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                                                                     EXHIBIT 4.1
                                                                  CONFORMED COPY

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                              LINCARE HOLDINGS INC.

                                       TO

                      U.S. BANK TRUST NATIONAL ASSOCIATION,
                                   as Trustee

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

                                    INDENTURE

                                   Dated as of

                                  June 11, 2003

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

                  3.00% CONVERTIBLE SENIOR DEBENTURES DUE 2033

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                                TABLE OF CONTENTS

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                                    ARTICLE 1
                                   DEFINITIONS

Section 1.01.  DEFINITIONS.........................................................1

                                    ARTICLE 2
                   ISSUE, DESCRIPTION, EXECUTION, REGISTRATION
                           AND EXCHANGE OF DEBENTURES

Section 2.01. DESIGNATION AMOUNT AND ISSUE OF DEBENTURES..........................11
Section 2.02. FORM OF DEBENTURES..................................................11
Section 2.03. DATE AND DENOMINATION OF DEBENTURES; PAYMENTS OF INTEREST...........12
Section 2.04. EXECUTION OF DEBENTURES.............................................14
Section 2.05. EXCHANGE AND REGISTRATION OF TRANSFER OF DEBENTURES;
        RESTRICTIONS ON TRANSFER..................................................14
Section 2.06. MUTILATED, DESTROYED, LOST OR STOLEN DEBENTURES.....................22
Section 2.07. TEMPORARY DEBENTURES................................................23
Section 2.08. CANCELLATION OF DEBENTURES..........................................24
Section 2.09. CUSIP NUMBERS.......................................................24
Section 2.10. RANKING.............................................................24

                                    ARTICLE 3
                     REDEMPTION AND REPURCHASE OF DEBENTURES

Section 3.01. COMPANY'S RIGHT TO REDEEM...........................................25
Section 3.02. NOTICE OF OPTIONAL REDEMPTION; SELECTION OF DEBENTURES..............25
Section 3.03. PAYMENT OF DEBENTURES CALLED FOR REDEMPTION BY THE
        COMPANY...................................................................27
Section 3.04. CONVERSION ARRANGEMENT ON CALL FOR REDEMPTION.......................28
Section 3.05. REPURCHASE OF DEBENTURES BY THE COMPANY AT OPTION OF
        HOLDERS UPON A FUNDAMENTAL CHANGE.........................................28
Section 3.06. REPURCHASE OF DEBENTURES BY THE COMPANY AT OPTION OF
        HOLDERS ON SPECIFIED DATES................................................31
Section 3.07. COMPANY'S RIGHT TO ELECT MANNER OF PAYMENT OF REPURCHASE
        PRICE.....................................................................34
Section 3.08. CONDITIONS AND PROCEDURES FOR REPURCHASE AT OPTION OF HOLDERS.......37

                                    ARTICLE 4
                               CONTINGENT INTEREST

Section 4.01. CONTINGENT INTEREST.................................................40
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Section 4.02. PAYMENT OF CONTINGENT INTEREST......................................41
Section 4.03. CONTINGENT INTEREST NOTIFICATION....................................41

                                    ARTICLE 5
                       PARTICULAR COVENANTS OF THE COMPANY

Section 5.01. PAYMENT OF PRINCIPAL AND INTEREST...................................41
Section 5.02. MAINTENANCE OF OFFICE OR AGENCY.....................................41
Section 5.03. APPOINTMENTS TO FILL VACANCIES IN TRUSTEE'S OFFICE..................42
Section 5.04. PROVISIONS AS TO PAYING AGENT.......................................42
Section 5.05. EXISTENCE...........................................................43
Section 5.06. RULE 144A INFORMATION REQUIREMENT...................................43
Section 5.07. STAY, EXTENSION AND USURY LAWS......................................44
Section 5.08. COMPLIANCE CERTIFICATE..............................................44
Section 5.09. ADDITIONAL AMOUNTS NOTICE...........................................44
Section 5.10. CONTINGENT DEBT TAX TREATMENT.......................................45
Section 5.11. CALCULATION OF ORIGINAL ISSUE DISCOUNT..............................45

                                    ARTICLE 6
       DEBENTUREHOLDERS' LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

Section 6.01. DEBENTUREHOLDERS' LISTS.............................................45
Section 6.02. PRESERVATION AND DISCLOSURE OF LISTS................................46
Section 6.03. REPORTS BY TRUSTEE..................................................46
Section 6.04. REPORTS BY COMPANY..................................................46

                                    ARTICLE 7
       REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS ON AN EVENT OF DEFAULT

Section 7.01. EVENTS OF DEFAULT...................................................47
Section 7.02. PAYMENTS OF DEBENTURES ON DEFAULT; SUIT THEREFOR....................49
Section 7.03. APPLICATION OF MONIES COLLECTED BY TRUSTEE..........................51
Section 7.04. PROCEEDINGS BY DEBENTUREHOLDER......................................52
Section 7.05. PROCEEDINGS BY TRUSTEE..............................................52
Section 7.06. REMEDIES CUMULATIVE AND CONTINUING..................................53
Section 7.07. DIRECTION OF PROCEEDINGS AND WAIVER OF DEFAULTS BY MAJORITY
        OF DEBENTUREHOLDERS.......................................................53
Section 7.08. NOTICE OF DEFAULTS..................................................54
Section 7.09. UNDERTAKING TO PAY COSTS............................................54

                                    ARTICLE 8
                                   THE TRUSTEE

Section 8.01. DUTIES AND RESPONSIBILITIES OF TRUSTEE..............................54
Section 8.02. RELIANCE ON DOCUMENTS, OPINIONS, ETC................................56
Section 8.03. NO RESPONSIBILITY FOR RECITALS, ETC.................................57
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Section 8.04. TRUSTEE, PAYING AGENTS, CONVERSION AGENTS OR REGISTRAR MAY
        OWN DEBENTURES............................................................57
Section 8.05. MONIES TO BE HELD IN TRUST..........................................58
Section 8.06. COMPENSATION AND EXPENSES OF TRUSTEE................................58
Section 8.07. OFFICERS' CERTIFICATE AS EVIDENCE...................................59
Section 8.08. CONFLICTING INTERESTS OF TRUSTEE....................................59
Section 8.09. ELIGIBILITY OF TRUSTEE..............................................59
Section 8.10. RESIGNATION OR REMOVAL OF TRUSTEE...................................59
Section 8.11. ACCEPTANCE BY SUCCESSOR TRUSTEE.....................................61
Section 8.12. SUCCESSION BY MERGER................................................61
Section 8.13. PREFERENTIAL COLLECTION OF CLAIMS...................................62

                                    ARTICLE 9
                              THE DEBENTUREHOLDERS

Section 9.01. ACTION BY DEBENTUREHOLDERS..........................................62
Section 9.02. PROOF OF EXECUTION BY DEBENTUREHOLDERS..............................62
Section 9.03. WHO ARE DEEMED ABSOLUTE OWNERS......................................63
Section 9.04. COMPANY-OWNED DEBENTURES DISREGARDED................................63
Section 9.05. REVOCATION OF CONSENTS, FUTURE HOLDERS BOUND........................64

                                   ARTICLE 10
                          MEETINGS OF DEBENTUREHOLDERS

Section 10.01. PURPOSE OF MEETINGS................................................64
Section 10.02. CALL OF MEETINGS BY TRUSTEE........................................64
Section 10.03. CALL OF MEETINGS BY COMPANY OR DEBENTUREHOLDERS....................65
Section 10.04. QUALIFICATIONS FOR VOTING..........................................65
Section 10.05. REGULATIONS........................................................65
Section 10.06. VOTING.............................................................66
Section 10.07. NO DELAY OF RIGHTS BY MEETING......................................66

                                   ARTICLE 11
                             SUPPLEMENTAL INDENTURES

Section 11.01. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF
        DEBENTUREHOLDERS..........................................................67
Section 11.02. SUPPLEMENTAL INDENTURE WITH CONSENT OF DEBENTUREHOLDERS............68
Section 11.03. EFFECT OF SUPPLEMENTAL INDENTURE...................................69
Section 11.04. NOTATION ON DEBENTURES.............................................70
Section 11.05. EVIDENCE OF COMPLIANCE OF SUPPLEMENTAL INDENTURE TO BE
        FURNISHED TO TRUSTEE......................................................70

                                   ARTICLE 12
                CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

Section 12.01. COMPANY MAY CONSOLIDATE ON CERTAIN TERMS...........................70
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Section 12.02. SUCCESSOR TO BE SUBSTITUTED........................................71
Section 12.03. OPINION OF COUNSEL TO BE GIVEN TRUSTEE.............................71

                                   ARTICLE 13
                     SATISFACTION AND DISCHARGE OF INDENTURE

Section 13.01. DISCHARGE OF INDENTURE.............................................72
Section 13.02. PAYING AGENT TO REPAY MONIES HELD..................................72
Section 13.03. RETURN OF UNCLAIMED MONIES.........................................72

                                   ARTICLE 14
         IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

Section 14.01. INDENTURE AND DEBENTURES SOLELY CORPORATE OBLIGATIONS..............73

                                   ARTICLE 15
                            CONVERSION OF DEBENTURES

Section 15.01. RIGHT TO CONVERT...................................................73
Section 15.02. EXERCISE OF CONVERSION PRIVILEGE; ISSUANCE OF COMMON STOCK
        ON CONVERSION; NO ADJUSTMENT FOR INTEREST OR DIVIDENDS....................76
Section 15.03. CASH PAYMENTS IN LIEU OF FRACTIONAL SHARES.........................78
Section 15.04. CONVERSION RATE....................................................78
Section 15.05. ADJUSTMENT OF CONVERSION RATE......................................78
Section 15.06. EFFECT OF RECLASSIFICATION, CONSOLIDATION, MERGER OR SALE..........85
Section 15.07. TAXES ON SHARES ISSUED.............................................87
Section 15.08. RESERVATION OF SHARES, SHARES TO BE FULLY PAID; COMPLIANCE
        WITH GOVERNMENTAL REQUIREMENTS; LISTING OF COMMON STOCK...................87
Section 15.09. RESPONSIBILITY OF TRUSTEE..........................................88
Section 15.10. NOTICE TO HOLDERS PRIOR TO CERTAIN ACTIONS.........................88
Section 15.11. STOCKHOLDER RIGHTS PLANS...........................................89

                                   ARTICLE 16
                            MISCELLANEOUS PROVISIONS

Section 16.01. PROVISIONS BINDING ON COMPANY'S SUCCESSORS.........................90
Section 16.02. OFFICIAL ACTS BY SUCCESSOR CORPORATION.............................90
Section 16.03. ADDRESSES FOR NOTICES, ETC.........................................90
Section 16.04. GOVERNING LAW......................................................90
Section 16.05. EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT,
        CERTIFICATES TO TRUSTEE...................................................91
Section 16.06. LEGAL HOLIDAYS.....................................................91
Section 16.07. COMPANY RESPONSIBLE FOR MAKING CALCULATIONS........................91
Section 16.08. TRUST INDENTURE ACT................................................91
Section 16.09. NO SECURITY INTEREST CREATED.......................................92
Section 16.10. BENEFITS OF INDENTURE..............................................92
Section 16.11. TABLE OF CONTENTS, HEADINGS, ETC...................................92
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Section 16.12. AUTHENTICATING AGENT...............................................92
Section 16.13. EXECUTION IN COUNTERPARTS..........................................93
Section 16.14. SEVERABILITY.......................................................93

Exhibit A     Form of Debenture                                                  A-1
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                                    INDENTURE

     INDENTURE dated as of June 11, 2003 between Lincare Holdings Inc., a
Delaware corporation (hereinafter called the "COMPANY"), having its principal
office at 19387 US 19 North, Clearwater, Florida 33764, and U.S. Bank Trust
National Association, as trustee hereunder (hereinafter called the "TRUSTEE").

                                   WITNESSETH:

     WHEREAS, for its lawful corporate purposes, the Company has duly authorized
the issue of its 3.00% Convertible Senior Debentures due 2033 (hereinafter
called the "DEBENTURES"), in an aggregate principal amount not to exceed
$275,000,000, and, to provide the terms and conditions upon which the Debentures
are to be authenticated, issued and delivered, the Company has duly authorized
the execution and delivery of this Indenture; and

     WHEREAS, the Debentures, the certificate of authentication to be borne by
the Debentures, a form of assignment, a form of fundamental change repurchase
election, a form of Company repurchase election and a form of conversion notice
to be borne by the Debentures are to be substantially in the forms hereinafter
provided for; and

     WHEREAS, all acts and things necessary to make the Debentures, when
executed by the Company and authenticated and delivered by the Trustee or a duly
authorized authenticating agent, as in this Indenture provided, the valid,
binding and legal obligations of the Company, and to constitute this Indenture a
valid agreement according to its terms, have been done and performed, and the
execution of this Indenture and the issue hereunder of the Debentures have in
all respects been duly authorized,

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

     That in order to declare the terms and conditions upon which the Debentures
are, and are to be, authenticated, issued and delivered, and in consideration of
the premises and of the purchase and acceptance of the Debentures by the holders
thereof, the Company covenants and agrees with the Trustee for the equal and
proportionate benefit of the respective holders from time to time of the
Debentures (except as otherwise provided below), as follows:

                                    ARTICLE 1
                                   DEFINITIONS

     Section 1.01. DEFINITIONS. The terms defined in this Section 1.01 (except
as herein otherwise expressly provided or unless the context otherwise requires)
for all purposes of this Indenture and of any indenture supplemental hereto
shall have the respective meanings specified in this Section 1.01. All other
terms used

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in this Indenture that are defined in the Trust Indenture Act or which are by
reference therein defined in the Securities Act (except as herein otherwise
expressly provided or unless the context otherwise requires) shall have the
meanings assigned to such terms in the Trust Indenture Act and in the Securities
Act as in force at the date of the execution of this Indenture. The words
"HEREIN", "HEREOF", "HEREUNDER" and words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other
Subdivision. The terms defined in this Article include the plural as well as the
singular.

     "ADDITIONAL AMOUNTS" has the meaning specified for "ADDITIONAL AMOUNTS" in
Section 2(d) of the Registration Rights Agreement.

     "ADDITIONAL AMOUNTS NOTICE" has the meaning specified in Section 5.09.

     "ADJUSTMENT EVENT" has the meaning specified in Section 15.05(m).

     "AGENT MEMBERS" has the meaning specified in Section 2.05(b).

     "AFFILIATE" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"CONTROL", when used with respect to any specified Person means the power to
direct or cause the direction of the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise, and the terms "CONTROLLING" and "CONTROLLED" have
meanings correlative to the foregoing.

     "APPLICABLE FIVE-DAY TRADING PERIOD" means, with respect to any Interest
Period as to which Contingent Interest may be payable, the five Trading Days
immediately preceding the first day of such Interest Period.

     "BID SOLICITATION AGENT" means such Person (other than any Affiliate of the
Company) as the Company may designate as Bid Solicitation Agent from time to
time, and shall initially mean the Trustee.

     "BOARD OF DIRECTORS" means the Board of Directors of the Company or a
committee of such Board duly authorized to act for it hereunder.

     "BUSINESS DAY" means any day, other than a Saturday or Sunday, that is
neither a legal holiday nor a day on which commercial banks are authorized or
required by law, regulation or executive order to close in The City of New York.

     "CAPITAL STOCK" of any Person means any and all shares (including ordinary
shares or American Depositary Shares), interests, participations or other
equivalents however designated of corporate stock or other equity
participations, including partnership interests, whether general or limited, of
such Person and any

                                        2
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rights (other than debt securities convertible or exchangeable into an equity
interest), warrants or options to acquire an equity interest in such Person.

     "COMMISSION" means the Securities and Exchange Commission, as from time to
time constituted under the Exchange Act, or, if at any time after the execution
of this Indenture such Commission is not existing and performing the duties now
assigned to it under the Trust Indenture Act, then the body performing such
duties at such time.

     "COMMON STOCK" means any stock of any class of the Company which has no
preference in respect of dividends or of amounts payable in the event of any
voluntary or involuntary liquidation, dissolution or winding up of the Company
and which is not subject to redemption by the Company. Subject to the provisions
of Section 15.06, however, shares issuable on conversion of Debentures shall
include only shares of the class designated as common stock of the Company at
the date of this Indenture (namely, the Common Stock, par value $.01) or shares
of any class or classes resulting from any reclassification or reclassifications
thereof and which have no preference in respect of dividends or of amounts
payable in the event of any voluntary or involuntary liquidation, dissolution or
winding up of the Company and which are not subject to redemption by the
Company; PROVIDED that if at any time there shall be more than one such
resulting class, the shares of each such class then so issuable on conversion
shall be substantially in the proportion which the total number of shares of
such class resulting from all such reclassifications bears to the total number
of shares of all such classes resulting from all such reclassifications.

     "COMPANY" means the corporation named as the "COMPANY" in the first
paragraph of this Indenture, and, subject to the provisions of Article 12 and
Section 15.06, shall include its successors and assigns.

     "COMPANY REPURCHASE DATE" has the meaning specified in Section 3.06(a).

     "COMPANY REPURCHASE ELECTION" has the meaning specified in Section 3.06(c).

     "COMPANY REPURCHASE NOTICE" has the meaning specified in Section 3.06(b).

     "COMPANY REPURCHASE PRICE" has the meaning specified in Section 3.06(a).

     "CONTINGENT INTEREST" has the meaning specified in Section 4.01.

     "CONVERSION AGENT" means the Trustee or such other office or agency
designated by the Company where Debentures may be presented for conversion.

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     "CONVERSION DATE" has the meaning specified in Section 15.02.

     "CONVERSION PRICE" as of any day means $1,000 divided by the Conversion
Rate as of such date and rounded to the nearest cent. The Conversion Price shall
initially be $53.33 per share of Common Stock.

     "CONVERSION RATE" has the meaning specified in Section 15.04.

     "CORPORATE TRUST OFFICE" or other similar term, means the designated office
of the Trustee at which at any particular time its corporate trust business as
it relates to this Indenture shall be administered, which office is, at the date
as of which this Indenture is dated, located at 100 Wall Street, 16th Floor, New
York, NY 10005.

     "CURRENT MARKET PRICE" per share of Common Stock means, with respect to any
date of determination, the average of the Last Reported Sale Price for the five
consecutive Trading Days selected by the Company commencing not more than 30
Trading Days before, and ending not later than, the earlier of the date of
determination and the day before the Ex-Dividend Date with respect to the
issuance or distribution requiring such computation. If another issuance or
distribution to which Section 15.05 applies occurs during the period applicable
for calculating "CURRENT MARKET PRICE" pursuant to this definition, "CURRENT
MARKET PRICE" shall be calculated for such period in a manner determined by the
Board of Directors to reflect the impact of such issuance, distribution,
subdivision or combination on the Last Reported Sale Price of the Common Stock
during such period.

     "CUSTODIAN" means U.S. Bank Trust National Association, as custodian with
respect to the Debentures in global form, or any successor entity thereto.

     "DEBENTURE" or "DEBENTURES" means any Debenture or Debentures, as the case
may be, authenticated and delivered under this Indenture, including any Global
Debenture.

     "DEBENTURE REGISTER" has the meaning specified in Section 2.05.

     "DEBENTURE REGISTRAR" has the meaning specified in Section 2.05.

     "DEBENTUREHOLDER" or "HOLDER" as applied to any Debenture, or other similar
terms (but excluding the term "BENEFICIAL HOLDER"), means any Person in whose
name at the time a particular Debenture is registered on the Debenture
Registrar's books.

     "DEFAULT" means any event that is, or after notice or passage of time, or
both, would be, an Event of Default.

     "DEFAULTED INTEREST" has the meaning specified in Section 2.03.

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     "DEPOSITARY" means, the clearing agency registered under the Exchange Act
that is designated to act as the Depositary for the Global Debentures. The
Depository Trust Company shall be the initial Depositary, until a successor
shall have been appointed and become such pursuant to the applicable provisions
of this Indenture, and thereafter, "DEPOSITARY" shall mean or include such
successor.

     "DETERMINATION DATE" has the meaning specified in Section 15.05(m).

     "DISTRIBUTION AGGREGATE VALUE" has the meaning specified in Section
15.05(e).

     "DISTRIBUTION BASE VALUE" has the meaning specified in Section 15.05(e).

     "EVENT OF DEFAULT" means any event specified in Section 7.01 as an Event of
Default.

     "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder, as in effect from time to
time.

     "EX-DIVIDEND DATE" means, with respect to any issuance or distribution on
shares of Common Stock, the first date on which the shares of Common Stock trade
regular way on the principal securities market on which the shares of Common
Stock are then traded without the right to receive such issuance or
distribution.

     "EXPIRATION TIME" has the meaning specified in Section 15.05(f).

     "FUNDAMENTAL CHANGE" means the occurrence of any of the following:

     (i) a "person" or "group" within the meaning of Section 13(d) of the
Exchange Act other than the Company, its subsidiaries or its or their employee
benefit plans, files a Schedule TO or any other schedule, form or report under
the Exchange Act disclosing that such person or group has become the direct or
indirect ultimate "beneficial owner," as defined in Rule 13d-3 under the
Exchange Act, of more than 50% of the total voting power of all shares of the
Company's capital stock that are entitled to vote generally in the election of
directors; or

     (ii) consummation of any share exchange, consolidation or merger of the
Company or any sale, lease or other transfer in one transaction or a series of
transactions of all or substantially all of the consolidated assets of the
Company and its subsidiaries, taken as a whole, to any person other than the
Company or one or more of its subsidiaries pursuant to which the Common Stock
will be converted into cash, securities or other property; provided, however,
that a transaction where the holders of the Company's voting capital stock
immediately prior to such transaction have, directly or indirectly, more than
50% of the aggregate voting power of all shares of capital stock of the
continuing or

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surviving corporation or transferee entitled to vote generally in the election
of directors immediately after such event shall not be a Fundamental Change.

     A Fundamental Change will not be deemed to have occurred in respect of
either of the foregoing, however, if either:

     (i) the Last Reported Sale Price of the Common Stock for any five Trading
Days within the 10 consecutive Trading Days ending immediately before the later
of the Fundamental Change or the public announcement thereof, equals or exceeds
105% of the Conversion Price of the Debentures immediately before the
Fundamental Change or the public announcement thereof, or

     (ii) at least 90% of the consideration, excluding cash payments for
fractional shares, in the transaction or transactions constituting the
Fundamental Change consists of shares of capital stock traded on a national
securities exchange or quoted on the Nasdaq National Market or which will be so
traded or quoted when issued or exchanged in connection with a Fundamental
Change (these securities being referred to as "publicly traded securities") and
as a result of this transaction or transactions the Debentures become
convertible into such publicly traded securities, excluding cash payments for
fractional shares.

     "FUNDAMENTAL CHANGE REPURCHASE ELECTION" has the meaning specified in
Section 3.05(c)(i).

     "FUNDAMENTAL CHANGE REPURCHASE DATE" has the meaning specified in Section
3.05(a).

     "FUNDAMENTAL CHANGE REPURCHASE NOTICE" has the meaning specified in Section
3.05(b).

     "FUNDAMENTAL CHANGE REPURCHASE PRICE" has the meaning provided in Section
3.05(a).

     "GLOBAL DEBENTURE" has the meaning specified in Section 2.02.

     "INDENTURE" means this instrument as originally executed or, if amended or
supplemented as herein provided, as so amended or supplemented.

     "INITIAL PURCHASERS" means each of J.P. Morgan Securities Inc., Banc of
America Securities LLC, Scotia Capital (USA) Inc., Credit Lyonnais Securities
(USA) Inc. and NatCity Investments, Inc. (each an "INITIAL PURCHASER").

     "INTEREST" means, when used with reference to the Debentures, any interest
payable under the terms of the Debentures, including Contingent Interest, if
any, and Additional Amounts, if any, payable under the terms of the Registration
Rights Agreement.

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     "INTEREST PAYMENT DATE" means June 15 and December 15 of each year,
commencing December 15, 2003.

     "INTEREST PERIOD" means any six-month period from June 15 to December 14 or
from December 15 to June 14, commencing on or after June 15, 2003 and ending
before June 15, 2033.

     "LAST REPORTED SALE PRICE" of the Common Stock on any date means the
closing sale price per share (or if no closing sale price is reported, the
average of the bid and asked prices or, if more than one in either case, the
average of the average bid and the average asked prices) on that date as
reported in composite transactions for the principal U.S. securities exchange on
which the Common Stock is traded or, if the Common Stock is not listed on a U.S.
national or regional securities exchange, as reported by the Nasdaq National
Market. If the Common Stock is not listed for trading on a U.S. national or
regional securities exchange and not reported by the Nasdaq National Market on
the relevant date, the "Last Reported Sale Price" will be the last quoted bid
price for the Common Stock in the over-the-counter market on the relevant date
as reported by the National Quotation Bureau Incorporated or similar
organization. If the Common Stock is not so quoted, the "Last Reported Sale
Price" will be the average of the mid-point of the last bid and asked prices for
the Common Stock on the relevant date quoted by each of at least three
nationally recognized independent investment banking firms selected by the
Company for this purpose.

     "MARKET PRICE" means, with respect to any Repurchase Date or other date of
determination, the average of the Last Reported Sale Price of the Common Stock
for the 20 consecutive Trading Days ending on the third Business Day prior to
the applicable Repurchase Date or date of determination (or, if such third
Business Day prior to the applicable Repurchase Date or date of determination is
not a Trading Day, then ending on the last Trading Day prior to such third
Business Day), appropriately adjusted to take into account the occurrence,
during the period commencing on the first Trading Day during the period of 20
consecutive Trading Days and ending on the Repurchase Date or date of
determination, as applicable, of any event described in Section 15.05 or Section
15.06.

     "NON-ELECTING SHARE" has the meaning specified in Section 15.06.

     "OFFER AGGREGATE VALUE" has the meaning specified in Section 15.05(f).

     "OFFICERS' CERTIFICATE", when used with respect to the Company, means a
certificate signed by any two of the Chairman of the Board, the Chief Executive
Officer, the Chief Operating Officer, the President, the Chief Financial
Officer, any Vice President (whether or not designated by a number or numbers or
word or words added before or after the title "Vice President"), the Treasurer
or the Secretary of the Company; PROVIDED that the Officer's Certificate
delivered on the date hereof pursuant to Section 16.05 may be signed by any one
of the foregoing.

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     "OPINION OF COUNSEL" means an opinion in writing signed by legal counsel,
who may be an employee of or counsel to the Company, or other counsel reasonably
acceptable to the Trustee.

     "ORIGINAL ISSUE DATE" means June 11, 2003.

     "OUTSTANDING", when used with reference to Debentures and subject to the
provisions of Section 9.04, means, as of any particular time, all Debentures
authenticated and delivered by the Trustee under this Indenture, except:

     (a)  Debentures theretofore canceled by the Trustee or delivered to the
Trustee for cancellation;

     (b)  Debentures, or portions thereof, (i) for the redemption of which
monies in the necessary amount shall have been deposited in trust with the
Trustee or with any Paying Agent (other than the Company) or (ii) which shall
have been otherwise defeased in accordance with Article 13;

     (c)  Debentures in lieu of which, or in substitution for which, other
Debentures shall have been authenticated and delivered pursuant to the terms of
Section 2.06; and

     (d)  Debentures converted into Common Stock pursuant to Article 15 and
Debentures deemed not outstanding pursuant to Article 3.

     "PAYING AGENT" means the Trustee or such other office or agency designated
by the Company where Debentures may be presented for payment.

     "PERSON" means a corporation, an association, a partnership, a limited
liability company, an individual, a joint venture, a joint stock company, a
trust, an unincorporated organization or a government or an agency or a
political subdivision thereof.

     "PORTAL MARKET" means The Portal Market operated by the National
Association of Securities Dealers, Inc. or any successor thereto.

     "PREDECESSOR DEBENTURE" of any particular Debenture means every previous
Debenture evidencing all or a portion of the same debt as that evidenced by such
particular Debenture, and, for the purposes of this definition, any Debenture
authenticated and delivered under Section 2.06 in lieu of a lost, destroyed or
stolen Debenture shall be deemed to evidence the same debt as the lost,
destroyed or stolen Debenture that it replaces.

     "PURCHASED SHARES" has the meaning specified in Section 15.05(f).

     "QIB" means a "QUALIFIED INSTITUTIONAL BUYER" as defined in Rule 144A.

     "REDEMPTION DATE" has the meaning specified in Section 3.02(a).

                                        8
<Page>

     "REDEMPTION NOTICE" has the meaning specified in Section 3.02(a).

     "REDEMPTION PRICE" has the meaning specified in Section 3.01.

     "REGISTRATION RIGHTS AGREEMENT" means the Registration Rights Agreement,
dated as of June 11, 2003, among the Company and the Initial Purchasers, as
amended from time to time in accordance with its terms.

     "REGULAR RECORD DATE" means, with respect to each Interest Payment Date,
the close of business on the June 1 or December 1 next preceding such Interest
Payment Date (whether or not a Business Day).

     "REPURCHASE DATE" means the Fundamental Change Repurchase Date or the
Company Repurchase Date, as applicable.

     "REPURCHASE ELECTION" means the Fundamental Change Repurchase Election or
the Company Repurchase Election, as applicable.

     "REPURCHASE PRICE" means the Fundamental Change Repurchase Price or the
Company Repurchase Price, as applicable.

     "RESPONSIBLE OFFICER" means, when used with respect to the Trustee, any
officer within the corporate trust department of the Trustee with direct
responsibility for the administration of this Indenture and also means, with
respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of such person's knowledge of any familiarity with
the particular subject.

     "RESTRICTED SECURITIES" has the meaning specified in Section 2.05(c).

     "RULE 144A" means Rule 144A as promulgated under the Securities Act.

     "SECURITIES ACT" means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder, as in effect from time to time.

     "SPECIAL RECORD DATE" has the meaning specified in Section 2.03.

     "SPIN-OFF MARKET PRICE" per share of Common Stock of the Company or the
capital stock of, or similar equity interests in, a subsidiary or other business
unit of the Company on any day means the average of the daily Last Reported Sale
Price for the 10 consecutive Trading Days commencing on and including the fifth
Trading Day after the Ex-Dividend Date with respect to the issuance or
distribution requiring such computation.

     "STATED MATURITY" means June 15, 2033.

     "STOCK RECORD DATE" means, with respect to any dividend, distribution or
other transaction or event in which the holders of Common Stock have the right
to

                                        9
<Page>

receive any cash, securities or other property or in which the Common Stock (or
other applicable security) is exchanged for or converted into any combination of
cash, securities or other property, the date fixed for determination of
stockholders entitled to receive such cash, securities or other property
(whether such date is fixed by the Board of Directors or by statute, contract or
otherwise).

     "SUBSIDIARY" means, with respect to any Person, (i) any corporation,
association or other business entity of which more than 50% of the total voting
power of shares of capital stock or other equity interest entitled (without
regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by such Person or one or more of the other subsidiaries
of that Person (or a combination thereof) and (ii) any partnership (a) the sole
general partner or managing general partner of which is such Person or a
subsidiary of such Person or (b) the only general partners of which are such
Person or of one or more subsidiaries of such Person (or any combination
thereof).

     "TAX ORIGINAL ISSUE DISCOUNT" means the amount of ordinary interest income
on a Debenture that must be accrued as original issue discount for United States
Federal income tax purposes pursuant to U.S. Treasury Regulation section
1.1275-4.

     "TRADING DAY" means (a) if the applicable security is listed, admitted for
trading or quoted on the New York Stock Exchange, the Nasdaq National Market or
another U.S. national or regional securities exchange, a day on which the New
York Stock Exchange, the Nasdaq National Market or such other national or
regional securities exchange, as the case may be, is open for business or (b) if
the applicable security is not so listed, admitted for trading or quoted, any
Business Day.

     "TRADING PRICE" means, as of any date of determination, the average of the
secondary market bid quotations per $1,000 principal amount of Debentures
obtained by the Bid Solicitation Agent for $10 million aggregate principal
amount of Debentures at approximately 4:00 p.m., New York City time, on such
determination date from three nationally recognized securities dealers (none of
which shall be an Affiliate of the Company) in The City of New York (or such
other place that may be determined from time to time by the Company) selected by
the Company; PROVIDED, HOWEVER, if (a) at least three such bids are not obtained
by the Bid Solicitation Agent or (b) in the Company's reasonable judgment, the
bid quotations are not indicative of the secondary market value of the
Debentures as of such determination date, then the Trading Price per $1,000
principal amount of the Debentures for such determination date shall equal (1)
the Conversion Rate in effect as of such determination date multiplied by (2)
the average Last Reported Sale Price of the Common Stock for the five Trading
Days ending on such determination date, appropriately adjusted to take into
account the occurrence, during the period commencing on the first of such
Trading Days during such five Trading Day period and ending on such
determination date, of

                                       10
<Page>

any event described in Section 15.05 or Section 15.06. The Bid Solicitation
Agent shall solicit bids from securities dealers that the Company believes to be
willing to bid for Debentures. The Trading Price shall be determined by the
Company.

     "TRUST INDENTURE ACT" means the Trust Indenture Act of 1939, as amended, as
it was in force at the date of this Indenture, except as provided in Sections
11.03 and 15.06; PROVIDED that if the Trust Indenture Act of 1939 is amended
after the date hereof, the term "TRUST INDENTURE ACT" shall mean, to the extent
required by such amendment, the Trust Indenture Act of 1939 as so amended.

     "TRUSTEE" means U.S. Bank Trust National Association and its successors and
any corporation resulting from or surviving any consolidation or merger to which
it or its successors may be a party and any successor trustee at the time
serving as successor trustee hereunder.

                                    ARTICLE 2
                   ISSUE, DESCRIPTION, EXECUTION, REGISTRATION
                           AND EXCHANGE OF DEBENTURES

     Section 2.01. DESIGNATION AMOUNT AND ISSUE OF DEBENTURES. The Debentures
shall be designated as "3.00% CONVERTIBLE SENIOR DEBENTURES DUE 2033".
Debentures not to exceed the aggregate principal amount of $275,000,000 (except
pursuant to Sections 2.05, 2.06, 3.05, 3.06 and 15.02 hereof) upon the execution
of this Indenture, or from time to time thereafter, may be executed by the
Company and delivered to the Trustee for authentication, and the Trustee shall
thereupon authenticate and deliver said Debentures to or upon the written order
of the Company, signed by its Chairman of the Board, its Chief Executive
Officer, its Chief Operating Officer, its President, its Chief Financial
Officer, any Vice President (whether or not designated by a number or numbers or
word or words added before or after the title "Vice President"), its Treasurer,
its Secretary or any Assistant Secretary, without any further action by the
Company hereunder.

     Section 2.02. FORM OF DEBENTURES. The Debentures and the Trustee's
certificate of authentication to be borne by such Debentures shall be
substantially in the form set forth in Exhibit A. The terms and provisions
contained in the form of Debenture attached as Exhibit A hereto shall
constitute, and are hereby expressly made, a part of this Indenture and, to the
extent applicable, the Company and the Trustee, by their execution and delivery
of this Indenture, expressly agree to such terms and provisions and to be bound
thereby.

     Any of the Debentures may have such letters, numbers or other marks of
identification and such notations, legends, endorsements or changes as the
officers executing the same may approve (execution thereof to be conclusive
evidence of such approval) and as are not inconsistent with the provisions of
this Indenture, or

                                       11
<Page>

as may be required by the Custodian, the Depositary or by the National
Association of Securities Dealers, Inc. in order for the Debentures to be
tradable on The Portal Market or as may be required for the Debentures to be
tradable on any other market developed for trading of securities pursuant to
Rule 144A 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
securities exchange or automated quotation system on which the Debentures may be
listed, or to conform to usage, or to indicate any special limitations or
restrictions to which any particular Debentures are subject.

     So long as the Debentures are eligible for book-entry settlement with the
Depositary, or unless otherwise required by law, or otherwise contemplated by
Section 2.05(a), all of the Debentures will be represented by one or more
Debentures in global form registered in the name of the Depositary or the
nominee of the Depositary (a "GLOBAL DEBENTURE"). The transfer and exchange of
beneficial interests in any such Global Debenture shall be effected through the
Depositary in accordance with this Indenture and the applicable procedures of
the Depositary. Except as provided in Section 2.05(a), beneficial holders of a
Global Debenture shall not be entitled to have certificates registered in their
names, will not receive or be entitled to receive physical delivery of
certificates in definitive form and will not be considered holders of such
Global Debenture.

     Any Global Debenture shall represent such of the outstanding Debentures as
shall be specified therein and shall provide that it shall represent the
aggregate amount of outstanding Debentures from time to time endorsed thereon
and that the aggregate amount of outstanding Debentures represented thereby may
from time to time be increased or reduced to reflect redemptions, repurchases,
conversions, transfers or exchanges permitted hereby. Any endorsement of a
Global Debenture to reflect the amount of any increase or decrease in the amount
of outstanding Debentures represented thereby shall be made by the Trustee or
the Custodian, at the direction of the Trustee, in such manner and upon
instructions given by the holder of such Debentures in accordance with this
Indenture. Payment of principal of and Interest on any Global Debenture shall be
made to the holder of such Debenture.

     Section 2.03. DATE AND DENOMINATION OF DEBENTURES; PAYMENTS OF INTEREST.
The Debentures shall be issuable in registered form without coupons in
denominations of $1,000 principal amount and integral multiples thereof. Each
Debenture shall be dated the date of its authentication and shall bear interest
from the date specified on the face of the form of Debenture attached as Exhibit
A hereto. Interest on the Debentures shall be computed on the basis of a 360-day
year comprised of twelve 30-day months.

     The Person in whose name any Debenture (or its Predecessor Debenture) is
registered on the Debenture Register at the close of business on the Regular
Record Date with respect to an Interest Payment Date shall be entitled to
receive the Interest payable on such Interest Payment Date, except that the
Interest

                                       12
<Page>

payable upon redemption or repurchase will be payable to the Person to whom
principal is payable pursuant to such redemption or repurchase (unless the
Redemption Date or the Repurchase Date, as the case may be, is an Interest
Payment Date, in which case the semi-annual payment of interest becoming due on
such date shall be payable to the holders of such Debentures registered as such
on the applicable Regular Record Date). Notwithstanding the foregoing, if any
Debenture (or portion thereof) is converted into Common Stock during the period
after a Regular Record Date to, but excluding, the next succeeding Interest
Payment Date and such Debenture (or portion thereof) has been called or tendered
for redemption on a Redemption Date which occurs during such period, the Company
shall not be required to pay interest on such Interest Payment Date in respect
of any such Debenture (or portion thereof), except as provided in Section 15.02.
Interest shall be payable at the office of the Company maintained by the Company
for such purposes in the Borough of Manhattan, City of New York, which shall
initially be an office or agency of the Trustee. The Company shall pay Interest
(i) on any Debentures in certificated form by check mailed to the address of the
Person entitled thereto as it appears in the Debenture Register (or upon written
notice, by wire transfer in immediately available funds, if such Person is
entitled to Interest on Debentures with an aggregate principal amount in excess
of $2,000,000) or (ii) on any Global Debenture by wire transfer of immediately
available funds to the account of the Depositary or its nominee.

