regulation  or  executive  order  promulgated  or  enacted  by  any  government
authority,  prohibiting or otherwise restraining performance of such obligation;
provided, however, the Company must use its best efforts to have any such order,
--------  -------
decree or ruling lifted or otherwise overturned as soon as possible.

     SECTION  17.     RIGHTS  CERTIFICATE  HOLDER  NOT  DEEMED  A  STOCKHOLDER.

          No  holder,  as  such,  of any Rights Certificate shall be entitled to
vote, receive dividends or be deemed for any purpose the holder of the Preferred
Stock  or  any other securities of the Company which may at any time be issuable
on  the exercise of the Rights represented thereby, nor shall anything contained
herein  or

                                      -32-
<PAGE>
in  any  Rights Certificate be construed to confer upon the holder of any Rights
Certificate,  as  such, any of the rights of a stockholder of the Company or any
right  to  vote  for  the  election of directors or upon any matter submitted to
stockholders  at  any  meeting  thereof,  or  to give or withhold consent to any
corporate  action,  or  to receive notice of meetings or other actions affecting
stockholders  (except as provided in Section 25 hereof), or to receive dividends
or  subscription  rights,  or  otherwise, until the Right or Rights evidenced by
such  Rights  Certificate  shall  have  been  exercised  in  accordance with the
provisions  hereof.

     SECTION  18.     DUTIES  OF  RIGHTS  AGENT.

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

          (a)     The  Rights  Agent  may  consult  with  legal  counsel  of its
selection  (who may be legal counsel for the Company), and the advice or opinion
of  such  counsel shall be full and complete authorization and protection to the
Rights  Agent,  and the Rights Agent shall incur no liability, for or in respect
of  any  action taken or omitted by it in good faith and in accordance with such
advice  or  opinion.

          (b)     Whenever in the performance of its duties under this Agreement
the  Rights  Agent  shall deem it necessary or desirable that any fact or matter
(including,  without  limitation,  the  identity of any Acquiring Person and the
determination of "current market price") be proved or established by the Company
prior to taking or suffering or omitting to take any action hereunder, such fact
or  matter  (unless  other  evidence  in  respect thereof be herein specifically
prescribed)  may  be  deemed  to  be  conclusively  proved  and established by a
certificate  signed  by any person believed by the Rights Agent to be any one of
the Chief Executive Officer, President or Chief Financial Officer of the Company
and  delivered  to  the  Rights  Agent;  and  such  certificate  shall  be  full
authorization  to  the  Rights  Agent,  and  the  Rights  Agent  shall  incur no
liability,  for  or  in respect of any action taken, omitted or suffered in good
faith  by  it  under  the  provisions  of  this  Agreement in reliance upon such
certificate.

          (c)     The  Rights  Agent  shall be liable hereunder only for its own
gross  negligence,  bad  faith,  or  willful  misconduct.

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

                                      -33-
<PAGE>
          (e)     The  Rights  Agent  is  serving as an administrative agent and
shall  not  be  under  any  responsibility  in  respect  of, the validity of any
provision  of  this  Agreement  or  the execution and delivery of this Agreement
(except  the  due  execution  hereof  by  the Rights Agent) or in respect of the
validity  or  execution  of  any Rights Certificate (except its countersignature
thereof);  nor  shall  it  be  responsible  for any breach by the Company of any
covenant  or condition contained in this Agreement or in any Rights Certificate;
nor  shall  it be responsible for any change in the exercisability of the Rights
(including the Rights becoming null and void pursuant to Section 7(e) hereof) or
any  adjustment  required  under any of the provisions hereof or responsible for
the  manner, method, or amount of any such adjustment or the ascertaining of the
existence  of  facts that would require any such adjustment (except with respect
to  the  exercise  of  Rights  evidenced by Rights Certificates after the Rights
Agent's  actual  receipt  of notice of any such adjustment); nor shall it by any
act  hereunder  be  deemed  to  make  any  representation  or warranty as to the
authorization  or  reservation  of  any  shares  of  Common  Stock  or shares of
Preferred  Stock  to  be  issued  pursuant  to  this  Agreement  or  any  Rights
Certificate  or  as to whether any shares of Common Stock or shares of Preferred
Stock  will,  when  so  issued, be validly authorized and issued, fully paid and
non-assessable,  nor  shall  the Rights Agent be responsible for the legality of
the terms hereof in its capacity as an administrative agent.

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

          (g)     The  Rights  Agent is hereby authorized and directed to accept
instructions  with  respect  to the performance of its duties hereunder from any
person  believed  by  the  Rights  Agent  to  be  any one of the Chief Executive
Officer,  President  or  Chief Financial Officer of the Company, and to apply to
such  officers  for advice or instructions in connection with its duties, and it
shall  not be liable for any action taken, omitted to be taken or suffered to be
taken by it in good faith in accordance with instructions of any such officer or
for  any  delay in acting while waiting for those instructions.  Any application
by the Rights Agent for written instructions from the Company may, at the option
of  the  Rights  Agent,  set  forth  in writing any action proposed to be taken,
suffered  or omitted by the Rights Agent under this Agreement and the date on or
after  which  such  action  shall be taken or suffered or such omission shall be
effective.  The  Rights  Agent  shall  not  be  liable  for  any action taken or
suffered  by,  or  omission  of,  the Rights Agent in accordance with a proposal
included  in  any  such  application  on  or  after  the  date specified in such
application (which date shall not be less than five Business Days after the date
any  officer  of the Company actually receives such application, unless any such
officer  shall  have  consented  in writing to an earlier date) unless, prior to
taking  any  such

                                      -34-
<PAGE>
action  (or  the  effective  date  in the case of an omission), the Rights Agent
shall  have  received  written  instruction  in  response  to  such  application
specifying the action to be taken, suffered or omitted.

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

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

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

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

          (l)     The  Rights  Agent  undertakes  only  the  express  duties and
obligations imposed on it by this Agreement and no implied duties or obligations
shall be read into this Agreement against the Rights Agent.

          (m)     In  addition  to  the  foregoing,  the  Rights  Agent shall be
protected  and  shall incur no liability for, or in respect of, any action taken
or omitted by it in connection with its administration of this Agreement if such
acts  or  omissions  are  in  reliance  upon  (i)  the  proper  execution of the
certification concerning beneficial ownership appended to the form of assignment
and  the  form of election to purchase attached to the Rights Certificate unless
the  Rights  Agent  shall  have  actual  knowledge  that,  as  executed,  such
certification  is  untrue,  or  (ii)  the  non-execution  of

                                      -35-
<PAGE>
such  certification  including,  without  limitation,  any  refusal to honor any
otherwise permissible assignment or election by reason of such non-execution.

          (n)     The  Company  agrees  to  give the Rights Agent prompt written
notice  of  any event or ownership which would prohibit the exercise or transfer
of  the  Rights  Certificates.

     SECTION  19.     COMPENSATION  AND  INDEMNIFICATION  OF  THE  RIGHTS AGENT.

          (a)     The  Company  agrees  to  pay  to  the  Rights  Agent  such
compensation  as  shall  be agreed in writing between the Company and the Rights
Agent  for  all  services  rendered  by  it hereunder and, from time to time, on
demand  of  the  Rights  Agent,  its  reasonable  expenses  and counsel fees and
expenses and other disbursements incurred in the administration and execution of
this  Agreement  and  the exercise and performance of its duties hereunder.  The
Company  also  agrees  to  indemnify  the Rights Agent, its officers, employees,
agents  and  directors for, and to hold each of them harmless against, any loss,
liability,  or  expense, incurred without gross negligence, bad faith or willful
misconduct  on  the  part of the Rights Agent, for any action taken, suffered or
omitted  by  the Rights Agent or such other indemnified party in connection with
the  acceptance  and  administration  of  this Agreement and the exercise of its
duties  hereunder,  including  but  not  limited  to  the  costs and expenses of
defending  against  any  claim  (whether  asserted  by  the Company, a holder of
Rights,  or  any  other  Person)  of  liability  in the premises.  The indemnity
provided  for  hereunder  shall  survive  the  expiration  of the Rights and the
termination  of  this  Agreement.

