Document:

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                                                                    Exhibit 4.1

                       SECOND AMENDMENT TO RIGHTS AGREEMENT

         This SECOND AMENDMENT TO RIGHTS AGREEMENT (this "Amendment"),
adopted by the board of directors of Health Net, Inc., a Delaware corporation
(f/k/a Foundation Health Systems, Inc. f/k/a Health Systems International,
Inc.) (the "Company"), on May 3, 2001 and dated as of May 3, 2001, is by and
among the Company, Harris Trust and Savings Bank, an Illinois banking
corporation ("Harris Bank"), and Computershare Investor Services, L.L.C., a
Delaware limited liability company ("Computershare"). Capitalized terms not
otherwise defined in this Amendment shall have the meanings set forth in the
Rights Agreement.

                                   RECITALS
                                   --------

                  WHEREAS, the Company and Harris Bank are parties to a
Rights Agreement dated as of June 1, 1996 and amended as of October 1, 1996
(as so amended, the "Rights Agreement");

         WHEREAS, under the Rights Agreement, Harris Bank is appointed as the
"Rights Agent" as defined therein;

         WHEREAS, Harris Bank has transferred certain of its operations to
Computershare;

         WHEREAS, the parties hereto now desire that Computershare be appointed
Rights Agent under the Rights Agreement;

         WHEREAS, the Company deems it advisable to amend the Rights
Agreement to reflect the appointment of Computershare as Rights Agent and in
certain other respects; and

         WHEREAS, pursuant to Section 27 of the Rights Agreement, the Board
of Directors of the Company has determined that an amendment to the Rights
Agreement as set forth herein is necessary and desirable, and the Company and
the other parties hereto desire to evidence such amendment in writing.

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

                  1. APPOINTMENT OF SUBSTITUTE RIGHTS AGENT.

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The Company hereby appoints Computershare to act as agent for the Company and
the holders of the Rights (who, in accordance with Section 3 of the Rights
Agreement, shall, prior to the Distribution Date, also be the holders of the
Common Stock and the Class B Common Stock) in accordance with the terms and
conditions hereof, and Computershare hereby accepts such appointment to serve
as Rights Agent. The appointment of Computershare as Rights Agent is deemed
effective as of May 3, 2001 (the "Effective Date"). As of the Effective Date,
all references in the Rights Agreement to "Rights Agent" shall be deemed to
refer to Computershare, Harris Bank shall no longer be the Rights Agent and
Computershare shall be fully responsible for all responsibilities and
obligations of Rights Agent under the Rights Agreement.

                  2.       AMENDMENT OF SECTION 1(a).  Section 1(a) of the
Rights Agreement is hereby amended by deleting such section and inserting in
lieu thereof the following:

         "Acquiring Person" shall mean any Person who or which, together with
         all Affiliates and Associates of such Person, shall be the Beneficial
         Owner of 15% or more of the shares of Common Stock then outstanding,
         but shall not include (i) the Company; (ii) any Subsidiary of the
         Company; (iii) any employee benefit plan of the Company or of any
         Subsidiary of the Company; (iv) any Person organized, appointed or
         established by the Company for or pursuant to the terms of any such
         plan; (v) any Passive Institutional Investor who or which is the
         Beneficial Owner of less than 17.5% of the shares of Common Stock then
         outstanding; or (vi) any such Person who or which has reported or is
         required to report such ownership (but less than 25% of the shares of
         Common Stock then outstanding) on Schedule 13G under the Exchange Act
         (as defined below) (or any comparable or successor report) or on
         Schedule 13D under the Exchange Act (or any comparable or successor
         report) which Schedule 13D does not state any intention to or reserve
         the right to control or influence the management or policies of the
         Company or engage in any of the actions specified in Item 4 of such
         Schedule (other than the disposition of the Common Stock) and, within
         10 Business Days of being requested by the Company to advise it
         regarding the same, certifies to the Company that such Person acquired
         shares of Common Stock in excess of 14.9% (or, if such Person is a
         Passive Institutional Investor, 17.4%) of the shares of Common Stock
         then outstanding inadvertently or without knowledge of the terms of
         the Rights and who or which, together with all Affiliates and
         Associates, thereafter does not acquire additional shares of Common
         Stock while the Beneficial Owner of 15% or more (or, in the case of a
         Passive Institutional Investor, 17.5% or more) of the shares of Common
         Stock then outstanding; provided, however, that if the Person
         requested to so certify fails to do so within 10 Business Days,
         then such Person shall become

