Document:

<PAGE>
                                                                   Exhibit 4.38

Guarantor: Xiaofeng Peng

Address: Xiang Ge Li La Garden #39, Suzhou, Jiangsu Province

ID Number: 360102197505256311

Zip Code: 210024

Tel: 0512-65629698

Fax: 0512-65622785

Guarantor: Shan Zhou

Address: Xiang Ge Li La Garden #39, Suzhou, Jiangsu Province

ID Number: 2301039751112518x

Zip Code: 210024

Tel: 0512-65629698

     Fax: 0512-65622785

Lender: China Development Bank

Address: Hu Cheng Men Wai Street #29, Xi Cheng District, Beijing City

Legal Representative: Yuan Chen

Zip Code: 10037

Tel: 0791-6592391

Fax: 0791-6592333

                              (Summary Translation)

                               Guarantee Agreement

This Agreement is made by and among the National Development Bank (hereinafter
referred to as "Party A"), Mr. Xiaofeng Peng (hereinafter referred to as "Party
B"), Mr. Shan Zhou (hereinafter referred to as "Party C"),

<PAGE>

WHEREAS,

1, The Party A and Jiangxi LDK Solar Hi-Tech Co., Ltd. (hereinafter referred to
as "Jiangxi LDK") entered into a loan agreement (hereinafter referred to as the
"Loan Agreement"), pursuant to which Party A undertook to lend to Jiangxi LDK
loans in the aggregate principal amount of $25 million (hereinafter referred to
as the "Loan") for a term of 5 years; and

2, Party B and Party C (collectively, the "Guarantors") have agreed to guarantee
the obligations of Jiangxi LDK to perform the Loan Agreement and be jointly and
severally liable for repayment of the Loan with their own personal properties
and community properties in the event of a default by Jiangxi LDK in accordance
with the Loan Agreement.

3, The scope of the guarantee hereunder shall include any principal amounts
outstanding, interests accrued, damages caused and expenses associated with the
realization of Party A's rights under the Loan Agreement.

4, If Jiangxi LDK defaults, Party A is entitled to demand remedies from any of
the Guarantors directly, and the Guarantors shall pay on behalf of Jiangxi LDK
within 5 days upon receiving of request from Party A.

5, The term of the guarantee hereunder shall be until two years after the due
date of each obligation under the Loan Agreement.

6, The parties shall resolve all disputes arising from or in connection with
this Agreement through consultation. If the parties cannot reach an agreement
through such consultations, both parties agree to submit the disputes to the
people's court where Party A's branch office sits.

7, This Agreement shall become effective upon signing by the respective parties
and fixing hereunto the respective corporate chops. This Agreement is made in
three original copies, and each party shall keep one copy hereof.

Party A

/s/ China Development Bank

National Development Bank (sealed)

<PAGE>

Party B

/s/ Xiaofeng Peng

Xiaofeng Peng(sealed)

Party C

/s/ Shan Zhou

Shan Zhou(sealed)

Date: December 29, 2006<PAGE>
                                                                    Exhibit 4.39

                              (Summary Translation)

                               Guarantee Agreement

This Agreement is made by and between Suzhou Liu Xing Industrial Co., Ltd
(hereinafter referred to as "Party A"), China Construction Bank Corporation
Xinyu branch (hereinafter referred to as "Party B").

WHEREAS,

1, Jiangxi LDK Solar Hi-Tech Co., Ltd. (hereinafter referred to as "Jiangxi
LDK") and Party B entered into a loan agreement (hereinafter referred to as the
"Loan Agreement") made between March 20, 2006 and March 20, 2009, pursuant to
which Party B undertook to lend to Jiangxi LDK loans; and

2, Party A has agreed to guarantee the obligations of Jiangxi LDK to perform the
Loan Agreement.

NOW, THEREFORE, Party A and Party B, subject to the terms and conditions set
forth herein, agree as follows:

1, The Guarantors agree to provide guarantees for the performance of obligations
by Jiangxi LDK under the Loan Agreement and be jointly and severally liable for
repayment of the Loan up to Rmb 60 million in the event of a default by Jiangxi
LDK in accordance with the Loan Agreement.

2, Party A has agreed to guarantee the obligations of Jiangxi LDK to perform the
Loan Agreement and be jointly and severally liable for repayment of the Loan. In
event Jiangxi LDK does not repay debts or partially repay debts, Party B is
entitled to demand remedies from Party A directly. In event jiangxi LDK does not
fulfill debts in accordance with the Loan Agreement, Party B is entitled to
demand remedies from Party A directly no matter whether Party B is responsible
for any other guarantee obligations under the Loan Agreement.

<PAGE>

3, The Scope of the Guarantee hereunder shall include the principal amounts
outstanding of Rmb 6 million, plus interests accrued, damages caused and
expenses associated with the realization of Party B's rights under the Loan
Agreement.

4, The term of the guarantee : From the date of this agreement to two years
after the expiry of each performance period by Jiangxi LDK under the Loan
Agreement.

5, In event of Party B and Jiangxi LDK have reached any agreement of extending
period on each repayment, the debts between the term of the guarantee and
extending period shall be until two years after the due date of each
fulfillment.

6, Clauses of amount, due time, interest rate and way to distribute funds shall
be established by Party B and Jiangxi LDK under the Loan Agreement. In event of
Party B and Jiangxi LDK sign the Loan Agreement or make any changes on the Loan
Agreement, Party A's later confirmation can make the activity legitimate while
its guarantee obligation remains the same. The interest rate shall be variable
in accordance with the Loan Agreement without any consent of Party A while Party
A remains its guarantee obligation.

7, The effect of this Agreement is independent from Loan Agreement.

8, The parties shall resolve all disputes arising from or in connection with
this Agreement through consultation. If the parties cannot reach an agreement
through such consultations, either party is entitled to submit the disputes to
the people's court where Party B resides.

9, This Agreement shall become effective upon the signing by the legal
representatives or authorized representatives of the respective parties and
fixing hereunto the respective corporate seal.

10, This Agreement is made in 3 original copies, and each party shall keep one
copy hereof.

Party A: (seal)

Legal representative (responsible person) or authorized representative
(signature)

                                                            Date: March 20, 2006

Party B (seal)

Responsible person or authorized representative (signature)

                                                            Date: March 20, 2006<PAGE>

                                                                   Exhibit 4.40

                              (Summary Translation)

                              COOPERATION AGREEMENT

                                     Between

                       Jiangxi LDK Solar Hi-Tech Co., Ltd.

                                       And

                               Nanchang University

                              For the Establishment

                                       of

                    Nanchang University LDK Solar Laboratory

This Agreement is made by and between Nanchang University (herein "Party A") and
Nanchang LDK Solar Hi-Tech Co., Ltd.(herein "Party B")

Through amicable negotiations, Party A and Party B have reached the following
agreement on the establishment of Nanchang University LDK Solar Laboratory.

CONSTRUCTION

1, The Laboratory is set up at Party A's main campus. Dr. Lang Zhou of Party A
and Mr. Pietro Rossetto of Party B are in charge of the project respectively.

DEVELOPMENT

3, Every January of the year, the Laboratory should set up current year's main
research and development topics.

<PAGE>

4, Every year the Laboratory shall hold at least 6 times bilateral meetings.

5, Party A and Party B shall cooperate to apply for national-wide or
local-related hi-tech projects.

6, The Laboratory shall host an academic announcement once a year; it shall host
a discussion panel twice a year.

7, The Laboratory shall cooperate with Party B to set up the "Nanchang
University material science and Post Doctorate in Engineering work station " to
educate hi-tech professionals.

8,The Laboratory shall set up a part-time master degree in "solar material
engineering" field.

DEVELOPMENT FEES

9, Party B agrees to provide Party A in aggregate amount of Rmb 240,000.00 per
year which will be distributed by means of Rmb 20,000.00 per month.

10, Cost of "special project" should be decided independently. "Special project"
means the project with annual cost of more than Rmb 200,000.00.

11, All the fees mentioned above do not include tuition fees for master degree
in material engineering, funds for the annual meeting of the committee of the
Laboratory, nor funds for "LDK international PV material and PV technology
panel".

MISCELLANEOUS

12, Party A promises not to disclose any information regarding the equipments,
material and technologies to any third parties.

13, Both Parties agree to share the core technologies and academic results
together.

<PAGE>

14, This Agreement is made in four original copies, and each party shall keep
one copy hereof.

15, This Agreement shall become effective upon signing by the parties.

Party A:

Nanchang University

Representative (signature):-----

Date: January 23, 2007

Party B:

Jiangxi LDK Solar Hi-Tech Co., Ltd.

Representative (signature):-----

Date:  January 24, 2007a5650957ex4_1.htm

    EXHIBIT
4.1

     

    
      
        Anika
Therapeutics, Inc.

         

        and

         

        American
Stock Transfer & Trust Company

         

        as
Rights Agent

         

        Shareholder
Rights Agreement

         

        Dated
as of April 7, 2008

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      TABLE
OF CONTENTS

       

    

    
      
        	
                Section

              	
                Page

              
	 	 
	
                Section
      1. Certain Definitions

              	
                2

              
	
                Section
      2. Appointment of Rights Agent

              	
                7

              
	
                Section
      3. Issue of Right Certificates.

              	
                8

              
	
                Section
      4. Form of Right Certificates.

              	
                9

              
	
                Section
      5. Countersignature and Registration.

              	
                10

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

              	
                11

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

              	
                12

              
	
                Section
      8. Cancellation and Destruction of Right Certificates

              	
                14

              
	
                Section
      9. Reservation and Availability of Preferred Stock.

              	
                14

              
	
                Section
      10. Preferred Stock Record Date

              	
                15

              
	
                Section
      11. Adjustment of Exercise Price, Number and Kind of Shares or Number of
      Rights

              	
                16

              
	
                Section
      12. Certificate of Adjusted Exercise Price or Number of
    Shares

              	
                24

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

              	
                24

              
	
                Section
      14. Fractional Rights and Fractional Shares.

              	
                27

              
	
                Section
      15. Rights of Action

              	
                27

              
	
                Section
      16. Agreement of Right Holders

              	
                28

              
	
                Section
      17. Right Certificate Holder Not Deemed a Shareholder

              	
                28

              
	
                Section
      18. Concerning the Rights Agent.

              	
                29

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

              	
                29

              
	
                Section
      20. Duties of Rights Agent

              	
                30

              
	
                Section
      21. Change of Rights Agent

              	
                32

              

      

      
        
          
          

        

        
          -i-

          
            

          

        

        
          
          

        

      

      
        	
                Section
      22. Issuance of New Right Certificates

              	
                33

              
	
                Section
      23. Redemption.

              	
                34

              
	
                Section
      24. Exchange.

              	
                34

              
	
                Section
      25. Notice of Certain Events.

              	
                36

              
	
                Section
      26. Notices

              	
                37

              
	
                Section
      27. Supplements and Amendments

              	
                38

              
	
                Section
      28. Successors

              	
                38

              
	
                Section
      29. Determinations and Actions by the Board of Directors

              	
                38

              
	
                Section
      30. Benefits of this Agreement

              	
                38

              
	
                Section
      31. Severability

              	
                39

              
	
                Section
      32. Governing Law

              	
                39

              
	
                Section
      33. Counterparts

              	
                39

              
	
                Section
      34. Descriptive Headings

              	
                39

              
	
                Section
      35. Force Majeure

              	
                39

              
	  	 
      
	 
      	 
      
	
                Exhibit
      A --     Certificate
      of Designations Series B Junior Participating Cumulative Preferred
      Stock

              	
                 

              
	
                Exhibit
      B --     Form of Right
      Certificate

              	 
      

      

    

    
      
        
        

      

      
        -ii-

        
          

        

      

      
        
        

      

    

    SHAREHOLDER
RIGHTS AGREEMENT

     

    Agreement,
dated as of April 7, 2008, between Anika Therapeutics, Inc., a Massachusetts
corporation (the “Company”), and American Stock Transfer & Trust Company, a
New York corporation (the “Rights Agent”).

     

    W
I T N E S S E T H

     

    WHEREAS,
the Board of Directors of the Company desires to provide shareholders of the
Company with the opportunity to benefit from the long-term prospects and value
of the Company and to ensure that shareholders of the Company receive fair and
equal treatment in the event of any proposed takeover of the
Company;

     

    WHEREAS,
on April 6, 1998, the Board of Directors of the Company authorized the
Shareholder Rights Agreement dated as of April 6, 1998 between the Company and
Firstar Trust Company, as Rights Agent (the “1998 Rights Agreement”), declared a
dividend distribution of one Right (as such term is defined in the 1998 Rights
Agreement) for each outstanding share of Common Stock, par value $0.01 per
share, of the Company (the “Common Stock”) outstanding as of the close of
business on April 23, 1998 (the “1998 Record Date”), and authorized the issuance
of one Right for each share of Common Stock of the Company issued between the
1998 Record Date and the earlier of the Distribution Date or the Expiration Date
(as such terms are defined in the 1998 Rights Agreement), each Right initially
representing the right to purchase one one-thousandth of a share of Series B
Junior Participating Cumulative Preferred Stock of the Company upon the terms
and subject to the conditions set forth in the 1998 Rights Agreement;
and

     

    WHEREAS,
on April 4, 2008, the Board of Directors of the Company determined it desirable
and in the best interests of the Company and its shareholders for the Company to
extend the benefits afforded by the 1998 Rights Agreement and to implement such
extension by executing this Agreement; and

     

    WHEREAS,
on April 4, 2008, the Board of Directors of the Company authorized the adoption
of this Agreement and declared a dividend distribution of one Right (as such
term is hereinafter defined) for each outstanding share of Common Stock, par
value $0.01 per share, of the Company (the “Common Stock”) outstanding as of
April 8, 2008 (the “Record Date”), and authorized the issuance of one Right for
each share of Common Stock of the Company issued (whether or not originally
issued or sold from the Company’s treasury, except in the case of treasury
shares having associated Rights) between the Record Date and the earlier of the
Distribution Date or the Expiration Date (as such terms are hereinafter
defined), each Right initially representing the right to purchase one
one-thousandth of a share of Series B Junior Participating Cumulative Preferred
Stock of the Company having the rights, powers and preferences set forth on
Exhibit A
hereto, upon the terms and subject to the conditions hereinafter set forth (the
“Rights”); and

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      WHEREAS,
the Company desires to appoint the Rights Agent to act as rights agent
hereunder, in accordance with the terms and conditions hereof.

       

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

       

      Section
1.  Certain Definitions

       

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

       

      (a)           “Acquiring Person”
shall mean any Person (as such term is hereinafter defined) who or which,
together with all Affiliates (as such term is hereinafter defined) and
Associates (as such term is hereinafter defined) of such Person, shall be the
Beneficial Owner (as such term is hereinafter defined) of 15% or more of the
shares of Common Stock of the Company then outstanding, but shall not include
(i) the Company, (ii) any Subsidiary (as such term is hereinafter defined)
of the Company, (iii) any employee benefit plan or compensation arrangement of
the Company or any Subsidiary of the Company or (iv) any Person holding shares
of Common Stock of the Company organized, appointed or established by the
Company or any Subsidiary of the Company for or pursuant to the terms of any
such employee benefit plan or compensation arrangement (the Persons described in
clauses (i) through (iv) above are referred to herein as “Exempt Persons”);
provided, however, that the
term “Acquiring Person” shall not include any Grandfathered Person, unless such
Grandfathered Person becomes the Beneficial Owner of a percentage of the shares
of Common Stock of the Company then outstanding equal to or exceeding such
Grandfathered Person’s Grandfathered Percentage.

       

      Notwithstanding
the foregoing, no Person shall become an “Acquiring Person” as the result of an
acquisition by the Company of Common Stock of the Company which, by reducing the
number of shares outstanding, increases the proportionate number of shares
Beneficially Owned by such Person to 15% (or in the case of a
Grandfathered Person, the Grandfathered Percentage applicable to such
Grandfathered Person) or more of the shares of Common Stock of the Company then
outstanding; provided, however, that if a
Person shall become the Beneficial Owner of 15% (or in the case of a
Grandfathered Person, the Grandfathered Percentage applicable to such
Grandfathered Person) or more of the shares of Common Stock of the Company then
outstanding by reason of share purchases by the Company and shall, after such
share purchases by the Company, become the Beneficial Owner of any additional
shares (other than pursuant to a stock split, stock dividend or similar
transaction) of Common Stock of the Company and immediately thereafter be the
Beneficial Owner of 15% (or in the case of a Grandfathered Person, the
Grandfathered Percentage applicable to such Grandfathered Person) or more of the
shares of Common Stock of the Company then outstanding, then such Person shall
be deemed to be an “Acquiring Person.”