     Any Interest on any Debenture which is payable, but is not punctually paid
or duly provided for, on any June 15 or December 15 (herein called "DEFAULTED
INTEREST") shall forthwith cease to be payable to the Debentureholder on the
relevant Regular Record Date by virtue of his having been such Debentureholder,
and such Defaulted Interest shall be paid by the Company, at its election in
each case, as provided in clause (1) or (2) below:

     (1)  The Company may elect to make payment of any Defaulted Interest to the
Persons in whose names the Debentures (or their respective Predecessor
Debentures) are registered at the close of business on a "SPECIAL RECORD DATE"
for the payment of such Defaulted Interest, which shall be the date fixed in the
following manner. The Company shall notify the Trustee in writing of the amount
of Defaulted Interest proposed to be paid on each Debenture and the date of the
proposed payment (which shall be not less than twenty-five (25) days after the
receipt by the Trustee of such notice, unless the Trustee shall consent to an
earlier date), and at the same time the Company shall deposit with the Trustee
an amount of money equal to the aggregate amount to be paid in respect of such
Defaulted Interest or shall make arrangements satisfactory to the Trustee for
such deposit on or prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a
Special Record Date for the payment of such Defaulted Interest which shall be
not more than fifteen (15) days and not less than ten (10) days prior to the
date of the proposed payment, and not less than ten (10) days after the receipt
by the

                                       13
<Page>

Trustee of the notice of the proposed payment. The Trustee shall promptly notify
the Company of such Special Record Date and, in the name and at the expense of
the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first-class postage
prepaid, to each holder at his address as it appears in the Debenture Register,
not less than ten (10) days prior to such Special Record Date. Notice of the
proposed payment of such Defaulted Interest and the Special Record Date therefor
having been so mailed, such Defaulted Interest shall be paid to the Persons in
whose names the Debentures (or their respective Predecessor Debentures) are
registered at the close of business on such Special Record Date and shall no
longer be payable pursuant to the following clause (2) of this Section 2.03.

     (2)  The Company may make payment of any Defaulted Interest in any other
lawful manner not inconsistent with the requirements of any securities exchange
or automated quotation system on which the Debentures may be listed or
designated for issuance, and upon such notice as may be required by such
exchange or automated quotation system, if, after notice given by the Company to
the Trustee of the proposed payment pursuant to this clause, such manner of
payment shall be deemed practicable by the Trustee.

     Section 2.04. EXECUTION OF DEBENTURES. The Debentures shall be signed in
the name and on behalf of the Company by the manual or facsimile signature of
its President, any Vice President (whether or not designated by a number or
numbers or word or words added before or after the title "Vice President"), its
Treasurer, its Secretary or any Assistant Secretary. Only such Debentures as
shall bear thereon a certificate of authentication substantially in the form set
forth on the form of Debenture attached as Exhibit A hereto, manually executed
by the Trustee (or an authenticating agent appointed by the Trustee as provided
by Section 16.12), shall be entitled to the benefits of this Indenture or be
valid or obligatory for any purpose. Such certificate by the Trustee (or such an
authenticating agent) upon any Debenture executed by the Company shall be
conclusive evidence that the Debenture so authenticated has been duly
authenticated and delivered hereunder and that the holder is entitled to the
benefits of this Indenture.

     In case any officer of the Company who shall have signed any of the
Debentures shall cease to be such officer before the Debentures so signed shall
have been authenticated and delivered by the Trustee, or disposed of by the
Company, such Debentures nevertheless may be authenticated and delivered or
disposed of as though the person who signed such Debentures had not ceased to be
such officer of the Company, and any Debenture may be signed on behalf of the
Company by such persons as, at the actual date of the execution of such
Debenture, shall be the proper officers of the Company, although at the date of
the execution of this Indenture any such person was not such an officer.

     Section 2.05. EXCHANGE AND REGISTRATION OF TRANSFER OF DEBENTURES;
RESTRICTIONS ON TRANSFER. (a) The Company shall cause to be kept at the

                                       14
<Page>

Corporate Trust Office a register (the register maintained in such office and in
any other office or agency of the Company designated pursuant to Section 5.02
being herein sometimes collectively referred to as the "DEBENTURE REGISTER") in
which, subject to such reasonable regulations as it may prescribe, the Company
shall provide for the registration of Debentures and of transfers of Debentures.
The Debenture Register shall be in written form or in any form capable of being
converted into written form within a reasonably prompt period of time. The
Trustee is hereby appointed "DEBENTURE REGISTRAR" for the purpose of registering
Debentures and transfers of Debentures as herein provided. The Company may
appoint one or more co-registrars in accordance with Section 5.02.

     Upon surrender for registration of transfer of any Debenture to the
Debenture Registrar or any co-registrar, and satisfaction of the requirements
for such transfer set forth in this Section 2.05, the Company shall execute, and
the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Debentures of any authorized
denominations and of a like aggregate principal amount and bearing such
restrictive legends as may be required by this Indenture.

     Debentures may be exchanged for other Debentures of any authorized
denominations and of a like aggregate principal amount, upon surrender of the
Debentures to be exchanged at any such office or agency maintained by the
Company pursuant to Section 5.02. Whenever any Debentures are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and
deliver, the Debentures which the Debentureholder making the exchange is
entitled to receive bearing registration numbers not contemporaneously
outstanding.

     All Debentures issued upon any registration of transfer or exchange of
Debentures shall be the valid obligations of the Company, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Debentures
surrendered upon such registration of transfer or exchange.

     All Debentures presented or surrendered for registration of transfer or for
exchange, redemption, repurchase or conversion shall (if so required by the
Company or the Debenture Registrar) be duly endorsed, or be accompanied by a
written instrument or instruments of transfer in form satisfactory to the
Company, duly executed by the Debentureholder thereof or his attorney duly
authorized in writing.

     No service charge shall be made to any holder for any registration of,
transfer or exchange of Debentures, but the Company may require payment by the
holder of a sum sufficient to cover any tax, assessment or other governmental
charge that may be imposed in connection with any registration of transfer or
exchange of Debentures.

                                       15
<Page>

     Neither the Company nor the Trustee nor any Debenture Registrar shall be
required to exchange or register a transfer of (a) any Debentures for a period
of fifteen (15) days next preceding any selection of Debentures to be redeemed,
(b) any Debentures or portions thereof called for redemption pursuant to Section
3.01 (c) any Debentures or portions thereof surrendered for conversion pursuant
to Article 15, (d) any Debentures or portions thereof tendered for repurchase
(and not withdrawn) pursuant to Section 3.05 or (e) any Debentures or portions
thereof tendered for repurchase (and not withdrawn) pursuant to Section 3.06.

     (b)  The following provisions shall apply only to Global Debentures:

          (i)     Each Global Debenture authenticated under this Indenture shall
     be registered in the name of the Depositary or a nominee thereof and
     delivered to such Depositary or a nominee thereof or Custodian therefor,
     and each such Global Debenture shall constitute a single Debenture for all
     purposes of this Indenture.

          (ii)    Notwithstanding any other provision in this Indenture, no
     Global Debenture may be exchanged in whole or in part for Debentures
     registered, and no transfer of a Global Debenture in whole or in part may
     be registered, in the name of any Person other than the Depositary or a
     nominee thereof unless (A) the Depositary (i) has notified the Company that
     it is unwilling or unable to continue as Depositary for such Global
     Debenture and a successor depositary has not been appointed by the Company
     within ninety days or (ii) has ceased to be a clearing agency registered
     under the Exchange Act, (B) an Event of Default has occurred and is
     continuing or (C) the Company, in its sole discretion, notifies the Trustee
     in writing that it no longer wishes to have all the Debentures represented
     by Global Debentures. Any Global Debenture exchanged pursuant to clause (A)
     or (B) above shall be so exchanged in whole and not in part and any Global
     Debenture exchanged pursuant to clause (C) above may be exchanged in whole
     or from time to time in part as directed by the Company. Any Debenture
     issued in exchange for a Global Debenture or any portion thereof shall be a
     Global Debenture; PROVIDED that any such Debenture so issued that is
     registered in the name of a Person other than the Depositary or a nominee
     thereof shall not be a Global Debenture.

          (iii)   Securities issued in exchange for a Global Debenture or any
     portion thereof pursuant to clause (ii) above shall be issued in
     definitive, fully registered form, without interest coupons, shall have an
     aggregate principal amount equal to that of such Global Debenture or
     portion thereof to be so exchanged, shall be registered in such names and
     be in such authorized denominations as the Depositary shall designate and
     shall bear any legends required hereunder. Any Global Debenture to be
     exchanged in whole shall be surrendered by the Depositary to the Trustee,
     as Debenture Registrar. With regard to any Global Debenture to be

                                       16
<Page>

     exchanged in part, either such Global Debenture shall be so surrendered for
     exchange or, if the Trustee is acting as Custodian for the Depositary or
     its nominee with respect to such Global Debenture, the principal amount
     thereof shall be reduced, by an amount equal to the portion thereof to be
     so exchanged, by means of an appropriate adjustment made on the records of
     the Trustee. Upon any such surrender or adjustment, the Trustee shall
     authenticate and make available for delivery the Debenture issuable on such
     exchange to or upon the written order of the Depositary or an authorized
     representative thereof.

          (iv)    In the event of the occurrence of any of the events specified
     in clause (ii) above, the Company will promptly make available to the
     Trustee a reasonable supply of certificated Debentures in definitive, fully
     registered form, without interest coupons.

          (v)     Neither any members of, or participants in, the Depositary
     ("AGENT MEMBERS") nor any other Persons on whose behalf Agent Members may
     act shall have any rights under this Indenture with respect to any Global
     Debenture registered in the name of the Depositary or any nominee thereof,
     and the Depositary or such nominee, as the case may be, may be treated by
     the Company, the Trustee and any agent of the Company or the Trustee as the
     absolute owner and holder of such Global Debenture for all purposes
     whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the
     Company, the Trustee or any agent of the Company or the Trustee from giving
     effect to any written certification, proxy or other authorization furnished
     by the Depositary or such nominee, as the case may be, or impair, as
     between the Depositary, its Agent Members and any other Person on whose
     behalf an Agent Member may act, the operation of customary practices of
     such Persons governing the exercise of the rights of a beneficial holder of
     any Debenture.

          (vi)    At such time as all interests in a Global Debenture have been
     redeemed, repurchased, converted, canceled or exchanged for Debentures in
     certificated form, such Global Debenture shall, upon receipt thereof, be
     canceled by the Trustee in accordance with standing procedures and
     instructions existing between the Depositary and the Custodian. At any time
     prior to such cancellation, if any interest in a Global Debenture is
     redeemed, repurchased, converted, canceled or exchanged for Debentures in
     certificated form, the principal amount of such Global Debenture shall, in
     accordance with the standing procedures and instructions existing between
     the Depositary and the Custodian, be appropriately reduced, and an
     endorsement shall be made on such Global Debenture, by the Trustee or the
     Custodian, at the direction of the Trustee, to reflect such reduction.

     (c)  Every Debenture that bears or is required under this Section 2.05(c)
to bear the legend set forth in this Section 2.05(c) (together with any Common

                                       17
<Page>

Stock issued upon conversion of the Debentures and required to bear the legend
set forth in Section 2.05(d), collectively, the "RESTRICTED SECURITIES") shall
be subject to the restrictions on transfer set forth in this Section 2.05(c)
(including those set forth in the legend below) unless such restrictions on
transfer shall be waived by written consent of the Company, and the holder of
each such Restricted Security, by such holder's acceptance thereof, agrees to be
bound by all such restrictions on transfer. As used in Section 2.05(c) and
2.05(d), the term "TRANSFER" encompasses any sale, pledge, loan, transfer or
other disposition whatsoever of any Restricted Security or any interest therein.

     Until the expiration of the holding period applicable to sales thereof
under Rule 144(k) under the Securities Act (or any successor provision), any
certificate evidencing such Debenture (and all securities issued in exchange
therefor or substitution thereof, other than Common Stock, if any, issued upon
conversion thereof, which shall bear the legend set forth in Section 2.05(d), if
applicable) shall bear a legend in substantially the following form, unless such
Debenture has been sold pursuant to a registration statement that has been
declared effective under the Securities Act (and which continues to be effective
at the time of such transfer) or pursuant to Rule 144 under the Securities Act
or any similar provision then in force, or unless otherwise agreed by the
Company in writing, with written notice thereof to the Trustee:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY
BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY,
BY ITS ACCEPTANCE HEREOF, (1) REPRESENTS THAT IT IS A "QUALIFIED INSTITUTIONAL
BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT ("RULE 144A")); (2)
AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS
PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY OR ANY
COMMON STOCK ISSUABLE UPON CONVERSION OF SUCH SECURITY, PRIOR TO THE EXPIRATION
OF THE HOLDING PERIOD APPLICABLE TO SALES OF THIS SECURITY UNDER RULE 144(k)
UNDER THE SECURITIES ACT (OR ANY SUCCESSOR PROVISION), ONLY (A) TO LINCARE
HOLDINGS INC. (THE "ISSUER"), (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS
BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT (AND WHICH CONTINUES TO BE
EFFECTIVE AT THE TIME OF SUCH TRANSFER), (C) FOR SO LONG AS THE SECURITIES ARE
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, IN COMPLIANCE WITH RULE 144A TO A
PERSON IT REASONABLY

                                       18
<Page>

BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER THAT PURCHASES FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN
THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (D) PURSUANT TO
ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, SUBJECT TO THE ISSUER'S AND THE TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER PURSUANT TO CLAUSE (D) TO REQUIRE THE DELIVERY OF AN OPINION OF
COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM;
AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. THIS LEGEND
WILL BE REMOVED UPON THE EARLIER OF THE TRANSFER OF THIS SECURITY PURSUANT TO
CLAUSE 2(B) ABOVE OR UPON ANY TRANSFER OF THIS SECURITY UNDER RULE 144 UNDER THE
SECURITIES ACT (OR ANY SUCCESSOR PROVISION).

FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED, THIS DEBENTURE IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT.
THE ISSUE PRICE OF EACH DEBENTURE IS $1,000 PER $1,000 OF PRINCIPAL AMOUNT, AND
THE ISSUE DATE IS JUNE 11, 2003. IN ADDITION, THIS DEBENTURE IS SUBJECT TO
UNITED STATES FEDERAL INCOME TAX REGULATIONS GOVERNING CONTINGENT PAYMENT DEBT
INSTRUMENTS. FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL
REVENUE CODE, THE COMPARABLE YIELD OF THIS DEBENTURE IS 6.75%, COMPOUNDED
SEMI-ANNUALLY (WHICH WILL BE TREATED AS THE YIELD TO MATURITY FOR UNITED STATES
FEDERAL INCOME TAX PURPOSES).

THE ISSUER AGREES, AND BY ACCEPTING A BENEFICIAL OWNERSHIP INTEREST IN THIS
DEBENTURE EACH HOLDER AND ANY BENEFICIAL OWNER OF THIS DEBENTURE WILL BE DEEMED
TO HAVE AGREED, FOR UNITED STATES FEDERAL INCOME TAX PURPOSES (1) TO TREAT THIS
DEBENTURE AS A DEBT INSTRUMENT THAT IS SUBJECT TO TREAS. REG. SEC. 1.1275-4 (THE
"CONTINGENT PAYMENT REGULATIONS"), (2) TO TREAT THE FAIR MARKET VALUE OF ANY
COMMON STOCK RECEIVED UPON ANY CONVERSION OF THIS DEBENTURE OR UPON A PURCHASE
OF THIS DEBENTURE AT THE HOLDER'S OPTION AS A CONTINGENT PAYMENT FOR PURPOSES OF
THE CONTINGENT PAYMENT REGULATIONS, AND (3) TO ACCRUE INTEREST WITH RESPECT TO
THE DEBENTURE AS ORIGINAL ISSUE DISCOUNT FOR UNITED STATES FEDERAL INCOME TAX
PURPOSES ACCORDING TO THE "NONCONTINGENT BOND METHOD," SET FORTH IN THE
CONTINGENT PAYMENT REGULATIONS, AND TO BE BOUND

                                       19
<Page>

BY THE ISSUER'S DETERMINATION OF THE "COMPARABLE YIELD" AND "PROJECTED PAYMENT
SCHEDULE," WITHIN THE MEANING OF THE CONTINGENT PAYMENT REGULATIONS, WITH
RESPECT TO THIS DEBENTURE. THE ISSUER AGREES TO PROVIDE PROMPTLY TO THE HOLDER
OF THIS DEBENTURE, UPON WRITTEN REQUEST, THE ISSUE PRICE, AMOUNT OF TAX ORIGINAL
ISSUE DISCOUNT, ISSUE DATE, YIELD TO MATURITY, COMPARABLE YIELD AND PROJECTED
PAYMENT SCHEDULE. ANY SUCH WRITTEN REQUEST SHOULD BE SENT TO THE ISSUER AT THE
FOLLOWING ADDRESS: LINCARE HOLDINGS INC., 19387 US 19 NORTH, CLEARWATER, FLORIDA
33764, ATTN: TREASURER.

THE HOLDER OF THIS SECURITY IS ENTITLED TO THE BENEFITS OF A REGISTRATION RIGHTS
AGREEMENT DATED JUNE 11, 2003 AND, BY ITS ACCEPTANCE HEREOF, AGREES TO BE BOUND
BY AND TO COMPLY WITH THE PROVISIONS OF SUCH REGISTRATION RIGHTS AGREEMENT.

     Any Debenture (or security issued in exchange or substitution therefor) as
to which such restrictions on transfer shall have expired in accordance with
their terms or as to conditions for removal of the foregoing legend set forth
therein have been satisfied may, upon surrender of such Debenture for exchange
to the Debenture Registrar in accordance with the provisions of this Section
2.05, be exchanged for a new Debenture or Debentures, of like tenor and
aggregate principal amount, which shall not bear the restrictive legend required
by this Section 2.05(c). If the Restricted Security surrendered for exchange is
represented by a Global Debenture bearing the legend set forth in this Section
2.05(c), the principal amount of the legended Global Debenture shall be reduced
by the appropriate principal amount and the principal amount of a Global
Debenture without the legend set forth in this Section 2.05(c) shall be
increased by an equal principal amount. If a Global Debenture without the legend
set forth in this Section 2.05(c) is not then outstanding, the Company shall
execute and the Trustee shall authenticate and deliver an unlegended Global
Debenture to the Depositary.

     (d)  Until the expiration of the holding period applicable to sales thereof
under Rule 144(k) under the Securities Act (or any successor provision), any
stock certificate representing Common Stock issued upon conversion of any
Debenture shall bear a legend in substantially the following form, unless such
Common Stock has been sold pursuant to a registration statement that has been
declared effective under the Securities Act (and which continues to be effective
at the time of such transfer) or pursuant to Rule 144 under the Securities Act
or any similar provision then in force, or such Common Stock has been issued
upon conversion of Debentures that have been transferred pursuant to a
registration statement that has been declared effective under the Securities Act
or pursuant to Rule 144 under the Securities Act or any similar provision then
in force, or unless

                                       20
<Page>

otherwise agreed by the Company in writing with written notice thereof to the
transfer agent:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY
BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY,
BY ITS ACCEPTANCE HEREOF, (1) REPRESENTS THAT IT IS A "QUALIFIED INSTITUTIONAL
BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT ("RULE 144A")); (2)
AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS
PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR
TO THE EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES OF THIS SECURITY
UNDER RULE 144(k) UNDER THE SECURITIES ACT (OR ANY SUCCESSOR PROVISION), ONLY
(A) TO LINCARE HOLDINGS INC. (THE "ISSUER"), (B) PURSUANT TO A REGISTRATION
STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT (AND WHICH
CONTINUES TO BE EFFECTIVE AT THE TIME OF SUCH TRANSFER), (C) FOR SO LONG AS THE
SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, IN COMPLIANCE WITH
RULE 144A TO A PERSON IT REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER'S AND THE
TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D)
TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER
INFORMATION SATISFACTORY TO EACH OF THEM; AND (3) AGREES THAT IT WILL DELIVER TO
EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE
EFFECT OF THIS LEGEND. THIS LEGEND WILL BE REMOVED UPON THE EARLIER OF THE
TRANSFER OF THIS SECURITY PURSUANT TO CLAUSE 2(B) ABOVE OR UPON ANY TRANSFER OF
THIS SECURITY UNDER RULE 144 UNDER THE SECURITIES ACT (OR ANY SUCCESSOR
PROVISION).

THE HOLDER OF THIS SECURITY IS ENTITLED TO THE BENEFITS OF A REGISTRATION RIGHTS
AGREEMENT DATED JUNE 11, 2003 AND, BY ITS ACCEPTANCE HEREOF, AGREES TO BE BOUND
BY AND TO

                                       21
<Page>

COMPLY WITH THE PROVISIONS OF SUCH REGISTRATION RIGHTS AGREEMENT.

     Any such Common Stock as to which such restrictions on transfer shall have
expired in accordance with their terms or as to which the conditions for removal
of the foregoing legend set forth therein have been satisfied may, upon
surrender of the certificates representing such shares of Common Stock for
exchange in accordance with the procedures of the transfer agent for the Common
Stock, be exchanged for a new certificate or certificates for a like number of
shares of Common Stock, which shall not bear the restrictive legend required by
this Section 2.05(d).

     (e)  Any Debenture or Common Stock issued upon the conversion of a
Debenture that, prior to the expiration of the holding period applicable to
sales thereof under Rule 144(k) under the Securities Act (or any successor
provision), is purchased or owned by the Company or any Affiliate thereof may
not be resold by the Company or such Affiliate unless registered under the
Securities Act or resold pursuant to an exemption from the registration
requirements of the Securities Act in a transaction which results in such
Debentures or Common Stock, as the case may be, no longer being "restricted
securities" (as defined under Rule 144).

     The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this
Indenture or under applicable law with respect to any transfer of any interest
in any Debenture (including any transfers between or among Agent Members or
beneficial holders of interests in any Global Debenture) other than to require
delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by, the terms
of this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof.

     Section 2.06. MUTILATED, DESTROYED, LOST OR STOLEN DEBENTURES. In case any
Debenture shall become mutilated or be destroyed, lost or stolen, the Company in
its discretion may execute, and upon its written request the Trustee or an
authenticating agent appointed by the Trustee shall authenticate and make
available for delivery, a new Debenture, bearing a number not contemporaneously
outstanding, in exchange and substitution for the mutilated Debenture, or in
lieu of and in substitution for the Debenture so destroyed, lost or stolen. In
every case, the applicant for a substituted Debenture shall furnish to the
Company, to the Trustee and, if applicable, to such authenticating agent such
security or indemnity as may be required by them to save each of them harmless
for any loss, liability, cost or expense caused by or connected with such
substitution, and, in every case of destruction, loss or theft, the applicant
shall also furnish to the Company, to the Trustee and, if applicable, to such
authenticating agent evidence to their satisfaction of the destruction, loss or
theft of such Debenture and of the ownership thereof.

                                       22
<Page>

     Following receipt by the Trustee or such authenticating agent, as the case
may be, of satisfactory security or indemnity and evidence, as described in the
preceding paragraph, the Trustee or such authenticating agent may authenticate
any such substituted Debenture and make available for delivery such Debenture.
Upon the issuance of any substituted Debenture, the Company may require the
payment by the holder of a sum sufficient to cover any tax, assessment or other
governmental charge that may be imposed in relation thereto and any other
expenses connected therewith. In case any Debenture which has matured or is
about to mature or has been called for redemption or has been tendered for
repurchase upon a Fundamental Change (and not withdrawn) or has been surrendered
for repurchase on a Repurchase Date (and not withdrawn) or is to be converted
into Common Stock shall become mutilated or be destroyed, lost or stolen, the
Company may, instead of issuing a substitute Debenture, pay or authorize the
payment of or convert or authorize the conversion of the same (without surrender
thereof except in the case of a mutilated Debenture), as the case may be, if the
applicant for such payment or conversion shall furnish to the Company, to the
Trustee and, if applicable, to such authenticating agent such security or
indemnity as may be required by them to save each of them harmless from any
loss, liability, cost or expense caused by or in connection with such
substitution, and, in every case of destruction, loss or theft, the applicant
shall also furnish to the Company, the Trustee and, if applicable, any Paying
Agent or Conversion Agent evidence to their satisfaction of the destruction,
loss or theft of such Debenture and of the ownership thereof.

     Every substitute Debenture issued pursuant to the provisions of this
Section 2.06 by virtue of the fact that any Debenture is destroyed, lost or
stolen shall constitute an additional contractual obligation of the Company,
whether or not the destroyed, lost or stolen Debenture shall be found at any
time, and shall be entitled to all the benefits of (but shall be subject to all
the limitations set forth in) this Indenture equally and proportionately with
any and all other Debentures duly issued hereunder. To the extent permitted by
law, all Debentures shall be held and owned upon the express condition that the
foregoing provisions are exclusive with respect to the replacement or payment or
conversion or redemption or repurchase of mutilated, destroyed, lost or stolen
Debentures and shall preclude any and all other rights or remedies
notwithstanding any law or statute existing or hereafter enacted to the contrary
with respect to the replacement or payment or conversion or redemption or
repurchase of negotiable instruments or other securities without their
surrender.

     Section 2.07. TEMPORARY DEBENTURES. Pending the preparation of Debentures
in certificated form, the Company may execute and the Trustee or an
authenticating agent appointed by the Trustee shall, upon the written request of
the Company, authenticate and deliver temporary Debentures (printed or
lithographed). Temporary Debentures shall be issuable in any authorized
denomination, and substantially in the form of the Debentures in certificated
form, but with such omissions, insertions and variations as may be appropriate
for

                                       23
<Page>

temporary Debentures, all as may be determined by the Company. Every such
temporary Debenture shall be executed by the Company and authenticated by the
Trustee or such authenticating agent upon the same conditions and in
substantially the same manner, and with the same effect, as the Debentures in
certificated form. Without unreasonable delay, the Company will execute and
deliver to the Trustee or such authenticating agent Debentures in certificated
form and thereupon any or all temporary Debentures may be surrendered in
exchange therefor, at each office or agency maintained by the Company pursuant
to Section 5.02 and the Trustee or such authenticating agent shall authenticate
and make available for delivery in exchange for such temporary Debentures an
equal aggregate principal amount of Debentures in certificated form. Such
exchange shall be made by the Company at its own expense and without any charge
therefor. Until so exchanged, the temporary Debentures shall in all respects be
entitled to the same benefits and subject to the same limitations under this
Indenture as Debentures in certificated form authenticated and delivered
hereunder.

     Section 2.08. CANCELLATION OF DEBENTURES. All Debentures surrendered for
the purpose of payment, redemption, repurchase, conversion, exchange or
registration of transfer shall, if surrendered to the Company or any Paying
Agent or any Debenture Registrar or any Conversion Agent, be surrendered to the
Trustee and promptly canceled by it, or, if surrendered to the Trustee, shall be
promptly canceled by it, and no Debentures shall be issued in lieu thereof
except as expressly permitted by any of the provisions of this Indenture. The
Trustee shall dispose of such canceled Debentures in accordance with its
customary procedures. If the Company shall acquire any of the Debentures, such
acquisition shall not operate as a redemption, repurchase or satisfaction of the
indebtedness represented by such Debentures unless and until the same are
delivered to the Trustee for cancellation.

     Section 2.09. CUSIP NUMBERS. The Company in issuing the Debentures may use
"CUSIP" numbers (if then generally in use), and, if so, the Trustee shall use
"CUSIP" numbers in notices of redemption as a convenience to Debentureholders;
PROVIDED that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Debentures or as contained
in any notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Debentures, and any such redemption shall
not be affected by any defect in or omission of such numbers. The Company will
promptly notify the Trustee of any change in the "CUSIP" numbers.

     Section 2.10. RANKING. The indebtedness of the Company arising under or in
connection with this Indenture and every outstanding Security issued under this
Indenture from time to time constitutes and will constitute a senior unsecured
general obligation of the Company, ranking equally with other existing and
future senior unsecured Indebtedness of the Company and ranking senior in right
of payment to any future Indebtedness of the Company that is expressly made
subordinate to the Debentures by the terms of such Indebtedness. For purposes of

                                       24
<Page>

this Section 2.10 only, "INDEBTEDNESS" means, without duplication, the principal
or face amount of (i) all obligations for borrowed money, (ii) all obligations
evidenced by debentures, notes or other similar instruments, (iii) all
obligations in respect of letters of credit or bankers acceptances or similar
instruments (or reimbursement obligations with respect thereto), (iv) all
obligations to pay the deferred purchase price of property or services, (v) all
obligations as lessee which are capitalized in accordance with generally
accepted accounting principles, and (vi) all Indebtedness of others guaranteed
by the Company or any of its Subsidiaries or for which the Company or any of its
Subsidiaries is legally responsible or liable (whether by agreement to purchase
indebtedness of, or to supply funds or to invest in, others).

                                    ARTICLE 3
                     REDEMPTION AND REPURCHASE OF DEBENTURES

     Section 3.01. COMPANY'S RIGHT TO REDEEM. Prior to June 15, 2008, the
Debentures will not be redeemable at the Company's option. At any time on or
after June 15, 2008 and prior to Stated Maturity, the Company, at its option,
may redeem the Debentures in accordance with the provisions of Section 3.02,
Section 3.03 and Section 3.04 on the Redemption Date for cash, in whole or in
part, at a redemption price (the "REDEMPTION PRICE") equal to 100% of the
principal amount of the Debentures to be redeemed together in each case with
accrued and unpaid Interest on the Debentures redeemed to (but excluding) the
Redemption Date.

     Section 3.02.  NOTICE OF OPTIONAL REDEMPTION; SELECTION OF DEBENTURES.

     (a)  In case the Company shall desire to exercise the right to redeem all
or, as the case may be, any part of the Debentures pursuant to Section 3.01, it
shall fix a date for redemption (the "REDEMPTION DATE") and it or, at its
written request received by the Trustee not fewer than thirty-five (35) days
prior (or such shorter period of time as may be acceptable to the Trustee) to
the Redemption Date, the Trustee in the name of and at the expense of the
Company, shall mail or cause to be mailed a notice of such redemption (a
"REDEMPTION NOTICE") not fewer than thirty (30) nor more than sixty (60) days
prior to the Redemption Date to each holder of Debentures so to be redeemed as a
whole or in part at its last address as the same appears on the Debenture
Register; PROVIDED that if the Company shall give such notice, it shall also
give written notice of the Redemption Date to the Trustee. Such mailing shall be
by first class mail. The notice, if mailed in the manner herein provided, shall
be conclusively presumed to have been duly given, whether or not the holder
receives such notice. In any case, failure to give such notice by mail or any
defect in the notice to the holder of any Debenture designated for redemption as
a whole or in part shall not affect the validity of the proceedings for the
redemption of any other Debenture. Concurrently with the mailing of any such
Redemption Notice, the Company shall

                                       25
<Page>

issue a press release announcing such redemption, the form and content of which
press release shall be determined by the Company in its sole discretion. The
failure to issue any such press release or any defect therein shall not affect
the validity of the Redemption Notice or any of the proceedings for the
redemption of any Debenture called for redemption.

     (b)  Each such Redemption Notice shall specify the aggregate principal
amount of Debentures to be redeemed, the CUSIP number or numbers of the
Debentures being redeemed, the Redemption Date (which shall be a Business Day),
the Redemption Price at which Debentures are to be redeemed, the place or places
of payment, that payment will be made upon presentation and surrender of such
Debentures, that Interest accrued to the Redemption Date will be paid as
specified in said notice, and that on and after said date Interest thereon or on
the portion thereof to be redeemed will cease to accrue. Such notice shall also
state the current Conversion Rate and the date on which the right to convert
such Debentures or portions thereof into Common Stock will expire. If fewer than
all the Debentures are to be redeemed, the Redemption Notice shall identify the
Debentures to be redeemed (including CUSIP numbers, if any). In case any
Debenture is to be redeemed in part only, the Redemption Notice shall state the
portion of the principal amount thereof to be redeemed and shall state that, on
and after the Redemption Date, upon surrender of such Debenture, a new Debenture
or Debentures in principal amount equal to the unredeemed portion thereof will
be issued.

     (c)  On or prior to the Redemption Date specified in the Redemption Notice
given as provided in this Section 3.02, the Company will deposit with the
Trustee or with one or more Paying Agents (or, if the Company is acting as its
own Paying Agent, set aside, segregate and hold in trust as provided in Section
5.04 an amount of money in immediately available funds sufficient to redeem on
the Redemption Date all the Debentures (or portions thereof) so called for
redemption (other than those theretofore surrendered for conversion into Common
Stock) at the appropriate Redemption Price; PROVIDED that if such payment is
made on the Redemption Date it must be received by the Trustee or Paying Agent,
as the case may be, by 10:00 a.m., New York City time, on such date. The Company
shall be entitled to retain any interest, yield or gain on amounts deposited
with the Trustee or any Paying Agent pursuant to this Section 3.02(c) in excess
of amounts required hereunder to pay the Redemption Price and accrued interest
to, but excluding, the Redemption Date. Subject to the last sentence of Section
8.05, if any Debenture called for redemption is converted pursuant hereto prior
to such Redemption Date, any money deposited with the Trustee or any Paying
Agent or so segregated and held in trust for the redemption of such Debenture
shall be paid to the Company upon its written request, or, if then held by the
Company, shall be discharged from such trust. Whenever any Debentures are to be
redeemed, the Company will give the Trustee written notice in the form of an
Officers' Certificate not fewer than thirty-five (35) days (or such shorter

                                       26
<Page>

period of time as may be acceptable to the Trustee) prior to the Redemption Date
as to the aggregate principal amount of Debentures to be redeemed.

     (d)  If less than all of the outstanding Debentures are to be redeemed, the
Trustee shall select the Debentures or portions thereof of the Global Debenture
or the Debentures in certificated form to be redeemed (in principal amounts of
$1,000 or multiples thereof) by lot, on a pro rata basis or by another method
the Trustee deems fair and appropriate. If any Debenture selected for partial
redemption is submitted for conversion in part after such selection, the portion
of such Debenture submitted for conversion shall be deemed (so far as may be
possible) to be from the portion selected for redemption. The Debentures (or
portions thereof) so selected shall be deemed duly selected for redemption for
all purposes hereof, notwithstanding that any such Debenture is submitted for
conversion in part before the mailing of the Redemption Notice.

     Upon any redemption of less than all of the outstanding Debentures, the
Company and the Trustee may (but need not), solely for purposes of determining
the pro rata allocation among such Debentures as are unconverted and outstanding
at the time of redemption, treat as outstanding any Debentures surrendered for
conversion during the period of fifteen (15) days next preceding the mailing of
a Redemption Notice and may (but need not) treat as outstanding any Debenture
authenticated and delivered during such period in exchange for the unconverted
portion of any Debenture converted in part during such period.

     Section 3.03. PAYMENT OF DEBENTURES CALLED FOR REDEMPTION BY THE COMPANY.
If notice of redemption has been given as provided in Section 3.02, the
Debentures or portion of Debentures with respect to which such notice has been
given shall, unless converted into Common Stock pursuant to the terms hereof,
become due and payable on the Redemption Date and at the place or places stated
in such notice at the applicable Redemption Price, and on and after the
Redemption Date (unless the Company shall default in the payment of such
Debentures at the Redemption Price) Interest on the Debentures or portion of
Debentures so called for redemption shall cease to accrue and, after the close
of business on the second Business Day immediately preceding the Redemption Date
(unless the Company shall default in the payment of such Debentures at the
Redemption Price) such Debentures shall cease to be convertible into Common
Stock and, except as provided in Section 8.05, to be entitled to any benefit or
security under this Indenture, and the holders thereof shall have no right in
respect of such Debentures except the right to receive the Redemption Price
thereof. On presentation and surrender of such Debentures at a place of payment
in said notice specified, the said Debentures or the specified portions thereof
shall be paid and redeemed by the Company at the applicable Redemption Price;
PROVIDED that if the applicable Redemption Date is an Interest Payment Date, the
Interest payable on such Interest Payment Date shall be paid on such Interest
Payment Date to the holders of record of such Debentures on the applicable
record date instead of the holders surrendering such Debentures for redemption
on such date.

                                       27
<Page>

     Upon presentation of any Debenture redeemed in part only, the Company shall
execute and the Trustee shall authenticate and make available for delivery to
the holder thereof, at the expense of the Company, a new Debenture or
Debentures, of authorized denominations, in principal amount equal to the
unredeemed portion of the Debentures so presented.

     Notwithstanding the foregoing, the Trustee shall not redeem any Debentures
or mail any Redemption Notice during the continuance of a default in payment of
Interest on the Debentures. If any Debenture called for redemption shall not be
so paid upon surrender thereof for redemption, the principal shall, until paid
or duly provided for, continue to bear interest at the rate borne by the
Debenture, compounded semi-annually, and such Debenture shall remain convertible
into Common Stock until the principal and Interest shall have been paid or duly
provided for.

     Section 3.04. CONVERSION ARRANGEMENT ON CALL FOR REDEMPTION. In connection
with any redemption of Debentures, the Company may arrange for the purchase and
conversion of any Debentures by an agreement with one or more investment banks
or other purchasers to purchase such Debentures by paying to the Trustee in
trust for the Debentureholders, on or before the Redemption Date, an amount not
less than the applicable Redemption Price of such Debentures. Notwithstanding
anything to the contrary contained in this Article 3, the obligation of the
Company to pay the Redemption Price of such Debentures shall be deemed to be
satisfied and discharged to the extent such amount is so paid by such
purchasers. If such an agreement is entered into, a copy of which will be filed
with the Trustee prior to the Redemption Date, any Debentures not duly
surrendered for conversion by the holders thereof may, at the option of the
Company, be deemed, to the fullest extent permitted by law, acquired by such
purchasers from such holders and (notwithstanding anything to the contrary
contained in Article 15) surrendered by such purchasers for conversion, all as
of immediately prior to the close of business on the Redemption Date (and the
right to convert any such Debentures shall be extended through such time),
subject to payment of the above amount as aforesaid. At the direction of the
Company, the Trustee shall hold and dispose of any such amount paid to it in the
same manner as it would monies deposited with it by the Company for the
redemption of Debentures. Without the Trustee's prior written consent, no
arrangement between the Company and such purchasers for the purchase and
conversion of any Debentures shall increase or otherwise affect any of the
powers, duties, responsibilities or obligations of the Trustee as set forth in
this Indenture.

     Section 3.05. REPURCHASE OF DEBENTURES BY THE COMPANY AT OPTION OF HOLDERS
UPON A FUNDAMENTAL CHANGE.

     (a)  If a Fundamental Change shall occur at any time prior to Stated
Maturity, each holder shall have the right, at such holder's option, to require
the Company to repurchase all of such holder's Debentures, or any portion
thereof that is a multiple of $1,000 principal amount, on the date specified in
the

                                       28
<Page>

Fundamental Change Repurchase Notice, which date shall be no more than 30 days
after the date of the Fundamental Change Repurchase Notice (subject to extension
to comply with applicable law) (the "FUNDAMENTAL CHANGE REPURCHASE DATE"). The
Company shall repurchase such Debentures at a price (the "FUNDAMENTAL CHANGE
REPURCHASE PRICE") equal to 100% of the principal amount thereof plus any
accrued and unpaid Interest to but excluding the Fundamental Change Repurchase
Date; PROVIDED that if such Fundamental Change Repurchase Date falls on an
Interest Payment Date, then the Interest payable on such Interest Payment Date
shall be paid to the holders of record of the Debentures on the applicable
record date instead of the holders surrendering the Debentures for repurchase on
such date.