          (b)     The  Rights  Agent shall be authorized and protected and shall
incur no liability for or in respect of any action taken, suffered or omitted by
it  in  connection  with its administration of this Agreement or the exercise of
its  duties hereunder in reliance upon any Rights Certificate or certificate for
Common Stock or for other securities of the Company, instrument of assignment or
transfer,  power of attorney, endorsement, affidavit, letter, notice, direction,
consent, certificate, statement, or other paper or document believed by it to be
genuine and to be signed and executed by the proper person or persons.

          (c)     Anything in this Agreement to the contrary notwithstanding, in
no event shall the Rights Agent be liable for special, indirect or consequential
loss  or  damage  of  any  kind  whatsoever  (including  but not limited to lost
profits),  even  if  the Rights Agent has been advised of the likelihood of such
loss  or  damage  and  regardless  of the form of the action unless such loss or
damage results from the gross negligence, bad faith or willful misconduct of the
Rights  Agent.

                                      -36-
<PAGE>
     SECTION  20.     MERGER OR CONSOLIDATION OR CHANGE OF NAME OF RIGHTS
                      AGENT.

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

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

     SECTION  21.     CHANGE  OF  RIGHTS  AGENT.

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

                                      -37-
<PAGE>
incapacity  by the resigning or incapacitated Rights Agent or by the holder of a
Rights  Certificate  (who shall, with such notice, submit his Rights Certificate
for  inspection  by the Company), then the Rights Agent or the registered holder
of any Rights Certificate may, at the expense of the Company, apply to any court
of  competent  jurisdiction  for  the  appointment  of  a  new Rights Agent. Any
successor  Rights  Agent,  whether  appointed by the Company or by such a court,
shall  be (i) a Person organized and doing business under the laws of the United
States  or  the  States  of  Delaware  or New York (or of any other state of the
United  States so long as such Person is authorized to do business in the States
of  Delaware  or  New York), in good standing, having an office in the States of
Delaware  or  New York which is authorized under such laws to exercise corporate
trust  power  and  is  subject to supervision or examination by federal or state
authority  and  which  has  at  the  time  of  its appointment as Rights Agent a
combined  capital  and  surplus  of at least $50 million or (ii) an affiliate of
such  a  Person.  After  appointment, the successor Rights Agent shall be vested
with  the  same  powers,  rights,  duties and responsibilities as if it had been
originally  named  as  Rights  Agent  without  further  act  or  deed;  but  the
predecessor  Rights  Agent  shall  deliver  and transfer to the successor Rights
Agent any property at the time held by it hereunder, and execute and deliver any
further  assurance, conveyance, act or deed necessary for the purpose. Not later
than  the  effective  date of any such appointment the Company shall file notice
thereof  in writing with the predecessor Rights Agent and each transfer agent of
the  Common  Stock and the Preferred Stock, and mail a notice thereof in writing
to the registered holders of the Rights Certificates. Failure to give any notice
provided  for  in  this  Section  21,  however, or any defect therein, shall not
affect  the  legality  or  validity  of the resignation or removal of the Rights
Agent  or  the  appointment  of  the successor Rights Agent, as the case may be.

     SECTION  22.     ISSUANCE  OF  NEW  RIGHTS  CERTIFICATES.

          Notwithstanding  any  of  the  provisions  of this Agreement or of the
Rights  to  the  contrary,  the  Company  may,  at  its option, issue new Rights
Certificates  evidencing  Rights in such form as may be approved by the Board to
reflect  any adjustment or change in the Purchase Price per share and the number
or kind of class of shares or other securities or property purchasable under the
Rights  Certificates  made  in accordance with the provisions of this Agreement.
In  addition,  in connection with the issuance or sale of shares of Common Stock
following  the Distribution Date (other than upon exercise of a Right) and prior
to  the  redemption  or  expiration  of  the Rights, the Company (a) shall, with
respect  to shares of Common Stock so issued or sold pursuant to the exercise of
stock  options  or under any employee plan or arrangement, or upon the exercise,
conversion  or exchange of securities hereinafter issued by the Company, and (b)
may,  in  any other case, if deemed necessary or appropriate by the Board, issue
Rights  Certificates representing the appropriate number of Rights in connection
with  such  issuance  or  sale;  provided,  however,  that  (i)  no  such Rights
                                 --------   -------
Certificate  shall  be  issued  if, and to

                                      -38-
<PAGE>
the  extent  that,  the  Company  shall be advised by counsel that such issuance
would  create  a  significant  risk  of material adverse tax consequences to the
Company  or the Person to whom such Rights Certificate would be issued, and (ii)
no  such  Rights  Certificate  shall  be  issued  if,  and  to  the extent that,
appropriate  adjustment  shall  otherwise have been made in lieu of the issuance
thereof.

     SECTION  23.     REDEMPTION.

          (a)     The  Board  may,  at its option, at any time during the period
commencing  on the Rights Dividend Declaration Date and ending on the earlier of
(i)  the Close of Business on the tenth day following the Stock Acquisition Date
(or, if the Stock Acquisition Date shall have occurred prior to the Record Date,
the  Close  of Business on the tenth day following the Record Date), or (ii) the
Close  of Business on the Final Expiration Date, (the "Redemption Period") cause
                                                       -----------------
the Company to redeem all but not less than all the then outstanding Rights at a
redemption  price  of  $.001  per  Right,  as  such  amount may be appropriately
adjusted  to  reflect  any  stock  split,  stock dividend or similar transaction
occurring  after  the  date  hereof  (such  redemption  price  being hereinafter
referred  to  as  the "Redemption Price"); provided, however, that, if the Board
                                           --------  -------
authorizes  redemption  of  the  Rights on or after the time a Person becomes an
Acquiring  Person,  then  such  authorization  shall  require the concurrence of
two-thirds  of  the  Directors.  If,  following  the  occurrence  of  a  Stock
Acquisition  Date  and  following  the  expiration  of  the  Company's  right of
redemption  hereunder  (i)  a  Person  who  is  an  Acquiring  Person shall have
transferred  or  otherwise disposed of a number of shares of Common Stock in one
transaction  or series of transactions, not directly or indirectly involving the
Company  or any of its Subsidiaries, which did not result in the occurrence of a
Triggering  Event  such that such Person is thereafter a Beneficial Owner of 10%
or  less  of  the  outstanding  shares  of Common Stock, (ii) there are no other
Persons,  immediately  following the occurrence of the event described in clause
(i),  who are Acquiring Persons, and (iii) the Board, by a vote of two-thirds of
the  Board,  shall  so  approve, then the Company's right of redemption shall be
reinstated  and  thereafter  be  subject  to  the provisions of this Section 23.
Notwithstanding anything contained in this Agreement to the contrary, the Rights
shall not be exercisable after the first occurrence of a Section 11(a)(ii) Event
or  a  Section  13  Event  until  such time as the Company's right of redemption
hereunder  has  expired.  The  redemption of the Rights by the Board pursuant to
this  paragraph  (a)  may be made effective at such time, on such basis and with
such  conditions as the Board in its sole discretion may establish.  The Company
may,  at  its  option,  pay the Redemption Price in cash, shares of Common Stock
(based  on  the  current  market  price  of  the  Common  Stock  at  the time of
redemption)  or any other form of consideration deemed appropriate by the Board.