       

      In
addition, notwithstanding the foregoing, and notwithstanding anything to the
contrary provided in the Agreement including without limitation in Sections
1(jj), 3(a) or 27, a Person shall not be an “Acquiring Person” if the Board of
Directors of the Company determines at any time that a Person who would
otherwise be an “Acquiring Person,” has become such without intending to become
an “Acquiring Person,” and such Person divests as promptly as practicable (or
within such period of time as the Board of Directors of the Company determines
is reasonable) a sufficient number of shares of Common Stock of the Company so
that such Person would no longer be an “Acquiring Person,” as defined pursuant
to the foregoing provisions of this Section 1(a).

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

    

    (b)           “Adjustment Shares”
shall have the meaning set forth in Section 11(a)(ii) hereof.

     

    (c)           “Affiliate” and “Associate” shall have
the respective meanings ascribed to such terms in Rule 12b-2 of the General
Rules and Regulations (the “Rules”) under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), as in effect on the date of this Agreement;
provided, however, that no
Person who is a director or officer of the Company shall be deemed an Affiliate
or an Associate of any other director or officer of the Company solely as a
result of his or her position as director or officer of the
Company.

     

    (d)           A
Person shall be deemed the “Beneficial Owner” of,
and shall be deemed to “Beneficially Own” and
have “Beneficial
Ownership” of, any securities:

     

    (i)           which
such Person or any of such Person’s Affiliates or Associates, directly or
indirectly, Beneficially Owns (as determined pursuant to Rule 13d-3 of the Rules
under the Exchange Act, as in effect on the date of this
Agreement);

     

    (ii)           which
such Person or any of such Person’s Affiliates or Associates, directly or
indirectly, has:

     

    (A)           the
right to acquire (whether or not such right is exercisable immediately or only
after the passage of time or upon the satisfaction of any conditions or both)
pursuant to any agreement, arrangement or understanding (whether or not in
writing) (other than customary agreements with and between underwriters and
selling group members with respect to a bona fide public offering of securities)
or upon the exercise of conversion rights, exchange rights, rights (other than
the Rights), warrants or options, or otherwise; provided, however, that a
Person shall not be deemed the “Beneficial Owner” of, or to “Beneficially Own”
or have “Beneficial Ownership” of, (1) securities tendered pursuant to a tender
or exchange offer made by or on behalf of such Person or any of such Person’s
Affiliates or Associates until such tendered securities are accepted for
purchase or exchange; (2) securities issuable upon exercise of Rights at any
time prior to the occurrence of a Triggering Event; or (3) securities issuable
upon exercise of Rights from and after the occurrence of a Triggering Event,
which Rights were acquired by such Person or any of such Person’s Affiliates or
Associates prior to the Distribution Date or pursuant to Sections 3(a), 11(i) or
22 hereof; or

     

    (B)           the
right to vote pursuant to any agreement, arrangement or understanding (whether
or not in writing); provided, however, that a
Person shall not be deemed the “Beneficial Owner” of, or to “Beneficially Own”
or have “Beneficial Ownership” of, any security under this clause (B) if the
agreement, arrangement or understanding to vote such security (1) arises solely
from a revocable proxy or consent given in response to a public proxy or consent
solicitation made pursuant to a written proxy or consent solicitation statement
filed with the Securities and Exchange Commission in accordance with the Rules
of the Exchange Act and (2) is not also then reportable by such person on
Schedule 13D under the Exchange Act (or any comparable or successor report);
or

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (C)           the
right to dispose of pursuant to any agreement, arrangement or understanding
(whether or not in writing) (other than customary arrangements with and between
underwriters and selling group members with respect to a bona fide public
offering of securities); or

     

    (iii)           which
are Beneficially Owned, directly or indirectly, by any other Person (or any
Affiliate or Associate thereof) with which such Person or any of such Person’s
Affiliates or Associates has any agreement, arrangement or understanding
(whether or not in writing) (other than customary agreements with and between
underwriters and selling group members with respect to a bona fide public
offering of securities) for the purpose of acquiring, holding, voting (except
pursuant to a revocable proxy or consent as described in clause (B) of Section
1(d)(ii) hereof) or disposing of any securities of the Company;

     

    provided, however, that
(1) no Person engaged in business as an underwriter of securities shall be
deemed the Beneficial Owner of any securities acquired through such Person’s
participation as an underwriter in good faith in a firm commitment underwriting
until the expiration of forty (40) days after the date of such acquisition, and
(2) no Person who is a director or an officer of the Company shall be
deemed, as a result of his or her position as director or officer of the
Company, the Beneficial Owner of any securities of the Company that are
Beneficially Owned by any other director or officer of the Company.

     

    For all
purposes of this Agreement, the phrase “then outstanding,” when used with
reference to the percentage of the then outstanding securities Beneficially
Owned by a Person, shall mean the number of securities then issued and
outstanding together with the number of such securities not then actually issued
and outstanding which such Person would be deemed to Beneficially Own
hereunder.

     

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

     

    (f)           “Certificate of
Incorporation” when used in reference to the Company shall mean the
Second Amended and Restated Certificate of Incorporation, as may be amended from
time to time, of the Company.

     

    (g)           “Close of Business” on
any given date shall mean 5:00 p.m., Boston, Massachusetts time, on such date;
provided, however, that if such
date is not a Business Day it shall mean 5:00 p.m., Boston, Massachusetts time,
on the next succeeding Business Day.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (h)           “Common Stock” when
used in reference to the Company shall mean the common stock, par value $0.01
per share, of the Company or any other shares of capital stock of the Company
into which such stock shall be reclassified or changed.  “Common
Stock” when used with reference to any Person other than the Company organized
in corporate form shall mean (i) the capital stock or other equity interest of
such Person with the greatest voting power, (ii) the equity securities or other
equity interest having power to control or direct the management of such Person
or (iii) if such Person is a Subsidiary of another Person, the Person or Persons
which ultimately control such first-mentioned Person and which have issued any
such outstanding capital stock, equity securities or equity
interest.  “Common Stock” when used with reference to any Person not
organized in corporate form shall mean units of beneficial interest which (x)
shall represent the right to participate generally in the profits and losses of
such Person (including without limitation any flow-through tax benefits
resulting from an ownership interest in such Person) and (y) shall be entitled
to exercise the greatest voting power of such Person or, in the case of a
limited partnership, shall have the power to remove or otherwise replace the
general partner or partners.

     

    (i)           “Common Stock
Equivalents” shall have the meaning set forth in Section 11(a)(iii)
hereof.

     

    (j)           “Current Value” shall
have the meaning set forth in Section 11(a)(iii) hereof.

     

    (k)           “Depositary Agent”
shall have the meaning set forth in Section 7(c) hereof.

     

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

     

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

     

    (n)           “Exempt Person” shall
have the meaning set forth in the definition of “Acquiring Person.”

     

    (o)           “Exercise Price” shall
have the meaning set forth in Section 4(a) hereof.

     

    (p)           “Expiration Date” and
“Final Expiration
Date” shall have the meanings set forth in Section 7(a)
hereof.

     

    (q)           “Fair Market Value” of
any securities or other property shall be as determined in accordance with
Section 11(d) hereof.

     

    (r)           “Grandfathered
Percentage” shall mean, with respect to any Grandfathered Person, the
percentage of the outstanding shares of Common Stock of the Company that such
Grandfathered Person, together with all Affiliates and Associates of such
Grandfathered Person, Beneficially Owns as of the Grandfathered Time, plus an
additional 1⁄2%; provided, however, that, in the event any Grandfathered Person
shall sell, transfer, or otherwise dispose of any outstanding shares of Common
Stock of the Company after the Grandfathered Time, the Grandfathered Percentage
shall, subsequent to such sale, transfer or disposition, mean, with respect to
such Grandfathered Person, the lesser of (i) the Grandfathered Percentage as in
effect immediately prior to such sale, transfer or disposition or (ii) the
percentage of outstanding shares of Common Stock of the Company that such
Grandfathered Person Beneficially Owns immediately following such sale, transfer
or disposition, plus an additional 1⁄2%.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    (s)           “Grandfathered Person”
shall mean any Person who or which, together with all Affiliates and Associates
of such Person, is, as of the Grandfathered Time, the Beneficial Owner of 15% or
more of the shares of Common Stock of the Company then
outstanding.  Notwithstanding anything to the contrary provided in
this Agreement, any Grandfathered Person who after the Grandfathered Time
becomes the Beneficial Owner of less than 15% of the shares of Common Stock of
the Company then outstanding shall cease to be a Grandfathered Person and shall
be subject to all of the provisions of this Agreement in the same manner as any
Person who is not and was not a Grandfathered Person.

     

    (t)           “Grandfathered Time”
shall mean 12:01 a.m., Boston, Massachusetts time, on April 7,
2008.

     

    (u)           “Group” shall have the
meaning set forth in clause (b) of the definition of “Person.”

     

    (v)           “Person” shall mean
(a) an individual, a corporation, a partnership, a limited liability company, an
association, a joint stock company, a trust, a business trust, a government or
political subdivision, any unincorporated organization, or any other association
or entity including any successor (by merger or otherwise) thereof or thereto,
and (b) a “group” as that term is used for purposes of Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended.

     

    (w)           “Preferred Stock”
shall mean shares of Series B Junior Participating Cumulative Preferred Stock,
par value $0.01 per share, of the Company having the rights and preferences set
forth in the form of Certificate of Designations attached hereto as Exhibit A.

     

    (x)           “Preferred Stock
Equivalents” shall have the meaning set forth in Section 11(b)
hereof.

     

    (y)           “Principal Party”
shall have the meaning set forth in Section 13(b) hereof.

     

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

     

    (aa)           “Redemption Price”
shall have the meaning set forth in Section 23 hereof.

     

    (bb)           “Registered Common
Stock” shall have the meaning set forth in Section 13(b)
hereof.

     

    (cc)           “Right Certificates”
shall have the meaning set forth in Section 3(a) hereof.

     

    (dd)           “Section 11(a)(ii)
Event” shall have the meaning set forth in Section 11(a)(ii)
hereof.

    
      
        
        

      

      
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    (ee)           “Section 11(a)(ii) Trigger
Date” shall have the meaning set forth in Section 11(a)(iii)
hereof.

     

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

     

    (gg)           “Section 24(a)(i) Exchange
Ratio” shall have the meaning set forth in Section 24(a)(i)
hereof.

     

    (hh)           “Section 24(a)(ii) Exchange
Ratio” shall have the meaning set forth in Section 24(a)(ii)
hereof.

     

    (ii)           “Spread” shall have
the meaning set forth in Section 11(a)(iii) hereof.

     

    (jj)           “Stock Acquisition
Date” shall mean the date of the first public announcement (which for
purposes of this definition shall include, without limitation, the issuance of a
press release or the filing of a publicly-available report or other document
with the Securities and Exchange Commission or any other governmental agency) by
the Company, acting pursuant to a resolution adopted by the Board of Directors
of the Company, or by an Acquiring Person, subject in each case to the last
paragraph of Section 1(a), that an Acquiring Person has become
such.

     

    (kk)           “Subsidiary” shall
mean, with reference to any Person, any corporation or other entity of which
securities or other ownership interests having ordinary voting power sufficient,
in the absence of contingencies, to elect a majority of the board of directors
or other persons performing similar functions of such corporation or other
entity are at the time directly or indirectly Beneficially Owned or otherwise
controlled by such Person either alone or together with one or more Affiliates
of such Person.

     

    (ll)           “Substitution Period”
shall have the meaning set forth in Section 11(a)(iii) hereof.

     

    (mm)                      “Triggering Event”
shall mean any Section 11(a)(ii) Event or any Section 13 Event.

     

    Section
2.  Appointment of Rights Agent

     

    .  The
Company hereby appoints the Rights Agent to act as agent for the Company and the
holders of the Rights (who, in accordance with Section 3 hereof, shall
prior to the Distribution Date (as hereinafter defined in Section 3(a)) also be
the holders of the Common Stock of the Company) in accordance with the terms and
conditions hereof, and the Rights Agent hereby accepts such
appointment.  The Company may from time to time appoint such Co-Rights
Agents as it may deem necessary or desirable.  In the event the
Company appoints one or more Co-Rights Agents, the respective duties of the
Rights Agent and any Co-Rights Agents shall be as the Company shall
determine.  The Company shall give ten (10) days’ prior written notice
to the Rights Agent of the appointment of one or more Co-Rights Agents and the
respective duties of the Rights Agent and any such Co-Rights
Agents.  The Rights Agent shall have no duty to supervise, and shall
in no event be liable for, the acts or omissions of any such Co-Rights
Agent.

    
      
        
        

      

      
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    Section
3.  Issue of Right Certificates.

     

    (a)           From
the date hereof until the earlier of (i) the Close of Business on the tenth
calendar day after the Stock Acquisition Date or (ii) the Close of Business on
the tenth Business Day (or such later calendar day, if any, as the Board of
Directors of the Company may determine in its sole discretion) after the date a
tender or exchange offer by any Person, other than an Exempt Person, is first
published or sent or given within the meaning of Rule 14d-4(a) of the Exchange
Act, or any successor rule, if, upon consummation thereof, such Person could
become the Beneficial Owner of 15% (or in the case of a Grandfathered Person,
the Grandfathered Percentage applicable to such Grandfathered Person) or more of
the shares of Common Stock of the Company then outstanding (including any such
date which is after the date of this Agreement and prior to the issuance of the
Rights) (the earliest of such dates being herein referred to as the
“Distribution Date”), (x) the Rights will be evidenced (subject to the
provisions of Section 3(b) hereof) by the certificates for the Common Stock
of the Company registered in the names of the holders of the Common Stock of the
Company (which certificates for Common Stock of the Company shall be deemed also
to be certificates for Rights) and not by separate certificates, and (y) the
Rights will be transferable only in connection with the transfer of the
underlying shares of Common Stock of the Company.  As soon as
practicable after the Distribution Date, the Rights Agent will, at the Company’s
expense send, by first-class, insured, postage prepaid mail, to each record
holder of the Common Stock of the Company as of the Close of Business on the
Distribution Date, at the address of such holder shown on the records of the
Company, one or more certificates, in substantially the form of Exhibit B hereto
(the “Right Certificates”), evidencing one Right for each share of Common Stock
of the Company so held, subject to adjustment as provided herein.  In
the event that an adjustment in the number of Rights per share of Common Stock
of the Company has been made pursuant to Section 11(o) hereof, the Company may
make the necessary and appropriate rounding adjustments (in accordance with
Section 14(a) hereof) at the time of distribution of the Right Certificates, so
that Right Certificates representing only whole numbers of Rights are
distributed and cash is paid in lieu of any fractional Rights.  As of
and after the Close of Business on the Distribution Date, the Rights will be
evidenced solely by such Right Certificates.

     

    (b)           With
respect to certificates for the Common Stock of the Company issued prior to the
Close of Business on the Record Date, the Rights will be evidenced by such
certificates for the Common Stock of the Company on or until the Distribution
Date (or the earlier redemption, expiration or termination of the Rights), and
the registered holders of the Common Stock of the Company also shall be the
registered holders of the associated Rights.  Until the Distribution
Date (or the earlier redemption, expiration or termination of the Rights), the
transfer of any of the certificates for the Common Stock of the Company
outstanding prior to the date of this Agreement shall also constitute the
transfer of the Rights associated with the Common Stock of the Company
represented by such certificate.