     (b)  On or before the thirtieth (30th) day after the occurrence of a
Fundamental Change, the Company, or at its written request the Trustee in the
name of and at the expense of the Company (which request must be received by the
Trustee at least five (5) Business Days prior to the date the Trustee is
requested to give notice as described below, unless the Trustee shall agree to a
shorter period), shall mail or cause to be mailed, by first class mail, to all
holders of record on such date a notice (the "FUNDAMENTAL CHANGE REPURCHASE
NOTICE") of the occurrence of such Fundamental Change and of the repurchase
right at the option of the holders arising as a result thereof to each holder of
Debentures at its last address as the same appears on the Debenture Register;
PROVIDED that if the Company shall give such notice, it shall also give written
notice of the Fundamental Change to the Trustee at such time as it is mailed to
Debentureholders. Such notice, if mailed in the manner herein provided, shall be
conclusively presumed to have been duly given, whether or not the holder
receives such notice. Each Fundamental Change Repurchase Notice shall state:

          (i)     the Fundamental Change Repurchase Price, excluding accrued and
     unpaid Interest, the applicable Conversion Rate at the time of such notice
     (and any applicable adjustments to the Conversion Rate) and, to the extent
     known at the time of such notice, the amount of Interest that will be
     payable with respect to the Debentures on the Fundamental Change Repurchase
     Date;

          (ii)    whether the Company elects to pay the Fundamental Change
     Repurchase Price in cash, in shares of Common Stock or a combination
     thereof, specifying the percentage or amounts of each;

          (iii)   if the Company elects to pay any portion of the Fundamental
     Change Repurchase Price in shares of Common Stock, the method of
     calculating the Market Price of the Common Stock;

          (iv)    the events causing the Fundamental Change and the date of the
     Fundamental Change;

          (v)     the Fundamental Change Repurchase Date;

                                       29
<Page>

          (vi)    the last date on which a holder may exercise the repurchase
     right;

          (vii)   the name and address of the Paying Agent and the Conversion
     Agent;

          (viii)  that Debentures as to which a Fundamental Change Repurchase
     Election has been given by the holder may be converted only if the election
     has been withdrawn by the holder in accordance with the terms of this
     Indenture; PROVIDED that the Debentures are otherwise convertible in
     accordance with Section 15.01;

          (ix)    that the holder shall have the right to withdraw any
     Debentures surrendered prior to the close of business on the Business Day
     immediately preceding the Fundamental Change Repurchase Date (or any such
     later time as may be required by applicable law);

          (x)     a description of the procedure which a Debentureholder must
     follow to exercise such repurchase right or to withdraw any surrendered
     Debentures;

          (xi)    the CUSIP number or numbers of the Debentures (if then
     generally in use); and

          (xii)   briefly, the conversion rights of the Debentures and whether,
     at the time of such notice, the Debentures are eligible for conversion.

     No failure of the Company to give the foregoing notices and no defect
therein shall limit the Debentureholders' repurchase rights or affect the
validity of the proceedings for the repurchase of the Debentures pursuant to
this Section 3.05.

     (c)  Debentures shall be repurchased pursuant to this Section 3.05 at the
option of the holder upon:

          (i)     delivery to the Trustee (or other Paying Agent appointed by
     the Company) by a holder of a duly completed notice (a "FUNDAMENTAL CHANGE
     REPURCHASE ELECTION") in the form set forth on the reverse of the Debenture
     at any time prior to the close of business on the Business Day immediately
     preceding the Fundamental Change Repurchase Date stating:

                  (A)  if certificated, the certificate numbers of the

          Debentures which the holder shall deliver to be repurchased;

                  (B)  the portion of the principal amount of the Debentures
          that the holder shall deliver to be repurchased, which portion must be
          $1,000 or an integral multiple thereof;

                                       30
<Page>

                  (C)  that such Debentures shall be repurchased as of the
          Fundamental Change Repurchase Date pursuant to the terms and
          conditions specified in the Debentures and in the Indenture; and

                  (D)  in the event the Company elects to pay the Fundamental
          Change Repurchase Price, in whole or in part, in shares of Common
          Stock but such portion of the Fundamental Change Repurchase Price
          shall ultimately be paid to such holder entirely in cash because any
          of the conditions to payment of the Fundamental Change Repurchase
          Price in shares of Common Stock is not satisfied prior to the close of
          business on the Business Day prior to the relevant Fundamental Change
          Repurchase Date, whether such holder elects (i) to withdraw such
          Fundamental Change Repurchase Election as to some or all of the
          Debentures to which such election relates (stating the principal
          amount and certificate numbers, if any, of the Debentures as to which
          such withdrawal shall relate), or (ii) to receive cash in respect of
          the entire Fundamental Change Repurchase Price for all Debentures (or
          portions thereof) to which such election relates; and

          (ii)    delivery or book-entry transfer of the Debentures to the
     Trustee (or other Paying Agent appointed by the Company) simultaneously
     with or at any time after delivery of the Fundamental Change Repurchase
     Election (together with all necessary endorsements) at the Corporate Trust
     Office of the Trustee (or other Paying Agent appointed by the Company) in
     the Borough of Manhattan, such delivery or transfer being a condition to
     receipt by the holder of the Fundamental Change Repurchase Price therefor;
     provided that such Fundamental Change Repurchase Price shall be so paid
     pursuant to this Section 3.05 only if the Debentures so delivered or
     transferred to the Trustee (or other Paying Agent appointed by the Company)
     shall conform in all respects to the description thereof in the related
     Fundamental Change Repurchase Election. All questions as to the validity,
     eligibility (including time of receipt) and acceptance of any Debenture for
     repurchase shall be determined by the Company, whose determination shall be
     final and binding absent manifest error.

     If a holder fails to indicate such holder's choice with respect to the
election set forth in Section 3.05(c)(i)(D), such holder shall be deemed to have
elected to receive cash in respect of the entire Fundamental Change Repurchase
Price for all Debentures subject to such Fundamental Change Repurchase Election
in the circumstances set forth in Section 3.05(c)(i)(D).

     Section 3.06. REPURCHASE OF DEBENTURES BY THE COMPANY AT OPTION OF HOLDERS
ON SPECIFIED DATES.

                                       31
<Page>

     (a)  On each of June 15, 2008, June 15, 2010, June 15, 2013 and June 15,
2018 (each, a "COMPANY REPURCHASE DATE"), each holder shall have the right, at
such holder's option, to require the Company to repurchase all of such holder's
Debentures, or any portion thereof that is a multiple of $1,000 principal
amount. The Company shall repurchase such Debentures at a price (the "COMPANY
REPURCHASE PRICE") equal to 100% of the principal amount thereof plus any
accrued and unpaid Interest to but excluding the Company Repurchase Date;
PROVIDED that if such Company Repurchase Date falls on an Interest Payment Date,
then the Interest payable on such Interest Payment Date shall be paid to the
holders of record of the Debentures on the applicable record date instead of the
holders surrendering the Debentures for repurchase on such date.

     (b)  On or before the twentieth (20th) day prior to each Company Repurchase
Date, the Company, or at its written request the Trustee in the name of and at
the expense of the Company (which request must be received by the Trustee at
least five (5) Business Days prior to the date the Trustee is requested to give
notice as described below, unless the Trustee shall agree to a shorter period),
shall mail or cause to be mailed, by first class mail, to all holders of record
on such date a notice (the "COMPANY REPURCHASE NOTICE") to each holder of
Debentures at its last address as the same appears on the Debenture Register;
PROVIDED that if the Company shall give such notice, it shall also give written
notice to the Trustee at such time as it is mailed to Debentureholders. Such
notice, if mailed in the manner herein provided, shall be conclusively presumed
to have been duly given, whether or not the holder receives such notice. Each
Company Repurchase Notice shall state:

          (i)     the Company Repurchase Price, excluding accrued and unpaid
     Interest, the applicable Conversion Rate at the time of such notice (and
     any applicable adjustments to the Conversion Rate) and, to the extent known
     at the time of such notice, the amount of Interest that will be payable
     with respect to the Debentures on the Company Repurchase Date;

          (ii)    whether the Company elects to pay the Company Repurchase Price
     in cash, in shares of Common Stock or a combination thereof, specifying the
     percentage or amounts of each;

          (iii)   if the Company elects to pay any portion of the Company
     Repurchase Price in shares of Common Stock, the method of calculating the
     Market Price of the Common Stock;

          (iv)    the Company Repurchase Date;

          (v)     the last date on which a holder may exercise the repurchase
     right;

          (vi)    the name and address of the Paying Agent and the Conversion
     Agent;

                                       32
<Page>

          (vii)   that Debentures as to which a Company Repurchase Election has
     been given by the holder may be converted only if the election has been
     withdrawn by the holder in accordance with the terms of this Indenture;
     PROVIDED that the Debentures are otherwise convertible in accordance with
     Section 15.01;

          (viii)  that the holder shall have the right to withdraw any
     Debentures surrendered prior to the close of business on the Business Day
     immediately preceding the Company Repurchase Date (or any such later time
     as may be required by applicable law);

          (ix)    a description of the procedure which a Debentureholder must
     follow to exercise such repurchase right or to withdraw any surrendered
     Debentures;

          (x)     the CUSIP number or numbers of the Debentures (if then
     generally in use); and

          (xi)    briefly, the conversion rights of the Debentures and whether,
     at the time of such notice, the Debentures are eligible for conversion.

     No failure of the Company to give the foregoing notices and no defect
therein shall limit the Debentureholders' repurchase rights or affect the
validity of the proceedings for the repurchase of the Debentures pursuant to
this Section 3.06.

     (c)  Debentures shall be repurchased pursuant to this Section 3.06 at the
option of the holder upon:

          (i)     delivery to the Trustee (or other Paying Agent appointed by
     the Company) by a holder of a duly completed notice (a "COMPANY REPURCHASE
     ELECTION") in the form set forth on the reverse of the Debenture at any
     time from the opening of business on the 20th Business Day preceding the
     Company Repurchase Date until the close of business on the Business Day
     immediately preceding the Company Repurchase Date stating:

                  (A)  if certificated, the certificate numbers of the
          Debentures which the holder shall deliver to be repurchased;

                  (B)  the portion of the principal amount of the Debentures
          that the holder shall deliver to be repurchased, which portion must be
          $1,000 or an integral multiple thereof;

                                       33
<Page>

                  (C)  that such Debentures shall be repurchased as of the
          Company Repurchase Date pursuant to the terms and conditions specified
          in the Debentures and in the Indenture; and

                  (D)  in the event the Company elects to pay the Company
          Repurchase Price, in whole or in part, in shares of Common Stock but
          such portion of the Company Repurchase Price shall ultimately be paid
          to such holder entirely in cash because any of the conditions to
          payment of the Company Repurchase Price in shares of Common Stock is
          not satisfied prior to the close of business on the Business Day prior
          to the relevant Company Repurchase Date, whether such holder elects
          (i) to withdraw the Company Repurchase Election as to some or all of
          the Debentures to which such election relates (stating the principal
          amount and certificate numbers, if any, of the Debentures as to which
          such withdrawal shall relate), or (ii) to receive cash in respect of
          the entire Repurchase Price for all Debentures (or portions thereof)
          to which such election relates; and

          (ii)    delivery or book-entry transfer of the Debentures to the
     Trustee (or other Paying Agent appointed by the Company) simultaneously
     with or at any time after delivery of the Company Repurchase Election
     (together with all necessary endorsements) at the Corporate Trust Office of
     the Trustee (or other Paying Agent appointed by the Company) in the Borough
     of Manhattan, such delivery or transfer being a condition to receipt by the
     holder of the Company Repurchase Price therefor; provided that such Company
     Repurchase Price shall be so paid pursuant to this Section 3.06 only if the
     Debentures so delivered or transferred to the Trustee (or other Paying
     Agent appointed by the Company) shall conform in all respects to the
     description thereof in the related Company Repurchase Election. All
     questions as to the validity, eligibility (including time of receipt) and
     acceptance of any Debenture for repurchase shall be determined by the
     Company, whose determination shall be final and binding absent manifest
     error.

     If a holder fails to indicate such holder's choice with respect to the
election set forth in Section 3.06(c)(i)(D), such holder shall be deemed to have
elected to receive cash in respect of the entire Company Repurchase Price for
all Debentures subject to such Company Repurchase Election in the circumstances
set forth in Section 3.06(c)(i)(D).

     Section 3.07. COMPANY'S RIGHT TO ELECT MANNER OF PAYMENT OF REPURCHASE
PRICE.

     (a)  The Debentures to be repurchased by the Company on any Repurchase Date
pursuant to Section 3.05 or Section 3.06 (other than the Company Repurchase Date
occurring on June 15, 2008) may be paid for, in whole

                                       34
<Page>

or in part, at the election of the Company, in U.S. legal tender ("CASH") or
shares of Common Stock, or in any combination of cash and shares of Common
Stock, subject to the conditions set forth in Section 3.07(e). The Repurchase
Price with respect to the Company Repurchase Date occurring on June 15, 2008
shall be paid only in cash. The Company shall designate in its Repurchase Notice
whether the Company will purchase the Debentures for cash or shares of Common
Stock, or, if a combination thereof, the percentage of the Repurchase Price that
it will pay in cash and the percentage that it will pay in shares of Common
Stock; PROVIDED that the Company will pay cash for accrued and unpaid Interest
and for fractional interests in shares of Common Stock in an amount based upon
the Market Price of such fractional shares. For purposes of determining the
amount of any fractional interests, all Debentures subject to repurchase held by
a holder shall be considered together (no matter how many separate certificates
are to be presented).

     (b)  Each holder whose Debentures are repurchased pursuant to Section 3.05
or Section 3.06 shall receive the same percentage of cash or shares of Common
Stock in payment of the Repurchase Price for such Debentures as any other holder
whose Debentures are repurchased, except (i) as provided in Section 3.07(a) with
regard to the payment of cash in lieu of fractional shares of Common Stock and
(ii) in the event that the Company is unable to purchase the Debentures of a
holder or holders for shares of Common Stock because any necessary
qualifications or registrations of the shares of Common Stock under applicable
state securities laws cannot be obtained, or because the conditions to
purchasing the Debentures for shares of Common Stock set forth in Section
3.07(e) have not been satisfied, the Company may purchase the Debentures of such
holder or holders for cash. The Company may not change its election with respect
to the consideration (or components or percentages of components thereof) to be
paid once the Company has given its Repurchase Notice to holders except pursuant
to Section 3.07(e) in the event of a failure to satisfy, prior to the close of
business on the Business Day immediately preceding the Repurchase Date, any
condition to the payment of the Repurchase Price in whole or in part in shares
of Common Stock.

     (c)  At least three Business Days before the date of any Repurchase Notice,
the Company shall deliver an Officers' Certificate to the Trustee specifying:

          (i)     the manner of payment selected by the Company;

          (ii)    the information required to be included in the Repurchase
     Notice;

          (iii)   if the Company elects to pay the Repurchase Price, or a
     specified percentage thereof, in shares of Common Stock, that the
     conditions to such manner of payment set forth in Section 3.07(e) have been
     or will be complied with; and

                                       35
<Page>

          (iv)    whether the Company desires the Trustee to give the Repurchase
     Notice required.

     (d)  If the Company elects to pay the Repurchase Price, or any percentage
thereof, with respect to a Repurchase Date in shares of Common Stock, the number
of shares of Common Stock to be delivered with respect to each $1,000 principal
amount of Debentures shall be equal to the quotient obtained by dividing (i) the
dollar amount of the Repurchase Price (not including any accrued and unpaid
Interest) to be paid in shares of Common Stock by (ii) the Market Price with
respect to such Repurchase Date, PROVIDED that no fractional shares will be
delivered.

     (e)  The Company's right to elect to pay some or all of the Repurchase
Price with respect to a Repurchase Date by delivering shares of Common Stock
shall be conditioned upon:

          (i)     the Company giving timely notice of its election and not
     having previously given notice of an election to pay the Repurchase Price
     with respect to such Repurchase Date entirely in cash;

          (ii)    the approval for listing of such shares of Common Stock on a
     national securities exchange or the approval for quotation of such shares
     of Common Stock in an inter-dealer quotation system of any registered
     United States national securities association;

          (iii)   information necessary to calculate the Market Price being
     published in a daily newspaper of national circulation or being otherwise
     readily publicly available;

          (iv)    the registration of such shares of Common Stock under the
     Securities Act and the Exchange Act, in each case if required;

          (v)     any necessary qualification or registration under applicable
     state securities laws or the availability of an exemption from such
     qualification and registration; and

          (vi)    the receipt by the Trustee of an Officers' Certificate and an
     Opinion of Counsel each stating that (A) the terms of the issuance of the
     shares of Common Stock are in conformity with this Indenture and (B) the
     shares of Common Stock to be issued by the Company in payment of the
     Repurchase Price in respect of Debentures have been duly authorized and,
     when issued and delivered pursuant to the terms of this Indenture in
     payment of the Repurchase Price, will be validly issued, fully paid and
     non-assessable and free from preemptive rights under the Company's
     Certificate of Incorporation and By-laws and the Delaware General
     Corporation Law, and, in the case of such Officers' Certificate, stating
     that each of the conditions in clauses (i) through (v) above and the
     condition

                                       36
<Page>

     set forth in the second succeeding sentence have been satisfied and, in the
     case of such Opinion of Counsel, stating that the condition in clause (iv)
     above has been satisfied. Such Officers' Certificate shall also set forth
     the number of shares of Common Stock to be issued for each $1,000 principal
     amount of Debentures and the Last Reported Sale Price on each Trading Day
     during the period during which the Market Price with respect to such
     Repurchase Date is to be calculated.

     If the foregoing conditions are not satisfied with respect to a holder or
holders prior to the close of business on the Business Day immediately preceding
the Repurchase Date, the Company shall pay the entire Repurchase Price of the
Debentures of such holder or holders in cash.

     Upon determination of the actual number of shares of Common Stock to be
issued upon repurchase of Debentures, the Company shall be required to
disseminate a press release through Dow Jones & Company, Inc. or Bloomberg
Business News containing this information or publish the information on the
Company's Web site or through such other public medium as the Company may use at
that time.

     (f)  All shares of Common Stock delivered upon purchase of the Debentures
shall be newly issued shares or treasury shares, shall be duly authorized,
validly issued, fully paid and non-assessable, and shall be free from preemptive
rights and free of any lien or adverse claim.

     (g)  If a holder is paid some or all of the Repurchase Price with respect
to such holder's Debentures in shares of Common Stock, the Company shall pay any
documentary, stamp or similar issue or transfer tax due on such issue of Common
Stock; provided that the holder shall pay any such tax which is due because the
holder requests the Common Stock to be issued in a name other than that of the
holder. The Paying Agent may refuse to deliver the certificates representing the
shares of Common Stock being issued in a name other than the holder's name until
the Paying Agent receives a sum sufficient to pay any tax which will be due
because the shares of Common Stock are to be issued in a name other than the
holder's name. Nothing herein shall preclude any income tax withholding required
by law or regulations.

     Section 3.08. CONDITIONS AND PROCEDURES FOR REPURCHASE AT OPTION OF
HOLDERS.

     (a)  The Company shall repurchase from the holder thereof, pursuant to
Section 3.05 or Section 3.06, a portion of a Debenture, if the principal amount
of such portion is $1,000 or a whole multiple of $1,000. Provisions of this
Indenture that apply to the repurchase of all of a Debenture also apply to the
repurchase of such portion of such Debenture. Upon presentation of any Debenture
repurchased in part only, the Company shall execute and the Trustee shall
authenticate and make available for delivery to the holder thereof, at the
expense of the Company,

                                       37
<Page>

a new Debenture or Debentures, of any authorized denomination, in aggregate
principal amount equal to the portion of the Debentures presented not
repurchased.

     (b)  On or prior to a Repurchase Date, the Company will deposit with the
Trustee or with one or more Paying Agents (or, if the Company is acting as its
own Paying Agent, set aside, segregate and hold in trust as provided in Section
5.04) an amount of cash and/or shares of Common Stock, as applicable, sufficient
to repurchase on the Repurchase Date all the Debentures or portions thereof to
be repurchased on such date at the Repurchase Price; PROVIDED that if such
deposit is made on the Repurchase Date it must be received by the Trustee or
Paying Agent, as the case may be, by 10:00 a.m., New York City time, on such
date.

     If the Trustee or other Paying Agent appointed by the Company, or the
Company or an Affiliate of the Company, if it or such Affiliate is acting as the
Paying Agent, holds cash or shares of Common Stock sufficient to pay the
aggregate Repurchase Price of all the Debentures or portions thereof that are to
be repurchased as of the Repurchase Date, on or after the Repurchase Date (i)
such Debentures will cease to be outstanding, (ii) Interest on such Debentures
will cease to accrue and (iii) all other rights of the holders of such
Debentures will terminate, whether or not book-entry transfer of the Debentures
has been made or the Debentures have been delivered to the Trustee or Paying
Agent, other than the right to receive the Repurchase Price upon delivery of the
Debentures.

     (c)  Upon receipt by the Trustee (or other Paying Agent appointed by the
Company) of a Repurchase Election, the holder of the Debenture in respect of
which such Repurchase Election was given shall (unless such notice is validly
withdrawn) thereafter be entitled to receive solely the Repurchase Price with
respect to such Debenture. Such Repurchase Price shall be paid to such holder,
subject to receipt of funds and/or Debentures by the Trustee (or other Paying
Agent appointed by the Company), promptly (but in no event more than five (5)
Business Days) following the later of (x) the Repurchase Date with respect to
such Debenture (provided the holder has satisfied the conditions in Section
3.05(c) or Section 3.06(c), as applicable) and (y) the time of delivery of such
Debenture to the Trustee (or other Paying Agent appointed by the Company) by the
holder thereof in the manner required by Section 3.05(c) or Section 3.06(c), as
applicable. Debentures in respect of which a Repurchase Election has been given
by the holder thereof may not be converted pursuant to Article 15 hereof on or
after the date of the delivery of such Repurchase Election unless such notice
has first been validly withdrawn.

     (d)  Notwithstanding anything herein to the contrary, any holder delivering
to the office of the Trustee (or other Paying Agent appointed by the Company) a
Repurchase Election shall have the right to withdraw such election at any time
prior to the close of business on the Business Day preceding the Repurchase Date
(or any such later time as may be required by applicable law) by

                                       38
<Page>

delivery of a written notice of withdrawal to the Trustee (or other Paying Agent
appointed by the Company) specifying:

          (i)     the certificate number, if any, of the Debenture in respect of
     which such notice of withdrawal is being submitted, or the appropriate
     Depositary information if the Debenture in respect of which such notice of
     withdrawal is being submitted is represented by a Global Debenture,

          (ii)    the principal amount of the Debenture with respect to which
     such notice of withdrawal is being submitted, and

          (iii)   the principal amount, if any, of such Debenture which remains
     subject to the original Repurchase Election and which has been or will be
     delivered for repurchase by the Company.

     The Trustee (or other Paying Agent appointed by the Company) shall promptly
notify the Company of the receipt by it of any Repurchase Election or written
notice of withdrawal thereof.

     (e)  The Company will comply with the provisions of Rule 13e-4 and any
other tender offer rules under the Exchange Act to the extent then applicable in
connection with the repurchase rights of the holders of Debentures in the event
of a Fundamental Change or on any Company Repurchase Date. If then required by
applicable law, the Company will file a Schedule TO or any other schedule
required in connection with such repurchase.

     (f)  There shall be no repurchase of any Debentures pursuant to Section
3.05 or Section 3.06 if there has occurred at any time prior to, and is
continuing on, the Repurchase Date an Event of Default (other than an Event of
Default that is cured by the payment of the Repurchase Price with respect to
such Debentures). The Paying Agent will promptly return to the respective
holders thereof any Debentures (x) with respect to which a Repurchase Election
has been withdrawn in compliance with this Indenture, or (y) held by it during
the continuance of an Event of Default (other than a default in the payment of
the Repurchase Price with respect to such Debentures) in which case, upon such
return, the Repurchase Election with respect thereto shall be deemed to have
been withdrawn.

     (g)  The Trustee (or other Paying Agent appointed by the Company) shall
return to the Company any cash that remains unclaimed as provided in Section
13.03, together with interest, if any, thereon, held by them for the payment of
the Repurchase Price; PROVIDED that to the extent that the aggregate amount of
cash deposited by the Company pursuant to Section 3.08(b) exceeds the aggregate
Repurchase Price of the Debentures or portions thereof which the Company is
obligated to purchase as of the Repurchase Date then, unless otherwise agreed in
writing with the Company, promptly after the Business Day following the
Repurchase Date, the Trustee shall return any such excess to the Company
together with interest, if any, thereon.

                                       39
<Page>

     (h)  In the case of a reclassification, change, consolidation, merger,
combination, sale or conveyance to which Section 15.06 applies, in which the
Common Stock of the Company is changed or exchanged as a result into the right
to receive stock, securities or other property or assets (including cash), which
includes shares of Common Stock of the Company or shares of common stock of
another Person that are, or upon issuance will be, traded on a United States
national securities exchange or approved for trading on an established automated
over-the-counter trading market in the United States and such shares constitute
at the time such change or exchange becomes effective in excess of 50% of the
aggregate fair market value of such stock, securities or other property or
assets (including cash) (as determined by the Company, which determination shall
be conclusive and binding), then the Person formed by such consolidation or
resulting from such merger or which acquires such assets, as the case may be,
shall execute and deliver to the Trustee a supplemental indenture (accompanied
by an Opinion of Counsel that such supplemental indenture complies with the
Trust Indenture Act as in force at the date of execution of such supplemental
indenture) modifying the provisions of this Indenture relating to the right of
holders of the Debentures to cause the Company to repurchase the Debentures
following a Fundamental Change and the provisions of this Indenture relating to
the Company's option to deliver shares of Common Stock in payment of the
Repurchase Price, including without limitation the applicable provisions of this
Article 3 and the definitions of Common Stock and Fundamental Change, as
appropriate, as determined in good faith by the Company (which determination
shall be conclusive and binding), to make such provisions apply to such other
Person if different from the Company and the common stock issued by such Person
(in lieu of the Company and the Common Stock of the Company).

                                    ARTICLE 4
                               CONTINGENT INTEREST

     Section 4.01. CONTINGENT INTEREST. Additional interest ("CONTINGENT
INTEREST") will accrue on each Debenture during an Interest Period, commencing
with the Interest Period beginning June 15, 2008, if the average Trading Price
of the Debentures during the Applicable Five-Day Trading Period with respect to
such Interest Period equals 120% or more of the principal amount of the
Debentures. If Contingent Interest accrues during an Interest Period pursuant to
the preceding sentence, the amount of Contingent Interest payable with respect
to such Interest Period per $1,000 principal amount of Debentures shall equal
0.25% of the average Trading Price during the Applicable Five-Day Trading Period
with respect to such Interest Period.

     The Trustee's sole responsibility pursuant to this Section 4.01 shall be to
obtain the Trading Price of the Debentures for each Trading Day during the
Applicable Five-Day Trading Period and to provide such information to the
Company, to the extent that the Trustee is then the Bid Solicitation Agent. The

                                       40
<Page>

Company shall determine whether holders are entitled to receive Contingent
Interest, and if so, provide notice pursuant to Section 4.03. Notwithstanding
any term contained in this Indenture or any other document to the contrary, the
Trustee shall have no responsibilities, duties or obligations for or with
respect to (i) determining whether the Company must pay Contingent Interest or
(ii) determining the amount of Contingent Interest, if any, payable by the
Company.

     Section 4.02. PAYMENT OF CONTINGENT INTEREST. Contingent Interest for any
Interest Period shall be paid on the immediately succeeding Interest Payment
Date to the Person in whose name any Debenture (or its Predecessor Debenture) is
registered on the Debenture Register at the close of business on the
corresponding Regular Record Date. Contingent Interest due under this Article 4
shall be treated for all purposes of this Indenture like any other interest
accruing on the Debentures.

     Section 4.03. CONTINGENT INTEREST NOTIFICATION. No later than the first
Business Day of an Interest Period for which Contingent Interest will be
payable, the Company will disseminate a press release through Dow Jones &
Company, Inc. or Bloomberg Business News stating that Contingent Interest will
be paid on the Debentures and identifying the Interest Period or publish the
information on its Web site or through such other public medium as it may use at
that time.

                                    ARTICLE 5
                       PARTICULAR COVENANTS OF THE COMPANY

     Section 5.01. PAYMENT OF PRINCIPAL AND INTEREST. The Company covenants and
agrees that it will duly and punctually pay or cause to be paid the principal of
(including any Redemption Price or Repurchase Price pursuant to Article 3) and
Interest on each of the Debentures at the places, at the respective times and in
the manner provided herein and in the Debentures.

     Section 5.02. MAINTENANCE OF OFFICE OR AGENCY. The Company will maintain an
office or agency in the Borough of Manhattan, The City of New York, where the
Debentures may be surrendered for registration of transfer or exchange or for
presentation for payment or for conversion, redemption or repurchase and where
notices and demands to or upon the Company in respect of the Debentures and this
Indenture may be served. The Company will give prompt written notice to the
Trustee of the location, and any change in the location, of such office or
agency not designated or appointed by the Trustee. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office.

     The Company may also from time to time designate co-registrars and one or
more offices or agencies where the Debentures may be presented or surrendered
for any or all such purposes and may from time to time rescind such

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designations. The Company will give prompt written notice of any such
designation or rescission and of any change in the location of any such other
office or agency.

     The Company hereby initially designates the Trustee as Paying Agent,
Debenture Registrar, Custodian and Conversion Agent, and each of the Corporate
Trust Office and the office of agency of the Trustee in the Borough of Manhattan
shall be considered as one such office or agency of the Company for each of the
aforesaid purposes.

     So long as the Trustee is the Debenture Registrar, the Trustee agrees to
mail, or cause to be mailed, the notices set forth in Section 8.10(a) and the
third paragraph of Section 8.11. If co-registrars have been appointed in
accordance with this Section, the Trustee shall mail such notices only to the
Company and the holders of Debentures it can identify from its records.

     Section 5.03. APPOINTMENTS TO FILL VACANCIES IN TRUSTEE'S OFFICE. The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee,
will appoint, in the manner provided in Section 8.10, a Trustee, so that there
shall at all times be a Trustee hereunder.

     Section 5.04. PROVISIONS AS TO PAYING AGENT. (a) If the Company shall
appoint a Paying Agent other than the Trustee, or if the Trustee shall appoint
such a Paying Agent, the Company will cause such Paying Agent to execute and
deliver to the Trustee an instrument in which such Paying Agent shall agree with
the Trustee, subject to the provisions of this Section 5.04:

          (1)     that it will hold all sums held by it as such agent for the
     payment of the principal of or Interest on the Debentures (whether such
     sums have been paid to it by the Company or by any other obligor on the
     Debentures) in trust for the benefit of the holders of the Debentures;

          (2)     that it will give the Trustee notice of any failure by the
     Company (or by any other obligor on the Debentures) to make any payment of
     the principal of or Interest on the Debentures when the same shall be due
     and payable; and

          (3)     that at any time during the continuance of an Event of
     Default, upon request of the Trustee, it will forthwith pay to the Trustee
     all sums so held in trust.

     The Company shall, on or before each due date of the principal of or
Interest on the Debentures, deposit with the Paying Agent a sum (in funds which
are immediately available on the due date for such payment) sufficient to pay
such principal or Interest, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of any failure to take such action;

                                       42
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PROVIDED that if such deposit is made on the due date, such deposit shall be
received by the Paying Agent by 10:00 a.m., New York City time, on such date.

     (b)  If the Company shall act as its own Paying Agent, it will, on or
before each due date of the principal of or Interest on the Debentures, set
aside, segregate and hold in trust for the benefit of the holders of the
Debentures a sum sufficient to pay such principal or Interest so becoming due
and will promptly notify the Trustee of any failure to take such action and of
any failure by the Company (or any other obligor under the Debentures) to make
any payment of the principal of or Interest on the Debentures when the same
shall become due and payable.

     (c)  Anything in this Section 5.04 to the contrary notwithstanding, the
Company may, at any time, for the purpose of obtaining a satisfaction and
discharge of this Indenture, or for any other reason, pay or cause to be paid to
the Trustee all sums held in trust by the Company or any Paying Agent hereunder
as required by this Section 5.04, such sums to be held by the Trustee upon the
trusts herein contained and upon such payment by the Company or any Paying Agent
to the Trustee, the Company or such Paying Agent shall be released from all
further liability with respect to such sums.

     (d)  Anything in this Section 5.04 to the contrary notwithstanding, the
agreement to hold sums in trust as provided in this Section 5.04 is subject to
Sections 13.02 and 13.03.

     The Trustee shall not be responsible for the actions of any other Paying
Agents (including the Company if acting as its own Paying Agent) and shall have
no control of any funds held by such other Paying Agents.

     Section 5.05. EXISTENCE. Subject to Article 12, the Company will do or
cause to be done all things necessary to preserve and keep in full force and
effect its existence and rights (charter and statutory); PROVIDED that the
Company shall not be required to preserve any such right if the Company shall
determine that the preservation thereof is no longer desirable in the conduct of
the business of the Company and that the loss thereof is not disadvantageous in
any material respect to the Debentureholders.

     Section 5.06. RULE 144A INFORMATION REQUIREMENT. Within the period prior to
the expiration of the holding period applicable to sales thereof under Rule
144(k) under the Securities Act (or any successor provision), the Company
covenants and agrees that it shall, during any period in which it is not subject
to Section 13 or 15(d) under the Exchange Act, make available to any holder or
beneficial holder of Debentures or any Common Stock issued upon conversion
thereof which continue to be Restricted Securities in connection with any sale
thereof and any prospective purchaser of Debentures or such Common Stock
designated by such holder or beneficial holder, the information required
pursuant to Rule 144A(d)(4) under the Securities Act upon the request of any
holder or

                                       43
<Page>

beneficial holder of the Debentures or such Common Stock and it will take such
further action as any holder or beneficial holder of such Debentures or such
Common Stock may reasonably request, all to the extent required from time to
time to enable such holder or beneficial holder to sell its Debentures or Common
Stock without registration under the Securities Act within the limitation of the
exemption provided by Rule 144A, as such Rule may be amended from time to time.
Upon the request of any holder or any beneficial holder of the Debentures or
such Common Stock, the Company will deliver to such holder a written statement
as to whether it has complied with such requirements.

     Section 5.07. STAY, EXTENSION AND USURY LAWS. The Company covenants (to the
extent that it may lawfully do so) that it shall not at any time insist upon,
plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay, extension or usury law or other law which would prohibit or forgive
the Company from paying all or any portion of the principal of or Interest on
the Debentures as contemplated herein, wherever enacted, now or at any time
hereafter in force, or which may affect the covenants or the performance of this
Indenture and the Company (to the extent it may lawfully do so) hereby expressly
waives all benefit or advantage of any such law, and covenants that it will not,
by resort to any such law, hinder, delay or impede the execution of any power
herein granted to the Trustee, but will suffer and permit the execution of every
such power as though no such law had been enacted.

     Section 5.08. COMPLIANCE CERTIFICATE. The Company shall deliver to the
Trustee, within one hundred twenty (120) days after the end of each fiscal year
of the Company (which fiscal year of the Company is presently the twelve
calendar months ending December 31), a certificate signed by either the
principal executive officer, principal financial officer or principal accounting
officer of the Company, stating whether or not to the best knowledge of the
signer thereof the Company is in default in the performance and observance of
any of the terms, provisions and conditions of this Indenture (without regard to
any period of grace or requirement of notice provided hereunder) and, if the
Company shall be in default, specifying all such defaults and the nature and the
status thereof of which the signer may have knowledge.

     The Company will deliver to the Trustee, promptly upon becoming aware of
(i) any default in the performance or observance of any covenant, agreement or
condition contained in this Indenture, or (ii) any Event of Default, an
Officers' Certificate specifying with particularity such default or Event of
Default and further stating what action the Company has taken, is taking or
proposes to take with respect thereto.

     Any notice required to be given under this Section 5.08 shall be delivered
to a Responsible Officer of the Trustee at its Corporate Trust Office.

     Section 5.09. ADDITIONAL AMOUNTS NOTICE. In the event that the Company is
required to pay Additional Amounts to holders of Debentures pursuant to the

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Registration Rights Agreement, the Company will provide written notice
("ADDITIONAL AMOUNTS NOTICE") to the Trustee of its obligation to pay Additional
Amounts no later than fifteen (15) days prior to the proposed payment date for
the Additional Amounts, and the Additional Amounts Notice shall set forth the
amount of Additional Amounts to be paid by the Company on such payment date. The
Trustee shall not at any time be under any duty or responsibility to any holder
of Debentures to determine the Additional Amounts, or with respect to the
nature, extent or calculation of the amount of Additional Amounts when made, or
with respect to the method employed in such calculation of the Additional
Amounts.

     Section 5.10. CONTINGENT DEBT TAX TREATMENT. The Company agrees and, by
acceptance of a Debenture, each beneficial holder of a Debenture will be deemed
to have agreed to treat the Debentures as indebtedness of the Company for U.S.
federal income tax purposes that are subject to the regulations governing
contingent payment debt instruments and to be bound (in the absence of an
administrative determination or judicial ruling to the contrary) by the
Company's determination of the comparable yield and projected payment schedule
within the meaning of the regulations governing contingent payment debt
instruments. A holder of Debentures may obtain the amount of original issue
discount, issue date, yield to maturity, comparable yield and projected payment
schedule for the Debentures, determined by the Company pursuant to Treas. Reg.
Sec. 1.1275-4, by submitting a written request for it to the Company at the
following address: Lincare Holdings Inc., 19387 US 19 North, Clearwater, Florida
33764, Attention: Treasurer.

     Section 5.11. CALCULATION OF ORIGINAL ISSUE DISCOUNT. The Company shall
file with the Trustee promptly at the end of each calendar year (i) a written
notice specifying the amount of Tax Original Issue Discount (including daily
rates and accrual periods) accrued on outstanding Debentures as of the end of
such year and (ii) such other specific information relating to such Tax Original
Issue Discount as may then be required under the Internal Revenue Code of 1986,
as amended from time to time, or the Treasury regulations promulgated
thereunder.

                                   ARTICLE 6
       DEBENTUREHOLDERS' LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

     Section 6.01. DEBENTUREHOLDERS' LISTS. The Company covenants and agrees
that it will furnish or cause to be furnished to the Trustee, semiannually, not
more than fifteen (15) days after each June 1 and December 1 in each year
beginning with December 1, 2003, and at such other times as the Trustee may
request in writing, within thirty (30) days after receipt by the Company of any
such request (or such lesser time as the Trustee may reasonably request in order
to enable it to timely provide any notice to be provided by it hereunder), a
list in such form as the Trustee may reasonably require of the names and
addresses of the holders of Debentures as of a date not more than fifteen (15)
days (or such

                                       45
<Page>

other date as the Trustee may reasonably request in order to so provide any such
notices) prior to the time such information is furnished, except that no such
list need be furnished by the Company to the Trustee so long as the Trustee is
acting as the sole Debenture Registrar.

     Section 6.02. PRESERVATION AND DISCLOSURE OF LISTS. (a) The Trustee shall
preserve, in as current a form as is reasonably practicable, all information as
to the names and addresses of the holders of Debentures contained in the most
recent list furnished to it as provided in Section 6.01 or maintained by the
Trustee in its capacity as Debenture Registrar or co-registrar in respect of the
Debentures, if so acting. The Trustee may destroy any list furnished to it as
provided in Section 6.01 upon receipt of a new list so furnished.

     (b)  The rights of Debentureholders to communicate with other holders of
Debentures with respect to their rights under this Indenture or under the
Debentures, and the corresponding rights and duties of the Trustee, shall be as
provided by the Trust Indenture Act.

     (c)  Every Debentureholder, by receiving and holding the same, agrees with
the Company and the Trustee that neither the Company nor the Trustee nor any
agent of either of them shall be held accountable by reason of any disclosure of
information as to names and addresses of holders of Debentures made pursuant to
the Trust Indenture Act.

     Section 6.03. REPORTS BY TRUSTEE. (a) Within sixty (60) days after December
15 of each year commencing with the year 2003, the Trustee shall transmit to
holders of Debentures such reports dated as of December 15 of the year in which
such reports are made concerning the Trustee and its actions under this
Indenture as may be required pursuant to the Trust Indenture Act at the times
and in the manner provided pursuant thereto. In the event that no events have
occurred under the applicable sections of the Trust Indenture Act, the Trustee
shall be under no duty or obligation to provide such reports.

     (b)  A copy of such report shall, at the time of such transmission to
holders of Debentures, be filed by the Trustee with each stock exchange and
automated quotation system upon which the Debentures are listed and with the
Company. The Company will promptly notify the Trustee in writing when the
Debentures are listed on any stock exchange or automated quotation system or
delisted therefrom.

