Document:

ASSET PURCHASE
AGREEMENT 

        This
Asset Purchase Agreement (the “Agreement”) is made as of July 31, 2007,
by and among VERI-TEK INTERNATIONAL, CORP. (“Buyer”), a Michigan
corporation, and GT DISTRIBUTION, LLC, a Delaware limited liability company
(“Parent”), SCHAEFF LIFT TRUCK INC., an Illinois corporation
(“Schaeff Lift Truck”), CRANE & MACHINERY, INC., an Illinois
corporation (“Crane & Machinery” and with Parent and Schaeff Lift
Truck, the “Sellers”), MANITEX, INC., a Texas corporation
(“Manitex”) and MANITEX LIFTKING, ULC, an Alberta unlimited liability
company (“Liftking” and with Manitex, the “Buyer
Subsidiaries”). 

PREAMBLE 

        WHEREAS,
the Sellers are engaged in, among other things, the Noble Forklift Production (as
defined below) at the Sellers facilities including those located at 7402 W. 100th Place,
Bridgeview, Illinois (“Facilities”); and  

        WHEREAS,
Buyer desires to purchase from the Sellers, and the Sellers desire to sell to Buyer,
substantially all of the assets of the Sellers that are used, held for use or acquired or
developed for use in connection with the Noble Forklift Production, upon the terms and
subject to the conditions set forth in this Agreement; and 

        WHEREAS,
capitalized terms used herein are defined in the text. An index of such terms is attached
to the end of this Agreement. 

        NOW,
THEREFORE, in consideration of the foregoing and the representations, warranties,
covenants, agreements and conditions set forth in this Agreement, and intending to be
legally bound, the parties agree as follows: 

AGREEMENT 

ARTICLE I. 
DEFINITION OF NOBLE
FORKLIFT PRODUCTION 

        As
used in this Agreement, the term “Noble Forklift Production” means the
assembly, marketing, distribution, sale, maintenance, overhaul and repair of the Noble
Forklift product line of the Sellers. The term “Noble Forklift
Production” shall include, without limitation, all operations carried on by the
Sellers related to products or services associated by trade name or otherwise with the
Noble Forklift Production. 

ARTICLE II. 
PURCHASE AND SALE OF
ASSETS 

        2.01
 Transfer of Assets. Upon the terms and subject to the conditions set forth in this
Agreement, the Sellers shall, on the Closing Date, sell, convey, assign, transfer and
deliver to Buyer, and Buyer shall, on the Closing Date, purchase and acquire from the
Sellers, all of the assets, rights, properties, claims, contracts, business and goodwill
of the Sellers (of every kind, nature, character and description, whether real, personal
or mixed, tangible or intangible, accrued, contingent or otherwise, wherever situated)
used, held for use or acquired or developed for use in the Noble Forklift Production
(collectively, the “Purchased Assets”), including without limitation: 

	 	(a)  	Tangible
Personal Property. All machinery, equipment, and tooling
                    (including off-premises tooling) listed on Schedule 2.01(a) plus
all supplies and materials, and other items of                     tangible personal
property.  

	 	(b)  	Inventory.
All inventories of raw materials, work-in-process and                     finished goods
(including all such in transit, whether to or from the Sellers),                     and
all spare, service and repair parts, supplies and components held for sale,
                    together with related packaging materials (collectively, the
                    “Inventory”).  

	 	(c)  	Intellectual
Property. All of the Sellers’ worldwide rights in, to                     and
under: (a) all patents, trademarks, service marks, logos, corporate and
                    trade names, domain names and registered copyrights, and all
applications                     therefor, source codes, programs, designs, trade
secrets, web sites, employee                     covenants regarding confidentiality,
non-competition and inventions and all shop                     rights, in each case
which are owned, licensed or used by the Sellers (together                     with all
inventions, discoveries, techniques, processes, methods, formulae,
                    designs, computer software, trade secrets, confidential information,
know-how                     and ideas which are owned, licensed or used by the Sellers),
(b) all                     licenses or other agreements pursuant to which any
Person has the right to use                     any Intellectual Property owned by the
Sellers and (c) all licenses or                     other agreements pursuant to
which the Sellers have the right to use any                     Intellectual Property
owned by others(collectively,                     “Intellectual Property”).  

	 	(d)  	Business
Agreements. Subject to Section 2.05, all                     of
the Sellers’ rights in, to and under (i) the Business Agreements
                    described in Schedules 4.15, 4.17 or 4.19,
(ii) all                     other Business Agreements entered into by the Sellers in the
ordinary course of                     the Noble Forklift Production in compliance with
the terms of this Agreement                     that are of the type or kind required to
be disclosed in Schedule 4.15, 4.17 or 4.19 but are not
disclosed                     because they fall below the minimum threshold amount, term
or materiality of the                     disclosures required by the terms of Section 4.15,
4.17 or                     4.19 to be set forth in such schedules and
(iii) those Business                     Agreements that the Sellers erroneously did not
disclose in Schedules 4.15, 4.17 or 4.19  if Buyer delivers
                    written notice to Parent (the “Sellers Representative”)
                    indicating that Buyer will accept the Sellers’ rights in, to and
under such                     Business Agreements, in each case other than the Excluded
Business Agreements                     (collectively, the “Assumed Business
Agreements”). The term “Business Agreements” as used in this
Agreement means all                     contracts, agreements, leases, licenses, purchase
orders, sales orders,                     commitments and obligations relating to the
Noble Forklift Production to which                     the Sellers are a party relating
to the Noble Forklift Production or by which                     its Noble Forklift
Production or assets are bound.  

	 	(e)  	Permits.
All licenses, permits, approvals, certifications, consents and
                    listings issued by or obtained from a Governmental Entity
(collectively, the                     “Business Permits”).  

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	 	(f)  	Literature.
All advertising material, sales literature, promotional                     literature,
catalogs and similar or related materials.  

	 	(g)  	Records
and Files. All books, records, files or other embodiments of
                    information, including all diagrams, prints, surveys, drawings,
maintenance                     schedules and other records, data and materials, whether
relating to past or                     current operations and which do not relate
exclusively to Excluded Assets or                     Excluded Liabilities.  

	 	(h)  	Accounts
Receivable. All notes, drafts, accounts receivable (including
                    unbilled receivables) and other rights to payment and the full
benefit of all                     security for such rights to payment, including all
accounts receivable arising                     from goods shipped or sold or services
rendered to the Sellers’ customers                     (collectively, the “Accounts
Receivable”).  

	 	(i)  	General
Intangibles. All advance payments, prepaid items and expenses,
                    all rights of offset and credits, all causes of action, claims,
demands, rights                     and privileges against third parties (including
manufacturer and seller                     warranties of any goods or services provided
to the Sellers), all                     attorney-client privileges and rights related
thereto and all other intangible                     rights and assets, including all
goodwill associated with the Noble Forklift                     Production and the
Purchased Assets.  

        2.02
 Excluded Assets. Notwithstanding anything to the contrary in Section
2.01, the Sellers shall not sell, convey, assign, transfer or deliver to
Buyer, and Buyer shall not purchase or acquire from the Sellers, the following assets of
the Sellers (collectively, the “Excluded Assets”): 

	 	(a)  	Corporate
Franchise. Any rights in or to any of the Sellers’                    franchise
to be a limited liability company or corporation, as the case may be,
                    and its organizational documents, minute books, membership books and
other                     records relating to its existence and capitalization.  

	 	(b)  	Equity
Interests. Any equity interest in the Sellers or in any
                    corporation, limited liability company, partnership or other entity
in which any                     of the Sellers own an equity interest (including any
equity interest in an                     Affiliate of the Sellers).  

	 	(c)  	Consideration.
The consideration to be delivered by Buyer to the Sellers                     pursuant to
this Agreement and all other rights of the Sellers under this
                    Agreement and the other Transaction Documents.  

	 	(d)  	Cash.
Any cash, cash equivalents and bank accounts of the Sellers.  

	 	(e)  	Tax
Credits and Records. Any refunds or credits with respect to any
                    Taxes paid or incurred by the Sellers, together with any related
interest                     received or due from the relevant taxing authority, any
prepaid Taxes, all Tax                     Returns and other records relating to Taxes of
the Sellers and any other rights                     to Taxes of the Sellers.  

	 	(f)  	Pension
and Welfare Plans. All Pension Plans and Welfare Plans and all
                    rights thereunder. “Pension Plan” means any “employee
                    pension benefit plan” as defined in Section 3(2) of ERISA
which is                     maintained for past or present employees of any of the
Sellers or with respect                     to which any of the Sellers has any current
or potential liability, including                     without limitation any withdrawal
liability. “Welfare Plan”                    means (i) any “employee
welfare benefit plan” as defined in                     Section 3(1) of ERISA
which is maintained for past or present employees of                     any of the
Sellers or with respect to which any of the Sellers has any current
                    or potential liability and (ii) any other plan or program
maintained for                     past or present employees of any of the Sellers,
including without any                     limitation health insurance plan, life
insurance plan, option plan, bonus plan,                     savings plan or severance
plan.  

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	 	(g)  	Excluded
Business Agreements. All Business Agreements and rights
                    thereunder to the extent that such Business Agreements or rights
constitute an                     Excluded Liability (“Excluded Business
Agreements”).  

	 	(h)  	Insurance.
All insurance policies and rights thereunder, except to the                     extent of
rights thereunder to recover for losses arising out of Purchased
                    Assets or Assumed Liabilities.  

        2.03
 Assumed Liabilities. Upon the terms and subject to the conditions set forth in this
Agreement, on the Closing Date, Buyer shall assume and agree to pay, perform and
discharge, as and when due, the following, and only the following, Liabilities of the
Sellers relating to the Purchased Assets: 

	 	(a)  	Contractual
Liabilities. Those Liabilities of the Sellers arising from                     and
after the Closing Date under and pursuant to the Assumed Business
                    Agreements.  

	 	(b)  	Liabilities
Under Permits and Licenses. Those Liabilities of the Sellers
                    arising from and after the Closing Date under any of the Business
Permits                     described in Schedule 4.15 that are
assigned to Buyer                     at the Closing.  

	 	(c)  	Warranty
Liabilities. Those Liabilities of the Sellers to service,                     repair,
or replace products constituting part of the Noble Forklift Production
                    on or before the Closing Date (i) to the extent required and limited
by the                     Sellers’ standard written warranty for such products or
services set forth                     in Schedule 4.23 given
by the Sellers in the ordinary                     course of the Noble Forklift
Production business, but excluding any                     consequential, special or
incidental damages, damages based on lost profits or                     other
Liabilities incidental to the failure of such products or services to
                    conform to the applicable warranties and excluding all Liabilities
arising from,                     caused by or arising out of any actual or alleged
defective design in any                     product that was made, designed,
manufactured, assembled, installed, sold,                     leased or licensed or any
service that was performed by the Sellers or any of                     its predecessors
(collectively, the “Assumed Warranty                     Liabilities”).  

	 	(d)  	Product
Liability. Claims made for injury to person, damage to property
                    or other damage arising from, caused by or arising out of the design,
                    manufacture, assembly, installation, marketing, sale, lease or
license of any                     product constituting part of the Noble Forklift
Production (whether or not any                     such products are shipped before or
after the Closing).  

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	 	(e)  	Recalls.
Any Liability arising from, caused by or arising out of any
                    obligation to implement any replacement, field, fix, retrofit,
modification or                     recall campaign with respect to any product that was
made, designed,                     manufactured, assembled, installed, sold, leased or
licensed that constitutes                     part of the Noble Forklift Production
(whether or not any such products are                     shipped before or after the
Closing).  

	 	(f)  	Trade
Payables. Any Liability for those certain trade payables of the
                    Sellers set forth on Schedule 4.11.  

	 	(g)  	Employee
Obligations. Liability of Sellers for the severance obligations
                    set forth on Schedule 2.03(g).  

The assumption of and agreement by
Buyer to pay, perform and discharge, as and when due, the Assumed Liabilities shall not
prohibit Buyer from contesting with any third party the amount, validity or enforceability
of any of the Assumed Liabilities. 

        2.04
 Excluded Liabilities. Except as and to the extent specifically set forth in
Section 2.03, Buyer is not assuming any Liabilities of the
Sellers. Any Liability or portion thereof which is not specifically assumed by Buyer
hereunder is referred to as an “Excluded Liability”. Without limitation,
and notwithstanding the provisions of Section 2.03, Buyer is not
assuming, and the Sellers shall not be deemed to have assigned or otherwise transferred to
Buyer, any of the following Liabilities of the Sellers: 

	 	(a)  	Transaction
Expenses. Any Liability incurred in connection with this
                    Agreement and the other documents or instruments to be executed and
delivered by                     any party pursuant hereto and the transactions
contemplated hereby and thereby.  

	 	(b)  	Indebtedness.
Any Liability arising from or related to obligations for                     borrowed
money owed or guaranteed by the Sellers (including obligations under
                    capital leases) or that is secured by any assets of the Sellers or
any shares of                     the capital stock or other equity or ownership
interests of the Sellers or any                     other Liabilities relating to the
purchase of capital assets, including                     Liabilities arising under any
loan agreement, promissory note, letter of credit,                     guarantee
agreement, finance lease or other evidence of indebtedness of the
                    Sellers.  

	 	(c)  	Taxes.
Any Liability for Taxes, including, without limitation, any                     Liability
for Taxes applicable to, imposed upon or arising out of the sale or
                    transfer of the Purchased Assets to Buyer and the other transactions
                    contemplated hereby, including any income, transfer, sales, use,
gross receipts                     or documentary stamp Taxes and all penalties and
interest related thereto.  

	 	(d)  	Insured
Claims. Any Liability that would otherwise constitute an Assumed
                    Liability to the extent covered by any insurance policy of the
Sellers in effect                     prior to the Closing, but only to the extent the
Sellers receive or, if it had                     properly asserted a claim, would have
received proceeds thereunder.  

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	 	(e)  	Litigation
Matters. Any Liability relating to any litigation.  

	 	(f)  	Infringements.
Any Liability for infringement of the Intellectual                     Property rights of
others.  

	 	(g)  	Liability
for Breach. Any Liability for any breach or failure by the
                    Sellers to perform any of the Sellers’ covenants, agreements,
                    representations or warranties contained in, or made pursuant to, any
contract,                     agreement or covenant, whether or not assumed hereunder,
including any breach                     arising from assignment without the consent of
third parties of the Assumed                     Business Agreements unless such breach
is waived in writing by Buyer prior to                     the Closing.  

	 	(h)  	Liabilities
Regarding Affiliates. Any Liability to the Sellers’                    current
or former Affiliates, any liability, in whole or in part, created by,
                    arising out of or related to the business or operations of the Sellers’                    current
or former Affiliates, or for which any of the Sellers’ current or
                    former Affiliates might be liable (whether or not jointly with the
Sellers).  

	 	(i)  	Violation
of Laws or Orders. Any Liability for any violation of or                     failure
to comply with any federal, state, municipal, county, local, foreign or
                    other statute, law, ordinance, rule or regulation (collectively,
                    “Governmental Rules”) or with any order,
writ,                     injunction, judgment, plan or decree (collectively, “Governmental
                    Orders”) of any court, arbitrator, department, commission,
board,                     bureau, agency, authority, instrumentality or other body,
whether federal,                     state, municipal, county, local, foreign or other
(collectively,                     “Governmental Entities”).  

	 	(j)  	Employee
Claims. Any Liability relating to or arising out of any
                    employment action or practice in connection with the employment or
termination                     of employment of any persons currently or formerly
employed or seeking to be                     employed by the Sellers, including
Liabilities based upon breach of employment                     or labor contract,
employment discrimination, wrongful termination, wage and                     hour or
health and safety requirements, workers’ compensation, constructive
                    termination, failure to give reasonable notice or pay in lieu of
notice,                     severance or termination pay or the Consolidated Omnibus
Budget Reconciliation                     Act, as amended (“COBRA”), the
Employee Retirement Income                     Security Act of 1974, as amended (“ERISA”),
the Worker                     Adjustment Retraining Notification Act of 1988, as amended
(the “WARN                     Act”), or the National Labor Relations
Act, as amended, or any                     equivalent state, municipal, county, local,
foreign or other Law.  

	 	(k)  	Employee
Obligations. Any Liability under any Pension Plan, Welfare Plan
                    or other rights or Liabilities of any employee of the Sellers.  

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	 	(l)  	Environmental
Liabilities. Any Liability arising out of, related to or                     incurred
in connection with any pollution, threat to the environment, exposure
                    to or manufacture, processing, distribution, use, treatment,
generation,                     transport or handling, disposal, emission, discharge,
storage or release of a                     Hazardous Substance that (i) arises out of
the Sellers’ or any previous                     owner’s or operator’s,
ownership, operation or occupancy of the Noble                     Forklift Production,
the Facilities or any properties and assets being                     transferred to
Buyer (whether owned, leased or otherwise held or utilized),
                    including any failure to comply with any Environmental Rule, or (ii)
occurred or                     existed on or before the Closing Date, or (iii) arose out
of conditions or                     circumstances that existed on the Closing Date and
which were caused by the                     Persons listed in clause (i) above
(collectively, “Environmental                     Liabilities”). “Environmental
Rule” means any                     Governmental Rule that relates to Hazardous
Substances, pollution or protection                     of the environment, natural
resources or public health, including without                     limitation any
Governmental Rule relating to the generation, use, processing,
                    treatment, storage, release, transport or disposal of Hazardous
Substances and                     any common laws of nuisance, negligence and strict
liability relating thereto,                     together with all rules, regulations and
orders issued thereunder, as any of the                     same may be amended. “Hazardous
Substance” means any                     substance that constitutes, in
whole or in part, a pollutant, contaminant or                     toxic or hazardous
substance or waste under, or the generation, use, processing,
                    treatment, storage, release, transport or disposal of which is
regulated by, any                     Governmental Rule.  

	 	(m)  	Successor
Liabilities. Any Liability that any person or entity seeks to
                    impose upon Buyer by virtue of any theory of successor liability,
including                     Liabilities relating to environmental matters, any Pension
Plan or Welfare Plan,                     Taxes, labor and employment matters, COBRA,
ERISA, the Code, WARN Act or as a                     result of Buyer’s failure to
comply with any bulk transfer or similar Law.  

The Sellers shall pay, perform and
discharge, as and when due, all of the Excluded Liabilities. 