    
      
        
        

      

      
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    (c)           Certificates
for the Common Stock of the Company issued after the Record Date, but prior to
the earlier of the Distribution Date or the Expiration Date, shall be deemed
also to be certificates for Rights, and shall bear a legend, substantially in
the form set forth below:

     

    This
certificate also evidences and entitles the holder hereof to certain Rights as
set forth in a Shareholder Rights Agreement between Anika Therapeutics, Inc. and
American Stock Transfer & Trust Company (or any successor thereto), as
Rights Agent, dated as of April 7, 2008 as amended, restated, renewed,
supplemented or extended from time to time (the “Rights Agreement”), the terms
of which are hereby incorporated herein by reference and a copy of which is on
file at the principal offices of Anika Therapeutics, Inc. and the stock transfer
administration office of the Rights Agent.  Under certain
circumstances, as set forth in the Rights Agreement, such Rights will be
evidenced by separate certificates and will no longer be evidenced by this
certificate.  Anika Therapeutics, Inc. may redeem the Rights at a
redemption price of $0.01 per Right, subject to adjustment, under the terms of
the Rights Agreement.  Anika Therapeutics, Inc. will mail to the
holder of this certificate a copy of the Rights Agreement, as in effect on the
date of mailing, without charge promptly after receipt of a written request
therefor.  Under certain circumstances, Rights issued to or held by
Acquiring Persons or any Affiliates or Associates thereof (as defined in the
Rights Agreement), and any subsequent holder of such Rights, may become null and
void.  The Rights shall not be exercisable, and shall be void so long
as held, by a holder in any jurisdiction where the requisite qualification, if
any, to the issuance to such holder, or the exercise by such holder, of the
Rights in such jurisdiction shall not have been obtained or be
obtainable.

     

    With
respect to such certificates containing the foregoing legend, the Rights
associated with the Common Stock of the Company represented by such certificates
shall be evidenced by such certificates alone until the earlier of the
Distribution Date or the Expiration Date, and the transfer of any of such
certificates shall also constitute the transfer of the Rights associated with
the Common Stock of the Company represented by such certificates.  In
the event that the Company purchases or acquires any shares of Common Stock of
the Company after the Record Date but prior to the Distribution Date, any Rights
associated with such Common Stock of the Company shall be deemed canceled and
retired so that the Company shall not be entitled to exercise any Rights
associated with the shares of Common Stock of the Company which are no longer
outstanding.  The failure to print the foregoing legend on any such
certificate representing Common Stock of the Company or any defect therein shall
not affect in any manner whatsoever the application or interpretation of the
provisions of Section 7(e) hereof.

     

    Section
4.  Form of Right Certificates.

     

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

    
      
        
        

      

      
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    (b)           Any
Right Certificate issued pursuant to Section 3(a) or Section 22 hereof that
represents Rights Beneficially Owned by (i) an Acquiring Person or any Associate
or Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person
(or of any Associate or Affiliate of an Acquiring Person) who becomes a
transferee after the Acquiring Person becomes such, or (iii) a transferee of an
Acquiring Person (or of any such Associate or Affiliate) who becomes a
transferee prior to or concurrently with the Acquiring Person becoming such and
receives such Rights pursuant to either (A) a transfer (whether or not for
consideration) from the Acquiring Person to holders of equity interests in such
Acquiring Person or to any Person with whom the Acquiring Person has any
continuing agreement, arrangement or understanding (whether or not in writing)
regarding the transferred Rights, the shares of Common Stock of the Company
associated with such Rights or the Company or (B) a transfer which the Board of
Directors of the Company has determined is part of a plan, arrangement or
understanding which has as a primary purpose or effect the avoidance of Section
7(e) hereof, and any Right Certificate issued pursuant to Section 6,
Section 11 or Section 22 upon transfer, exchange, replacement or adjustment
of any other Right Certificate referred to in this sentence, shall have deleted
therefrom the second sentence of the existing legend on such Right Certificate
and in substitution therefor shall contain the following legend:

     

    The Rights
represented by this Right Certificate are or were Beneficially Owned by a Person
who was or became an Acquiring Person or an Affiliate or an Associate of an
Acquiring Person (as such terms are defined in the Rights
Agreement).  This Right Certificate and the Rights represented hereby
may become null and void under certain circumstances as specified in Section
7(e) of the Rights Agreement.

     

    The
Company shall give notice to the Rights Agent promptly after it becomes aware of
the existence and identity of any Acquiring Person or any Associate or Affiliate
thereof.  The Company shall instruct the Rights Agent in writing of
the Rights which should be so legended.  The failure to print the
foregoing legend on any such Right Certificate or any defect therein shall not
affect in any manner whatsoever the application or interpretation of the
provisions of Section 7(e) hereof.

     

    Section
5.  Countersignature and Registration.

     

    (a)           The
Right Certificates shall be executed on behalf of the Company by its Chairman of
the Board of Directors, or its President or any Vice President and by its
Treasurer or any Assistant Treasurer, or by its Secretary or any Assistant
Secretary, either manually or by facsimile signature, and shall have affixed
thereto the Company’s seal or a facsimile thereof which shall be attested to by
the Secretary or any Assistant Secretary of the Company, either manually or by
facsimile signature.  The Right Certificates shall be manually
countersigned by an authorized signatory of the Rights Agent and shall not be
valid for any purpose unless so countersigned, and such countersignature upon
any Right Certificate shall be conclusive evidence, and the only evidence, that
such Right Certificate has been duly countersigned as required
hereunder.  In case any officer of the Company who shall have signed
any of the Right Certificates shall cease to be such officer of the Company
before countersignature by the Rights Agent and issuance and delivery by the
Company, such Right Certificates, nevertheless, may be countersigned by an
authorized signatory of the Rights Agent, and issued and delivered by the
Company with the same force and effect as though the person who signed such
Right Certificates had not ceased to be such officer of the Company; and any
Right Certificates may be signed on behalf of the Company by any person who, at
the actual date of the execution of such Right Certificate, shall be a proper
officer of the Company to sign such Right Certificate, although at the date of
the execution of this Rights Agreement any such person was not such an
officer.

    
      
        
        

      

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

     

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

     

    (a)           Subject
to the provisions of Section 4(b), Section 7(e) and Section 14 hereof, at
any time after the Close of Business on the Distribution Date, and at or prior
to the Close of Business on the Expiration Date, any Right Certificate or
Certificates may be transferred, split up, combined or exchanged for another
Right Certificate or Certificates, entitling the registered holder to purchase a
like number of one one-thousandths of a share of Preferred Stock (or following a
Triggering Event, Common Stock of the Company, cash, property, debt securities,
Preferred Stock or any combination thereof, including any such securities, cash
or property following a Section 13 Event) as the Right Certificate or
Certificates surrendered then entitled such holder to purchase and at the same
Exercise Price.  Any registered holder desiring to transfer, split up,
combine or exchange any Right Certificate shall make such request in writing
delivered to the Rights Agent, and shall surrender the Right Certificate or
Certificates to be transferred, split up, combined or exchanged, with the form
of assignment and certificate duly executed, at the office or offices of the
Rights Agent designated for such purpose.  Neither the Rights Agent
nor the Company shall be obligated to take any action whatsoever with respect to
the transfer of any such surrendered Right Certificate until the registered
holder shall have completed and signed the certificate contained in the form of
assignment on the reverse side of such Right Certificate and shall have provided
such additional evidence of the identity of the Beneficial Owner (or former
Beneficial Owner) or Affiliates or Associates thereof as the Company shall
reasonably request.  Thereupon the Rights Agent shall, subject to
Section 4(b), Section 7(e) and Section 14 hereof, countersign and deliver
to the Person entitled thereto a Right Certificate or Certificates, as the case
may be, as so requested.  The Company may require payment by the
registered holder of a Right Certificate, of a sum sufficient to cover any tax
or governmental charge that may be imposed in connection with any transfer,
split up, combination or exchange of Right Certificates.

    
      
        
        

      

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

     

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

     

    (a)           Subject
to Section 7(e) hereof, the registered holder of any Right Certificate may
exercise the Rights evidenced thereby (except as otherwise provided herein) in
whole or in part at any time after the Distribution Date upon surrender of the
Right Certificate, with the form of election to purchase and the certificate on
the reverse side thereof duly executed, to the Rights Agent at the office or
offices of the Rights Agent designated for such purpose, together with payment
of the aggregate Exercise Price for the total number of one one-thousandths of a
share of Preferred Stock (or other securities, cash or other assets, as the case
may be) as to which such surrendered Rights are then exercised, at or prior to
the earlier of (i) the Close of Business on the tenth anniversary of the Record
Date (the “Final Expiration Date”), (ii) the time at which the Rights are
redeemed as provided in Section 23 hereof (the “Redemption Date”) or
(iii) the time at which such Rights are exchanged as provided in Section 24
hereof (the “Exchange Date”) (the earliest of (i), (ii) or (iii) being herein
referred to as the “Expiration Date”).  Except as set forth in Section
7(e) hereof and notwithstanding any other provision of this Agreement, any
Person who prior to the Distribution Date becomes a record holder of shares of
Common Stock of the Company may exercise all of the rights of a registered
holder of a Right Certificate with respect to the Rights associated with such
shares of Common Stock of the Company in accordance with the provisions of this
Agreement, as of the date such Person becomes a record holder of shares of
Common Stock of the Company.

     

    (b)           The
Exercise Price for each one one-thousandth of a share of Preferred Stock
pursuant to the exercise of a Right shall initially be Seventy-Five United
States Dollars (U.S. $75.00), shall be subject to adjustment from time to time
as provided in Section 11 and Section 13 hereof and shall be payable in
lawful money of the United States of America in accordance with Section 7(c)
below.

    
      
        
        

      

      
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    (c)           As
promptly as practicable following the Distribution Date, the Company shall
deposit with a corporation, trust, bank or similar institution in good standing
organized under the laws of the United States or any State of the United States,
which is authorized under such laws to exercise corporate trust or stock
transfer powers and is subject to supervision or examination by a federal or
state authority (such institution is hereinafter referred to as the “Depositary
Agent”), certificates representing the shares of Preferred Stock that may be
acquired upon exercise of the Rights and the Company shall cause such Depositary
Agent to enter into an agreement pursuant to which the Depositary Agent shall
issue receipts representing interests in the shares of Preferred Stock so
deposited.  Upon receipt of a Right Certificate representing
exercisable Rights, with the form of election to purchase and the certificate on
the reverse side thereof duly executed, accompanied by payment of the Exercise
Price for the shares to be purchased and an amount equal to any applicable
transfer tax (as determined by the Rights Agent) by certified check or bank
draft payable to the order of the Company or by money order, the Rights Agent
shall, subject to Section 20(k) and Section 14(b) hereof, thereupon promptly
(i) requisition from the Depositary Agent (or make available, if the Rights
Agent is the Depositary Agent) depositary receipts or certificates for the
number of one one-thousandths of a share of Preferred Stock to be purchased and
the Company hereby irrevocably authorizes the Depositary Agent to comply with
all such requests, (ii) when appropriate, requisition from the Company the
amount of cash, if any, to be paid in lieu of issuance of fractional shares in
accordance with Section 14 hereof, (iii) promptly after receipt of
such certificates or depositary receipts, cause the same to be delivered to or
upon the order of the registered holder of such Right Certificate, registered in
such name or names as may be designated by such holder and (iv) when
appropriate, after receipt of each certificate or depositary receipts promptly
deliver such cash to or upon the order of the registered holder of such Right
Certificate.  In the event that the Company is obligated to issue
other securities (including Common Stock of the Company) of the Company, pay
cash or distribute other property pursuant to Section 11(a) hereof, the Company
will make all arrangements necessary so that such other securities, cash or
other property are available for distribution by the Rights Agent, if and when
appropriate.  The payment of the Exercise Price may be made by
certified or bank check payable to the order of the Company, or by money order
or wire transfer of immediately available funds to the account of the Company
(provided that notice of such wire transfer shall be given by the holder of the
related Right to the Rights Agent).

     

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

     

    (e)           Notwithstanding
anything in this Agreement to the contrary, from and after the first occurrence
of a Section 11(a)(ii) Event or Section 13 Event, any Rights Beneficially Owned
by (i) an Acquiring Person or any Associate or Affiliate of an Acquiring
Person, (ii) a transferee of an Acquiring Person (or of any Associate or
Affiliate of an Acquiring Person) who becomes a transferee after the Acquiring
Person becomes such or (iii) a transferee of an Acquiring Person (or of any
Associate or Affiliate of an Acquiring Person) who becomes a transferee prior to
or concurrently with the Acquiring Person becoming such and receives such Rights
pursuant to either (A) a transfer (whether or not for consideration) from
the Acquiring Person to holders of equity interests in such Acquiring Person or
to any Person with whom the Acquiring Person has any continuing agreement,
arrangement or understanding regarding the transferred Rights, the shares of
Common Stock of the Company associated with such Rights or the Company, or
(B) a transfer which the Board of Directors of the Company has determined
is part of a plan, arrangement or understanding which has as a primary purpose
or effect the avoidance of this Section 7(e), shall be null and void without any
further action and no holder of such Rights shall have any rights whatsoever
with respect to such Rights, whether under any provision of this Agreement or
otherwise.  The Company shall use all reasonable efforts to ensure
that the provisions of this Section 7(e) and Section 4(b) hereof are
complied with, but shall have no liability to any holder of Right Certificates
or other Person as a result of its failure to make any determinations with
respect to an Acquiring Person or any Affiliates or Associates of an Acquiring
Person or any transferee of any of them hereunder.

    
      
        
        

      

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

     

    Section
8.  Cancellation and Destruction of Right Certificates

     

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

     

    Section
9.  Reservation and Availability of Preferred Stock.

     

    (a)           The
Company covenants and agrees that it will cause to be reserved and kept
available out of its authorized and unissued shares of Preferred Stock or any
authorized and issued shares of Preferred Stock held in its treasury, the number
of shares of Preferred Stock that will be sufficient to permit the exercise in
full of all outstanding and exercisable Rights.  Upon the occurrence
of any events resulting in an increase in the aggregate number of shares of
Preferred Stock issuable upon exercise of all outstanding Rights in excess of
the number then reserved, the Company shall make appropriate increases in the
number of shares so reserved.

     

    (b)           The
Company shall use its best efforts to cause, from and after such time as the
Rights become exercisable, all shares of Preferred Stock issued or reserved for
issuance to be listed, upon official notice of issuance, upon the principal
national securities exchange, if any, upon which the Common Stock of the Company
is listed or, if the principal market for the Common Stock of the Company is not
on any national securities exchange, to be eligible for quotation on the
National Association of Securities Dealers Automated Quotation System (“NASDAQ”)
or any successor thereto or other comparable quotation system.

    
      
        
        

      

      
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    (c)           The
Company shall use its best efforts to (i) file, as soon as practicable
following the earliest date after the occurrence of a Section 11(a)(ii) Event on
which the consideration to be delivered by the Company upon exercise of the
Rights has been determined in accordance with Section 11(a)(iii) hereof, or
as soon as required by law following the Distribution Date, as the case may be,
a registration statement under the Securities Act of 1933, as amended (the
“Securities Act”), with respect to the securities purchasable upon exercise of
the Rights on an appropriate form, (ii) cause such registration statement
to become effective as soon as practicable after such filing and
(iii) cause such registration statement to remain effective (with a
prospectus that at all times meets the requirements of the Securities Act) until
the earlier of (A) the date as of which the Rights are no longer
exercisable for such securities or (B) the Expiration Date.  The
Company will also take such action as may be appropriate under, and which will
ensure compliance with, the securities or “blue sky” laws of the various states
in connection with the exercisability of the Rights.  The Company may
temporarily suspend, for a period of time not to exceed ninety (90) days after
the date determined in accordance with the provisions of the first sentence of
this Section 9(c), the exercisability of the Rights in order to prepare and file
such registration statement and permit it to become effective.  Upon
such suspension, the Company shall issue a public announcement stating that the
exercisability of the Rights has been temporarily suspended, as well as a public
announcement at such time as the suspension is no longer in effect, in each case
with prompt written notice to the Rights Agent.  Notwithstanding any
such provision of this Agreement to the contrary, the Rights shall not be
exercisable in any jurisdiction unless the requisite qualification in such
jurisdiction shall have been obtained.

     

    (d)           The
Company covenants and agrees that it will take all such action as may be
necessary to ensure that all shares of Preferred Stock delivered upon the
exercise of the Rights shall, at the time of delivery of the certificates or
depositary receipts for such shares (subject to payment of the Exercise Price),
be duly and validly authorized and issued and fully paid and
nonassessable.

     

    (e)           The
Company further covenants and agrees that it will pay when due and payable any
and all federal and state transfer taxes and charges which may be payable in
respect of the issuance or delivery of the Right Certificates or of any
certificates for shares of Preferred Stock and/or other property upon the
exercise of Rights.  The Company shall not, however, be required to
pay any transfer tax which may be payable in respect of any transfer or delivery
of Right Certificates or the issuance or delivery of other securities or
property to a person other than, or in respect of the issuance or delivery of
securities or other property in a name other than that of, the registered holder
of the Right Certificates evidencing Rights surrendered for exercise or to issue
or deliver any certificates for securities or other property in a name other
than that of the registered holder upon the exercise of any Rights until such
tax shall have been paid (any such tax being payable by the holder of such Right
Certificate at the time of surrender) or until it has been established to the
Company’s satisfaction that no such tax is due.