     Section 6.04. REPORTS BY COMPANY. The Company shall file with the Trustee
(and the Commission if at any time after the Indenture becomes qualified under
the Trust Indenture Act), and transmit to holders of Debentures, such
information, documents and other reports and such summaries thereof, as may be
required pursuant to the Trust Indenture Act at the times and in the manner
provided pursuant to such Act, whether or not the Debentures are governed by
such Act; PROVIDED that any such information, documents or reports required to
be

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<Page>

filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act
shall be filed with the Trustee within fifteen (15) days after the same is so
required to be filed with the Commission. Delivery of such reports, information
and documents to the Trustee is for informational purposes only and the
Trustee's receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained
therein, including the Company's compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on an Officers'
Certificates).

                                   ARTICLE 7
       REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS ON AN EVENT OF DEFAULT

     Section 7.01. EVENTS OF DEFAULT. In case one or more of the following
events (each, an "EVENT OF DEFAULT") (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body) shall
have occurred and be continuing:

     (a)  default in the payment of any installment of Interest upon any of the
Debentures as and when the same shall become due and payable, and continuance of
such default for a period of thirty (30) days; or

     (b)  default in the payment of the principal of any of the Debentures as
and when the same shall become due and payable either at maturity or in
connection with any redemption or repurchase, in each case pursuant to Article
3, by acceleration or otherwise; or

     (c)  default in the Company's obligation to convert the Debentures into
Common Stock upon the exercise of a holder's rights pursuant to Article 15; or

     (d)  default in the Company's obligation to repurchase the Debentures at
the option of a holder upon a Fundamental Change pursuant to Section 3.05 or on
specified dates pursuant to Section 3.06; or

     (e)  failure to provide notice of the occurrence of a Fundamental Change on
a timely basis as required by Section 3.05; or

     (f)  default in the Company's obligation to redeem the Debentures after it
has exercised its option to redeem; or

     (g)  failure on the part of the Company duly to observe or perform any
other of the covenants or agreements on the part of the Company in the
Debentures or in this Indenture (other than a covenant or agreement a default in
whose performance or whose breach is elsewhere in this Section 7.01 specifically
dealt with) continued for a period of sixty (60) days after the date on which

                                       47
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written notice of such failure, requiring the Company to remedy the same, shall
have been given to the Company by the Trustee, or to the Company and a
Responsible Officer of the Trustee by the holders of at least twenty-five
percent (25%) in aggregate principal amount of the Debentures at the time
outstanding determined in accordance with Section 9.04; or

     (h)  default by the Company or any of its Subsidiaries in the payment of
the principal or interest on any mortgage, agreement or other instrument under
which there may be outstanding, or by which there may be secured or evidenced,
any of the indebtedness of the Company or any of its Subsidiaries for money
borrowed in excess of $10 million in the aggregate, whether such indebtedness
now exists or shall hereafter be created, resulting in such indebtedness
becoming or being declared due and payable, and such acceleration shall not have
been rescinded or annulled within 30 days after written notice of such
acceleration has been received by the Company or such Subsidiary; or

     (i)  the Company shall commence a voluntary case or other proceeding
seeking liquidation, reorganization or other relief with respect to the Company
or its debts under any bankruptcy, insolvency or other similar law now or
hereafter in effect or seeking the appointment of a trustee, receiver,
liquidator, custodian or other similar official of the Company or any
substantial part of the property of the Company, or shall consent to any such
relief or to the appointment of or taking possession by any such official in an
involuntary case or other proceeding commenced against the Company, or shall
make a general assignment for the benefit of creditors, or shall fail generally
to pay its debts as they become due; or

     (j)  an involuntary case or other proceeding shall be commenced against the
Company seeking liquidation, reorganization or other relief with respect to the
Company or its debts under any bankruptcy, insolvency or other similar law now
or hereafter in effect or seeking the appointment of a trustee, receiver,
liquidator, custodian or other similar official of the Company or any
substantial part of the property of the Company, and such involuntary case or
other proceeding shall remain undismissed and unstayed for a period of sixty
(60) consecutive days;

then, and in each and every such case (other than an Event of Default specified
in Section 7.01(i) or 7.01(j)), unless the principal of all of the Debentures
shall have already become due and payable, either the Trustee or the holders of
not less than twenty-five percent (25%) in aggregate principal amount of the
Debentures then outstanding hereunder determined in accordance with Section
9.04, by notice in writing to the Company (and to the Trustee if given by
Debentureholders), may declare the principal of all the Debentures and the
Interest accrued thereon to be due and payable immediately, and upon any such
declaration the same shall become and shall be immediately due and payable,
anything in this Indenture or in the Debentures contained to the contrary
notwithstanding. If an Event of Default specified in Section 7.01(i) or 7.01(j)
occurs, the principal of all the Debentures and the Interest accrued thereon
shall be immediately and automatically due and payable without necessity of
further action. This provision,

                                       48
<Page>

however, is subject to the conditions that if, at any time after the principal
of the Debentures shall have been so declared due and payable, and before any
judgment or decree for the payment of the monies due shall have been obtained or
entered as hereinafter provided, the Company shall pay or shall deposit with the
Trustee a sum sufficient to pay all matured installments of Interest upon all
Debentures and the principal of any and all Debentures which shall have become
due otherwise than by acceleration (with interest on overdue installments of
Interest (to the extent that payment of such interest is enforceable under
applicable law) and on such principal at the rate borne by the Debentures, to
the date of such payment or deposit) and amounts due to the Trustee pursuant to
Section 8.06, and if any and all defaults under this Indenture, other than the
nonpayment of principal of and accrued Interest on Debentures which shall have
become due by acceleration, shall have been cured or waived pursuant to Section
7.07, then and in every such case the holders of a majority in aggregate
principal amount of the Debentures then outstanding, by written notice to the
Company and to the Trustee, may waive all defaults or Events of Default and
rescind and annul such declaration and its consequences; but no such waiver or
rescission and annulment shall extend to or shall affect any subsequent default
or Event of Default, or shall impair any right consequent thereon. The Company
shall notify in writing a Responsible Officer of the Trustee, promptly upon
becoming aware thereof, of any Event of Default.

     In case the Trustee shall have proceeded to enforce any right under this
Indenture and such proceedings shall have been discontinued or abandoned because
of such waiver or rescission and annulment or for any other reason or shall have
been determined adversely to the Trustee, then and in every such case the
Company, the holders of Debentures, and the Trustee shall be restored
respectively to their several positions and rights hereunder, and all rights,
remedies and powers of the Company, the holders of Debentures, and the Trustee
shall continue as though no such proceeding had been taken.

     Section 7.02. PAYMENTS OF DEBENTURES ON DEFAULT; SUIT THEREFOR. The Company
covenants that (a) in case default shall be made in the payment of any
installment of Interest upon any of the Debentures as and when the same shall
become due and payable, and such default shall have continued for a period of
thirty (30) days, or (b) in case default shall be made in the payment of the
principal of any of the Debentures as and when the same shall have become due
and payable, whether at maturity of the Debentures or in connection with any
redemption, repurchase, acceleration, declaration or otherwise, then, upon
demand of the Trustee, the Company will pay to the Trustee, for the benefit of
the holders of the Debentures, the whole amount that then shall have become due
and payable on all such Debentures for principal or Interest, as the case may
be, with interest upon the overdue principal and (to the extent that payment of
such interest is enforceable under applicable law) upon the overdue installments
of Interest at the rate borne by the Debentures, and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of
collection, including reasonable compensation to the Trustee, its agents,
attorneys and counsel, and all

                                       49
<Page>

other amounts due the Trustee under Section 8.06. Until such demand by the
Trustee, the Company may pay the principal of and Interest on the Debentures to
the registered holders, whether or not the Debentures are overdue.

     In case the Company shall fail forthwith to pay such amounts upon such
demand, the Trustee, in its own name and as trustee of an express trust, shall
be entitled and empowered to institute any actions or proceedings at law or in
equity for the collection of the sums so due and unpaid, and may prosecute any
such action or proceeding to judgment or final decree, and may enforce any such
judgment or final decree against the Company or any other obligor on the
Debentures and collect in the manner provided by law out of the property of the
Company or any other obligor on the Debentures wherever situated the monies
adjudged or decreed to be payable.

     In case there shall be pending proceedings for the bankruptcy or for the
reorganization of the Company or any other obligor on the Debentures under Title
11 of the United States Code, or any other applicable law, or in case a
receiver, assignee or trustee in bankruptcy or reorganization, liquidator,
sequestrator or similar official shall have been appointed for or taken
possession of the Company or such other obligor, the property of the Company or
such other obligor, or in the case of any other judicial proceedings relative to
the Company or such other obligor upon the Debentures, or to the creditors or
property of the Company or such other obligor, the Trustee, irrespective of
whether the principal of the Debentures shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Trustee
shall have made any demand pursuant to the provisions of this Section 7.02,
shall be entitled and empowered, by intervention in such proceedings or
otherwise, to file and prove a claim or claims for the whole amount of principal
and Interest owing and unpaid in respect of the Debentures, and, in case of any
judicial proceedings, to file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of the Trustee and
of the Debentureholders allowed in such judicial proceedings relative to the
Company or any other obligor on the Debentures, its or their creditors, or its
or their property, and to collect and receive any monies or other property
payable or deliverable on any such claims, and to distribute the same after the
deduction of any amounts due the Trustee under Section 8.06, and to take any
other action with respect to such claims, including participating as a member of
any official committee of creditors, as it reasonably deems necessary or
advisable, and, unless prohibited by law or applicable regulations, and any
receiver, assignee or trustee in bankruptcy or reorganization, liquidator,
custodian or similar official is hereby authorized by each of the
Debentureholders to make such payments to the Trustee, and, in the event that
the Trustee shall consent to the making of such payments directly to the
Debentureholders, to pay to the Trustee any amount due it for reasonable
compensation, expenses, advances and disbursements, including counsel fees and
expenses incurred by it up to the date of such distribution. To the extent that
such payment of reasonable compensation, expenses, advances and disbursements
out

                                       50
<Page>

of the estate in any such proceedings shall be denied for any reason, payment of
the same shall be secured by a lien on, and shall be paid out of, any and all
distributions, dividends, monies, securities and other property which the
holders of the Debentures may be entitled to receive in such proceedings,
whether in liquidation or under any plan of reorganization or arrangement or
otherwise.

     All rights of action and of asserting claims under this Indenture, or under
any of the Debentures, may be enforced by the Trustee without the possession of
any of the Debentures, or the production thereof at any trial or other
proceeding relative thereto, and any such suit or proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any
recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, be for the ratable benefit of the holders of the Debentures.

     In any proceedings brought by the Trustee (and in any proceedings involving
the interpretation of any provision of this Indenture to which the Trustee shall
be a party) the Trustee shall be held to represent all the holders of the
Debentures, and it shall not be necessary to make any holders of the Debentures
parties to any such proceedings.

     Section 7.03. APPLICATION OF MONIES COLLECTED BY TRUSTEE. Any monies
collected by the Trustee pursuant to this Article 7 shall be applied in the
order following, at the date or dates fixed by the Trustee for the distribution
of such monies, upon presentation of the several Debentures, and stamping
thereon the payment, if only partially paid, and upon surrender thereof, if
fully paid:

     FIRST: To the payment of all amounts due the Trustee under Section 8.06;

     SECOND: In case the principal of the outstanding Debentures shall not have
become due and be unpaid, to the payment of Interest on the Debentures in
default in the order of the maturity of the installments of such Interest, with
interest (to the extent that such interest has been collected by the Trustee)
upon the overdue installments of Interest at the rate borne by the Debentures,
such payments to be made ratably to the Persons entitled thereto;

     THIRD: In case the principal of the outstanding Debentures shall have
become due, by declaration or otherwise, and be unpaid, to the payment of the
whole amount then owing and unpaid upon the Debentures for principal and
Interest, with interest on the overdue principal and (to the extent that such
interest has been collected by the Trustee) upon overdue installments of
Interest at the rate borne by the Debentures, and in case such monies shall be
insufficient to pay in full the whole amounts so due and unpaid upon the
Debentures, then to the payment of such principal and Interest without
preference or priority of principal over Interest, or of Interest over
principal, or of any installment of Interest over any other installment of
Interest, or of any Debenture over any other Debenture, ratably to the aggregate
of such principal and accrued and unpaid Interest; and

                                       51
<Page>

     FOURTH: To the payment of the remainder, if any, to the Company or any
other Person lawfully entitled thereto.

     Section 7.04. PROCEEDINGS BY DEBENTUREHOLDER. No holder of any Debenture
shall have any right by virtue of or by reference to any provision of this
Indenture to institute any suit, action or proceeding in equity or at law upon
or under or with respect to this Indenture, or for the appointment of a
receiver, trustee, liquidator, custodian or other similar official, or for any
other remedy hereunder, unless such holder previously shall have given to the
Trustee written notice of an Event of Default and of the continuance thereof, as
hereinbefore provided, and unless also the holders of not less than twenty-five
percent (25%) in aggregate principal amount of the Debentures then outstanding
shall have made written request upon the Trustee to institute such action, suit
or proceeding in its own name as Trustee hereunder and shall have offered to the
Trustee such reasonable security or indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby, and the
Trustee for sixty (60) days after its receipt of such notice, request and offer
of indemnity, shall have neglected or refused to institute any such action, suit
or proceeding and no direction inconsistent with such written request shall have
been given to the Trustee pursuant to Section 7.07; it being understood and
intended, and being expressly covenanted by the taker and holder of every
Debenture with every other taker and holder and the Trustee, that no one or more
holders of Debentures shall have any right in any manner whatever by virtue of
or by reference to any provision of this Indenture to affect, disturb or
prejudice the rights of any other holder of Debentures, or to obtain or seek to
obtain priority over or preference to any other such holder, or to enforce any
right under this Indenture, except in the manner herein provided and for the
equal, ratable and common benefit of all holders of Debentures (except as
otherwise provided herein). For the protection and enforcement of this Section
7.04, each and every Debentureholder and the Trustee shall be entitled to such
relief as can be given either at law or in equity.

     Notwithstanding any other provision of this Indenture and any provision of
any Debenture, the right of any holder of any Debenture to receive payment of
the principal of (including any Redemption Price or Repurchase Price pursuant to
Article 3) and accrued Interest on such Debenture on or after the respective due
dates expressed in such Debenture, or to institute suit for the enforcement of
any such payment on or after such respective dates against the Company, shall
not be impaired or affected without the consent of such holder.

     Anything in this Indenture or the Debentures to the contrary
notwithstanding, the holder of any Debenture, without the consent of either the
Trustee or the holder of any other Debenture, in its own behalf and for its own
benefit, may enforce, and may institute and maintain any proceeding suitable to
enforce, its rights of conversion as provided herein.

     Section 7.05. PROCEEDINGS BY TRUSTEE. In case of an Event of Default, the
Trustee may, in its discretion, proceed to protect and enforce the rights vested
in it

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by this Indenture by such appropriate judicial proceedings as are necessary to
protect and enforce any of such rights, either by suit in equity or by action at
law or by proceeding in bankruptcy or otherwise, whether for the specific
enforcement of any covenant or agreement contained in this Indenture or in aid
of the exercise of any power granted in this Indenture, or to enforce any other
legal or equitable right vested in the Trustee by this Indenture or by law.

     Section 7.06. REMEDIES CUMULATIVE AND CONTINUING. Except as provided in
Section 2.06, all powers and remedies given by this Article 7 to the Trustee or
to the Debentureholders shall, to the extent permitted by law, be deemed
cumulative and not exclusive of any thereof or of any other powers and remedies
available to the Trustee or the holders of the Debentures, by judicial
proceedings or otherwise, to enforce the performance or observance of the
covenants and agreements contained in this Indenture, and no delay or omission
of the Trustee or of any holder of any of the Debentures to exercise any right
or power accruing upon any default or Event of Default occurring and continuing
as aforesaid shall impair any such right or power, or shall be construed to be a
waiver of any such default or any acquiescence therein, and, subject to the
provisions of Section 7.04, every power and remedy given by this Article 7 or by
law to the Trustee or to the Debentureholders may be exercised from time to
time, and as often as shall be deemed expedient, by the Trustee or by the
Debentureholders.

     Section 7.07. DIRECTION OF PROCEEDINGS AND WAIVER OF DEFAULTS BY MAJORITY
OF DEBENTUREHOLDERS. The holders of a majority in aggregate principal amount of
the Debentures at the time outstanding determined in accordance with Section
9.04 shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or
power conferred on the Trustee; PROVIDED that (a) such direction shall not be in
conflict with any rule of law or with this Indenture, (b) the Trustee may take
any other action which is not inconsistent with such direction and (c) the
Trustee may decline to take any action that would benefit some Debentureholders
to the detriment of other Debentureholders. The holders of a majority in
aggregate principal amount of the Debentures at the time outstanding determined
in accordance with Section 9.04 may, on behalf of the holders of all of the
Debentures, waive any past default or Event of Default hereunder and its
consequences except (i) a default in the payment of Interest on, or the
principal of, the Debentures, (ii) a failure by the Company to convert any
Debentures into Common Stock, (iii) a default in the payment of the Redemption
Price pursuant to Section 3.03, (iv) a default in the payment of the Fundamental
Change Repurchase Price pursuant to Section 3.05 or Company Repurchase Price
pursuant to Section 3.06 or (v) a default in respect of a covenant or provisions
hereof which under Article 11 cannot be modified or amended without the consent
of the holders of each or all Debentures then outstanding or affected thereby.
Upon any such waiver, the Company, the Trustee and the holders of the Debentures
shall be restored to their former positions and rights hereunder; but no such
waiver shall extend to any subsequent or other default or Event of Default or

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impair any right consequent thereon. Whenever any default or Event of Default
hereunder shall have been waived as permitted by this Section 7.07, said default
or Event of Default shall for all purposes of the Debentures and this Indenture
be deemed to have been cured and to be not continuing; but no such waiver shall
extend to any subsequent or other default or Event of Default or impair any
right consequent thereon.

     Section 7.08. NOTICE OF DEFAULTS. The Trustee shall, within ninety (90)
days after a Responsible Officer of the Trustee has knowledge of the occurrence
of a default, mail to all Debentureholders, as the names and addresses of such
holders appear upon the Debenture Register, notice of all defaults known to a
Responsible Officer, unless such defaults shall have been cured or waived before
the giving of such notice; PROVIDED that except in the case of default in the
payment of the principal of or Interest on any of the Debentures, the Trustee
shall be protected in withholding such notice if and so long as a trust
committee of directors and/or Responsible Officers of the Trustee in good faith
determines that the withholding of such notice is in the interests of the
Debentureholders. For the purpose of this Section 7.08, the term "DEFAULT" means
any event which is, or after notice or lapse of time or both would become, an
Event of Default.

     Section 7.09. UNDERTAKING TO PAY COSTS. All parties to this Indenture
agree, and each holder of any Debenture by its acceptance thereof shall be
deemed to have agreed, that any court may, in its discretion, require, in any
suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Trustee for any action taken or omitted by it as Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of
such suit and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees and expenses, against any party litigant in
such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; PROVIDED that the provisions of this
Section 7.09 (to the extent permitted by law) shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Debentureholder, or
group of Debentureholders, holding in the aggregate more than ten percent in
principal amount of the Debentures at the time outstanding determined in
accordance with Section 9.04, or to any suit instituted by any Debentureholder
for the enforcement of the payment of the principal of or Interest on any
Debenture on or after the due date expressed in such Debenture or to any suit
for the enforcement of the right to convert any Debenture in accordance with the
provisions of Article 15.

                                    ARTICLE 8
                                   THE TRUSTEE

     Section 8.01. DUTIES AND RESPONSIBILITIES OF TRUSTEE. The Trustee, prior to
the occurrence of an Event of Default and after the curing of all Events of
Default which may have occurred, undertakes to perform such duties and only such
duties

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as are specifically set forth in this Indenture. In case an Event of Default has
occurred (which has not been cured or waived), the Trustee shall exercise such
of the rights and powers vested in it by this Indenture, and use the same degree
of care and skill in their exercise, as a prudent person would exercise or use
under the circumstances in the conduct of his own affairs.

     No provision of this Indenture shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act or
its own willful misconduct, except that:

     (a)  prior to the occurrence of an Event of Default and after the curing or
waiving of all Events of Default which may have occurred:

          (i)     the duties and obligations of the Trustee shall be determined
     solely by the express provisions of this Indenture and the Trust Indenture
     Act, and the Trustee shall not be liable except for the performance of such
     duties and obligations as are specifically set forth in this Indenture and
     no implied covenants or obligations shall be read into this Indenture and
     the Trust Indenture Act against the Trustee; and

          (ii)    in the absence of bad faith on the part of the Trustee, the
     Trustee may conclusively rely as to the truth of the statements and the
     correctness of the opinions expressed therein, upon any certificates or
     opinions furnished to the Trustee and conforming to the requirements of
     this Indenture; but, in the case of any such certificates or opinions which
     by any provisions hereof are specifically required to be furnished to the
     Trustee, the Trustee shall be under a duty to examine the same to determine
     whether or not they conform to the requirements of this Indenture;

     (b)  the Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer or Officers of the Trustee, unless the Trustee
was negligent in ascertaining the pertinent facts;

     (c)  the Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the written direction
of the holders of not less than a majority in principal amount of the Debentures
at the time outstanding determined as provided in Section 9.04 relating to the
time, method and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or power conferred upon the Trustee, under
this Indenture;

     (d)  the Trustee shall not be liable in respect of any payment (as to the
correctness of amount, entitlement to receive or any other matters relating to
payment) or notice effected by the Company or any Paying Agent or any records
maintained by any co-registrar with respect to the Debentures; and

                                       55
<Page>

     (e)  if any party fails to deliver a notice relating to an event the fact
of which, pursuant to this Indenture, requires notice to be sent to the Trustee,
the Trustee may conclusively rely on its failure to receive such notice as
reason to act as if no such event occurred.

     The Trustee shall not be deemed to have knowledge or notice of any default
(as defined in Section 7.08) or Event of Default hereunder unless a Responsible
Officer of the Trustee shall have received at the Corporate Trust Office written
notice of such default or Event of Default from the Company or the holders of at
least 10% in aggregate principal amount of the Debentures and such notice refers
to such default or Event of Default, the Debentures and the Indenture.

     None of the provisions contained in this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the exercise of any of
its rights or powers, if there is reasonable ground for believing that the
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it.

     Whether or not therein provided, every provision of this Indenture relating
to the conduct or affecting the liability of, or affording protection to, the
Trustee shall be subject to the provisions of this Section 8.01.

     Section 8.02. RELIANCE ON DOCUMENTS, OPINIONS, ETC. Except as otherwise
provided in Section 8.01:

     (a)  the Trustee may conclusively rely and shall be protected in acting
upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, bond, debenture, note, coupon or other paper or
document (whether in its original or facsimile form) believed by it in good
faith to be genuine and to have been signed or presented by the proper party or
parties;

     (b)  any request, direction, order or demand of the Company mentioned
herein shall be sufficiently evidenced by an Officers' Certificate (unless other
evidence in respect thereof be herein specifically prescribed); and any
resolution of the Board of Directors may be evidenced to the Trustee by a copy
thereof certified by the Secretary or an Assistant Secretary of the Company;

     (c)  the Trustee may consult with counsel of its own selection and any
advice or Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken or omitted by it hereunder in good
faith and in accordance with such advice or Opinion of Counsel;

     (d)  the Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Indenture at the request, order or direction of
any of the Debentureholders pursuant to the provisions of this Indenture, unless
such

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<Page>

Debentureholders shall have offered to the Trustee reasonable security or
indemnity satisfactory to it against the costs, expenses and liabilities which
may be incurred therein or thereby;

     (e)  the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture or
other paper or document, but the Trustee may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be
entitled to examine the books, records and premises of the Company, personally
or by agent or attorney; and

     (f)  the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed by it with due care
hereunder.

     (g)  the Trustee shall not be liable for any action taken, suffered or
omitted to be taken by it in good faith and reasonably believed by it to be
authorized or within the discretion or rights or powers conferred upon it by
this Indenture;

     (h)  the rights, privileges, protections, immunities and benefits given to
the Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities
hereunder, and each agent, custodian and other Person employed to act hereunder;
and

     (i)  the Trustee may request that the Company deliver an Officers'
Certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture,
which Officers' Certificate may be signed by any person authorized to sign an
Officers' Certificate, including any person specified as so authorized in any
such certificate previously delivered and not superseded.

     Section 8.03. NO RESPONSIBILITY FOR RECITALS, ETC. The recitals contained
herein and in the Debentures (except in the Trustee's certificate of
authentication) shall be taken as the statements of the Company, and the Trustee
assumes no responsibility for the correctness of the same. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Debentures. The Trustee shall not be accountable for the use or application by
the Company of any Debentures or the proceeds of any Debentures authenticated
and delivered by the Trustee in conformity with the provisions of this
Indenture.

     Section 8.04. TRUSTEE, PAYING AGENTS, CONVERSION AGENTS OR REGISTRAR MAY
OWN DEBENTURES. The Trustee, any Paying Agent, any Conversion Agent or Debenture
Registrar, in its individual or any other capacity, may become the

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<Page>

owner or pledgee of Debentures with the same rights it would have if it were not
Trustee, Paying Agent, Conversion Agent or Debenture Registrar.

     Section 8.05. MONIES TO BE HELD IN TRUST. Subject to the provisions of
Section 13.03, all monies received by the Trustee shall, until used or applied
as herein provided, be held in trust for the purposes for which they were
received. Money held by the Trustee in trust hereunder need not be segregated
from other funds except to the extent required by law. The Trustee shall be
under no liability for interest on any money received by it hereunder except as
may be agreed in writing from time to time by the Company and the Trustee.

     Section 8.06. COMPENSATION AND EXPENSES OF TRUSTEE. The Company covenants
and agrees to pay to the Trustee from time to time, and the Trustee shall be
entitled to, such compensation for all services rendered by it hereunder in any
capacity (which shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust) as mutually agreed to from time
to time in writing between the Company and the Trustee, and the Company will pay
or reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances reasonably incurred or made by the Trustee in
accordance with any of the provisions of this Indenture (including the
reasonable compensation and the expenses and disbursements of its counsel and of
all Persons not regularly in its employ) except any such expense, disbursement
or advance as may arise from its negligence, willful misconduct, recklessness or
bad faith. The Company also covenants to indemnify the Trustee and any
predecessor Trustee (or any officer, director or employee of the Trustee), in
any capacity under this Indenture and its agents and any authenticating agent
for, and to hold them harmless against, any and all loss, liability, damage,
claim or expense including taxes (other than taxes based on the income of the
Trustee) incurred without negligence, willful misconduct, recklessness or bad
faith on the part of the Trustee or such officers, directors, employees and
agent or authenticating agent, as the case may be, and arising out of or in
connection with the acceptance or administration of this trust or in any other
capacity hereunder, including the costs and expenses of defending themselves
against any claim (whether asserted by the Company, any holder or any other
Person) of liability in connection with the exercise or performance of any of
its powers or duties hereunder. The obligations of the Company under this
Section 8.06 to compensate or indemnify the Trustee and to pay or reimburse the
Trustee for expenses, disbursements and advances shall be secured by a lien
prior to that of the Debentures upon all property and funds held or collected by
the Trustee as such, except funds held in trust for the benefit of the holders
of particular Debentures. The obligation of the Company under this Section shall
survive the satisfaction and discharge of this Indenture.

     When the Trustee and its agents and any authenticating agent incur expenses
or render services after an Event of Default specified in Section 7.01(i) or
Section 7.01(j) with respect to the Company occurs, the expenses and the

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compensation for the services are intended to constitute expenses of
administration under any bankruptcy, insolvency or similar laws.

     Section 8.07. OFFICERS' CERTIFICATE AS EVIDENCE. Except as otherwise
provided in Section 8.01, whenever in the administration of the provisions of
this Indenture the Trustee shall deem it necessary or desirable that a matter be
proved or established prior to taking or omitting any action hereunder, such
matter (unless other evidence in respect thereof be herein specifically
prescribed) may, in the absence of bad faith or willful misconduct on the part
of the Trustee, be deemed to be conclusively proved and established by an
Officers' Certificate delivered to the Trustee.

     Section 8.08. CONFLICTING INTERESTS OF TRUSTEE. If the Trustee has or shall
acquire a conflicting interest within the meaning of the Trust Indenture Act,
the Trustee shall either eliminate such interest or resign, to the extent and in
the manner provided by, and subject to the provisions of, the Trust Indenture
Act and this Indenture.

     Section 8.09. ELIGIBILITY OF TRUSTEE. There shall at all times be a Trustee
hereunder which shall be a Person that is eligible pursuant to the Trust
Indenture Act to act as such and has a combined capital and surplus of at least
$50,000,000 (or if such Person is a member of a bank holding company system, its
bank holding company shall have a combined capital and surplus of at least
$50,000,000). If such Person publishes reports of condition at least annually,
pursuant to law or to the requirements of any supervising or examining
authority, then for the purposes of this Section the combined capital and
surplus of such Person shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time
the Trustee shall cease to be eligible in accordance with the provisions of this
Section 8.09, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.

     Section 8.10. RESIGNATION OR REMOVAL OF TRUSTEE.

     (a)  The Trustee may at any time resign by giving written notice of such
resignation to the Company and to the holders of Debentures. Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by
written instrument, in duplicate, executed by order of the Board of Directors,
one copy of which instrument shall be delivered to the resigning Trustee and one
copy to the successor trustee. If no successor trustee shall have been so
appointed and have accepted appointment sixty (60) days after the mailing of
such notice of resignation to the Debentureholders, the resigning Trustee may,
upon ten (10) Business Days' notice to the Company and the Debentureholders,
appoint a successor identified in such notice or may petition, at the expense of
the Company, any court of competent jurisdiction for the appointment of a
successor trustee, or, if any Debentureholder who has been a bona fide holder of
a Debenture or Debentures for at least six (6) months may,

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<Page>

subject to the provisions of Section 7.09, on behalf of himself and all others
similarly situated, petition any such court for the appointment of a successor
trustee. Such court may thereupon, after such notice, if any, as it may deem
proper and prescribe, appoint a successor trustee.

     (b)  In case at any time any of the following shall occur:

          (i)     the Trustee shall fail to comply with Section 8.08 after
     written request therefor by the Company or by any Debentureholder who has
     been a bona fide holder of a Debenture or Debentures for at least six (6)
     months; or

          (ii)    the Trustee shall cease to be eligible in accordance with the
     provisions of Section 8.09 and shall fail to resign after written request
     therefor by the Company or by any such Debentureholder; or

          (iii)   the Trustee shall become incapable of acting, or shall be
     adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its
     property shall be appointed, or any public officer shall take charge or
     control of the Trustee or of its property or affairs for the purpose of
     rehabilitation, conservation or liquidation,

then, in any such case, the Company may remove the Trustee and appoint a
successor trustee by written instrument, in duplicate, executed by order of the
Board of Directors, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or, subject to the
provisions of Section 7.09, any Debentureholder who has been a bona fide holder
of a Debenture or Debentures for at least six (6) months may, on behalf of
himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor
trustee; PROVIDED that if no successor Trustee shall have been appointed and
have accepted appointment sixty (60) days after either the Company or the
Debentureholders has removed the Trustee, or the Trustee resigns, the Trustee so
removed may petition, at the expense of the Company, any court of competent
jurisdiction for an appointment of a successor trustee. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe,
remove the Trustee and appoint a successor trustee.

     (c)  The holders of a majority in aggregate principal amount of the
Debentures at the time outstanding may at any time remove the Trustee and
nominate a successor trustee which shall be deemed appointed as successor
trustee unless, within ten (10) days after notice to the Company of such
nomination, the Company objects thereto, in which case the Trustee so removed or
any Debentureholder, or if such Trustee so removed or any Debentureholder fails
to act, the Company, upon the terms and conditions and otherwise as in
Section 8.10(a) provided, may petition any court of competent jurisdiction for
an appointment of a successor trustee.

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<Page>

     (d)  Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section 8.10 shall
become effective upon acceptance of appointment by the successor trustee as
provided in Section 8.11.

     Section 8.11. ACCEPTANCE BY SUCCESSOR TRUSTEE. Any successor trustee
appointed as provided in Section 8.10 shall execute, acknowledge and deliver to
the Company and to its predecessor trustee an instrument accepting such
appointment hereunder, and thereupon the resignation or removal of the
predecessor trustee shall become effective and such successor trustee, without
any further act, deed or conveyance, shall become vested with all the rights,
powers, duties and obligations of its predecessor hereunder, with like effect as
if originally named as trustee herein; but, nevertheless, on the written request
of the Company or of the successor trustee, the trustee ceasing to act shall,
upon payment of any amount then due it pursuant to the provisions of
Section 8.06, execute and deliver an instrument transferring to such successor
trustee all the rights and powers of the trustee so ceasing to act. Upon request
of any such successor trustee, the Company shall execute any and all instruments
in writing for more fully and certainly vesting in and confirming to such
successor trustee all such rights and powers. Any trustee ceasing to act shall,
nevertheless, retain a lien upon all property and funds held or collected by
such trustee as such, except for funds held in trust for the benefit of holders
of particular Debentures, to secure any amounts then due it pursuant to the
provisions of Section 8.06.

     No successor trustee shall accept appointment as provided in this Section
8.11 unless, at the time of such acceptance, such successor trustee shall be
qualified under the provisions of Section 8.08 and be eligible under the
provisions of Section 8.09.

     Upon acceptance of appointment by a successor trustee as provided in this
Section 8.11, the Company (or the former trustee, at the written direction of
the Company) shall mail or cause to be mailed notice of the succession of such
trustee hereunder to the holders of Debentures at their addresses as they shall
appear on the Debenture Register. If the Company fails to mail such notice
within ten (10) days after acceptance of appointment by the successor trustee,
the successor trustee shall cause such notice to be mailed at the expense of the
Company.

     Section 8.12. SUCCESSION BY MERGER. Any Person into which the Trustee may
be merged or converted or with which it may be consolidated, or any Person
resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any Person succeeding to all or substantially all of the
corporate trust business of the Trustee (including any trust created by this
Indenture), shall be the successor to the Trustee hereunder without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, PROVIDED that in the case of any Person succeeding to all or
substantially all of the corporate trust business of the Trustee, such Person
shall be qualified under the provisions of Section 8.08 and eligible under the
provisions of Section 8.09.

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     In case at the time such successor to the Trustee shall succeed to the
trusts created by this Indenture, any of the Debentures shall have been
authenticated but not delivered, any such successor to the Trustee may adopt the
certificate of authentication of any predecessor trustee or authenticating agent
appointed by such predecessor trustee, and deliver such Debentures so
authenticated; and in case at that time any of the Debentures shall not have
been authenticated, any successor to the Trustee or any authenticating agent
appointed by such successor trustee may authenticate such Debentures in the name
of the successor trustee; and in all such cases such certificates shall have the
full force that is provided in the Debentures or in this Indenture; PROVIDED
that the right to adopt the certificate of authentication of any predecessor
Trustee or authenticate Debentures in the name of any predecessor Trustee shall
apply only to its successor or successors by merger, conversion or
consolidation.

     Section 8.13. PREFERENTIAL COLLECTION OF CLAIMS. If and when the Trustee
shall be or become a creditor of the Company (or any other obligor upon the
Debentures), the Trustee shall be subject to the provisions of the Trust
Indenture Act regarding the collection of the claims against the Company (or any
such other obligor).

                                    ARTICLE 9
                              THE DEBENTUREHOLDERS

     Section 9.01. ACTION BY DEBENTUREHOLDERS. Whenever in this Indenture it is
provided that the holders of a specified percentage in aggregate principal
amount of the Debentures may take any action (including the making of any demand
or request, the giving of any notice, consent or waiver or the taking of any
other action), the fact that at the time of taking any such action, the holders
of such specified percentage have joined therein may be evidenced (a) by any
instrument or any number of instruments of similar tenor executed by
Debentureholders in person or by agent or proxy appointed in writing, or (b) by
the record of the holders of Debentures voting in favor thereof at any meeting
of Debentureholders duly called and held in accordance with the provisions of
Article 10, or (c) by a combination of such instrument or instruments and any
such record of such a meeting of Debentureholders. Whenever the Company or the
Trustee solicits the taking of any action by the holders of the Debentures, the
Company or the Trustee may fix in advance of such solicitation, a date as the
record date for determining holders entitled to take such action. The record
date shall be not more than fifteen (15) days prior to the date of commencement
of solicitation of such action.

     Section 9.02. PROOF OF EXECUTION BY DEBENTUREHOLDERS. Subject to the
provisions of Sections 8.01, 8.02 and 10.05, proof of the execution of any
instrument by a Debentureholder or its agent or proxy shall be sufficient if
made in accordance with such reasonable rules and regulations as may be
prescribed by

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the Trustee or in such manner as shall be satisfactory to the Trustee. The
holding of Debentures shall be proved by the registry of such Debentures or by a
certificate of the Debenture Registrar.

     The record of any Debentureholders' meeting shall be proved in the manner
provided in Section 10.06.

     Section 9.03. WHO ARE DEEMED ABSOLUTE OWNERS. The Company, the Trustee, any
Paying Agent, any Conversion Agent and any Debenture Registrar may deem the
Person in whose name such Debenture shall be registered upon the Debenture
Register to be, and may treat it as, the absolute owner of such Debenture
(whether or not such Debenture shall be overdue and notwithstanding any notation
of ownership or other writing thereon made by any Person other than the Company
or any Debenture Registrar) for the purpose of receiving payment of or on
account of the principal of and Interest on such Debenture, for conversion of
such Debenture and for all other purposes; and neither the Company nor the
Trustee nor any Paying Agent nor any Conversion Agent nor any Debenture
Registrar shall be affected by any notice to the contrary. All such payments so
made to any holder for the time being, or upon his order, shall be valid, and,
to the extent of the sum or sums so paid, effectual to satisfy and discharge the
liability for monies payable upon any such Debenture.

     Section 9.04. COMPANY-OWNED DEBENTURES DISREGARDED. In determining whether
the holders of the requisite aggregate principal amount of Debentures have
concurred in any direction, consent, waiver or other action under this
Indenture, Debentures which are owned by the Company or any other obligor on the
Debentures or any Affiliate of the Company or any other obligor on the
Debentures shall be disregarded and deemed not to be outstanding for the purpose
of any such determination; PROVIDED that for the purposes of determining whether
the Trustee shall be protected in relying on any such direction, consent, waiver
or other action, only Debentures which a Responsible Officer knows are so owned
shall be so disregarded. Debentures so owned which have been pledged in good
faith may be regarded as outstanding for the purposes of this Section 9.04 if
the pledgee shall establish to the satisfaction of the Trustee the pledgee's
right to vote such Debentures and that the pledgee is not the Company, any other
obligor on the Debentures or any Affiliate of the Company or any such other
obligor. In the case of a dispute as to such right, any decision by the Trustee
taken upon the advice of counsel shall be full protection to the Trustee. Upon
request of the Trustee, the Company shall furnish to the Trustee promptly an
Officers' Certificate listing and identifying all Debentures, if any, known by
the Company to be owned or held by or for the account of any of the above
described Persons, and, subject to Section 8.01, the Trustee shall be entitled
to accept such Officers' Certificate as conclusive evidence of the facts therein
set forth and of the fact that all Debentures not listed therein are outstanding
for the purpose of any such determination.

