Document:

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                                                                  EXECUTION COPY

                                                                     EXHIBIT 4.L

                              UNITHOLDER AGREEMENT

                                     BETWEEN

                        GULFTERRA ENERGY PARTNERS, L.P.

                                       AND

                          FLETCHER INTERNATIONAL, INC.

                               DATED MAY 16, 2003

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                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                                PAGE
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<S>                                                                                                             <C>
1.       Definitions..............................................................................................1
2.       Outstanding Units........................................................................................2
3.       Representations of Fletcher..............................................................................2
4.       Convertible Number.......................................................................................2
5.       Prohibition on Short Sales...............................................................................2
6.       Limited Market Stand Off.................................................................................3
7.       Limits on Transferability................................................................................3
8.       Covenant Regarding Partnership Bonds.....................................................................4
9.       Public Disclosure........................................................................................4
10.      Notices..................................................................................................5
11.      Miscellaneous............................................................................................6
</Table>

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                              UNITHOLDER AGREEMENT

         This Unitholder Agreement (this "AGREEMENT"), dated as of May 16, 2003,
is by and between GulfTerra Energy Partners, L.P., a Delaware limited
partnership (the "PARTNERSHIP"), and Fletcher International, Inc., a Delaware
corporation ("FLETCHER").

         WHEREAS, Fletcher desires to make an investment in the Partnership of
$40,000,000 in exchange for 1,118,881 Series A Common Units, 80 Series F1
Convertible Units and 80 Series F2 Convertible Units, which Series F1
Convertible Units and Series F2 Convertible Units will be convertible into
Series A Common Units (the Series A Common Units, the Series F1 Convertible
Units, the Series F2 Convertible Units and the underlying Series A Common Units,
collectively, the "UNITS") as provided in the Statement of Rights, Privileges
and Limitations of Series F Convertible Units (the "STATEMENT"), which is
attached as Annex A to, and incorporated in its entirety by, the Third Amendment
to the Second Amended and Restated Agreement of Limited Partnership of El Paso
Energy Partners, L.P. effective as of the date hereof, all pursuant to a
prospectus supplement dated as of the date hereof; and

         WHEREAS, the Partnership and Fletcher have agreed to certain terms and
conditions in connection with Fletcher's investment in the Partnership;

         NOW THEREFORE, in consideration of the mutual covenants and agreements
contained in this Agreement, the parties hereto agree as follows:

         1. DEFINITIONS. All undefined capitalized terms used herein shall have
the meaning set forth in the Statement. In addition, as used herein, unless the
context otherwise requires, the following terms have the following respective
meanings:

                  1.1 65 DAY NOTICE is defined in Section 4.

                  1.2 AFFILIATE means with respect to any Person, any other
         Person that directly or indirectly Controls, is Controlled by or is
         under common Control with, the Person in question.

                  1.3 AGREEMENT is defined in the introduction, as amended,
         supplemented or otherwise modified from time to time.

                  1.4 CONTROL ("CONTROLS" and "CONTROLLED") means the
         possession, directly or indirectly, of the power to direct or cause the
         direction of the management and policies of a Person whether through
         ownership of voting securities, by contract or otherwise.

                  1.5 CONVERTIBLE PERIOD means the period commencing on the date
         hereof and ending on the Termination Time.

                  1.6 CONVERTIBLE NUMBER is defined in Section 4.

                  1.7 FLETCHER is defined in the introduction to the Agreement.

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                  1.8 FLETCHER NUMBER means the sum of 4,495,425 and the
         Convertible Number.

                  1.9 INITIAL CLOSING means the date on which the closing of the
         purchase by Fletcher of 1,118,881 Series A Common Units, 80 Series F1
         Convertible Units and 80 Series F2 Convertible Units occurs.

                  1.10 PARTNERSHIP is defined in the introduction to the
         Agreement.

                  1.11 PUBLIC OFFERING PERIOD means each period commencing on
         the day on which Fletcher responds to the Partnership's notice of its
         intention to effect a public offering and ending on the day on which
         such public offering closes.