     

    Section
10.  Preferred Stock Record Date

     

    .  Each
Person in whose name any certificate for Preferred Stock or other securities
(including any fraction of a share of Preferred Stock or such other securities)
is issued upon the exercise of Rights shall for all purposes be deemed to have
become the holder of record of the shares of Preferred Stock or such other
securities represented thereby on, and such certificate shall be dated, the date
upon which the Right Certificate evidencing such Rights was duly surrendered and
payment of the Exercise Price (and any applicable transfer taxes) was made;
provided, however, that if the
date of such surrender and payment is a date upon which the transfer books of
the Company for the Preferred Stock or such other securities, as applicable, are
closed, such person shall be deemed to have become the record holder of such
shares of Preferred Stock or such other securities on, and such certificate
shall be dated, the next succeeding Business Day on which the transfer books of
the Company are open; and further provided, however, that if
delivery of shares of Preferred Stock or such other securities is delayed
pursuant to Section 9(c), such Person shall be deemed to have become the record
holder of such shares of Preferred Stock or such other securities only when such
shares or such other securities first become deliverable.  Prior to
the exercise of the Right evidenced thereby, the holder of a Right Certificate
shall not be entitled to any rights of a shareholder of the Company with respect
to shares for which the Rights shall be exercisable, including, without
limitation, the right to vote, to receive dividends or other distributions or to
exercise any preemptive rights, and shall not be entitled to receive any notice
of any proceedings of the Company, except as provided herein.

    
      
        
        

      

      
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    Section
11.  Adjustment of Exercise Price, Number and Kind of Shares or Number
of Rights

     

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

     

    (a)           
a)           In the event
the Company shall at any time after the date of this Agreement (A) declare
a dividend on the Preferred Stock payable in shares of Preferred Stock,
(B) subdivide the outstanding Preferred Stock, (C) combine the
outstanding Preferred Stock into a smaller number of shares or (D) issue,
change or alter any shares of its capital stock in a reclassification or
recapitalization of the Preferred Stock (including any such reclassification or
recapitalization in connection with a consolidation or merger in which the
Company is the continuing or surviving Person), except as otherwise provided in
this Section 11(a) and Section 7(e) hereof, the Exercise Price in effect at the
time of the record date for such dividend or the effective time of such
subdivision, combination, reclassification or recapitalization, and the number
and kind of shares of capital stock issuable on such date or at such time, shall
be proportionately adjusted so that the holder of any Right exercised after such
time shall be entitled to receive the aggregate number and kind of shares of
capital stock which, if such Right had been exercised immediately prior to such
date and at a time when the Preferred Stock transfer books of the Company were
open, such holder would have owned upon such exercise and been entitled to
receive by virtue of such dividend, subdivision, combination, reclassification
or recapitalization; provided, however, that in no
event shall the consideration to be paid upon the exercise of a Right be less
than the aggregate par value of the shares of capital stock of the Company
issuable upon exercise of a Right.  If an event occurs which would
require an adjustment under both Section 11(a)(i) and Section 11(a)(ii)
hereof, the adjustment provided for in this Section 11(a)(i) shall be in
addition to, and shall be made prior to, any adjustment required pursuant to
Section 11(a)(ii) hereof.

     

    (ii)           Subject
to the provisions of Section 24 hereof, in the event any Person, alone or
together with its Affiliates and Associates, shall become an Acquiring Person,
then, promptly following any such occurrence (a “Section 11(a)(ii) Event”),
proper provision shall be made so that each holder of a Right, except as
provided in Section 7(e) hereof, shall thereafter have a right to receive, upon
exercise thereof at the then current Exercise Price in accordance with the terms
of this Agreement, in lieu of a number of one one-thousandths of a share of
Preferred Stock, such number of shares of Common Stock of the Company as shall
equal the result obtained by (x) multiplying the then current Exercise
Price by the then number of one one-thousandths of a share of Preferred Stock
for which a Right was exercisable immediately prior to the first occurrence of a
Section 11(a)(ii) Event, whether or not such Right was then exercisable, and
dividing that product by (y) 50% of the Fair Market Value per share of
Common Stock of the Company (determined pursuant to Section 11(d)) on the date
of the occurrence of a Section 11(a)(ii) Event (such number of shares being
referred to as the “Adjustment Shares”).

    
      
        
        

      

      
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    (iii)           In
lieu of issuing any shares of Common Stock of the Company in accordance with
Section 11(a)(ii) hereof, the Company, acting by or pursuant to a resolution of
the Board of Directors of the Company, may, and in the event that the number of
shares of Common Stock of the Company which are authorized by the Company’s
Articles of Incorporation but not outstanding or reserved for issuance for
purposes other than upon exercise of the Rights is not sufficient to permit the
exercise in full of the Rights in accordance with the foregoing subparagraph
(ii) of this Section 11(a), the Company, acting by or pursuant to a resolution
of the Board of Directors of the Company, shall:  (A) determine the
excess of (X) the Fair Market Value of the Adjustment Shares issuable upon the
exercise of a Right (the “Current Value”) over (Y) the Exercise Price
attributable to each Right (such excess being referred to as the “Spread”) and
(B) with respect to all or a portion of each Right (subject to Section 7(e)
hereof), make adequate provision to substitute for the Adjustment Shares, upon
payment of the applicable Exercise Price, (1) Common Stock of the Company or
equity securities, if any, of the Company other than Common Stock of the Company
(including without limitation shares, or units of shares, of Preferred Stock
that the Board of Directors of the Company has determined to have the same value
as shares of  Common Stock of the Company (such shares of Preferred
Stock being referred to herein as “Common Stock Equivalents”)), (2) cash, (3) a
reduction in the Exercise Price, (4) Preferred Stock Equivalents which the Board
of Directors of the Company has deemed to have the same value as shares of
Common Stock of the Company, (5) debt securities of the Company, (6) other
assets or securities of the Company or (7) any combination of the foregoing,
having an aggregate value equal to the Current Value, where such aggregate value
has been determined by the Board of Directors of the Company after receiving the
advice of a nationally recognized investment banking firm selected by the Board
of Directors of the Company; provided, however, that if the
Company shall not have made adequate provision to deliver value pursuant to
clause (B) above within thirty (30) days following the later of (x) the first
occurrence of a Section 11(a)(ii) Event and (y) the date on which the Company’s
right of redemption pursuant to Section 23(a) expires (the later of (x) and (y)
being referred to herein as the “Section 11(a)(ii) Trigger Date”), then the
Company shall be obligated to deliver, upon the surrender for exercise of a
Right and without requiring payment of the Exercise Price, shares of Common
Stock of the Company (to the extent available) and then, if necessary, cash,
which shares and/or cash have an aggregate value equal to the
Spread.  If the Board of Directors of the Company shall determine in
good faith that it is likely that sufficient additional shares of Common Stock
of the Company could be authorized for issuance upon exercise in full of the
Rights, the 30-day period set forth above may be extended to the extent
necessary, but not more than ninety (90) days after the Section 11(a)(ii)
Trigger Date, in order that the Company may seek stockholder approval for the
authorization of such additional shares (such period, as it may be extended,
being referred to herein as the “Substitution Period”).  To the extent
that the Company determines that some action need be taken pursuant to the first
and/or second sentences of this Section 11(a)(iii), the Company (x) shall
provide, subject to Section 7(e) hereof, that such action shall apply uniformly
to all outstanding Rights and (y) may suspend the exercisability of the Rights
until the expiration of the Substitution Period in order to seek any
authorization of additional shares and/or to decide the appropriate form of
distribution to be made pursuant to such first sentence and to determine the
value thereof.  In the event of any such suspension, the Company shall
issue a public announcement stating that the exercisability of the Rights has
been temporarily suspended and a public announcement at such time as the
suspension is no longer in effect.   For purposes of this Section
11(a)(iii), the value of the Common Stock of the Company and of the Preferred
Stock shall be the Fair Market Value (as determined pursuant to Section 11(d)
hereof) per share of the Common Stock of the Company and the Preferred Stock,
respectively, on the Section 11(a)(ii) Trigger Date, the value of any Common
Stock Equivalent shall be deemed to have the same value as the Common Stock of
the Company on such date and the value of any Preferred Stock Equivalent shall
be deemed to have the same value as the Preferred Stock on such
date.

    
      
        
        

      

      
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    (b)           If
the Company shall fix a record date for the issuance of rights, options or
warrants to all holders of Preferred Stock entitling them (for a period expiring
within forty-five (45) calendar days after such record date) to subscribe for or
purchase Preferred Stock (or securities having the same or more favorable
rights, privileges and preferences as the shares of Preferred Stock (“Preferred
Stock Equivalents”)) or securities convertible into Preferred Stock or Preferred
Stock Equivalents at a price per share of Preferred Stock or per share of
Preferred Stock Equivalents (or having a conversion price per share, if a
security convertible into Preferred Stock or Preferred Stock Equivalents) less
than the Fair Market Value (as determined pursuant to Section 11(d) hereof) per
share of Preferred Stock on such record date, the Exercise Price to be in effect
after such record date shall be determined by multiplying the Exercise Price in
effect immediately prior to such record date by a fraction, the numerator of
which shall be the number of shares of Preferred Stock outstanding on such
record date, plus the number of shares of Preferred Stock which the aggregate
offering price of the total number of shares of Preferred Stock and/or Preferred
Stock Equivalents to be offered (and the aggregate initial conversion price of
the convertible securities so to be offered) would purchase at such Fair Market
Value and the denominator of which shall be the number of shares of Preferred
Stock outstanding on such record date, plus the number of additional shares of
Preferred Stock and Preferred Stock Equivalents to be offered for subscription
or purchase (or into which the convertible securities so to be offered are
initially convertible); provided, however, that in no
event shall the consideration to be paid upon the exercise of a Right be less
than the aggregate par value of the shares of stock of the Company issuable upon
exercise of a Right.  In case such subscription price may be paid in a
consideration part or all of which shall be in a form other than cash, the value
of such consideration shall be the Fair Market Value thereof determined in
accordance with Section 11(d) hereof.  Shares of Preferred Stock owned
by or held for the account of the Company shall not be deemed outstanding for
the purpose of any such computation.  Such adjustments shall be made
successively whenever such a record date is fixed; and in the event that such
rights or warrants are not so issued, the Exercise Price shall be adjusted to be
the Exercise Price which would then be in effect if such record date had not
been fixed.

    
      
        
        

      

      
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    (c)           If
the Company shall fix a record date for the making of a distribution to all
holders of Preferred Stock (including any such distribution made in connection
with a consolidation or merger in which the Company is the continuing or
surviving corporation), of evidences of indebtedness, cash (other than a regular
periodic cash dividend out of the earnings or retained earnings of the Company),
assets (other than a dividend payable in Preferred Stock, but including any
dividend payable in stock other than Preferred Stock) or convertible securities,
subscription rights or warrants (excluding those referred to in Section 11(b)),
the Exercise Price to be in effect after such record date shall be determined by
multiplying the Exercise Price in effect immediately prior to such record date
by a fraction, the numerator of which shall be the Fair Market Value (as
determined pursuant to Section 11(d) hereof) per one one-thousandth of a share
of Preferred Stock on such record date, less the Fair Market Value (as
determined pursuant to Section 11(d) hereof) of the portion of the cash,
assets or evidences of indebtedness so to be distributed or of such convertible
securities, subscription rights or warrants applicable to one one-thousandth of
a share of Preferred Stock and the denominator of which shall be the Fair Market
Value (as determined pursuant to Section 11(d) hereof) per one one-thousandth of
a share of Preferred Stock; provided, however, that in no
event shall the consideration to be paid upon the exercise of a Right be less
than the aggregate par value of the shares of stock of the Company issuable upon
exercise of a Right.  Such adjustments shall be made successively
whenever such a record date is fixed; and in the event that such distribution is
not so made, the Exercise Price shall again be adjusted to be the Exercise Price
which would be in effect if such record date had not been fixed.

     

    (d)           For
the purpose of this Agreement, the “Fair Market Value” of any share of Preferred
Stock, Common Stock or any other stock or any Right or other security or any
other property shall be determined as provided in this Section
11(d).

     

    (i)           In
the case of a publicly-traded stock or other security, the Fair Market Value on
any date shall be deemed to be the average of the daily closing prices per share
of such stock or per unit of such other security for the 30 consecutive Trading
Days (as such term is hereinafter defined) immediately prior to such date; provided, however, that in the
event that the Fair Market Value per share of any share of stock is determined
during a period following the announcement by the issuer of such stock of
(x) a dividend or distribution on such stock payable in shares of such
stock or securities convertible into shares of such stock or (y) any
subdivision, combination or reclassification of such stock, and prior to the
expiration of the 30 Trading Day period after the ex-dividend date for such
dividend or distribution, or the record date for such subdivision, combination
or reclassification, then, and in each such case, the Fair Market Value shall be
properly adjusted to take into account ex-dividend trading.  The
closing price for each day shall be the last sale price, regular way, or, in
case no such sale takes place on such day, the average of the closing bid and
asked prices, regular way, in either case as reported in the principal
consolidated transaction reporting system with respect to securities listed or
admitted to trading on the New York Stock Exchange or, if the securities are not
listed or admitted to trading on the New York Stock Exchange, as reported in the
principal consolidated transaction reporting system with respect to securities
listed on the principal national securities exchange on which such security is
listed or admitted to trading; or, if not listed or admitted to trading on any
national securities exchange, the last quoted price (or, if not so quoted, the
average of the last quoted high bid and low asked prices) in the
over-the-counter market, as reported by NASDAQ or such other system then in use;
or, if on any such date no bids for such security are quoted by any such
organization, the average of the closing bid and asked prices as furnished by a
professional market maker making a market in such security selected by the Board
of Directors of the Company.  If on any such date no market maker is
making a market in such security, the Fair Market Value of such security on such
date shall be determined reasonably and with utmost good faith to the holders of
the Rights by the Board of Directors of the Company, provided, however, that if at
the time of such determination there is an Acquiring Person, the Fair Market
Value of such security on such date shall be determined by a nationally
recognized investment banking firm selected by the Board of Directors of the
Company, which determination shall be described in a statement filed with the
Rights Agent and shall be binding on the Rights Agent and the holders of the
Rights.  The term “Trading Day” shall mean a day on which the
principal national securities exchange on which such security is listed or
admitted to trading is open for the transaction of business or, if such security
is not listed or admitted to trading on any national securities exchange, a
Business Day.

    
      
        
        

      

      
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    (ii)           If
a security is not publicly held or not so listed or traded, “Fair Market Value”
shall mean the fair value per share of stock or per other unit of such security,
determined reasonably and in good faith to the holders of the Rights by the
Board of Directors of the Company; provided, however, that if at
the time of such determination there is an Acquiring Person, the Fair Market
Value of such security on such date shall be determined by a nationally
recognized investment banking firm selected by the Board of Directors of the
Company, which determination shall be described in a statement filed with the
Rights Agent and shall be binding on the Rights Agent and the holders of the
Rights; provided, however, that for the
purposes of making any adjustment provided for by Section 11(a)(ii) hereof, the
Fair Market Value of a share of Preferred Stock shall not be less than the
product of the then Fair Market Value of a share of Common Stock multiplied by
the higher of the then Dividend Multiple or Vote Multiple (as both of such terms
are defined in the Certificate of Designations attached as Exhibit A hereto)
applicable to the Preferred Stock and shall not exceed 105% of the product of
the then Fair Market Value of a share of Common Stock multiplied by the higher
of the then Dividend Multiple or Vote Multiple applicable to the Preferred
Stock.

     

    (iii)           In
the case of property other than securities, the Fair Market Value thereof shall
be determined reasonably and in good faith to the holders of Rights by the Board
of Directors of the Company; provided, however, that if at
the time of such determination there is an Acquiring Person, the Fair Market
Value of such property on such date shall be determined by a nationally
recognized investment banking firm selected by the Board of Directors of the
Company, which determination shall be described in a statement filed with the
Rights Agent and shall be binding upon the Rights Agent and the holders of the
Rights.