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     Section 9.05. REVOCATION OF CONSENTS, FUTURE HOLDERS BOUND. At any time
prior to (but not after) the evidencing to the Trustee, as provided in
Section 9.01, of the taking of any action by the holders of the percentage in
aggregate principal amount of the Debentures specified in this Indenture in
connection with such action, any holder of a Debenture which is shown by the
evidence to be included in the Debentures the holders of which have consented to
such action may, by filing written notice with the Trustee at its Corporate
Trust Office and upon proof of holding as provided in Section 9.02, revoke such
action so far as concerns such Debenture. Except as aforesaid, any such action
taken by the holder of any Debenture shall be conclusive and binding upon such
holder and upon all future holders and owners of such Debenture and of any
Debentures issued in exchange or substitution therefor, irrespective of whether
any notation in regard thereto is made upon such Debenture or any Debenture
issued in exchange or substitution therefor.

                                   ARTICLE 10
                          MEETINGS OF DEBENTUREHOLDERS

     Section 10.01. PURPOSE OF MEETINGS. A meeting of Debentureholders may be
called at any time and from time to time pursuant to the provisions of this
Article 10 for any of the following purposes:

          (1)     to give any notice to the Company or to the Trustee or to give
     any directions to the Trustee permitted under this Indenture, or to consent
     to the waiving of any default or Event of Default hereunder and its
     consequences, or to take any other action authorized to be taken by
     Debentureholders pursuant to any of the provisions of Article 7;

          (2)     to remove the Trustee and nominate a successor trustee
     pursuant to the provisions of Article 8;

          (3)     to consent to the execution of an indenture or indentures
     supplemental hereto pursuant to the provisions of Section 11.02; or

          (4)     to take any other action authorized to be taken by or on
     behalf of the holders of any specified aggregate principal amount of the
     Debentures under any other provision of this Indenture or under applicable
     law.

     Section 10.02. CALL OF MEETINGS BY TRUSTEE. The Trustee may at any time
call a meeting of Debentureholders to take any action specified in Section
10.01, to be held at such time and at such place as the Trustee shall determine.
Notice of every meeting of the Debentureholders, setting forth the time and the
place of such meeting and in general terms the action proposed to be taken at
such meeting and the establishment of any record date pursuant to Section 9.01,
shall be mailed to holders of Debentures at their addresses as they shall appear
on the Debenture

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Register. Such notice shall also be mailed to the Company. Such notices shall be
mailed not less than twenty (20) nor more than ninety (90) days prior to the
date fixed for the meeting.

     Any meeting of Debentureholders shall be valid without notice if the
holders of all Debentures then outstanding are present in person or by proxy or
if notice is waived before or after the meeting by the holders of all Debentures
outstanding, and if the Company and the Trustee are either present by duly
authorized representatives or have, before or after the meeting, waived notice.

     Section 10.03. CALL OF MEETINGS BY COMPANY OR DEBENTUREHOLDERS. In case at
any time the Company, pursuant to a resolution of its Board of Directors, or the
holders of at least ten percent (10%) in aggregate principal amount of the
Debentures then outstanding, shall have requested the Trustee to call a meeting
of Debentureholders, by written request setting forth in reasonable detail the
action proposed to be taken at the meeting, and the Trustee shall not have
mailed the notice of such meeting within twenty (20) days after receipt of such
request, then the Company or such Debentureholders may determine the time and
the place for such meeting and may call such meeting to take any action
authorized in Section 10.01, by mailing notice thereof as provided in
Section 10.02.

     Section 10.04. QUALIFICATIONS FOR VOTING. To be entitled to vote at any
meeting of Debentureholders a person shall (a) be a holder of one or more
Debentures on the record date pertaining to such meeting or (b) be a person
appointed by an instrument in writing as proxy by a holder of one or more
Debentures on the record date pertaining to such meeting. The only persons who
shall be entitled to be present or to speak at any meeting of Debentureholders
shall be the persons entitled to vote at such meeting and their counsel and any
representatives of the Trustee and its counsel and any representatives of the
Company and its counsel.

     Section 10.05. REGULATIONS. Notwithstanding any other provisions of this
Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Debentureholders, in regard to proof of the holding
of Debentures and of the appointment of proxies, and in regard to the
appointment and duties of inspectors of votes, the submission and examination of
proxies, certificates and other evidence of the right to vote, and such other
matters concerning the conduct of the meeting as it shall think fit.

     The Trustee shall, by an instrument in writing, appoint a temporary
chairman of the meeting, unless the meeting shall have been called by the
Company or by Debentureholders as provided in Section 10.03, in which case the
Company or the Debentureholders calling the meeting, as the case may be, shall
in like manner appoint a temporary chairman. A permanent chairman and a
permanent secretary of the meeting shall be elected by vote of the holders of a
majority in principal amount of the Debentures represented at the meeting and
entitled to vote at the meeting.

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<Page>

     Subject to the provisions of Section 9.04, at any meeting each
Debentureholder or proxyholder shall be entitled to one vote for each $1,000
principal amount of Debentures held or represented by him; PROVIDED that no vote
shall be cast or counted at any meeting in respect of any Debenture challenged
as not outstanding and ruled by the chairman of the meeting to be not
outstanding. The chairman of the meeting shall have no right to vote other than
by virtue of Debentures held by him or instruments in writing as aforesaid duly
designating him as the proxy to vote on behalf of other Debentureholders. Any
meeting of Debentureholders duly called pursuant to the provisions of
Section 10.02 or 10.03 may be adjourned from time to time by the holders of a
majority of the aggregate principal amount of Debentures represented at the
meeting, whether or not constituting a quorum, and the meeting may be held as so
adjourned without further notice.

     Section 10.06. VOTING. The vote upon any resolution submitted to any
meeting of Debentureholders shall be by written ballot on which shall be
subscribed the signatures of the holders of Debentures or of their
representatives by proxy and the outstanding principal amount of the Debentures
held or represented by them. The permanent chairman of the meeting shall appoint
two inspectors of votes who shall count all votes cast at the meeting for or
against any resolution and who shall make and file with the secretary of the
meeting their verified written reports in duplicate of all votes cast at the
meeting. A record in duplicate of the proceedings of each meeting of
Debentureholders shall be prepared by the secretary of the meeting and there
shall be attached to said record the original reports of the inspectors of votes
on any vote by ballot taken thereat and affidavits by one or more persons having
knowledge of the facts setting forth a copy of the notice of the meeting and
showing that said notice was mailed as provided in Section 10.02. The record
shall show the principal amount of the Debentures voting in favor of or against
any resolution. The record shall be signed and verified by the affidavits of the
permanent chairman and secretary of the meeting and one of the duplicates shall
be delivered to the Company and the other to the Trustee to be preserved by the
Trustee, the latter to have attached thereto the ballots voted at the meeting.

     Any record so signed and verified shall be conclusive evidence of the
matters therein stated.

     Section 10.07. NO DELAY OF RIGHTS BY MEETING. Nothing contained in this
Article 10 shall be deemed or construed to authorize or permit, by reason of any
call of a meeting of Debentureholders or any rights expressly or impliedly
conferred hereunder to make such call, any hindrance or delay in the exercise of
any right or rights conferred upon or reserved to the Trustee or to the
Debentureholders under any of the provisions of this Indenture or of the
Debentures.

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                                   ARTICLE 11
                             SUPPLEMENTAL INDENTURES

     Section 11.01. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF DEBENTUREHOLDERS.
The Company, when authorized by the resolutions of the Board of Directors, and
the Trustee may, from time to time, and at any time enter into an indenture or
indentures supplemental hereto for one or more of the following purposes:

     (a)  make provision with respect to the conversion rights of the holders of
Debentures pursuant to the requirements of Section 15.06 or the repurchase
obligations of the Company pursuant to the requirements of Section 3.08(h).

     (b)  to convey, transfer, assign, mortgage or pledge to the Trustee as
security for the Debentures, any property or assets;

     (c)  to evidence the succession of another Person to the Company, or
successive successions, and the assumption by the successor Person of the
covenants, agreements and obligations of the Company pursuant to Article 12;

     (d)  to add to the covenants of the Company such further covenants,
restrictions or conditions for the benefit of the holders of Debentures, and to
make the occurrence, or the occurrence and continuance, of a default in any such
additional covenants, restrictions or conditions a default or an Event of
Default permitting the enforcement of all or any of the several remedies
provided in this Indenture as herein set forth; PROVIDED that in respect of any
such additional covenant, restriction or condition, such supplemental indenture
may provide for a particular period of grace after default (which period may be
shorter or longer than that allowed in the case of other defaults) or may
provide for an immediate enforcement upon such default or may limit the remedies
available to the Trustee upon such default;

     (e)  to provide for the issuance under this Indenture of Debentures in
coupon form (including Debentures registrable as to principal only) and to
provide for exchangeability of such Debentures with the Debentures issued
hereunder in fully registered form and to make all appropriate changes for such
purpose;

     (f)  to cure any ambiguity or to correct or supplement any provision
contained herein or in any supplemental indenture that may be defective or
inconsistent with any other provision contained herein or in any supplemental
indenture, or to make such other provisions in regard to matters or questions
arising under this Indenture that shall not materially adversely affect the
interests of the holders of the Debentures;

     (g)  to evidence and provide for the acceptance of appointment hereunder by
a successor Trustee with respect to the Debentures;

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     (h)  to modify, eliminate or add to the provisions of this Indenture to
such extent as shall be necessary to effect the qualifications of this Indenture
under the Trust Indenture Act, or under any similar federal statute hereafter
enacted; or

     (i)  make other changes to the Indenture or forms or terms of the
Debentures, provided no such change individually or in the aggregate with all
other such changes has or will have a material adverse effect on the interests
of the Debentureholders.

     Upon the written request of the Company, accompanied by a copy of the
resolutions of the Board of Directors certified by its Secretary or Assistant
Secretary authorizing the execution of any supplemental indenture, the Trustee
is hereby authorized to join with the Company in the execution of any such
supplemental indenture, to make any further appropriate agreements and
stipulations that may be therein contained and to accept the conveyance,
transfer and assignment of any property thereunder, but the Trustee shall not be
obligated to, but may in its discretion, enter into any supplemental indenture
that affects the Trustee's own rights, duties or immunities under this Indenture
or otherwise.

     Any supplemental indenture authorized by the provisions of this
Section 11.01 may be executed by the Company and the Trustee without the consent
of the holders of any of the Debentures at the time outstanding, notwithstanding
any of the provisions of Section 11.02.

     Notwithstanding any other provision of the Indenture or the Debentures, the
Registration Rights Agreement and the obligation to pay Additional Amounts
thereunder may be amended, modified or waived in accordance with the provisions
of the Registration Rights Agreement.

     Section 11.02. SUPPLEMENTAL INDENTURE WITH CONSENT OF DEBENTUREHOLDERS.
With the consent (evidenced as provided in Article 9) of the holders of at least
a majority in aggregate principal amount of the Debentures at the time
outstanding, the Company, when authorized by the resolutions of the Board of
Directors, and the Trustee may, from time to time and at any time, enter into an
indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or any supplemental indenture or of modifying in any manner the
rights of the holders of the Debentures; PROVIDED that no such supplemental
indenture shall (i) extend the Stated Maturity of any Debenture, or reduce the
rate or extend the time of payment of Interest thereon, or reduce the principal
amount thereof, or reduce any amount payable on redemption or repurchase
thereof, or impair the right of any Debentureholder to institute suit for the
payment thereof, or make the principal thereof or Interest thereon payable in
any coin or currency other than that provided in the Debentures, or affect the
obligation of the Company to redeem any Debenture on a Redemption Date in a
manner adverse to the holders of Debentures, or affect the obligation of the
Company to repurchase

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any Debenture upon the happening of a Fundamental Change in a manner adverse to
the holders of Debentures, or affect the obligation of the Company to repurchase
any Debenture on a Company Repurchase Date in a manner adverse to the holders of
Debentures, or impair the right to convert the Debentures into Common Stock
subject to the terms set forth herein, including Section 15.06, or reduce the
number of shares of Common Stock or other property receivable upon conversion,
in each case, without the consent of the holder of each Debenture so affected,
or modify any of the provisions of this Section 11.02 or Section 7.07, except to
increase any such percentage or to provide that certain other provisions of this
Indenture cannot be modified or waived without the consent of the holder of each
Debenture so affected, or change any obligation of the Company to maintain an
office or agency in the places and for the purposes set forth in Section 5.02,
or reduce the quorum or voting requirements set forth in Article 10 or (ii)
reduce the aforesaid percentage of Debentures, the holders of which are required
to consent to any such supplemental indenture, without the consent of the
holders of all Debentures then outstanding.

     Upon the written request of the Company, accompanied by a copy of the
resolutions of the Board of Directors certified by its Secretary or Assistant
Secretary authorizing the execution of any such supplemental indenture, and upon
the filing with the Trustee of evidence of the consent of Debentureholders as
aforesaid, the Trustee shall join with the Company in the execution of such
supplemental indenture unless such supplemental indenture affects the Trustee's
own rights, duties or immunities under this Indenture or otherwise, in which
case the Trustee may in its discretion, but shall not be obligated to, enter
into such supplemental indenture.

     It shall not be necessary for the consent of the Debentureholders under
this Section 11.02 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the
substance thereof.

     Section 11.03. EFFECT OF SUPPLEMENTAL INDENTURE. Any supplemental indenture
executed pursuant to the provisions of this Article 11 shall comply with the
Trust Indenture Act, as then in effect, PROVIDED that this Section 11.03 shall
not require such supplemental indenture or the Trustee to be qualified under the
Trust Indenture Act prior to the time such qualification is in fact required
under the terms of the Trust Indenture Act or the Indenture has been qualified
under the Trust Indenture Act, nor shall it constitute any admission or
acknowledgment by any party to such supplemental indenture that any such
qualification is required prior to the time such qualification is in fact
required under the terms of the Trust Indenture Act or the Indenture has been
qualified under the Trust Indenture Act. Upon the execution of any supplemental
indenture pursuant to the provisions of this Article 11, this Indenture shall be
and be deemed to be modified and amended in accordance therewith and the
respective rights, limitation of rights, obligations, duties and immunities
under this Indenture of the Trustee, the Company and the holders of Debentures
shall thereafter be determined, exercised and enforced

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hereunder, subject in all respects to such modifications and amendments and all
the terms and conditions of any such supplemental indenture shall be and be
deemed to be part of the terms and conditions of this Indenture for any and all
purposes.

     Section 11.04. NOTATION ON DEBENTURES. Debentures authenticated and
delivered after the execution of any supplemental indenture pursuant to the
provisions of this Article 11 may bear a notation in form approved by the
Trustee as to any matter provided for in such supplemental indenture. If the
Company or the Trustee shall so determine, new Debentures so modified as to
conform, in the opinion of the Trustee and the Board of Directors, to any
modification of this Indenture contained in any such supplemental indenture may,
at the Company's expense, be prepared and executed by the Company, authenticated
by the Trustee (or an authenticating agent duly appointed by the Trustee
pursuant to Section 16.11) and delivered in exchange for the Debentures then
outstanding, upon surrender of such Debentures then outstanding.

     Section 11.05. EVIDENCE OF COMPLIANCE OF SUPPLEMENTAL INDENTURE TO BE
FURNISHED TO TRUSTEE. Prior to entering into any supplemental indenture, the
Trustee shall be provided with an Officers' Certificate and an Opinion of
Counsel as conclusive evidence that any supplemental indenture executed pursuant
hereto complies with the requirements of this Article 11 and is otherwise
authorized or permitted by this Indenture.

                                   ARTICLE 12
                CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

     Section 12.01. COMPANY MAY CONSOLIDATE ON CERTAIN TERMS. Subject to the
provisions of Section 12.02, the Company shall not consolidate or merge with or
into any other Person or Persons (whether or not affiliated with the Company),
nor shall the Company or its successor or successors be a party or parties to
successive consolidations or mergers, nor shall the Company sell, convey,
transfer or lease the property and assets of the Company substantially as an
entirety, to any other Person (whether or not affiliated with the Company),
unless: (i) the Company is the surviving Person, or the resulting, surviving or
transferee Person is a corporation organized and existing under the laws of the
United States of America, any state thereof or the District of COLUMBIA; (ii)
upon any such consolidation, merger, sale, conveyance, transfer or lease, the
due and punctual payment of the principal of and Interest on all of the
Debentures, according to their tenor and the due and punctual performance and
observance of all of the covenants and conditions of this Indenture to be
performed by the Company, shall be expressly assumed, by supplemental indenture
satisfactory in form to the Trustee, executed and delivered to the Trustee by
the Person (if other than the Company) formed by such consolidation, or into
which the Company shall have been merged, or by the Person that shall have
acquired or leased such property,

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and such supplemental indenture shall provide for the applicable conversion
rights set forth in Section 15.06; and (iii) immediately after giving effect to
the transaction described above, no Event of Default, and no event which, after
notice or lapse of time or both, would become an Event of Default, shall have
happened and be continuing.

     Section 12.02. SUCCESSOR TO BE SUBSTITUTED. In case of any such
consolidation, merger, sale, conveyance, transfer or lease and upon the
assumption by the successor Person, by supplemental indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee, of the due and
punctual payment of the principal of and Interest on all of the Debentures and
the due and punctual performance of all of the covenants and conditions of this
Indenture to be performed by the Company, such successor Person shall succeed to
and be substituted for the Company, with the same effect as if it had been named
herein as the party of this first part. Such successor Person thereupon may
cause to be signed, and may issue either in its own name or in the name of
Lincare Holdings Inc. any or all of the Debentures, issuable hereunder that
theretofore shall not have been signed by the Company and delivered to the
Trustee; and, upon the order of such successor Person instead of the Company and
subject to all the terms, conditions and limitations in this Indenture
prescribed, the Trustee shall authenticate and shall deliver, or cause to be
authenticated and delivered, any Debentures that previously shall have been
signed and delivered by the officers of the Company to the Trustee for
authentication, and any Debentures that such successor Person thereafter shall
cause to be signed and delivered to the Trustee for that purpose. All the
Debentures so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Debentures theretofore or thereafter issued in
accordance with the terms of this Indenture as though all of such Debentures had
been issued at the date of the execution hereof. In the event of any such
consolidation, merger, sale, conveyance, transfer or lease, the Person named as
the "COMPANY" in the first paragraph of this Indenture or any successor that
shall thereafter have become such in the manner prescribed in this Article 12
may be dissolved, wound up and liquidated at any time thereafter and such Person
shall be released from its liabilities as obligor and maker of the Debentures
and from its obligations under this Indenture.

     In case of any such consolidation, merger, sale, conveyance, transfer or
lease, such changes in phraseology and form (but not in substance) may be made
in the Debentures thereafter to be issued as may be appropriate.

     Section 12.03. OPINION OF COUNSEL TO BE GIVEN TRUSTEE. The Trustee shall
receive an Officers' Certificate and an Opinion of Counsel as conclusive
evidence that any such consolidation, merger, sale, conveyance, transfer or
lease and any such assumption complies with the provisions of this Article 12.

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                                   ARTICLE 13
                     SATISFACTION AND DISCHARGE OF INDENTURE

     Section 13.01. DISCHARGE OF INDENTURE. When (a) the Company shall deliver
to the Trustee for cancellation all Debentures theretofore authenticated (other
than any Debentures that have been destroyed, lost or stolen and in lieu of or
in substitution for which other Debentures shall have been authenticated and
delivered) and not theretofore canceled, or (b) all the Debentures not
theretofore canceled or delivered to the Trustee for cancellation shall have
become due and payable and the Company shall deposit with the Trustee, in trust,
funds sufficient to pay all amounts due and owing on Debentures (other than any
Debentures that shall have been mutilated, destroyed, lost or stolen and in lieu
of or in substitution for which other Debentures shall have been authenticated
and delivered) not theretofore canceled or delivered to the Trustee for
cancellation, accompanied by a verification report, as to the sufficiency of the
deposited amount, from an independent certified accountant or other financial
professional satisfactory to the Trustee, and if in either case the Company
shall also pay or cause to be paid all other sums payable hereunder by the
Company, then this Indenture shall cease to be of further effect (except as to
(i) remaining rights of registration of transfer, substitution and exchange and
conversion of Debentures, (ii) rights hereunder of Debentureholders to receive
payments of principal of and Interest on the Debentures and the other rights,
duties and obligations of Debentureholders, as beneficiaries hereof with respect
to the amounts, if any, so deposited with the Trustee and (iii) the rights,
obligations and immunities of the Trustee hereunder), and the Trustee, on
written demand of the Company accompanied by an Officers' Certificate and an
Opinion of Counsel as required by Section 16.05 and at the cost and expense of
the Company, shall execute proper instruments acknowledging satisfaction of and
discharging this Indenture; the Company, however, hereby agrees to reimburse the
Trustee for any costs or expenses thereafter reasonably and properly incurred by
the Trustee and to compensate the Trustee for any services thereafter reasonably
and properly rendered by the Trustee in connection with this Indenture or the
Debentures.

     Section 13.02. PAYING AGENT TO REPAY MONIES HELD. Upon the satisfaction and
discharge of this Indenture, all monies then held by any Paying Agent of the
Debentures (other than the Trustee) shall, upon written request of the Company,
be repaid to it or paid to the Trustee, and thereupon such Paying Agent shall be
released from all further liability with respect to such monies.

     Section 13.03. RETURN OF UNCLAIMED MONIES. Subject to the requirements of
applicable law, any monies deposited with or paid to the Trustee for payment of
the principal of or Interest on Debentures and not applied but remaining
unclaimed by the holders of Debentures for two years after the date upon which
the principal of or Interest on such Debentures, as the case may be, shall have
become due and payable, shall be repaid to the Company by the Trustee on demand
and all liability of the Trustee shall thereupon cease with respect to such
monies; and the holder of any of the Debentures shall thereafter look only
to the

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Company for any payment that such holder may be entitled to collect unless an
applicable abandoned property law designates another Person.

                                   ARTICLE 14
         IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

     Section 14.01. INDENTURE AND DEBENTURES SOLELY CORPORATE OBLIGATIONS. No
recourse for the payment of the principal of or Interest on any Debenture, or
for any claim based thereon or otherwise in respect thereof, and no recourse
under or upon any obligation, covenant or agreement of the Company in this
Indenture or in any supplemental indenture or in any Debenture, or because of
the creation of any indebtedness represented thereby, shall be had against any
incorporator, stockholder, employee, agent, officer, director or subsidiary, as
such, past, present or future, of the Company or of any successor corporation,
either directly or through the Company or any successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise; it being expressly understood that all such
liability is hereby expressly waived and released as a condition of, and as a
consideration for, the execution of this Indenture and the issue of the
Debentures.

                                   ARTICLE 15
                            CONVERSION OF DEBENTURES

     Section 15.01. RIGHT TO CONVERT. (a) Subject to and upon compliance with
the provisions of this Indenture, prior to June 15, 2033, the holder of any
Debenture shall have the right, at such holder's option, to convert the
principal amount of the Debenture, or any portion of such principal amount which
is a multiple of $1,000, into fully paid and non-assessable shares of Common
Stock (as such shares shall then be constituted) at the Conversion Rate in
effect at such time, by surrender of the Debenture so to be converted in whole
or in part, together with any required funds, under the circumstances described
in this Section 15.01 and in the manner provided in Section 15.02. The
Debentures shall be convertible only during the following periods upon the
occurrence of one of the following events:

          (i)     during any calendar quarter after the quarter ended June 30,
     2003 (and only during such calendar quarter) if the Last Reported Sale
     Price for the Common Stock for at least 20 Trading Days during the period
     of 30 consecutive Trading Days ending on the last Trading Day of the
     previous calendar quarter equals or exceeds 120% of the Conversion Price on
     such last Trading Day;

          (ii)    in the event that the Company calls the Debentures for
     redemption, at any time prior to the close of business on the second

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     Business Day immediately preceding the Redemption Date; PROVIDED that only
     those Debentures that are called for redemption may be converted following
     such an event;

          (iii)   as provided in Section (b) of this Section 15.01; or

          (iv)    (A) if the Company obtains a credit rating for the Debentures
     from both Moody's Investors Service, Inc. and Standard & Poor's Ratings
     Services, then during any period in which (1) the long-term credit rating
     assigned to the Debentures by both Moody's Investors Service, Inc. and
     Standard & Poor's Ratings Services shall be lower than Ba1 and BB+,
     respectively; (2) both Moody's Investors Service, Inc. and Standard &
     Poor's Ratings Services shall have discontinued, withdrawn or suspended
     their ratings of the Debentures; or (3) either Moody's Investors Service,
     Inc. or Standard & Poor's Ratings Services shall have discontinued,
     withdrawn or suspended its rating of the Debentures and the remaining
     rating is lower than Ba1 or BB+, as applicable (references to Moody's
     Investors Service, Inc. and Standard & Poor's Ratings Services include any
     successors to those entities); or

          (B) if the Company obtains a credit rating for the Debentures from
     only one of Moody's Investors Service, Inc. or Standard & Poor's Ratings
     Services, but not both, then during any period in which (1) the long-term
     credit rating assigned to the Debentures by such rating agency shall be
     lower than Ba1 and BB+, as applicable; or (2) such rating agency shall have
     discontinued, withdrawn or suspended its rating of the Debentures;

     PROVIDED, HOWEVER, that nothing in this Indenture shall obligate the
     Company to obtain a credit rating for the Debentures and the provisions of
     this clause (iv) shall only apply with respect to any credit rating that
     the Company shall have requested from Moody's Investors Service, Inc. or
     Standard & Poor's Ratings Services.

     The Company or its designated agent shall determine on a daily basis during
the time period specified in Section 15.01(a)(i) whether the Debentures shall be
convertible as a result of the occurrence of an event specified in clause (i)
above and, if the Debentures shall be so convertible, the Company shall promptly
deliver to the Trustee (or other Conversion Agent appointed by the Company)
written notice thereof. Whenever the Debentures shall become convertible
pursuant to this Section 15.01, the Company or, at the Company's request, the
Trustee in the name and at the expense of the Company, shall notify the holders
of the event triggering such convertibility in the manner provided in
Section 16.03, and the Company shall also publicly announce such information by
publication on the Company's Web site or through such other public medium as it
may use at such time. Any notice so given shall be conclusively presumed to have
been duly given, whether or not the holder receives such notice.

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     The Trustee shall be entitled at its sole discretion to consult with the
Company and to request the assistance of the Company in connection with the
Trustee's duties and obligations pursuant to Section 15.01(a) hereof, and the
Company agrees, if requested by the Trustee, to cooperate with, and provide
assistance to, the Trustee in carrying out its duties under this Section 15.01;
PROVIDED, HOWEVER, that nothing herein shall be construed to relieve the Trustee
of its duties pursuant to Section 15.01(a) hereof.

     (b)  In addition, if:

          (i)     (A) the Company distributes to all holders of its Common Stock
     rights or warrants entitling them (for a period expiring within 45 days of
     the date of the distribution) to subscribe for or purchase shares of Common
     Stock at a price per share less than the Last Reported Sale Price on the
     Trading Day immediately preceding the declaration date of the distribution,
     or (B) the Company distributes to all holders of Common Stock assets, debt
     securities or rights to purchase securities of the Company, which
     distribution has a per share value as determined by the Company's Board of
     Directors and set forth in a Board Resolution exceeding 15% of the Last
     Reported Sale Price of the Common Stock on the Trading Day immediately
     preceding the declaration date for such distribution, then, in either case,
     the Debentures may be surrendered for conversion at any time on and after
     the date that the Company gives notice to the holders of such distribution,
     which shall be not less than 20 days prior to the Ex-Dividend Date for such
     distribution, until the earlier of the close of business on the Business
     Day immediately preceding, but not including, the Ex-Dividend Date or the
     date the Company publicly announces that such distribution will not take
     place; PROVIDED that no adjustment to the Conversion Price or the ability
     of a holder of a Debenture to convert will be made if the holder will
     otherwise participate in such distribution without conversion; and

          (ii)    the Company consolidates with or merges with or into another
     Person or is a party to a binding share exchange or conveys, transfers,
     sells, leases or otherwise disposes of all or substantially all of its
     properties and assets in each case pursuant to which the Common Stock is
     converted into cash or property other than securities, then the Debentures
     may be surrendered for conversion at any time from and after the date
     fifteen (15) days prior to the anticipated effective date of the
     transaction and ending on and including the date fifteen (15) days after
     the anticipated effective date of the transaction.

     The Board of Directors shall determine the anticipated effective date of
     the transaction, and such determination shall be conclusive and binding on
     the holders and shall be publicly announced by the Company by publication
     on its Web site or through such other public medium as it may use at that
     time not later than two Business Days prior to such 15th day.

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     (c)  A Debenture in respect of which a holder is electing to exercise its
option to require repurchase upon a Fundamental Change pursuant to Section 3.05
or repurchase pursuant to Section 3.06 may be converted only if such holder
withdraws its election in accordance with Section 3.08(d). A holder of
Debentures is not entitled to any rights of a holder of Common Stock until such
holder has converted his Debentures to Common Stock, and only to the extent such
Debentures are deemed to have been converted to Common Stock under this
Article 15.

     Section 15.02. EXERCISE OF CONVERSION PRIVILEGE; ISSUANCE OF COMMON STOCK
ON CONVERSION; NO ADJUSTMENT FOR INTEREST OR DIVIDENDS. In order to exercise the
conversion privilege with respect to any Debenture in certificated form, the
Company must receive at the office or agency of the Company maintained for that
purpose or, at the option of such holder, the Corporate Trust Office, such
Debenture with the original or facsimile of the form entitled "FORM OF
CONVERSION NOTICE" on the reverse thereof, duly completed and manually signed,
together with such Debentures duly endorsed for transfer, accompanied by the
funds, if any, required by the penultimate paragraph of this Section 15.02. Such
notice shall also state the name or names (with address or addresses) in which
the certificate or certificates for shares of Common Stock which shall be
issuable on such conversion shall be issued, and shall be accompanied by
transfer or similar taxes, if required pursuant to Section 15.07.

     In order to exercise the conversion privilege with respect to any interest
in a Global Debenture, the beneficial holder must complete, or cause to be
completed, the appropriate instruction form for conversion pursuant to the
Depositary's book-entry conversion program, deliver, or cause to be delivered,
by book-entry delivery an interest in such Global Debenture, furnish appropriate
endorsements and transfer documents if required by the Company or the Trustee or
Conversion Agent, and pay the funds, if any, required by this Section 15.02 and
any transfer taxes if required pursuant to Section 15.07.

     As promptly as practicable after satisfaction of the requirements for
conversion set forth above, subject to compliance with any restrictions on
transfer if shares issuable on conversion are to be issued in a name other than
that of the Debentureholder (as if such transfer were a transfer of the
Debenture or Debentures (or portion thereof) so converted), the Company shall
issue and shall deliver to such Debentureholder at the office or agency
maintained by the Company for such purpose pursuant to Section 5.02, a
certificate or certificates for the number of full shares of Common Stock
issuable upon the conversion of such Debenture or portion thereof as determined
by the Company in accordance with the provisions of this Article 15 and a check
or cash in respect of any fractional interest in respect of a share of Common
Stock arising upon such conversion, calculated by the Company as provided in
Section 15.03. In case any Debenture of a denomination greater than $1,000 shall
be surrendered for partial conversion, and subject to Section 2.03, the Company
shall execute and the Trustee shall authenticate and deliver to the holder of
the Debenture so

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surrendered, without charge to him, a new Debenture or Debentures in authorized
denominations in an aggregate principal amount equal to the unconverted portion
of the surrendered Debenture.

     Each conversion shall be deemed to have been effected as to any such
Debenture (or portion thereof) on the date on which the requirements set forth
above in this Section 15.02 have been satisfied as to such Debenture (or portion
thereof) (such date, the "CONVERSION DATE"), and the Person in whose name any
certificate or certificates for shares of Common Stock shall be issuable upon
such conversion shall be deemed to have become on said date the holder of record
of the shares represented thereby; PROVIDED that any such surrender on any date
when the stock transfer books of the Company shall be closed shall constitute
the Person in whose name the certificates are to be issued as the record holder
thereof for all purposes on the next succeeding day on which such stock transfer
books are open, but such conversion shall be at the Conversion Rate in effect on
the date upon which such Debenture shall be surrendered.

     Any Debenture or portion thereof surrendered for conversion during the
period from the close of business on any Regular Record Date to the close of
business on the Business Day preceding the following Interest Payment Date that
has not been called for redemption during such period shall be accompanied by
payment, in immediately available funds or other funds acceptable to the
Company, of an amount equal to the Interest otherwise payable on such Interest
Payment Date on the principal amount being converted; PROVIDED that no such
payment need be made (1) if the Company has specified a Redemption Date that is
after a Regular Record Date and prior to the next Interest Payment Date, (2) if
the Company has specified a Repurchase Date following a Fundamental Change that
is during such period or (3) to the extent of any overdue Interest, if any
overdue Interest exists at the time of conversion with respect to such
Debenture. Except as provided above in this Section 15.02, no payment or other
adjustment shall be made for Interest accrued on any Debenture converted or for
dividends on any shares issued upon the conversion of such Debenture as provided
in this Article 15.

     Upon the conversion of an interest in a Global Debenture, the Trustee (or
other Conversion Agent appointed by the Company), or the Custodian at the
direction of the Trustee (or other Conversion Agent appointed by the Company),
shall make a notation on such Global Debenture as to the reduction in the
principal amount represented thereby. The Company shall notify the Trustee in
writing of any conversions of Debentures effected through any Conversion Agent
other than the Trustee.

     Upon the conversion of a Debenture, that portion of the accrued but unpaid
Interest with respect to the converted Debenture shall not be cancelled,
extinguished or forfeited, but rather shall be deemed to be paid in full to the
holder thereof through delivery of the Common Stock (together with the cash
payment, if any in lieu of fractional shares) in exchange for the Debenture
being

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converted pursuant to the provisions hereof; and the fair market value of
such shares of Common Stock (together with any such cash payment in lieu of
fractional shares) shall be treated as issued, to the extent thereof, first in
exchange for and in satisfaction of the Company's obligation to pay the
principal amount of the converted Debenture and the accrued but unpaid Interest,
and the balance, if any, of such fair market value of such Common Stock (and any
such cash payment) shall be treated as issued in exchange for and in
satisfaction of the right to convert the Debenture being converted pursuant to
the provisions hereof.

     Section 15.03. CASH PAYMENTS IN LIEU OF FRACTIONAL SHARES. No fractional
shares of Common Stock or scrip certificates representing fractional shares
shall be issued upon conversion of Debentures. If more than one Debenture shall
be surrendered for conversion at one time by the same holder, the number of full
shares that shall be issuable upon conversion shall be computed on the basis of
the aggregate principal amount of the Debentures (or specified portions thereof
to the extent permitted hereby) so surrendered. If any fractional share of stock
would be issuable upon the conversion of any Debenture or Debentures, the
Company shall make an adjustment and payment therefor in cash to the holder of
Debentures at the Last Reported Sale Price on the last Trading Day immediately
preceding the day on which the Debentures (or specified portions thereof) are
deemed to have been converted.

     Section 15.04. CONVERSION RATE. Each $1,000 principal amount of the
Debentures shall be convertible into the number of shares of Common Stock
specified in the form of Debenture (herein called the "CONVERSION RATE")
attached as Exhibit A hereto (initially 18.7515 shares), subject to adjustment
as provided in this Article 15.

     Section 15.05. ADJUSTMENT OF CONVERSION RATE. The Conversion Rate shall be
adjusted from time to time by the Company as follows:

     (a)  In case the Company shall pay a dividend or make a distribution to all
holders of the outstanding Common Stock in shares of Common Stock, the
Conversion Rate, as in effect at the opening of business on the day following
the date fixed for the determination of stockholders entitled to receive such
dividend or other distribution, shall be increased by dividing such Conversion
Rate by a fraction,

          (i)     the numerator of which shall be the number of shares of Common
     Stock outstanding at the close of business on the date fixed for such
     determination, and

          (ii)    the denominator of which shall be the sum of such number of
     shares and the total number of shares constituting such dividend or other
     distribution,

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such increase to become effective immediately after the opening of business on
the Business Day following the date fixed for such determination. The Company
will not pay any dividend or make any distribution on shares of Common Stock
held in treasury by the Company. If any dividend or distribution of the type
described in this Section 15.05(a) is declared but not so paid or made, the
Conversion Rate shall again be adjusted to the Conversion Rate that would then
be in effect if such dividend or distribution had not been declared.

     (b)  In case the Company shall (other than pursuant to a dividend
reinvestment plan or share purchase plan) issue rights, options or warrants to
all holders of its Common Stock entitling them, for a period expiring within 45
days after the record date for the determination of stockholders entitled to
receive such rights, options or warrants, to subscribe for or purchase shares of
Common Stock at a price per share less than the Current Market Price per share
of the Common Stock on the date fixed for the determination of stockholders
entitled to receive such rights, options or warrants, the Conversion Rate in
effect at the opening of business on the day following the date fixed for such
determination shall be increased by dividing such Conversion Rate by a fraction,

          (i)     the numerator of which shall be the number of shares of Common
     Stock outstanding at the close of business on the date fixed for such
     determination plus the number of shares of Common Stock which the aggregate
     offering price of the total number of shares of Common Stock so offered for
     subscription or purchase would purchase at such Current Market Price, and

          (ii)    the denominator of which shall be the number of shares of
     Common Stock outstanding at the close of business on the date fixed for
     such determination plus the number of shares of Common Stock so offered for
     subscription or purchase at such below Current Market Price.

Such adjustment shall be successively made whenever any such rights or warrants
are issued and shall become effective immediately after the opening of business
on the Business Day following the date fixed for such determination. The Company
shall not issue any such rights, options or warrants in respect of shares of
Common Stock held in treasury by the Company. To the extent that shares of
Common Stock are not delivered after the expiration of such rights or warrants,
the Conversion Rate shall be readjusted to the Conversion Rate that would then
be in effect had the adjustments made upon the issuance of such rights or
warrants been made on the basis of delivery of only the number of shares of
Common Stock actually delivered. If such rights or warrants are not so issued,
the Conversion Rate shall again be adjusted to be the Conversion Rate that would
then be in effect if such date fixed for the determination of stockholders
entitled to receive such rights or warrants had not been fixed.

In determining whether any rights or warrants entitle the holders to subscribe
for or purchase shares of Common Stock at less than such Current Market Price,
and

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in determining the aggregate offering price of such shares of Common Stock,
there shall be taken into account any consideration received by the Company for
such rights or warrants and any amount payable on exercise or conversion
thereof, the value of such consideration, if other than cash, to be determined
by the Board of Directors.

     (c)  In case outstanding shares of Common Stock shall be subdivided or
split into a greater number of shares of Common Stock, the Conversion Rate in
effect at the opening of business on the day following the day upon which such
subdivision or split becomes effective shall be proportionately increased, and,
conversely, in case outstanding shares of Common Stock shall be combined into a
smaller number of shares of Common Stock, the Conversion Rate in effect at the
opening of business on the day following the day upon which such combination
becomes effective shall be proportionately reduced, such increase or reduction,
as the case may be, to become effective immediately after the opening of
business on the day following the day upon which such subdivision, split or
combination becomes effective.