          (b)     Immediately  upon  the  action  of  the  Board  ordering  the
redemption  of  the  Rights,  evidence  of  which shall have been filed with the
Rights

                                      -39-
<PAGE>
Agent,  and  without  any  further  action  and without any notice, the right to
exercise  the Rights will terminate and the only right thereafter of the holders
of Rights shall be to receive the Redemption Price. Promptly after the action of
the  Board  ordering the redemption of the Rights, the Company shall give notice
of  such  redemption to the Rights Agent and the holders of the then outstanding
Rights  by  mailing  such  notice to all such holders at their last addresses as
they  appear  upon  the  registry  books  of  the  Rights Agent or, prior to the
Distribution  Date,  on  the registry books of the Transfer Agent for the Common
Stock;  provided,  however, that the failure to give, or any defect in, any such
        --------   -------
notice  shall  not  affect  the validity of such redemption. Any notice which is
mailed  in  the manner herein provided shall be deemed given, whether or not the
holder receives the notice. Each such notice of redemption will state the method
by  which  the  payment  of  the  Redemption  Price  will  be  made.

     SECTION  24.     EXCHANGE.

          (a)     The  Board  may,  at  its option, at any time after any Person
becomes  an  Acquiring  Person, exchange all or part of the then outstanding and
exercisable  Rights  (which  shall  not include Rights that have become null and
void  pursuant  to  the  provisions of Section 7(e) hereof) for shares of Common
Stock  at  an  exchange  ratio of one share of Common Stock per each outstanding
Right,  as  appropriately adjusted to reflect any stock split, stock dividend or
similar  transaction  occurring after the date hereof (such exchange ratio being
hereinafter  referred  to  as  the  "Exchange  Ratio").  Notwithstanding  the
                                     ---------------
foregoing,  the Board shall not be empowered to effect such exchange at any time
after  any  Person  (other  than the Company, any Subsidiary of the Company, any
employee  benefit  plan  of  the  Company  or any such Subsidiary, or any entity
holding  Common  Stock  for or pursuant to the terms of any such plan), together
with  all Affiliates and Associates of such Person, becomes the Beneficial Owner
of 50% or more of the Common Stock then outstanding.  The exchange of the Rights
by  the  Board  may  be made effective at such time, on such basis and with such
conditions  as  the  Board  in  its  sole  discretion  may  establish.

          (b)     Immediately upon the action of the Board ordering the exchange
of  any  Rights  pursuant  to  subsection (a) of this Section 24 and without any
further  action  and without any notice, the right to exercise such Rights shall
terminate  and  the only right thereafter of a holder of such Rights shall be to
receive that number of shares of Common Stock equal to the number of such Rights
held  by  such  holder  multiplied  by  the  Exchange  Ratio.  The Company shall
promptly  give  public  notice of any such exchange; provided, however, that the
                                                     --------  -------
failure  to give, or any defect in, such notice shall not affect the validity of
such exchange.  The Company promptly shall mail a notice of any such exchange to
all  of  the  holders of such Rights at their last addresses as they appear upon
the  registry  books  of  the  Rights  Agent.  Any notice which is mailed in the
manner  herein  provided  shall  be  deemed  given,

                                      -40-
<PAGE>
whether or not the holder receives the notice. Each such notice of exchange will
state  the  method  by  which  the  exchange  of Common Stock for Rights will be
effected  and,  in the event of any partial exchange, the number of Rights which
will  be exchanged. Any partial exchange shall be effected pro rata based on the
number  of  Rights  (other  than  Rights  which have become void pursuant to the
provisions of Section 7(e) hereof) held by each holder of Rights.

          (c)     In  any  exchange pursuant to this Section 24, the Company, at
its  option,  may  substitute  common  stock  equivalents (as defined in Section
11(a)(iii))  for  shares of Common Stock exchangeable for Rights, at the initial
rate  of  one  common  stock  equivalent  for  each  share  of  Common Stock, as
appropriately  adjusted  to  reflect  adjustments  in  dividend, liquidation and
voting rights of common stock equivalents pursuant to the terms thereof, so that
each  common  stock  equivalent  delivered in lieu of each share of Common Stock
shall  have  essentially the same dividend, liquidation and voting rights as one
share  of  Common  Stock.

          (d)     In  the  event that there shall not be sufficient Common Stock
issued  but not outstanding or authorized but unissued to permit any exchange of
Rights  as  contemplated  in  accordance with this Section 24, the Company shall
take  all  such  action  as  may  be necessary to authorize additional shares of
Common Stock for issuance upon exchange of the Rights.

          (e)     The Company shall not be required to issue fractions of shares
of  Common  Stock or to distribute certificates which evidence fractional shares
of  Common  Stock.  In  lieu of such fractional shares, the Company shall pay to
the  registered  holders  of  the  Right  Certificates with regard to which such
fractional  shares  would  otherwise  be issuable an amount in cash equal to the
same fraction of the current market value of a whole share of Common Stock.  For
the purposes of this paragraph (e), the current market value of a whole share of
Common  Stock  shall  be  the  closing  price  of  a  share  of Common Stock (as
determined  pursuant  to the second and the following sentences of Section 11(d)
hereof)  for  the Trading Day immediately prior to the date of exchange pursuant
to  this  Section  24.

     SECTION  25.     NOTICE  OF  CERTAIN  EVENTS.

          (a)     In  case  the  Company  shall  propose,  at any time after the
Distribution  Date  (i) to pay any dividend payable in stock of any class to the
holders  of  Preferred Stock or to make any other distribution to the holders of
Preferred Stock (other than a regular quarterly cash dividend out of earnings or
retained  earnings) or (ii) to offer to the holders of Preferred Stock rights or
warrants  to  subscribe  for  or  to purchase any additional shares of Preferred
Stock  or  shares  of  stock  of  any  class  or any other securities, rights or
options,  or  (iii) to effect any reclassification of its Preferred Stock (other
than  a reclassification involving only the subdivision of outstanding Preferred
Stock), or (iv) to effect any consolidation or

                                      -41-
<PAGE>
merger  into  or with, or to effect any sale or other transfer (or to permit one
or  more  of  its  subsidiaries to effect any sale or other transfer), in one or
more  transactions,  of  more  than  50%  of  the assets or earning power of the
Company  and its subsidiaries (taken as a whole) to, any other Person, or (v) to
effect  the liquidation, dissolution or winding up of the Company, then, in each
such case, the Company shall give to each holder of a Rights Certificate, to the
extent  feasible  and  in  accordance  with  Section 26 hereof, a notice of such
proposed  action,  which  shall specify the record date for the purposes of such
stock  dividend,  distribution  of rights or warrants, or the date on which such
reclassification,  consolidation,  merger,  sale,  transfer,  liquidation,
dissolution,  or  winding  up  is  to  take  place and the date of participation
therein  by the holders of the shares of Preferred Stock, if any such date is to
be fixed, and such notice shall be so given in the case of any action covered by
clause  (i) or (ii) above at least twenty (20) days prior to the record date for
determining holders of the shares of Preferred Stock for purposes of such action
and in the case of any such other action, at least twenty (20) days prior to the
date  of the taking of such proposed action or the date of participation therein
by  the holders of the shares of Preferred Stock whichever shall be the earlier.

          (b)     In  case any Section 11(a)(ii) Event shall occur, then, in any
such  case, (i) the Company shall as soon as practicable thereafter give to each
holder  of  a Rights Certificate and to the Rights Agent, to the extent feasible
and  in  accordance  with  Section 26 hereof, a notice of the occurrence of such
event which shall specify the event and the consequences of the event to holders
of  Rights  under  Section  11(a)(ii)  hereof,  and  (ii)  all references in the
preceding  paragraph  to  Preferred Stock shall be deemed thereafter to refer to
Common  Stock  and/or,  if  appropriate  other  securities.