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         an Acquiring Person immediately after such 10 Business Day period.
         Notwithstanding the foregoing, no Person shall become an "Acquiring
         Person" solely as the result of (i) an acquisition of Common Stock by
         the Company which, by reducing the number of shares outstanding,
         increases the proportionate number of shares beneficially owned by a
         Person to 15% or more (or, in the case of a Passive Institutional
         Investor, 17.5% or more) of the shares of Common Stock then
         outstanding as determined above or (ii) the acquisition by such
         Person of newly-issued Common Stock directly from the Company (it
         being understood that a purchase from an underwriter or other
         intermediary is not directly from the Company); provided, however,
         that if a Person becomes the Beneficial Owner of 15% or more
         (or, in the case of a Passive Institutional Investor, 17.5% or more) of
         the shares of Common Stock then outstanding (as determined above)
         solely by reason of purchases of Common Stock by the Company or the
         receipt of newly-issued Common Stock directly from the Company and
         shall, after such purchases or direct issuance by the Company, become
         the Beneficial Owner of any additional shares of Common Stock by any
         means whatsoever, then such Person shall be deemed to be an "Acquiring
         Person"; provided further, however, that any transferee from such
         Person who or which becomes the Beneficial Owner of 15% or more (or, if
         such transferee is a Passive Institutional Investor, 17.5% or more) of
         the shares of Common Stock then outstanding shall nevertheless be
         deemed to be an "Acquiring Person." The Common Stock issued to and
         received by stockholders of Foundation Health Corporation ("FHC")
         pursuant to the Agreement and Plan of Merger, dated October 1, 1996
         (the "Merger Agreement"), among the Company, FH Acquisition Corp. and
         FHC shall be deemed to have been acquired directly from the Company as
         contemplated by clause (ii) of the second sentence of this Section 1(a)
         and shall be subject to all other terms of this Section 1(a).

                  3.       AMENDMENT OF SECTION 1(b).  Section 1(b) of the
Rights Agreement is hereby amended by deleting such section and inserting in
lieu thereof the following:

         "Adverse Person" shall mean any Person declared to be an Adverse Person
         by the Board of Directors upon determination that the criteria set
         forth in Section 11(a)(ii)(B) apply to such Person; provided, however,
         that the Board of Directors shall not declare any Person who is the
         Beneficial Owner of 10% or more of the outstanding Common Stock of the
         Company to be an Adverse Person if such Person has reported or is
         required to report such ownership on Schedule 13G under the Exchange
         Act (or any comparable or successor report) or on Schedule 13D under
         the Exchange Act (or any comparable or successor report) which Schedule
         13D does not state any intention to

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         or reserve the right to control or influence the management or policies
         of the Company or engage in any of the actions specified in Item 4 of
         such Schedule (other than the disposition of the Common Stock) so long
         as such Person neither reports nor is required to report such ownership
         other than as described in this Section 1(b).

                  4. ADDITION OF NEW SECTION 1(h). The following definition of
the term "Passive Institutional Investor" is hereby added to the Rights
Agreement as a new Section 1(h), and the existing Sections 1(h) through 1(n) are
hereby redesignated accordingly as Sections 1(i) through 1(o):

         "Passive Institutional Investor" shall mean a Person who or which, as
         of March 14, 2001, was the Beneficial Owner of shares of Common Stock
         representing 15% or more of the shares of Common Stock then outstanding
         and had a Schedule 13G on file with the Securities and Exchange
         Commission pursuant to the requirements of Rule 13d-1 under the
         Exchange Act with respect to such beneficial ownership, so long as such
         Person either

                  (i)    (A) is principally engaged in the business of managing
                         investment funds for unaffiliated securities investors
                         and, as part of such Person's duties as agent for fully
                         managed accounts, holds or exercises voting or
                         dispositive power over shares of Common Stock,
                         (B) became the Beneficial Owner of shares of Common
                         Stock pursuant to trading activities undertaken in the
                         ordinary course of such Person's business and not
                         (x) with the purpose or the effect, either alone or in
                         concert with any Person, of controlling or influencing
                         the management or policies of the Company or engaging
                         in any of the actions specified in Item 4 of
                         Schedule 13D under the Exchange Act as in
                         effect on March 14, 2001 (other than the disposition of
                         the Common Stock) or (y) in connection with or as a
                         participant in any transaction having a purpose or
                         effect described in the foregoing clause (x), including
                         any transaction subject to Rule 13d-3(b) under the
                         Exchange Act as in effect on March 14, 2001, and (C) if
                         such Person is a Person included in Rule
                         13d-1(b)(1)(ii) under the Exchange Act as in effect on
                         March 14, 2001, such Person is not obligated to, and
                         does not, file a Schedule 13D (or any comparable or
                         successor report) with respect to securities of the

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                         Company; or

                (ii)     satisfies the criteria set forth in both Rule
                         13d-1(b)(1)(i) and Rule 13d-1(b)(1)(ii) under the
                         Exchange Act as in effect on March 14, 2001 and is not
                         obligated to, and does not, file a Schedule 13D (or any
                         comparable or successor report) with respect to
                         securities of the Company.