     (d)  In case the Company shall, by dividend or otherwise, distribute to all
holders of its Common Stock evidences of its indebtedness, shares of capital
stock, securities, cash or other property (but excluding any rights, options or
warrants referred to in Section 15.05(b), any dividend or distribution paid
exclusively in cash and any dividend or distribution referred to in Section
15.05(a)), the Conversion Rate shall be adjusted by dividing the Conversion Rate
in effect immediately prior to the close of business on the date fixed for the
determination of stockholders entitled to receive such distribution by a
fraction,

          (i)     the numerator of which shall be the Current Market Price per
     share of the Common Stock on the date fixed for such determination less the
     then fair market value (as determined by the Board of Directors, whose
     determination shall be conclusive and described in a Board Resolution) on
     such date of the portion of the evidences of indebtedness, shares of
     capital stock, securities, cash or other property so distributed applicable
     to one share of Common Stock, and

          (ii)    the denominator of which shall be such Current Market Price
     per share of the Common Stock,

such adjustment to become effective immediately prior to the opening of business
on the Business Day following the date fixed for the determination of
stockholders entitled to receive such distribution; PROVIDED, HOWEVER, that in
the event that the Company makes a distribution to all holders of its Common
Stock consisting of capital stock of, or similar equity interests in, a
subsidiary or other business unit of the Company, the Conversion Rate shall be
adjusted by dividing the Conversion Rate in effect immediately prior to the
close of business on the date fixed for the determination of stockholders
entitled to receive such distribution by a fraction of which the numerator shall
be the Spin-off Market

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Price per share of the Common Stock on the date fixed for such determination
less the Spin-off Market Price per share or similar equity interest of the
subsidiary or other business unit of the Company on such date and the
denominator shall be the Spin-off Market Price per share of the Common Stock,
such adjustment to become effective 10 Trading Days after the effective date of
such distribution of capital stock of, or similar equity interest in, a
subsidiary or other business unit of the Company. In any case in which this
Section 15.05(d) is applicable, Section 15.05(a) and (b) shall not be
applicable. If such dividend or distribution is not so paid or made, the
Conversion Rate shall again be adjusted to be the Conversion Rate that would
then be in effect if such dividend or distribution had not been declared.

     (e)  In case the Company shall, (I) by dividend or otherwise, distribute to
all holders of its Common Stock cash (excluding (i) any cash that is distributed
in an event to which Section 15.06 applies or (ii) cash that is distributed as
part of a distribution referred to in Section 15.05(d)) in an aggregate amount
that, combined together with (II) the aggregate amount of any other
distributions to all holders of its Common Stock made exclusively in cash within
the 12 months preceding the date of payment of such distribution and in respect
of which no adjustment pursuant to this Section 15.05(e) or Section 15.05(f) has
been made and (III) the aggregate of any cash plus the fair market value, as of
the expiration of the applicable tender or exchange offer referred to below (as
determined by the Board of Directors, whose determination shall be conclusive
and described in a Board Resolution), of consideration payable in respect of any
tender or exchange offer (other than consideration payable in respect of any
odd-lot tender offer) by the Company or any of its subsidiaries for all or any
portion of the Common Stock concluded within the 12 months preceding the date of
payment of the distribution described in clause (I) above and in respect of
which no adjustment pursuant to this Section 15.05(e) or Section 15.05(f) has
been made (such combined amount distributed or payable in the transactions
described in clauses (I), (II) and (III) above, the "DISTRIBUTION AGGREGATE
VALUE") exceeds an amount (the "DISTRIBUTION BASE VALUE") equal to 10% of the
product of the Current Market Price multiplied by the number of shares of Common
Stock outstanding, each as of the Business Day immediately preceding the day of
declaration of such distribution, then, and in each such case, immediately after
the close of business on such date for determination, the Conversion Rate shall
be increased so that the same shall equal the rate determined by dividing the
Conversion Rate in effect immediately prior to the close of business on the date
fixed for determination of the stockholders entitled to receive such
distribution by a fraction,

          (i)     the numerator of which shall be equal to the Current Market
     Price per share of the Common Stock on the date fixed for such
     determination less an amount equal to the quotient of (x) the excess of the
     Distribution Aggregate Value over the Distribution Base Value divided by
     (y) the number of shares of Common Stock outstanding on such date for
     determination; and

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          (ii)    the denominator of which shall be equal to the Current Market
     Price per share of the Common Stock on such date for determination.

     (f)  In case (I) a tender or exchange offer made by the Company or any
subsidiary of the Company for all or any portion of the Common Stock shall
expire and such tender or exchange offer (as amended upon the expiration
thereof) shall require the payment to stockholders (based on the acceptance (up
to any maximum specified in the terms of the tender or exchange offer) of
Purchased Shares) of an aggregate consideration having a fair market value (as
determined by the Board of Directors, whose determination shall be conclusive
and described in a Board Resolution) that combined together with (II) the
aggregate of the cash plus the fair market value (as determined by the Board of
Directors, whose determination shall be conclusive and described in a Board
Resolution), as of the expiration of such tender or exchange offer, of
consideration payable in respect of any other tender or exchange offer (other
than consideration payable in respect of any odd-lot tender offer) by the
Company or any subsidiary of the Company for all or any portion of the Common
Stock expiring within the 12 months preceding the expiration of such tender or
exchange offer and in respect of which no adjustment pursuant to Section
15.05(e) or this Section 15.05(f) has been made and (III) the aggregate amount
of any distributions to all holders of the Common Stock made exclusively in cash
within the 12 months preceding the expiration of such tender or exchange offer
and in respect of which no adjustment pursuant to Section 15.05(e) or this
Section 15.05(f) has been made (such combined amount distributed or payable in
the transactions described in clauses (I), (II) and (III) above (assuming in the
case of clause (I) the acceptance, up to any maximum specified in the terms of
the tender or exchange offer, of Purchased Shares), the "OFFER AGGREGATE
VALUE"), exceeds an amount equal to 10% of the product of the Current Market
Price multiplied by the number of shares of Common Stock outstanding (including
any tendered shares), each as of the last time (the "EXPIRATION TIME") tenders
could have been made pursuant to such tender or exchange offer (as it may be
amended), then, and in each such case, immediately prior to the opening of
business on the day after the date of the Expiration Time, the Conversion Rate
shall be adjusted so that the same shall equal the rate determined by dividing
the Conversion Rate immediately prior to the close of business as of the
Expiration Time by a fraction,

          (i)     the numerator of which shall be equal to (A) the product of
     (1) the Current Market Price per share of the Common Stock as of the
     Expiration Time multiplied by (2) the number of shares of Common Stock
     outstanding (including any tendered shares) as of the Expiration Time less
     (B) the Offer Aggregate Value, and

          (ii)    the denominator of which shall be equal to the product of (A)
     the Current Market Price per share of the Common Stock as of the Expiration
     Time multiplied by (B) the number of shares of Common Stock outstanding
     (including any tendered shares) as of the Expiration Time less

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     the number of all shares validly tendered and not withdrawn as of the
     Expiration Time (the shares deemed so accepted, up to any such maximum,
     being referred to as the "PURCHASED SHARES").

If the Company is obligated to purchase shares pursuant to any such tender or
exchange offer, but the Company is permanently prevented by applicable law from
effecting any such purchases or all such purchases are rescinded, the Conversion
Rate shall again be adjusted to be the Conversion Rate that would then be in
effect if such tender or exchange offer had not been made.

     (g)  The reclassification of Common Stock into securities other than Common
Stock (other than any reclassification upon an event to which Section 15.06
applies) shall be deemed to involve (a) a distribution of such securities other
than Common Stock to all holders of Common Stock (and the effective date of such
reclassification shall be deemed to be "the date fixed for the determination of
stockholders entitled to receive such distribution" and the "date fixed for such
determination" within the meaning of Section 15.05(d)), and (b) a subdivision,
split or combination, as the case may be, of the number of shares of Common
Stock outstanding immediately prior to such reclassification into the number of
shares of Common Stock outstanding immediately thereafter (and the effective
date of such reclassification shall be deemed to be "the day upon which such
subdivision or split becomes effective" or "the day upon which such combination
becomes effective," as the case may be, and "the day upon which such
subdivision, split or combination becomes effective" within the meaning of
Section 15.05(c)).

     (h)  Notwithstanding the foregoing provisions of Section 15.05, no
adjustment shall be made thereunder, nor shall an adjustment be made to the
ability of a Holder of a Debenture to convert, for any distribution described
therein if the Holder will otherwise participate in the distribution without
conversion of such Holder's Debentures.

     (i)  The Company may make such increases in the Conversion Rate, in
addition to those required by clauses (a) through (g) of this Section 15.05 as
the Board of Directors considers to be advisable to avoid or diminish any income
tax to holders of Common Stock or rights to purchase Common Stock resulting from
any dividend or distribution of stock (or rights to acquire stock) or from any
event treated as such for income tax purposes.

     To the extent permitted by applicable law, the Company from time to time
may increase the Conversion Rate by any amount for any period of time if the
period is at least twenty (20) days, the increase is irrevocable during the
period and the Board of Directors shall have made a determination that such
increase would be in the best interests of the Company, which determination
shall be conclusive. Whenever the Conversion Rate is increased pursuant to the
preceding sentence, the Company shall mail to holders of record of the
Debentures a notice of the increase at least fifteen (15) days prior to the date
the increased Conversion

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<Page>

Rate takes effect, and such notice shall state the increased Conversion Rate and
the period during which it will be in effect.

     (j)  No adjustment to the Conversion Rate need be made:

          (i)     upon the issuance of any shares of Common Stock pursuant to
     any present or future plan providing for the reinvestment of dividends or
     interest payable on securities of the Company and the investment of
     additional optional amounts in shares of Common Stock under any plan;

          (ii)    upon the issuance of any shares of Common Stock or options or
     rights to purchase those shares pursuant to any present or future employee,
     director or consultant benefit plan or program of or assumed by the Company
     or any of its Subsidiaries;

          (iii)   upon the issuance of any shares of Common Stock pursuant to
     any option, warrant, right, or exercisable, exchangeable or convertible
     security not described in (ii) above and outstanding as of the date the
     Debentures were first issued;

          (iv)    for a change in the par value of the Common Stock; or

          (v)     for accrued and unpaid interest, including Contingent
     Interest, if any.

To the extent the Debentures become convertible into cash, assets or property
(other than capital stock of the Company or securities to which Section 15.06
applies), no adjustment shall be made thereafter as to the cash, assets or
property. Interest shall not accrue on such cash, assets or property.

     (k)  No adjustment in the Conversion Rate shall be required unless such
adjustment would require an increase or decrease of at least one percent (1%) in
such rate; PROVIDED that any adjustments that by reason of this Section 15.05(k)
are not required to be made shall be carried forward and taken into account in
any subsequent adjustment. All calculations under this Article 15 shall be made
by the Company and shall be made to the nearest cent or to the nearest one-ten
thousandth (1/10,000) of a share, as the case may be.

     (l)  Whenever the Conversion Rate is adjusted as herein provided, the
Company shall promptly file with the Trustee and any Conversion Agent other than
the Trustee an Officers' Certificate setting forth the Conversion Rate after
such adjustment and setting forth a brief statement of the facts requiring such
adjustment. Unless and until a Responsible Officer of the Trustee shall have
received such Officers' Certificate, the Trustee shall not be deemed to have
knowledge of any adjustment of the Conversion Rate and may assume that the last
Conversion Rate of which it has knowledge is still in effect. Promptly after
delivery of such certificate, the Company shall prepare a notice of such

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adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and
the date on which each adjustment becomes effective and shall mail such notice
of such adjustment of the Conversion Rate to the holder of each Debenture at his
last address appearing on the Debenture Register provided for in Section 2.05 of
this Indenture, within twenty (20) days after execution thereof. Failure to
deliver such notice shall not affect the legality or validity of any such
adjustment.

     (m)  In any case in which this Section 15.05 provides that an adjustment
shall become effective immediately after (1) a record date or Stock Record Date
for an event, (2) the date fixed for the determination of stockholders entitled
to receive a dividend or distribution pursuant to Section 15.05(a), (3) a date
fixed for the determination of stockholders entitled to receive rights or
warrants pursuant to Section 15.05(b) or (4) the Expiration Time for any tender
or exchange offer pursuant to Section 15.05(f), (each a "DETERMINATION DATE"),
the Company may elect to defer until the occurrence of the applicable Adjustment
Event (as hereinafter defined) (x) issuing to the holder of any Debenture
converted after such Determination Date and before the occurrence of such
Adjustment Event, the additional shares of Common Stock or other securities
issuable upon such conversion by reason of the adjustment required by such
Adjustment Event over and above the Common Stock issuable upon such conversion
before giving effect to such adjustment and (y) paying to such holder any amount
in cash in lieu of any fraction pursuant to Section 15.03. For purposes of this
Section 15.05(m), the term "ADJUSTMENT EVENT" shall mean:

          (i)     in any case referred to in clause (1) hereof, the occurrence
     of such event,

          (ii)    in any case referred to in clause (2) hereof, the date any
     such dividend or distribution is paid or made,

          (iii)   in any case referred to in clause (3) hereof, the date of
     expiration of such rights or warrants, and

          (iv)    in any case referred to in clause (4) hereof, the date a sale
     or exchange of Common Stock pursuant to such tender or exchange offer is
     consummated and becomes irrevocable.

     (n)  For purposes of this Section 15.05, the number of shares of Common
Stock at any time outstanding shall not include shares held in the treasury of
the Company but shall include shares issuable in respect of scrip certificates
issued in lieu of fractions of shares of Common Stock. The Company will not pay
any dividend or make any distribution on shares of Common Stock held in the
treasury of the Company.

     Section 15.06. EFFECT OF RECLASSIFICATION, CONSOLIDATION, MERGER OR SALE.
If any of the following events occur, namely (i) any reclassification or change
of the outstanding shares of Common Stock (other than a subdivision or
combination

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to which Section 15.05(c) applies), (ii) any consolidation, merger or
combination of the Company with another Person as a result of which holders of
Common Stock shall be entitled to receive stock, other securities or other
property or assets (including cash) with respect to or in exchange for such
Common Stock, or (iii) any sale or conveyance of all or substantially all of the
properties and assets of the Company to any other Person as a result of which
holders of Common Stock shall be entitled to receive stock, other securities or
other property or assets (including cash) with respect to or in exchange for
such Common Stock, then the Company or the successor or purchasing Person, as
the case may be, shall execute with the Trustee a supplemental indenture (which
shall comply with the Trust Indenture Act as in force at the date of execution
of such supplemental indenture) providing that each Debenture shall be
convertible into the kind and amount of shares of stock, other securities or
other property or assets (including cash) receivable upon such reclassification,
change, consolidation, merger, combination, sale or conveyance by a holder of a
number of shares of Common Stock issuable upon conversion of such Debentures
(assuming, for such purposes, a sufficient number of authorized shares of Common
Stock are available to convert all such Debentures) immediately prior to such
reclassification, change, consolidation, merger, combination, sale or conveyance
assuming such holder of Common Stock did not exercise his rights of election, if
any, as to the kind or amount of stock, other securities or other property or
assets (including cash) receivable upon such reclassification, change,
consolidation, merger, combination, sale or conveyance (PROVIDED that, if the
kind or amount of stock, other securities or other property or assets (including
cash) receivable upon such reclassification, change, consolidation, merger,
combination, sale or conveyance is not the same for each share of Common Stock
in respect of which such rights of election shall not have been exercised
("NON-ELECTING SHARE"), then for the purposes of this Section 15.06 the kind and
amount of stock, other securities or other property or assets (including cash)
receivable upon such reclassification, change, consolidation, merger,
combination, sale or conveyance for each non-electing share shall be deemed to
be the kind and amount so receivable per share by a plurality of the
non-electing shares). Such supplemental indenture shall provide for adjustments
which shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Article 15.

     The Company shall cause notice of the execution of such supplemental
indenture to be mailed to each holder of Debentures, at its address appearing on
the Debenture Register provided for in Section 2.05 of this Indenture, within
twenty (20) days after execution thereof. Failure to deliver such notice shall
not affect the legality or validity of such supplemental indenture.

     The above provisions of this Section shall similarly apply to successive
reclassifications, changes, consolidations, mergers, combinations, sales and
conveyances.

     If this Section 15.06 applies to any event or occurrence, Section 15.05
shall not apply.

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     Section 15.07. TAXES ON SHARES ISSUED. The issue of stock certificates on
conversions of Debentures shall be made without charge to the converting
Debentureholder for any documentary, stamp or similar issue or transfer tax in
respect of the issue thereof. The Company shall not, however, be required to pay
any such tax which may be payable in respect of any transfer involved in the
issue and delivery of stock in any name other than that of the holder of any
Debenture converted, and the Company shall not be required to issue or deliver
any such stock certificate unless and until the Person or Persons requesting the
issue thereof shall have paid to the Company the amount of such tax or shall
have established to the satisfaction of the Company that such tax has been paid.

     Section 15.08. RESERVATION OF SHARES, SHARES TO BE FULLY PAID; COMPLIANCE
WITH GOVERNMENTAL REQUIREMENTS; LISTING OF COMMON STOCK. The Company shall
provide, free from preemptive rights, out of its authorized but unissued shares
or shares held in treasury, sufficient shares of Common Stock to provide for the
conversion of the Debentures from time to time as such Debentures are presented
for conversion.

     Before taking any action which would cause an adjustment increasing the
Conversion Rate to an amount that would cause the Conversion Price to be reduced
below the then par value, if any, of the shares of Common Stock issuable upon
conversion of the Debentures, the Company will take all corporate action which
may, in the opinion of its counsel, be necessary in order that the Company may
validly and legally issue shares of such Common Stock at such adjusted
Conversion Rate.

     The Company covenants that all shares of Common Stock which may be issued
upon conversion of Debentures will upon issue be fully paid and non-assessable
by the Company and free from all taxes, liens and charges with respect to the
issue thereof.

     The Company covenants that, if any shares of Common Stock to be provided
for the purpose of conversion of Debentures hereunder require registration with
or approval of any governmental authority under any federal or state law before
such shares may be validly issued upon conversion, the Company will in good
faith and as expeditiously as possible, to the extent then permitted by the
rules and interpretations of the Commission (or any successor thereto), endeavor
to secure such registration or approval, as the case may be.

     The Company further covenants that, if at any time the Common Stock shall
be listed on the Nasdaq National Market or any other national securities
exchange or automated quotation system, the Company will, if permitted by the
rules of such exchange or automated quotation system, list and keep listed, so
long as the Common Stock shall be so listed on such exchange or automated
quotation system, all Common Stock issuable upon conversion of the Debenture;
PROVIDED that if the rules of such exchange or automated quotation system permit
the Company to defer the listing of such Common Stock until the first conversion

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of the Debentures into Common Stock in accordance with the provisions of this
Indenture, the Company covenants to list such Common Stock issuable upon
conversion of the Debentures in accordance with the requirements of such
exchange or automated quotation system at such time.

     Section 15.09. RESPONSIBILITY OF TRUSTEE. The Trustee and any other
Conversion Agent shall not at any time be under any duty or responsibility to
any holder of Debentures to determine the Conversion Rate or whether any facts
exist which may require any adjustment of the Conversion Rate, or with respect
to the nature or extent or calculation of any such adjustment when made, or with
respect to the method employed, or herein or in any supplemental indenture
provided to be employed, in making the same. The Trustee and any other
Conversion Agent shall not be accountable with respect to the validity or value
(or the kind or amount) of any shares of Common Stock, or of any securities or
property, which may at any time be issued or delivered upon the conversion of
any Debenture; and the Trustee and any other Conversion Agent make no
representations with respect thereto. Neither the Trustee nor any Conversion
Agent shall be responsible for any failure of the Company to issue, transfer or
deliver any shares of Common Stock or stock certificates or other securities or
property or cash upon the surrender of any Debenture for the purpose of
conversion or to comply with any of the duties, responsibilities or covenants of
the Company contained in this Article 15. Without limiting the generality of the
foregoing, neither the Trustee nor any Conversion Agent shall be under any
responsibility to determine the correctness of any provisions contained in any
supplemental indenture entered into pursuant to Section 15.06 relating either to
the kind or amount of shares of stock or securities or property (including cash)
receivable by Debentureholders upon the conversion of their Debentures after any
event referred to in such Section 15.06 or to any adjustment to be made with
respect thereto, but, subject to the provisions of Section 8.01, may accept as
conclusive evidence of the correctness of any such provisions, and shall be
protected in relying upon, the Officers' Certificate (which the Company shall be
obligated to file with the Trustee prior to the execution of any such
supplemental indenture) with respect thereto.

     Section 15.10.  NOTICE TO HOLDERS PRIOR TO CERTAIN ACTIONS.  In case:

     (a)  the Company shall declare a dividend (or any other distribution) on
its Common Stock that would require an adjustment in the Conversion Rate
pursuant to Section 15.05; or

     (b)  the Company shall authorize the granting to the holders of all or
substantially all of its Common Stock of rights or warrants to subscribe for or
purchase any share of any class or any other rights or warrants; or

     (c)  of any reclassification or reorganization of the Common Stock of the
Company (other than a subdivision or combination of its outstanding Common
Stock, or a change in par value, or from par value to no par value, or from no
par

                                       88
<Page>

value to par value), or of any consolidation or merger to which the Company is a
party and for which approval of any stockholders of the Company is required, or
of the sale or transfer of all or substantially all of the assets of the
Company; or

     (d)  of the voluntary or involuntary dissolution, liquidation or winding up
of the Company;

the Company shall cause to be filed with the Trustee and to be mailed to each
holder of Debentures at his address appearing on the Debenture Register provided
for in Section 2.05 of this Indenture, as promptly as possible but in any event
at least ten (10) days prior to the applicable date hereinafter specified, a
notice stating (x) the date on which a record is to be taken for the purpose of
such dividend, distribution or rights or warrants, or, if a record is not to be
taken, the date as of which the holders of Common Stock of record to be entitled
to such dividend, distribution or rights are to be determined, or (y) the date
on which such reclassification, consolidation, merger, sale, transfer,
dissolution, liquidation or winding up is expected to become effective or occur,
and the date as of which it is expected that holders of Common Stock of record
shall be entitled to exchange their Common Stock for securities or other
property deliverable upon such reclassification, consolidation, merger, sale,
transfer, dissolution, liquidation or winding up. Failure to give such notice,
or any defect therein, shall not affect the legality or validity of such
dividend, distribution, reclassification, consolidation, merger, sale, transfer,
dissolution, liquidation or winding up.

     Section 15.11. STOCKHOLDER RIGHTS PLANS. If the rights provided for in any
future rights plan adopted by the Company have separated from the shares of
Common Stock in accordance with the provisions of the applicable stockholder
rights agreement so that the holders of the Debentures would not be entitled to
receive any rights in respect of Common Stock issuable upon conversion of the
Debentures, the conversion rate will be adjusted as if the Company distributed
to all holders of Common Stock shares of the Company's capital stock, evidences
of indebtedness or assets (including securities but excluding rights or warrants
to purchase Common Stock issued to all holders of Common Stock, Common Stock
issued as a dividend or distribution on Common Stock and cash distributions),
subject to readjustment in the event of the expiration, termination or
redemption of the rights. In lieu of any such adjustment, the Company may amend
such applicable stockholder rights agreement to provide that upon conversion of
the debentures the holders will receive, in addition to the Common Stock
issuable upon such conversion, the rights which would have attached to such
Common Stock if the rights had not become separated from the Common Stock under
such applicable stockholder rights agreement.

                                       89
<Page>

                                   ARTICLE 16
                            MISCELLANEOUS PROVISIONS

     Section 16.01. PROVISIONS BINDING ON COMPANY'S SUCCESSORS. All the
covenants, stipulations, promises and agreements by the Company contained in
this Indenture shall bind its successors and assigns whether so expressed or
not.

     Section 16.02. OFFICIAL ACTS BY SUCCESSOR CORPORATION. Any act or
proceeding by any provision of this Indenture authorized or required to be done
or performed by any board, committee or officer of the Company shall and may be
done and performed with like force and effect by the like board, committee or
officer of any Person that shall at the time be the lawful sole successor of the
Company.

     Section 16.03. ADDRESSES FOR NOTICES, ETC.. Any notice or demand which by
any provision of this Indenture is required or permitted to be given or served
by the Trustee or by the holders of Debentures on the Company shall be deemed to
have been sufficiently given or made, for all purposes, if given or served by
being deposited postage prepaid by registered or certified mail in a post office
letter box or sent by telecopier transmission addressed as follows: to Lincare
Holdings Inc., 19387 US 19 North, Clearwater, Florida 33764, Telecopier No.:
(727) 532-9692, Attention: Treasurer. Any notice, direction, request or demand
hereunder to or upon the Trustee shall be deemed to have been sufficiently given
or made, for all purposes, if given or served by being deposited, postage
prepaid, by registered or certified mail in a post office letter box or sent by
telecopier transmission addressed as follows: U.S. Bank Trust National
Association, 100 Wall Street, 16th Floor, New York, New York 10005, Telecopier
No.: (212) 509-3384, Attention: Corporate Trust Services.

     The Trustee, by notice to the Company, may designate additional or
different addresses for subsequent notices or communications.

     Any notice or communication mailed to a Debentureholder shall be mailed to
him by first class mail, postage prepaid, at his address as it appears on the
Debenture Register and shall be sufficiently given to him if so mailed within
the time prescribed.

     Failure to mail a notice or communication to a Debentureholder or any
defect in it shall not affect its sufficiency with respect to other
Debentureholders. If a notice or communication is mailed in the manner provided
above, it is duly given, whether or not the addressee receives it.

     Section 16.04. GOVERNING LAW. This Indenture and each Debenture shall be
deemed to be a contract made under the laws of the State of New York, and for
all purposes shall be construed in accordance with the laws of the State of New
York (including Section 5-1401 of the New York General Obligations Law or any
successor to such statute).

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     Section 16.05. EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT,
CERTIFICATES TO TRUSTEE. Upon any application or demand by the Company to the
Trustee to take any action under any of the provisions of this Indenture, the
Company shall furnish to the Trustee an Officers' Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with, and an Opinion of Counsel stating that,
in the opinion of such counsel, all such conditions precedent have been complied
with.

     Each certificate or opinion provided for in this Indenture and delivered to
the Trustee with respect to compliance with a condition or covenant provided for
in this Indenture shall include: (1) a statement that the person making such
certificate or opinion has read such covenant or condition; (2) a brief
statement as to the nature and scope of the examination or investigation upon
which the statement or opinion contained in such certificate or opinion is
based; (3) a statement that, in the opinion of such person, he has made such
examination or investigation as is necessary to enable him to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and (4) a statement as to whether or not, in the opinion of such
person, such condition or covenant has been complied with.

     Section 16.06. LEGAL HOLIDAYS. In any case in which the date of maturity of
Interest on or principal of the Debentures or the Redemption Date of any
Debenture or any Repurchase Date with respect to any Debenture will not be a
Business Day, then payment of such Interest on or principal of the Debentures
need not be made on such date, but may be made on the next succeeding Business
Day with the same force and effect as if made on the date of maturity or the
Redemption Date or the Repurchase Date, as the case may be, and no interest
shall accrue for the period from and after such date.

     Section 16.07. COMPANY RESPONSIBLE FOR MAKING CALCULATIONS. Except as
specified in Section 4.01, the Company will be responsible for making all
calculations called for under the Debentures. These calculations include, but
are not limited to, determination of the Current Market Price, Last Reported
Sale Price, Market Price and Spin-off Market Price, the amount of accrued
Interest (including any Contingent Interest) payable on the Debentures and the
Conversion Rate of the Debentures. The Company will make these calculations in
good faith and, absent manifest error, these calculations will be final and
binding on the Debentureholders. Promptly after the calculation thereof, the
Company will provide to each of the Trustee and the Conversion Agent an
Officers' Certificate setting forth a schedule of its calculations, and each of
the Trustee and the Conversion Agent is entitled to conclusively rely upon the
accuracy of such calculations without independent verification. The Trustee will
forward the Company's calculations to any Holder upon the request of such
Holder.

     Section 16.08. TRUST INDENTURE ACT. This Indenture is hereby made subject
to, and shall be governed by, the provisions of the Trust Indenture Act

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required to be part of and to govern indentures qualified under the Trust
Indenture Act; PROVIDED that unless otherwise required by law, notwithstanding
the foregoing, this Indenture and the Debentures issued hereunder shall not be
subject to the provisions of subsections (a)(1), (a)(2), and (a)(3) of Section
314 of the Trust Indenture Act as now in effect or as hereafter amended or
modified; PROVIDED further that this Section 16.08 shall not require this
Indenture or the Trustee to be qualified under the Trust Indenture Act prior to
the time such qualification is in fact required under the terms of the Trust
Indenture Act, nor shall it constitute any admission or acknowledgment by any
party to the Indenture that any such qualification is required prior to the time
such qualification is in fact required under the terms of the Trust Indenture
Act. If any provision hereof limits, qualifies or conflicts with another
provision hereof which is required to be included in an indenture qualified
under the Trust Indenture Act, such required provision shall control.

     Section 16.09. NO SECURITY INTEREST CREATED. Except as provided in Section
8.06, nothing in this Indenture or in the Debentures, expressed or implied,
shall be construed to constitute a security interest under the Uniform
Commercial Code or similar legislation, as now or hereafter enacted and in
effect, in any jurisdiction in which property of the Company or its subsidiaries
is located.

     Section 16.10. BENEFITS OF INDENTURE. Nothing in this Indenture or in the
Debentures, express or implied, shall give to any Person, other than the parties
hereto, any Paying Agent, any authenticating agent, any Debenture Registrar and
their successors hereunder and the holders of Debentures any benefit or any
legal or equitable right, remedy or claim under this Indenture.

     Section 16.11. TABLE OF CONTENTS, HEADINGS, ETC. The table of contents and
the titles and headings of the Articles and Sections of this Indenture have been
inserted for convenience of reference only, are not to be considered a part
hereof, and shall in no way modify or restrict any of the terms or provisions
hereof.

     Section 16.12. AUTHENTICATING AGENT. The Trustee may appoint an
authenticating agent that shall be authorized to act on its behalf, and subject
to its direction, in the authentication and delivery of Debentures in connection
with the original issuance thereof and transfers and exchanges of Debentures
hereunder, including under Sections 2.04, 2.05, 2.06, 2.07, 3.02 and 3.08, as
fully to all intents and purposes as though the authenticating agent had been
expressly authorized by this Indenture and those Sections to authenticate and
deliver Debentures. For all purposes of this Indenture, the authentication and
delivery of Debentures by the authenticating agent shall be deemed to be
authentication and delivery of such Debentures "by the Trustee" and a
certificate of authentication executed on behalf of the Trustee by an
authenticating agent shall be deemed to satisfy any requirement hereunder or in
the Debentures for the Trustee's certificate of authentication. Such
authenticating agent shall at all times be a Person eligible to serve as trustee
hereunder pursuant to Section 8.09.

                                       92
<Page>

     Any corporation into which any authenticating agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, consolidation or conversion to which any authenticating agent
shall be a party, or any corporation succeeding to the corporate trust business
of any authenticating agent, shall be the successor of the authenticating agent
hereunder, if such successor corporation is otherwise eligible under this
Section 16.12, without the execution or filing of any paper or any further act
on the part of the parties hereto or the authenticating agent or such successor
corporation.

     Any authenticating agent may at any time resign by giving written notice of
resignation to the Trustee and to the Company. The Trustee may at any time
terminate the agency of any authenticating agent by giving written notice of
termination to such authenticating agent and to the Company. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time any
authenticating agent shall cease to be eligible under this Section, the Trustee
shall either promptly appoint a successor authenticating agent or itself assume
the duties and obligations of the former authenticating agent under this
Indenture and, upon such appointment of a successor authenticating agent, if
made, shall give written notice of such appointment of a successor
authenticating agent to the Company and shall mail notice of such appointment of
a successor authenticating agent to all holders of Debentures as the names and
addresses of such holders appear on the Debenture Register.

     The Company agrees to pay to the authenticating agent from time to time
such reasonable compensation for its services as shall be agreed upon in writing
between the Company and the authenticating agent.

     The provisions of Sections 8.02, 8.03, 8.04 and 9.03 and this Section 16.12
shall be applicable to any authenticating agent.

     Section 16.13. EXECUTION IN COUNTERPARTS. This Indenture may be executed in
any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument.

     Section 16.14. SEVERABILITY. In case any provision in this Indenture or in
the Debentures shall be invalid, illegal or unenforceable, then (to the extent
permitted by law) the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

     U.S. Bank Trust National Association hereby accepts the trusts in this
Indenture declared and provided, upon the terms and conditions herein above set
forth.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

                                       93
<Page>

     IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed.

                                              LINCARE HOLDINGS INC.

                                              By:  /s/ Paul G. Gabos
                                                  -----------------------------
                                                  Name:  Paul G. Gabos
                                                  Title: Chief Financial Officer

                                              U.S. BANK TRUST NATIONAL
                                                 ASSOCIATION, as Trustee

                                              By:  /s/ Adam Berman
                                                  -----------------------------
                                                  Name:  Adam Berman
                                                  Title: Trust Officer

<Page>
                                                                       EXHIBIT A

[Include only for Global Debentures:]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (THE
"DEPOSITARY", WHICH TERM INCLUDES ANY SUCCESSOR DEPOSITARY FOR THE CERTIFICATES)
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND
ANY PAYMENT HEREIN IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE, OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

[Include only for Debentures that are Restricted Securities]

[THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY
BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY,
BY ITS ACCEPTANCE HEREOF, (1) REPRESENTS THAT IT IS A "QUALIFIED INSTITUTIONAL
BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT ("RULE 144A")); (2)
AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS
PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY OR ANY
COMMON STOCK ISSUABLE UPON CONVERSION OF SUCH SECURITY, PRIOR TO THE EXPIRATION
OF THE HOLDING PERIOD APPLICABLE TO SALES OF THIS SECURITY UNDER RULE 144(k)
UNDER THE SECURITIES ACT (OR ANY SUCCESSOR PROVISION), ONLY (A) TO LINCARE
HOLDINGS INC. (THE "ISSUER"), (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS
BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT (AND WHICH CONTINUES TO BE
EFFECTIVE AT THE TIME OF SUCH TRANSFER), (C) FOR SO LONG AS THE SECURITIES ARE
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, IN COMPLIANCE WITH RULE 144A TO A
PERSON IT REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER THAT PURCHASES
FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED

<Page>

INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER'S AND THE
TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D)
TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER
INFORMATION SATISFACTORY TO EACH OF THEM; AND (3) AGREES THAT IT WILL DELIVER TO
EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE
EFFECT OF THIS LEGEND. THIS LEGEND WILL BE REMOVED UPON THE EARLIER OF THE
TRANSFER OF THIS SECURITY PURSUANT TO CLAUSE 2(B) ABOVE OR UPON ANY TRANSFER OF
THIS SECURITY UNDER RULE 144 UNDER THE SECURITIES ACT (OR ANY SUCCESSOR
PROVISION).]

FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED, THIS DEBENTURE IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT.
THE ISSUE PRICE OF EACH DEBENTURE IS $1,000 PER $1,000 OF PRINCIPAL AMOUNT, AND
THE ISSUE DATE IS JUNE 11, 2003. IN ADDITION, THIS DEBENTURE IS SUBJECT TO
UNITED STATES FEDERAL INCOME TAX REGULATIONS GOVERNING CONTINGENT PAYMENT DEBT
INSTRUMENTS. FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL
REVENUE CODE, THE COMPARABLE YIELD OF THIS DEBENTURE IS 6.75%, COMPOUNDED
SEMI-ANNUALLY (WHICH WILL BE TREATED AS THE YIELD TO MATURITY FOR UNITED STATES
FEDERAL INCOME TAX PURPOSES).

THE ISSUER AGREES, AND BY ACCEPTING A BENEFICIAL OWNERSHIP INTEREST IN THIS
DEBENTURE EACH HOLDER AND ANY BENEFICIAL OWNER OF THIS DEBENTURE WILL BE DEEMED
TO HAVE AGREED, FOR UNITED STATES FEDERAL INCOME TAX PURPOSES (1) TO TREAT THIS
DEBENTURE AS A DEBT INSTRUMENT THAT IS SUBJECT TO TREAS. REG. SEC. 1.1275-4 (THE
"CONTINGENT PAYMENT REGULATIONS"), (2) TO TREAT THE FAIR MARKET VALUE OF ANY
COMMON STOCK RECEIVED UPON ANY CONVERSION OF THIS DEBENTURE OR UPON A PURCHASE
OF THIS DEBENTURE AT THE HOLDER'S OPTION AS A CONTINGENT PAYMENT FOR PURPOSES OF
THE CONTINGENT PAYMENT REGULATIONS, AND (3) TO ACCRUE INTEREST WITH RESPECT TO
THE DEBENTURE AS ORIGINAL ISSUE DISCOUNT FOR UNITED STATES FEDERAL INCOME TAX
PURPOSES ACCORDING TO THE "NONCONTINGENT BOND METHOD," SET FORTH IN THE
CONTINGENT PAYMENT REGULATIONS, AND TO BE BOUND BY THE ISSUER'S DETERMINATION OF
THE "COMPARABLE YIELD"

                                       A-2
<Page>

AND "PROJECTED PAYMENT SCHEDULE," WITHIN THE MEANING OF THE CONTINGENT PAYMENT
REGULATIONS, WITH RESPECT TO THIS DEBENTURE. THE ISSUER AGREES TO PROVIDE
PROMPTLY TO THE HOLDER OF THIS DEBENTURE, UPON WRITTEN REQUEST, THE ISSUE PRICE,
AMOUNT OF TAX ORIGINAL ISSUE DISCOUNT, ISSUE DATE, YIELD TO MATURITY, COMPARABLE
YIELD AND PROJECTED PAYMENT SCHEDULE. ANY SUCH WRITTEN REQUEST SHOULD BE SENT TO
THE ISSUER AT THE FOLLOWING ADDRESS: LINCARE HOLDINGS INC., 19387 US 19 NORTH,
CLEARWATER, FLORIDA 33764, ATTN: TREASURER.

THE HOLDER OF THIS SECURITY IS ENTITLED TO THE BENEFITS OF A REGISTRATION RIGHTS
AGREEMENT DATED JUNE 11, 2003 AND, BY ITS ACCEPTANCE HEREOF, AGREES TO BE BOUND
BY AND TO COMPLY WITH THE PROVISIONS OF SUCH REGISTRATION RIGHTS AGREEMENT.

                                       A-3
<Page>

                              LINCARE HOLDINGS INC.

                   3.00% CONVERTIBLE SENIOR DEBENTURE DUE 2033

                                                                CUSIP: 532791AA8

No. 1                                                             $_____________

     Lincare Holdings Inc., a corporation duly organized and validly existing
under the laws of the State of Delaware (herein called the "COMPANY", which term
includes any successor corporation under the Indenture referred to on the
reverse hereof), for value received hereby promises to pay to CEDE & CO. or its
registered assigns, [the principal sum of _____________ DOLLARS] [the principal
sum set forth on Schedule I hereto](1) on June 15, 2033 at the office or agency
of the Company maintained for that purpose in accordance with the terms of the
Indenture, in such coin or currency of the United States of America as at the
time of payment shall be legal tender for the payment of public and private
debts, and to pay interest, semiannually on June 15 and December 15 of each
year, commencing December 15, 2003, on said principal sum at said office or
agency, in like coin or currency, at the rate per annum of 3.00%, from the June
15 or December 15, as the case may be, next preceding the date of this Debenture
to which interest has been paid or duly provided for, unless the date hereof is
a date to which interest has been paid or duly provided for, in which case from
the date of this Debenture, or unless no interest has been paid or duly provided
for on the Debentures, in which case from June 11, 2003 until payment of said
principal sum has been made or duly provided for. Notwithstanding the foregoing,
if the date hereof is after any June 1 or December 1, as the case may be, and
before the following June 15 or December 15, this Debenture shall bear interest
from such June 15 or December 15; PROVIDED that if the Company shall default in
the payment of interest due on such June 15 or December 15, then this Debenture
shall bear interest from the next preceding June 15 or December 15 to which
interest has been paid or duly provided for; AND PROVIDED FURTHER that if no
interest has been paid or duly provided for on this Debenture, then this
Debenture shall bear interest from June 11, 2003. Contingent Interest, if any,
will accrue for any six-month Interest Period and be payable to holders of this
Debenture on the applicable Interest Payment Date to the person in whose name
this Debenture is registered on the corresponding record date. Except as
otherwise provided in the Indenture, the interest payable on the Debenture
pursuant to the Indenture on any June 15 or December 15 will be paid to the
Person entitled thereto as it appears in the Debenture Register at the close of
business on the Regular Record Date, which shall be the June 1 or December 1
(whether or not a Business Day) next

----------
     (1)  For Global Debentures only.