        2.05
 Nonassignable Contracts and Rights. Notwithstanding anything to the contrary in
this Agreement, no Business Agreements, Business Permits, properties, rights or other
assets of the Sellers shall be deemed sold, transferred or assigned to Buyer pursuant to
this Agreement if the attempted sale, transfer or assignment thereof to Buyer without the
consent or approval of any other person or entity would be ineffective or would constitute
a breach of contract or a violation of any Governmental Rule or Governmental Order or
would in any other way adversely affect the rights of the Sellers (or Buyer as transferee
or assignee), and such consent or approval is not obtained at or prior to Closing. In such
case, to the extent possible, (a) the beneficial interest in or to such Business
Agreements, Business Permits, properties, rights or assets (collectively, the
“Beneficial Rights”) shall in any event pass at the Closing to Buyer
under this Agreement; and (b) pending such consent or approval, Buyer shall discharge the
obligations of the Sellers under such Beneficial Rights (to the extent such obligations
are Assumed Liabilities) as agent for the Sellers, and the Sellers shall act as
Buyer’s agent in the receipt of any benefits, rights or interest received from the
Beneficial Rights. If requested by Buyer, each of the Sellers shall use its best efforts
to obtain and secure all consents and approvals that may be necessary to effect the legal
and valid sale, transfer or assignment of the Business Agreements, Business Permits,
properties, rights or assets underlying the Beneficial Rights to Buyer without any change
in any of the material terms or conditions of such Business Agreements, Business Permits,
properties, rights or assets. The Sellers shall make or complete such transfers as soon as
reasonably possible and cooperate with Buyer in any other reasonable arrangement designed
to provide for Buyer the benefits of such Business Agreements, Business Permits,
properties, rights and assets, including enforcement at the cost and for the account of
Buyer of any and all rights of the Sellers against the other party thereto arising out of
the breach or cancellation thereof by such other party or otherwise, and to provide for
the discharge of any Liability under such Business Agreements, Business Permits,
properties, rights or assets, to the extent such Liability constitutes an Assumed
Liability. If and to the extent an arrangement reasonably acceptable to Buyer with respect
to Beneficial Rights cannot be made, then Buyer, upon written notice to the Sellers
Representative, shall have no obligation with respect to any such Business Agreement,
Business Permit, property, right or other asset, and such Business Agreement, Business
Permit, property, right or other asset shall not be deemed to be a Purchased Asset and the
related Liability shall not be deemed an Assumed Liability. 

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ARTICLE III. 
PURCHASE PRICE 

        3.01
 Purchase Price. The purchase price for the Purchased Assets shall be (a) the
assumption of the Assumed Liabilities; (b) cancellation and release of Parent’s
obligation to Manitex, a wholly owned subsidiary of Buyer, in the aggregate principal
amount of $3,874,118 together with any interest thereon as of the Closing; (c)
cancellation and release of Crane & Machinery’s obligation to Manitex under that
certain note payable with an original principal amount of $998,221 and having an
outstanding balance as of the Closing of $830,024.94 together with any interest thereon;
(d) satisfaction of trade payables owing by Schaeff Lift Truck to Liftking as of the
Closing in the amount of $252,795.00; minus (e) trade payables owing by Liftking to
Parent as of the Closing in the amount of $737,836.74, which shall be cancelled and
released (collectively, the “Purchase Price”).  

        3.02
 Allocation of Purchase Price. The amount of the aggregate Purchase Price shall be
allocated among the Purchased Assets (or groups of such assets) for all purposes
(including all tax and financial accounting purposes) in accordance with the applicable
provisions of Section 1060 of the Code, and the parties agree that the fair market value
of the Purchased Assets (or groups of such assets) shall be determined by appraisals
conducted by Buyer following the Closing (the “Purchase Price Allocation”).
Each party shall file all Tax Returns (including amended returns and claims for refund)
in a manner reflecting the Purchase Price Allocation. The parties shall each execute and
timely file a Form 8594 consistent with the Purchase Price Allocation, after exchanging
mutually acceptable drafts of such form (and any equivalent state, municipal, county,
local, foreign or other forms Tax forms). Notwithstanding the foregoing, Buyer’s
cost for the Purchased Assets may differ to the extent necessary to reflect Buyer’s
capitalized acquisition costs for the Purchased Assets.  

ARTICLE IV. 
REPRESENTATIONS AND
WARRANTIES OF SELLERS 

        Each
of Parent, Schaeff Lift Truck and Crane & Machinery hereby represents and warrants to
Buyer as follows: 

        4.01
 Subsidiaries. Crane & Machinery is a wholly-owned subsidiary of Parent.
Schaeff Lift Truck is a wholly owned subsidiary of Crane & Machinery.  

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        4.02
 Power and Authority. Each of the Sellers has the necessary power and authority to
own its assets and to conduct its business as presently conducted. Each of the Sellers has
all power and authority necessary to execute, deliver and perform the Transaction
Documents to which it is a party, including, without limitation, any approval of its
members required by applicable Governmental Rules. 

        4.03
 Execution and Enforceability. This Agreement has been, and on the Closing Date the
other Transaction Documents to which the Sellers are a party will be, duly and validly
executed and delivered by such party and constitute (or upon such execution and delivery
will constitute) legal, valid and binding obligations of the Sellers and enforceable
against the Sellers in accordance with their respective terms. 

        4.04
 No Breach, Default, Violation or Consent. The execution, delivery and
performance by the Sellers of the Transaction Documents to which each is a party do not
and will not:  

	 	(a) 	violate
the Certificate of Formation, Operating Agreement, Articles of
                    Incorporation or Bylaws, as applicable, of the Sellers; 

	 	(b) 	breach
or result in a default (or an event which, with the giving of notice or
                    the passage of time, or both, would constitute a default) under,
require any                     consent under, result in the creation of any Lien on the
assets of the Sellers                     under or give to others any rights of
termination, acceleration, suspension,                     revocation, cancellation or
amendment of any Business Agreement or Business                     Permit; 

	 	(c) 	breach
or otherwise violate any Governmental Order which names any of the
                    Sellers or is directed to any of the Sellers or any of its respective
assets; 

	 	(d) 	violate
any Governmental Rule; or 

	 	(e) 	require
any consent, authorization, approval, exemption or other action by, or
                    any filing, registration or qualification with, any Person. 

        4.05
 Ownership and Control. The authorized capitalization of Parent, the issued and
outstanding membership interest units of Parent and the record holders of such issued and
outstanding membership interest units are as set forth on Schedule
4.05. 

        4.06
 Financial Matters.  

	 	(a) 	The
Sellers have previously delivered to Buyer correct and complete copies of
                    (i) the audited consolidated balance sheet as of December 31,
2006                     (“12-31-06 Balance Sheet”), and the related
statements of                     income, retained earnings and cash flows of the Sellers
as of and for its fiscal                     years then ended, including the footnotes
thereto, and (ii) the unaudited                     consolidated and individual
interim balance sheets and statements of income,                     retained earnings
and cash flows of the Sellers as of and for the five months                     ended May
31, 2006 (“Current Financial Statements” and,
                    together with the items described in clause (i) above, “Financial
                    Statements”). The Financial Statements shall include segment
reporting                     with such detail and transparency as to fairly present the
assets and                     liabilities constituting the Noble Forklift Production.
Except as set forth on Schedule 4.06, the
Financial                     Statements fairly present the financial condition of the
Sellers as of the end                     of the periods covered thereby and the results
of their operations and the                     changes in their financial position for
the periods covered thereby, and were                     prepared in accordance with GAAPapplied
on a consistent basis throughout                     the periods covered thereby subject,
in the case of the Financial Statements                     referred to in clause (ii)
above and the Current Financial Statements, to                     year-end audit
adjustments and the lack of footnotes and other presentation                     items. 

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	 	(b) 	Except
as and to the extent otherwise disclosed in the Current Financial
                    Statements or on the Schedules hereto (to the extent that the type
and nature of                     the Liability is clearly and fairly disclosed on such
Schedule), the Sellers                     have no Liabilities relating to the Noble
Forklift Production of any kind,                     whether direct or indirect, fixed or
contingent or otherwise, other than                     (i) executory obligations
under Business Agreements which are not required                     to be set forth in
the Current Financial Statements in accordance with GAAP and                     (ii) liabilities
incurred in the ordinary course of business, consistent                     with past
practice, since May 31, 2006 (“Financial Statement                     Date”).
As used in this Agreement, “Liability” means                     any
direct or indirect indebtedness, guaranty, endorsement, claim, loss, damage,
                    deficiency, cost, expense, obligation or responsibility, fixed or
unfixed, known                     or unknown, asserted or unasserted, liquidated or
unliquidated, secured or                     unsecured. 

	 	(c) 	Internal
Accounting Controls. The Sellers maintain a system of internal
                    accounting controls sufficient to provide reasonable assurance that
(i)                     transactions are executed in accordance with management’s
general or                     specific authorizations, (ii) transactions are
recorded as necessary to                     permit preparation of financial statements
in conformity with GAAP and to                     maintain asset accountability, (iii)
access to assets is permitted only in                     accordance with management’s
general or specific authorization, and (iv)                     the recorded
accountability for assets is compared with the existing assets at
                    reasonable intervals and appropriate action is taken with respect to
any                     differences. 

	 	(d) 	Independent
Auditors. All auditors who have expressed opinions with                     respect
to the Financial Statements are independent as such term is described in
                    Rule 2-01 of Regulation S-X promulgated by the Securities and
Exchange                     Commission. 

        4.07
 Tax Matters. Except as otherwise disclosed on Schedule 4.07:  

	 	(a) 	all
returns, declarations, reports and information statements with respect to
                    Taxes which are required to be filed by or on behalf of the Sellers
with any                     governmental entity (collectively, “Tax Returns”)
have been                     properly prepared and timely filed, and when filed, were
true, correct and                     complete in all material respects; 

	 	(b) 	the
Sellers have paid, or have made adequate reserves on the balance sheets
                    contained in the Current Financial Statements for the payment of, all
taxes,                     charges, fees, levies and assessments (whether computed on a
separate,                     consolidated, combined, unitary or other basis) relating to
the Noble Forklift                     Production, including without limitation all
income, sales and use,                     ad valorem, transfer, gains, profits,
excise, franchise, real and personal                     property, gross receipts,
capital stock, production, net worth, business and                     occupation,
disability, social security, employment, payroll, license,                     estimated,
stamp, custom duties, severance and withholding taxes or charges,
                    imposed by any governmental entity, and any interest or penalties
thereon                     (collectively, “Taxes”), attributable to
periods preceding or                     ending with the Financial Statement Date; 

-10- 

	 	(c) 	since
the Financial Statement Date, the Sellers have not incurred any Taxes
                    relating to the Noble Forklift Production other than Taxes incurred
in the                     ordinary course of business consistent in type and amount with
past practices of                     the Sellers; 

	 	(d) 	to
the Sellers’ knowledge, there are no proposed assessments of any
                    additional Taxes relating to the Noble Forklift Production against
the Sellers                     by any governmental entity or (whether or not reserved
against); 

	 	(e) 	the
Sellers are not currently being audited by any governmental entity, and no
                    such audit is pending or, to the Sellers’ knowledge, threatened; 

	 	(f) 	the
Sellers have not been given any currently effective waiver or extension of
                    any period of limitation governing the time of assessment or
collection of any                     Tax relating to the Noble Forklift Production; and 

	 	(g) 	the
Sellers are not a party to any Tax allocation, Tax sharing or similar
                    agreement with any other Person relating to the Noble Forklift
Production. 

        4.08
 Accounts Receivables. All Accounts Receivable reflected on the balance sheet
contained in the Current Financial Statements, and all Accounts Receivable that have
arisen since the Financial Statement Date, (a) arose out of arm’s length transactions
actually made in the ordinary course of business, (b) are not in dispute, and (c) are
current and collectible without set off, discount or counterclaim. No Person has any Lien
on any of the Accounts Receivable and no request or agreement for deduction or discount
has been made with respect to any Accounts Receivable. The Sellers have no knowledge that
any of its customers has indicated its unwillingness to pay any Accounts Receivable.
Schedule 4.08 contains an aged schedule of accounts receivable
reflected on the balance sheet contained in the Current Financial Statements. 

        4.09
 Inventory. All Inventory reflected on the balance sheet contained in the Current
Financial Statements is valued in accordance with GAAP at the lower of cost (on the basis
of FIFO) or market. All Inventory purchased since the Financial Statement Date
consists of a quality and quantity usable and saleable in the ordinary course of business.
Except as set forth in Schedule 4.09, all Inventory is located at, or
is in transit to or from, the Sellers’ Facility. Except as set forth in
Schedule 4.09 (which contains a description of any exceptions
and related amounts), (i) all work-in-process contained in Inventory constitutes
items in process of production pursuant to Business Agreements entered into (including
orders taken) in the ordinary course of business by regular customers of the Sellers, and
(ii) no valid grounds exist for any set off of amounts billable to such customers on the
completion of the Business Agreements to which work-in-process relates. All
work-in-process consists of a quality ordinarily produced in accordance with the
requirements of Business Agreements to which such work-in-process relates. The Sellers
will have on hand as of the Closing such quantities of Inventory as are reasonably
required to continue the Noble Forklift Production of the Sellers immediately after the
Closing consistent with past practice. 

-11- 

        4.10
 Litigation. Except as otherwise disclosed on Schedule 4.10,
there is no pending or, to the Sellers’ knowledge, threatened investigation, action
or proceeding effecting the Purchased Assets or Noble Forklift Production. To the
Sellers’ knowledge, no event has occurred or action taken that is reasonably likely
to result in any of the foregoing (other than litigation that relates exclusively to
Excluded Liabilities hereunder). 

        4.11
 Absence of Certain Changes and Events. Except as otherwise disclosed on Schedule
4.11, since January 1, 2007:  

	 	(a) 	the
Sellers have not incurred any obligation or Liability relating to the Noble
                    Forklift Production except for normal trade obligations incurred in
the ordinary                     course of business and other obligations which do not
require the expenditure of                     more than $5,000 

	 	(b) 	no
casualty, loss or damage has occurred with respect to any Purchased Assets
                    having a value of $5,000 in the aggregate that is not covered by
insurance; 

	 	(c) 	the
Sellers have not sold, transferred or otherwise disposed of any of its
                    properties or assets or any interest therein used in the Noble
Forklift                     Production, or agreed to do any of the foregoing, except for
sales of inventory                     in the ordinary course of business; 

	 	(d) 	the
Sellers have not waived or released any of its rights with respect to its
                    Noble Forklift Production or the Purchased Assets or permitted any of
such                     rights to lapse, which would affect the payment or receipt of
funds in excess of                     $5,000 with respect to any item or series or
related items; 

	 	(e) 	there
has not been any material change in the financial or Tax accounting
                    principles or methods of the Sellers, except to the extent required
by GAAP; 

	 	(f) 	the
Sellers have not introduced any material change with respect to the Noble
                    Forklift Production; and 

	 	(g) 	no
event not in the ordinary course of business has occurred, and no condition
                    exists, which could reasonably be expected to have a material adverse
effect on                     the Noble Forklift Production. 

        4.12
 Title to and Condition of Properties.  

	 	(a) 	Marketable
Title. Schaeff Lift Truck has good and marketable fee title                     or
leasehold title (as applicable) to all of the Purchased Assets, free and
                    clear of all mortgages, liens (statutory or otherwise), security
interests,                     claims, pledges, licenses, equities, options, conditional
sales contracts,                     assessments, levies, easements, covenants,
conditions, reservations,                     encroachments, hypothecations, equities,
restrictions, rights-of-way,                     exceptions, limitations, charges,
possibilities of reversion, rights of refusal                     or encumbrances of any
nature whatsoever (collectively,                     “Liens”) except for
Liens listed on Schedule 4.12. At the Closing, Buyer will
receive good                     and marketable fee title or leasehold title (as
applicable) to all of the                     Purchased Assets, free and clear of all
Liens other than Liens marked as                     “Permitted Liens” on Schedule
4.12. Except as set                     forth in Schedule 4.12,
the Sellers are not using, in the                     current conduct of the Noble
Forklift Production, any properties, rights or                     assets that are not
owned, licensed or leased by it. 

-12- 

	 	(b) 	Condition.
All tangible assets (real and personal) constituting                     Purchased Assets
and currently used in the Noble Forklift Production are in good
                    operating condition and repair, ordinary wear and tear excepted. 

        4.13
 Constituent Documents and Governmental Rules. Each of the Sellers is in compliance
with (a) its charter, operating agreement and bylaws, as applicable (correct and
complete copies of which have been delivered to Buyer) and (b) all Governmental Rules
applicable to the Sellers or to the Noble Forklift Production or the Purchased Assets. 

        4.14
 Governmental Orders. Schedule 4.14 sets forth a correct
and complete list of all Governmental Orders relating to the Noble Forklift Production or
the Purchased Assets which are currently in effect and which name the Sellers or are
directed to the Sellers or any of the Noble Forklift Production or the Purchased Assets.
The Sellers are in compliance with all such Governmental Orders. 

        4.15
 Business Permits. Schedule 4.15 sets forth a correct and
complete list of all Business Permits which have been obtained by the Sellers relating to
the Noble Forklift Production and are currently in effect and indicates for each whether
any consent or other action is required in order for the same to remain in full force and
effect following the Closing. Such Business Permits have been validly acquired, are in
full force and effect and represent all licenses, permits, approvals, certifications,
consents and listings issued by or obtained from a Governmental Entity that are necessary
under applicable Governmental Rules for the Sellers to conduct the Noble Forklift
Production as currently conducted and to own, occupy or use the Purchased Assets. The
Sellers are in compliance with all such Business Permits. 

        4.16
 U.S. Government Contracts.  

	 	(a) 	The
Sellers are not a party, either as a prime contractor or as a subcontractor
                    in connection with the Noble Forklift Production, to any contract
with the                     United States government or any agency or instrumentality
thereof other than                     contracts with respect to which it is exempt from
submission and/or                     certification of cost or pricing data as defined in
the Truth in Negotiations                     Act. 

	 	(b) 	Except
as described in Schedule 4.16, the Sellers
                    have not received any United States government business in calendar
years 2006                     or 2007 under restricted, small business or other set
aside programs (for                     companies with fewer than 1,000 employees). 

        4.17
 Intellectual Property. Schedule 4.17 sets forth a correct
and complete list of (a) all Intellectual Property used or held for use in the Noble
Forklift Production which is registered with any Governmental Entity and all applications
therefor and (b) all licenses for Intellectual Property used or held for use in the Noble
Forklift Production to which the Sellers are a party (excluding “shrink-wrapped”
software applications which are generally available to the public). The Sellers have the
lawful right to use all of such Intellectual Property and no such use infringes upon the
lawful rights of any other Person. To the Sellers’ knowledge, no Person is using any
such Intellectual Property in a manner which infringes upon the lawful rights of the
Sellers. The Intellectual Property constitutes all intellectual property necessary for the
Sellers to conduct the Noble Forklift Production as currently conducted. Except pursuant
to the licenses referred to above, the Sellers pay no royalties or other consideration for
the right to use such Intellectual Property owned by others. The Sellers have maintained
the confidentiality of all such Intellectual Property to the extent necessary to maintain
its proprietary rights therein. All software used by the Sellers in the Noble Forklift
Production or installed on any computer owned or used by the Sellers in the Noble Forklift
Production is subject to valid, fully paid licenses. 