                  5. AMENDMENT OF SECTION 19(a). Section 19(a) of the Rights
Agreement is hereby amended by inserting immediately following each occurrence
of the word "corporation" the phrase ", trust company or limited liability
company (or similar form of entity)".

                  6. AMENDMENT OF SECTION 21. Section 21 of the Rights Agreement
is hereby amended by deleting such section (but not the accompanying descriptive
heading) and inserting in lieu thereof (immediately after such descriptive
heading) the following:

         The Rights Agent or any successor Rights Agent may resign and be
         discharged from its duties under this Agreement upon thirty (30) days'
         notice in writing mailed to the Company, and to each transfer agent of
         the Common Stock, Class B Common Stock and Preferred Stock, by
         registered or certified mail, and to the holders of the Rights
         Certificates by first-class mail. The Company may remove the Rights
         Agent or any successor Rights Agent upon thirty (30) days' notice in
         writing, mailed to the Rights Agent or successor Rights Agent, as the
         case may be, and to each transfer agent of the Common Stock, Class B
         Common Stock and Preferred Stock, by registered or certified
         mail, and to the holders of the Rights Certificates by first-class
         mail. If the Rights Agent shall resign or be removed or shall otherwise
         become incapable of acting, the Company shall appoint a successor to
         the Rights Agent. If the Company shall fail to make such appointment
         within a period of thirty (30) days after giving notice of such removal
         or after it has been notified in writing of such resignation or
         incapacity by the resigning or incapacitated Rights Agent or by the
         holder of a Rights Certificate (who shall, with such notice, submit his
         Rights Certificate for inspection by the Company), then any registered
         holder of any Rights Certificate may apply to any court of competent
         jurisdiction for the appointment of a new Rights Agent. Any successor
         Rights Agent, whether appointed by the Company or by such a court,
         shall be a corporation , trust company or limited liability company (or
         similar form of entity) authorized to conduct business under the laws
         of the United States or any state of the United States,

<PAGE>

         in good standing, having a principal office in any state of the
         United States, which is authorized under such laws to exercise
         corporate trust, fiduciary or shareholder services powers and is
         subject to supervision or examination by federal or state authority.
         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, Class B 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.

                  7.  AMENDMENT OF SECTION 26.  Section 26 of the Rights
Agreement is hereby amended

                      (a)  by deleting the address given for the Company and
         inserting in lieu thereof the following:

                           Health Net, Inc.
                           21650 Oxnard Street
                           Woodland Hills, California 91367
                           Attention:  Corporate Secretary

         and

                      (b)  by deleting the address given for the Rights Agent
         and inserting in lieu thereof the following

                           Computershare Investor Services, L.L.C.
                           2 North LaSalle
                           Chicago, Illinois 60602
                           Attention: Todd Schaeffer

                  8. EFFECTIVENESS. This Amendment shall be deemed effective as
of the date first written above, as if executed on such date. Except as amended

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hereby, the Rights Agreement shall remain in full force and effect and shall be
otherwise unaffected hereby.

                  9. GOVERNING LAW. This Amendment 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 the State
of Delaware applicable to contracts made and to be performed entirely within
such State.

                  10.      MISCELLANEOUS.

                      (a) This Amendment may be executed in any number of
         counterparts, each of such counterparts shall for all purposes be
         deemed to be an original, and all such counterparts shall together
         constitute but one and the same instrument.

                      (b) If any provision, covenant or restriction of this
         Amendment is held by a court of competent jurisdiction or other
         authority to be invalid, illegal or unenforceable, the remainder of the
         terms, provisions, covenants and restrictions of this Amendment shall
         remain in full force and effect and shall in no way be affected,
         impaired or invalidated.

                            [Signature page follows.]

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         EXECUTED under seal as of the date first set forth above.

Attest:                         HEALTH NET, INC.

