Document:

Exhibit 4.1

     

     

    TAX
BENEFITS PRESERVATION PLAN

    

    

    dated as
of

    

    June 9,
2009

    

    between

    

    CITIGROUP
INC.,

    

    and

    

    COMPUTERSHARE
TRUST COMPANY, N.A.,

    

    as Rights
Agent

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE
OF CONTENTS

     

    
      PAGE

      
        	
                SECTION
      1.  Definitions

              	
                2

              
	
                SECTION
      2.  Other
      Definitional and Interpretative Provisions;
    Application

              	
                 
      

              
	
                to
      Series M Preferred Stock

              	
                15

              
	
                SECTION
      3.  Issuance
      of Rights and Right Certificates

              	
                16

              
	
                SECTION
      4.  Form of
      Right Certificates

              	
                18

              
	
                SECTION
      5.  Registration;
      Transfer and Exchange of Right Certificates;

              	 
      
	
                Mutilated,
      Destroyed, Lost or Stolen Right Certificates

              	
                19

              
	
                SECTION
      6.  Exercise
      of Rights

              	
                19

              
	
                SECTION
      7.  Cancellation and
      Destruction of Right Certificates

              	
                22

              
	
                SECTION
      8.  Reservation and
      Availability of Capital Stock

              	
                22

              
	
                SECTION
      9.  Adjustment
      of Purchase Price, Number and Kind of Shares or

              	 
      
	
                Number
      of Rights

              	
                24

              
	
                SECTION
      10.  Certificate of
      Adjusted Purchase Price or Number of Shares

              	
                27

              
	
                SECTION
      11.  Reserved

              	
                28

              
	
                SECTION
      12.  Fractional Rights
      and Fractional Shares

              	
                28

              
	
                SECTION
      13.  Reserved

              	
                29

              
	
                SECTION
      14.  Agreement
      of Right Holders

              	
                29

              
	
                SECTION
      15.  Right
      Certificate Holder Not Deemed a Stockholder

              	
                29

              
	
                SECTION
      16.  Appointment of
      Rights Agent

              	
                30

              
	
                SECTION
      17.  Merger or
      Consolidation or Change of Name of Rights Agent

              	
                30

              
	
                SECTION
      18.  Duties of
      the Rights Agent

              	
                31

              
	
                SECTION
      19.  Change of
      Rights Agent

              	
                33

              
	
                SECTION
      20.  Redemption

              	
                34

              
	
                SECTION
      21.  Exchange

              	
                35

              
	
                SECTION
      22.  Notice of
      Proposed Actions and Certain Other Matters

              	
                36

              
	
                SECTION
      23.  Notices

              	
                37

              
	
                SECTION
      24.  Supplements and
      Amendments

              	
                38

              
	
                SECTION
      25.  Successors

              	
                38

              
	
                SECTION
      26.  Determinations
      and Actions by the Board, etc

              	
                38

              
	
                SECTION
      27.  Benefits
      of This Rights Plan

              	
                39

              
	
                SECTION
      28.  Severability

              	
                39

              
	
                SECTION
      29.  Governing
      Law

              	
                39

              
	
                SECTION
      30.  Counterparts

              	
                39

              
	
                SECTION
      31.  Force
      Majeure

              	
                39

              

      

      

      Exhibit
A     Form of Certificate of Designation of Preferred Stock

      Exhibit
B      Summary of Terms

      Exhibit
C      Form of Right Certificate

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    TAX
BENEFITS PRESERVATION PLAN

    

    RIGHTS
PLAN (this “Rights
Plan”) dated as of June 9, 2009 between Citigroup Inc., a Delaware
corporation (the “Company”), and Computershare
Trust Company, N.A., as Rights Agent (the “Rights Agent”).

    

    W
I T N E S S E T H

    

    WHEREAS,
(a) the Company and certain of its Subsidiaries have generated certain Tax
Benefits (as defined below) for United States federal income tax purposes; (b)
the Company desires to avoid an “ownership change” within the meaning of Section
382 (as defined below), and thereby preserve the Company’s ability to utilize
such Tax Benefits, and (c) in furtherance of such objective, the Company desires
to enter into this Rights Plan;

    

    WHEREAS,
on June 9, 2009, the Board of Directors of the Company authorized and declared a
dividend of one preferred stock purchase right (a “Right”) for each share of
Common Stock (as defined below) outstanding at the close of business (as defined
below) on June 22, 2009 (the “Record Date”) and authorized
the issuance, upon the terms and subject to the conditions herein, of one Right
(subject to adjustment) in respect of each share of Common Stock issued after
the Record Date, each Right representing the right to purchase, upon the terms
and subject to the conditions herein, one one-millionth (subject to adjustment)
of a share of Preferred Stock (as defined below);