-13- 

        4.18
 Insurance. Schedule 4.18 sets forth a correct and complete list
of all insurance policies relating to the Noble Forklift Production of which the Sellers
are the owner, insured, loss payee or beneficiary and indicates for each such policy any
pending claims thereunder. The Sellers have delivered true, correct and complete copies of
each insurance policy set forth on Schedule 4.18 to Buyer, and each
such policy is legal, valid, binding, enforceable and in full force and effect with
respect to the Sellers and, to the Sellers’ knowledge, with respect to the other
parties thereto. Schedule 4.18 indicates each insurance policy as to
which (i) the coverage limit has been reached or (ii) the total incurred losses to date
equal 75% or more of the coverage limit. Except as otherwise disclosed on
Schedule 4.18: (a) the Sellers have not received any notice,
with respect to pending claims, that it has failed to give any notice or present any such
claim under any such policy in a timely fashion or as otherwise required by such policy;
(b) all premiums under such policies which are due and payable have been paid in
full; (c) since January 1, 2007, the Sellers have not received notice of any increase
in the premium under, cancellation or non-renewal of any such policy; and (d) there is no
claim by the Sellers pending under any such policy as to which coverage has been
questioned, denied or disputed by the underwriters of such policies. The insurance
policies set forth on Schedule 4.18 are sufficient for compliance by
the Sellers with all requirements of Governmental Rules and all Business Agreements. 

        4.19
 Other Business Agreements. Schedule 4.19 sets forth a
correct and complete list of all Business Agreements other than (a) Business
Agreements listed on any of Schedules 4.15, or 4.17, and
(b) Business Agreements involving the payment by or to the Sellers, or creating any
liability of the Sellers, of less than $2,500 (or, in the case of open purchase orders,
$5,000) over the term thereof. Except as set forth on Schedule 4.19: 

	 	(a) 	Purchase
Commitments. The Sellers have no Business Agreements for the
                    purchase of Inventory items that, together with amounts on hand,
constitute more                     than six (6) months normal usage or that are at
an excessive price. 

	 	(b) 	Sales
Commitments. The Sellers have no Business Agreements that
                    aggregate in excess of $50,000 (or, in the case of open purchase
orders,                     $25,000) to any one customer or group of affiliated
customers; provided, that,                     in the case of open purchase orders listed
on the attachments to Schedule                     4.19, this
representation and warranty is made as of the date of                     such
attachments. The Sellers have no Business Agreements for sales except those
                    made in the ordinary course of business at arm’s length. The
backlog of                     existing orders and sales orders of the Sellers, as of May
31, 2007, is set                     forth in Schedule 4.19, all of
which represent bona fide                     orders taken in the ordinary course of
business. 

-14- 

	 	(c) 	Leases.
The Sellers (whether as lessor or lessee) have no contracts for                     the
lease or use of personal property which require payments by or to the
                    Sellers in excess of $10,000 over the term thereof. 

	 	(d) 	Governmental
Contracts. The Sellers have no Business Agreement with any
                    governmental entity whether federal, state, municipal, county, local,
foreign or                     other. 

        4.20
 Status of Business Agreements. Each Business Agreement is in full force and effect
and is enforceable against the Sellers and, to the Sellers’ knowledge, the other
parties thereto, in accordance with its terms. The Sellers are in compliance with each
such Business Agreement. To the Sellers’ knowledge, all other parties to such
Business Agreements are in compliance with the terms thereof. Except as otherwise
disclosed on Schedule 4.20, no consent or other action is
required in order for such Business Agreements to remain in full force and effect
following the Closing. Such Business Agreements constitute all material contracts,
agreements, leases, licenses, commitments and purchase orders necessary for the Sellers to
conduct the Noble Forklift Production business as currently conducted by Sellers. 

        4.21
 Transactions with Related Parties. Except as otherwise disclosed on
Schedule 4.21, (a) none of the customers, suppliers,
distributors or sales representatives of the Sellers are Related Parties; (b) none of
the Purchased Assets are owned or used by or leased to any Related Parties; (c) no
Related Party is a party to any Business Agreement; and (d) no Related Party provides
any legal, accounting or other services to the Sellers. For purposes of this Section 4.21,
Buyer shall not be deemed a Related Party. 

        As
used in this Agreement the following terms have the following meanings: 

        “Affiliate”
of a Person means any other Person who controls, is controlled by or is under common
control with such Person, and “control” means, with respect to any
Person, the direct or indirect ability to direct or cause the direction of the management
and policies of such Person, whether through the ownership of voting securities, by
contract or otherwise. 

        “Person”
shall mean and include an individual, a partnership, a joint venture, a corporation, a
limited liability company, a trust, an unincorporated organization, a government, and any
other legal entity. 

        “Related
Party” means (i) the Sellers, (ii) any Affiliate of the Sellers and
(iii) any director, officer or equity holder of any of the Sellers or any Affiliate
of the Sellers. 

        4.22
 Assets and Services Necessary to Noble Forklift Production. The Purchased Assets
include all property and assets (other than Excluded Assets), tangible and intangible, and
all leases, licenses and other agreements, which are necessary to permit Buyer to carry on
the Noble Forklift Production, or which are currently used or held for use in the Noble
Forklift Production by the Sellers, in substantially the same manner as conducted during
the previous twelve months. 

-15- 

        4.23
 Product Warranty and Product Liability. Schedule 4.23 contains
a true, correct and complete copy of the standard warranty or warranties for sales of
products or services of the Sellers and a list of any non-standard warranties by which the
Sellers are bound in the Noble Forklift Production, and except as expressly set forth
therein, there are no warranties, deviations from standard warranties or commitments or
obligations with respect to the return, repair, replacement or re-performance of products
or services in the Noble Forklift Production under which the Sellers could have any
Liability. Since January 1, 2001, none of the products and services in the Noble Forklift
Production has been the subject of any replacement, field fix, retrofit, modification or
recall campaign, and to the Sellers’ knowledge, no facts or conditions exist that
could reasonably be expected to result in such a recall campaign. 

        4.24
 Brokers. Neither the Sellers nor any of its officers, directors, shareholders,
agents or representatives has employed or retained, or have any liability to, any broker,
agent or finder on account of this Agreement or any of the other Transaction Documents or
the transactions contemplated hereby or thereby. 

ARTICLE V. 
REPRESENTATIONS AND
WARRANTIES OF BUYER 

        The
Buyer represents and warrants to the Sellers as follows: 

        5.01
 Organization. Buyer is a corporation duly organized, validly existing and in good
standing in Michigan.  

        5.02
 Power and Authority. Buyer has the corporate power and authority to own its
properties and assets, to conduct its business as presently conducted and to execute,
deliver and perform the Transaction Documents to which it is a party. 

        5.03
 Execution and Enforceability. This Agreement has been, and on the Closing Date the
other Transaction Documents to which Buyer is a party will be, duly and validly executed
and delivered by Buyer and constitutes (or upon such execution and delivery will
constitute) legal, valid and binding obligations of Buyer enforceable against Buyer in
accordance with their respective terms. 

        5.04
 No Breach, Default, Violation or Consent. The execution, delivery and performance
by Buyer of the Transaction Documents to which it is a party do not and will not: 

	 	(a) 	violate
Buyer’s charter or bylaws; 

	 	(b) 	breach
or result in a default (or an event which, with the giving of notice or
                    the passage of time, or both, would constitute a default) under,
require any                     consent that has not been obtained, result in the
creation of any Lien on any                     assets of Buyer under or give to others
any rights of termination, acceleration,                     suspension, revocation,
cancellation or amendment of any agreement to which                     Buyer is a party
or by which Buyer or any of its respective assets is bound; 

	 	(c) 	breach
or otherwise violate any Governmental Order which names Buyer or is
                    directed to Buyer or any of its assets; 

-16- 

	 	(d) 	violate
any Governmental Rule; or 

	 	(e) 	require
any consent, authorization, approval, exemption or other action by, or
                    any filing, registration or qualification with, any Person. 

        5.05
 Brokers. Buyer has not employed or retained, or has any liability to, any broker,
agent or finder on account of this Agreement or any of the other Transaction Documents or
the transactions contemplated hereby or thereby. 

ARTICLE VI. 
COVENANTS 

        6.01
  Use of Noble Name. After the Closing, none of the Sellers nor any Affiliate of the
Sellers shall, without the prior written consent of Buyer, make any use of any name, mark,
trade name, trademark, service mark or domain name incorporating “Noble
Forklift,” or any letters, words or phrases confusingly similar to any of the
foregoing, except to the extent necessary for each of the Sellers to pay its Liabilities,
to prepare its Tax Returns and similar reports and to otherwise wind up and conclude its
business. The preceding sentence shall not limit the right of Noble International, Ltd., a
Michigan corporation, to use the “Noble” name by reason of its status as an
Affiliate of the Sellers. 

        6.02
 Post-Closing Receipts. The Sellers authorize and empower Buyer on and after the
Closing Date to receive and open all mail received by Buyer relating to the Noble Forklift
Production, Purchased Assets or Assumed Liabilities and to deal with the contents of such
communications in any proper manner. The Sellers shall promptly deliver to Buyer any mail
or other communication received by it on or after the Closing Date relating to the Noble
Forklift Production, Purchased Assets or Assumed Liabilities. Buyer shall promptly deliver
to the Sellers Representative any mail or other communication received by it on or after
the Closing Date relating to the Excluded Assets or Excluded Liabilities. On or after the
Closing Date, if the Sellers receive any checks or other funds on account of or in respect
of the Noble Forklift Production or Purchased Assets, then the Sellers shall not cash such
checks or deposit such funds into an account controlled by any of the Sellers, and the
Sellers shall promptly forward such checks or funds to Buyer (properly endorsed for
deposit by Buyer). On and after the Closing Date, if Buyer receives any checks or other
funds on account of or in respect of the Excluded Assets, then Buyer shall not cash such
checks or deposit such funds into its account, and Buyer shall promptly forward such
checks or funds to Sellers Representative. Each Party shall undertake commercially
reasonable efforts to ensure that third parties direct mail and other communications to
the proper party or parties after the Closing. 

ARTICLE VII. 
CLOSING  

        7.01
 Closing. The closing of the transactions contemplated hereby
(“Closing”) will take place at the offices of Parent, 7402 W.
100th Place, Bridgeview, Illinois, simultaneously with the execution and
delivery of this Agreement by the parties unless another place, or date is agreed to in
writing by the parties. The date on which the Closing occurs is referred to herein as the
“Closing Date”. 

-17- 

        7.02
 Documents to be Delivered by the Sellers. At the Closing, the Sellers shall deliver
to the Buyer the following documents, in each case duly executed or otherwise in proper
form: 

	 	(a) 	Consents
and Approvals. Each consent, authorization, approval,                     exemption,
filing, registration or qualification, if any, listed on Schedule 4.20 hereto
or which are otherwise necessary                     (under applicable Governmental Rules
or otherwise) for the Sellers to execute,                     deliver and perform the
Transaction. 

	 	(b) 	Secretary
or Manager’s Certificate. A certificate of the Secretary                     or
Manager, as applicable, of each of the Sellers dated the Closing Date and
                    certifying (i) that correct and complete copies of its
organizational                     documents are attached thereto, (ii) that correct
and complete copies of                     each resolution of its board of directors or
managers and members, as                     applicable, approving the Transaction
Documents and authorizing the execution                     thereof and the consummation
of the transactions contemplated thereby are                     attached thereto and
(iii) the incumbency and signatures of the managers or                     officers
of the Sellers, as applicable, authorized to execute and deliver the
                    Transaction Documents on behalf of the Sellers. 

	 	(c) 	Bill
of Sale. A bill of sale in form and substance mutually acceptable
                    to the parties (the “Bill of Sale”). 

	 	(d) 	Transition
Services Agreement. A transition services agreement in form                     and
substance mutually acceptable to the parties (the “Transition
                    Services Agreement”). 

	 	(e) 	Assignment
and Assumption. An assignment and assumption agreement in                     form
and substance mutually acceptable to the parties (the “Assignment
                    and Assumption Agreement,” together with this Agreement, the
Transition                     Services Agreement and the Bill of Sale, the “Transaction
                    Documents.”) 

	 	(f) 	Lease.
A lease agreement in substantially the form set forth on Exhibit A. 

	 	(g) 	Cancellation
of Payables. Evidence that the trade payables of Buyer or                     any of
its subsidiaries constituting the Purchase Price have been cancelled. 

	 	(h) 	Other
Closing Documents. All other agreements, certificates,
                    instruments, certifications and documents contemplated by this
Agreement or                     reasonably requested by the Buyer in order to fully
consummate the transactions                     contemplated by this Agreement and carry
out the purposes and intent of this                     Agreement. 

        7.03
 Documents to be Delivered by the Buyer. At the Closing, the Buyer shall deliver to
the Sellers, the following documents, in each case duly executed or otherwise in proper
form: 

-18- 

	 	(a) 	Cancellation
of Payables. Evidence that the trade payables or note                     payable of
any Seller constituting the Purchase Price have been cancelled. 

	 	(b) 	Secretary’s
Certificate. Buyer will have delivered to the Sellers a
                    certificate of the Secretary of Buyer dated the Closing Date and
certifying                     (i) that correct and complete copies of its charter
and bylaws are attached                     thereto, (ii) that correct and complete
copies of the resolution of its                     board of directors approving the
Transaction Documents and authorizing the                     execution thereof and the
consummation of the transactions contemplated thereby                     are attached
thereto and (iii) the incumbency and signatures of the                     officers
of Buyer authorized to execute and deliver the Transaction Documents on
                    behalf of Buyer. 

	 	(c) 	Transaction
Documents. The Assignment and Assumption Agreement and the
                    Transition Services Agreement. 

	 	(d) 	Lease.
A lease agreement in substantially the form set forth on Exhibit A. 

	 	(e) 	Certificate
of Resale. An Illinois Department of Revenue Form CRT-61,
                    Certificate of Resale. 

	 	(f) 	Other
Closing Documents. All other agreements, certificates,
                    instruments, certifications and documents contemplated by this
Agreement or                     reasonably requested by the Buyer in order to fully
consummate the transactions                     contemplated by this Agreement and carry
out the purposes and intent of this                     Agreement. 

ARTICLE VIII. 
INDEMNIFICATION 

        8.01
 Indemnification by the Sellers. Each of the Sellers shall defend, indemnify and
hold harmless the Buyer and its respective equity holders, directors, officers, employees
and agents (each a “Seller Indemnitee”) from and against any and all
claims (including without limitation any investigation, action or other proceeding,
whether instituted by a third party against a Seller Indemnitee or by a Seller Indemnitee
for the purpose of enforcing its rights hereunder), damages, losses, liabilities, costs
and expenses (including without limitation reasonable attorneys’ fees and court costs
including attorneys’ fees and costs incurred in connection with collecting,
investigating or bringing proceedings to collect the indemnity pursuant to this Section)
that constitute, or arise out of or in connection with: 

	 	(a) 	inaccuracy,
misrepresentation or breach of a representation or warranty of any                     of
the Sellers under this Agreement (disregarding for purposes of this Section
                    8.01(a) any “materiality”, in all material respects”,
or similar                     qualification contained therein or with respect thereto); 

	 	(b) 	default
by any of the Sellers in the performance or observance of any of their
                    respective covenants or agreements hereunder or under the Transaction
Documents;                     or 

	 	(c) 	any
Excluded Liability. 

-19- 

        8.02
 Third-Party Claims. If any investigation, action or other proceeding (each a
“Proceeding”) is initiated against any Seller Indemnitee by any third
party and such Seller Indemnitee intends to seek indemnification from the Seller (the
“Indemnitor”), as applicable, under this Article on account of its
involvement in such Proceeding, then such Seller Indemnitee will give prompt notice to the
applicable Indemnitor of such Proceeding; provided, that the failure to so notify such
Indemnitor will not affect such Indemnitor’s obligations under this Article, except
to the extent the Indemnitor is prejudiced thereby. Upon receipt of such notice, such
Indemnitor may undertake and control the defense against such Proceeding if the Indemnitor
admits that it has an indemnification obligation hereunder in which case such Indemnitor
will diligently defend against such Proceeding on behalf of such Seller Indemnitee using
counsel reasonably acceptable to such Seller Indemnitee and will pay all costs, expenses,
damages, judgments, awards, penalties and assessments incurred in connection therewith.
With the prior written consent of the Seller Indemnitee, the Indemnitor may defend against
such Proceeding without admitting that it has an indemnification obligation hereunder,
provided, in each case that if such Indemnitor fails or refuses to conduct such defense,
then such Seller Indemnitee may defend against such Proceeding at such Indemnitor’s
expense. Such Indemnitor or Seller Indemnitee, as applicable, may participate in any
Proceeding being defended against by the other at its own expense, and will not settle any
Proceeding without the prior consent of the other, which consent will not be unreasonably
withheld; provided, that the consent of an Indemnitor is not required if such Indemnitor
failed or refused to defend the Seller Indemnitee in the Proceeding that is being settled.
Such Indemnitor and Seller Indemnitee will cooperate with each other in the conduct of any
such Proceeding. 

        8.03
 Duration of Certain Indemnification Obligations. Except for claims involving fraud,
as to which claims may be brought without limitation as to time or amount no claims for
indemnification under Section 8.01(a) may be asserted after the
lapse of twenty-four (24) months after the Closing Date, except for claims arising under
Sections 4.01, 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.09, 4.12, 4.17 and
4.23 (collectively, the “Fundamental Representations”),
which may be asserted until sixty (60) days after the lapse of the statute of limitations
to which a particular claim relates. 

        8.04
 Certain Limitations on the Sellers’ Indemnification Liabilities. Except for
claims involving fraud and claims arising from any breach or inaccuracy of any of the
Fundamental Representations, as to which there shall be no limit on time or amount: 

	 	(a) 	the
Sellers will not have any indemnification obligation with respect to
                    individual claims or series of related claims for indemnification
under Section 8.01(a), unless and until the aggregate amount
                    of all such claims exceeds $75,000, in which case the Seller will be
liable for                     such claims in excess of $75,000. 

	 	(b) 	the
Sellers’ aggregate indemnification obligations under Section
                    8.01(a) shall not exceed $350,000. 

        8.05
 Joint and Several Liability. The liability of each of the Sellers for
indemnification under this Article VIII shall be joint and several. 

-20- 

        8.06
 Fraud. Notwithstanding anything to the contrary in this Agreement, the limitations
and thresholds set forth in Article VIII shall not apply with respect to (i) fraud,
intentional misrepresentation or willful breach or misconduct or (ii) any equitable
remedy, including a preliminary or permanent injunction or specific performance. 

        8.07
 Tax Treatment. Any indemnification payments under this Article will be treated,
for Tax purposes, as adjustments to the Purchase Price.  

ARTICLE IX. 
GENERAL PROVISIONS 

        9.01
 Assignment. Neither this Agreement nor any right, interest or obligation hereunder
may be assigned, pledged or otherwise transferred by any party, whether by operation of
law or otherwise, without the prior consent of the other party or parties. 