/s/  Eric G. Groen               By: /s/ Michael E. Jansen
---------------------------         -------------------------------------
Name:  Eric G. Groen                Name:  Michael E. Jansen
Title:  Corporate Attorney          Title: Vice President

Attest:                          HARRIS TRUST AND SAVINGS BANK,
                                 as Rights Agent

/s/ Sheryl Walker                By: /s/ Edward W. Lyman
---------------------------         -------------------------------------
Name:  Sheryl Walker                Name:  Edward W. Lyman
Title:  Administrative Assistant    Title:  Vice Chair

Attest:                          COMPUTERSHARE INVESTOR
                                 SERVICES, L.L.C.

/s/ Charles V. Zade              By: /s/ Tod C. Shafer
---------------------------         -------------------------------------
Name:  Charles V. Zade              Name:  Tod C. Shafer
Title:  Relationship Manager        Title:  Group Manager<PAGE>

                                                                     EXHIBIT 4.1

                           SIMON PROPERTY GROUP, INC.

                    CERTIFICATE OF THE POWERS, DESIGNATIONS,

                          PREFERENCES AND RIGHTS OF THE

             8-3/4% SERIES F CUMULATIVE REDEEMABLE PREFERRED STOCK,

                                $.0001 PAR VALUE

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

                  The following resolution was duly adopted by the Board of
Directors (the "Board of Directors") of Simon Property Group, Inc., a Delaware
corporation (the "Corporation"), pursuant to the provisions of Section 151 of
the General Corporation Law of the State of Delaware:

                  WHEREAS, the Board of Directors of the Corporation is
authorized, within the limitations and restrictions stated in the Restated
Certificate of Incorporation of the Corporation to provide by resolution or
resolutions for the issuance of shares of preferred stock of the Corporation, in
one or more series with such voting powers, full or limited, or no voting
powers, and such preferences and relative, participating, optional or other
special rights and such qualifications, limitations or restrictions thereof, as
shall be stated in such resolution providing for the issue of such series of
preferred stock as may be adopted from time to time by the Board of Directors;

                  WHEREAS, the Board of Directors of the Corporation has
determined that it is in the best interest of the Corporation and its
stockholders to designate a new series of preferred stock of the Corporation;
and

                  WHEREAS, it is the desire of the Board of Directors of the
Corporation, pursuant to its authority as aforesaid, to authorize and fix the
terms of a series of preferred stock and the number of shares constituting such
series;

                  NOW, THEREFORE, BE IT RESOLVED:

                  SECTION 1. DESIGNATION AND NUMBER. The designation of the
series of preferred stock of the Corporation created by this Certificate of
Designation shall be "8-3/4% Series F Cumulative Redeemable Preferred Stock"
(the "8-3/4% Series F Preferred Stock"). The authorized number of shares of
8-3/4% Series F Preferred Stock shall be 8,000,000 with par value $.0001 per
share.

                  SECTION 2. STATUS OF REACQUIRED SHARES. All shares of 8-3/4%
Series F Preferred Stock redeemed, purchased, exchanged, unissued or otherwise
acquired by the Corporation shall be retired and canceled and, upon the taking
of any action required by applicable law, shall be restored

<PAGE>

to the status of authorized but unissued shares of capital stock and
reclassified as common stock and may thereafter be issued or reclassified, but
not as 8-3/4% Series F Preferred Stock.

                  SECTION 3. RANKING. The 8-3/4% Series F Preferred Stock shall,
with respect to dividend rights, rights upon liquidation, winding up or
dissolution, and redemption rights, rank (A) junior to any other class or series
of preferred stock hereafter duly established by the Board of Directors of the
Corporation, the terms of which shall specifically provide that such series
shall rank prior to the 8-3/4% Series F Preferred Stock as to the payment of
dividends, distribution of assets upon liquidation and redemption rights (the
"Senior Preferred Stock"), (B) PARI PASSU with the 6.50% Series A Convertible
Preferred Stock, 6.50% Series B Convertible Preferred Stock, 6.50% Series A
Excess Preferred Stock, 6.50% Series B Excess Preferred Stock, 7% Series C
Cumulative Convertible Preferred Stock, 8% Series D Cumulative Redeemable
Preferred Stock, 8% Series E Cumulative Redeemable Preferred Stock and 7.89%
Series G Cumulative Step-Up Premium Rate Preferred Stock of the Corporation, and
any other class or series of preferred stock hereafter duly established by the
Board of Directors of the Corporation, the terms of which shall specifically
provide that such class or series shall rank PARI PASSU with the 8-3/4% Series F
Preferred Stock as to the payment of dividends, distribution of assets upon
liquidation and redemption rights (the "Parity Preferred Stock") and (C) prior
to any other class or series of preferred stock or other class or series of
capital stock of or other equity interests in the Corporation, including,
without limitation, all classes of the common stock of the Corporation, whether
now existing or hereafter created (all of such classes or series of capital
stock and other equity interests of the Corporation, including, without
limitation, the Common Stock, the Class B Common Stock and the Class C Common
Stock of the Corporation are collectively referred to herein as the "Junior
Stock").