         2. OUTSTANDING UNITS. The Partnership hereby represents and warrants
that as of the date hereof and prior to the issuance by the Partnership of
1,118,881 Series A Common Units to Fletcher, there are issued and outstanding at
least 47,484,314, but no more than 47,584,314, Series A Common Units.

         3. REPRESENTATIONS OF FLETCHER. Fletcher hereby represents and warrants
that as of the date hereof:

                  3.1 Fletcher is a large institutional accredited investor;

                  3.2 Fletcher is acquiring the Series A Common Units and the
         Series F Convertible Units for its own account and in the ordinary
         course of its business and is not participating in the distribution,
         and has no arrangement or understandings with any Person to participate
         in a distribution of the Series A Common Units or the Series F
         Convertible Units;

                  3.3 Fletcher is not a registered "broker" or "dealer" as such
         terms are defined in Section 3 of the Exchange Act; and

                  3.4 None of Fletcher or its Affiliates has (i) during the
         sixty (60) Business Day period ending on the date hereof (a) engaged in
         any "short sales" (as such term is defined by the Exchange Act Rule
         3b-3) of Series A Common Units or (b) purchased, acquired, sold or
         terminated an interest in any stock index, portfolio or derivative in
         which the Series A Common Units comprised more than 35% of the value of
         the total assets (as determined based on Fletcher's reasonable
         discretion) of such stock index, portfolio or derivative at the time of
         such purchase or acquisition or at the time of creation, if such stock
         index, portfolio or derivative was created by Fletcher or any of its
         Affiliates, or (ii) as of the date hereof, a "short" position with
         respect to the Series A Common Units.

         4. CONVERTIBLE NUMBER. Notwithstanding the provisions of the Section
2.1 of the Statement to the contrary, the aggregate number of Series A Common
Units issuable upon conversion of the Series F Convertible Units owned by
Fletcher and its Affiliates, when combined with Series A Common Units then
beneficially owned (as determined pursuant to Rule 13d-3 of the Exchange Act) by
Fletcher, shall not exceed the current Fletcher Number. The

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"CONVERTIBLE NUMBER" shall initially be zero (0) and thereafter shall be
increased upon expiration of a sixty-five (65) day period after Fletcher
delivers a notice (a "65 DAY NOTICE") to the Partnership designating an
aggregate number of Series A Common Units in excess of the Fletcher Number which
shall become issuable upon conversion of the Series F Convertible Units then
owned by Fletcher, such number, however, shall not result in the total number of
Series A Common Units issued or issuable upon conversion of all Series F
Convertible Units to exceed the Maximum Number. Fletcher shall be entitled to
tender a 65 Day Notice at any time. The Partnership shall, within 2 Business
Days of receipt of a written request from Fletcher, give Fletcher the number of
Series A Common Units outstanding as of the date of such notice. If a
Partnership Interest Adjusting Event occurs, the Fletcher Number shall be
proportionately adjusted.

         5. PROHIBITION ON SHORT SALES. During the Convertible Period, Fletcher
shall not, and shall cause its Affiliates not to, engage in "SHORT SALES" (as
such term in defined by the Exchange Act Rule 3b-3) of Series A Common Units, it
being understood that nothing in this Agreement shall prohibit Fletcher or any
of its Affiliates from purchasing, acquiring, selling or terminating an interest
in any stock index, portfolio or derivative of which Series A Common Units are a
component; provided, that the Series A Common Units shall not comprise more than
35% of the value of the total assets (as determined based on Fletcher's
reasonable discretion) of such stock index, portfolio or derivative at the time
of (i) the creation of such stock index, portfolio or derivative if created by
Fletcher or its Affiliates, or (ii) the purchase or acquisition of an interest
in an existing stock index, portfolio or derivative by Fletcher or its
Affiliates. The provisions of this Section 5 shall not apply to any Person other
than Fletcher and its Affiliates.