        9.02
 Confidentiality.  

	 	(a) 	As
used in this Section the “Confidential Information” of a
                    party means all information concerning or related to the business,
operations,                     financial condition or prospects of such party or any of
its Affiliates,                     regardless of the form in which such information
appears and whether or not such                     information has been reduced to a
tangible form, and specifically includes                     (i) all information
regarding the officers, directors, employees, equity                     holders,
customers, suppliers, distributors, sales representatives and licensees
                    of such party and its Affiliates, in each case whether present or
prospective,                     (ii) all inventions, discoveries, trade secrets,
processes, techniques,                     methods, formulae, ideas and know-how of such
party and its Affiliates,                     (iii) all financial statements, audit
reports, budgets and business plans                     or forecasts of such party and
its Affiliates and (iv) the Transaction                     Documents and the
transactions contemplated thereby; provided, that the                     Confidential
Information of a party does not include (A) information which                     is
or becomes generally known to the public through no act or omission of the
                    other party and (B) information which has been or hereafter is
lawfully                     obtained by the other party from a source other than the
party to whom such                     Confidential Information belongs (or any of its
Affiliates or their respective                     officers, directors, employees, equity
holders or agents) so long as, in the                     case of information obtained
from a third party, such third party was or is not,                     directly or
indirectly, subject to an obligation of confidentiality owed to the
                    party to whom such Confidential Information belongs or any of its
Affiliates at                     the time such Confidential Information was or is
disclosed to the other party. 

	 	(b) 	Except
as otherwise permitted by subsection (c) below, each party agrees that it
                    will not, without the prior written consent of the other party,
disclose or use                     for its own benefit any Confidential Information of
any other party. 

	 	(c) 	Notwithstanding
subsection (b) above, each of the parties is permitted to: 

	 	(i) 	disclose
Confidential Information of the other parties to its officers,
                    directors, employees, equity holders, lenders, agents and Affiliates,
but only                     to the extent reasonably necessary in order for such party
to perform its                     obligations and exercise its rights and remedies under
this Agreement, and such                     party will take all such action as are
necessary or desirable in order to ensure                     that each of such Persons
maintains the confidentiality of any Confidential                     Information that is
so disclosed;  

-21- 

	 	(ii) 	make
additional disclosures of or use for its own benefit Confidential
                    Information of the other party, but only if and to the extent that
such                     disclosures or use are specifically contemplated by this
Agreement; and  

	 	(iii) 	disclose
Confidential Information of the other party to the extent, but only to
                    the extent, required by Governmental Rules or the rules and
regulations of any                     national securities exchange or the Securities and
Exchange Commission.  

        9.03
 Dispute Resolution; Consent to Jurisdiction and Service of Process; Waiver of Jury
Trial.  

	 	(a) 	Any
claim, controversy or dispute arising between the parties with respect to
                    this Agreement or the other Transaction Documents (a
                    “Dispute”), to the maximum extent allowed by
applicable law,                     will be submitted to and finally resolved by binding
arbitration. Any party may                     file a written Demand for Arbitration with
the American Arbitration                     Association’s Chicago, Illinois
Regional Office, and will send a copy of                     the Demand for Arbitration
to the other parties. The arbitration will be                     conducted pursuant to
the terms of the Federal Arbitration Act and the                     Commercial
Arbitration Rules of the American Arbitration Association, except
                    that discovery may be had in accordance with the Federal Rules of
Civil                     Procedure. The venue for the arbitration will be Chicago,
Illinois. The                     arbitration will be conducted before a panel of three
arbitrators selected                     through the American Arbitration Association’s
arbitrator selection                     procedures. The arbitrators will promptly meet,
fix the time, date and place of                     the hearing and notify the parties.
The parties will stipulate that the                     arbitration hearing will last no
longer than five business days. A majority of                     the panel will render a
decision within ten (10) days of the completion of the                     hearing. The
panel of arbitrators will promptly transmit an executed copy of its
                    decision to the parties. The decision of the arbitrators will be
final, binding                     and conclusive upon the parties. Each party will have
the right to have the                     decision enforced by any court of competent
jurisdiction. Notwithstanding any                     other provision of this Section,
any Dispute in which a party seeks equitable                     relief may be brought as
provided in subsection (b) below. 

	 	(b) 	If,
notwithstanding subsection (a) above, any Dispute or enforcement action is
                    submitted to a court for resolution, then the following provisions
will apply: 

	 	(i) 	Each
party hereby:  (A) irrevocably submits to the exclusive
                    jurisdiction of any state or federal court sitting in Chicago,
Illinoisfor the purposes of any action or proceeding arising out of or relating to
                    any such Dispute; and (B) waives and agrees not to assert, by
way of                     motion, as a defense or otherwise, in any such action or
proceeding, any claim                     that (1) it is not personally subject to
the jurisdiction of such courts,                     (2) the action or proceeding is
brought in an inconvenient forum or                     (3) the venue of the action
or proceeding is improper.  

-22- 

	 	(ii) 	Each
party agrees that service in person or by certified or registered United
                    States mail to its address set forth in Section 9.07                    constitutes
valid in personam service upon such party and its successors
                    and assigns in any action or proceeding with respect to any matter as
to which                     it has submitted to jurisdiction hereunder.  

	 	(iii) 	The
parties waive the right to a trial by jury in any action or proceeding
                    arising out of or relating to any Dispute.  

	 	(c) 	The
parties acknowledge that this is a commercial transaction, that the
                    foregoing provisions for arbitration, consent to jurisdiction,
service of                     process and waiver of jury trial have been read,
understood and voluntarily                     agreed to by them and that by agreeing to
such provisions they are waiving                     important legal rights. The
obligations of the parties under this Section are                     specifically
enforceable and will survive any termination of this Agreement. 

        9.04
 Expenses. Except as otherwise specifically provided herein or in any other
Transaction Document, each party is responsible for such expenses as it may incur in
connection with the negotiation, preparation, execution, delivery, performance and
enforcement of the Transaction Documents. 

        9.05
 Further Assurances. The parties will from time to time do and perform such
additional acts and execute and deliver such additional documents and instruments as may
be required by applicable Governmental Rules or reasonably requested by any party to
establish, maintain or protect its rights and remedies or to affect the intents and
purposes of this Agreement and the other Transaction Documents. 

        9.06
 Knowledge Parties. References in this Agreement to the Sellers’ knowledge or
words of similar import mean (i) the actual knowledge of any of the Sellers’
officers, David Langevin and Lubomir Litchev after reasonable investigation of the
surrounding circumstances; or (ii) the actual knowledge of the shareholders of the
Sellers. 

        9.07
 Notices. Unless otherwise specifically provided herein, all notices, consents,
requests, demands and other communications required or permitted hereunder: (a) will
be in writing; (b) will be sent by messenger, certified or registered United States
mail, a reliable express delivery service or telecopier (with a copy sent by one of the
foregoing means), charges prepaid as applicable, to the appropriate address(es) or
number(s) set forth below; and (c) will be deemed to have been given on the date of
receipt by the addressee (or, if the date of receipt is not a business day, on the first
business day after the date of receipt), as evidenced by (i) a receipt executed by the
addressee (or a responsible person in his or her office), the records of the Person
delivering such communication or a notice to the effect that such addressee refused to
claim or accept such communication, if sent by messenger, United States mail or express
delivery service, or (ii) a receipt generated by the sender’s telecopier showing that
such communication was sent to the appropriate number on a specified date, if sent by
telecopier. All such communications will be sent to the following addresses or numbers, or
to such other addresses or numbers as any party may inform the others by giving five
business days’ prior notice: 

-23- 

		
	If to the Sellers:	If to Buyer:
	
GT Distribution, LLC	
Veri-Tek International, Corp.
	7402 West 100th Place	7402 West 100th Place
	Bridgeview, IL 60455	Bridgeview, IL 60455
	Attn.:  Chief Executive Officer	Attn.: Chief Executive Officer
	FAX No.:  (708) 430-4056	FAX No.: (708) 430-4056

with a copy to: 

Kristin Skandalaris, Esq.

33 Bloomfield Hills Parkway, Suite 240

Bloomfield Hills, Michigan 48304 

        9.08
 Publicity. Neither party will make any press release or other public announcement
regarding this Agreement or the other Transaction Documents or any transaction
contemplated hereby or thereby until the text of such release or announcement has been
submitted to the other party and the other party has approved the same. 

        9.09
 Miscellaneous. This Agreement: (a) may be amended only by a writing signed by
each of the parties; (b) may be executed in several counterparts, each of which is
deemed an original but all of which constitute one and the same instrument;
(c) together with the other Transaction Documents, contains the entire agreement of
the parties with respect to the transactions contemplated hereby and thereby and
supersedes all prior written and oral agreements, and all contemporaneous oral agreements,
relating to such transactions; (d) is governed by, and will be construed and enforced
in accordance with, the laws of the State of Illinois, without giving effect to any
conflict of laws rules; and (f) is binding upon, and will inure to the benefit of,
the parties and their respective successors and permitted assigns. The due performance or
observance by a party of any of its obligations under this Agreement may be waived only by
a writing signed by the party against whom enforcement of such waiver is sought, and any
such waiver will be effective only to the extent specifically set forth in such writing.
The waiver by a party of any breach or violation of any provision of this Agreement will
not operate as, or be construed to be, a waiver of any subsequent breach or violation
hereof. Any provision of this Agreement which is prohibited or unenforceable in any
jurisdiction will, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining portions hereof or
affecting the validity or enforceability of such provision in any other jurisdiction. 

-24- 

SIGNATURE PAGE TO
ASSET PURCHASE AGREEMENT 

		
	 	SELLERS: 
	 	
GT DISTRIBUTION, LLC
	 	

By: /s/ Paul Jarrell
	 	
Title: Vice President, Chief Financial Officer and Secretary
	 	

SCHAEFF LIFT TRUCK INC.
	 	

By: /s/ Paul Jarrell
	 	
Title: Vice President, Chief Financial Officer and Secretary
	 	

CRANE & MACHINERY, INC.
	 	

By: /s/ Paul Jarrell
	 	
Title: Vice President, Chief Financial Officer and Secretary
	 	

BUYER: 
	 	
VERI-TEK INTERNATIONAL, CORP.
	 	

By: /s/ Andrew Rooke
	 	
Title: President and Chief Operating Officer

-25- 

		
	 	BUYER SUBSIDIARIES: 
	 	

MANITEX LIFTKING, ULC
	 	

By: /s/ Andrew Rooke
	 	
Title: President and Chief Operating Officer
	 	

MANITEX, INC.
	 	

By: /s/ Andrew Rooke
	 	
Title: President and Chief Operating Officer

-26- 

INDEX OF DEFINED TERMS 

The following terms are defined in
the Agreement on the following page:  

	 	
	Definition  	Page 
	
CASES 	 
	
12-31-06 Balance Sheet 	9 
	
Accounts Receivable 	3 
	
Affiliate 	15 
	
Agreement 	1 
	
Assumed Business Agreements 	2 
	
Assumed Warranty Liabilities 	4 
	
Beneficial Rights 	7 
	
Business Agreements 	2 
	
Business Permits 	2 
	
Buyer 	1 
	
Closing 	17 
	
Closing Date 	17 
	
COBRA 	6 
	
Confidential Information 	20 
	
control 	15 
	
Current Financial Statements 	9 
	
Dispute 	21 
	
Environmental Liabilities 	7 
	
Environmental Rule 	7 

-1-

	 	
	Definition  	Page 
	
ERISA 	6 
	
Excluded Assets 	3 
	
Excluded Business Agreements 	4 
	
Excluded Liability 	5 
	
Facilities 	1 
	
Financial Statement Date 	10 
	
Financial Statements 	9 
	
Governmental Entities 	6 
	
Hazardous Substance 	6 
	
Indemnitor 	20 
	
Intellectual Property 	2 
	
Inventory 	2 
	
Liability 	10 
	
Liens 	12 
	
Noble Forklift Production 	1 
	
Pension Plan 	3 
	
Person 	15 
	
Proceeding 	20 
	
Purchase Price Allocation 	8 
	
Purchased Assets 	1 
	
Related Party 	15 
	
Seller 	1 
	
Seller Indemnitee 	19 
	
Tax Returns 	10 

-2-

	 	
	Definition  	Page 
	
Taxes 	10 
	
Transaction Documents 	18 
	
WARN Act 	6 
	
Welfare Plan 	3 

-3-

INDEX OF SCHEDULES 

	  	
	  	Page 
	
OTHER AUTHORITIES  	 
	
Schedule 2.01(a)  	2 
	
Schedule 2.03(g)  	5 
	
Schedule 4.01  	8 
	
Schedule 4.05  	9 
	
Schedule 4.06  	9 
	
Schedule 4.07  	10 
	
Schedule 4.08  	11 
	
Schedule 4.09  	11 
	
Schedule 4.10  	12 
	
Schedule 4.11  	12 
	
Schedule 4.12  	12 
	
Schedule 4.14  	13 
	
Schedule 4.15  	13 
	
Schedule 4.16  	13 
	
Schedule 4.17  	13 
	
Schedule 4.18  	13 
	
Schedule 4.19  	14 
	
Schedule 4.20  	14 
	
Schedule 4.21  	15 
	
Schedule 4.22  	17 
	
Schedule 4.23  	15 

-1-BUCYRUS INTERNATIONAL,
INC. 

and 

LASALLE BANK NATIONAL
ASSOCIATION 

Rights Agent 

     _________________ 

RIGHTS AGREEMENT 

Dated as of
August 2, 2007 

TABLE OF CONTENTS 

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

i  

			
	
Section 24.	Exchange	22 
	
Section 25.	Notice of Certain Events	23 
	
Section 26.	Notices	23 
	
Section 27.	Supplements and Amendments	24 
	
Section 28.	Successors	25 
	
Section 29.	Benefits of this Agreement	25 
	
Section 30.	Severability	25 
	
Section 31.	Governing Law	25 
	
Section 32.	Counterparts	25 
	
Section 33.	Descriptive Headings	25 
	
Section 34.	Determinations and Actions by the Board of Directors	25 

	 	
Exhibit
A – Terms of Series A Junior Participating Preferred Stock 

	 	
Exhibit
B — Form of Right Certificate 

	 	
Exhibit
C — Summary of Rights to Purchase Preferred Shares 

ii 

RIGHTS AGREEMENT  

        THIS
AGREEMENT, dated as of August 2, 2007, between BUCYRUS INTERNATIONAL,
INC., a Delaware corporation (the “Company”), and LASALLE BANK NATIONAL
ASSOCIATION, a New York banking corporation (the “Rights Agent”). 

        WHEREAS,
the Board of Directors of the Company has authorized and declared a dividend of one
preferred share purchase right (a “Right”) for each Common Share (as such term
is hereinafter defined) of the Company outstanding upon the close of business on
August 16, 2007 (the “Record Date”) payable on September 3, 2007 (the
“Payment Date”), and has authorized and directed the issuance of one Right with
respect to each Common Share that shall become outstanding between the Record Date and the
earliest of the Distribution Date, the Redemption Date and the Final Expiration Date (as
such terms are hereinafter defined), each Right representing the right to purchase one
one-hundredth of a Preferred Share (as hereinafter defined) of the Company 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 Common Shares of the           Company
then outstanding, but shall not include the Company, any Subsidiary (as           such
term is hereinafter defined) of the Company, an employee benefit plan of           the
Company or any Subsidiary of the Company, any entity holding Common Shares           for
or pursuant to the terms of any such plan, any trustee, administrator or
          fiduciary of such a plan, or any Exempt Person (as such term is hereinafter defined).
Notwithstanding the foregoing, no Person shall become
          an “Acquiring Person” as a result of an acquisition of Common Shares
          by the Company which, by reducing the number of shares outstanding, increases
          the proportionate number of shares beneficially owned by such Person to 15% or
          more of the Common Shares of the Company then outstanding; provided,
          however, that if a Person would, but for the foregoing, become an Acquiring
          Person by reason of share purchases by the Company and shall, after such share
          purchases by the Company, become the Beneficial Owner of any additional Common
          Shares of the Company at any time that the Person is or thereby becomes the
          Beneficial Owner of 15% or more of the Common Shares of the Company then
          outstanding (other than Common Shares acquired solely as a result of corporate
          action of the Company not caused, directly or indirectly, by such Person), then
          such Person shall be deemed to be an “Acquiring Person”.
          Notwithstanding the foregoing, if the Board of Directors of the Company
          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 Common Shares so that such
Person           would no longer be an “Acquiring Person,” as defined pursuant
to the           foregoing provisions of this paragraph (a), then such Person shall
not be           deemed to be an “Acquiring Person” for any purposes of this
Agreement.  

        (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 Securities
Exchange Act of 1934, as amended (the           “Exchange Act”), as in effect
at the Effective Time.  

  

        (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           beneficially
owns, directly or indirectly;  

	 	        (ii)          which
such Person or any of such Person’s Affiliates or Associates has (A)           the
right to acquire (whether such right is exercisable immediately or only           after
the passage of time) pursuant to any agreement, arrangement or           understanding
(other than customary agreements with and between underwriters and           selling
group members with respect to a bona fide public offering of           securities), or
upon the exercise of conversion rights, exchange rights, 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,
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) the right to
vote pursuant to any agreement, arrangement or           understanding; provided,
however, that a Person shall not be deemed the           Beneficial Owner of, or to
beneficially own, any security if the agreement,           arrangement or understanding
to vote such security (1) arises solely from a           revocable proxy or consent given
to such Person in response to a public proxy or           consent solicitation made
pursuant to, and in accordance with, the applicable           rules and regulations of
the Exchange Act and (2) is not also then reportable 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 with           which
such Person or any of such Person’s Affiliates or Associates has any
          agreement, arrangement or understanding (other than customary agreements with
          and between underwriters and selling group members with respect to a bona fide
          public offering of securities) for the purpose of, or with respect to,
          acquiring, holding, voting (except to the extent contemplated by the proviso to
          Section 1(c)(ii)(B)) or disposing of any securities of the Company.  

        Notwithstanding
anything in this definition of Beneficial Ownership to the contrary, the phrase “then
outstanding,” when used with reference to a Person’s Beneficial Ownership of
securities of the Company, shall mean the number of such securities then issued and
outstanding together with the number of such securities not then actually issued and
outstanding which such Person would be deemed to own beneficially hereunder. 

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

        (e)              “Close
of business” on any given date shall mean 5:00 P.M., Milwaukee,           Wisconsin
time, on such date; provided, however, that if such date is not           a
Business Day it shall mean 5:00 P.M., Milwaukee, Wisconsin time, on the next
          succeeding Business Day.  

        (f)              “Common
Shares” when used with reference to the Company shall mean the           shares of
common stock, par value $.01 per share, of the Company, or shares           having
equivalent rights, privileges and preferences to common stock.           “Common
Shares” when used with reference to any Person other than the           Company
shall mean the capital stock (or equivalent equity interest) with the           greatest
voting power of such other Person or, if such other Person is a           Subsidiary of
another Person, the Person or Persons that ultimately control such
          first-mentioned Person.  

2 

        (g)              “Distribution
Date” shall have the meaning set forth in           Section 3(a) hereof.  

        (h)    
 “Effective Time” shall mean the close of business on August 2, 2007. 

        (i)    
“Exempt Person” shall mean any Person who or which, together with all
Affiliates and Associates of such Person, is as at the Effective Time, the Beneficial
Owner of 15% or more of the Common Shares of the Company then outstanding; provided,
however, that any such Exempt Person shall cease to be an Exempt Person in the event that,
at any time subsequent to the Effective Time, such Exempt Person acquires additional Common Shares of the Company
in an amount such that the resulting percentage of Common Shares of the Company beneficially owned
by such Exempt Person exceeds by more than 1% the percentage of Common Shares of the Company beneficially owned by such
Exempt Person as at the Effective Time, and provided further that any Exempt Person who after the
Effective Time becomes the Beneficial Owner of less than 15% of the Common Shares of the Company then
outstanding shall cease to be an Exempt Person and shall be subject to all of the provisions of this
Agreement in the same manner as any Person who is not and was not an Exempt Person. 