                  SECTION 4. DIVIDENDS.

                  (A) Subject to the rights of series of preferred stock which
may from time to time come into existence, holders of the then outstanding
8-3/4% Series F Preferred Stock shall be entitled to receive, when and as
declared by the Board of Directors, out of funds legally available for the
payment of dividends, cumulative preferential cash dividends at the rate of
$2.1875 per annum per share. Such dividends shall accrue and be cumulative from
the date of original issue and shall be payable in equal amounts quarterly in
arrears on the last day of March, June, September and December or, if not a
business day, the next succeeding business day (each, a "Distribution Payment
Date"). Any dividend distribution payable on 8-3/4% Series F Preferred Stock for
any partial distribution period will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Distributions will be payable to holders of
record as they appear in the share records of the Corporation at the close of
business on the applicable record date, which shall be on the first day of the
calendar month in which the applicable Distribution Payment Date falls on or on
such other date designated by the Board of Directors of the Corporation for the
payment of distributions that is not more than 30 nor less than 10 days prior to
such Distribution Payment Date (each, a "Distribution Record Date").

                                       -2-

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                  (B) Dividends on 8-3/4% Series F Preferred Stock will accrue
and be cumulative whether or not the Corporation has earnings, whether or not
there are funds legally available for the payment of such distributions and
whether or not such distributions are earned, declared or authorized. No
interest, or sum of money in lieu of interest, shall be payable in respect of
any distribution payment or payments on 8-3/4% Series F Preferred Stock which
may be in arrears. Dividends paid on the 8-3/4% Series F 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 per share basis among
all such shares at the time outstanding.

                  (C) If, for any taxable year, the Corporation elects to
designate as "capital gain distributions" (as defined in Section 857 of the
Internal Revenue Code of 1986, as amended, or any successor revenue code or
section (the "Code")) any portion (the "Capital Gains Amount") of the total
distributions (as determined for federal income tax purposes) paid or made
available for the year to holders of all classes of capital stock (the "Total
Distributions"), then the portion of the Capital Gains Amount that shall be
allocable to holders of 8-3/4% Series F Preferred Stock shall be in the same
percentage that the total distributions paid or made available to the holders of
8-3/4% Series F Preferred Stock for the year bears to the Total Distributions.

                  (D) If any shares of 8-3/4% Series F Preferred Stock are
outstanding, no distributions shall be declared or paid or set apart for payment
on any shares of any other series of preferred stock of the Corporation ranking,
as to distributions, on a parity with or junior to 8-3/4% Series F Preferred
Stock for any period unless full cumulative distributions have been or
contemporaneously are declared and paid or declared and a sum sufficient for the
payment thereof set apart for such payments on shares of 8-3/4% Series F
Preferred Stock for all past distribution periods and the then current
distribution period. When distributions are not paid in full (or a sum
sufficient for such full payment is not set apart) upon the shares of 8-3/4%
Series F Preferred Stock and the shares of any other series of preferred stock
ranking on parity as to distributions declared upon shares of 8-3/4% Series F
Preferred Stock, all distributions declared upon shares of 8-3/4% Series F
Preferred Stock and any other series of preferred stock ranking on a parity as
to distributions with 8-3/4% Series F Preferred Stock shall be declared pro rata
so that the amount of distributions declared per share on 8-3/4% Series F
Preferred Stock and such other series of preferred stock shall in all cases bear
to each other the same ratio that accrued distributions per share on 8-3/4%
Series F Preferred Stock and such other series of preferred stock bear to each
other.

                  (E) Except as provided in Section 4(D), unless full cumulative
distributions on shares of 8-3/4% Series F Preferred Stock have been or
contemporaneously are declared and paid or declared and a sum sufficient for the
payment thereof set apart for payment for all past distribution periods and the
then current distribution period, no distributions (other than in shares of
common stock or other capital stock ranking junior to 8-3/4% Series F Preferred
Stock as to distributions and upon liquidation) shall be declared or paid or set
aside for payment or other distribution shall be declared or made upon the
shares of common stock or any other capital stock of the Corporation ranking
junior to or on a parity with 8-3/4% Series F Preferred Stock as to
distributions or upon liquidation, nor shall any shares of common stock or any
other capital stock of the Corporation

                                       -3-

<PAGE>

ranking junior to or on a parity with 8-3/4% Series F Preferred Stock as to
distributions or upon liquidation be redeemed, purchased or otherwise acquired
for any consideration (or any moneys be paid to or made available for a sinking
fund for the redemption of any such capital stock) by the Corporation (except by
conversion into or exchange for other capital stock of the Corporation ranking
junior to 8-3/4% Series F Preferred Stock as to distributions and amounts upon
liquidation).