     

    (e)           Anything
herein to the contrary notwithstanding, no adjustment in the Exercise Price
shall be required unless such adjustment would require an increase or decrease
of at least 1% in the Exercise Price; provided, however, that any
adjustments which by reason of this Section 11(e) are not required to be made
shall be carried forward and taken into account in any subsequent
adjustment.  All calculations under this Section 11 shall be made
to the nearest cent or to the nearest hundred-thousandth of a share of Common
Stock of the Company or ten-millionth of a share of Preferred Stock, as the case
may be, or to such other figure as the Board of Directors of the Company may
deem appropriate.  Notwithstanding the first sentence of this Section
11(e), any adjustment required by this Section 11 shall be made no later than
the earlier of (i) three (3) years from the date of the transaction which
mandates such adjustment or (ii) the Expiration Date.

    
      
        
        

      

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

     

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

     

    (h)           Unless
the Company shall have exercised its election as provided in Section 11(i), upon
each adjustment of the Exercise Price as a result of the calculations made in
Section 11(b) and (c), each Right outstanding immediately prior to the making of
such adjustment shall thereafter evidence the right to purchase, at the adjusted
Exercise Price, that number of one one-thousandths of a share of Preferred Stock
(calculated to the nearest one ten-millionth) as the Board of Directors of the
Company determines is appropriate to preserve the economic value of the Rights,
including, by way of example, that number obtained by (i) multiplying (x) the
number of one one-thousandths of a share of Preferred Stock for which a Right
may be exercisable immediately prior to this adjustment by (y) the Exercise
Price in effect immediately prior to such adjustment of the Exercise Price and
(ii) dividing the product so obtained by the Exercise Price in effect
immediately after such adjustment of the Exercise Price.

     

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

    
      
        
        

      

      
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    (j)           Irrespective
of any adjustment or change in the Exercise Price or the number of one
one-thousandths of a share of Preferred Stock issuable upon the exercise of the
Rights, the Right Certificates theretofore and thereafter issued may continue to
express the Exercise Price per share and the number of shares which were
expressed in the initial Right Certificates issued hereunder without prejudice
to any adjustment or change.

     

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

     

    (l)           In
any case in which this Section 11 shall require that an adjustment in the
Exercise Price be made effective as of a record date for a specified event, the
Company may elect to defer until the occurrence of such event the issuing to the
holder of any Right exercised after such record date the number of one
one-thousandths of a share of Preferred Stock or other capital stock or
securities of the Company, if any, issuable upon such exercise over and above
the number of one one-thousandths of a share of Preferred Stock and other
capital stock or securities of the Company, if any, issuable upon such exercise
on the basis of the Exercise Price in effect prior to such adjustment; provided, however, that the
Company shall deliver to such holder a due bill or other appropriate instrument
evidencing such holder’s right to receive such additional shares upon the
occurrence of the event requiring such adjustment.

     

    (m)           Anything
in this Section 11 to the contrary notwithstanding, the Company shall be
entitled to make such reductions in the Exercise Price, in addition to those
adjustments expressly required by this Section 11, as and to the extent
that in its good faith judgment the Board of Directors of the Company shall
determine to be advisable in order that any consolidation or subdivision of the
Preferred Stock, issuance wholly for cash of any shares of Preferred Stock at
less than the Fair Market Value, issuance wholly for cash of shares of Preferred
Stock or securities which by their terms are convertible into or exchangeable
for shares of Preferred Stock, stock dividends or issuance of rights, options or
warrants referred to hereinabove in this Section 11, hereafter made by the
Company to holders of its Preferred Stock, shall not be taxable to such
shareholders.

    
      
        
        

      

      
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    (n)           The
Company covenants and agrees that it shall not, at any time after the
Distribution Date and so long as the Rights have not been redeemed pursuant to
Section 23 hereof or exchanged pursuant to Section 24 hereof, (i) consolidate
with (other than a Subsidiary of the Company in a transaction that complies with
the proviso at the end of this sentence), (ii) merge with or into, or (iii) sell
or transfer (or permit any Subsidiary to sell or transfer), in one transaction
or a series of related transactions, assets or earning power aggregating 50% or
more of the assets or earning power of the Company and its Subsidiaries taken as
a whole, to any other Person or Persons (other than the Company and/or any of
its Subsidiaries in one or more transactions each of which complies with the
proviso at the end of this sentence) if (x) at the time of or immediately after
such consolidation, merger or sale there are any rights, warrants or other
instruments outstanding or agreements or arrangements in effect which would
substantially diminish or otherwise eliminate the benefits intended to be
afforded by the Rights, or (y) prior to, simultaneously with or immediately
after such consolidation, merger or sale the shareholders of a Person who
constitutes, or would constitute, the “Principal Party” for the purposes of
Section 13(a) hereof shall have received a distribution of Rights previously
owned by such Person or any of its Affiliates and Associates; provided, however, that,
subject to the following sentence, this Section 11(n) shall not affect the
ability of any Subsidiary of the Company to consolidate with, or merge with or
into, or sell or transfer assets or earning power to, any other Subsidiary of
the Company.  The Company further covenants and agrees that after the
Distribution Date it will not, except as permitted by Section 23 or
Section 27 hereof, take (or permit any Subsidiary to take) any action if at
the time such action is taken it is reasonably foreseeable that such action will
substantially diminish or otherwise eliminate the benefits intended to be
afforded by the Rights.

     

    (o)           Notwithstanding
anything in this Agreement to the contrary, in the event the Company shall at
any time after the date of this Agreement and prior to the Distribution Date (i)
declare or pay any dividend on the outstanding Common Stock of the Company
payable in shares of Common Stock of the Company or (ii) effect a subdivision,
combination or consolidation of the outstanding shares of Common Stock of the
Company (by reclassification or otherwise than by payment of dividends in shares
of Common Stock of the Company) into a greater or lesser number of shares of
Common Stock of the Company, then in any such case (A) the number of one
one-thousandths of a share of Preferred Stock purchasable after such event upon
proper exercise of each Right shall be determined by multiplying the number of
one one-thousandths of a share of Preferred Stock so purchasable immediately
prior to such event by a fraction, the numerator of which is the number of
shares of Common Stock of the Company outstanding immediately prior to such
event and the denominator of which is the number of shares of Common Stock of
the Company outstanding immediately after such event, and (B) each share of
Common Stock of the Company outstanding immediately after such event shall have
issued with respect to it that number of Rights which each share of Common Stock
of the Company outstanding immediately prior to such event had issued with
respect to it.  The adjustments provided for in this Section 11(o)
shall be made successively whenever such a dividend is declared or paid or such
a subdivision, combination or consolidation is effected.

     

    (p)           The
exercise of Rights under Section 11(a)(ii) shall only result in the loss of
rights under Section 11(a)(ii) to the extent so exercised and neither such
exercise nor any exchange of Rights pursuant to Section 24 shall otherwise
affect the rights of holders of Right Certificates under this Rights Agreement,
including rights to purchase securities of the Principal Party following a
Section 13 Event which has occurred or may thereafter occur, as set forth in
Section 13 hereof.  Upon exercise of a Right Certificate under Section
11(a)(ii), the Rights Agent shall return such Right Certificate duly marked to
indicate that such exercise has occurred.

    
      
        
        

      

      
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    Section
12.  Certificate of Adjusted Exercise Price or Number of
Shares

     

    .  Whenever
an adjustment is made as provided in Section 11 or Section 13 hereof, the
Company shall (a) promptly prepare a certificate setting forth such adjustment
and a brief statement of the facts accounting for such adjustment, (b) promptly
file with the Rights Agent and with each transfer agent for the Preferred Stock
and the Common Stock of the Company a copy of such certificate and (c) mail a
brief summary thereof to each holder of a Right Certificate (or, if prior to the
Distribution Date, to each holder of a certificate representing shares of Common
Stock of the Company) in accordance with Section 26 hereof.  The
Rights Agent shall be fully protected in relying on any such certificate and on
any adjustment contained therein and shall not be deemed to have knowledge of
any such adjustment unless and until it shall have received such
certificate.

     

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

     

    (a)           In
the event that, following the Stock Acquisition Date, directly or indirectly,
(x) the Company shall consolidate with, or merge with and into, any other Person
(other than a Subsidiary of the Company in a transaction which is not prohibited
by Section 11(n) hereof), and the Company shall not be the continuing or
surviving corporation of such consolidation or merger, (y) any Person (other
than a Subsidiary of the Company in a transaction which is not prohibited by the
proviso at the end of the first sentence of Section 11(n) hereof) shall
consolidate with the Company, or merge with and into the Company and the Company
shall be the continuing or surviving corporation of such merger and, in
connection with such merger, all or part of the shares of Common Stock of the
Company shall be changed into or exchanged for stock or other securities of any
other Person or cash or any other property, or (z) the Company shall sell,
mortgage or otherwise transfer (or one or more of its Subsidiaries shall sell,
mortgage or otherwise transfer), in one transaction or a series of related
transactions, assets or earning power aggregating 50% or more of the assets or
earning power of the Company and its Subsidiaries (taken as a whole) to any
other Person or Persons (other than the Company or any Subsidiary of the Company
in one or more transactions, each of which is not prohibited by the proviso at
the end of the first sentence of Section 11(n) hereof), then, and in each such
case, proper provision shall be made so that:  (i) each holder of a
Right, except as provided in Section 7(e) hereof, shall have the right to
receive, upon the exercise thereof at the then current Exercise Price in
accordance with the terms of this Agreement, such number of validly authorized
and issued, fully paid and nonassessable shares of freely tradable Common Stock
of the Principal Party (as hereinafter defined in Section 13(b)), free and
clear of rights of call or first refusal, liens, encumbrances, transfer
restrictions or other adverse claims, as shall be equal to the result obtained
by (1) multiplying the then current Exercise Price by the number of one
one-thousandths of a share of Preferred Stock for which a Right is exercisable
immediately prior to the first occurrence of a Section 13 Event (without
taking into account any adjustment previously made pursuant to Section 11(a)(ii)
or 11(a)(iii) hereof), and dividing that product by (2) 50% of the Fair Market
Value (determined pursuant to Section 11(d) hereof) per share of the Common
Stock of such Principal Party on the date of consummation of such consolidation,
merger, sale or transfer; (ii) such Principal Party shall thereafter be liable
for, and shall assume, by virtue of such consolidation, merger, sale, mortgage
or transfer, all the obligations and duties of the Company pursuant to this
Agreement; (iii) the term “Company” shall thereafter be deemed to refer to such
Principal Party, it being specifically intended that the provisions of
Section 11 hereof shall apply to such Principal Party; and (iv) such
Principal Party shall take such steps (including, but not limited to, the
reservation of a sufficient number of shares of its Common Stock to permit
exercise of all outstanding Rights in accordance with this Section 13(a) and the
making of payments in cash and/or other securities in accordance with Section
11(a)(iii) hereof) in connection with such consummation as may be necessary to
assure that the provisions hereof shall thereafter be applicable, as nearly as
reasonably may be, in relation to its shares of Common Stock thereafter
deliverable upon the exercise of the Rights.

    
      
        
        

      

      
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    (b)           “Principal
Party” shall mean

     

    (i)           in
the case of any transaction described in clause (x) or (y) of the first sentence
of Section 13(a), the Person that is the issuer of any securities into which
shares of Common Stock of the Company are converted in such merger or
consolidation, or, if there is more than one such issuer, the issuer of Common
Stock that has the highest aggregate Fair Market Value (determined pursuant to
Section 11(d)), and if no securities are so issued, the Person that is the other
party to the merger or consolidation, or, if there is more than one such Person,
the Person the Common Stock of which has the highest aggregate Fair Market Value
(determined pursuant to Section 11(d)); and

     

    (ii)           in
the case of any transaction described in clause (z) of the first sentence of
Section 13(a), the Person that is the party receiving the greatest portion of
the assets or earning power transferred pursuant to such transaction or
transactions, or, if each Person that is a party to such transaction or
transactions receives the same portion of the assets or earning power
transferred pursuant to such transaction or transactions or if the Person
receiving the largest portion of the assets or earning power cannot be
determined, whichever Person the Common Stock of which has the highest aggregate
Fair Market Value (determined pursuant to Section 11(d));

     

    provided, however, that in any
such case described in clauses (i) or (ii) of Section 13(b) hereof, (1) if the
Common Stock of such Person is not at such time and has not been continuously
over the preceding 12-month period registered under Section 12 of the
Exchange Act (“Registered Common Stock”) or such Person is not a corporation,
and such Person is a direct or indirect Subsidiary or Affiliate of another
Person who has Registered Common Stock outstanding, “Principal Party” shall
refer to such other Person; (2) if the Common Stock of such Person is not
Registered Common Stock or such Person is not a corporation, and such Person is
a direct or indirect Subsidiary of another Person but is not a direct or
indirect Subsidiary of another Person which has Registered Common Stock
outstanding, “Principal Party” shall refer to the ultimate parent entity of such
first-mentioned Person; (3) if the Common Stock of such Person is not Registered
Common Stock or such Person is not a corporation, and such Person is directly or
indirectly controlled by more than one Person, and one or more of such other
Persons has Registered Common Stock outstanding, “Principal Party” shall refer
to whichever of such other Persons is the issuer of the Registered Common Stock
having the highest aggregate Fair Market Value (determined pursuant to Section
11(d)); and (4) if the Common Stock of such Person is not Registered Common
Stock or such Person is not a corporation, and such Person is directly or
indirectly controlled by more than one Person, and none of such other Persons
has Registered Common Stock outstanding, “Principal Party” shall refer to
whichever ultimate parent entity is the corporation having the greatest
stockholders’ equity or, if no such ultimate parent entity is a corporation,
“Principal Party” shall refer to whichever ultimate parent entity is the entity
having the greatest net assets.

    
      
        
        

      

      
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    (c)           The
Company shall not consummate any such consolidation, merger, sale or transfer
unless prior thereto (x) the Principal Party shall have a sufficient number of
authorized shares of its Common Stock, which have not been issued or reserved
for issuance, to permit the exercise in full of the Rights in accordance with
this Section 13, and (y) the Company and each Principal Party and each
other Person who may become a Principal Party as a result of such consolidation,
merger, sale or transfer shall have executed and delivered to the Rights Agent a
supplemental agreement providing for the terms set forth in Section 13(a) and
(b) and further providing that, as soon as practicable after the date of any
consolidation, merger, sale or transfer of assets mentioned in Section 13(a),
the Principal Party at its own expense will:

     

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

     

    (ii)           qualify
or register the Rights and the securities purchasable upon exercise of the
Rights under the blue sky laws of such jurisdictions as may be necessary or
appropriate;

     

    (iii)           list
(or continue the listing of) the Rights and the securities purchasable upon
exercise of the Rights on a national securities exchange or to meet the
eligibility requirements for quotation on NASDAQ; and

     

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

     

    (d)           In
case the Principal Party which is to be a party to a transaction referred to in
this Section 13 has a provision in any of its authorized securities or in its
certificate of incorporation or By-laws or other instrument governing its
affairs, which provision would have the effect of (i) causing such Principal
Party to issue (other than to holders of Rights pursuant to this Section 13), in
connection with, or as a consequence of, the consummation of a transaction
referred to in this Section 13, shares of Common Stock of such Principal Party
at less than the then current Fair Market Value (determined pursuant to Section
11(d)) or securities exercisable for, or convertible into, Common Stock of such
Principal Party at less than such Fair Market Value, or (ii) providing for any
special payment, tax or similar provisions in connection with the issuance of
the Common Stock of such Principal Party pursuant to the provisions of this
Section 13, then, in such event, the Company shall not consummate any such
transaction unless prior thereto the Company and such Principal Party shall have
executed and delivered to the Rights Agent a supplemental agreement providing
that the provision in question of such Principal Party shall have been canceled,
waived or amended, or that the authorized securities shall be redeemed, so that
the applicable provision will have no effect in connection with, or as a
consequence of, the consummation of the proposed transaction.

    
      
        
        

      

      
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    The
provisions of this Section 13 shall similarly apply to successive mergers
or consolidations or sales or other transfers.

     

    Section
14.  Fractional Rights and Fractional Shares.

     

    (a)           The
Company shall not be required to issue fractions of Rights, except prior to the
Distribution Date as provided in Section 11(o) hereof, or to distribute Right
Certificates which evidence fractional Rights.  If the Company elects
not to issue such fractional Rights, the Company shall pay, in lieu of such
fractional Rights, to the registered holders of the Right Certificates with
regard to which such fractional Rights would otherwise be issuable, an amount in
cash equal to the same fraction of the Fair Market Value of a whole Right, as
determined pursuant to Section 11(d) hereof.