         6. LIMITED MARKET STAND OFF. During the Convertible Period, within
three Business Days of notification by the Partnership of its intention to
affect a public offering of its Series A Common Units, Fletcher shall notify the
Partnership of the number of Series A Common Units that Fletcher and its
Affiliates, in good faith, intend to, and have a reasonable basis to believe
that they can, sell or cause to be sold (directly or indirectly) into the
market, on one or more exchanges, quotation systems or over-the-counter market
transactions, block trades to broker-dealers and ordinary brokerage
transactions, but excluding bona-fide pledges, gifts and transfers to partners,
members and shareholders during the Public Offering Period; provided, however,
that in no event shall any Public Offering Period be greater than fourteen (14)
Business Days. During a Public Offering Period, Fletcher and its Affiliates
shall not sell or cause to be sold (directly or indirectly) into the market, on
one or more exchanges, quotation systems or over-the-counter market
transactions, block trades to broker-dealers and ordinary brokerage
transactions, but excluding bona-fide pledges, gifts and transfers to partners,
members and shareholders more than the number of Series A Common Units disclosed
in such notice to the Partnership. After the consummation of the public
offering, Fletcher and its Affiliates shall have no restrictions on resale of
Series A Common Units that they own, subject to the Partnership's ability to
send an unlimited number of such notices in the future and Fletcher's (and its
Affiliate's) limitation on resale as designated in its reply notice to the
Partnership.

         7. LIMITS ON TRANSFERABILITY. Fletcher shall not sell, transfer or
otherwise dispose of the Series F Convertible Units without the prior written
consent of the Partnership, which consent shall be within the sole discretion of
the Partnership; provided, that notwithstanding the provisions of Section 6 of
the Statement, Fletcher shall also be entitled to sell, transfer or

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otherwise dispose of the Series F Convertible Units (i) to any Affiliate that
remains an Affiliate of Fletcher while it holds unconverted Series F Convertible
Units so long as each Affiliate assumes the obligations of Fletcher under this
Agreement (provided, that such assumption shall not operate to release Fletcher
from its obligations under this Agreement unless the Partnership consents to
such release in writing, which consent shall be given or withheld in the
Partnership's sole discretion); (ii) in connection with distributions by
Fletcher or its Affiliates to their respective partners, members or shareholders
in accordance with the respective governing documents of Fletcher or its
Affiliates; (iii) pursuant to pledges (including any sale, transfer or other
disposition that occurs upon a default under such pledge) in connection with
bona-fide financing transactions, (iv) to a QIB, (v) to large institutional
accredited investors and (vi) to insurance companies and similar institutional
investors whose business is to invest funds entrusted to such entity provided
that the Series F Convertible Units are acquired by such entity in the ordinary
course of their business from Fletcher and such transferee has no arrangement or
understanding with any person to participate in the distribution of such
securities; except Fletcher cannot effect a sale, transfer or other disposition
of Series F Convertible Units pursuant to clauses (i), (ii) and (iii) above
unless such sale, transfer or other disposition would be permissible under
securities laws and except that Fletcher cannot effect a sale, transfer or other
disposition of Series F Convertible Units to more than one (1) Person, which
Person must satisfy one of the requirements of clauses (i) through (vi) above,
subject to Section 6 above and this Section 7. Further, Fletcher shall not
knowingly sell, transfer or otherwise dispose of any Series F Convertible Units
to any Person who has acquired the Series F Convertible Units with the purpose,
or with the effect of, changing or influencing the control of the Partnership,
or in connection with or as a participant in any transaction having that purpose
or effect, including any transaction subject to Rule 13d-3(b) of the Exchange
Act, except if the Partnership gives its prior written approval to such
transfer, which approval may be withheld or granted in its sole discretion;
provided, however, that no such written approval shall be necessary and the
Series F Convertible Units shall be freely transferable (x) if the Board of
Directors of the General Partner has recommended approval of such transaction
and has not withdrawn its recommendation or (y) to the Acquiring Person in
connection with a Business Combination where the Board of Directors of the
General Partner has recommended approval of such Business Combination and has
not withdrawn its recommendation.