                  (F) Any distribution payment made on shares of 8-3/4% Series F
Preferred Stock shall first be credited against the earliest accrued but unpaid
distribution due with respect to shares of 8-3/4% Series F Preferred Stock which
remain payable.

                  (G) No distributions on the 8-3/4% Series F Preferred Stock
shall be authorized by the Board of Directors of the Corporation or be paid or
set apart for payment by the Corporation at such time as the terms and
provisions of any agreement of the Corporation, including any agreement relating
to its indebtedness, prohibits such authorization, payment or setting apart for
payment or provides that such authorization, payment or setting apart for
payment would constitute a breach thereof or a default thereunder if such
authorization or payment shall be restricted or prohibited by law.

                  (H) Except as provided in this Section 4, the 8-3/4% Series F
Preferred Stock shall not be entitled to participate in the earnings or assets
of the Corporation.

                  SECTION 5. LIQUIDATION.

                  (A) Subject to the rights of series of preferred stock which
may from time to time come into existence, upon any voluntary or involuntary
liquidation, dissolution or winding up of the affairs of the Corporation, then,
before any distribution or payment shall be made to the holders of any Junior
Stock, the holders of shares of 8-3/4% Series F Preferred Stock shall be
entitled to receive out of assets of the Corporation legally available for
distribution to stockholders, liquidation distributions in the amount of the
liquidation preference of $25.00 per share in cash or property having a fair
market value as determined by the Board of Directors valued at $25.00 per share,
plus an amount equal to all distributions accrued and unpaid at the date of such
liquidation, dissolution or winding up. After payment of the full amount of the
liquidating distributions to which they are entitled, the holders of shares of
8-3/4% Series F Preferred Stock will have no right or claim to any of the
remaining assets of the Corporation. In the event that, upon any such voluntary
or involuntary liquidation, dissolution or winding up of the affairs of the
Corporation, the available assets of the Corporation are insufficient to pay the
amount of the liquidation distributions on all outstanding shares of 8-3/4%
Series F Preferred Stock and the corresponding amounts payable on all shares of
Parity Preferred Stock, then the holders of shares of 8-3/4% Series F Preferred
Stock and Parity Preferred Stock shall share ratably in any such distribution of
assets in proportion to the full liquidating distributions to which they would
otherwise be respectively entitled.

                  (B) A consolidation or merger of the Corporation with or into
any other entity or entities, or a sale, lease, transfer, conveyance or
disposition of all or substantially all of the assets of the Corporation or a
statutory share exchange in which stockholders of the Corporation may

                                       -4-

<PAGE>

participate, shall not be deemed to be a liquidation, dissolution or winding up
of the affairs of the Corporation within the meaning of this Section 5.

                  SECTION 6. REDEMPTION.

                  (A) Shares of 8-3/4% Series F Preferred Stock are not
redeemable prior to September 29, 2006. On and after September 29, 2006, the
Corporation at its option upon not less than 30 nor more than 60 days' written
notice, may redeem outstanding shares of 8-3/4% Series F Preferred Stock, in
whole or in part, at any time or from time to time, for cash at a redemption
price of $25.00 per share, plus an amount equal to all distributions accrued and
unpaid thereon to the date fixed for redemption, without interest to the extent
the Corporation will have funds legally available therefor. The redemption price
of shares of 8-3/4% Series F Preferred Stock (other than the portion thereof
consisting of accrued and unpaid distributions) is payable solely out of
proceeds from the sale of other capital stock of the Corporation, which may
include common stock, preferred stock, depositary shares, interests,
participations or other ownership interests in the Corporation however
designated, and any rights (other than debt securities converted into or
exchangeable for capital stock), warrants or options to purchase any thereof,
and not from any other source. Holders of shares of 8-3/4% Series F Preferred
Stock to be redeemed shall surrender such shares of 8-3/4% Series F Preferred
Stock at the place designated in such notice and shall be entitled to the
redemption price and any accrued and unpaid distributions payable upon such
redemption following such surrender. If fewer than all of the outstanding shares
of 8-3/4% Series F Preferred Stock are to be redeemed, the number of shares to
be redeemed will be determined by the Corporation and such shares may be
redeemed pro rata from the holders of record of such shares in proportion to the
number of such shares, held by such holders (with adjustments to avoid
redemption of fractional shares) or by lot in a manner determined by the
Corporation.