     SECTION  26.     NOTICES.

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

               NBT Bancorp Inc.
               52 South Broad Street
               Norwich, New York 13815

               Attention:  Michael  J.  Chewens
                           Senior Executive Vice President, Chief Financial
                           Officer and Corporate  Secretary

                                      -42-
<PAGE>
Subject  to the provisions of Section 21 hereof, any notice or demand authorized
by  this  Agreement  to  be given or made by the Company or by the holder of any
Rights Certificate to or on the Rights Agent shall be sufficiently given or made
if  sent  by first-class mail, postage prepaid, addressed (until another address
is  filed  in  writing  with  the  Company)  as  follows:

               Registrar and Transfer Company
               10 Commerce Drive
               Cranford, NJ 07016

               Attention:  Vice President-Administration

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

     SECTION  27.     SUPPLEMENTS  AND  AMENDMENTS.

          Prior  to  the  Distribution  Date and subject to the last sentence of
this  Section  27,  the Company may in its sole and absolute discretion, and the
Rights Agent shall, if the Company so directs, supplement or amend any provision
of  this  Agreement  in  any  respect  without  the  approval  of any holders of
certificates  representing  shares  of Common Stock; provided, however, that the
                                                     --------  -------
right  of  the  Board  to  extend  the  Distribution  Date shall not require any
amendment  or  supplement  hereunder.  From  and after the Distribution Date and
subject to the last sentence of this Section 27, the Company may in its sole and
absolute  discretion,  and  the  Rights Agent shall at any time and from time to
time,  if the Company so directs, supplement or amend this Agreement without the
approval  of  any  holders  of  Rights  Certificates  in  order  (i) to cure any
ambiguity,  (ii)  to  correct or supplement any provision contained herein which
may  be  defective  or  inconsistent  with any other provisions herein, (iii) to
shorten  or  lengthen  any time period hereunder or (iv) to change or supplement
the  provisions  hereunder in any manner which the Company may deem necessary or
desirable  and  which shall not adversely affect the interests of the holders of
Rights Certificates (other than an Acquiring Person or an Affiliate or Associate
of  any  such  Person);  provided,  however,  that  this  Agreement  may  not be
                         --------   -------
supplemented  or  amended  (A)  to  lengthen  a time period relating to when the
Rights  may  be  redeemed at such time as the Rights are not then redeemable, or
(B) to lengthen any other time period unless such lengthening is for the purpose
of  protecting,  enhancing  or clarifying the rights of, and/or the benefits to,
the  holders  of  Rights  (other  than  an  Acquiring  Person or an Affiliate or
Associate  of  any  such  Person).  Upon  the  delivery of a certificate from an
appropriate  officer of the Company which states that the proposed supplement or

                                      -43-
<PAGE>
amendment  is  in compliance with the terms of this Section 27, the Rights Agent
shall execute such supplement or amendment.  Notwithstanding any other provision
hereof,  the  Rights Agent's consent must be obtained regarding any amendment or
supplement pursuant to this Section 27 which alters the Rights Agent's rights or
duties.  Notwithstanding  anything  contained in this Agreement to the contrary,
no  supplement  or  amendment  shall be made which changes the Redemption Price.

     SECTION  28.     SUCCESSORS.

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

     SECTION  29.     DETERMINATIONS  AND  ACTIONS  BY  THE  BOARD,  ETC.

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

     SECTION  30.     BENEFITS  OF  THIS  AGREEMENT.

          Nothing  in  this  Agreement  shall be construed to give to any Person
other  than  the  Company,  the  Rights  Agent and the registered holders of the
Rights Certificates (and, prior to the Distribution Date, the registered holders
of  the  Common  Stock) any legal or equitable right, remedy or claim under this
Agreement;

                                      -44-
<PAGE>
but  this  Agreement shall be for the sole and exclusive benefit of the Company,
the  Rights  Agent  and  the registered holders of the Rights Certificates (and,
prior  to  the  Distribution Date, registered holders of Common Stock). Prior to
the  Distribution  Date,  the interests of the holders of Rights shall be deemed
coincident  with  the  interests  of  the  holders  of  shares  of Common Stock.

     SECTION  31.     SEVERABILITY.

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

     SECTION  32.     GOVERNING  LAW.

          This  Agreement,  each  Right  and  each  Rights  Certificate  issued
hereunder  shall  be deemed to be a contract made under the laws of the State of
Delaware  and  for all purposes shall be governed by and construed in accordance
with  the laws of such State; provided, however, that the rights and obligations
                              --------  -------
of  the  Rights  Agent shall be governed by and construed in accordance with the
laws  of  the  State  of  New  York.

     SECTION  33.     COUNTERPARTS.

          This  Agreement  may  be  executed  in any number of counterparts.  It
shall  not be necessary that the signature of or on behalf of each party appears
on  each  counterpart,  but  it  shall be sufficient that the signature of or on
behalf  of  each  party  appears  on  one  or  more  of  the  counterparts.  All
counterparts  shall collectively constitute a single agreement.  It shall not be
necessary  in  any proof of this Agreement to produce or account for more than a
number  of  counterparts containing the respective signatures of or on behalf of
all  of  the  parties.

                                      -45-
<PAGE>
     SECTION  34.     DESCRIPTIVE  HEADINGS.

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

                                      -46-
<PAGE>
          IN  WITNESS  WHEREOF,  the  parties  hereto  have  caused  this Rights
Agreement  to  be duly executed, all as of the day and year first above written.

                                            NBT  BANCORP  INC.

                                            By:/s/ Daryl R. Forsythe
                                               ---------------------------------
                                               Name: Daryl R. Forsythe
                                               Title: Chief Executive Officer

                                               REGISTRAR AND TRANSFER
                                                COMPANY,
                                               as Rights Agent

                                            By:/s/ William P. Tatler
                                               ---------------------------------
                                               Name: William P. Tatler
                                               Title: Vice President

                                      -47-
<PAGE>
                                                                       EXHIBIT A

                   CERTIFICATE OF DESIGNATION, PREFERENCES AND
                                    RIGHTS OF
                  SERIES A JUNIOR PARTICIPATING PREFERRED STOCK
                                       OF
                                NBT BANCORP INC.

             Pursuant to Section 151 of the General Corporation Law
                            of the State of Delaware

          I,  Daryl  R. Forsythe, Chief Executive Officer of NBT Bancorp Inc., a
corporation  organized  and  existing  under  the General Corporation Law of the
State  of Delaware, in accordance with the provisions of Section 103 thereof, DO
HEREBY  CERTIFY:

          That  pursuant  to the authority conferred upon the Board of Directors
by  the  Restated Certificate of Incorporation of the said Corporation, the said
Board of Directors on October 25, 2004 adopted the following resolution creating
a  series  of  50,000  shares  of  Preferred Stock designated as Series A Junior
Participating  Preferred  Stock:

          RESOLVED,  that pursuant to the authority granted to and vested in the
Board  of  Directors  of  this  Corporation (the "Board") in accordance with the
provisions  of  its Restated Certificate of Incorporation, a series of Preferred
Stock  of  the Corporation be and it hereby is created, and that the designation
and  amount  thereof  and the voting rights or powers, preferences and relative,
participating,  optional  and other special rights of the shares of such series,
and  the  qualifications,  limitations  or  restrictions thereof are as follows:

          Section  1.  Designation  and  Amount.  The shares of such series, par
                       ------------------------
value  $.01  per  share,  shall  be designated as "Series A Junior Participating
Preferred  Stock"  and  the  number  of shares constituting such series shall be
50,000. Such number of shares may be increased or decreased by resolution of the
Board of Directors; provided, that no decrease shall reduce the number of shares
of  Series  A  Junior  Participating  Preferred  Stock to a number less than the
number  of  shares  then  outstanding  plus  the  number  of shares reserved for
issuance  upon  the  exercise of outstanding options, rights or warrants or upon
the  conversion  of  any  outstanding  securities  issued  by  the  Corporation
convertible  into  Series  A  Junior  Participating  Preferred  Stock.