        (j)              “Final
Expiration Date” shall have the meaning set forth in           Section 7
hereof.  

        (k)              “Person” shall
mean any individual, firm, corporation or other entity,           and shall include any
successor (by merger or otherwise) of such entity.  

        (l)              “Preferred
Shares” shall mean shares of Series A Junior Participating           Preferred
Stock, par value $.01 per share, of the Company having the preferences           and
rights set forth in Exhibit A attached to this Agreement.  

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

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

        (o)              “Subsidiary” of
any Person shall mean any corporation or other entity           of which a majority of
the voting power of the voting equity securities or           equity interest is owned,
directly or indirectly, by such Person.  

        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.  

        Section
3. Issue of Right Certificates.  

        (a)              Until
the earlier of (i) the tenth day after the Shares Acquisition Date or (ii)           the
tenth Business Day (or such later date as may be determined by action of the
          Company’s Board of Directors prior to such time as any Person becomes an
          Acquiring Person) after the date of the commencement of, or of the first public
          announcement of the intention of any Person to commence, a tender or exchange
          offer the consummation of which would result in 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, any entity holding Common Shares
for or           pursuant to the terms of any such plan, any trustee, administrator
or           fiduciary of such a plan, or any Exempt Person) becoming the Beneficial Owner of Common Shares of
the           Company aggregating 15% or more of the then outstanding Common Shares
(including           in either case any such date which is after the Effective Time
and prior           to the Record Date; the earlier of such dates being herein
referred to as the           “Distribution Date”; provided, however, that
if the tenth day           or Business Day, as the case may be, after the pertinent date
occurs before the           Record Date, “Distribution Date” shall mean the
Record Date),           (x) the Rights will be evidenced (subject to the provisions
of           Section 3(b) hereof) by the certificates for Common Shares of the
Company           registered in the names of the holders thereof (which certificates
shall also be           deemed to be Right Certificates) and not by separate Right
Certificates, and (y)           the right to receive Right Certificates will be
transferable only in connection           with the transfer of Common Shares of the
Company. As soon as practicable after           the Distribution Date, the Company will
prepare and execute, the Rights Agent           will countersign, and the Company will
send or cause to be sent (and the Rights           Agent will, if requested, send) by
first-class, insured, postage-prepaid mail,           to each record holder of Common
Shares of the Company as of the close of           business on the Distribution Date, at
the address of such holder shown on the           records of the Company, a Right
Certificate, in substantially the form of           Exhibit B hereto (a “Right
Certificate”), evidencing one Right for           each Common Share of the Company
so held. As of the Distribution Date, the           Rights will be evidenced solely by
such Right Certificates.  

3

        (b)              The
Company has prepared a Summary of Rights to Purchase Preferred Shares,           attached
as Exhibit C hereto (the “Summary of Rights”), a copy of           which is
available free of charge from the Company. With respect to certificates           for
Common Shares of the Company outstanding as of the Record Date, until the
          Distribution Date, the Rights will be evidenced by such certificates registered
          in the names of the holders thereof. Until the Distribution Date (or the
earlier           of the Redemption Date or Final Expiration Date), the surrender for
transfer of           any certificate for Common Shares of the Company outstanding on the
Record Date,           with or without a copy of the Summary of Rights attached thereto,
shall also           constitute the transfer of the Rights associated with the Common
Shares           represented thereby.  

        (c)              Certificates
for Common Shares of the Company that become outstanding           (including, without
limitation, certificates for reacquired Common Shares           referred to in the last
sentence of this paragraph (c) and certificates issued           on the transfer of
Common Shares) after the Record Date but prior to the           earliest of the
Distribution Date, the Redemption Date or the Final Expiration           Date shall have
impressed on, printed on, written on or otherwise affixed to           them a legend in
substantially the following form:  

	 	        This
certificate also evidences and entitles the holder hereof to certain rights as set forth
in a Rights Agreement between Bucyrus International, Inc. and LaSalle Bank National
Association, dated as of August 2, 2007, and as such agreement may be amended (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 Bucyrus
International, Inc. 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. Bucyrus International, Inc. will mail to the holder of this certificate
a copy of the Rights Agreement without charge after receipt of a written request
therefor. Under certain circumstances set forth in the Rights Agreement, Rights issued
to, or held by, an Acquiring Person or any Affiliate or Associate thereof (as such terms
are defined in the Rights Agreement), whether held by such person or any subsequent
holder, shall become null and void.  

With respect to such certificates
containing the foregoing legend, until the Distribution Date, the Rights associated with
the Common Shares represented by such certificates shall be evidenced by such certificates
alone, and the surrender for transfer of any such certificate shall also constitute the
transfer of the Rights associated with the Common Shares represented thereby. In the event
that the Company purchases or acquires any Common Shares after the Record Date but prior
to the Distribution Date, any Rights associated with such Common Shares shall be deemed
cancelled and retired so that the Company shall not be entitled to exercise any Rights
associated with the Common Shares which are no longer outstanding. 

4 

        Section
4. Form of Right Certificates. The Right Certificates (and the forms of
election to purchase Preferred Shares and of assignment to be printed on the reverse
thereof) shall be substantially the same as Exhibit B hereto and may have such marks of
identification or designation and such legends, summaries or endorsements printed thereon
as the Company may deem appropriate and as are not inconsistent with the provisions of
this Agreement, or as may be required to comply with any applicable law or with any rule
or regulation made pursuant thereto or with any rule or regulation of any stock exchange
on which the Rights may from time to time be listed, or to conform to usage. Subject to
the provisions of Section 22 hereof, the Right Certificates shall entitle the
holders thereof to purchase such number of one one-hundredths of a Preferred Share as
shall be set forth therein at the price per one one-hundredth of a Preferred Share set
forth therein (the “Purchase Price”), but the amount and type of securities
purchasable upon exercise of each Right and the Purchase Price shall be subject to
adjustment as provided herein.  

        
Section 5. Countersignature and Registration.  

        (a)              The
Right Certificates shall be executed on behalf of the Company by its Chief
          Executive Officer or any Vice President either manually or by facsimile
          signature, shall have affixed thereto the Company’s seal or a facsimile
          thereof, and shall be attested by the Treasurer, an Assistant Treasurer, the
          Secretary or an Assistant Secretary of the Company, either manually or by
          facsimile signature. The Right Certificates shall be manually countersigned by
          the Rights Agent and shall not be valid for any purpose unless countersigned.
In           case any officer of the Company who shall have signed any of the Right
          Certificates shall cease to be such officer of the Company before
          countersignature by the Rights Agent and issuance and delivery by the Company,
          such Right 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 individual who signed such Right Certificates had not ceased to be
such           officer of the Company; and any Right Certificate may be signed on behalf
of the           Company by any person who, at the actual date of the execution of such
Right           Certificate, shall be a proper officer of the Company to sign such Right
          Certificate, although at the Effective Time any
          such individual was not such an officer.  

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

        
Section 6. Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated,
Destroyed, Lost or Stolen Right Certificates.  

        (a)              Subject
to the provisions of 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 Redemption Date or the Final Expiration Date, any Right
          Certificate or Right Certificates (other than Right Certificates representing
          Rights that have become void pursuant to Section 11(a)(ii) hereof or that
          have been exchanged pursuant to Section 24 hereof) may be transferred,
          split up, combined or exchanged for another Right Certificate or Right
          Certificates, entitling the registered holder to purchase a like number of one
          one-hundredths of a Preferred Share as the Right Certificate or Right
          Certificates surrendered then entitled such holder to purchase. Any registered
          holder desiring to transfer, split up, combine or exchange any Right
Certificate           or Right Certificates shall make such request in writing delivered
to the Rights           Agent, and shall surrender the Right Certificate or Right
Certificates to be           transferred, split up, combined or exchanged at the
principal office of the           Rights Agent. Thereupon the Rights Agent shall
countersign and deliver to the           person entitled thereto a Right Certificate or
Right Certificates, as the case           may be, as so requested. The Company may
require payment of a sum sufficient to           cover any tax or governmental charge
that may be imposed in connection with any           transfer, split up, combination or
exchange of Right 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 Right           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 Right Certificate if
mutilated, the Company will make and deliver a new           Right Certificate of like
tenor to the Rights Agent for delivery to the           registered holder in lieu of the
Right Certificate so lost, stolen, destroyed or           mutilated.  

5 

        
Section 7. Exercise of Rights; Purchase Price; Expiration Date of Rights.  

        (a)              The
registered holder of any Right Certificate may exercise the Rights evidenced
          thereby (except as otherwise provided herein) in whole or in part at any time
          after the Distribution Date upon surrender of the Right Certificate, with the
          form of election to purchase on the reverse side thereof duly executed, to the
          Rights Agent at the principal office of the Rights Agent, together with payment
          of the Purchase Price for each one one-hundredth of a Preferred Share as to
          which the Rights are exercised, at or prior to the earliest of (i) the close of
          business on August 2, 2017, subject to extension (the “Final
          Expiration Date”), (ii) the time at which the Rights are redeemed as
          provided in Section 23 hereof (the “Redemption Date”), and (iii)
          the time at which such Rights are exchanged as provided in Section 24
          hereof.  

        (b)              The
Purchase Price for each one one-hundredth of a Preferred Share pursuant to           the
exercise of a Right shall initially be $200.00, 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 or           in
Common Shares of the Company in accordance with paragraph (c) below.  

        (c)              Upon
receipt of a Right Certificate representing exercisable Rights, with the           form
of election to purchase duly executed, accompanied by payment of the           Purchase
Price for the shares to be purchased and an amount equal to any           applicable
transfer tax required to be paid by the holder of such Right           Certificate in
accordance with Section 9 hereof, as set forth below, the           Rights Agent
shall thereupon promptly (i) (A) requisition from any transfer           agent of the
Preferred Shares certificates for the number of Preferred Shares to           be
purchased and the Company hereby irrevocably authorizes its transfer agent to
          comply with all such requests, or (B) requisition from the depositary agent
          depositary receipts representing such number of one one-hundredths of a
          Preferred Share as are to be purchased (in which case certificates for the
          Preferred Shares represented by such receipts shall be deposited by the
transfer           agent with the depositary agent), (ii) when appropriate,
requisition from           the Company the amount of cash to be paid in lieu of issuance
of fractional           shares in accordance with Section 14 hereof, (iii) after
receipt of such           certificates or depositary receipts, cause the same to be
delivered to or upon           the order of the registered holder of such Right
Certificate, registered in such           name or names as may be designated by such
holder and (iv) when appropriate,           after receipt, deliver such cash to or upon
the order of the registered holder           of such Right Certificate. The payment of
the Purchase Price (as such amount may           be reduced pursuant to Section 11(a)(iii)
hereof) shall be made by           certified check, cashier’s check, bank draft or
money order payable to the           order of the Company, except that, if so provided by
the Board of Directors of           the Company, the payment of the Purchase Price
following the occurrence of a           Section 11(a)(ii) Event (as hereinafter
defined) and until the first           occurrence of a Section 13 Event (as
hereinafter defined) may be made           wholly or in part by delivery of a certificate
or certificates (with appropriate           stock powers executed in blank attached
thereto) evidencing a number of Common           Shares of the Company equal to the then
Purchase Price divided by the closing           price (as determined pursuant to Section 11(d)
hereof) per Common Share on           the Trading Day (as such term is hereinafter
defined) immediately preceding the           date of such exercise. If the Company is
obligated to issue other securities 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 other securities, cash and/or other
property are available for           distribution by the Rights Agent, if and when
appropriate.  

6 

        (d)              In
case the registered holder of any Right Certificate shall exercise less than
          all the Rights evidenced thereby, a new Right Certificate evidencing Rights
          equivalent to the Rights remaining unexercised shall be issued by the Rights
          Agent to the registered holder of such Right Certificate or to his duly
          authorized assigns, subject to the provisions of Section 14 hereof.  

        (e)              Notwithstanding
anything in this Agreement to the contrary, neither the Rights           Agent nor the
Company shall be obligated to take any action with respect to a           registered
holder of a Right Certificate upon the occurrence of any purported           transfer,
assignment or exercise as set forth in this Section 7 unless such
          registered holder shall have (i) completed and signed the certificate following
          the form of assignment or election to purchase set forth on the reverse of the
          Right Certificate surrendered for such transfer, assignment or 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.  

        
Section 8. Cancellation and Destruction of Right Certificates. All Right
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 Right Certificates shall be issued in lieu
thereof except as expressly permitted by any of the 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 Right Certificate purchased or
acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall
deliver all cancelled Right Certificates to the Company or shall, at the written request
of the Company, destroy such cancelled Right Certificates, and in such case shall deliver
a certificate of destruction thereof to the Company.  

        
Section 9. Reservation and Availability of Preferred Shares.  

        (a)              The
Company covenants and agrees that it will cause to be reserved and kept
          available out of its authorized and unissued Preferred Shares or any authorized
          and issued Preferred Shares held in its treasury the number of Preferred Shares
          that will be sufficient to permit the exercise in full of all outstanding
Rights           in accordance with Section 7.  

        (b)              So
long as the Preferred Shares issuable upon the exercise of Rights may be           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           Preferred
Shares reserved for such issuance to be listed on such exchange upon           official
notice of issuance upon such exercise.  

        (c)              The
Company covenants and agrees that it will take all such action as may be
          necessary to ensure that all Preferred Shares delivered upon exercise of Rights
          shall, at the time of delivery of the certificates for such shares (subject to
          payment of the Purchase Price), be duly and validly authorized and issued and
          fully paid and nonassessable shares (except as otherwise provided by any
          corporation law applicable to the Company).  

        (d)              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 Right Certificates or of any
          Preferred Shares upon the exercise of Rights. The Company shall not, however,
be           required to pay any transfer tax which may be payable in respect of any
transfer           or delivery of Right Certificates to a person other than, or the
issuance or           delivery of certificates for the Preferred Shares in a name other
than that of,           the registered holder of the Right Certificate evidencing Rights
surrendered for           exercise or to issue or to deliver any certificates for
Preferred Shares upon           the exercise of any Rights until any such tax shall have
been paid (any such tax           being payable by the holder of such Right Certificate
at the time of surrender)           or until it has been established to the Company’s
reasonable satisfaction           that no such tax is due.  

7 

        
Section 10. Preferred Shares Record Date. Each Person in whose name any
certificate for Preferred Shares is issued upon the exercise of Rights shall for all
purposes be deemed to have become the holder of record of the Preferred Shares
represented thereby on, and such certificate shall be dated, the date upon which the
Right Certificate evidencing such Rights was duly surrendered and payment of the Purchase
Price (and any applicable transfer taxes) was made; provided, however, that if the
date of such surrender and payment is a date upon which the Preferred Shares transfer
books of the Company are closed, such Person shall be deemed to have become the record
holder of such shares on, and such certificate shall be dated, the next succeeding
Business Day on which the Preferred Shares transfer books of the Company are open.  

        Section
11. Adjustment of Purchase Price, Number of Shares or Number of Rights.
The Purchase Price, the number of Preferred 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 Effective Time (A)
declare a dividend on the Preferred Shares payable in Preferred Shares, (B)
          subdivide the outstanding Preferred Shares, (C) combine the outstanding
          Preferred Shares into a smaller number of Preferred Shares or (D) issue any
          shares of its capital stock in a reclassification of the Preferred Shares
          (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), 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 capital stock issuable on such date, shall be proportionately
adjusted           so that the holder of any Right exercised after such time shall be
entitled to           receive the aggregate number and kind of shares of capital stock
which, if such           Right had been exercised immediately prior to such date and at a
time when the           Preferred Shares 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 Section 11(a)(i) and
          Section 11(a)(ii), 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).  

	 	 
       (ii)       
              Subject
to Section 24 of this Agreement, in the event any Person shall                become
an Acquiring Person, other than pursuant to any transaction set forth in
               Section 13(a), each holder of a Right shall thereafter have a right
to                receive, upon exercise thereof at a price equal to the then current
Purchase                Price multiplied by the number of one one-hundredths of a
Preferred Share for                which a Right is then exercisable, in accordance with
the terms of this                Agreement and in lieu of Preferred Shares, such number
of Common Shares of the                Company as shall equal the result obtained by (x)
multiplying the then current                Purchase Price by the number of one
one-hundredths of a Preferred Share for                which a Right is then exercisable
and dividing that product by (y) 50% of the                then current per share market
price of the Common Shares of the Company                (determined pursuant to Section 11(d))
on the date the Person became an                Acquiring Person (such number of shares,
the “Adjustment Shares”).  

8 

	 	        From
and after such time as a Person becomes an Acquiring Person (a
“Section 11(a)(ii) Event”), any Rights that are or were acquired or
beneficially owned by such Acquiring Person (or any Associate or Affiliate of such
Acquiring Person) shall be void and any holder of such Rights shall thereafter have no
right to exercise such Rights under any provision of this Agreement. No Right Certificate
shall be issued pursuant to Section 3 that represents Rights beneficially owned by an
Acquiring Person whose Rights would be void pursuant to the preceding sentence or any
Associate or Affiliate thereof; no Right Certificate shall be issued at any time upon the
transfer of any Rights to an Acquiring Person whose Rights would be void pursuant to the
preceding sentence or any Associate or Affiliate thereof or to any nominee of such
Acquiring Person, Associate or Affiliate; and any Right Certificate delivered to the
Rights Agent for transfer to an Acquiring Person whose Rights would be void pursuant to
the preceding sentence shall be cancelled. The Company shall use all reasonable efforts to
ensure that the provisions of this paragraph are complied with, but shall have no
liability to any holder of Right 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. 