         8. COVENANT REGARDING PARTNERSHIP BONDS. The Partnership hereby agrees
that it shall use commercially reasonable efforts to obtain permission for the
Partnership to effect a redemption, purchase, retirement or other acquisition of
Partnership Bonds in connection with the tender of such Partnership Bonds as
payment of the Conversion Consideration, as contemplated by the Statement under
its Sixth Amended and Restated Credit Agreement, or any replacement or future
credit agreement, or any other agreement imposing restrictions on the
Partnership's ability to accept Partnership Bonds as payment of the Conversion
Consideration as contemplated by the Statement. The Partnership shall provide
Fletcher with written notice as promptly as possibly but no later than within
(a) seven (7) Business Days of receipt of such permission or the cessation of
any circumstance that otherwise prohibits the tender of Partnership Bonds as
payment of the Conversion Consideration, and (b) five (5) Business Days of the
existence of any circumstance that would prevent a Holder from tendering
Partnership Bonds as payment of the Conversion Consideration, as contemplated by
the Statement. In addition, within one (1) Business Day of its receipt of a
written request from Fletcher, the Partnership shall confirm the status to
Fletcher of the occurrence of clause (a) above or the existence of any

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circumstance set forth in clause (b) above. Notwithstanding the foregoing,
nothing in this Section 8 shall be construed as prohibiting the Partnership from
entering into an amendment to, or a replacement of, its existing credit
agreements or into any future credit agreements that do not permit the
redemption of Partnership Bonds as contemplated by the Statement.

         9. PUBLIC DISCLOSURE. The Partnership shall:

                  9.1 within one (1) Business Day after and excluding the date
         of the Initial Closing, publicly distribute a press release disclosing
         the material terms of the transaction occurring on the Initial Closing;
         and

                  9.2 within three (3) Business Days after and excluding each of
         (x) the Initial Closing Date and (y) each Conversion Closing Date on
         which the Conversion Consideration tendered on such Conversion Closing
         Date exceeds 2.5% of the product of (1) the closing price of Series A
         Common Units on the Business Day immediately preceding such Conversion
         Closing Date and (2) the number of Series A Common Units outstanding
         immediately before such Conversion Closing Date, file with the SEC a
         Current Report on Form 8-K with respect to the same.

In each case, if the Partnership specifically identifies Fletcher by its name in
any release or Current Report on Form 8-K, the Partnership will provide Fletcher
will a reasonable opportunity, which shall not be less than two (2) Business
Days, to review and comment on such public disclosure by the Partnership;
provided that the Partnership shall be entitled to accept or reject Fletcher's
comments in its sole discretion. No such review and comment opportunity shall be
required if the public disclosure does not use Fletcher's name.

         10. NOTICES. All notices and other communications under this Agreement
shall be in writing and shall be delivered by a nationally recognized overnight
courier, return receipt requested, postage prepaid, addressed as provided below:

         (i)      If to the Partnership:

                  GulfTerra Energy Partners, L.P.
                  4 East Greenway Plaza
                  Houston, Texas  77046
                  Attn:  Chief Financial Officer
                  Telephone:  (832) 676-5371
                  Facsimile:  (823) 676-1671

                  with a copy (which shall not constitute notice) to:

                  Akin Gump Strauss Hauer & Feld LLP
                  Attn:  J. Vincent Kendrick
                  1900 Pennzoil Place - Suite 1900
                  711 Louisiana Street
                  Houston, Texas  77002
                  Facsimile:  (713) 236-0822

                                       5
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         (ii)     If to Fletcher:

                  Fletcher International, Inc.
                  c/o Fletcher Asset Management, Inc.
                  22 East 67th Street
                  New York, NY  10021
                  Attention:  Peter Zayfert
                  Telephone:  (212) 284-4800
                  Facsimile:  (212) 284-4801

                  with a copy (which shall not constitute notice) to:

                  Skadden, Arps, Slate, Meagher & Flom LLP
                  1440 New York Avenue, N.W.
                  Washington, D.C.  20005
                  Attention:  Stephen W. Hamilton, Esq.
                  Telephone:  (202) 371-7010
                  Facsimile:  (202) 393-5760

Any such notice or communication shall be deemed received (i) when made, if by
hand delivery, and upon confirmation of receipt, if made by facsimile, and in
each case if such notice is received on or before 11:59 p.m. New York City time,
otherwise, such notice shall be deemed to be received the following Business Day
(ii) one Business Day after being deposited with a next-day courier, return
receipt requested, postage prepaid or (iii) three Business Days after being sent
certified or registered mail, return receipt requested, postage prepaid, in each
case addressed as above (or to such other addresses as the Partnership or
Fletcher may designate in writing from time to time).