<PAGE>
     Section  2.     Dividends  and  Distributions.
                     -----------------------------

          (A)  Subject  to  the  prior and superior rights of the holders of any
shares of any series of Preferred Stock ranking prior and superior to the shares
of  Series A Junior Participating Preferred Stock with respect to dividends, the
holders  of  shares  of  Series  A Junior Participating Preferred Stock shall be
entitled  to  receive, when, as and if declared by the Board of Directors out of
funds  legally available for the purpose, quarterly dividends payable in cash on
the  15th  day of January, April, July and October, in each year (each such date
being  referred to herein as a "Quarterly Dividend Payment Date"), commencing on
the  first  Quarterly  Dividend  Payment Date after first issuance of a share or
fraction  of  a  share  of  Series A Junior Participating Preferred Stock, in an
amount  per  share  (rounded  to  the  nearest cent) equal to the greater of (a)
$10.00  or  (b)  subject  to the provision for adjustment hereinafter set forth,
1,000  times  the  aggregate  per  share amount of all cash dividends, and 1,000
times the aggregate per share amount (payable in kind) of all non-cash dividends
or other distributions, other than a dividend payable in shares of common stock,
par  value  $.01  per  share,  of  the  Corporation  (the  "Common Stock"), or a
subdivision  of  the  outstanding shares of Common Stock (by reclassification or
otherwise),  declared  on  the  Common  Stock,  since  the immediately preceding
Quarterly  Dividend  Payment  Date,  or,  with  respect  to  the first Quarterly
Dividend  Payment  Date,  since the first issuance of any share or fraction of a
share  of  Series  A  Junior  Participating  Preferred  Stock.  In the event the
Corporation  shall  at  any time after October 25, 2004 (the "Rights Declaration
Date")  (i)  declare  or  pay  any dividend on Common Stock payable in shares of
Common  Stock, (ii) subdivide the outstanding Common Stock, or (iii) combine the
outstanding Common Stock into a smaller number of shares, then in each such case
the amount to which holders of shares of Series A Junior Participating Preferred
Stock  were  entitled  immediately  prior  to such event under clause (b) of the
preceding  sentence  shall be adjusted by multiplying such amount by a fraction,
the  numerator  of  which  is  the  number of shares of Common Stock outstanding
immediately  after  such  event  and  the  denominator of which is the number of
shares  of  Common  Stock that were outstanding immediately prior to such event.

          (B)  The  Corporation  shall declare a dividend or distribution on the
Series A Junior Participating Preferred Stock as provided in paragraph (A) above
immediately  after  it  declares  a dividend or distribution on the Common Stock
(other than a dividend payable in shares of Common Stock); provided that, in the
event  no  dividend or distribution shall have been declared on the Common Stock
during  the  period  between  any  Quarterly  Dividend Payment Date and the next
subsequent  Quarterly  Dividend  Payment Date, a dividend of $10.00 per share on
the  Series  A  Junior  Participating  Preferred

                                      -2-
<PAGE>
Stock  shall  nevertheless  be  payable  on  such  subsequent Quarterly Dividend
Payment  Date.

          (C)  Dividends  shall begin to accrue and be cumulative on outstanding
shares  of  Series  A  Junior  Participating  Preferred Stock from the Quarterly
Dividend  Payment Date next preceding the date of issue of such shares of Series
A  Junior Participating Preferred Stock, unless the date of issue of such shares
is  prior  to the record date set for the first Quarterly Dividend Payment Date,
in  which  case  dividends on such shares shall begin to accrue from the date of
issue  of  such  shares,  or  unless  the  date of issue is a Quarterly Dividend
Payment Date or is a date after the record date for the determination of holders
of shares of Series A Junior Participating Preferred Stock entitled to receive a
quarterly dividend and before such Quarterly Dividend Payment Date, in either of
which  event  such  dividends  shall begin to accrue and be cumulative from such
Quarterly  Dividend  Payment  Date.  Accrued but unpaid dividends shall not bear
interest.  Dividends  paid  on  the  shares  of  Series  A  Junior Participating
Preferred Stock in an amount less than the total amount of such dividends at the
time  accrued  and  payable  on  such  shares  shall  be allocated pro rata on a
share-by-share basis among all such shares at the time outstanding. The Board of
Directors  may  fix  a record date for the determination of holders of shares of
Series  A  Junior Participating Preferred Stock entitled to receive payment of a
dividend  or  distribution  declared thereon, which record date shall be no more
than  50  days  prior  to  the  date  fixed  for  the  payment  thereof.

          Section  3.  Voting  Rights.  The holders of shares of Series A Junior
                       --------------
Participating  Preferred  Stock  shall  have  the  following  voting  rights:

          (A)  Subject  to  the  provision for adjustment hereinafter set forth,
each  share  of  Series A Junior Participating Preferred Stock shall entitle the
holder  thereof  to  1,000  votes  on  all  matters  submitted  to a vote of the
stockholders  of the Corporation. In the event the Corporation shall at any time
after  the  Rights  Declaration  Date  (i)  declare any dividend on Common Stock
payable  in shares of Common Stock, (ii) subdivide the outstanding Common Stock,
or  (iii)  combine the outstanding Common Stock into a smaller number of shares,
then  in each such case the number of votes per share to which holders of shares
of Series A Junior Participating Preferred Stock were entitled immediately prior
to  such  event  shall  be adjusted by multiplying such number by a fraction the
numerator  of  which  is  the  number  of  shares  of  Common  Stock outstanding
immediately  after  such  event  and  the  denominator of which is the number of
shares  of  Common  Stock that were outstanding immediately prior to such event.

          (B)  Except  as  otherwise  provided  by law, the holders of shares of
Series  A  Junior  Participating  Preferred  Stock  and the holders of shares of

                                      -3-
<PAGE>
Common Stock shall vote together as one class on all matters submitted to a vote
of  stockholders  of  the  Corporation.

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

          Section  4.     Certain  Restrictions.
                          ---------------------

          (A) Whenever dividends or distributions payable on the Series A Junior
Participating  Preferred Stock as provided in Section 2 are not paid, thereafter
and  until  such dividends and distributions, whether or not declared, on shares
of  Series  A  Junior  Participating Preferred Stock outstanding shall have been
paid  in  full,  the  Corporation  shall  not:

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

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

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

               (iv)  redeem  or  purchase or otherwise acquire for consideration
any  shares  of  Series A Junior Participating Preferred Stock, or any shares of
stock  ranking  on  a  parity  with  the Series A Junior Participating Preferred
Stock,  except  in  accordance  with  a  purchase  offer  made  in writing or by
publication  (as  determined  by  the Board of Directors) to all holders of such

                                      -4-
<PAGE>
shares  upon  such  terms  as the Board of Directors, after consideration of the
respective  annual  dividend  rates and other relative rights and preferences of
the  respective series and classes, shall determine in good faith will result in
fair  and  equitable  treatment  among  the  respective  series  or  classes.

          (B) The Corporation shall not permit any subsidiary of the Corporation
to  purchase  or  otherwise acquire for consideration any shares of stock of the
Corporation unless the Corporation could, under paragraph (A) of this Section 4,
purchase  or  otherwise  acquire  such  shares  at such time and in such manner.