     

    (b)           The
Company shall not be required to issue fractions of shares of Preferred Stock
(other than fractions which are integral multiples of one one-thousandth of a
share of Preferred Stock) upon exercise of the Rights or to distribute
certificates which evidence fractional shares of Preferred Stock (other than
fractions which are integral multiples of one one-thousandth of a share of
Preferred Stock).  In lieu of fractional shares of Preferred Stock
that are not integral multiples of one one-thousandth of a share of Preferred
Stock, the Company may pay to the registered holders of Right Certificates at
the time such Rights are exercised as herein provided an amount in cash equal to
the same fraction of the Fair Market Value of one one-thousandth of a share of
Preferred Stock.  For purposes of this Section 14(b), the Fair Market
Value of one one-thousandth of a share of Preferred Stock shall be determined
pursuant to Section 11(d) hereof for the Trading Day immediately prior to the
date of such exercise.

     

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

     

    Section
15.  Rights of Action

     

    .  All
rights of action in respect of this Agreement, other than rights of action
vested in the Rights Agent pursuant to Sections 18 and 20 hereof, are vested in
the respective registered holders of the Right Certificates (or, prior to the
Distribution Date, the registered holders of the Common Stock of the Company);
and any registered holder of any Right Certificate (or, prior to the
Distribution Date, of the Common Stock of the Company), without the consent of
the Rights Agent or of the holder of any other Right Certificate (or, prior to
the Distribution Date, of the Common Stock of the Company), may, in such
registered holder’s own behalf and for such registered holder’s own benefit,
enforce, and may institute and maintain any suit, action or proceeding against
the Company to enforce, or otherwise act in respect of, his right to exercise
the Right evidenced by such Right Certificate in the manner provided in such
Right Certificate and in this Agreement.  Without limiting the
foregoing or any remedies available to the holders of Rights, it is specifically
acknowledged that the holders of Rights would not have an adequate remedy at law
for any breach of this Agreement and shall be entitled to specific performance
of the obligations hereunder and injunctive relief against actual or threatened
violations of the obligations hereunder of any Person subject to this
Agreement.  Holders of Rights shall be entitled to recover the
reasonable costs and expenses, including attorneys’ fees, incurred by them in
any action to enforce the provisions of this Agreement.

    
      
        
        

      

      
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    Section
16.  Agreement of Right Holders

     

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

     

    (a)           prior
to the Distribution Date, each Right will be transferable only simultaneously
and together with the transfer of shares of Common Stock of the
Company;

     

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

     

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

     

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

     

    Section
17.  Right Certificate Holder Not Deemed a Shareholder

     

    .  No
holder, as such, of any Right Certificate shall be entitled to vote, receive
dividends or be deemed for any purpose the holder of the shares of Preferred
Stock or any other securities of the Company which may at any time be issuable
on the exercise of the Rights represented thereby, nor shall anything contained
herein or in any Right Certificate be construed to confer upon the holder of any
Right Certificate, as such, any of the rights of a shareholder of the Company or
any right to vote for the election of directors or upon any matter submitted to
shareholders at any meeting thereof, or to give or withhold consent to any
corporate action, or to receive notice of meetings or other actions affecting
shareholders (except as provided in Section 25 hereof), or to receive
dividends or subscription rights, or otherwise, until the Right or Rights
evidenced by such Right Certificate shall have been exercised in accordance with
the provisions hereof.

    
      
        
        

      

      
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    Section
18.  Concerning the Rights Agent.

     

    (a)           The
Company agrees to pay to the Rights Agent such compensation as shall be agreed
to in writing between the Company and the Rights Agent for all services rendered
by it hereunder and, from time to time, on demand of the Rights Agent, its
reasonable expenses and counsel fees and disbursements and other disbursements
incurred in the administration and execution of this Agreement and the exercise
and performance of its duties hereunder.  The Company also agrees to
indemnify the Rights Agent for, and to hold it harmless against, any loss,
liability, or expense, incurred without gross negligence, bad faith or willful
misconduct on the part of the Rights Agent, for anything done or omitted by the
Rights Agent in connection with the acceptance and administration of this
Agreement, including the costs and expenses of defending against any claim of
liability arising therefrom, directly or indirectly.  The provisions
of this Section 18(a) shall survive the expiration of the Rights and the
termination of this Agreement.

     

    (b)           The
Rights Agent shall be protected and shall incur no liability for or in respect
of any action taken, suffered or omitted by it in connection with its
administration of this Agreement in reliance upon any Right Certificate or
certificate representing Common Stock of the Company, Preferred Stock, or other
securities of the Company, instrument of assignment or transfer, power of
attorney, endorsement, affidavit, letter, notice, direction, consent,
certificate, statement, or other paper or document believed by it in good faith
and without negligence to be genuine and to be signed and executed by the proper
Person or Persons.

     

    (c)           The
Rights Agent shall not be liable for consequential damages under any provision
of this Agreement or for any consequential damages arising out of any act or
failure to act hereunder.

     

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

     

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

    
      
        
        

      

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

     

    Section
20.  Duties of Rights Agent

     

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

     

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

     

    (b)           Whenever
in the performance of its duties under this Agreement the Rights Agent shall
deem it necessary or desirable that any fact or matter (including, without
limitation, the identity of any Acquiring Person and the determination of “Fair
Market Value”) be proved or established by the Company prior to taking or
suffering any action hereunder, such fact or matter (unless other evidence in
respect thereof shall be herein specifically prescribed) may be deemed to be
conclusively proved and established by a certificate signed by a person believed
by the Rights Agent to be the Chairman of the Board of Directors, a Vice
Chairman of the Board of Directors, the President, a Vice President, the
Treasurer, any Assistant Treasurer, the Secretary or an Assistant Secretary of
the Company and delivered to the Rights Agent.  Any such certificate
shall be full authorization to the Rights Agent for any action taken or suffered
in good faith by it under the provisions of this Agreement in reliance upon such
certificate.

     

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

     

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

     

    (e)           The
Rights Agent shall not be under any responsibility in respect of the validity of
this Agreement or the execution and delivery hereof (except the due execution
hereof by the Rights Agent) or in respect of the validity or execution of any
Right Certificate (except its countersignature thereof); nor shall it be
responsible for any breach by the Company of any covenant or condition contained
in this Agreement or in any Right Certificate; nor shall it be responsible for
any change in the exercisability of the Rights (including the Rights becoming
void pursuant to Section 7(e) hereof) or any adjustment required under the
provisions of Sections 11, 13 or 23(c) hereof or responsible for the
manner, method or amount of any such adjustment or the ascertaining of the
existence of facts that would require any such adjustment (except with respect
to the exercise of Rights evidenced by Right Certificates after receipt of a
certificate describing any such adjustment furnished in accordance with Section
12 hereof), nor shall it be responsible for any determination by the Board of
Directors of the Company of the Fair Market Value of the Rights or Preferred
Stock pursuant to the provisions of Section 14 hereof; nor shall it by any
act hereunder be deemed to make any representation or warranty as to the
authorization or reservation of any shares of Common Stock of the Company or
Preferred Stock to be issued pursuant to this Agreement or any Right Certificate
or as to whether or not any shares of Common Stock of the Company or Preferred
Stock will, when so issued, be validly authorized and issued, fully paid and
nonassessable.

    
      
        
        

      

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

     

    (g)           The
Rights Agent is hereby authorized and directed to accept instructions with
respect to the performance of its duties hereunder and certificates delivered
pursuant to any provision hereof from any person believed by the Rights Agent to
be the Chairman of the Board of Directors, any Vice Chairman of the Board of
Directors, the President, a Vice President, the Secretary, an Assistant
Secretary, the Treasurer or an Assistant Treasurer of the Company, and is
authorized to apply to such officers for advice or instructions in connection
with its duties, and it shall not be liable for any action taken or suffered to
be taken by it in good faith in accordance with instructions of any such
officer.  Any application by the Rights Agent for written instructions
from the Company may, at the option of the Rights Agent, set forth in writing
any action proposed to be taken or omitted by the Rights Agent under this
Agreement and the date on or after which such action shall be taken or such
omission shall be effective.  The Rights Agent shall not be liable for
any action taken by, or omission of, the Rights Agent in accordance with a
proposal included in such application on or after the date specified in such
application (which date shall not be less than five Business Days after the date
any officer of the Company actually receives such application, unless any such
officer shall have consented in writing to an earlier date) unless, prior to
taking any such action (or the effective date in the case of an omission), the
Rights Agent shall have received written instructions in response to such
application specifying the action to be taken or omitted.

     

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

     

    (i)           The
Rights Agent may execute and exercise any of the rights or powers hereby vested
in it or perform any duty hereunder either itself or by or through its attorneys
or agents.

     

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

    
      
        
        

      

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

     

    Section
21.  Change of Rights Agent

     

    .  The
Rights Agent or any successor Rights Agent may resign and be discharged from its
duties under this Agreement upon thirty (30) days’ notice in writing mailed to
the Company by first class mail, provided, however, that in the
event the transfer agency relationship in effect between the Company and the
Rights Agent with respect to the Common Stock of the Company terminates, the
Rights Agent will be deemed to have resigned automatically on the effective date
of such termination.  The Company may remove the Rights Agent or any
successor Rights Agent (with or without cause), effective immediately or on a
specified date, by written notice given to the Rights Agent or successor Rights
Agent, as the case may be, and to each transfer agent of the Common Stock of the
Company and Preferred Stock, and by giving notice to the holders of the Right
Certificates by any means reasonably determined by the Company to inform such
holders of such removal (including without limitation, by including such
information in one or more of the Company’s reports to shareholders or reports
or filings with the Securities and Exchange Commission).  If the
Rights Agent shall resign or be removed or shall otherwise become incapable of
acting, the Company shall appoint a successor to the Rights Agent.  If
the Company shall fail to make such appointment within a period of thirty (30)
days after giving notice of such removal or after it has been notified in
writing of such resignation or incapacity by the resigning or incapacitated
Rights Agent or by the holder of a Right Certificate (who shall, with such
notice, submit his Right Certificate for inspection by the Company), then the
incumbent Rights Agent or the registered holder of any Right Certificate may
apply to any court of competent jurisdiction for the appointment of a new Rights
Agent.  Any successor Rights Agent, whether appointed by the Company
or by such a court, shall be (a) a corporation organized and doing business
under the laws of the United States, the State of Delaware, the Commonwealth of
Massachusetts or the State of New York (or of any other state of the United
States so long as such corporation is authorized to do business as a banking
institution in the State of Delaware, the Commonwealth of Massachusetts or the
State of New York), in good standing, which is authorized under such laws to
exercise stock transfer or corporate trust powers and is subject to supervision
or examination by federal or state authority and which has at the time of its
appointment as Rights Agent a combined capital and surplus of at least
$10,000,000 or (b) an Affiliate of a Person described in clause (a) of this
sentence.  After appointment, the successor Rights Agent shall be
vested with the same powers, rights, duties and responsibilities as if it had
been originally named as Rights Agent without further act or deed; but the
predecessor Rights Agent shall deliver and transfer to the successor Rights
Agent any property at the time held by it hereunder, and execute and deliver any
further assurance, conveyance, act or deed necessary for the
purpose.  Not later than the effective date of any such appointment,
the Company shall file notice thereof in writing with the predecessor Rights
Agent and each transfer agent of the Common Stock of the Company and the
Preferred Stock, and give notice to the holders of the Right Certificates by any
means reasonably determined by the Company to inform such holders of such
appointment (including without limitation, by including such information in one
or more of the Company’s reports to shareholders or reports or filings with the
Securities and Exchange Commission).  Failure to give any notice
provided for in this Section 21, however, or any defect therein, shall not
affect the legality or validity of the resignation or removal of the Rights
Agent or the appointment of the successor Rights Agent, as the case may
be.

    
      
        
        

      

      
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    Section
22.  Issuance of New Right Certificates

     

    .  Notwithstanding
any of the provisions of this Agreement or of the Rights to the contrary, the
Company may, at its option, issue new Right Certificates evidencing Rights in
such form as may be approved by the Board of Directors of the Company to reflect
any adjustment or change in the Exercise Price per share and the number or kind
or class of shares of stock or other securities or property purchasable under
the Right Certificates made in accordance with the provisions of this
Agreement.  In addition, in connection with the issuance or sale of
shares of Common Stock of the Company following the Distribution Date and prior
to the redemption or expiration of the Rights, the Company (a) shall, with
respect to shares of Common Stock of the Company so issued or sold pursuant to
the exercise of stock options or under any employee plan or arrangement, or upon
the exercise, conversion or exchange of securities hereafter issued by the
Company, and (b) may, in any other case, if deemed necessary or appropriate by
the Board of Directors of the Company, issue Right Certificates representing the
appropriate number of Rights in connection with such issuance or sale; provided, however, that (i) no
such Right Certificate shall be issued if, and to the extent that, the Company
shall be advised by counsel that such issuance would create a significant risk
of material adverse tax consequences to the Company or the person to whom such
Right Certificate would be issued, and (ii) no such Right Certificate shall be
issued if, and to the extent that, appropriate adjustments shall otherwise have
been made in lieu of the issuance thereof.

     

    Section
23.  Redemption.

     

    (a)           The
Board of Directors of the Company may, at its option, redeem all but not less
than all of the then outstanding Rights at a redemption price of $0.01 per
Right, appropriately adjusted to reflect any stock dividend declared or paid,
any subdivision or combination of the outstanding shares of Common Stock of the
Company or any similar event occurring after the date of this Agreement (such
redemption price, as adjusted from time to time, being hereinafter referred to
as the “Redemption Price”).  The Rights may be redeemed only until the
earlier to occur of (i) the time at which any Person becomes an Acquiring Person
or (ii) the Final Expiration Date.

     

    (b)           Immediately
upon the action of the Board of Directors of the Company ordering the redemption
of the Rights in accordance with Section 23 hereof, and without any further
action and without any notice, the right to exercise the Rights will terminate
and the only right thereafter of the holders of Rights shall be to receive the
Redemption Price for each Right so held.  Promptly after the action of
the Board of Directors of the Company ordering the redemption of the Rights in
accordance with Section 23 hereof, the Company shall give notice of such
redemption to the Rights Agent and the holders of the then outstanding Rights by
mailing such notice to the Rights Agent and to all such holders at their last
addresses as they appear upon the registry books of the Rights Agent or, prior
to the Distribution Date, on the registry books of the Transfer Agent for the
Common Stock of the Company.  Any notice which is mailed in the manner
herein provided shall be deemed given, whether or not the holder receives the
notice.  The Company promptly shall mail a notice of any such exchange
to all of the holders of such Rights at their last addresses as they appear upon
the registry books of the Rights Agent.  Any notice which is mailed in
the manner herein provided shall be deemed given, whether or not the holder
receives the notice.  Each such notice of redemption will state the
method by which the payment of the Redemption Price will be
made.  Neither the Company nor any of its Affiliates or Associates may
redeem, acquire or purchase for value any Rights at any time in any manner other
than that specifically set forth in this Section 23 or Section 24 hereof or
in connection with the purchase of shares of Common Stock of the Company prior
to the Distribution Date.

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    (c)           The
Company may, at its option, pay the Redemption Price in cash, shares of Common
Stock of the Company (based on the Fair Market Value of the Common Stock of the
Company as of the time of redemption) or any other form of consideration deemed
appropriate by the Board of Directors of the Company.

     

    Section
24.  Exchange.

     

    (a)           b)           The
Board of Directors of the Company may, at its option, at any time on or after
the occurrence of a Section 11(a)(ii) Event, exchange all or part of the then
outstanding and exercisable Rights (which shall not include Rights that have
become void pursuant to the provisions of Section 7(e) hereof) for shares of
Common Stock of the Company at an exchange ratio of one share of Common Stock of
the Company per Right, appropriately adjusted to reflect any stock split, stock
dividend or similar transaction occurring after the date hereof (such exchange
ratio being hereinafter referred to as the “Section 24(a)(i) Exchange
Ratio”).  Notwithstanding the foregoing, the Board of Directors of the
Company shall not be empowered to effect such exchange at any time after any
Person (other than an Exempt Person), together with all Affiliates and
Associates of such Person, becomes the Beneficial Owner of 50% or more of the
Common Stock of the Company.