         11.      MISCELLANEOUS.

                  11.1 CONSTRUCTION. Headings or other titles used in this
         Agreement are for convenience only and neither limit nor amplify the
         provisions of this Agreement, and all references herein to sections or
         subdivisions thereof will refer to the corresponding section or
         subdivision thereof of this Agreement unless specific reference is made
         to such sections or subdivisions of another document or instrument.
         Unless the context of this Agreement clearly requires otherwise, the
         words "include," "includes" and "including" will be deemed to be
         followed by the words "without limitation," and the words "hereof,"
         "herein," "hereunder" and similar terms in this Agreement will refer to
         this Agreement as a whole and not any particular section or article in
         which such words appear. Whenever the context may require, any pronoun
         used in this Agreement shall include the corresponding masculine,
         feminine or neuter forms, and the singular form of nouns, pronouns and
         verbs shall include the plural and vice-versa. References in this
         Agreement to any party shall include such party's successor. The word
         "shall" means will and vice versa.

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                  11.2 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED AND
         ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE
         GOVERNED BY, THE LAW OF THE STATE OF DELAWARE, WITHOUT REGARD TO
         PRINCIPLES OF CONFLICT OF LAWS.

                  11.3 REMEDIES. Except as expressly provided in this Agreement,
         the rights, obligations and remedies created by this Agreement are
         cumulative and in addition to any other rights, obligations or remedies
         otherwise available at law or in equity. Nothing herein shall be
         considered an election of remedies.

                  11.4 ENTIRE AGREEMENT. This Agreement contains the entire
         agreement between the parties with respect to the subject matter hereof
         and supersede all prior and contemporaneous arrangements or
         undertakings with respect thereto.

                  11.5 COUNTERPARTS. This Agreement may be executed in
         counterparts, all of which together shall constitute an agreement
         binding on all of the parties to this Agreement, notwithstanding that
         all such parties are not signatories to the original or the same
         counterpart.

                  11.6 INVALIDITY OF PROVISIONS. If any provision of this
         Agreement is or becomes invalid, illegal or unenforceable in any
         respect, the validity, legality and enforceability of the remaining
         provisions contained herein shall not be affected thereby.

                  11.7 AMENDMENT; WAIVER. This Agreement shall not be modified,
         amended, supplements, canceled, or discharged, except by written
         instrument executed by the Partnership and Fletcher. No failure to
         exercise, and no delay in exercising, any right, power or privilege
         under this Agreement shall operate as a waiver, nor shall any single or
         partial exercise of any right, power or privilege under this Agreement
         preclude the exercise of any other right, power or privilege. No waiver
         of any breach of any provisions of this Agreement shall be deemed to be
         a waiver of any preceding or succeeding breach of the same or any other
         provisions, nor shall any waiver be implied from any course of dealing
         between the parties. No extension of time for performance of any
         obligations or other acts under this Agreement shall be deemed to be an
         extension of the time for performance of any other obligations of any
         other acts.

                  [REMAINDER OF PAGE LEFT BLANK INTENTIONALLY]

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         The parties hereto have caused this Agreement to be duly executed and
delivered as of the date first written above.

                                      GULFTERRA ENERGY PARTNERS, L.P.

                                      By: /s/ Keith B. Forman
                                         ---------------------------------------
                                      Name:  Keith B. Forman
                                      Title: Vice President and Chief Financial
                                              Officer

                                      FLETCHER INTERNATIONAL, INC.
                                      by its duly authorized investment advisor,
                                      Fletcher Asset Management, Inc.