                  (B) Unless full cumulative distributions on all shares of
8-3/4% Series F Preferred Stock and Parity Preferred Stock shall have been or
contemporaneously are declared and paid or declared and a sum sufficient for the
payment thereof set apart for payment for all past distribution periods and the
then current distribution period, no shares of 8-3/4% Series F Preferred Stock
or Parity Preferred Stock shall be redeemed unless all outstanding shares of
8-3/4% Series F Preferred Stock and Parity Preferred Stock are simultaneously
redeemed; provided, however, that the foregoing shall not prevent the purchase
or acquisition of shares of 8-3/4% Series F Preferred Stock or Parity Preferred
Stock pursuant to a purchase or exchange offer made on the same terms to holders
of all outstanding shares of 8-3/4% Series F Preferred Stock or Parity Preferred
Stock, as the case may be. Furthermore, unless full cumulative distributions on
all outstanding shares of 8-3/4% Series F Preferred Stock and Parity Preferred
Stock have been or contemporaneously are declared and paid or declared and a sum
sufficient for the payment thereof set apart for payment for all past
distribution periods and the then current distribution period, the Corporation
shall not purchase or otherwise acquire directly or indirectly any shares of
8-3/4% Series F Preferred Stock or Parity Preferred Stock (except by conversion
into or exchange for shares of capital stock of the Corporation ranking junior
to 8-3/4% Series F Preferred Stock and Parity Preferred Stock as to
distributions and upon liquidation).

                                       -5-

<PAGE>

                  (C) Notice of redemption will be given by publication in a
newspaper of general circulation in the City of New York, such publication to be
made once a week for two successive weeks commencing not less than 30 nor more
than 60 days prior to the redemption date. A similar notice will be mailed,
postage prepaid, at least 30 days but not more than 90 days before the
redemption date, to each holder of record of shares of 8-3/4% Series F Preferred
Stock at the address shown on the share transfer books of the Corporation. Each
notice shall state: (i) the redemption date; (ii) the number of shares of 8-3/4%
Series F Preferred Stock to be redeemed; (iii) the redemption price per share;
(iv) the place or places where certificates for shares of 8-3/4% Series F
Preferred Stock are to be surrendered for payment of the redemption price; and
(v) that distributions on shares of 8-3/4% Series F Preferred Stock will cease
to accrue on such redemption date. No failure to give such notice or any defect
thereto or in the mailing thereof shall affect the validity of the proceeding
for the redemption of any 8-3/4% Series F Preferred Stock except as to the
holder to whom notice was defective or not given. If fewer than all shares of
8-3/4% Series F Preferred Stock are to be redeemed, the notice mailed to each
such holder thereof shall also specify the number of shares of 8-3/4% Series F
Preferred Stock to be redeemed from each such holder. If notice of redemption of
any shares of 8-3/4% Series F Preferred Stock has been given and if the funds
necessary for such redemption have been set aside by the Corporation in trust
for the benefit of the holders of shares of 8-3/4% Series F Preferred Stock so
called for redemption, then from and after the redemption date, distributions
will cease to accrue on such shares of 8-3/4% Series F Preferred Stock, such
shares of 8-3/4% Series F Preferred Stock shall no longer be deemed outstanding
and all rights of the holders of such shares will terminate, except the right to
receive the redemption price.

                  (D) The holders of shares of 8-3/4% Series F Preferred Stock
at the close of business on a Distribution Record Date will be entitled to
receive the distribution payable with respect to such shares of 8-3/4% Series F
Preferred Stock on the corresponding Distribution Payment Date notwithstanding
the redemption thereof between such Distribution Record Date and the
corresponding Distribution Payment Date or the Corporation's default in the
payment of the distribution due. Except as provided above, the Corporation will
make no payment or allowance for unpaid distributions, whether or not in
arrears, on shares of 8-3/4% Series F Preferred Stock which have been called for
redemption.

                  (E) 8-3/4% Series F Preferred Stock have no stated maturity
and will not be subject to any sinking fund or mandatory redemption, except as
provided in Article NINTH of the Charter of the Corporation.

                  SECTION 7. VOTING.