     

    (ii)           Notwithstanding
the foregoing, the Board of Directors of the Company may, at its option, at any
time on or after the occurrence of a Section 11(a)(ii) Event, exchange all or
part of the then outstanding and exercisable Rights (which shall not include
Rights that have become null and void pursuant to the provisions of Section 7(e)
hereof) for shares of Common Stock of the Company at an exchange ratio specified
in the following sentence, as appropriately adjusted to reflect any stock split,
stock dividend or similar transaction occurring after the date of this
Agreement.  Subject to the adjustment described in the foregoing
sentence, each Right may be exchanged for that number of shares of Common Stock
of the Company obtained by dividing the Spread (as defined in Section
11(a)(iii)) by the then Fair Market Value per one one-thousandth of a share of
Preferred Stock on the earlier of (x) the date on which any person becomes an
Acquiring Person or (y) the date on which a tender or exchange offer by any
Person (other than an Exempt Person) is first published or sent or given within
the meaning of Rule 14d-4(a) of the Exchange Act or any successor rule, if upon
consummation thereof such Person could become an Acquiring Person (such exchange
ratio being referred to herein as the “Section 24(a)(ii) Exchange
Ratio”).  Notwithstanding the foregoing, the Board of Directors of the
Company shall not be empowered to effect such exchange at any time after any
Person (other than an Exempt Person), together with all Affiliates and
Associates of such Person, becomes the Beneficial Owner of 50% or more of the
Common Stock of the Company.

    
      
        
        

      

      
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    (b)           Immediately
upon the action of the Board of Directors of the Company ordering the exchange
of any Rights pursuant to subsection (a) of this Section 24 and without any
further action and without any notice, the right to exercise such Rights
pursuant to Section 11(a)(ii) shall terminate and the only right thereafter of a
holder of such Rights shall be to receive that number of shares of Common Stock
of the Company equal to the number of such Rights held by such holder multiplied
by the Section 24(a)(i) Exchange Ratio or the Section 24(a)(ii) Exchange Ratio,
as applicable; provided, however, that the
holder of a Right exchanged pursuant to this Section 24 shall continue to have
the right to purchase securities or other property of the Principal Party
following a Section 13 Event that has occurred or may thereafter
occur.  The Company shall promptly give notice of any such exchange in
accordance with Section 26 hereof and shall promptly mail a notice of any such
exchange to all of the holders of such Rights at their last addresses as they
appear upon the registry books of the Rights Agent; provided, however, that the
failure to give, or any defect in, such notice shall not affect the validity of
such exchange.  Any notice which is mailed in the manner herein
provided shall be deemed given, whether or not the holder receives the
notice.  Each such notice of exchange will state the method by which
the exchange of the shares of Common Stock of the Company for Rights will be
effected and, in the event of any partial exchange, the number of Rights which
will be exchanged.  Any partial exchange shall be effected pro rata
based on the number of Rights (other than Rights which have become null and void
pursuant to the provisions of Section 7(e) hereof) held by each holder of
Rights.

     

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

     

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

     

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

    
      
        
        

      

      
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    Section
25.  Notice of Certain Events.

     

    (a)           In
case the Company shall propose, at any time after the Distribution Date, (i) to
pay any dividend payable in stock of any class to the holders of Preferred Stock
or to make any other distribution to the holders of Preferred Stock (other than
a regular periodic cash dividend out of earnings or retained earnings of the
Company), or (ii) to offer to the holders of Preferred Stock rights or warrants
to subscribe for or to purchase any additional shares of Preferred Stock or
shares of stock of any class or any other securities, rights or options, or
(iii) to effect any reclassification of its Preferred Stock (other than a
reclassification involving only the subdivision of outstanding shares of
Preferred Stock), or (iv) to effect any consolidation or merger into or with, or
to effect any sale, mortgage or other transfer (or to permit one or more of its
Subsidiaries to effect any sale, mortgage or other transfer), in one transaction
or a series of related transactions, of 50% or more of the assets or earning
power of the Company and its Subsidiaries (taken as a whole) to, any other
Person (other than a Subsidiary of the Company in one or more transactions each
of which is not prohibited by the proviso at the end of the first sentence of
Section 11(n) hereof), or (v) to effect the liquidation, dissolution or winding
up of the Company, or (vi) to declare or pay any dividend on the Common
Stock of the Company payable in Common Stock of the Company or to effect a
subdivision, combination or consolidation of the Common Stock of the Company (by
reclassification or otherwise than by payment of dividends in Common Stock of
the Company) then in each such case, the Company shall give to each holder of a
Right Certificate and to the Rights Agent, in accordance with Section 26
hereof, a notice of such proposed action, which shall specify the record date
for the purposes of such stock dividend, distribution of rights or warrants, or
the date on which such reclassification, consolidation, merger, sale, transfer,
liquidation, dissolution, or winding up is to take place and the date of
participation therein by the holders of the shares of Common Stock of the
Company and/or Preferred Stock, if any such date is to be fixed, and such notice
shall be so given in the case of any action covered by clause (i) or (ii) above
at least twenty (20) days prior to the record date for determining holders of
the shares of Preferred Stock for purposes of such action, and in the case of
any such other action, at least twenty (20) days prior to the date of the taking
of such proposed action or the date of participation therein by the holders of
the shares of Common Stock of the Company and/or Preferred Stock, whichever
shall be the earlier; provided, however, no such
notice shall be required pursuant to this Section 25 as a result of any
Subsidiary of the Company effecting a consolidation or merger with or into, or
effecting a sale or other transfer of assets or earnings power to, any other
Subsidiary of the Company in a manner not inconsistent with the provisions of
this Agreement.

     

    (b)           In
case any Section 11(a)(ii) Event shall occur, then, in any such case, the
Company shall as soon as practicable thereafter give to each registered holder
of a Right Certificate and to the Rights Agent, in accordance with
Section 26 hereof, a notice of the occurrence of such event, which shall
specify the event and the consequences of the event to holders of Rights under
Section 11(a)(ii) hereof.

    
      
        
        

      

      
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    Section
26.  Notices

     

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

     

    Anika
Therapeutics, Inc.

    32 Wiggins
Ave.

    Bedford,
MA  01730

    Facsimile
No. (781) 305-9720

    Attention:
Chief Financial Officer

    

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

     

    American
Stock Transfer & Trust Company

    59 Maiden
Lane

    New York,
NY 10038

    Facsimile
No. (718) 236-4588

    Attention:
Executive Vice President

    

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

    
      
        
        

      

      
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    Section
27.  Supplements and Amendments

     

    .  Prior
to the occurrence of a Section 11(a)(ii) Event, the Company and the Rights Agent
shall, if the Board of Directors of the Company so directs, supplement or amend
any provision of this Agreement as the Board of Directors of the Company may
deem necessary or desirable without the approval of any holders of certificates
representing shares of Common Stock of the Company.  From and after
the occurrence of a Section 11(a)(ii) Event, the Company and the Rights Agent
shall, if the Board of Directors of the Company so directs, supplement or amend
this Agreement without the approval of any holder of Right Certificates in order
(i) to cure any ambiguity, (ii) to correct or supplement any provision contained
herein which may be defective or inconsistent with any other provisions herein,
(iii) to shorten or lengthen any time period hereunder, or (iv) to change or
supplement the provisions hereof in any manner which the Board of Directors of
the Company may deem necessary or desirable and which shall not adversely affect
the interests of the holders of Right Certificates (other than an Acquiring
Person or any Affiliate or Associate of an Acquiring Person); provided, however, that from
and after the occurrence of a Section 11(a)(ii) Event this Agreement may not be
supplemented or amended to lengthen, pursuant to clause (iii) of this sentence,
(A) a time period relating to when the Rights may be redeemed at such time as
the Rights are not then redeemable or (B) any other time period unless such
lengthening is for the purpose of protecting, enhancing or clarifying the rights
of, and the benefits to, the holders of Rights (other than an Acquiring Person
or any Affiliate or Associate of an Acquiring Person).  Without
limiting the foregoing, the Company may at any time prior to the occurrence of a
Section 11(a)(ii) Event amend this Agreement to lower the threshold set forth in
Section 1(a) to not less than the greater of (i) the sum of .001% and the
largest percentage of the outstanding Common Stock of the Company then known by
the Company to be Beneficially Owned by any Person (other than the Company, any
Subsidiary of the Company, any employee benefit plan of the Company or any
Subsidiary of the Company, or any entity holding Common Stock of the Company for
or pursuant to the terms of any such plan) and (ii) 10%.  Upon the
delivery of such certificate from an appropriate officer of the Company which
states that the proposed supplement or amendment is in compliance with the terms
of this Section 27, the Rights Agent shall execute such supplement or
amendment, and any failure of the Rights Agent to so execute such supplement or
amendment shall not affect the validity of the actions taken by the Board of
Directors of the Company pursuant to this Section 27.  Prior to the
occurrence of a Section 11(a)(ii) Event, the interests of the holders of Rights
shall be deemed coincident with the interests of the holders of Common Stock of
the Company.  Notwithstanding any other provision hereof, the Rights
Agent’s consent must be obtained regarding any amendment or supplement pursuant
to this Section 27 which alters the Rights Agent’s rights or
duties.

     

    Section
28.  Successors

     

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

     

    Section
29.  Determinations and Actions by the Board of Directors

     

    .  The
Board of Directors of the Company shall have the exclusive power and authority
to administer this Agreement and to exercise all rights and powers specifically
granted to the Board of Directors or to the Company, or as may be necessary or
advisable in the administration of this Agreement, including without limitation,
the right and power to (i) interpret the provisions of this Agreement and (ii)
make all determinations and computations deemed necessary or advisable for the
administration of this Agreement (including a determination to redeem or not
redeem the Rights or to amend the Agreement).  All such actions,
calculations, interpretations and determinations (including, for purposes of
clause (y) below, all omissions with respect to the foregoing) which are done or
made by the Board of Directors in good faith shall (x) be final, conclusive and
binding on the Company, the Rights Agent, the holders of the Rights and all
other parties, and (y) not subject any member of the Board of Directors to any
liability to the holders of the Rights or to any other person.

     

    Section
30.  Benefits of this Agreement

     

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

    
      
        
        

      

      
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    Section
31.  Severability

     

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

     

    Section
32.  Governing Law

     

    .  This
Agreement, each Right and each Right Certificate issued hereunder shall be
deemed to be a contract made under the laws of the Commonwealth of Massachusetts
and for all purposes shall be governed by and construed in accordance with the
laws of such Commonwealth applicable to contracts to be made and to be performed
entirely within such Commonwealth.  The courts of the Commonwealth of
Massachusetts and of the United States of America located in the Commonwealth of
Massachusetts (the “Massachusetts Courts”) shall have exclusive jurisdiction
over any litigation arising out of or relating to this Agreement and the
transactions contemplated hereby, and any Person commencing or otherwise
involved in any such litigation shall waive any objection to the laying of venue
of such litigation in the Massachusetts Courts and shall not plead or claim in
any Massachusetts Court that such litigation brought therein has been brought in
an inconvenient forum.

     

    Section
33.  Counterparts

     

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

     

    Section
34.  Descriptive Headings

     

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

     

    Section
35.  Force Majeure

     

    .  Notwithstanding
anything to the contrary contained herein, neither the Company nor the Rights
Agent shall be liable for any delay or failure in performance resulting directly
from any act or event beyond its reasonable control and without the fault or
gross negligence of the delayed or non-performing party that causes a sudden,
substantial or widespread disruption in business activities, including, without
limitation, fire, flood, natural disaster or act of God, strike or other
industrial disturbance, war (declared or undeclared), embargo, blockade, legal
restriction, riot, insurrection, act of terrorism, disruption in transportation,
communications, electric power or other utilities, or other vital infrastructure
or any means of disrupting or damaging internet or other computer networks or
facilities (each, a “Force Majeure
Condition”); provided, that such
delayed or non-performing party shall use reasonable commercial efforts to
resume performance as soon as practicable.  If any Force Majeure
Condition occurs, the party delayed or unable to perform shall give immediate
written notice to the other party, stating the nature of the Force Majeure
Condition and any action being taken to avoid or minimize its
effect.

    
      
        
        

      

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

       

      
        
          	
                  ATTEST:

                	 
      	      
                  ANIKA
      THERAPEUTICS, INC.

                	
                
	 
      	 
      	 
      	 
      
	
                  By:
      /s/ Susan
      Rico

                	
                   

                	
                  By:
      /s/ Charles H.
      Sherwood

                	
                   

                
	 
      	
                        

                	      
                  Name:   Charles
      H. Sherwood

                	
                
	 
      	 
      	Title:    CEO	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                  ATTEST:

                	 
      	      
                  AMERICAN
      STOCK TRANSFER & TRUST

                  COMPANY,

                
	
                	 
      	      
                  as
      Rights Agent

                	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                  By:
      /s/ Susan
      Silber

                	
                	
                  By:
      /s/ Herbert J.
      Lemmer

                	
                
	      
                  Susan
      Silber

                	
                	      
                  Name:  Herbert
      J. Lemmer

                	
                
	      
                  Assistant
      Secretary

                	
                	Title:    Vice
      President	
                

        

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    Exhibit
A

     

    AMENDED
AND RESTATED

     

    VOTE
OF DIRECTORS ESTABLISHING

     

    SERIES
B JUNIOR PARTICIPATING CUMULATIVE

     

    PREFERRED
STOCK

     

    of

     

    ANIKA
THERAPEUTICS, INC.

     

    Pursuant
to Section 6.02 of Chapter 156D of the General Laws of The Commonwealth of
Massachusetts:

     

    VOTED,
that pursuant to authority conferred upon and vested in the Board of Directors
by the Restated Articles of Organization, as amended (the “Articles”), of Anika
Therapeutics, Inc. (the “Corporation”), the Board of Directors hereby
establishes and designates a series of Preferred Stock of the Corporation, and
hereby fixes and determines the relative rights and preferences of the shares of
such series, in addition to those set forth in the Articles, as
follows:

     

    Section
1.     Designation and
Amount.  The shares of such series shall be designated as
“Series B Junior Participating Cumulative Preferred Stock” (the “Series B
Preferred Stock”), and the number of shares constituting such series shall be
175,000.

     

    Section
2.     Dividends and
Distributions.

     

    (A)           (i)           Subject
to the rights of the holders of any shares of any series of preferred stock (or
any similar stock) ranking prior and superior to the Series B Preferred Stock
with respect to dividends, the holders of shares of Series B Preferred Stock, in
preference to the holders of shares of common stock and of any other junior
stock, shall be entitled to receive, when, as and if declared by the Board of
Directors out of funds legally available for the purpose, quarterly dividends
payable in cash on the first day of March, June, September and December in each
year (each such date being referred to herein as a “Quarterly Dividend Payment
Date”), commencing on the first Quarterly Dividend Payment Date after the first
issuance of a share or fraction of a share of Series B Preferred Stock, in an
amount per share (rounded to the nearest cent) equal to the greater of (a) $1.00
or (b) subject to the provisions for adjustment hereinafter set forth, 1,000
times the aggregate per share amount of all cash dividends, and 1,000 times the
aggregate per share amount (payable in kind) of all non-cash dividends or other
distributions other than a dividend payable in shares of common stock or a
subdivision of the outstanding shares of common stock (by reclassification or
otherwise), declared on the common stock since the immediately preceding
Quarterly Dividend Payment Date, or, with respect to the first Quarterly
Dividend Payment Date, since the first issuance of any share or fraction of a
share of Series B Preferred Stock.  The multiple of cash and non-cash
dividends declared on the common stock to which holders of the Series B
Preferred Stock are entitled, which shall be 1,000 initially but which shall be
adjusted from time to time as hereinafter provided, is hereinafter referred to
as the “Dividend Multiple.”  In the event the Corporation shall at any
time after April 7, 2008 (the “Rights Declaration Date”) (i) declare or pay any
dividend on common stock payable in shares of common stock, or (ii) effect a
subdivision or combination or consolidation of the outstanding shares of common
stock (by reclassification or otherwise than by payment of a dividend in shares
of common stock) into a greater or lesser number of shares of common stock, then
in each such case the Dividend Multiple thereafter applicable to the
determination of the amount of dividends which holders of shares of Series B
Preferred Stock shall be entitled to receive shall be the Dividend Multiple
applicable immediately prior to such event multiplied by a fraction, the
numerator of which is the number of shares of common stock outstanding
immediately after such event and the denominator of which is the number of
shares of common stock that were outstanding immediately prior to such
event.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (ii)           Notwithstanding
anything else contained in this paragraph (A), the Corporation shall, out of
funds legally available for that purpose, declare a dividend or distribution on
the Series B Preferred Stock as provided in this paragraph (A) immediately after
it declares a dividend or distribution on the common stock (other than a
dividend payable in shares of common stock); provided that, in the event no
dividend or distribution shall have been declared on the common stock during the
period between any Quarterly Dividend Payment Date and the next subsequent
Quarterly Dividend Payment Date, a dividend of $1.00 per share on the Series B
Preferred Stock shall nevertheless be payable on such subsequent Quarterly
Dividend Payment Date.