                                       A-4
<Page>

preceding such June 15 or December 15, as provided in the Indenture; PROVIDED
that any such interest not punctually paid or duly provided for shall be payable
as provided in the Indenture. The Company shall pay interest (i) on any
Debentures in certificated form by check mailed to the address of the Person
entitled thereto as it appears in the Debenture Register (or, upon written
notice, by wire transfer in immediately available funds, if such Person is
entitled to interest on Debentures with an aggregate principal amount in excess
of $2,000,000) or (ii) on any Global Debenture by wire transfer of immediately
available funds to the account of the Depositary or its nominee.

     The Company promises to pay interest on overdue principal and (to the
extent that payment of such interest is enforceable under applicable law)
Interest at the rate of 3.00%, per annum, compounded semi-annually.

     Reference is made to the further provisions of this Debenture set forth on
the reverse hereof, including, without limitation, provisions giving the holder
of this Debenture the right to convert this Debenture into Common Stock of the
Company on the terms and subject to the limitations referred to on the reverse
hereof and as more fully specified in the Indenture. Such further provisions
shall for all purposes have the same effect as though fully set forth at this
place.

     This Debenture shall be deemed to be a contract made under the laws of the
State of New York, and for all purposes shall be construed in accordance with
and governed by the laws of the State of New York (including Section 5-1401 of
the New York General Obligations Law or any successor to such statute).

     This Debenture shall not be valid or become obligatory for any purpose
until the certificate of authentication hereon shall have been manually signed
by the Trustee or a duly authorized authenticating agent under the Indenture.

                                       A-5
<Page>

     IN WITNESS WHEREOF, the Company has caused this Debenture to be duly
executed.

                                                   LINCARE HOLDINGS INC.

                                                   By:
                                                       -------------------------

[Date of authentication]

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Debentures described in the within-named Indenture.

U.S. BANK TRUST NATIONAL ASSOCIATION,
     as Trustee

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

                          , or

By:
    ----------------------------
    As Authenticating Agent
    (if different from Trustee)

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

                                       A-6
<Page>

                          FORM OF REVERSE OF DEBENTURE

                              LINCARE HOLDINGS INC.

                   3.00% CONVERTIBLE SENIOR DEBENTURE DUE 2033

     This Debenture is one of a duly authorized issue of Debentures of the
Company, designated as its 3.00% Convertible Senior Debentures due 2033 (herein
called the "DEBENTURES"), limited in aggregate principal amount to $275,000,000,
issued and to be issued under and pursuant to an Indenture dated as of June 11,
2003 (herein called the "INDENTURE"), between the Company and U.S. Bank Trust
National Association, as trustee (herein called the "TRUSTEE"), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Company and the holders of the
Debentures.

     In case an Event of Default shall have occurred and be continuing, the
principal of and accrued Interest on all Debentures may be declared by either
the Trustee or the holders of not less than 25% in aggregate principal amount of
the Debentures then outstanding, and upon said declaration shall become, due and
payable, in the manner, with the effect and subject to the conditions provided
in the Indenture.

     The Indenture contains provisions permitting the Company and the Trustee,
with the consent of the holders of at least a majority in aggregate principal
amount of the Debentures at the time outstanding, to execute supplemental
indentures adding any provisions to or changing in any manner or eliminating any
of the provisions of the Indenture or of any supplemental indenture or modifying
in any manner the rights of the holders of the Debentures; PROVIDED that no such
supplemental indenture shall (i) extend the Stated Maturity of any Debenture, or
reduce the rate or extend the time of payment of Interest thereon, or reduce the
principal amount thereof or reduce any amount payable upon redemption or
repurchase thereof, or impair the right of any Debentureholder to institute suit
for the payment thereof, or make the principal thereof or Interest thereon
payable in any coin or currency other than that provided in the Debentures, or
change the obligation of the Company to redeem any Debenture on a Redemption
Date in a manner adverse to the holders, or change the obligation of the Company
to repurchase any Debenture upon a Fundamental Change in a manner adverse to the
holder of the Debentures, or change the obligation of the Company to repurchase
any Debenture on a Company Repurchase Date in a manner adverse to the holder of
the Debentures, or impair the right to convert the Debentures into Common Stock
subject to the terms set forth in the Indenture, including Section 15.06
thereof, or reduce the number of shares of Common Stock or other property
receivable upon conversion,

                                       A-7
<Page>

in each case without the consent of the holder of each Debenture so affected, or
modify any of the provisions of Section 11.02 or Section 7.07 thereof, except to
increase any such percentage or to provide that certain other provisions of the
Indenture cannot be modified or waived without the consent of the holder of each
Debenture so affected, or change any obligation of the Company to maintain an
office or agency in the places and for the purposes set forth in Section 5.01
thereof, or reduce the quorum or voting requirements set forth in Article 10 or
(ii) reduce the aforesaid percentage of Debentures, the holders of which are
required to consent to any such supplemental indenture, without the consent of
the holders of all Debentures then outstanding. Subject to the provisions of the
Indenture, the holders of a majority in aggregate principal amount of the
Debentures at the time outstanding may on behalf of the holders of all of the
Debentures waive any past default or Event of Default under the Indenture and
its consequences except (A) a default in the payment of Interest on or the
principal of any of the Debentures, (B) a failure by the Company to convert any
Debentures into Common Stock of the Company, (C) a default in the payment of the
Redemption Price pursuant to Article 3 of the Indenture, (D) a default in the
payment of the Company Repurchase Price or Fundamental Change Repurchase Price
pursuant to Article 3 of the Indenture, or (E) a default in respect of a
covenant or provisions of the Indenture which under Article 11 of the Indenture
cannot be modified or amended without the consent of the holders of each or all
Debentures then outstanding or affected thereby. Any such consent or waiver by
the holder of this Debenture (unless revoked as provided in the Indenture) shall
be conclusive and binding upon such holder and upon all future holders and
owners of this Debenture and any Debentures which may be issued in exchange or
substitution hereof, irrespective of whether or not any notation thereof is made
upon this Debenture or such other Debentures.

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

     Interest on the Debentures shall be computed on the basis of a 360-day year
of twelve 30-day months.

     The Debentures are issuable in fully registered form, without coupons, in
denominations of $1,000 principal amount and any multiple of $1,000. At the
office or agency of the Company referred to on the face hereof, and in the
manner and subject to the limitations provided in the Indenture, without payment
of any service charge but with payment of a sum sufficient to cover any tax,
assessment or other governmental charge that may be imposed in connection with
any registration or exchange of Debentures, Debentures may be exchanged for a
like aggregate principal amount of Debentures of any other authorized
denominations.

                                       A-8
<Page>

     At any time on or after June 15, 2008 and prior to maturity, the Debentures
may be redeemed at the option of the Company, in whole or in part, in cash upon
mailing a notice of such redemption not less than 30 days but not more than 60
days before the Redemption Date to the holders of Debentures at their last
registered addresses, all as provided in the Indenture, at a Redemption Price
equal to 100% of the principal amount of debentures being redeemed plus accrued
and unpaid Interest to, but excluding, the Redemption Date; PROVIDED that if the
Redemption Date is a June 15 or December 15, then the Interest payable on such
date shall be paid to the holder of record on the preceding June 1 or December
1, respectively.

     In no event will any Security be redeemable at the option of the Company
before June 15, 2008.

     The Company may not give notice of any redemption of the Debentures if a
default in the payment of Interest on the Debentures has occurred and is
continuing.

     The Debentures are not subject to redemption through the operation of any
sinking fund.

     If a Fundamental Change occurs at any time prior to maturity of the
Debentures, this Debenture will be redeemable on a Fundamental Change Repurchase
Date, specified by the Company, which shall be no later than 30 days after
notice thereof, at the option of the holder of this Debenture at a Fundamental
Change Repurchase Price equal to 100% of the principal amount thereof, together
with accrued Interest to (but excluding) the Fundamental Change Repurchase Date;
PROVIDED that if such Fundamental Change Repurchase Date falls after a record
date and on or prior to the corresponding Interest Payment Date, the Interest
payable on such Interest Payment Date shall be paid to the holder of record of
this Debenture on the preceding June 1 or December 1, respectively. The
Debentures will be redeemable in multiples of $1,000 principal amount. The
Company shall mail to all holders of record of the Debentures a notice of the
occurrence of a Fundamental Change and of the repurchase right arising as a
result thereof on or before the 30th day after the occurrence of such
Fundamental Change. For a Debenture to be so repurchased at the option of the
holder, the Company must receive at the office or agency of the Company
maintained for that purpose in accordance with the terms of the Indenture, such
Debenture with the form entitled "FORM OF FUNDAMENTAL CHANGE REPURCHASE
ELECTION" on the reverse thereof duly completed, together with such Debenture,
duly endorsed for transfer, on or before the 30th day after the date of such
notice of a Fundamental Change (or if such 30th day is not a Business Day, the
immediately succeeding Business Day).

                                       A-9
<Page>

     Subject to the terms and conditions of the Indenture, the Company shall
become obligated to repurchase, at the option of the holder, all or any portion
of the Debentures held by such holder on June 15, 2008, June 15, 2010, June 15,
2013 and June 15, 2018 in integral multiples of $1,000 at a Company Repurchase
Price of 100% of the principal amount, plus any accrued and unpaid Interest on
such Debenture to but excluding the Company Repurchase Date. To exercise such
right, a holder shall deliver to the Company such Debenture with the form
entitled "FORM OF COMPANY REPURCHASE ELECTION" on the reverse thereof duly
completed, together with the Debenture, duly endorsed for transfer, at any time
from the opening of business on the date that is 20 Business Days prior to such
Company Repurchase Date until the close of business on the Business Day
immediately preceding the Company Repurchase Date, and shall deliver the
Debentures to the Trustee (or other Paying Agent appointed by the Company) as
set forth in the Indenture.

     The Company Repurchase Price to be paid on any of June 15, 2010, June 15,
2013 or June 15, 2018 and the Fundamental Change Repurchase Price to be paid on
any Fundamental Change Repurchase Date may be paid, at the option of the
Company, in cash or by the issuance and delivery of shares of Common Stock, or
in any combination thereof, subject to the terms and conditions of the
Indenture.

     Holders have the right to withdraw any Repurchase Election by delivering to
the Trustee (or other Paying Agent appointed by the Company) a written notice of
withdrawal up to the close of business on the Business Day immediately preceding
the Repurchase Date, all as provided in the Indenture.

     If cash or securities sufficient to pay the Repurchase Price with respect
to all Debentures or portions thereof to be repurchased as of any Repurchase
Date is deposited with the Trustee (or other Paying Agent appointed by the
Company), then on and after such Repurchase Date, Interest will cease to accrue
on such Debentures (or portions thereof), and the holder thereof shall have no
other rights as such other than the right to receive the Repurchase Price upon
surrender of such Debenture.

     Subject to the occurrence of certain events and in compliance with the
provisions of the Indenture, prior to the Stated Maturity of the Debentures, the
holder hereof has the right, at its option, to convert each $1,000 principal
amount of the Debentures into 18.7515 shares of the Company's Common Stock (a
Conversion Price of approximately $53.33 per share), as such shares shall be
constituted at the date of conversion and subject to adjustment from time to
time as provided in the Indenture, upon surrender of this Debenture with the
form entitled "FORM OF CONVERSION NOTICE" on the reverse hereof duly completed,
to the Company at the office or agency of the Company maintained for that
purpose in accordance with the terms of the Indenture, or at the option of such
holder, the

                                      A-10
<Page>

Corporate Trust Office, and, unless the shares issuable on conversion are to be
issued in the same name as this Debenture, duly endorsed by, or accompanied by
instruments of transfer in form satisfactory to the Company duly executed by,
the holder or by his duly authorized attorney. The Company will notify the
holder thereof of any event triggering the right to convert the Debentures as
specified above in accordance with the Indenture.

     If the Company (i) is a party to a consolidation, merger, statutory share
exchange or combination, (ii) reclassifies the Common Stock, or (iii) sells or
conveys its properties and assets substantially as an entirety to any Person,
the right to convert a Security into shares of Common Stock may be changed into
a right to convert it into securities, cash or other assets of the Company or
such other Person, in each case in accordance with the Indenture.

     No adjustment in respect of Interest on any Debenture converted or
dividends on any shares issued upon conversion of such Debenture will be made
upon any conversion except as set forth in the next sentence. If this Debenture
(or portion hereof) is surrendered for conversion during the period from the
close of business on any record date for the payment of Interest to the close of
business on the Business Day preceding the following Interest Payment Date and
has not been called for redemption by the Company on a Redemption Date that
occurs during such period, this Debenture (or portion hereof being converted)
must be accompanied by payment, in immediately available funds or other funds
acceptable to the Company, of an amount equal to the Interest otherwise payable
on such Interest Payment Date on the principal amount being converted; PROVIDED
that no such payment shall be required (1) if the Company has specified a
Redemption Date that is after a record date and prior to the next Interest
Payment Date, (2) if the Company has specified a Repurchase Date following a
Fundamental Change that is during such period or (3) to the extent of any
overdue Interest, if any overdue Interest exists at the time of conversion with
respect to such Debenture.

     No fractional shares will be issued upon any conversion, but an adjustment
and payment in cash will be made, as provided in the Indenture, in respect of
any fraction of a share which would otherwise be issuable upon the surrender of
any Debenture or Debentures for conversion.

     A Debenture in respect of which a holder is exercising its right to require
repurchase upon a Fundamental Change or repurchase on a Repurchase Date may be
converted only if such holder withdraws its election to exercise such right in
accordance with the terms of the Indenture.

     Any Debentures called for redemption, unless surrendered for conversion by
the holders thereof on or before the close of business on the second Business
Day preceding the Redemption Date, may be deemed to be redeemed from the

                                      A-11
<Page>

holders of such Debentures for an amount equal to the applicable Redemption
Price, together with accrued but unpaid Interest to, but excluding, the
Redemption Date, by one or more investment banks or other purchasers who may
agree with the Company (i) to purchase such Debentures from the holders thereof
and convert them into shares of the Company's Common Stock and (ii) to make
payment for such Debentures as aforesaid to the Trustee in trust for the
holders.

     Upon due presentment for registration of transfer of this Debenture at the
office or agency of the Company maintained for that purpose in accordance with
the terms of the Indenture, a new Debenture or Debentures of authorized
denominations for an equal aggregate principal amount will be issued to the
transferee in exchange thereof, subject to the limitations provided in the
Indenture, without charge except for any tax, assessment or other governmental
charge imposed in connection therewith.

     The Company, the Trustee, any authenticating agent, any Paying Agent, any
Conversion Agent and any Debenture Registrar may deem and treat the registered
holder hereof as the absolute owner of this Debenture (whether or not this
Debenture shall be overdue and notwithstanding any notation of ownership or
other writing hereon made by anyone other than the Company or any Debenture
Registrar) for the purpose of receiving payment hereof, or on account hereof,
for the conversion hereof and for all other purposes, and neither the Company
nor the Trustee nor any other authenticating agent nor any Paying Agent nor
other Conversion Agent nor any Debenture Registrar shall be affected by any
notice to the contrary. All payments made to or upon the order of such
registered holder shall, to the extent of the sum or sums paid, satisfy and
discharge liability for monies payable on this Debenture.

     No recourse for the payment of the principal of or Interest on this
Debenture, or for any claim based hereon or otherwise in respect hereof, and no
recourse under or upon any obligation, covenant or agreement of the Company in
the Indenture or any supplemental indenture or in any Debenture, or because of
the creation of any indebtedness represented thereby, shall be had against any
incorporator, stockholder, employee, agent, officer or director or subsidiary,
as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law or by
the enforcement of any assessment or penalty or otherwise, all such liability
being, by acceptance hereof and as part of the consideration for the issue
hereof, expressly waived and released.

     The Company agrees, and by acceptance of a Debenture, each beneficial
holder of a Debenture will be deemed to have agreed to treat the Debentures as
indebtedness of the Company for U.S. federal income tax purposes that are
subject to the regulations governing contingent payment debt instruments and to

                                      A-12
<Page>

be bound (in the absence of an administrative determination or judicial ruling
to the contrary) by the Company's determination of the comparable yield and
projected payment schedule within the meaning of the regulations governing
contingent payment debt instruments. A holder of Debentures may obtain the issue
price, the amount of original issue discount, issue date, yield to maturity,
comparable yield and projected payment schedule for the Debentures, determined
by the Company pursuant to Treas. Reg. Sec. 1.1275-4, by submitting a written
request for it to the Company at the following address: Lincare Holdings Inc.,
19387 US 19 North, Clearwater, Florida 33764, Attention: Treasurer.

     Terms used in this Debenture and defined in the Indenture are used herein
as therein defined.

                                      A-13
<Page>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription of the face of
this Debenture, shall be construed as though they were written out in full
according to applicable laws or regulations.

<Table>
<S>        <C>                                          <C>
TEN COM -  as tenants in common                         UNIF GIFT MIN ACT -___ Custodian ___
TEN ENT -  as tenant by the entireties                  (Cust)   (Minor)
JT TEN -   as joint tenants with right of survivorship  under Uniform Gifts to Minors Act
           and not as tenants in common                 ____________________________
                                                                  (State)
</Table>

     Additional abbreviations may also be used though not in the above list.

                                      A-14
<Page>

                                     FORM OF
                                CONVERSION NOTICE

TO:  LINCARE HOLDINGS INC.
     U.S. BANK TRUST NATIONAL ASSOCIATION

     The undersigned registered owner of this Debenture hereby irrevocably
exercises the option to convert this Debenture, or the portion thereof (which is
$1,000 or a multiple thereof) below designated, into shares of Common Stock of
Lincare Holdings Inc. in accordance with the terms of the Indenture referred to
in this Debenture, and directs that the shares issuable and deliverable upon
such conversion, together with any check in payment for fractional shares and
any Debentures representing any unconverted principal amount hereof, be issued
and delivered to the registered holder hereof unless a different name has been
indicated below. Capitalized terms used herein but not defined shall have the
meanings ascribed to such terms in the Indenture. If shares or any portion of
this Debenture not converted are to be issued in the name of a person other than
the undersigned, the undersigned will provide the appropriate information below
and pay all transfer taxes payable with respect thereto. Any amount required to
be paid by the undersigned on account of Interest, including Contingent Interest
and Additional Amounts, if any, accompanies this Debenture.

Dated:
       -------------------

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

                                                  ------------------------------
                                                  Signature(s)

                                      A-15
<Page>

                                                  Signature(s) must be
                                                  guaranteed by an "ELIGIBLE
                                                  GUARANTOR INSTITUTION" meeting
                                                  the requirements of the
                                                  Debenture Registrar, which
                                                  requirements include
                                                  membership or participation in
                                                  the Security Transfer Agent
                                                  Medallion Program ("STAMP") or
                                                  such other "SIGNATURE
                                                  GUARANTEE PROGRAM" as may be
                                                  determined by the Debenture
                                                  Registrar in addition to, or
                                                  in substitution for, STAMP,
                                                  all in accordance with the
                                                  Securities Exchange Act of
                                                  1934, as amended.

                                                  ------------------------------
                                                  Signature Guarantee

     Fill in the registration of shares of Common Stock if to be issued, and
Debentures if to be delivered, other than to and in the name of the registered
holder:

--------------------------
(Name)

---------------------------------
(Street Address)

---------------------------------
(City, State and Zip Code)

---------------------------------
Please print name and address

Principal amount to be converted
(if less than all):

$
 --------------------------------

Social Security or Other Taxpayer
 Identification Number:

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

                                      A-16
<Page>

                                     FORM OF
                     FUNDAMENTAL CHANGE REPURCHASE ELECTION

TO:  LINCARE HOLDINGS INC.
     U.S. BANK TRUST NATIONAL ASSOCIATION

     The undersigned registered owner of this Debenture hereby irrevocably
acknowledges receipt of a notice from Lincare Holdings Inc. (the "COMPANY") as
to the occurrence of a Fundamental Change with respect to the Company and
requests and instructs the Company to repurchase the entire principal amount of
this Debenture, or the portion thereof (which is $1,000 or a multiple thereof)
below designated, in accordance with the terms of the Indenture referred to in
this Debenture at the price of 100% of such entire principal amount or portion
thereof, together with accrued Interest to, but excluding, the Fundamental
Change Repurchase Date, to the registered holder hereof. Capitalized terms used
herein but not defined shall have the meanings ascribed to such terms in the
Indenture.

     If the Company elects to pay the Fundamental Change Repurchase Price, in
whole or in part, in shares of Common Stock but such portion of the Fundamental
Change Repurchase Price shall ultimately be paid to such holder entirely in cash
because any of the conditions to payment of the Fundamental Change Repurchase
Price in shares of Common Stock is not satisfied prior to the close of business
on the Business Day immediately preceding the Fundamental Change Repurchase
Date, the undersigned registered owner elects:

/ /  to withdraw this Fundamental Change Repurchase Election as to $__________
     principal amount of the Debentures to which this Fundamental Change
     Repurchase Election relates (Certificate Numbers:
     _________________________________________), or

/ /  to receive cash in respect of $______________ principal amount of the
     Debentures to which this Fundamental Change Repurchase Election relates.

Dated:
       -------------------

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

                                                  ------------------------------
                                                  Signature(s)

                                      A-17
<Page>

NOTICE: The above signatures of the holder(s) hereof must correspond with the
name as written upon the face of the Debenture in every particular without
alteration or enlargement or any change whatever.

Debenture Certificate Number (if applicable):

Principal amount to be repurchased (if less than all):

Social Security or Other Taxpayer Identification Number:

                                      A-18
<Page>

                                     FORM OF
                           COMPANY REPURCHASE ELECTION

TO:  LINCARE HOLDINGS INC.
     U.S. BANK TRUST NATIONAL ASSOCIATION

     The undersigned registered owner of this Debenture hereby irrevocably
acknowledges receipt of a notice from Lincare Holdings Inc. (the "COMPANY")
regarding the right of holders to elect to require the Company to repurchase the
Debentures and requests and instructs the Company to repay the entire principal
amount of this Debenture, or the portion thereof (which is $1,000 or an integral
multiple thereof) below designated, in accordance with the terms of the
Indenture at the price of 100% of such entire principal amount or portion
thereof, together with accrued Interest to, but excluding, the Company
Repurchase Date, to the registered holder hereof. Capitalized terms used herein
but not defined shall have the meanings ascribed to such terms in the Indenture.
The Debentures shall be repurchased by the Company as of the Company Repurchase
Date pursuant to the terms and conditions specified in the Indenture. If the
Company elects to pay the Company Repurchase Price, in whole or in part, in
shares of Common Stock but such portion of the Company Repurchase Price shall
ultimately be paid to such holder entirely in cash because any of the conditions
to payment of the Company Repurchase Price in shares of Common Stock is not
satisfied prior to the close of business on the Business Day immediately
preceding the Company Repurchase Date, the undersigned registered owner elects:

/ /  to withdraw this Company Repurchase Election as to $__________ principal
     amount of the Debentures to which this Company Repurchase Election relates
     (Certificate Numbers: _________________________________________), or

/ /  to receive cash in respect of $______________ principal amount of the
     Debentures to which this Company Repurchase Election relates.

Dated:
       -------------------

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

                                                  ------------------------------
                                                  Signature(s)

                                      A-19
<Page>

NOTICE: The above signatures of the holder(s) hereof must correspond with the
name as written upon the face of the Debenture in every particular without
alteration or enlargement or any change whatever.

Debenture Certificate Number (if applicable):

Principal amount to be repurchased (if less than all):

Social Security or Other Taxpayer Identification Number:

                                      A-20
<Page>

                                   ASSIGNMENT

     For value received ______________________________hereby sell(s) assign(s)
and transfer(s) unto ___________________________________ (Please insert social
security or other Taxpayer Identification Number of assignee) the within
Debenture, and hereby irrevocably constitutes and appoints
______________________________________ attorney to transfer said Debenture on
the books of the Company, with full power of substitution in the premises.

     In connection with any transfer of the Debenture prior to the expiration of
the holding period applicable to sales thereof under Rule 144(k) under the
Securities Act (or any successor provision) (other than any transfer pursuant to
a registration statement that has been declared effective under the Securities
Act), the undersigned confirms that such Debenture is being transferred:

     / /  To Lincare Holdings Inc. or a subsidiary thereof; or

     / /  To a "QUALIFIED INSTITUTIONAL BUYER" in compliance with Rule 144A
          under the Securities Act of 1933, as amended; or

     / /  Pursuant to and in compliance with Rule 144 under the Securities Act
          of 1933, as amended; or

     / /  Pursuant to a Registration Statement which has been declared effective
          under the Securities Act of 1933, as amended, and which continues to
          be effective at the time of transfer;

and unless the Debenture has been transferred to Lincare Holdings Inc. or a
subsidiary thereof, the undersigned confirms that such Debenture is not being
transferred to an "AFFILIATE" of the Company as defined in Rule 144 under the
Securities Act of 1933, as amended.

     UNLESS ONE OF THE BOXES IS CHECKED, THE TRUSTEE WILL REFUSE TO REGISTER ANY
OF THE DEBENTURES EVIDENCED BY THIS CERTIFICATE IN THE NAME OF ANY PERSON OTHER
THAN THE REGISTERED HOLDER THEREOF.

Dated:
       -------------------

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

                                                  ------------------------------
                                                  Signature(s)

                                      A-21
<Page>

                                                  Signature(s) must be
                                                  guaranteed by an "ELIGIBLE
                                                  GUARANTOR INSTITUTION" meeting
                                                  the requirements of the
                                                  Debenture Registrar, which
                                                  requirements include
                                                  membership or participation in
                                                  the Security Transfer Agent
                                                  Medallion Program ("STAMP") or
                                                  such other "SIGNATURE
                                                  GUARANTEE PROGRAM" as may be
                                                  determined by the Debenture
                                                  Registrar in addition to, or
                                                  in substitution for, STAMP, al
                                                  in accordance with the
                                                  Securities Exchange Act of
                                                  1934, as amended.

                                                  ------------------------------
                                                  Signature Guarantee

NOTICE: The signature on the Conversion Notice, the Fundamental Change
Repurchase Election, the Company Repurchase Election or the Assignment must
correspond with the name as written upon the face of the Debenture in every
particular without alteration or enlargement or any change whatever.

                                      A-22
<Page>

                                                                      Schedule I

                [Include Schedule I only for a Global Debenture]

                              LINCARE HOLDINGS INC.
                   3.00% Convertible Senior Debenture due 2033

     No. _______

<Table>
<Caption>
                                                                                           Authorized Signature
                                                     Notation Explaining Principal         of Trustee or
Date        Principal Amount                         Amount Recorded                       Custodian
----------- ---------------------------------------- ------------------------------------- -------------------------
<S>         <C>                                      <C>                                   <C>

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

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

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

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

----------- ---------------------------------------- ------------------------------------- -------------------------
</Table>

                                      A-23<PAGE>

                                                                EXHIBIT 4.2
                                                                CONFORMED COPY

                              LINCARE HOLDINGS INC.

                  3.00% CONVERTIBLE SENIOR DEBENTURES DUE 2033

                          REGISTRATION RIGHTS AGREEMENT

                  THIS REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT") is made
and entered into as of June 11, 2003 by and among Lincare Holdings Inc., a
Delaware corporation (the "COMPANY"), and J.P. Morgan Securities Inc. and Banc
of America Securities LLC, as representatives of the initial purchasers (the
"INITIAL PURCHASERS"), pursuant to the Purchase Agreement, dated as of June 5,
2003, among the Company and the Initial Purchasers (the "PURCHASE AGREEMENT").
In order to induce the Initial Purchasers to enter into the Purchase Agreement,
the Company has agreed to provide the registration rights set forth in this
Agreement. The execution of this Agreement is a condition to the closing under
the Purchase Agreement.

         1.           CERTAIN DEFINITIONS.

         For purposes of this Registration Rights Agreement, the following terms
shall have the following meanings:

                  (a) "ADDITIONAL AMOUNTS" has the meaning assigned thereto in
         Section 2(d).

                  (b) "ADDITIONAL AMOUNTS PAYMENT DATE" has the meaning
         assigned thereto in Section 2(d).

                  (c) "AFFILIATE" shall have the meaning specified in Rule 405
         under the Securities Act and the terms "controlling" and "controlled"
         shall have meanings correlative thereto.

                  (d) "AGREEMENT" has the meaning specified in the first
         paragraph of this Agreement.

                  (e) "APPLICABLE CONVERSION PRICE" means, as of any date of
         determination, $1,000 divided by the Conversion Rate in effect as of
         such date of determination.

                  (f) "BUSINESS DAY" means each Monday, Tuesday, Wednesday,
         Thursday and Friday that is not a day on which banking institutions in
         The City of New York are authorized or obligated by law or executive
         order to close.

                  (g) "CLOSING DATE" means the date on which the Debentures are
         initially issued.

                  (h) "COMMISSION" means the Securities and Exchange Commission,
         or any other federal agency at the time administering the Exchange Act
         or the Securities Act, whichever is the relevant statute for the
         particular purpose.

<PAGE>

                  (i) "COMPANY" has the meaning specified in the first paragraph
         of this Agreement.

                  (j) "CONVERSION RATE" shall have the meaning assigned such
         term in the Indenture.

                  (k) "DEBENTURES" means the Company's 3.00% Convertible Senior
         Debentures due 2033, to be issued under the Indenture and sold by the
         Company to the Initial Purchasers, and securities (other than the
         Shares) of the Company issued in exchange therefor or in lieu thereof
         pursuant to the Indenture.

                  (l) "DEFERRAL NOTICE" has the meaning assigned thereto in
         Section 3(b).

                  (m) "DEFERRAL PERIOD" has the meaning assigned thereto in
         Section 3(b).

                  (n) "EFFECTIVE PERIOD" has the meaning assigned thereto in
         Section 2(a).

                  (o) "EXCHANGE ACT" means the Securities Exchange Act of 1934,
         as amended, and the rules and regulations promulgated thereunder.

                  (p) "HOLDER" means each holder, from time to time, of
         Registrable Securities (including the Initial Purchasers).

                  (q) "INDENTURE" means the Indenture, dated as of June 11,
         2003, between the Company and U.S. Bank Trust National Association, as
         Trustee, pursuant to which the Debentures are being issued.

                  (r) "INITIAL PLACEMENT" means the initial placement of the
         Securities pursuant to the terms of the Purchase Agreement.

                  (s) "INITIAL PURCHASERS" has the meaning specified in the
         first paragraph of this Agreement.

                  (t) "LOSSES" has the meaning assigned thereto in Section 6(d).

                  (u) "MATERIAL EVENT" has the meaning assigned thereto in
         Section 3(a)(iv).

                  (v) "MAJORITY HOLDERS" shall mean, on any date, holders of the
         majority of the Shares constituting Registrable Securities; for the
         purposes of this definition, Holders of Debentures constituting
         Registrable Securities shall be deemed to be the Holders of the number
         of Shares into which such Debentures are or would be convertible as of
         such date.

                  (w) "NASD" shall mean the National Association of Securities
         Dealers, Inc.

                  (x) "NASD RULES" shall mean the Conduct Rules and the By-Laws
         of the NASD.

                                       2
<PAGE>

                  (y) "NOTICE AND QUESTIONNAIRE" means a written notice
         delivered to the Company containing substantially the information
         called for by the Form of Selling Securityholder Notice and
         Questionnaire attached as Annex A to the Offering Memorandum.

                  (z) "NOTICE HOLDER" means, on any date, any Holder that has
         delivered a Notice and Questionnaire to the Company on or prior to such
         date.

                  (aa)"OFFERING MEMORANDUM" means the Offering Memorandum dated
         June 5, 2003 relating to the offer and sale of the Securities.

                  (bb)"PERSON" means a corporation, association, partnership,
         organization, business, individual, government or political subdivision
         thereof or governmental agency.

                  (cc)"PROSPECTUS" means the prospectus included in any Shelf
         Registration Statement, as amended or supplemented by any amendment or
         prospectus supplement, including post-effective amendments, and all
         materials incorporated by reference or explicitly deemed to be
         incorporated by reference in such Prospectus.

                  (dd)"PURCHASE AGREEMENT" has the meaning specified in the
         first paragraph of this Agreement.

                  (ee)"REGISTRABLE SECURITIES" means the Securities; PROVIDED,
         HOWEVER, that such Securities shall cease to be Registrable Securities
         when (i) a registration statement registering such Securities under the
         Securities Act has been declared or becomes effective and such
         Securities have been sold or otherwise transferred by the Holder
         thereof pursuant to such effective registration statement; (ii) such
         Securities are sold pursuant to Rule 144 under circumstances in which
         any legend borne by such Securities relating to restrictions on
         transferability thereof, under the Securities Act or otherwise, is
         removed or such Securities are eligible to be sold pursuant to Rule
         144(k) or any successor provision; or (iii) such Securities shall cease
         to be outstanding (including, in the case of the Debentures, upon
         conversion into Shares).

                  (ff) "REGISTRATION DEFAULT" has the meaning assigned thereto
         in Section 2(d).

                  (gg)"REGISTRATION EXPENSES" has the meaning assigned thereto
         in Section 5.

                  (hh)"RULE 144," "RULE 405" and "RULE 415" means, in each case,
such rule as promulgated under the Securities Act.

                  (ii) "SECURITIES" means, collectively, the Debentures and the
         Shares.

                  (jj) "SECURITIES ACT" means the Securities Act of 1933, as
         amended, and the rules and regulations promulgated thereunder.

                  (kk)"SHARES" means the shares of common stock of the Company,
         par value $0.01 per share, into which the Debentures are convertible or
         that have been issued upon any conversion from Debentures into common
         stock of the Company.

                                       3
<PAGE>

                  (ll) "SHELF REGISTRATION STATEMENT" means the shelf
         registration statement referred to in Section 2(a), as amended or
         supplemented by any amendment or supplement, including post-effective
         amendments, and all materials incorporated by reference or explicitly
         deemed to be incorporated by reference in such Shelf Registration
         Statement.

                  (mm)"TRUST INDENTURE ACT" means the Trust Indenture Act of
         1939, or any successor thereto, and the rules, regulations and forms
         promulgated thereunder, all as the same shall be amended from time to
         time.

                  (nn)"TRUSTEE" shall have the meaning assigned such term in the
Indenture.

         Unless the context otherwise requires, any reference herein to a
"Section" or "clause" refers to a Section or clause, as the case may be, of this
Agreement, and the words "herein," "hereof" and "hereunder" and other words of
similar import refer to this Agreement as a whole and not to any particular
Section or other subdivision. Unless the context otherwise requires, any
reference to a statute, rule or regulation refers to the same (including any
successor statute, rule or regulation thereto) as it may be amended from time to
time.

         2.           REGISTRATION UNDER THE SECURITIES ACT.

                  (a) The Company agrees to file under the Securities Act within
         90 days after the Closing Date a shelf registration statement providing
         for the registration of, and the sale on a continuous or delayed basis
         (including through brokers and dealers) by the Holders of, all of the
         Registrable Securities, pursuant to Rule 415 or any similar rule that
         may be adopted by the Commission. The Company agrees to use its
         reasonable best efforts to cause the Shelf Registration Statement to
         become or be declared effective within 180 days after the Closing Date
         and to keep such Shelf Registration Statement continuously effective
         until the earlier of (i) the second anniversary of the Closing Date,
         and (ii) such time as there are no longer any Registrable Securities
         outstanding (the "EFFECTIVE PERIOD"). At the time the Shelf
         Registration Statement is declared effective, each Holder that became a
         Notice Holder on or prior to the date ten (10) Business Days prior to
         such time of effectiveness shall be named as a selling securityholder
         in the Shelf Registration Statement and the related Prospectus in such
         a manner as to permit such Holder to deliver such Prospectus to
         purchasers of Registrable Securities in accordance with applicable law.
         None of the Company's securityholders (other than Holders of
         Registrable Securities) shall have the right to include any of the
         Company's securities in the Shelf Registration Statement.

                  (b) The Company further agrees that it shall cause the Shelf
         Registration Statement and the related Prospectus and any amendment or
         supplement thereto, as of the effective date of the Shelf Registration
         Statement or such amendment or supplement, (i) to comply in all
         material respects with the applicable requirements of the Securities
         Act; and (ii) not to contain any untrue statement of a material fact or
         omit to state a material fact required to be stated therein or
         necessary in order to make the statements therein (in the case of the
         Prospectus, in the light of the circumstances under which they were
         made) not misleading, and the Company agrees to furnish to the Holders
         of the Registrable

                                       4
<PAGE>

         Securities copies of any supplement or amendment prior to its being
         used or promptly following its filing with the Commission. If the Shelf
         Registration Statement, as amended or supplemented from time to time,
         ceases to be effective for any reason at any time during the Effective
         Period (other than because all Registrable Securities registered
         thereunder shall have been sold pursuant thereto or shall have
         otherwise ceased to be Registrable Securities), the Company shall use
         its reasonable best efforts to obtain the prompt withdrawal of any
         order suspending the effectiveness thereof.

                  (c) Each Holder of Registrable Securities agrees that if such
         Holder wishes to sell Registrable Securities pursuant to the Shelf
         Registration Statement and related Prospectus, it will do so only in
         accordance with this Section 2(c) and Section 3(b). Each Holder of
         Registrable Securities wishing to sell Registrable Securities pursuant
         to the Shelf Registration Statement and related Prospectus agrees to
         deliver a Notice and Questionnaire to the Company at least three (3)
         Business Days prior to any intended distribution of Registrable
         Securities under the Shelf Registration Statement. From and after the
         date the Shelf Registration Statement is declared effective, the
         Company shall, within five (5) Business Days after the date a Notice
         and Questionnaire is delivered, (i) if required by applicable law, file
         with the Commission a post-effective amendment to the Shelf
         Registration Statement or prepare and, if required by applicable law,
         file a supplement to the related Prospectus or a supplement or
         amendment to any document incorporated therein by reference or file any
         other required document so that the Holder delivering such Notice and
         Questionnaire is named as a selling security holder in the Shelf
         Registration Statement and the related Prospectus in such a manner as
         to permit such Holder to deliver such Prospectus to purchasers of the
         Registrable Securities in accordance with applicable law and, if the
         Company shall file a post-effective amendment to the Shelf Registration
         Statement, use its reasonable best efforts to cause such post-effective
         amendment to be declared effective under the Securities Act within 60
         days of filing; (ii) provide such Holder copies of any documents filed
         pursuant to Section 2(c)(i); and (iii) notify such Holder as promptly
         as practicable after the effectiveness under the Securities Act of any
         post-effective amendment filed pursuant to Section 2(c)(i); PROVIDED
         that if such Notice and Questionnaire is delivered during a Deferral
         Period, the Company shall so inform the Holder delivering such Notice
         and Questionnaire and shall take the actions set forth in clauses (i),
         (ii) and (iii) above upon expiration of the Deferral Period in
         accordance with Section 3(b). Notwithstanding anything contained herein
         to the contrary, the Company shall be under no obligation to name any
         Holder that is not a Notice Holder as a selling securityholder in any
         Shelf Registration Statement or related Prospectus; PROVIDED, HOWEVER,
         that any Holder that becomes a Notice Holder pursuant to the provisions
         of this Section 2(c) (whether or not such Holder was a Notice Holder at
         the time the Shelf Registration Statement was declared effective) shall
         be named as a selling securityholder in the Shelf Registration
         Statement or related Prospectus in accordance with the requirements of
         this Section 2(c).