                  (A) Each share of 8-3/4% Series F Preferred Stock shall have
one vote for the election of directors of the Corporation and as otherwise
provided in this Section 7 and in paragraph (c) to Article FIFTH of the Charter.
Shares of the 8-3/4% Series F Preferred Stock shall not have cumulative voting
rights. The holders of the shares of 8-3/4% Series F Preferred Stock shall vote
with the holders of Common Stock, Class B Common Stock, Class C Common Stock and
7.89%

                                       -6-

<PAGE>

Series G Cumulative Step-Up Premium Rate Preferred Stock (voting together as a
single class) to elect directors (other than the directors to be elected by the
holders of the Class B Common Stock and the Class C Common Stock voting as
separate classes).

                  (B) If six quarterly distributions (whether or not
consecutive) payable on shares of 8-3/4% Series F Preferred Stock are in
arrears, whether or not earned or declared, the number of directors then
constituting the Board of Directors of the Corporation will be increased by two
(except as provided in the proviso to paragraph (c) to Article FIFTH of the
Charter), and the holders of shares of 8-3/4% Series F Preferred Stock, voting
together as a class with the holders of shares of any other series of preferred
stock upon which like voting rights have been conferred and are exercisable (any
such other series, the "Voting Preferred Stock"), will have the right to elect
two directors to serve on the Corporation's Board of Directors at any annual
meeting of stockholders or a special meeting of the holders of 8-3/4% Series F
Preferred Stock and such other Voting Preferred Stock called by the holders of
record of at least 10% of any series of preferred stock so in arrears (unless
such request is received less than 90 days before the date fixed for the next
annual or special meeting of the stockholders), until all such distributions
have been declared and paid or set aside for payment. The term of office of all
directors so elected will terminate with the termination of such voting rights.

                  (C) The approval of two-thirds of the outstanding 8-3/4%
Series F Preferred Stock voting as a single class is required in order to (i)
amend, alter or repeal any provision of the relevant Certificate of Designation
or Charter, whether by merger, consolidation or otherwise (an "Event") so as to
materially and adversely affect the rights, preferences, privileges or voting
power of the holders of shares of 8-3/4% Series F Preferred Stock, provided,
however, an Event will not be deemed to materially and adversely affect such
rights, preferences, privileges or voting powers of the 8-3/4% Series F
Preferred Stock, in each such case, where each share of 8-3/4% Series F
Preferred Stock remains outstanding without a material change to its terms and
rights or is converted into or exchanged for preferred stock of the surviving
entity having preferences, conversion and other rights, privileges, voting
powers, restrictions, limitations as to distributions, qualifications and terms
or conditions of redemption thereof identical to that of a share of 8-3/4%
Series F Preferred Stock, or (ii) authorize, reclassify, create, or increase the
authorized or issued amount of any class or series of stock having rights senior
to 8-3/4% Series F Preferred Stock with respect to the payment of distributions
or amounts upon liquidation, dissolution or winding up of the affairs of the
Corporation or to create, authorize or issue any obligation or security
convertible into or evidencing the right to purchase such shares. However, the
Corporation may create additional classes of Parity Preferred Stock and Junior
Stock, increase the authorized number of shares of Parity Preferred Stock and
Junior Stock and issue additional series of Parity Preferred Stock and Junior
Stock without the consent of any holder of 8-3/4% Series F Preferred Stock or
Voting Preferred Stock.

                  (D) Except as provided above and as required by law, or, at
any time 8-3/4% Series F Preferred Stock are listed on a securities exchange, as
may be required by the rules of such exchange, the holders of 8-3/4% Series F
Preferred Stock are not entitled to vote on any merger or

                                       -7-

<PAGE>

consolidation involving the Corporation, on any share exchange or on a sale of
all or substantially all of the assets of the Corporation.

                  (E) In any matter in which the 8-3/4% Series F Preferred Stock
are entitled to vote (as provided in this Section 7, as may be required by law
or as required by the rules of any securities exchange on which the 8-3/4%
Series F Preferred Stock are listed), including any action by written consent,
each share of 8-3/4% Series F Preferred Stock shall be entitled to one vote.

                  SECTION 8. CONVERSION. The shares of 8-3/4% Series F Preferred
Stock are not convertible into or exchangeable for any other property or
securities of the Corporation, except that each share of 8-3/4% Series F
Preferred Stock is convertible into Excess Stock as provided in Article NINTH of
the Charter of the Corporation.

                                       -8-

<PAGE>

                  IN WITNESS WHEREOF, the Corporation has caused this
Certificate to be signed in its name and on its behalf by its Secretary on May
8, 2001.

                                                     SIMON PROPERTY GROUP, INC.

                                                     By:  /s/ James M. Barkley
                                                          ---------------------
                                                          James M. Barkley
                                                          Secretary

                                       -9-

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