	 	        (iii)                      In
the event that there shall not be sufficient Common Shares of the Company
               issued but not outstanding or authorized but unissued (and not reserved
for                issuance for purposes other than upon exercise of the Rights) to
permit the                exercise in full of the Rights in accordance with the foregoing
subparagraph                (ii), the Company shall: (A) determine the excess of (1) the
value of the                Adjustment Shares issuable upon the exercise of a Right (the
“Current                Value”) over (2) the Purchase Price (such excess, the
“Spread”),                and (B) with respect to each Right, make adequate
provision to substitute for                the Adjustment Shares, upon payment of the
applicable Purchase Price, (1) cash,                (2) a reduction in the Purchase
Price, (3) equity securities of the Company                (including, without
limitation, one one-hundredth of a Preferred Share or                shares, or units of
shares, of preferred stock which the Board of Directors of                the Company has
deemed to have the same value as Common Shares of the Company                (such one
one-hundredth of a Preferred Share or shares of preferred stock,
               hereinafter referred to as “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 of Directors of the
Company                based upon the advice of a nationally recognized investment
banking firm                selected by the Board of Directors of the Company; provided,
however, if                the Company shall not have made adequate provision to
substitute for the                Adjustment Shares pursuant to clause (B) above within
thirty (30) days following                the occurrence of a Section 11(a)(ii)
Event (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 any portion of the Purchase
Price, Common Shares of the                Company (to the extent available) and then, if
necessary, cash, which shares                and/or cash have an aggregate value equal to
the Spread. If the Board of                Directors of the Company shall determine in
good faith that it is likely that                sufficient additional Common Shares of
the Company might be authorized for                issuance for exercise in full of the
Rights, the thirty (30) day period set                forth above may be extended to the
extent necessary, but not more than ninety                (90) days after the Section 11(a)(ii)
Trigger Date, in order that the                Company may seek stockholder approval for
the authorization of such additional                shares (such period, as it may be
extended, the “Substitution                Period”). To the extent that the
Company determines that some action need                be taken pursuant to the first
and/or second sentences of this                Section 11(a)(iii), the Company (x)
shall provide, subject to the last                paragraph of Section 11(a)(ii)
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 to seek any                authorization of additional shares
and/or to decide the appropriate form of                distribution to be made pursuant
to such first sentence and to determine the                value thereof. In the event of
any such suspension, the Company shall issue a                public announcement stating
that the exercisability of the Rights has been                temporarily suspended, as
well as a public announcement at such time as the                suspension is no longer
in effect. For purposes of this Section 11(a)(iii),                the value of the
Common Shares of the Company shall be the current per share                market price
(as determined pursuant to Section 11(d) hereof) of the Common                Shares
of the Company 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 Shares of the Company on such date.  

9 

        (b)              In
case the Company shall fix a record date for the issuance of rights, options           or
warrants to all holders of Preferred Shares entitling them (for a period
          expiring within 45 calendar days after such record date) to subscribe for or
          purchase Preferred Shares (or shares having the same rights, privileges and
          preferences as the Preferred Shares (“equivalent preferred shares”))
          or securities convertible into Preferred Shares at a price per Preferred Share
          or equivalent preferred share (or having a conversion price per share, if a
          security convertible into Preferred Shares or equivalent preferred shares) less
          than the then current per share market price of the Preferred Shares (as
defined           in Section 11(d)) 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 Preferred Shares outstanding on such
record date           plus the number of Preferred Shares which the aggregate offering
price of the           total number of Preferred Shares and/or equivalent preferred
shares 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 Preferred Shares
outstanding on such           record date plus the number of additional Preferred Shares
and/or equivalent           preferred shares 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
of Directors of the Company, whose           determination shall be described in a
statement filed with the Rights Agent.           Preferred Shares owned by or held for
the account of the Company shall not be           deemed outstanding for the purpose of
any such computation. Such adjustment           shall be made successively whenever such
a record date is fixed; and in the           event that such rights, options or warrants
are not so issued, the Purchase           Price shall be adjusted to be the Purchase
Price which would then be in effect           if such record date had not been fixed.  

        (c)              In
case the Company shall fix a record date for the making of a distribution to
          all holders of the Preferred Shares (including any such distribution made in
          connection with a consolidation or merger in which the Company is the
continuing           or surviving corporation) of evidences of indebtedness or assets
(other than a           regular quarterly cash dividend or a dividend payable in
Preferred Shares) or           subscription rights or warrants (excluding those referred
to in           Section 11(b)), 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           then current per share market price of the Preferred Shares (as
defined in           Section 11(d)) on such record date, less the fair market value (as
determined in           good faith by the Board of Directors of the Company, whose
determination shall           be described in a statement filed with the Rights Agent) of
the portion of the           assets or evidences of indebtedness so to be distributed or
of such subscription           rights or warrants applicable to one Preferred Share and
the denominator of           which shall be such current per share market price of the
Preferred Shares; 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 to be issued upon exercise of one
Right.           Such adjustments shall be made successively whenever such a record date
is           fixed; and in the event that such distribution is not so made, the Purchase
          Price shall again be adjusted to be the Purchase Price which would then be in
          effect if such record date had not been fixed.  

10 

        (d)              (i)
For the purpose of any computation hereunder, the “current per share
          market price” of any security (a “Security” for the purpose of
          this Section 11(d)(i)) on any date shall be deemed to be the average of
the           daily closing prices per share of such Security for the 30 consecutive
Trading           Days (as such term is hereinafter defined) immediately prior to such
date; provided, however, that in the event that the current per share market
          price of the Security is determined during a period following the announcement
          by the issuer of such Security of (i) a dividend or distribution on such
          Security payable in shares of such Security or securities convertible into such
          shares, or (ii) any subdivision, combination or reclassification of such
          Security and prior to the expiration of 30 Trading Days 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 per           share market price shall be appropriately adjusted to reflect the
current market           price per share equivalent of such Security. The closing price
for each Trading           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 any national           securities exchange, if any, or, if the Securities 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 OTC Bulletin Board or
such other system then in use,           or, if on any such date the Security is 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
Security selected by the Board of Directors           of the Company. The term “Trading
Day” shall mean a day on which the           principal national securities exchange
on which the Security is listed or           admitted to trading is open for the
transaction of business or, if the Security           is not listed or admitted to
trading on any national securities exchange, a           Business Day.  

	 	        (ii)                 For
the purpose of any computation hereunder, the “current per share market
          price” of the Preferred Shares shall be determined in accordance with the
          method set forth in Section 11(d)(i). If the Preferred Shares are not
          publicly traded, the “current per share market price” of the
Preferred           Shares shall be conclusively deemed to be the current per share
market price of           the Common Shares of the Company as determined pursuant to
Section 11(d)(i)           (appropriately adjusted to reflect any stock split, stock
dividend or similar           transaction occurring after the Record Date), multiplied by
100. If neither the           Common Shares of the Company nor the Preferred Shares are
publicly held or so           listed or traded, “current per share market price” shall
mean the fair           value per share as determined in good faith by the Board of
Directors of the           Company, whose determination shall be described in a statement
filed with the           Rights Agent.  

        (e)              No
adjustment in the Purchase Price shall be required unless such adjustment           would
require an increase or decrease of at least 1% in the Purchase Price; provided,
however, that any adjustments which by reason of this Section           11(e) are not
required to be made shall be carried forward and taken into           account in any
subsequent adjustment. All calculations under this           Section 11 shall be
made to the nearest cent or to the nearest           one-hundredth of a share as the case
may be. Notwithstanding the first sentence           of this Section 11(e), any
adjustment required by this Section 11           shall be made no later than the
earlier of (i) three years from the date of the           transaction which requires such
adjustment or (ii) the date of the expiration of           the right to exercise any
Rights.  

        (f)              If,
as a result of an adjustment made pursuant to Section 11(a), the holder           of
any Right thereafter exercised shall become entitled to receive any shares of
          capital stock of the Company other than Preferred Shares, thereafter the number
          of such other shares so receivable upon exercise of any Right 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 Shares contained
in           Section 11(a) through (c), inclusive, and the provisions of
          Sections 7, 9, 10 and 13 with respect to the Preferred Shares shall apply
          on like terms to any such other shares.  

11 

        (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 Preferred Shares 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 Section 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 Preferred           Shares (calculated to the
nearest one-hundredth of a Preferred Share) obtained           by (i) multiplying (x) the
number of one one-hundredth of a Preferred 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 substitution for any adjustment in the
          number of one one-hundredths of a Preferred Share purchasable 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-hundredths of a
          Preferred Share for which a Right was exercisable immediately prior to such
          adjustment. Each Right held of record prior to such adjustment of the number of
          Rights shall become that number of Rights (calculated to the nearest one
          one-hundredth) 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 Right
Certificates have           been issued, shall be at least 10 days later than the date of
the public           announcement. If Right 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 Right           Certificates on such record date Right 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 Right Certificates held by such holders
prior to the date of           adjustment, and upon surrender thereof, if required by the
Company, new Right           Certificates evidencing all the Rights to which such holders
shall be entitled           after such adjustment. Right Certificates so to be
distributed shall be issued,           executed and countersigned in the manner provided
for herein and shall be           registered in the names of the holders of record of
Right 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-hundredths of a Preferred Share issuable upon the exercise of the           Rights,
the Right Certificates theretofore and thereafter issued may continue to
          express the Purchase Price and the number of one one-hundredths of a Preferred
          Share which were expressed in the initial Right Certificates issued hereunder.  

12 

        (k)              Before
taking any action that would cause an adjustment reducing the Purchase           Price
below the par value, if any, of the Preferred Shares 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 nonassessable (except as otherwise           provided by any
corporation law applicable to the Company) Preferred Shares 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 issuing to
          the holder of any Right exercised after such record date of the one
          one-hundredths of a Preferred Share and other capital stock or securities of
the           Company, if any, issuable upon such exercise over and above the number of
one           one-hundredths of a Preferred Share 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 it in its sole discretion shall determine to be advisable in order           that
any consolidation or subdivision of the Preferred Shares, issuance wholly           for
cash of any Preferred Shares at less than the current market price, issuance
          wholly for cash of Preferred Shares or securities which by their terms are
          convertible into or exchangeable for Preferred Shares, dividends on Preferred
          Shares payable in Preferred Shares or issuance of rights, options or warrants
          referred to in Section 11(b) hereof, hereafter made by the Company to
          holders of its Common Shares shall not be taxable to such stockholders.  

        (n)              The
Company covenants and agrees that it shall not, at any time after the           earlier
of the Distribution Date or the Shares Acquisition 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), (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) or (iv) consummate a share exchange with any other Person, if at the
          time of or immediately after such consolidation, merger, sale or share exchange
          (A) 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, (B)
          prior to, simultaneously with or immediately after such consolidation, merger,
          sale or share exchange the stockholders of the Person who constitute, 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 or (C) the form or nature of
          organization of the Principal Party would preclude or limit the exercisability
          of the Rights.  

        (o)              The
Company covenants and agrees that, after the Distribution Date, it will not,
          except as permitted by Section 23, Section 24 or Section 27
          hereof, take (or permit any Subsidiary to take) any action if at the time such
          action is taken it is reasonably foreseeable that such action will diminish
          substantially or otherwise eliminate the benefits intended to be afforded by
the           Rights.  

13 

        (p)              Anything
in this Agreement to the contrary notwithstanding, in the event that           the
Company shall at any time after the Record Date and prior to the           Distribution
Date (i) declare a dividend on the outstanding Common Shares           payable in Common
Shares, (ii) subdivide the outstanding Common Shares, or (iii)           combine the
outstanding Common Shares into a smaller number of shares, the           number of Rights
associated with each Common Share 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 Common
Share following any such event shall equal the result obtained by           multiplying
the number of Rights associated with each Common Share immediately           prior to
such event by a fraction the numerator which shall be the total number           of
Common Shares outstanding immediately prior to the occurrence of the event           and
the denominator of which shall be the total number of Common Shares           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 and 13 hereof, the Company
shall promptly (a) prepare a certificate setting forth such adjustment, and a brief
statement of the facts accounting for such adjustment, (b) file with the Rights Agent and
with each transfer agent for the Common Shares of the Company a copy of such certificate
and (c) mail a brief summary thereof to each holder of a Right Certificate in accordance
with Section 25 hereof.  

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

        (a)          In
the event that, following the Shares 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), and the Company shall not be the           continuing or
surviving corporation of such consolidation or merger, (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 the continuing or surviving corporation of           such consolidation
or merger, or any Person or Persons (other than a Subsidiary           of the Company in
a transaction that complies with Section 11(o) hereof)           shall consummate a
share exchange with the Company, and, in connection with such           consolidation,
merger or share exchange, all or part of the outstanding Common           Shares of the
Company shall be changed into or exchanged for stock or other           securities of any
other Person (or the Company) 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 otherwise provided           herein) shall thereafter have the right to
receive, upon the exercise thereof at           a price equal to the then current
Purchase Price multiplied by the number of one           one-hundredths of a Preferred
Share for which a Right is then exercisable (or,           if a Section 11(a)(ii)
Event has occurred prior to the first occurrence of           any of the events described
in clauses (x), (y) or (z) above (a           “Section 13 Event”), the
Purchase Price in effect immediately           prior to the first occurrence of a Section 11(a)(ii)
Event multiplied by           the number of one one-hundredths of a Preferred Share for
which a Right was           exercisable immediately prior to such first occurrence), in
accordance with the           terms of this Agreement, such number of validly authorized
and issued, fully           paid, nonassessable (except as otherwise required by any
corporation law           applicable to the Principal Party (as such term is hereinafter
defined)) and           freely tradeable Common Shares of the Principal Party, 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-hundredths of a Preferred Share
for which a Right is           exercisable immediately prior to the first occurrence of a
Section 13 Event           (or, if a Section 11(a)(ii) Event has occurred prior
to the first           occurrence of a Section 13 Event, multiplying the number of
such shares 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 dividing that product (which,
following the first           occurrence of a Section 13 Event, shall be referred to
as the           “Purchase Price” for each Right and for all purposes of this
          Agreement) by (2) 50% of the current market price (determined pursuant to
          Section 11(d) hereof) per Common Share of such Principal Party on the date
          of consummation of such Section 13 Event; (ii) such Principal Party shall
          thereafter be liable for, and shall assume, by virtue of such Section 13
          Event, all the obligations and duties of the Company pursuant to this
Agreement;           (iii) the term “Company” shall thereafter be deemed to
refer to such           Principal Party, it being specifically intended that 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 its Common Shares) 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           Common Shares 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.  

14 

        (b)          “Principal
Party” shall mean  

	 	        (i)          in
the case of any transaction described in clause (x) or (y) of the first
          sentence of Section 13(a), the Person that is the issuer of any securities
          into which Common Shares of the Company are converted in such merger,
          consolidation or share exchange, and if no securities are so issued, (A) the
          Person that is the other party to the merger, consolidation or share exchange
          and that survives such merger or consolidation, or, if there is more than one
          such Person, the Person the Common Shares of which have the greatest aggregate
          market value of shares outstanding or (B) if the Person that is the other party
          to the merger or consolidation does not survive the merger or consolidation,
the           Person that does survive the merger or consolidation (including the Company
if           it survives); and  

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

provided, however, that in any
such case, (1) if the Common Shares of such Person are not at such time and have 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 Shares of which are and have been so registered, “Principal Party”
shall refer to such other Person; and (2) in case such Person is a Subsidiary, directly or
indirectly, of more than one Person, the Common Shares 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 Shares having the greatest aggregate market value. 

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

15 

	 	        (i)          prepare
and file a registration statement under the Securities Act of 1933, as           amended
(the “Act”), with respect to the Rights and the securities
          purchasable upon exercise of the Rights on an appropriate form, and will use
its           best efforts to cause such registration statement to (A) become effective
as           soon as practicable after such filing and (B) remain effective (with a
          prospectus at all times meeting the requirements of the Act) until the Final
          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.  

The provisions of this
Section 13 shall similarly apply to successive mergers, consolidations, share
exchanges, 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) Event, the Rights which have
not theretofore been exercised shall thereafter become exercisable in the manner described
in Section 13(a). 

        
Section
14. Fractional Rights and Fractional Shares.  

        (a)              The
Company shall not be required to issue fractions of Rights or to distribute
          Right Certificates which evidence fractional Rights. In lieu of such fractional
          Rights, there shall be paid to the registered holders of the Right Certificates
          with regard to which such fractional Rights would otherwise be issuable, an
          amount in cash equal to the same fraction of the current market value of a
whole           Right. For 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,           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 any national securities
exchange, or, if the           Rights are not listed or admitted to trading on any
national securities           exchange, the last quoted price or, if not so quoted, the
average of the high           bid and low asked prices in the over-the-counter market, as
reported by the OTC           Bulletin Board 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 of Directors of the
Company. 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 of Directors of the           Company shall be used.  

        (b)              The
Company shall not be required to issue fractions of Preferred Shares (other
          than fractions which are integral multiples of one one-hundredth of a Preferred
          Share) upon exercise of the Rights or to distribute certificates which evidence
          fractional Preferred Shares (other than fractions which are integral multiples
          of one one-hundredth of a Preferred Share). Fractions of Preferred Shares in
          integral multiples of one one-hundredth of a Preferred Share may, at the
          election of the Company, be evidenced by depositary receipts, pursuant to an
          appropriate agreement between the Company and a depositary selected by it; provided,
that such agreement shall provide that the holders of such           depositary receipts
shall have all the rights, privileges and preferences to           which they are
entitled as beneficial owners of the Preferred Shares represented           by such
depositary receipts. In lieu of fractional Preferred Shares that are not
          integral multiples of one one-hundredth of a Preferred Share, the Company shall
          pay to the registered holders of Right 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 Preferred Share. For purposes of this
          Section 14(b), the current market value of a Preferred Share shall be the
          closing price of a Preferred Share (as determined pursuant to the second
          sentence of Section 11(d)(i) hereof) for the Trading Day immediately prior
          to the date of such exercise.  

16 

        (c)              The
holder of a Right by the acceptance of the Right expressly waives his right           to
receive any fractional Rights or any fractional shares upon exercise of a           Right
(except as provided above).  

        
Section
15. Rights of Action. All rights of action in respect of this
Agreement, excepting the rights of action given to the Rights Agent under Section 18
hereof, are vested in the respective registered holders of the Right Certificates (and,
prior to the Distribution Date, the registered holders of the Common Shares); and any
registered holder of any Right Certificate (or, prior to the Distribution Date, of the
Common Shares), without the consent of the Rights Agent or of the holder of any other
Right Certificate (or, prior to the Distribution Date, of the Common Shares), 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 Right Certificate in the manner provided
in such Right Certificate and in this Agreement. Without limiting the foregoing or any
remedies available to the holders of Rights, it is specifically acknowledged that the
holders of Rights would not have an adequate remedy at law for any breach of this
Agreement and will be entitled to specific performance of the obligations under, and
injunctive relief against actual or threatened violations of the obligations of any
Person subject to, this Agreement.  

        Section
16. Agreement of Right 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 Shares;  

        (b)              after
the Distribution Date, the Right Certificates are transferable only on the
          registry books of the Rights Agent if surrendered at the principal office of
the           Rights Agent, duly endorsed or accompanied by a proper instrument of
transfer;  

        (c)              the
Company and the Rights Agent may deem and treat the person in whose name the
          Right Certificate (or, prior to the Distribution Date, the associated Common
          Shares certificate) is registered as the absolute owner thereof and of the
          Rights evidenced thereby (notwithstanding any notations of ownership or writing
          on the Right Certificates or the associated Common Shares certificate made by
          anyone other than the Company or the Rights Agent) for all purposes whatsoever,
          and neither the Company nor the Rights Agent 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 or
ruling issued by a court or competent jurisdiction or by a           governmental,
regulatory or administrative agency or commission, or any statute,           rule,
regulation or executive order promulgated or enacted by any governmental
          authority, prohibiting or otherwise restraining performance of such obligation;
          provided, however, the Company must use its best efforts to have any such
order,           decree or ruling lifted or otherwise overturned as soon as possible.  

17 

        Section
17. Right Certificate Holder Not Deemed a Stockholder. No holder,
as such, of any Right Certificate shall be entitled to vote, receive dividends or other
distributions or be deemed for any purpose the holder of the Preferred Shares or any
other securities of the Company which may at any time be issuable on the exercise of the
Rights represented thereby, nor shall anything contained herein or in any Right
Certificate be construed to confer upon the holder of any Right 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 Right Certificate shall have been exercised in accordance with the
provisions hereof.  