     

    (B)           Dividends
shall begin to accrue and be cumulative on outstanding shares of Series B
Preferred Stock from the Quarterly Dividend Payment Date next preceding the date
of issue of such shares of Series B Preferred Stock, unless the date of issue of
such shares is prior to the record date for the first Quarterly Dividend Payment
Date, in which case dividends on such shares shall begin to accrue from the date
of issue of such shares, or unless the date of issue is a Quarterly Dividend
Payment Date or is a date after the record date for the determination of holders
of shares of Series B Preferred Stock entitled to receive a quarterly dividend
and before such Quarterly Dividend Payment Date, in either of which events such
dividends shall begin to accrue and be cumulative from such Quarterly Dividend
Payment Date.  Accrued but unpaid dividends shall not bear
interest.  Dividends paid on the shares of Series B Preferred Stock in
an amount less than the total amount of such dividends at the time accrued and
payable on such shares shall be allocated pro rata on a share-by-share basis
among all such shares at the time outstanding.  The Board of Directors
may fix in accordance with applicable law a record date for the determination of
holders of shares of Series B Preferred Stock entitled to receive payment of a
dividend or distribution declared thereon, which record date shall be not more
than such number of days prior to the date fixed for the payment thereof as may
be allowed by applicable law.

     

    Section
3.     Voting
Rights.  In addition to any other voting rights required by
law, the holders of shares of Series B Preferred Stock shall have the following
voting rights:

     

    (A)           Subject
to the provision for adjustment hereinafter set forth, each share of Series B
Preferred Stock shall entitle the holder thereof to 1,000 votes on all matters
submitted to a vote of the stockholders of the Corporation.  The
number of votes which a holder of a share of Series B Preferred Stock is
entitled to cast, which shall initially be 1,000 but which may be adjusted from
time to time as hereinafter provided, is hereinafter referred to as the “Vote
Multiple.”  In the event the Corporation shall at any time after the
Rights Declaration Date (i) declare or pay any dividend on common stock payable
in shares of common stock, or (ii) effect a subdivision or combination or
consolidation of the outstanding shares of common stock (by reclassification or
otherwise than by payment of a dividend in shares of common stock) into a
greater or lesser number of shares of common stock, then in each such case the
Vote Multiple thereafter applicable to the determination of the number of votes
per share to which holders of shares of Series B Preferred Stock shall be
entitled shall be the Vote Multiple immediately prior to such event multiplied
by a fraction, the numerator of which is the number of shares of common stock
outstanding immediately after such event and the denominator of which is the
number of shares of common stock that were outstanding immediately prior to such
event.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (B)           Except
as otherwise provided herein or by law, the holders of shares of Series B
Preferred Stock and the holders of shares of common stock and the holders of
shares of any other capital stock of this Corporation having general voting
rights, shall vote together as one class on all matters submitted to a vote of
stockholders of the Corporation.

     

    (C)           Except
as otherwise required by applicable law or as set forth herein, holders of
Series B Preferred Stock shall have no special voting rights and their consent
shall not be required (except to the extent they are entitled to vote with
holders of common stock as set forth herein) for taking any corporate
action.

     

    Section
4.     Certain
Restrictions.

     

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

     

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

     

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

     

    (iii)           except
as permitted in subsection 4(A)(iv) below, redeem, purchase or otherwise acquire
for consideration shares of any stock ranking on a parity (either as to
dividends or upon liquidation, dissolution or winding up) with the Series B
Preferred Stock, provided that the Corporation may at any time redeem, purchase
or otherwise acquire shares of any such parity stock in exchange for shares of
any stock of the Corporation ranking junior (either as to dividends or upon
dissolution, liquidation or winding up) to the Series B Preferred Stock;
or

     

    (iv)           purchase
or otherwise acquire for consideration any shares of Series B Preferred Stock,
or any shares of any stock ranking on a parity (either as to dividends or upon
liquidation, dissolution or winding up) with the Series B Preferred Stock,
except in accordance with a purchase offer made in writing or by publication (as
determined by the Board of Directors) to all holders of such shares upon such
terms as the Board of Directors, after consideration of the respective annual
dividend rates and other relative rights and preferences of the respective
series and classes, shall determine in good faith will result in fair and
equitable treatment among the respective series or classes.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

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

     

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

     

    Section
6.     Liquidation, Dissolution or
Winding Up.  Upon any liquidation (voluntary or otherwise),
dissolution or winding up of the Corporation, no distribution shall be made (x)
to the holders of shares of stock ranking junior (either as to dividends or upon
liquidation, dissolution or winding up) to the Series B Preferred Stock unless,
prior thereto, the holders of shares of Series B Preferred Stock shall have
received an amount equal to accrued and unpaid dividends and distributions
thereon, whether or not declared, to the date of such payment, plus an amount
equal to the greater of (1) $1,000.00 per share or (2) an aggregate amount per
share, subject to the provision for adjustment hereinafter set forth, equal to
1,000 times the aggregate amount to be distributed per share to holders of
common stock, or (y) to the holders of stock ranking on a parity (either as to
dividends or upon liquidation, dissolution or winding up) with the Series B
Preferred Stock, except distributions made ratably on the Series B Preferred
Stock and all other such parity stock in proportion to the total amounts to
which the holders of all such shares are entitled upon such liquidation,
dissolution or winding up.  In the event the Corporation shall at any
time after the Rights Declaration Date (i) declare or pay any dividend on common
stock payable in shares of common stock, or (ii) effect a subdivision or
combination or consolidation of the outstanding shares of common stock (by
reclassification or otherwise than by payment of a dividend in shares of common
stock) into a greater or lesser number of shares of common stock, then in each
such case the aggregate amount per share to which holders of shares of Series B
Preferred Stock were entitled immediately prior to such event under clause (x)
of the preceding sentence shall be adjusted by multiplying such amount by a
fraction, the numerator of which is the number of shares of common stock
outstanding immediately after such event and the denominator of which is the
number of shares of common stock that were outstanding immediately prior to such
event.

     

    Neither
the consolidation of nor merging of the Corporation with or into any other
corporation or corporations, nor the sale or other transfer of all or
substantially all of the assets of the Corporation, shall be deemed to be a
liquidation, dissolution or winding up of the Corporation within the meaning of
this Section 6.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    Section
7.     Consolidation, Merger,
etc.  In case the Corporation shall enter into any
consolidation, merger, combination or other transaction in which the shares of
common stock are exchanged for or changed into other stock or securities, cash
and/or any other property, then in any such case the shares of Series B
Preferred Stock shall at the same time be similarly exchanged or changed in an
amount per share (subject to the provision for adjustment hereinafter set forth)
equal to 1,000 times the aggregate amount of stock, securities, cash and/or any
other property (payable in kind), as the case may be, into which or for which
each share of common stock is changed or exchanged, plus accrued and unpaid
dividends, if any, payable with respect to the Series B Preferred
Stock.  In the event the Corporation shall at any time after the
Rights Declaration Date (i) declare or pay any dividend on common stock payable
in shares of common stock, or (ii) effect a subdivision or combination or
consolidation of the outstanding shares of common stock (by reclassification or
otherwise than by payment of a dividend in shares of common stock) into a
greater or lesser number of shares of common stock, then in each such case the
amount set forth in the preceding sentence with respect to the exchange or
change of shares of Series B Preferred Stock shall be adjusted by multiplying
such amount by a fraction, the numerator of which is the number of shares of
common stock outstanding immediately after such event and the denominator of
which is the number of shares of common stock that were outstanding immediately
prior to such event.

     

    Section
8.     Redemption.  The
shares of Series B Preferred Stock shall not be redeemable.

     

    Section
9.     Ranking.  Unless
otherwise expressly provided in the Articles or a Certificate of Vote of
Directors Establishing a Class of Stock relating to any other series of
preferred stock of the Corporation, the Series B Preferred Stock shall rank
junior to every other series of the Corporation’s preferred stock previously or
hereafter authorized, as to the payment of dividends and the distribution of
assets on liquidation, dissolution or winding up and shall rank senior to the
common stock.

     

    Section
10.   Amendment.  The
Articles and this Certificate of Vote of Directors Establishing a Class of Stock
may only be amended in accordance with Section 10.04 of Chapter 156D of the
Massachusetts General Laws.

     

    Section
11.   Fractional
Shares.  Series B Preferred Stock may be issued in whole shares
or in any fraction of a share that is one one-thousandth (1/1,000th) of a share
or any integral multiple of such fraction, which shall entitle the holder, in
proportion to such holder’s fractional shares, to exercise voting rights,
receive dividends, participate in distributions and to have the benefit of all
other rights of holders of Series B Preferred Stock.  In lieu of
fractional shares, the Corporation may elect to make a cash payment as provided
in the Rights Agreement for fractions of a share other than one one-thousandth
(1/1,000th) of a share or any integral multiple thereof.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    Exhibit
B

     

    FORM OF
RIGHT CERTIFICATE

     

    

     

    Certificate
No. R-______ Rights

     

    NOT
EXERCISABLE AFTER APRIL 8, 2018 OR EARLIER IF NOTICE OF REDEMPTION IS
GIVEN.  THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF ANIKA
THERAPEUTICS, INC., AT $0.01 PER RIGHT, ON THE TERMS SET FORTH IN THE
SHAREHOLDER RIGHTS AGREEMENT BETWEEN ANIKA THERAPEUTICS E, INC. AND AMERICAN
STOCK TRANSFER & TRUST COMPANY, AS RIGHTS AGENT, DATED AS OF APRIL 7, 2008
(THE “RIGHTS AGREEMENT”).  UNDER CERTAIN CIRCUMSTANCES SPECIFIED IN
SECTION 7(e) OF THE RIGHTS AGREEMENT, RIGHTS BENEFICIALLY OWNED BY AN
ACQUIRING PERSON OR AN ASSOCIATE OR AFFILIATE OF AN ACQUIRING PERSON (AS SUCH
TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH
RIGHTS MAY BECOME NULL AND VOID.

     

    Right
Certificate

     

    ANIKA
THERAPEUTICS, INC.

    

    This
certifies that ________________, or registered assigns, is the registered owner
of the number of Rights set forth above, each of which entitles the owner
thereof, subject to the terms, provisions and conditions of the Shareholder
Rights Agreement dated as of April 7, 2008 (the “Rights Agreement”) between
Anika Therapeutics, Inc. (the “Company”) and American Stock Transfer & Trust
Company, as Rights Agent (the “Rights Agent”), to purchase from the Company at
any time after the Distribution Date (as such term is defined in the Rights
Agreement) and prior to the close of business on April 8, 2018 at the office or
offices of the Rights Agent designated for such purpose, or its successors as
Rights Agent, one one-thousandth of a fully paid, non-assessable share of the
Series B Junior Participating Cumulative Preferred Stock (the “Preferred Stock”)
of the Company, at a purchase price of $______ per one one-thousandth of a share
(the “Exercise Price”), upon presentation and surrender of this Right
Certificate with the Form of Election to Purchase and the related Certificate
duly executed.  The number of Rights evidenced by this Right
Certificate (and the number of shares which may be purchased upon exercise
thereof) set forth above, and the Exercise Price per share set forth above, are
the number and Exercise Price as of _______, based on the Preferred Stock as
constituted at such date.

     

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

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    As
provided in the Rights Agreement, the Exercise Price and the number of shares of
Preferred Stock or other securities which may be purchased upon the exercise of
the Rights evidenced by this Right Certificate are subject to modification and
adjustment upon the happening of certain events.

     

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

     

    This Right
Certificate, with or without other Right Certificates, upon surrender at the
office or offices of the Rights Agent designated for such purpose, may be
exchanged for another Right Certificate or Certificates of like tenor and date
evidencing Rights entitling the holder to purchase a like aggregate number of
shares of Preferred Stock as the Rights evidenced by the Right Certificate or
Certificates surrendered shall have entitled such holder to
purchase.  If this Right Certificate shall be exercised in part, the
holder shall be entitled to receive upon surrender hereof another Right
Certificate or Certificates for the number of whole Rights not
exercised.  If this Right Certificate shall be exercised in whole or
in part pursuant to Section 11(a)(ii) of the Rights Agreement, the holder shall
be entitled to receive this Right Certificate duly marked to indicate that such
exercise has occurred as set forth in the Rights Agreement.

     

    Under
certain circumstances, subject to the provisions of the Rights Agreement, the
Board of Directors of the Company at its option may exchange all or any part of
the Rights evidenced by this Certificate for shares of the Company’s Common
Stock or Preferred Stock at an exchange ratio (subject to adjustment) specified
in the Rights Agreement.

     

    Subject to
the provisions of the Rights Agreement, the Rights evidenced by this Certificate
may be redeemed by the Board of Directors of the Company at its option at a
redemption price of $0.01 per Right (payable in cash, Common Stock or other
consideration deemed appropriate by the Board of Directors).

     

    The
Company is not obligated to issue fractional shares of stock upon the exercise
of any Right or Rights evidenced hereby (other than fractions which are integral
multiples of one one-thousandth of a share of Preferred Stock, which may, at the
election of the Company, be evidenced by depositary receipts).  If the
Company elects not to issue such fractional shares, in lieu thereof a cash
payment will be made, as provided in the Rights Agreement.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

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

     

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

     

    WITNESS
the facsimile signature of the proper officers of the Company as a document
under corporate seal.

     

    
      
        	
                Attested:

              	
                ANIKA
      THERAPEUTICS, INC.

              
	 	 
	
                By: 
      ___________________________

              	
                By:  
      ___________________________

              
	
                [Secretary
      or Assistant Secretary]

              	
                Name:

              
	
                      

              	
                Title:
      [Chairman, Vice Chairman,

                 
      President or Vice President]

              

      

    

     

    
      Countersigned:

       

      AMERICAN
STOCK TRANSFER & TRUST COMPANY

      

       

      By:                                 

       

      Name:

      Title:

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

    [Form
of Reverse Side of Right Certificate]

     

    FORM
OF ASSIGNMENT

     

    (To
be executed by the registered holder if such

     

    holder
desires to transfer the Right Certificate.)

     

    FOR VALUE RECEIVED
___________________________ hereby sells, assigns and transfers unto
____________________________________ (Please print name and address of
transferee) ____________________________________ this Right Certificate,
together with all right, title and interest therein, and does hereby irrevocably
constitute and appoint ___________________ Attorney, to transfer the within
Right Certificate on the books of the within-named Company, with full power of
substitution.

     

    
      Dated:
_________,
__    ­­­______________________________

       

      Signature

       

      Signature
Guaranteed:    
___________________________________

       

      
        CERTIFICATE

         

        The
undersigned hereby certifies by checking the appropriate boxes
that:

         

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

         

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

         

        Dated:
_________, __   ______________________________

         

        Signature

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

    

    NOTICE

     

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

     

     

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      FORM
OF ELECTION TO PURCHASE

       

      (To
be executed if holder desires to

       

      exercise
the Right Certificate.)

       

      

       

      To ANIKA
THERAPEUTICS, INC.:

       

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

       

      Please
insert social security or other identifying taxpayer
number:  __________________

      

      ________________________________________________________________________

      

      ________________________________________________________________________

      (Please
print name and address)

       

      If such
number of Rights shall not be all the Rights evidenced by this Right Certificate
or if the Rights are being exercised pursuant to Section 11(a)(ii) of the Rights
Agreement, a new Right Certificate for the balance of such Rights shall be
registered in the name of and delivered to:

       

      Please
insert social security or other identifying taxpayer number:
__________________

      

      _______________________________________________________________________

      

      _______________________________________________________________________

      (Please
print name and address)

      

      Dated:
_________, __    ______________________________

       

      Signature

       

      Signature
Guaranteed:  ______________________________

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    CERTIFICATE

     

    The
undersigned hereby certifies by checking the appropriate boxes
that:

     

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

     

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

     

    Dated:
_________, __    ______________________________

     

    Signature

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    NOTICE

     

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

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