                                      By:  /s/ Peter Zayfert
                                         ---------------------------------------
                                      Name:  Peter Zayfert
                                      Title: Authorized Signatory

                                      By:  /s/ Angela K. Dorn
                                         ---------------------------------------
                                      Name:  Angela K. Dorn
                                      Title: Authorized Signatory

                       Unitholder Agreement Signature Page<PAGE>

                                                                     EXHIBIT 4.2

                     FIRST AMENDMENT TO THE RIGHTS AGREEMENT

         THIS FIRST AMENDMENT TO THE RIGHTS AGREEMENT (this "AMENDMENT"), dated
as of May 12, 2003, is made by and between Packaged Ice, Inc., a Texas
corporation (the "COMPANY"), and American Stock & Transfer Company as Rights
Agent (the "RIGHTS AGENT"). The Company and the Rights Agent may be individually
referred to herein as a "PARTY" and, collectively, as the "PARTIES".

                                   BACKGROUND

         A. The Parties entered into a Rights Agreement, dated as of October 29,
1999, (the "AGREEMENT"). Capitalized terms not otherwise defined herein shall
have the meaning ascribed to such terms in the Agreement.

         B. The Company, CAC Holdings Corp. ("PARENT"), a Delaware corporation
and Cube Acquisition Corp. ("MERGER SUB"), a Texas corporation and a
wholly-owned subsidiary of Parent, are entering into an Agreement and Plan of
Merger, dated as of May 12, 2003 (as may be amended or supplemented from time to
time, the "MERGER AGREEMENT"), pursuant to which Merger Sub shall be merged with
and into the Company with the Company surviving the merger.

         C. The Board of Directors of the Company has determined that an
amendment to the Rights Agreement as set forth herein is advisable and in the
best interests of the Company and its stockholders.

         D. Pursuant to Section 26 of the Agreement, the Company has directed
the Rights Agent to join this Amendment.

                                      TERMS

         In consideration of the mutual covenants contained herein and in the
Agreement and intending to be legally bound hereby, the Parties agree as follow:

         1. Amendment of Section 1. The following definitions contained in
Section 1 of the shall be restated as follows:

The definition of "ACQUIRING PERSON" in Section 1 of the Agreement is hereby
amended by adding the following at the end thereof:

         "Notwithstanding anything to the contrary contained herein, none of CAC
         Holdings Corp., a Delaware corporation ("PARENT"), and Cube Acquisition
         Corp., a Texas corporation and a wholly-owned subsidiary of Parent
         ("MERGER SUB") nor any of their respective Affiliates or Associates
         shall be deemed to be an Acquiring Person solely by reason of the
         approval, execution, delivery and performance of the agreement and Plan
         of Merger, dated as of May 12, 2003, by and among the Company, Parent
         and Merger Sub (as may be amended or supplemented from time to time,
         the "MERGER AGREEMENT") or the consummation of any other transaction to
         be effected thereby (including any acquisition of Company Common Stock
         contemplated by Section 1.5(a)(iv) of the Merger Agreement)."

                                       1
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2. Amendment to Section 3(b). Section 3(b) of the Agreement is hereby amended by
restating Section 3(b) in its entirety as follows:

         "(b) The Rights will separate from the Common Stock (and a
         "DISTRIBUTION DATE" will occur) upon the earlier of (or later of, if so
         determined by the Board of Directors) (i) ten days following a public
         announcement that a Person has become an Acquiring Person, (ii) ten
         Business Days following the commencement of, or first public disclosure
         of an intent to commence, a tender or exchange offer by any Person
         (other than by an Exempt Person) for outstanding Common Shares, if upon
         consummation of such tender or exchange offer such Person could be the
         Beneficial Owner of more than 20% of the outstanding Common Shares, or
         (iii) such later date as the Board of Directors may determine; provided
         that notwithstanding anything in this Agreement to the contrary, a
         Distribution Date shall not be deemed to have occurred solely as the
         result of the public announcement, approval, execution, delivery and
         performance of the Merger Agreement or the consummation of any other
         transaction to be effected thereby (including any acquisition of
         Company Common Stock contemplated by Section 1.5(a)(iv) of the Merger
         Agreement). Until the occurrence of such a Distribution Date, (x) the
         Rights will be evidenced by the certificates for Common Shares
         registered in the names of the holders thereof and not by separate
         Right Certificates and (y) the Rights, including the right to receive
         Right Certificates, will be transferable only in connection with the
         transfer of Common Shares. As soon as practicable after the
         Distribution Date, the Rights Agent will send, by first-class,
         postage-prepaid mail, to each record holder of Common Shares as of the
         Distribution Date, at the address of such holder shown on the records
         of the Company, a Right Certificate evidencing one whole Right for each
         Common Share (or for the number of Common Shares with which one whole
         Right is then associated if the number of Rights per Common Share has
         been adjusted in accordance with the provisions of Section 12(a)). If
         the number of Rights associated with each Common Share has been
         adjusted in accordance with the provisions of Section 12(a), at the
         time of distribution of the Right Certificates the Company may make any
         necessary and appropriate rounding adjustments so that Right
         Certificates representing only whole numbers of Rights are distributed
         and cash is paid in lieu of any fractional Right in accordance with
         Section 15(a). As of and after the Distribution Date, the Rights will
         be evidenced solely by such Right Certificates."

3. Amendment to Section 11. The following Section 11(d) is hereby added after
Section 11(c):

         "(d) Notwithstanding anything contained in this Agreement to the
         contrary, in no event shall the provisions of this Section 11 apply to
         the approval, execution, delivery and performance of the Merger
         Agreement or the consummation of any other transaction to be effected
         thereby (including any acquisition of Company Common Stock contemplated
         by Section 1.5(a)(iv) of the Merger Agreement)."

4. Other Provisions Unaffected. This Amendment shall be deemed to be in full
force and effect immediately prior to the execution and delivery of the Merger
Agreement. Except as expressly modified herein, all arrangements, agreements,
terms, conditions and provisions of the Agreement remain in full force and
effect, and this Amendment and the Agreement, as hereby modified, shall
constitute one and the same instrument.

                                       2
<PAGE>

5. Miscellaneous.

         a. Counterparts. This Amendment 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.

          b. Governing Law. This Amendment, the Agreement, each Right and each
Right Certificate issued hereunder or thereunder shall be deemed to be a
contract made under the laws of the State of Texas and for all purposes shall be
governed by and construed and in accordance with the laws of such State
applicable to contracts to be made and performed entirely within such State.

         c. Further Assurances. Each Party shall cooperate and take such action
as may be reasonably requested by another Party in order to carry out the
provisions and purposes of this Amendment, the Agreement, generally, and the
transactions contemplated hereunder and/or thereunder.

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

         e. Entire Agreement. This Amendment and the Agreement, and all of the
provisions hereof and/or thereof, shall be binding upon and inure to the benefit
of the Parties and their respective successors and permitted assigns and
executors, administrators and heirs. This Amendment, together with the
Agreement, sets forth the entire agreement and understanding among the Parties
and supercedes all prior discussions and understandings of any and every nature
among them.

     Signature Page to the First Amendment to the Rights Agreement to Follow

                                       3
<PAGE>

          Signature Page to the First Amendment to the Rights Agreement

IN WITNESS WHEREOF, the Parties have executed this First Amendment to the Rights
Agreement as the date first set forth above.

                                    PACKAGED ICE, INC.

                                    By:    /s/ WILLIAM P. BRICK
                                           -------------------------------------

                                    Name:  William P. Brick
                                           -------------------------------------
                                    Title: Chairman & Chief Executive Officer
                                           -------------------------------------

                                    AMERICAN STOCK & TRANSFER COMPANY

                                    By:    /s/ HERBERT J. LEMMER
                                           -------------------------------------

                                    Name:  Herbert J. Lemmer
                                           -------------------------------------
                                    Title: Vice President
                                           -------------------------------------

                                       4

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