                  (d) If any of the following events (any such event a
         "REGISTRATION DEFAULT") shall occur, then liquidated damages (the
         "ADDITIONAL AMOUNTS") shall become payable to Holders in respect of the
         Securities as follows:

                                       5
<PAGE>

                           (i) if the Shelf Registration Statement is not filed
                  with the Commission within 90 days following the Closing Date,
                  then commencing on the 91st day after the Closing Date,
                  Additional Amounts shall accrue on the principal amount of the
                  outstanding Debentures that are Registrable Securities and on
                  the Applicable Conversion Price of any outstanding Shares that
                  are Registrable Securities at a rate of 0.25% per annum for
                  the first 90 days from and including such 91st day and at a
                  rate of 0.5% per annum thereafter; or

                           (ii) if the Shelf Registration Statement is not
                  declared effective by the Commission within 180 days following
                  the Closing Date, then commencing on the 181st day after the
                  Closing Date, Additional Amounts shall accrue on the principal
                  amount of the outstanding Debentures that are Registrable
                  Securities and on the Applicable Conversion Price of any
                  outstanding Shares that are Registrable Securities at a rate
                  of 0.25% per annum for the first 90 days from and including
                  such 181st day and at a rate of 0.5% per annum thereafter; or

                           (iii) if the Company has failed to perform its
                  obligations set forth in Section 2(c) hereof within the time
                  periods required therein, then commencing on the first day
                  after the date by which the Company was required to perform
                  such obligations, Additional Amounts shall accrue on the
                  principal amount of the outstanding Debentures that are
                  Registrable Securities and on the Applicable Conversion Price
                  of any outstanding Shares that are Registrable Securities at a
                  rate of 0.25% per annum for the first 90 days and at a rate of
                  0.5% per annum thereafter;

                           (iv) if the Shelf Registration Statement has been
                  declared effective but such Shelf Registration Statement
                  ceases to be effective at any time during the Effective Period
                  (other than pursuant to Section 3(b) hereof), then commencing
                  on the day such Shelf Registration Statement ceases to be
                  effective, Additional Amounts shall accrue on the principal
                  amount of the outstanding Debentures that are Registrable
                  Securities and on the Applicable Conversion Price of any
                  outstanding Shares that are Registrable Securities at a rate
                  of 0.25% per annum for the first 90 days following such date
                  on which the Shelf Registration Statement ceases to be
                  effective and at a rate of 0.5% per annum thereafter; or

                           (v) if the aggregate duration of Deferral Periods in
                  any period exceeds the number of days permitted in respect of
                  such period pursuant to Section 3(b) hereof, then commencing
                  on the day the aggregate duration of Deferral Periods in any
                  period exceeds the number of days permitted in respect of such
                  period (and again on the first day of any subsequent Deferral
                  Period during such period), Additional Amounts shall accrue on
                  the principal amount of the outstanding Debentures that are
                  Registrable Securities and on the Applicable Conversion Price
                  of any outstanding Shares that are Registrable Securities at a
                  rate of 0.25% per annum for the first 90 days and at a rate of
                  0.5% per annum thereafter;

         PROVIDED, HOWEVER, that the Additional Amounts rate on the Securities
         shall not exceed in the aggregate 0.5% per annum and shall not be
         payable under more than one clause above

                                       6
<PAGE>

         for any given period of time, except that if Additional Amounts would
         be payable under more than one clause above, but at a rate of 0.25% per
         annum under one clause and at a rate of 0.5% per annum under the other,
         then the Additional Amounts rate shall be the higher rate of 0.5% per
         annum; PROVIDED FURTHER, however, that (1) upon the filing of the Shelf
         Registration Statement (in the case of clause (i) above), (2) upon the
         effectiveness of the Shelf Registration Statement (in the case of
         clause (ii) above), (3) upon the Company's performing its obligations
         set forth in Section 2(c) hereof within the time periods required
         therein (in the case of clause (iii) above), (4) upon the effectiveness
         of the Shelf Registration Statement which had ceased to remain
         effective (in the case of clause (iv) above), (5) upon the termination
         of the Deferral Period that caused the limit on the aggregate duration
         of Deferral Periods in a period set forth in Section 3(b) to be
         exceeded (in the case of clause (v) above) or (6) upon the termination
         of certain transfer restrictions on the Securities as a result of the
         application of Rule 144(k) or any successor provision, Additional
         Amounts on the Securities as a result of such clause, as the case may
         be, shall cease to accrue.

                           Additional Amounts on the Securities, if any, will be
         payable in cash on June 15 and December 15 of each year (the
         "ADDITIONAL AMOUNTS PAYMENT DATE") to holders of record of outstanding
         Registrable Securities on each preceding June 1 and December 1;
         PROVIDED that if a Registration Default ends on a day other than an
         Additional Amounts Payment Date, the Additional Amounts shall be
         payable on the applicable Additional Amounts Payment Date to the
         holders of record of the Registrable Securities as of the date on which
         such Registration Default ends; AND PROVIDED FURTHER that any
         Additional Amounts accrued with respect to any Debenture or portion
         thereof redeemed or repurchased by the Company on a redemption date or
         a repurchase date or converted for Shares on a conversion date prior to
         the Additional Amounts Payment Date, shall, in any such event, be paid
         instead to the Holder who submitted such Debenture or portion thereof
         for redemption, repurchase or conversion on the applicable redemption
         date, repurchase date or conversion date, as the case may be, on such
         date (or promptly following the conversion date, in the case of
         conversion). The date of determination of the Applicable Conversion
         Price of any outstanding Shares that are Registrable Securities shall
         be the Business Day immediately preceding the Additional Amounts
         Payment Date; PROVIDED that in the case of an event of the type
         described in clause (iii) above, such Additional Amounts shall be paid
         only to the Holders that have delivered Notice and Questionnaires that
         caused the Company to incur the obligations set forth in Section 2(c),
         the non-performance of which is the basis of such Registration Default.
         Following the cure of all Registration Defaults requiring the payment
         of Additional Amounts by the Company to the Holders of Registrable
         Securities pursuant to this Section, the accrual of Additional Amounts
         will cease (without in any way limiting the effect of any subsequent
         Registration Default requiring the payment of Additional Amounts by the
         Company).

                           The Trustee shall be entitled, on behalf of Holders
         of Securities, to seek any available remedy for the enforcement of this
         Agreement, including for the payment of any Additional Amounts.
         Notwithstanding the foregoing, the parties agree that the sole monetary
         damages payable for a violation of the terms of this Agreement with

                                       7
<PAGE>

         respect to which Additional Amounts are expressly provided shall be as
         set forth in this Section 2(d). Nothing shall preclude a Notice Holder
         or Holder of Registrable Securities from pursuing or obtaining specific
         performance or other equitable relief with respect to this Agreement.

         3.  REGISTRATION PROCEDURES.

         The following provisions shall apply to the Shelf Registration
Statement filed pursuant to Section 2:

                  (a)  The Company shall:

                           (i) prepare and file with the Commission a
                  registration statement with respect to the shelf registration
                  on any form which may be utilized by the Company and which
                  shall permit the disposition of the Registrable Securities in
                  accordance with the intended method or methods thereof, as
                  specified in writing by the Holders of the Registrable
                  Securities, and use its reasonable best efforts to cause such
                  registration statement to become effective in accordance with
                  Section 2(a) above;

                           (ii) before filing any Shelf Registration Statement
                  or Prospectus or any amendments or supplements thereto with
                  the Commission, furnish to the Initial Purchasers copies of
                  all such documents proposed to be filed and use reasonable
                  best efforts to reflect in each such document when so filed
                  with the Commission such comments as the Initial Purchasers
                  reasonably shall propose within three (3) Business Days of the
                  delivery of such copies to the Initial Purchasers;

                           (iii) use its reasonable best efforts to prepare and
                  file with the Commission such amendments and post-effective
                  amendments to the Shelf Registration Statement and file with
                  the Commission any other required document as may be necessary
                  to keep such Shelf Registration Statement continuously
                  effective until the expiration of the Effective Period; cause
                  the related Prospectus to be supplemented by any required
                  Prospectus supplement, and as so supplemented to be filed
                  pursuant to Rule 424 (or any similar provisions then in force)
                  under the Securities Act; and comply with the provisions of
                  the Securities Act applicable to it with respect to the
                  disposition of all Securities covered by such Shelf
                  Registration Statement during the Effective Period in
                  accordance with the intended methods of disposition by the
                  sellers thereof set forth in such Shelf Registration Statement
                  as so amended or such Prospectus as so supplemented;

                           (iv) promptly notify the Notice Holders of
                  Registrable Securities (A) when such Shelf Registration
                  Statement or the Prospectus included therein or any amendment
                  or supplement to the Prospectus or post-effective amendment
                  has been filed with the Commission, and, with respect to such
                  Shelf Registration Statement or any post-effective amendment,
                  when the same has become effective, (B) of any request,
                  following the effectiveness of the Shelf Registration
                  Statement, by the Commission or any other Federal or state
                  governmental

                                       8
<PAGE>

                  authority for amendments or supplements to the Shelf
                  Registration Statement or related Prospectus or for additional
                  information, (C) of the issuance by the Commission of any stop
                  order suspending the effectiveness of such Shelf Registration
                  Statement or the initiation or written threat of any
                  proceedings for that purpose, (D) of the receipt by the
                  Company of any notification with respect to the suspension of
                  the qualification of the Registrable Securities for sale in
                  any jurisdiction or the initiation or written threat of any
                  proceeding for such purpose, (E) of the occurrence of (but not
                  the nature of or details concerning) any event or the
                  existence of any fact (a "MATERIAL EVENT") as a result of
                  which any Shelf Registration Statement shall contain any
                  untrue statement of a material fact or omit to state any
                  material fact required to be stated therein or necessary to
                  make the statements therein not misleading, or any Prospectus
                  shall contain any untrue statement of a material fact or omit
                  to state any material fact required to be stated therein or
                  necessary to make the statements therein, in the light of the
                  circumstances under which they were made, not misleading
                  (PROVIDED, HOWEVER, that no notice by the Company shall be
                  required pursuant to this clause (E) in the event that the
                  Company either promptly files a Prospectus supplement to
                  update the Prospectus or a Form 8-K or other appropriate
                  Exchange Act report that is incorporated by reference into the
                  Shelf Registration Statement, which, in either case, contains
                  the requisite information with respect to such Material Event
                  that results in such Shelf Registration Statement no longer
                  containing any untrue statement of material fact or omitting
                  to state a material fact necessary to make the statements
                  contained therein not misleading), (F) of the determination by
                  the Company that a post-effective amendment to the Shelf
                  Registration Statement will be filed with the Commission,
                  which notice may, at the discretion of the Company (or as
                  required pursuant to Section 3(b)), state that it constitutes
                  a Deferral Notice, in which event the provisions of Section
                  3(b) shall apply or (G) at any time when a Prospectus is
                  required to be delivered under the Securities Act, that the
                  Shelf Registration Statement, Prospectus, Prospectus amendment
                  or supplement or post-effective amendment does not conform in
                  all material respects to the applicable requirements of the
                  Securities Act and the Trust Indenture Act and the rules and
                  regulations of the Commission thereunder;

                           (v) prior to any public offering of the Registrable
                  Securities pursuant to the Shelf Registration Statement, use
                  reasonable best efforts to register or qualify or cooperate
                  with the Notice Holders in connection with the registration or
                  qualification (or exemption from such registration or
                  qualification) of such Registrable Securities for offer and
                  sale under the securities or Blue Sky laws of such
                  jurisdictions within the United States as any Notice Holder
                  reasonably requests in writing (which request may be included
                  in the Notice and Questionnaire); prior to any public offering
                  of the Registrable Securities pursuant to the Shelf
                  Registration Statement, use its reasonable best efforts to
                  keep each such registration or qualification (or exemption
                  therefrom) effective during the Effective Period in connection
                  with such Notice Holder's offer and sale of Registrable
                  Securities pursuant to such registration or qualification (or
                  exemption therefrom) and do any and all other acts or things
                  necessary or advisable to enable the disposition in such
                  jurisdictions of such Registrable Securities in the manner

                                       9
<PAGE>

                  set forth in the Shelf Registration Statement and the related
                  Prospectus; PROVIDED, that the Company will not be required to
                  (i) qualify as a foreign corporation or as a dealer in
                  securities in any jurisdiction where it would not otherwise be
                  required to qualify but for this Agreement or (ii) take any
                  action that would subject it to general service of process in
                  suits or to taxation in any such jurisdiction where it is not
                  then so subject;

                           (vi) use its reasonable best efforts to prevent the
                  issuance of, and if issued, to obtain the withdrawal of any
                  order suspending the effectiveness of the Shelf Registration
                  Statement or any post-effective amendment thereto, and to lift
                  any suspension of the qualification of any of the Registrable
                  Securities for sale in any jurisdiction in which they have
                  been qualified for sale, in each case at the earliest
                  practicable date;

                           (vii) upon reasonable notice, for a reasonable period
                  prior to the filing of the Shelf Registration Statement, and
                  throughout the Effective Period, make available at reasonable
                  times at the Company's principal place of business or such
                  other reasonable place for inspection by a representative
                  appointed by the Notice Holders in connection with an
                  underwritten offering (or any underwriter, placement agent or
                  counsel acting on their behalf), who shall certify to the
                  Company that they have a current intention to sell their
                  Registrable Securities pursuant to the Shelf Registration
                  Statement, such financial and other information and books and
                  records of the Company, and cause the officers, directors,
                  employees and independent certified public accountants of the
                  Company to respond to such inquiries, as shall be reasonably
                  necessary, in the judgment of the counsel to such Notice
                  Holders, to conduct a reasonable "due diligence"
                  investigation; PROVIDED, HOWEVER, that each such
                  representative appointed by the Notice Holders in connection
                  with an underwritten offering shall be required to maintain in
                  confidence and not to disclose to any other Person any
                  information or records reasonably designated by the Company in
                  writing as being confidential, until such time as (A) such
                  information becomes a matter of public record (whether by
                  virtue of its inclusion in the Shelf Registration Statement or
                  otherwise) or (B) such Person shall be required so to disclose
                  such information pursuant to a subpoena or order of any court
                  or other governmental agency or body having jurisdiction over
                  the matter (subject to the requirements of such order, and
                  only after such Person shall have given the Company prompt
                  prior written notice of such requirement and the opportunity
                  to contest the same or seek an appropriate protective order);

                           (viii) if reasonably requested by the Initial
                  Purchasers or any Notice Holder, promptly incorporate in a
                  Prospectus supplement or post-effective amendment to the Shelf
                  Registration Statement such information as the Initial
                  Purchasers or such Notice Holder shall, on the basis of a
                  written opinion of nationally-recognized counsel experienced
                  in such matters, determine to be required to be included
                  therein by applicable law and make any required filings of
                  such Prospectus supplement or such post-effective amendment;
                  PROVIDED, that the Company shall not be required to take any
                  actions under this Section 3(a)(viii)

                                       10
<PAGE>

                  that are not, in the reasonable opinion of counsel for the
                  Company, in compliance with applicable law;

                           (ix) promptly furnish to each Notice Holder and the
                  Initial Purchasers, upon their request and without charge, at
                  least one (1) conformed copy of the Shelf Registration
                  Statement and any amendments thereto, including financial
                  statements but excluding schedules, all documents incorporated
                  or deemed to be incorporated therein by reference and all
                  exhibits (unless requested in writing to the Company by such
                  Notice Holder or the Initial Purchasers, as the case may be);
                  and

                           (x) during the Effective Period, deliver to each
                  Notice Holder in connection with any sale of Registrable
                  Securities pursuant to the Shelf Registration Statement,
                  without charge, as many copies of the Prospectus relating to
                  such Registrable Securities (including each preliminary
                  prospectus) and any amendment or supplement thereto as such
                  Notice Holder may reasonably request; and the Company hereby
                  consents (except during such periods that a Deferral Notice is
                  outstanding and has not been revoked) to the use of such
                  Prospectus or each amendment or supplement thereto by each
                  Notice Holder in connection with any offering and sale of the
                  Registrable Securities covered by such Prospectus or any
                  amendment or supplement thereto in the manner set forth
                  therein.

                  (b) Upon (A) the issuance by the Commission of a stop order
         suspending the effectiveness of the Shelf Registration Statement or the
         initiation of proceedings with respect to the Shelf Registration
         Statement under Section 8(d) or 8(e) of the Securities Act, (B) the
         occurrence of any event or the existence of any Material Event as a
         result of which the Shelf Registration Statement shall contain any
         untrue statement of a material fact or omit to state any material fact
         required to be stated therein or necessary to make the statements
         therein not misleading, or any Prospectus shall contain any untrue
         statement of a material fact or omit to state any material fact
         required to be stated therein or necessary to make the statements
         therein, in the light of the circumstances under which they were made,
         not misleading, or (C) the occurrence or existence of any corporate
         development that, in the discretion of the Company, makes it
         appropriate to suspend the availability of the Shelf Registration
         Statement and the related Prospectus, the Company will (i) in the case
         of clause (B) above, subject to the third sentence of this provision,
         as promptly as practicable prepare and file a post-effective amendment
         to such Shelf Registration Statement or a supplement to the related
         Prospectus or any document incorporated therein by reference or file
         any other required document that would be incorporated by reference
         into such Shelf Registration Statement and Prospectus so that such
         Shelf Registration Statement does not contain any untrue statement of a
         material fact or omit to state any material fact required to be stated
         therein or necessary to make the statements therein not misleading, and
         such Prospectus does not contain any untrue statement of a material
         fact or omit to state any material fact required to be stated therein
         or necessary to make the statements therein, in the light of the
         circumstances under which they were made, not misleading, as thereafter
         delivered to the purchasers of the Registrable Securities being sold
         thereunder, and, in the case of a post-effective amendment to the Shelf
         Registration Statement, subject to the third sentence of this

                                       11
<PAGE>

         provision, use reasonable best efforts to cause it to be declared
         effective as promptly as is practicable, and (ii) give notice to the
         Notice Holders that the availability of the Shelf Registration
         Statement is suspended (a "DEFERRAL NOTICE"). Upon receipt of any
         Deferral Notice, each Notice Holder agrees not to sell any Registrable
         Securities pursuant to the Shelf Registration Statement until such
         Notice Holder's receipt of copies of the supplemented or amended
         Prospectus provided for in clause (i) above, or until it is advised in
         writing by the Company that the Prospectus may be used, and has
         received copies of any additional or supplemental filings that are
         incorporated or deemed incorporated by reference in such Prospectus.
         The Company will use its reasonable best efforts to ensure that the use
         of the Prospectus may be resumed (x) in the case of clause (A) above,
         as promptly as practicable, (y) in the case of clause (B) above, as
         soon as, in the sole judgment of the Company, public disclosure of such
         Material Event would not be prejudicial to or contrary to the interests
         of the Company or, if necessary to avoid unreasonable burden or
         expense, as soon as practicable thereafter and (z) in the case of
         clause (C) above, as soon as, in the discretion of the Company, such
         suspension is no longer appropriate; PROVIDED that the period during
         which the availability of the Shelf Registration Statement and any
         Prospectus is suspended (the "DEFERRAL PERIOD"), without the Company
         incurring any obligation to pay Additional Amounts pursuant to Section
         2(d), shall not exceed forty-five (45) days in any three (3) month
         period and one hundred and twenty (120) days in the aggregate in any
         twelve (12) month period.

                  (c) Each Holder of Registrable Securities agrees that upon
         receipt of any Deferral Notice from the Company, such Holder shall
         forthwith discontinue (and cause any placement or sales agent or
         underwriters acting on their behalf to discontinue) the disposition of
         Registrable Securities pursuant to the registration statement
         applicable to such Registrable Securities until such Holder (i) shall
         have received copies of such amended or supplemented Prospectus and, if
         so directed by the Company, such Holder shall deliver to the Company
         (at the Company's expense) all copies, other than permanent file
         copies, then in such Holder's possession of the Prospectus covering
         such Registrable Securities at the time of receipt of such notice or
         (ii) shall have received notice from the Company that the disposition
         of Registrable Securities pursuant to the Shelf Registration may
         continue.

                  (d) The Company may require each Holder of Registrable
         Securities as to which any registration pursuant to Section 2(a) is
         being effected to furnish to the Company such information regarding
         such Holder and such Holder's intended method of distribution of such
         Registrable Securities as the Company may from time to time reasonably
         request in writing, but only to the extent that such information is
         required in order to comply with the Securities Act. Each such Holder
         agrees to notify the Company as promptly as practicable of any
         inaccuracy or change in information previously furnished by such Holder
         to the Company or of the occurrence of any event in either case as a
         result of which any Prospectus relating to such registration contains
         or would contain an untrue statement of a material fact regarding such
         Holder or such Holder's intended method of disposition of such
         Registrable Securities or omits to state any material fact regarding
         such Holder or such Holder's intended method of disposition of such
         Registrable Securities required to be stated therein or necessary to
         make the statements therein not misleading, and promptly to furnish to
         the Company any additional

                                       12
<PAGE>

         information required to correct and update any previously furnished
         information or required so that such Prospectus shall not contain, with
         respect to such Holder or the disposition of such Registrable
         Securities, an untrue statement of a material fact or omit to state a
         material fact required to be stated therein or necessary to make the
         statements therein not misleading.

                  (e) The Company shall comply with all applicable rules and
         regulations of the Commission and make generally available to its
         securityholders earning statements (which need not be audited)
         satisfying the provisions of Section 11(a) of the Securities Act and
         Rule 158 thereunder (or any similar rule promulgated under the
         Securities Act) no later than 45 days after the end of any 12-month
         period (or 90 days after the end of any 12-month period if such period
         is a fiscal year) commencing on the first day of the first fiscal
         quarter of the Company commencing after the effective date of the Shelf
         Registration Statement, which statements shall cover said 12-month
         periods.

                  (f) The Company shall provide CUSIP numbers for all
         Registrable Securities covered by the Shelf Registration Statement not
         later than the effective date of such Shelf Registration Statement and
         provide the Trustee for the Debentures and the transfer agent for the
         Shares with printed certificates for the Registrable Securities that
         are in a form eligible for deposit with The Depository Trust Company.

                  (g) The Company shall use its reasonable best efforts to
         provide such information as is required for any filings required to be
         made with the National Association of Securities Dealers, Inc.

                  (h) Until the expiration of two years after the Closing Date,
         the Company will not, and will not permit any of its "affiliates" (as
         defined in Rule 144) to, resell any of the Securities that have been
         reacquired by any of them except pursuant to an effective registration
         statement under the Securities Act.

                  (i) The Company shall cause the Indenture to be qualified
         under the Trust Indenture Act in a timely manner.

                  (j) The Company shall enter into such customary agreements and
         take all such other necessary and lawful actions in connection
         therewith (including those requested by the Majority Holders of the
         Registrable Securities being sold) in order to expedite or facilitate
         disposition of such Registrable Securities.

         4.  HOLDER'S OBLIGATIONS.

         Each Holder agrees, by acquisition of the Registrable Securities, that
no Holder of Registrable Securities shall be entitled to sell any of such
Registrable Securities pursuant to the Shelf Registration Statement or to
receive a Prospectus relating thereto, unless such Holder has furnished the
Company with a Notice and Questionnaire as required pursuant to Section 2(c)
hereof (including the information required to be included in such Notice and
Questionnaire) and the information set forth in the next sentence. Each Notice
Holder agrees promptly to furnish to the Company all information required to be
disclosed in order to make the information previously furnished to the Company
by such Notice Holder not misleading and any other

                                       13
<PAGE>

information regarding such Notice Holder and the distribution of such
Registrable Securities as may be required to be disclosed in the Shelf
Registration Statement under applicable law or pursuant to Commission comments.
Each Holder further agrees not to sell any Registrable Securities pursuant to
the Shelf Registration Statement without delivering, or causing to be delivered,
a Prospectus to the purchaser thereof and, following termination of the
Effective Period, to notify the Company, within 10 business days of a request by
the Company, of the amount of Registrable Securities sold pursuant to the Shelf
Registration Statement and, in the absence of a response, the Company may assume
that all of the Holder's Registrable Securities were so sold.

         5.  REGISTRATION EXPENSES.

         The Company agrees to bear and to pay or cause to be paid promptly upon
request being made therefor all expenses incident to the Company's performance
of or compliance with this Agreement, including (a) all Commission and any NASD
registration and filing fees and expenses, (b) all fees and expenses in
connection with the qualification of the Securities for offering and sale under
the State securities and Blue Sky laws referred to in Section 3(a)(v) hereof,
including reasonable fees and disbursements of one counsel for the placement
agent or underwriters, if any, in connection with such qualifications, (c) all
expenses relating to the preparation, printing, distribution and reproduction of
the Shelf Registration Statement, the related Prospectus, each amendment or
supplement to each of the foregoing, the certificates representing the
Securities and all other documents relating hereto, (d) fees and expenses of the
Trustee under the Indenture, any escrow agent or custodian, and of the registrar
and transfer agent for the Shares, (e) fees, disbursements and expenses of
counsel and independent certified public accountants of the Company (including
the expenses of any opinions or "cold comfort" letters required by or incident
to such performance and compliance) and (f) reasonable fees, disbursements and
expenses of one counsel for the Holders of Registrable Securities retained in
connection with any underwritten offering of the Registrable Securities pursuant
to the Shelf Registration Statement, as selected by the Company (unless
reasonably objected to by the Majority Holders of the Registrable Securities
being registered, in which case the Majority Holders shall select such counsel
for the Holders), and fees, expenses and disbursements of any other Persons,
including special experts, retained by the Company in connection with such
registration (collectively, the "REGISTRATION EXPENSES"). To the extent that any
Registration Expenses are incurred, assumed or paid by any Holder of Registrable
Securities or any placement agent therefor or underwriter thereof, the Company
shall reimburse such Person for the full amount of the Registration Expenses so
incurred, assumed or paid promptly after receipt of a documented request
therefor. Notwithstanding the foregoing, the Holders of the Registrable
Securities being registered shall pay all placement agent fees and commissions
and underwriting discounts and commissions attributable to the sale of such
Registrable Securities and the fees and disbursements of any counsel or other
advisors or experts retained by such Holders (severally or jointly), other than
the counsel and experts specifically referred to above.

         6.  INDEMNIFICATION AND CONTRIBUTION.

                  (a) The Company agrees to indemnify and hold harmless each
         Holder of Securities covered by any Shelf Registration Statement and
         each Person who controls any such Holder within the meaning of either
         the Securities Act or the Exchange Act against

                                       14
<PAGE>

         any and all losses, claims, damages or liabilities, joint or several,
         to which they or any of them may become subject under the Securities
         Act, the Exchange Act or other federal or state statutory law or
         regulation, at common law or otherwise, insofar as such losses, claims,
         damages or liabilities (or actions in respect thereof) arise out of or
         are based upon any untrue statement or alleged untrue statement of a
         material fact contained in the Shelf Registration Statement as
         originally filed or in any amendment thereof, or in any preliminary
         Prospectus or the Prospectus, or in any amendment thereof or supplement
         thereto, or arise out of or are based upon the omission or alleged
         omission to state therein a material fact required to be stated therein
         or necessary to make the statements therein not misleading (in the case
         of any preliminary Prospectus or the Prospectus, in the light of the
         circumstances under which they were made), and agrees to reimburse each
         such indemnified party, as incurred, for any legal or other expenses
         reasonably incurred by it in connection with investigating or defending
         any such loss, claim, damage, liability or action; PROVIDED, HOWEVER,
         that the Company will not be liable in any such case to the extent that
         any such loss, claim, damage or liability arises out of or is based
         upon any such untrue statement or alleged untrue statement or omission
         or alleged omission made therein in reliance upon and in conformity
         with written information relating to the party claiming indemnification
         furnished to the Company by or on behalf of the party claiming
         indemnification specifically for inclusion therein; PROVIDED, FURTHER,
         HOWEVER, that with respect to any such untrue statement in or omission
         from any amended or supplemented Prospectus (excluding the correcting
         amendment or supplement), the indemnity agreement contained in this
         Section 6(a) shall not inure to the benefit of any person indemnified
         under this Section 6(a) from whom the person asserting any such loss,
         claim, damage, liability or action received Registrable Securities to
         the extent that such loss, claim, damage, liability or action of or
         with respect to such indemnified person results from the fact that both
         (A) a copy of the Prospectus (together with any correcting amendments
         or supplements) was not sent or given to such asserting person at or
         prior to the written confirmation of the sale of such Registrable
         Securities to such person and (B) the untrue statement in or omission
         from any Prospectus was corrected in an amendment or supplement thereto
         and the Prospectus (as amended or supplemented) does not contain any
         other untrue statement or omission or alleged untrue statement or
         omission of a material fact, unless, in either case, such failure to
         deliver the final Prospectus was a result of non-compliance by the
         Company with Section 3(a)(ix) or (x) hereof. This indemnity agreement
         shall be in addition to any liability that the Company may otherwise
         have.

                  The Company also agrees to indemnify as provided in this
         Section 6(a) or contribute as provided in Section 6(d) hereof to Losses
         of each underwriter, if any, of Securities registered under the Shelf
         Registration Statement, its directors, officers, employees, Affiliates
         or agents and each Person who controls such underwriter on
         substantially the same basis as that of the indemnification of the
         selling Holders provided in this paragraph (a) and shall, if requested
         by any Holder, enter into an underwriting agreement reflecting such
         agreement.

                  (b) Each Holder of securities covered by the Shelf
         Registration Statement severally and not jointly agrees to indemnify
         and hold harmless the Company, each of its directors, each of its
         officers who signs the Shelf Registration Statement and each Person

                                       15
<PAGE>

         who controls the Company within the meaning of either the Securities
         Act or the Exchange Act, to the same extent as the foregoing indemnity
         from the Company to each such Holder, but only with reference to
         written information relating to such Holder furnished to the Company by
         or on behalf of such Holder specifically for inclusion in the documents
         referred to in the foregoing indemnity. This indemnity agreement will
         be in addition to any liability which any such Holder may otherwise
         have.

                  (c) Promptly after receipt by an indemnified party under this
         Section 6 or notice of the commencement of any action, such indemnified
         party will, if a claim in respect thereof is to be made against the
         indemnifying party under this Section 6, notify the indemnifying party
         in writing of the commencement thereof; but the failure so to notify
         the indemnifying party (i) will not relieve it from liability under
         paragraph (a) or (b) above unless and to the extent it did not
         otherwise learn of such action and such failure results in the
         forfeiture by the indemnifying party of substantial rights and
         defenses; and (ii) will not, in any event, relieve the indemnifying
         party from any obligations to any indemnified party other than the
         indemnification obligation provided in paragraph (a) or (b) above. The
         indemnifying party shall be entitled to appoint counsel (including
         local counsel) of the indemnifying party's choice at the indemnifying
         party's expense to represent the indemnified party in any action for
         which indemnification is sought (in which case the indemnifying party
         shall not thereafter be responsible for the fees and expenses of any
         separate counsel, other than local counsel if not appointed by the
         indemnifying party, retained by the indemnified party or parties except
         as set forth below); PROVIDED, HOWEVER, that such counsel shall be
         satisfactory to the indemnified party. Notwithstanding the indemnifying
         party's election to appoint counsel (including local counsel) to
         represent the indemnified party in an action, the indemnified party
         shall have the right to employ separate counsel (including local
         counsel), and the indemnifying party shall bear the reasonable fees,
         costs and expenses of such separate counsel if (i) the use of counsel
         chosen by the indemnifying party to represent the indemnified party
         would present such counsel with a conflict of interest; (ii) the actual
         or potential defendants in, or targets of, any such action include both
         the indemnified party and the indemnifying party and the indemnified
         party shall have reasonably concluded that there may be legal defenses
         available to it and/or other indemnified parties that are different
         from or additional to those available to the indemnifying party; (iii)
         the indemnifying party shall not have employed counsel satisfactory to
         the indemnified party to represent the indemnified party within a
         reasonable time after notice of the institution of such action; or (iv)
         the indemnifying party shall authorize the indemnified party to employ
         separate counsel at the expense of the indemnifying party. An
         indemnifying party will not, without the prior written consent of the
         indemnified parties, settle or compromise or consent to the entry of
         any judgment with respect to any pending or threatened claim, action,
         suit or proceeding in respect of which indemnification or contribution
         may be sought hereunder (whether or not the indemnified parties are
         actual or potential parties to such claim or action) unless such
         settlement, compromise or consent includes an unconditional release of
         each indemnified party from all liability arising out of such claim,
         action, suit or proceeding.

                  (d) In the event that the indemnity provided in paragraph (a)
         or (b) of this Section 6 is unavailable or insufficient to hold
         harmless an indemnified party in respect

                                       16
<PAGE>

         of any losses, claims, damages or liabilities referral to therein, then
         each applicable indemnifying party shall have a joint and several
         obligation to contribute to the aggregate losses, claims, damages and
         liabilities (including legal or other expenses reasonably incurred in
         connection with investigating or defending such loss, claim, liability,
         damage or action) (collectively "LOSSES") to which such indemnified
         party may be subject in such proportion as is appropriate to reflect
         the relative benefits received by such indemnifying party, on the one
         hand, and such indemnified party, on the other hand, from the Initial
         Placement and the Shelf Registration Statement which resulted in such
         Losses; PROVIDED, HOWEVER, that in no case shall any subsequent Holder
         of any Securities be responsible, in the aggregate, for any amount in
         excess of the Initial Purchasers' discount or commission applicable to
         such Security from the Initial Placement, nor shall any underwriter be
         responsible for any amount in excess of the underwriting discount or
         commission applicable to the securities purchased by such underwriter
         under the Shelf Registration Statement which resulted in such Losses.
         If the allocation provided by the immediately preceding sentence is
         unavailable for any reason, the indemnifying party and the indemnified
         party shall contribute in such proportion as is appropriate to reflect
         not only such relative benefits but also the relative fault of such
         indemnifying party, on the one hand, and such indemnified party, on the
         other hand, in connection with the statements or omissions which
         resulted in such Losses as well as any other relevant equitable
         considerations. Benefits received by the Company shall be deemed to be
         equal to the total net proceeds from the Initial Placement (before
         deducting expenses). Benefits received by the Initial Purchasers shall
         be deemed to be equal to the total purchase discounts and commissions
         as set forth in the Offering Memorandum, and benefits received by any
         other Holders shall be deemed to be equal to the value of receiving
         Securities registered under the Securities Act. Benefits received by
         any underwriter shall be deemed to be equal to the total underwriting
         discounts and commissions, as set forth on the cover page of the
         Prospectus forming a part of the Shelf Registration Statement which
         resulted in such Losses. Relative fault shall be determined by
         reference to, among other things, whether any untrue or any alleged
         untrue statement of a material fact or omission or alleged omission to
         state a material fact relates to information provided by the
         indemnifying party, on the one hand, or by the indemnified party, on
         the other hand, the intent of the parties and their relative knowledge,
         access to information and opportunity to correct or prevent such untrue
         statement or omission. The parties agree that it would not be just and
         equitable if contribution were determined by PRO RATA allocation (even
         if the Holders were treated as one entity for such purpose) or any
         other method of allocation which does not take account of the equitable
         considerations referred to above. Notwithstanding the provisions of
         this paragraph (d), no Person guilty of fraudulent misrepresentation
         (within the meaning of Section 11(f) of the Securities Act) shall be
         entitled to contribution from any Person who was not guilty of such
         fraudulent misrepresentation. For purposes of this Section 6, each
         Person who controls a Holder within the meaning of either the
         Securities Act or the Exchange Act shall have the same rights to
         contribution as such Holder, and each Person who controls the Company
         within the meaning of either the Securities Act or the Exchange Act,
         each officer of the Company who shall have signed the Shelf
         Registration Statement and each director of the Company shall have the
         same rights to contribution as the Company, subject in each case to the
         applicable terms and conditions of this paragraph (d).

                                       17
<PAGE>

                  (e) The provisions of this Section 6 shall remain in full
         force and effect, regardless of any investigation made by or on behalf
         of any Holder or the Company or any of the indemnified Persons referred
         to in this Section 6, and shall survive the sale by a Holder of
         securities covered by the Shelf Registration Statement.

         7.  RULE 144.

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

         8.  INCONSISTENT AGREEMENTS.

         The Company has not entered into, and agrees not to enter into, any
agreement with respect to its securities that is inconsistent with the rights
granted to the Holders herein or that otherwise conflict with the provisions
hereof.

         9.  MISCELLANEOUS.

                  (a) ENTIRE AGREEMENT; AMENDMENTS. This Agreement and the other
         writings referred to herein (including the Indenture) or delivered
         pursuant hereto which form a part hereof contain the entire
         understanding of the parties and supersedes all prior agreements and
         understandings among the parties with respect to its subject matter.
         This Agreement may be amended and the observance of any term of this
         Agreement may be waived (either generally or in a particular instance
         and either retroactively or prospectively) only by a written instrument
         duly executed by the Company and the Majority Holders of the
         Registrable Securities at the time outstanding.

                  (b) NOTICES. All notices, requests, claims, demands, waivers
         and other communications hereunder shall be in writing and shall be
         deemed to have been duly given when delivered by hand, if delivered
         personally or by courier, or three days after being deposited in the
         mail (registered or certified mail, postage prepaid, return receipt
         requested) as follows:

                           (i) If to the Company, to it at 19387 U.S. 19 North,
                  Clearwater, Florida 33764, Attention: General Counsel;

                                       18
<PAGE>

                           (ii) If to the Initial Purchasers, to the address set
                  forth in the Purchase Agreement; and

                           (iii) If to a Holder, to the address of such Holder
                  set forth in the security register, the Notice and
                  Questionnaire or other records of the Company,

         or to such other address as the Company, the Initial Purchasers or any
         such Holder may have furnished to the other parties in writing in
         accordance herewith, except that notices of change of address shall be
         effective only upon receipt.

                  (c) REMEDIES. Nothing shall preclude a Notice Holder or Holder
         of Registrable Securities from pursuing or obtaining specific
         performance or other equitable relief with respect to this Agreement.

                  (d) SUCCESSORS. This Agreement shall be binding upon, shall
         inure to the benefit of and shall be enforceable by the respective
         successors and assigns of the parties hereto. In the event that any
         transferee of any Holder of Registrable Securities shall acquire
         Registrable Securities, in any manner, whether by gift, bequest,
         purchase, operation of law or otherwise, such transferee shall, without
         any further writing or action of any kind, be deemed a party hereto for
         all purposes and such Registrable Securities shall be held subject to
         all of the terms of this Agreement, and by taking and holding such
         Registrable Securities such transferee shall be entitled to receive the
         benefits of, and be conclusively deemed to have agreed to be bound by
         and to perform, all of the applicable terms and provisions of this
         Agreement.

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

                  (f) APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
         CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
         GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF.

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

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

                                       19
<PAGE>

                  (i) SEVERABILITY. In the event that any one of more of the
         provisions contained herein, or the application thereof in any
         circumstances, is held invalid, illegal or unenforceable in any respect
         for any reason, the validity, legality and enforceability of any such
         provision in every other respect and of the remaining provisions hereof
         shall not be in any way impaired or affected thereby, it being intended
         that all of the rights and privileges of the parties shall be
         enforceable to the fullest extent permitted by law.

                  (j) SECURITIES HELD BY THE COMPANY, ETC. Whenever the consent
         or approval of Holders of a specified percentage of Securities is
         required hereunder, Securities held by the Company or its Affiliates
         (other than subsequent Holders of Securities if such subsequent Holders
         are deemed to be Affiliates solely by reason of their holdings of such
         Securities) shall not be counted in determining whether such consent or
         approval was given by the Holders of such required percentage.

<PAGE>

         Agreed to and accepted as of the date referred to above.

                            LINCARE HOLDINGS INC.

                            By:  /s/ Paul G. Gabos
                               -------------------------------------
                               Name:  Paul G. Gabos
                               Title: Chief Financial Officer

                            J.P. MORGAN SECURITIES INC.

                            Acting on behalf of itself and as the
                            representative of the Initial Purchasers

                            By: /s/ Sonia Lee
                               ---------------------------------------
                               Name:  Sonia Lee
                               Title: Vice President

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