          Section  5.  Reacquired  Shares.  Any  shares  of  Series  A  Junior
                       ------------------
Participating Preferred Stock purchased or otherwise acquired by the Corporation
in  any  manner  whatsoever  shall  be  retired  and canceled promptly after the
acquisition  thereof.  All  such  shares  shall  upon  their cancellation become
authorized but unissued shares of Preferred Stock and may be reissued as part of
a  new  series  of Preferred Stock to be created by resolution or resolutions of
the  Board  of Directors, subject to the conditions and restrictions on issuance
set  forth  herein.

          Section  6.     Liquidation,  Dissolution  or  Winding  Up.
                          ------------------------------------------

          (A)  Upon  any  liquidation  (voluntary  or otherwise), dissolution or
winding  up  of the Corporation, no distribution shall be made to the holders of
shares  of  stock  ranking  junior  (either as to dividends or upon liquidation,
dissolution  or winding up) to the Series A Junior Participating Preferred Stock
unless,  prior  thereto,  the holders of shares of Series A Junior Participating
Preferred Stock shall have received $70,000 per share, plus any unpaid dividends
and  distributions payable thereon, whether or not declared, to the date of such
payment  (the  "Series  A Liquidation Preference"). Following the payment of the
full  amount of the Series A Liquidation Preference, no additional distributions
shall  be  made  to the holders of Series A Junior Participating Preferred Stock
unless, prior thereto, the holders of shares of Common Stock shall have received
an  amount per share (the "Common Adjustment") equal to the quotient obtained by
dividing (i) the Series A Liquidation Preference by (ii) 1,000 (as appropriately
adjusted  as set forth in subparagraph (C) below to reflect such events as stock
splits,  stock dividends and recapitalizations with respect to the Common Stock)
(such  number  in  clause  (ii)  immediately  above  being  referred  to  as the
"Adjustment  Number").  Following the payment of the full amount of the Series A
Liquidation  Preference  and the Common Adjustment in respect of all outstanding
shares  of  Series  A  Junior  Participating  Preferred  Stock and Common Stock,
respectively,  holders  of  Series  A  Junior  Participating Preferred Stock and
holders  of shares of Common Stock shall receive their ratable and proportionate
share  of  the

                                      -5-
<PAGE>
remaining  assets to be distributed in the ratio of the Adjustment Number to one
(1) with respect to such Preferred Stock and Common Stock, on a per share basis,
respectively.

          (B)  In  the  event,  however,  that  there  are not sufficient assets
available  to  permit payment in full of the Series A Liquidation Preference and
the  liquidation  preferences  of  all  other series of preferred stock, if any,
which  rank  on a parity with the Series A Junior Participating Preferred Stock,
then  such  remaining assets shall be distributed ratably to the holders of such
parity  shares in proportion to their respective liquidation preferences. In the
event,  however, that there are sufficient assets available to permit payment in
full  of  the Common Adjustment, then such remaining assets shall be distributed
ratably  to  the  holders  of  Common  Stock.

          (C)  In  the  event the Corporation shall at any time after the Rights
Declaration  Date  (i) declare any dividend on Common Stock payable in shares of
Common  Stock, (ii) subdivide the outstanding Common Stock, or (iii) combine the
outstanding Common Stock into a smaller number of shares, then in each such case
the  Adjustment  Number  in  effect  immediately  prior  to  such event shall be
adjusted  by  multiplying  such Adjustment Number by a fraction the numerator of
which is the number of shares of Common Stock outstanding immediately after such
event  and the denominator of which is the number of shares of Common Stock that
were  outstanding  immediately  prior  to  such  event.

          Section  7.  Consolidation, Merger, etc. In case the Corporation shall
                       --------------------------
enter  into any consolidation, merger, combination or other transaction in which
the  shares  of  Common  Stock  are exchanged for or changed into other stock or
securities,  cash and/or any other property, then in any such case the shares of
Series  A  Junior  Participating  Preferred  Stock  shall  at  the  same time be
similarly  exchanged or changed in an amount per share (subject to the provision
for  adjustment hereinafter set forth) equal to 1,000 times the aggregate amount
of  stock,  securities, cash and/or any other property (payable in kind), as the
case  may  be,  into which or for which each share of Common Stock is changed or
exchanged.  In  the  event  the  Corporation  shall at any time after the Rights
Declaration  Date  (i) declare any dividend on Common Stock payable in shares of
Common  Stock, (ii) subdivide the outstanding Common Stock, or (iii) combine the
outstanding Common Stock into a smaller number of shares, then in each such case
the  amount  set forth in the preceding sentence with respect to the exchange or
change  of  shares  of  Series  A  Junior Participating Preferred Stock shall be
adjusted  by multiplying such amount by a fraction the numerator of which is the
number  of  shares  of Common Stock outstanding immediately after such event and
the  denominator  of  which  is  the

                                      -6-
<PAGE>
number of shares of Common Stock that were outstanding immediately prior to such
event.

          Section  8. No Redemption. The Series A Junior Participating Preferred
                      -------------
Stock  shall  not  be  redeemable.

          Section  9.  Ranking. Notwithstanding anything contained herein to the
                       -------
contrary, the Series A Junior Participating Preferred Stock shall rank junior to
all  other  series of the Corporation's Preferred Stock as to voting rights, the
payment  of  dividends and the distribution of assets in liquidation, unless the
terms  of  any  such  series  shall  provide  otherwise.

          Section  10.  Amendment.  The Restated Certificate of Incorporation of
                        ---------
the  Corporation  shall  not  be  further  amended  in  any  manner  which would
materially  alter  or  change  the  powers, preferences or special rights of the
Series  A  Junior  Participating  Preferred Stock so as to affect them adversely
without  the  affirmative  vote  of  the  holders  of at least a majority of the
outstanding  shares  of  Series  A  Junior Participating Preferred Stock, voting
separately  as  a  class.

          Section 11. Fractional Shares. Series A Junior Participating Preferred
                      -----------------
Stock  may be issued in fractions of a share which shall entitle the holders, in
proportion to such holders fractional shares, to exercise voting rights, receive
dividends,  participate  in  distributions  and to have the benefit of all other
rights  of  holders  of  Series  A  Junior  Participating  Preferred  Stock.

                            *     *     *     *     *

                                      -7-
<PAGE>
          IN  WITNESS  WHEREOF,  I have executed and subscribed this Certificate
and do affirm the foregoing as true under the penalties of perjury this 25th day
of  October  2004.

                                         NBT BANCORP INC.

                                         By:  /s/  Daryl  R.  Forsythe
                                              --------------------------------
                                              Daryl  R.  Forsythe
                                              Chief  Executive  Officer

                                      -8-
<PAGE>
                                                                       Exhibit B
                                                                       ---------

                          SUMMARY OF RIGHTS TO PURCHASE
                  SERIES A JUNIOR PARTICIPATING PREFERRED STOCK

          The  Board  of  Directors  of NBT Bancorp Inc., a Delaware Corporation
(the "Company"), has declared a dividend distribution of one right ("Right") for
each  outstanding  share  of  Common  Stock,  par  value $.01 per share ("Common
Stock") of the Company. The distribution is payable to stockholders of record on
November  16, 2004. Each Right, when exercisable, entitles the registered holder
to  purchase  from  the Company one one-thousandth of a share of Series A Junior
Participating  Preferred  Stock  ("Preferred  Stock")  at a price of $70 per one
one-thousandth  share  (the  "Purchase  Price"),  subject  to  adjustment.  The
description  and  terms  of  the Rights are set forth in a Rights Agreement (the
"Rights  Agreement")  between the Company and Registrar and Transfer Company, as
Rights  Agent  (the  "Rights  Agent").