        Section
18. Concerning the Rights Agent.  

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

        (b)              The
Rights Agent shall be protected and shall incur no liability for, or in           respect
of any action taken, suffered or omitted by it in connection with, its
          administration of this Agreement in reliance upon any Right Certificate or
          certificate for the Preferred Shares or Common Shares or for other securities
of           the Company, instrument of assignment or transfer, power of attorney,
          endorsement, affidavit, letter, notice, direction, consent, certificate,
          statement, or other paper or document believed by it to be genuine and to be
          signed, executed and, where necessary, verified or acknowledged, by the proper
          person or persons, or otherwise upon the advice of counsel as set forth in
          Section 20 hereof.  

18 

        Section
19. Merger or Consolidation or Change of Name of Rights Agent.  

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

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

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

        (a)              The
Rights Agent may consult with legal counsel (who may be legal counsel for           the
Company), and the opinion of such counsel shall be full and complete
          authorization and protection to the Rights Agent as to any action taken or
          omitted by it in good faith and in accordance with such opinion.  

        (b)              Whenever
in the performance of its duties under this Agreement the Rights Agent           shall
deem it necessary or desirable that any fact or matter be proved or           established
by the Company prior to taking or suffering any action hereunder,           such fact or
matter (unless other evidence in respect thereof be herein           specifically
prescribed) may be deemed to be conclusively proved and established           by a
certificate signed by the Chief Executive Officer or any Vice President and           by
the Treasurer or any Assistant Treasurer or the Secretary or any Assistant
          Secretary of the Company and delivered to the Rights Agent; and such
certificate           shall be full authorization to the Rights Agent for any action
taken or suffered           in good faith by it under the provisions of this Agreement in
reliance upon such           certificate.  

        (c)              The
Rights Agent shall be liable hereunder to the Company and any other Person           only
for its own gross negligence or willful misconduct; provided, however, that
          under no circumstances shall the Right Agent be liable for indirect, special,
          consequential or punitive damages hereunder.  

        (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 Right Certificates
          (except 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.  

        (e)              The
Rights Agent shall not be under any responsibility in respect of the           validity
of this Agreement or the execution and delivery hereof (except the due
          authorization, execution and delivery hereof by the Rights Agent) or in respect
          of the validity or execution of any Right 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
Right           Certificate; nor shall it be responsible for any change in the
exercisability of           the Rights (including the Rights becoming void pursuant to
          Section 11(a)(ii) hereof) or any adjustment in the terms of the Rights
          (including the manner, method or amount thereof) provided for in Section 3,
          11, 13, 23 or 24, or the ascertaining of the existence of facts that would
          require any such change or adjustment (except with respect to the exercise of
          Rights evidenced by Right Certificates after actual notice that such change or
          adjustment is required); nor shall it by any act hereunder be deemed to make
any           representation or warranty as to the authorization or reservation of any
          Preferred Shares or other securities to be issued pursuant to this Agreement or
          any Right Certificate or as to whether any Preferred Shares or other securities
          will, when issued, be validly authorized and issued, fully paid and
          nonassessable.  

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

        (g)              The
Rights Agent is hereby authorized and directed to accept instructions with
          respect to the performance of its duties hereunder from any one of the Chief
          Executive Officer, any Vice President, the Secretary, any Assistant Secretary,
          the Treasurer or any Assistant Treasurer of the Company, and to apply to such
          officers for advice or instructions in connection with its duties, and it shall
          not be liable for any action taken or suffered by it in good faith in
accordance           with instructions of any such officer or for any delay in acting
while waiting           for those instructions.  

19 

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

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

        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 30
days’ notice in writing mailed to the Company and to each transfer agent of the
Common Shares by registered or certified mail, and to the holders of the Right
Certificates by first-class mail. The Company may remove the Rights Agent or any
successor Rights Agent upon 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
Shares by registered or certified mail, and to the holders of the Right 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 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 Right
Certificate (who shall, with such notice, submit his Right Certificate for inspection by
the Company), then the registered holder of any Right Certificate may apply to any court
of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights
Agent, whether appointed by the Company or by such a court, shall be (a) a
corporation organized and doing business under the laws of the United States or of the
State of New York or the State of Delaware (or of any other state of the United States so
long as such corporation is authorized to do business as a banking institution in the
State of New York or the State of Delaware), in good standing, having an office or agency
in the State of New York or the State of Delaware, which is authorized under such laws to
exercise corporate trust or stock transfer powers and is subject to supervision or
examination by federal or state authority and which has at the time of its appointment as
Rights Agent a combined capital and surplus of at least $50 million, or (b) an
Affiliate of a corporation described in clause (a) of this sentence. After appointment,
the successor Rights Agent shall be vested with the same powers, rights, duties and
responsibilities as if it had been originally named as Rights Agent without further act
or deed; but the predecessor Rights Agent shall deliver and transfer to the successor
Rights Agent any property at the time held by it hereunder, and execute and deliver any
further assurance, conveyance, act or deed necessary for the purpose. Not later than the
effective date of any such appointment the Company shall file notice thereof in writing
with the predecessor Rights Agent and each transfer agent of the Common Shares, and mail
a notice thereof in writing to the registered holders of the Right 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.  

20

        Section
22. Issuance of New Right Certificates. Notwithstanding any of
the provisions of this Agreement or of the Rights to the contrary, the Company may, at
its option, issue new Right Certificates evidencing Rights in such form as may be
approved by its Board of Directors to reflect any adjustment or change in the Purchase
Price and the number or kind or class of shares or other securities or property
purchasable under the Right Certificates made in accordance with the provisions of this
Agreement.  

        Section
23. Redemption.  

        (a)              The
Rights may be redeemed by action of the Board of Directors pursuant to
          subsection (b) of this Section 23 and shall not be redeemed in any
          other manner.  

        (b)              The
Board of Directors of the Company may, at its option, at any time prior to           such
time as any Person becomes an Acquiring Person, redeem all but not less           than
all the then outstanding Rights at a redemption price of $.001 per Right,
          appropriately adjusted to reflect any stock split, stock dividend or similar
          transaction occurring after the Record Date (such redemption price being
          hereinafter referred to as the “Redemption Price”). The redemption of
          the Rights by the Board of Directors may be made effective at such time, on
such           basis and with such conditions as the Board of Directors in its sole
discretion           may establish. Notwithstanding anything contained in this Agreement
to the           contrary, the Rights shall not be exercisable after the first occurrence
of a           Section 11(a)(ii) Event until such time as the Company’s right
of           redemption hereunder has expired.  

        (c)              Immediately
upon the effectiveness of the action of the Board of Directors of           the Company
ordering the redemption of the Rights pursuant to           subsection (b) of this
Section 23, 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. The Company
shall promptly give public notice of any such redemption; provided, however, that
the failure to give, or any defect in, any such           notice shall not affect the
validity of such redemption. Within 10 days after           the effectiveness of the
action of the Board of Directors ordering the           redemption of the Rights pursuant
to subsection (b), the Company shall mail           a notice of redemption to all
the holders of the then outstanding Rights 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
Shares. 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. Neither the Company nor any of its Affiliates or           Associates
may redeem, acquire or purchase for value any Rights at any time in           any manner
other than that specifically set forth in this Section 23 or in           Section 24
hereof, and other than in connection with the purchase of Common           Shares prior
to the Distribution Date.  

21 

        Section
24. Exchange.  

        (a)              The
Board of Directors of the Company 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 void           pursuant to the provisions of Section 11(a)(ii) hereof) for
Common Shares           of the Company at an exchange ratio of one Common Share per
Right, appropriately           adjusted to reflect any stock split, stock dividend or
similar transaction           occurring after the Record Date (such exchange ratio being
hereinafter referred           to as the “Exchange Ratio”). Notwithstanding the
foregoing, the Board           of Directors 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, any entity holding Common           Shares for or pursuant to the terms of
any such plan, or any trustee,           administrator or fiduciary of such a plan),
together with all Affiliates and           Associates of such Person, becomes the
Beneficial Owner of 50% or more of the           Common Shares of the Company then
outstanding.  

        (b)              Immediately
upon the action of the Board of Directors of the Company 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 Common Shares of the           Company equal to the
number of such Rights held by such holder multiplied by the           Exchange Ratio. The
Company shall promptly give public notice of any such           exchange; provided,
however, that the failure to give, or any defect in,           such notice shall not
affect the validity of such exchange. The Company promptly           shall mail a notice
of any such exchange to all of the holders of such Rights at           their last
addresses as they appear upon the registry books of the Rights Agent.           Any
notice which is mailed in the manner herein provided shall be deemed given,
          whether or not the holder receives the notice. Each such notice of exchange
will           state the method by which the exchange of the Common Shares of the Company
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 11(a)(ii) hereof) held
by each holder of           Rights.  

        (c)              In
any exchange pursuant to this Section 24, the Company, at its option,           may
substitute Preferred Shares (or equivalent preferred shares, as such term is
          defined in Section 11(b) hereof) for some or all of the Common Shares of
          the Company exchangeable for Rights, at the initial rate of one one-hundredth
of           a Preferred Share (or equivalent preferred share) for each Common Share of
the           Company, as appropriately adjusted to reflect adjustments in the voting
rights           of the Preferred Shares pursuant to the terms thereof, so that the
fraction of a           Preferred Share delivered in lieu of each Common Share of the
Company shall have           the same voting rights as one Common Share of the Company.  

        (d)              In
the event that there shall not be sufficient Common Shares of the Company or
          Preferred Shares 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 Common Shares of the Company or Preferred Shares for issuance upon
          exchange of the Rights.  

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

22 

        Section
25. Notice of Certain Events.  

        (a)              In
case the Company shall propose, after the Distribution Date, (i) to pay any
          dividend payable in stock of any class to the holders of Preferred Shares or to
          make any other distribution to the holders of Preferred Shares (other than a
          regular quarterly cash dividend), (ii) to offer to the holders of Preferred
          Shares rights or warrants to subscribe for or to purchase any additional
          Preferred Shares or shares of stock of any class or any other securities,
rights           or options, (iii) to effect any reclassification of Preferred Shares
(other than           a reclassification involving only the subdivision of outstanding
Preferred           Shares), (iv) to effect any consolidation or merger into or with
(other than a           merger of a Subsidiary into or with the Company), to effect any
share exchange           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 50% or more 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 Right Certificate, 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, or
distribution of           rights or warrants, or the date on which such reclassification,
consolidation,           merger, share exchange, sale, transfer, liquidation,
dissolution, or winding up           is to take place and the date of participation
therein by the holders of the           Preferred Shares 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 10           days prior to the record date for determining
holders of Preferred Shares for           purposes of such action, and in the case of any
such other action, at least 10           days prior to the date of the taking of such
proposed action or the date of           participation therein by the holders of the
Preferred Shares, whichever shall be           the earlier.  

        (b)              In
case any of Section 11(a)(ii) Event or Section 13 Event shall           occur,
then, in any such case, (i) the Company shall as soon as practicable           thereafter
give to each holder of a Right Certificate, in accordance with           Section 26
hereof, a notice of the occurrence of such event, which notice           shall include a
brief summary of the Section 11(a)(ii) Event or           Section 13 Event, as
the case may be, and the consequences thereof to           holders of Rights, and (ii)
all references in the preceding paragraph to           Preferred Shares shall be deemed
thereafter to refer to Common Shares and/or, if           appropriate, other securities.  

        Section
26. Notices.  

        (a)              Notices
or demands authorized by this Agreement to be given or made by the           Rights Agent
or by the holder of any Right 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:  

	 	
Bucyrus
Interational, Inc.                            
1100 Milwaukee Street

                           South Milwaukee, Wisconsin 53172

                           Attention:  Corporate Secretary  

        (b)              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 Right
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:  

	 	
LaSalle
Bank National Association 
                           135 S. LaSalle St - Suite 1946

                           Chicago, IL  60603
                            Attention:
 Shareholder Services 

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

23 

        Section
27. Supplements and Amendments. Prior to such time as any Person
becomes an Acquiring Person and subject to the penultimate sentence of this Section 27,
the Company may and the Rights Agent shall, if the Company so directs, supplement or
amend any provision of this Agreement without the approval of any holders of certificates
representing Common Shares of the Company. Without limiting the foregoing, the Company
may at any time prior to such time as any Person becomes an Acquiring Person amend this
Agreement to lower the thresholds set forth in Sections 1(a) and 3(a) hereof from
15% to not less than 10%, with appropriate exceptions for Persons then beneficially
owning Common Shares of the Company constituting a percentage of the number of Common
Shares then outstanding equal to or in excess of the new threshold. From and after such
time as any Person becomes an Acquiring Person and subject to the penultimate sentence of
this Section 27, the Company and the Rights Agent shall, if the Company so directs,
supplement or amend this Agreement without the approval of any holders of Right
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
provision 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 Right Certificates (other than an Acquiring Person or an Affiliate or Associate of an
Acquiring Person); provided, that from and after such time as any Person becomes
an Acquiring Person this Agreement may not be supplemented or amended to lengthen,
pursuant to clause (iii) of this sentence, (A) a time period relating to when the Rights
may be redeemed at such time as the Rights are not then redeemable, or (B) 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. Upon the delivery of a
certificate from an appropriate officer of the Company which states that the proposed
supplement or amendment is in compliance with the terms of this Section 27, the
Rights Agent shall execute such supplement or amendment. Notwithstanding anything
contained in this Agreement to the contrary, no supplement or amendment shall be made
that changes the Redemption Price or moves to an earlier date the then effective Final
Expiration Date. Prior to the Distribution Date, the interests of the holders of Rights
shall be deemed coincident with the interests of the holders of Common Shares of the
Company.  

24 

        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. Benefits of this Agreement. Nothing in this Agreement shall
be construed to give to any person or corporation other than the Company, the Rights
Agent and the registered holders of the Right Certificates (and, prior to the
Distribution Date, the Common Shares of the Company) any legal or equitable right, remedy
or claim under this Agreement; but this Agreement shall be for the sole and exclusive
benefit of the Company, the Rights Agent and the registered holders of the Right
Certificates (and, prior to the Distribution Date, the Common Shares of the Company).  

        Section
30. 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.  

        Section
31. Governing Law. This Agreement and each Right 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 applicable to contracts to be made and performed entirely within such
State; provided, however, that the rights, duties and obligations of the Rights Agent
hereunder shall be governed by and construed in accordance with the laws of the State of
New York.  

        Section
32. Counterparts. This Agreement may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to be an
original, and all such counterparts shall together constitute but one and the same
instrument.  

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

        Section
34. Determinations and Actions by the Board of Directors. For all
purposes of this Agreement, any calculation of the number of Common Shares of the Company
outstanding at any particular time, including for purposes of determining the particular
percentage of such outstanding Common Shares 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 of Directors of the Company shall
have the exclusive power and authority to administer this Agreement and to exercise all
rights and powers specifically granted to the Board of 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 (a) interpret the provisions of this Agreement, and
(b) make all determinations deemed necessary or advisable for the administration of this
Agreement (including a determination to redeem or not redeem the Rights or to amend the
Agreement and any determination as to whether actions or any Person shall be such as to
cause such Person to beneficially own shares held by another Person). All such actions,
calculations, interpretations and determinations (including, for purposes of clause (ii)
below, all omissions with respect to the foregoing) which are done or made by the Board
of Directors of the Company in good faith, shall (i) be final, conclusive and binding on
the Company, the Rights Agent, the holders of the Rights and all other parties, and (ii)
not subject the Board of Directors of the Company to any liability to the holders of the
Rights.  

25 

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

		
	 	BUCYRUS INTERNATIONAL, INC.
	
Attest:
	

By: /s/ Scott S. Cramer 	By: /s/ Craig R. Mackus      
	Title: Senior Vice President and General Counsel	Title: Chief Financial Officer and Secretary
	

 	LASALLE BANK NATIONAL ASSOCIATION
	

Attest:
	

By: /s/      
                   	By: /s/ Mark Rimkus         
	Title: Vice President	Title: Vice President

26 

=============

EXHIBIT A     

=============  

Terms of the Series A
Junior Participating Preferred Stock, 
$.01 par value, of 
Bucyrus International,
Inc. 

Series A Junior
Participating Preferred Stock 

        1.       Designation
and Amount. There is hereby created a series of Preferred           Shares that shall
be designated as “Series A Junior Participating           Preferred Stock”,
par value $.01 per share (the “Series A           Preferred Stock”), and
the number of shares constituting such series shall           be 1,000,000. 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 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 into Series A Preferred           Stock.  

        2.       Dividends
and Distributions.  

	 	        (A)                      The
holders of shares of Series A Preferred Stock, in preference to the
               holders of shares of Common Stock and of any other junior 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 first business days 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 the                first issuance of a share or fraction of a share of
Series A Preferred                Stock, in an amount per share (rounded to the
nearest cent) equal to the greater                of (i) $1.00 or (ii) subject to the
provision for adjustment hereinafter set                forth, 100 times the aggregate
per share amount of all cash dividends, and 100                times the aggregate per
share amount (payable in kind) of all noncash dividends                or other
distributions, other than a dividend payable in shares of Common Stock                or
a subdivision of the outstanding shares of Common Stock (by reclassification
               or otherwise), declared on the Common Stock since the immediately
preceding                Quarterly Dividend Payment Date, or, with respect to the first
Quarterly Payment                Date, since the first issuance of any share or fraction
of a share of                Series A Preferred Stock. In the event the Corporation
shall at any time                after the close of business on August 16, 2007 (the
“Record                Date”) (a) declare any dividend on Common Stock payable
in shares of Common                Stock, (b) subdivide the outstanding Common Stock, or
(c) 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
Preferred Stock were                entitled immediately prior to such event under clause
(ii) 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 that are 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
               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 $1.00
per share on the Series A                Preferred Stock shall nevertheless be
payable on such subsequent Quarterly                Dividend Payment Date.  

A-1 

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

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

	 	        (A)                      Subject
to the provision for adjustment hereinafter set forth, each share of                Series A
Preferred Stock shall entitle the holder thereof to 100 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 Record Date declare or
pay any                dividend on Common Stock payable in shares of Common Stock, or
effect a                subdivision or combination or consolidation of the outstanding
shares of Common                Stock (by reclassification or otherwise than by payment
of a dividend in shares                of Common Stock) into a greater or lesser number
of shares of Common Stock, then                in each such case the number of votes per
share to which holders of shares of                Series A Preferred Stock were
entitled immediately prior to such event                shall be adjusted by multiplying
such number by a fraction the numerator of                which is the number of shares
of Common Stock that are 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 herein, in any other resolution of the Board of
               Directors creating a series of Preferred Stock or any similar stock, or by
law,                the holders of shares of Series A Preferred Stock and the
holders of shares                of 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 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.  