          Initially,  the  Rights  will  be  attached  to  all  certificates
representing  shares  of  Common  Stock  then  outstanding,  and  no  separate
certificates evidencing the Rights will be distributed. The Rights will separate
from  the  Common  Stock  and  a distribution of Rights Certificates (as defined
below)  will  occur  upon the earlier to occur of (i) 10 days following a public
announcement  that  a  person  or  group of affiliated or associated persons (an
"Acquiring  Person")  has acquired, or obtained the right to acquire, beneficial
ownership  of  15% or more of the outstanding shares of Common Stock (the "Stock
Acquisition  Date") or (ii) 10 business days (or such later date as the Board of
Directors  of  the  Company may determine) following the commencement of, or the
first  public  announcement  of  the  intention  to  commence, a tender offer or
exchange  offer  the  consummation  of  which  would  result  in  the beneficial
ownership  by  a person of 15% or more of the outstanding shares of Common Stock
(the  earlier  of  such  dates  being  called  the  "Distribution  Date").

          Until  the  Distribution Date, (i) the Rights will be evidenced by the
Common Stock certificates, and will be transferred with and only with the Common
Stock certificates, (ii) new Common Stock certificates issued after November 16,
2004  upon  transfer or new issuance of the Common Stock will contain a notation
incorporating  the  Rights  Agreement  by reference, and (iii) the surrender for
transfer  of  any certificates for Common Stock outstanding will also constitute
the  transfer of the Rights associated with the Common Stock represented by such
certificate.

          The  Rights  are  not exercisable until the Distribution Date and will
expire  at the close of business on October 24, 2014, unless earlier redeemed or

<PAGE>
exchanged  by  the  Company  as  described  below.

          As  soon  as  practicable  following  the  Distribution Date, separate
certificates  evidencing  the  Rights  ("Rights Certificates") will be mailed to
holders  of  record  of  the  Common  Stock  as  of the close of business on the
Distribution  Date  and, thereafter, the separate Rights Certificates alone will
evidence the Rights. Except as otherwise determined by the Board of Directors of
the  Company,  only shares of Common Stock issued prior to the Distribution Date
will  be  issued  with  Rights.

          In the event that a Person becomes the beneficial owner of 15% or more
of  the  then  outstanding  shares of Common Stock, each holder of a Right will,
after  the  end  of  a  redemption  period  referred to below, have the right to
exercise  the  Right  by  purchasing, for an amount equal to the Purchase Price,
Common  Stock  (or, in certain circumstances, cash, property or other securities
of  the  Company) having a value equal to two times such amount. Notwithstanding
any  of  the foregoing, following the occurrence of the events set forth in this
paragraph, all Rights that are, or (under certain circumstances specified in the
Rights  Agreement) were, beneficially owned by any Acquiring Person will be null
and  void.  However,  Rights are not exercisable following the occurrence of the
events set forth above until such time as the Rights are no longer redeemable by
the  Company  as  set  forth  below.

          For  example,  at  a  Purchase  Price of $70 per Right, each Right not
owned  by an Acquiring Person (or by certain related parties) following an event
set  forth  in the preceding paragraph would entitle its holder to purchase $140
worth  of  Common  Stock  (or  other  consideration,  as  noted  above) for $70.

          In  the  event that, at any time following the Stock Acquisition Date,
(i)  the  Company  is  acquired  in  a  merger  or  other  business  combination
transaction,  or  (ii)  50%  or more of the Company's assets or earning power is
sold or transferred, each holder of a Right (except Rights which previously have
been  voided  as  set forth above) shall, after the expiration of the redemption
period referred to below, have the right to receive, upon exercise, common stock
of the acquiring company having a value equal to two times the Purchase Price of
the  Right  (e.g.,  common stock of the acquiring company having a value of $140
             ---
for the  $70  Purchase  Price).

          At  any  time  after  a  person  or  group of affiliated or associated
persons  becomes an Acquiring Person and prior to the acquisition by such person
or  group of 50% or more of the outstanding Common Stock, the Board of Directors
of  the  Company may exchange the Rights (other than Rights owned by such person
or  group  which have become void), in whole or in part, at an exchange ratio of
one  share  of  Common  Stock  per  each  outstanding  Right  or,  in  certain
circumstances,  other  equity  securities of the Company which are deemed by the
Board  of  Directors  of  the Company to have the same value as shares of Common
Stock,  subject  to  adjustment.

                                      -2-
<PAGE>
          In  general,  the  Board  of  Directors  of the Company, may cause the
Company  to  redeem the Rights in whole, but not in part, at any time during the
period  commencing on October 25, 2004 and ending on the tenth day following the
Stock  Acquisition  Date (the "Redemption Period") at a price of $.001 per Right
(payable  in cash, Common Stock or other consideration deemed appropriate by the
Board of Directors of the Company). Under certain circumstances set forth in the
Rights Agreement, the decision to redeem the Rights will require the concurrence
of  the  two-thirds  of  Directors. After the Redemption Period has expired, the
Company's  right  of redemption may be reinstated if an Acquiring Person reduces
his  beneficial  ownership  to  10%  or less of the outstanding shares of Common
Stock  in  a transaction or series of transactions not involving the Company and
there  are  no other Acquiring Persons. Immediately upon the action of the Board
of  Directors  of the Company ordering redemption of the Rights, the Rights will
terminate  and  the  only  right of the holders of Rights will be to receive the
$.001  redemption  price.

          Until  a Right is exercised, the holder thereof, as such, will have no
rights as a stockholder of the Company, including, without limitation, the right
to  vote  or to receive dividends. While the distribution of the Rights will not
be  subject  to federal taxation to stockholders or to the Company, stockholders
may,  depending  upon  the  circumstances, recognize taxable income in the event
that  the Rights become exercisable for Common Stock (or other consideration) of
the  Company  or  for  common stock of the acquiring company as set forth above.

                                   *    *    *

          A  copy of the Rights Agreement has been filed with the Securities and
Exchange Commission as an Exhibit to a Current Report on Form 8-K. A copy of the
Rights  Agreement  is  available  free  of charge from the Company. This summary
description  of  the  Rights does not purport to be complete and is qualified in
its  entirety  by  reference  to  the  Rights  Agreement.

                                      -3-
<PAGE>
                                                                       Exhibit C
                                                                       ---------

                          [Form of Rights Certificate]

Certificate No. R-                                                        Rights
                  ---------                                         ------

     NOT  EXERCISABLE  AFTER  OCTOBER  24,  2014  OR EARLIER IF REDEEMED OR
     EXCHANGED BY THE COMPANY. THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE
     OPTION  OF  THE  COMPANY, AT $.001 PER RIGHT ON THE TERMS SET FORTH IN
     THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY
     OWNED  BY AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF ANY SUCH
     PERSON  (AS  SUCH  TERMS  ARE DEFINED IN THE RIGHTS AGREEMENT) AND ANY
     SUBSEQUENT  HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID. THE RIGHTS
     SHALL  NOT  BE  EXERCISABLE,  AND  SHALL BE VOID SO LONG AS HELD, BY A
     HOLDER  IN  ANY  JURISDICTION WHERE THE REQUISITE QUALIFICATION TO THE
     ISSUANCE TO SUCH HOLDER, OR THE EXERCISE BY SUCH HOLDER, OF THE RIGHTS
     IN  SUCH  JURISDICTION  SHALL NOT HAVE BEEN OBTAINED OR BE OBTAINABLE.
     [THE  RIGHTS  REPRESENTED  BY  THIS  RIGHTS  CERTIFICATE  ARE  OR WERE
     BENEFICIALLY  OWNED  BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON
     OR AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE
     DEFINED IN THE RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE
     AND  THE  RIGHTS  REPRESENTED  HEREBY  MAY BECOME NULL AND VOID IN THE
     CIRCUMSTANCES  SPECIFIED  IN  SECTION  7(e)  OF  SUCH AGREEMENT.] (*/)
                                                                        -

_______________________________
(*/)     The portion of the legend in brackets shall be inserted only if
applicable and  shall  replace  the  preceding  sentence.

<PAGE>
                               Rights Certificate

                    ________________________________________

          This certifies that _______________, or its registered assigns, is the
registered owner of the number of Rights set forth above, each of which entitles
the owner thereof, subject to the terms, provisions and conditions of the Rights
Agreement,  dated  as of November 15, 2004, as the same may be amended from time
to  time  (the  "Rights  Agreement"),  between  NBT  Bancorp  Inc.,  a  Delaware
corporation  (the  "Company"),  and Registrar and Transfer Company, a New Jersey
corporation,  as Rights Agent (the "Rights Agent"), to purchase from the Company
at  any  time  prior  to October 24, 2014 at the office or offices of the Rights
Agent  designated  for  such  purpose,  or  its  successors as Rights Agent, one
one-thousandth  of  a  fully  paid,  non-assessable  share  of  Series  A Junior
Participating  Preferred Stock, par value $.01 per share (the "Preferred Stock")
of  the  Company,  at  a purchase price of $70 per one one-thousandth share (the
"Purchase  Price"),  upon  presentation and surrender of this Rights Certificate
with the Form of Election to Purchase and related Certificate duly executed. The
number  of Rights evidenced by this Rights Certificate (and the number of shares
which  may be purchased upon exercise thereof) set forth above, and the Purchase
Price  per  share  set  forth  above,  are  the  number and Purchase Price as of
_______,  based  on  the  Preferred  Stock  as constituted at such date, and are
subject  to  adjustment  upon the happening of certain events as provided in the
Rights  Agreement.  Capitalized terms used and not defined herein shall have the
meanings  specified  in  the  Rights  Agreement.

          From  and  after  the  occurrence  of  an  event  described in Section
11(a)(ii)  of  the  Rights  Agreement,  the  Rights  evidenced  by  this  Rights
Certificate  beneficially  owned  by  (i) an Acquiring Person or an Affiliate or
Associate  of  any  such  Person  (as  such  terms  are  defined  in  the Rights
Agreement),  (ii)  a  transferee  of  any  such  Acquiring  Person, Associate or
Affiliate,  or  (iii)  under  certain  circumstances  specified  in  the  Rights
Agreement,  a  transferee  of  a  person  who,  concurrently  with or after such
transfer,  became  an  Acquiring  Person  or  an  Affiliate  or  Associate of an
Acquiring  Person shall become null and void and no holder hereof shall have any
right  with respect to such Rights from and after the occurrence of such Section
11(a)(ii)  Event.

          The  Rights  evidenced  by  this  Rights  Certificate  shall  not  be
exercisable,  and shall be void so long as held, by a holder in any jurisdiction
where  the  requisite  qualification  to  the  issuance  to  such holder, or the
exercise  by such holder, of the Rights in such jurisdiction shall not have been
obtained  or  be  obtainable.

          As provided in the Rights Agreement, the Purchase Price and the number
and  kind  of  shares  of  Preferred  Stock  or  other  securities, which may be
purchased  upon  the exercise of the Rights evidenced by this Rights Certificate
are

                                      -2-
<PAGE>
subject  to  modification  and  adjustment upon the happening of certain events,
including  Triggering  Events (as such term is defined in the Rights Agreement).

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

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

          Subject  to  the  provisions  of  the  Rights  Agreement,  the  Rights
evidenced  by this Certificate may be redeemed by the Company at its option at a
redemption  price  of  $.001  per  Right at any time prior to the earlier of the
close of business on (i) the tenth day following the Stock Acquisition Date, and
(ii)  the  Final  Expiration  Date  (as  defined in the Rights Agreement). Under
certain  circumstances set forth in the Rights Agreement, the decision to redeem
shall  require  the  concurrence  of  two-thirds  of  the  Directors.  After the
expiration  of  the  redemption period, the Company's right of redemption may be
reinstated  if  the  Acquiring Person reduces its beneficial ownership to 10% or
less  of  the  outstanding  shares of Common Stock in a transaction or series of
transactions  not  involving  the Company, and such reinstatement is approved by
the  Company's  Board  of  Directors.

          At  any  time  after a person becomes an Acquiring Person and prior to
the  acquisition  by such person of 50% or more of the outstanding Common Stock,
the Board of Directors of the Company may exchange the Rights (other than Rights
owned  by such Acquiring Person which have become void), in whole or in part, at
an exchange ratio of one share of Voting Common Stock per each outstanding Right
or,  in  certain circumstances, other equity securities of the Company which are
deemed  by  the Company's Board of Directors to have the same value as shares of
Voting  Common  Stock,  subject  to  adjustment.

                                      -3-
<PAGE>
          No  fractional  shares  of  Preferred  Stock  will  be issued upon the
exercise of any Right or Rights evidenced hereby (other than fractions which are
integral  multiples  of  one one-thousandth of a share of Preferred Stock, which
may,  at  the election of the Company, be evidenced by depositary receipts), but
in  lieu  thereof  a  cash  payment  will  be  made,  as  provided in the Rights
Agreement.

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

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

                                      -4-
<PAGE>
          WITNESS the facsimile signature of the proper officers of the Company.

Dated as of ___________, _____

                                     NBT BANCORP INC.

                                          By:
                                             ----------------------------------
                                          Name:
                                               --------------------------------
                                          Title:
                                                -------------------------------

                                          By:
                                             ----------------------------------
                                          Name:
                                               --------------------------------
                                          Title:
                                                -------------------------------

Countersigned:

Dated as of ___________, _____

REGISTRAR AND TRANSFER COMPANY,
as rights agent

By:
   ------------------------------------
     Authorized  Signatory

                                      -5-
<PAGE>
                  [Form of Reverse Side of Rights Certificate]

                               FORM OF ASSIGNMENT
                               ------------------

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

FOR  VALUE  RECEIVED ___________________________________________________________
hereby sells, assigns and transfers unto _______________________________________
________________________________________________________________________________
(Please print name and address of transferee)

________________________________________________________________________________
this  Rights  Certificate,  together with all right, title and interest therein,
and  does  hereby irrevocably constitute and appoint ______________ Attorney, to
transfer the within Rights Certificate on the books of the within-named Company,
with  full  power  of  substitution.

Dated: _________________, _____

                                                 ______________________________
                                                 Signature

Signature  Guaranteed:

<PAGE>
                                   Certificate
                                   -----------

          The  undersigned  hereby  certifies  by checking the appropriate boxes
that:

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

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

Dated: _________________, _____                   ______________________________
                                                  Signature

Signature Guaranteed:

<PAGE>
                                     NOTICE
                                     ------

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

<PAGE>
                          FORM OF ELECTION TO PURCHASE
                          ----------------------------

(To be executed if the registered holder
desires to exercise Rights represented
by the Rights Certificate.)

To:       __________________

          The  undersigned  hereby  irrevocably  elects  to  exercise  Rights
represented by this Rights Certificate to purchase the shares of Preferred Stock
issuable  upon  the  exercise  of  the  Rights  (or such other securities of the
Company  or  of  any other person which may be issuable upon the exercise of the
Rights)  and requests that certificates for such shares be issued in the name of
and  delivered  to:

________________________________________________________________________________
(Please print name and address)

________________________________________________________________________________

Please insert social security
or other identifying number:

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

________________________________________________________________________________
                         (Please print name and address)

________________________________________________________________________________

Please insert social security
or other identifying number: _______________________________

Dated: _________________, _____                   ______________________________
                                                  Signature

Signature  Guaranteed:

<PAGE>
                                   Certificate
                                   -----------

          The  undersigned  hereby  certifies  by checking the appropriate boxes
that:

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

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

Dated: ____________, _____                       ______________________________
                                                 Signature

Signature  Guaranteed:

<PAGE>
                                     NOTICE
                                     ------

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

<PAGE>

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