        4.       
Certain Restrictions.  

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

A-2 

	 	        (i)                      declare
or pay dividends on, 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 Preferred Stock;  

	 	        (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 Preferred Stock, except
               dividends paid ratably on the Series A Preferred Stock and all such
parity                stock on which dividends are payable or in arrears in proportion to
the total                amounts to which the holders of all such shares are then
entitled;  

	 	        (iii)                      redeem
or purchase or otherwise acquire for consideration shares of any stock
               ranking on a parity (either as to dividends or upon liquidation,
dissolution or                winding up) with the Series A 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 to or on a parity with (both as to dividends or
upon dissolution,                liquidation or winding up) the Series A Preferred
Stock; or  

	 	        (iv)                      purchase
or otherwise acquire for consideration any shares of Series A
               Preferred Stock, or any shares of stock ranking on a parity with the
               Series A Preferred Stock, except in accordance with a purchase offer
made                in writing or by publication (as determined by the Board of
Directors) to all                holders of such 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 corporation of which an amount of voting
               securities sufficient to elect at least a majority of the directors of
such                corporation is beneficially owned, directly or indirectly, by the
Corporation or                otherwise controlled by 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.  

        5.       Reacquired
Shares. All shares of Series A Preferred Stock that shall           at any time
have been reacquired by the Corporation shall, after such           reacquisition, have
the status of authorized but unissued shares of Preferred           Stock of the
Corporation, without designation as to series, 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.  

        6.       Liquidation,
Dissolution or Winding Up. Upon any liquidation, dissolution           or winding up
of the Corporation, no distribution shall be made (A) to the           holders of shares
of stock ranking junior (either as to dividends or upon           liquidation,
dissolution or winding up) to the Series A Preferred Stock           unless, prior
thereto, the holders of shares of Series A Preferred Stock           shall have
received $100 per share, plus an amount equal to accrued and unpaid           dividends
and distributions thereon, whether or not declared, to the date of           such
payment, provided that the holders of shares of Series A           Preferred
Stock shall be entitled to receive an aggregate amount per share,           subject to
the provision for adjustment hereinafter set forth, equal to 100           times the
aggregate amount to be distributed per share to holders of shares of           Common
Stock, or (B) to the holders of shares of stock ranking on a parity           (either as
to dividends or upon liquidation, dissolution or winding up) with the           Series A
Preferred Stock, except distributions made ratably on the           Series A
Preferred Stock and all other such parity stock in proportion to           the total
amounts to which the holders of all such shares are entitled upon such
          liquidation, dissolution or winding up. In the event the Corporation shall at
          any time after the Record Date declare or pay any dividend on the Common Stock
          payable in shares of Common Stock, or effect a subdivision or combination or
          consolidation of the outstanding shares of Common Stock (by reclassification or
          otherwise than by payment of a dividend in shares of Common Stock) into a
          greater or lesser number of shares of Common Stock, then in each such case the
          aggregate amount to which holders of shares of Series A Preferred Stock
          were entitled immediately prior to such event under the proviso in clause (A)
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.  

A-3 

        7.       Consolidation,
Merger, etc. In case the Corporation shall enter into any           consolidation,
merger, combination, share exchange 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
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 100 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 Record Date (A) declare           any dividend on
Common Stock payable in shares of Common Stock, (B) subdivide           the outstanding
Common Stock, or (C) combine the outstanding shares of 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
Preferred Stock shall be adjusted by multiplying such amount by           a fraction the
numerator of which is the number of shares of Common Stock that           are 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.  

        8.       No
Redemption. The shares of Series A Preferred Stock shall not be
          redeemable.  

        9.       Amendment.
To the fullest extent permitted by applicable law, prior to           such time as shares
of Series A Preferred Stock are issued and outstanding,           the Board of
Directors may modify, amend, alter or revoke any of the number of           shares of
Series A Preferred Stock, the powers, preferences or special           rights of the
Series A Preferred Stock or the other terms of the           Series A Preferred
Stock. From and after such time as shares of           Series A Preferred Stock are
issued and outstanding, the Certificate of           Incorporation of the Corporation
shall not be amended in any manner that would           materially alter or change the
powers, preferences or special rights of the           Series A Preferred Stock so
as to affect them adversely without the           affirmative vote of the holders of at
least two-thirds of the outstanding shares           of Series A Preferred Stock,
voting together as a single class.  

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

A-4 

=============

EXHIBIT B     

=============  

[Form of Right
Certificate] 

		
	Certificate No. R- 	_______ Rights  

	 	
NOT
EXERCISABLE AFTER AUGUST 2, 2017 (SUBJECT TO EXTENSION) OR EARLIER IF REDEMPTION OR
EXCHANGE OCCURS. THE RIGHTS ARE SUBJECT TO REDEMPTION AT $.001 PER RIGHT AND TO
EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. 

Right Certificate 

BUCYRUS INTERNATIONAL,
INC. 

        This
certifies that ________________, or registered assigns, is the registered owner of the
number of Rights set forth above, each of which entitles the owner thereof, subject to the
terms, provisions and conditions of the Rights Agreement, dated as of August 2, 2007,
and as such agreement may be amended (the “Rights Agreement”), between Bucyrus
International, Inc., a Delaware corporation (the “Company”), and LaSalle Bank
National Association (the “Rights Agent”), to purchase from the Company at any
time after the Distribution Date (as such term is defined in the Rights Agreement) and
prior to 5:00 P.M., Milwaukee, Wisconsin time, on August 2, 2017, subject to
extension, at the principal office of the Rights Agent, or at the office of its
successor as Rights Agent, one one-hundredth of one fully paid nonassessable share of
Series A Junior Participating Preferred Stock, par value $.01 per share (“Preferred
Shares”), of the Company, at a purchase price of
$200.00 per one one-hundredth
of a Preferred Share (the “Purchase Price”), upon presentation and surrender of
this Right Certificate with the Form of Election to Purchase duly executed. The number of
Rights evidenced by this Right Certificate (and the number of one one-hundredths of a
Preferred Share which may be purchased upon exercise hereof) set forth above, and the
Purchase Price set forth above, are the number and Purchase Price as of August 16,
2007, based on the Preferred Shares as constituted at such date. As provided in the Rights
Agreement, the Purchase Price and the number of one one-hundredths of a Preferred Share
which may be purchased upon the exercise of the Rights evidenced by this Right Certificate
are subject to modification and adjustment upon the happening of certain events. 

        This
Right 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 Right
Certificates. Copies of the Rights Agreement are on file at the principal executive
offices of the Company and the above-mentioned offices of the Rights Agent. 

B-1 

        This
Right Certificate, with or without other Right Certificates, upon surrender at the
principal office of the Rights Agent, may be exchanged for another Right Certificate or
Right Certificates of like tenor and date evidencing Rights entitling the holder to
purchase a like aggregate number of Preferred Shares as the Rights evidenced by the Right
Certificate or Right Certificates surrendered shall have entitled such holder to purchase.
If this Right Certificate shall be exercised in part, the holder shall be entitled to
receive upon surrender hereof another Right Certificate or Right 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 a redemption price of $.001 per Right. 

        The
Board of Directors of the Company may, at its option, at any time after any Person becomes
an Acquiring Person, but prior to such Person’s acquisition of 50% or more of the
outstanding shares of Common Stock, par value $.01 per share (“Common Stock”),
of the Company, exchange the Rights evidenced by the certificates for Preferred Shares or
shares of Common Stock, at an exchange ratio of one one-hundredth of a Preferred Share or
one share of Common Stock, as the case may be, per Right, subject to adjustment, as
provided in the Rights Agreement. 

        No
fractional Preferred Shares will be issued upon the exercise of any Right or Rights
evidenced hereby (other than fractions which are integral multiples of one one-hundredth
of a Preferred Share, 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 Right Certificate shall be entitled to vote or receive dividends or be
deemed for any purpose the holder of the Preferred Shares 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, distributions or subscription rights, or otherwise, until the Right
or Rights evidenced by this Right Certificate shall have been exercised as provided in the
Rights Agreement. 

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

B-2 

        WITNESS
the facsimile signature of the proper officers of the Company and its corporate seal.  Dated as of ____________,
____. 

		
	ATTEST:	BUCYRUS INTERNATIONAL, INC.
	

_____________________________________	By: _______________________________
	 	       Title: _________________________

Countersigned: 

___________________________- 

By:   _______________________________

         Authorized Signature 

B-3 

[Form of Reverse Side
of Right Certificate] 

FORM OF ASSIGNMENT 

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

        
FOR VALUE RECEIVED ___________________________________________________________ hereby sells, assigns and transfers
unto  

______________________________________________________________________________________________

(Please print name and address of transferee)  

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

Dated:   ____________,
____ 

		
	 	_____________________________________
	 	Signature

Signature Guaranteed: 

        The
undersigned hereby certifies that the Rights evidenced by this Right Certificate are not
beneficially owned by an Acquiring Person or an Affiliate or Associate thereof (as defined
in the Rights Agreement). 

		
	 	_____________________________________
	 	Signature

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 

B-4 

[Form of Reverse Side
of Right Certificate — continued] 

FORM OF ELECTION TO
PURCHASE 

(To be executed if
holder desires to 
exercise the Right Certificate.) 

To BUCYRUS INTERNATIONAL, INC.: 

        The
undersigned hereby irrevocably elects to exercise __________________ Rights represented by
this Right Certificate to purchase the Preferred Shares issuable upon the exercise of such
Rights and requests that certificates for such Preferred Shares be issued in the name of: 

Please insert social security or
other identifying number 

_________________________________________________________________________________

                                          (Please print name and address) 

_________________________________________________________________________________ 

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

Please insert social
security 
or other identifying number 

_________________________________________________________________________________

                                          (Please print name and address) 

_________________________________________________________________________________ 

Dated:   ____________,
____ 

		
	 	_____________________________________
	 	Signature

Signature Guaranteed: 

        Signatures
must be guaranteed by a member firm of a registered national securities exchange, a member
of the National Association of Securities Dealers, Inc., or a commercial bank or trust
company having an office or correspondent in the United States. 

B-5 

[Form of Reverse Side
of Right Certificate — continued] 

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 

        The
undersigned hereby certifies that the Rights evidenced by this Right Certificate are not
beneficially owned by an Acquiring Person or an Affiliate or Associate thereof (as defined
in the Rights Agreement). 

		
	 	_____________________________________
	 	Signature

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 

NOTICE 

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

        In
the event the certification set forth above in the Form of Assignment or the Form of
Election to Purchase, as the case may be, is not completed, the Company and the Rights
Agent will deem the beneficial owner of the Rights evidenced by this Right Certificate to
be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights
Agreement) and such Assignment or Election to Purchase will not be honored. 

B-6 

=============

EXHIBIT C     

=============  

BUCYRUS INTERNATIONAL,
INC. 

SUMMARY OF RIGHTS TO
PURCHASE
PREFERRED SHARES 

        On
August 2, 2007, the Board of Directors of Bucyrus International, Inc. (the
“Company”) declared a dividend of one preferred share purchase right (a
“Right”) for each outstanding share of common stock, $.01 par value per share
(“Common Shares”), of the Company. The dividend is payable upon the close of
business on September 3, 2007, to the stockholders of record upon the close of
business on August 16, 2007 (the “Record Date”). Each Right entitles the
registered holder to purchase from the Company one one-hundredth of a share of Series A
Junior Participating Preferred Stock, par value $.01 par value (“Preferred
Shares”), of the Company, at a price of $200.00 per one one-hundredth of
a Preferred Share, subject to adjustment (the “Purchase Price”). The description
and terms of the Rights are set forth in a Rights Agreement (the “Rights
Agreement”), dated August 2, 2007, between the Company and LaSalle Bank National Association, as Rights
Agent (the “Rights Agent”). 

        Until
the earlier to occur of (i) 10 days following a public announcement that a person or group
of affiliated or associated persons (other than the Company, a subsidiary of the Company,
an employee benefit plan of the Company or a subsidiary, or a person who beneficially owns 15% or more
of the Common Shares of the Company outstanding on the effective date of the Rights Agreement)
(an “Acquiring
Person”) has acquired beneficial ownership of 15% or more of the outstanding Common
Shares (the “Shares Acquisition Date”) or (ii) 10 business days (or such later
date as may be determined by action of the Company’s Board of Directors prior to such
time as any person becomes an Acquiring Person) following the commencement of, or
announcement of an intention to make, a tender offer or exchange offer the consummation of
which would result in the beneficial ownership by a person or group (other than the
Company, a subsidiary of the Company, an employee benefit plan of the Company or a
subsidiary, or a person who beneficially owns 15% or more
of the Common Shares of the Company outstanding on the effective date of the Rights Agreement)
of 15% or more of such outstanding Common Shares (the earlier of such dates
being called the “Distribution Date”), the Rights will be evidenced, with
respect to any of the Common Share certificates outstanding as of the Record Date, by such
Common Share certificate. 

        The
Rights Agreement provides that, until the Distribution Date, the Rights will be
transferred with and only with the Common Shares. Until the Distribution Date (or earlier
redemption or expiration of the Rights), new Common Share certificates issued after the
Record Date, upon transfer or new issuance of Common Shares, will contain a notation
incorporating the Rights Agreement by reference. Until the Distribution Date (or earlier
redemption or expiration of the Rights), the surrender for transfer of any certificates
for Common Shares, outstanding as of the Record Date, even without such notation, will
also constitute the transfer of the Rights associated with the Common Shares represented
by such certificate. As soon as practicable following the Distribution Date, separate
certificates evidencing the Rights (“Right Certificates”) will be mailed to
holders of record of the Common Shares as of the close of business on the Distribution
Date and such separate Right Certificates alone will evidence the Rights. 

        The
Rights are not exercisable until the Distribution Date. The Rights will expire on
August 2, 2017 (the “Final Expiration Date”), subject to extension, unless
the Rights are earlier redeemed or exchanged by the Company, in each case as described
below. 

        The
Purchase Price payable, and the number of Preferred Shares or other securities or property
issuable, upon exercise of the Rights are subject to adjustment from time to time to
prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or
reclassification of, the Preferred Shares, (ii) upon the grant to holders of the Preferred
Shares of certain rights or warrants to subscribe for or purchase Preferred Shares at a
price, or securities convertible into Preferred Shares with a conversion price, less than
the then current market price of the Preferred Shares or (iii) upon the distribution to
holders of the Preferred Shares of evidences of indebtedness or assets (excluding regular
quarterly cash dividends or dividends payable in Preferred Shares) or of subscription
rights or warrants (other than those referred to above). 

C-1 

        The
number of outstanding Rights and the number of one one-hundredths of a Preferred Share
issuable upon exercise of each Right are also subject to adjustment in the event of a
stock split of the Common Shares or a stock dividend on the Common Shares payable in
Common Shares or subdivisions, consolidations or combinations of the Common Shares
occurring, in any such case, after the Record Date and prior to the Distribution Date. 

        Preferred
Shares purchasable upon the exercise of Rights will not be redeemable. Each Preferred
Share will be entitled to a minimum preferential quarterly dividend payment of $1.00 per
share but will be entitled to an aggregate dividend of 100 times the dividend declared per
Common Share. In the event of liquidation, the holders of the Preferred Shares will be
entitled to a minimum preferential liquidation payment of $100 per share but will be
entitled to an aggregate payment of 100 times the payment made per Common Share. Each
Preferred Share will have 100 votes, voting together with the Common Shares. Finally, in
the event of any merger, consolidation or other transaction in which Common Shares are
exchanged, each Preferred Share will be entitled to receive 100 times the amount received
per Common Share. These rights are protected by customary antidilution provisions. 

        Because
of the nature of the Preferred Shares’ dividend, voting and liquidation rights, the
value of the one one-hundredth interest in a Preferred Share purchasable upon exercise of
each Right should approximate the value of one Common Share. 

        In
the event that any person becomes an Acquiring Person (a “Flip-In Event”), each
holder of a Right (except as otherwise provided in the Rights Agreement) will thereafter
have the right to receive upon exercise that number of Common Shares (or, in certain
circumstances cash, property or other securities of the Company or a reduction in the
Purchase Price) having a market value of two times the then current Purchase Price.
Notwithstanding any of the foregoing, following the occurrence of a Flip-In Event all
Rights that are, or (under certain circumstances specified in the Rights Agreement) were,
or subsequently become beneficially owned by an Acquiring Person, related persons and
transferees will be null and void. 

        In
the event that, at any time following the Shares Acquisition Date, (i) the Company is
acquired in a merger or other business combination transaction or (ii) 50% or more of its
consolidated assets or earning power are sold (the events described in clauses (i) and
(ii) are herein referred to as “Flip-Over Events”), proper provision will be
made so that each holder of a Right (except as otherwise provided in the Rights Agreement)
will thereafter have the right to receive, upon the exercise thereof at the then current
Purchase Price, that number of shares of common stock of the acquiring company which at
the time of such transaction will have a market value of two times the then current
Purchase Price. 

        With
certain exceptions, no adjustment in the Purchase Price will be required until cumulative
adjustments require an adjustment of at least 1% in such Purchase Price. No fractional
Preferred Shares will be issued (other than fractions which are integral multiples of one
one-hundredth of a Preferred Share, which may, at the election of the Company be evidenced
by depositary receipts). In lieu thereof, an adjustment in cash will be made based on the
market price of the Preferred Shares on the last trading day prior to the date of
exercise. 

        The
Purchase Price is payable by certified check, cashier’s check, bank draft or money
order or, if so provided by the Company, the Purchase Price following the occurrence of a
Flip-In Event and until the first occurrence of a Flip-Over Event may be paid in Common
Shares having an equivalent value. 

C-2

        At
any time after a person becomes an Acquiring Person and prior to the acquisition by such
Acquiring Person of 50% or more of the outstanding Common Shares, the Board of Directors
of the Company may exchange the Rights (other than Rights owned by any Acquiring Person
which have become void), in whole or in part, at an exchange ratio of one Common Share, or
one one-hundredth of a Preferred Share (or of a share of a class or series of the
Company’s preferred stock having equivalent rights, preferences and privileges), per
Right (subject to adjustment). 

        At
any time prior to a person becoming an Acquiring Person, the Board of Directors of the
Company may redeem the Rights in whole, but not in part, at a price of $.001 per Right
(the “Redemption Price”). The redemption of the Rights may be made effective at
such time, on such basis and with such conditions as the Board of Directors in its sole
discretion may establish. Immediately upon any redemption of the Rights, the right to
exercise the Rights will terminate and the only right of the holders of Rights will be to
receive the Redemption Price. 

        Other
than amendments that would change the Redemption Price or move to an earlier date the
Final Expiration Date of the Rights, the terms of the Rights may be amended by the Board
of Directors of the Company without the consent of the holders of the Rights, including an
amendment to lower the threshold for exercisability of the Rights from 15% to not less
than 10%, with appropriate exceptions for any person then beneficially owning a percentage
of the number of Common Shares then outstanding equal to or in excess of the new
threshold, except that from and after such time as any person becomes an Acquiring Person
no such amendment may adversely affect the interests of the holders of the Rights. 

        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. 

        A
copy of the Rights Agreement has been filed with the Securities and Exchange Commission as
an Exhibit to a Registration Statement on Form 8-A filed with respect to the Rights. A
copy of the Rights Agreement is also available free of charge from the Company. This
summary description of the Rights does not purport to be complete and is qualified in its
entirety by reference to the Rights Agreement, which is hereby incorporated herein by
reference. 

C-3

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