    

    NOW,
THEREFORE, the parties hereto agree as follows:

    

    SECTION
1. Definitions. The
following terms, as used herein, have the following meanings:

    

    “5% Shareholder” means (i) a
Person or group of Persons that is a “5- percent shareholder” of the Company
pursuant to Treasury Regulation Section 1.382-2T(g) (other than any “public
group” that results, pursuant to Treasury Regulation Section
1.382-2T(j)(2)(iii), from an Announced Exchange) or (ii) a Person that is a
“first tier entity” or “higher tier entity” (as such terms are defined in
Treasury Regulation Section 1.382-2T(f)) of the Company if that Person has a
“public group” or individual, or a “higher tier entity” of that Person has a
“public group” or individual, that is treated as a “5-percent shareholder” of
the Company pursuant to Treasury Regulation Section 1.382-2T(g).

    

    “Acquire” (or “Own”) means to obtain (or
have, respectively) ownership for purposes of Section 382 of the Code without
regard to the constructive ownership rules described in Treasury Regulation
Section 1.382-2T(h)(2), (h)(3) and (k) (and “Acquisition” shall have a
correlative meaning); provided that for purposes of
this definition (i) no Person in Specified Person Group I shall be treated for
purposes of Section 382 of the Code (including any Treasury

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Regulations
thereunder) as the same Person as, or related to, any Person in Specified Person
Group II, except to the extent a Person in Specified Person Group I makes a
“coordinated acquisition” of Company Securities (within the meaning of Treasury
Regulations Section 1.382-3(a)(1)(i)) with any Person in Specified Person Group
II after the date hereof and (ii) no Person in Specified Person Group I shall be
treated as “Acquiring” (or “Owning”) any Company Security by reason of any
obtainment of ownership (or possession of ownership, respectively) for purposes
of Section 382 of the Code of such Company Security by Persons in Specified
Person Group II provided that such Company Security was not obtained pursuant to
a “coordinated acquisition” (within the meaning of Treasury Regulation Section
1.382-3(a)(1)(i)) by a Person in Specified Person Group II with any Person in
Specified Person Group I after the date hereof. No Person in Specified Person
Group I shall be considered as “Acquiring” Company Securities as a result of (A)
a transaction that does not result in the percentage stock ownership interest of
the Company, as determined in accordance with Treasury Regulation Sections
1.382-2(a), 1.382-2T(g), (h), (j) and (k) of any Person or “public group”
changing, (B) an exercise or receipt of warrants or conversion of Company
Securities that were issued by the Company to a Person in Specified Person Group
I pursuant to the Specified Exchange Agreement or an Announced Exchange, (C) a
stock dividend, stock split, reverse stock split or similar transaction effected
by the Company, (D) the exchange by Persons in Specified Person Group I of
Company preferred stock or trust preferred securities for Company Securities in
an Announced Exchange (other than pursuant to the Specified Exchange Agreement),
provided that in the event that Persons in Specified Person Group I acquire
Company Securities in Announced Exchanges (other than pursuant to the Specified
Exchange Agreement) with a face or principal amount in excess of $20,000,000
(the “$20 Million Exchange
Cap”), Persons in Specified Person Group I shall be deemed to Acquire
Company Securities to the extent that such Persons no longer own Company
Securities of the same type and in the same amount as the Company Securities
acquired in such Announced Exchange in excess of the $20 Million Exchange Cap,
(E) any transaction where the Company and a Person in Specified Person Group I
are both principals to the transaction (including, for the avoidance of doubt,
any distribution or exercise of rights pursuant to any rights plan adopted by
the Company) other than an Announced Exchange, (F) In-Kind Distributions to a
Person in Specified Person Group I unless and until the IKD Value Limit has been
exceeded or (G) an acquisition of Qualifying Debt Securities so long as (x),
immediately after such acquisition, Persons in Specified Person Group I do not
Own a majority of the principal amount of the applicable series of Qualifying
Debt Securities and (y) either (I) prior to making the acquisition of Qualifying
Debt Securities, a Person in Specified Person Group I obtains an unqualified
“will” level tax opinion from a nationally recognized tax counsel in the United
States stating that the acquisition of such Qualifying Debt Securities will not
be treated as an acquisition of “stock” within the meaning of Treasury
Regulation Section 1.382-2T(f)(18) or (II) the value of all Qualifying Debt
Securities that are

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Company
Securities and that are acquired by Persons in Specified Person Group I
(individually or in the aggregate) pursuant to this clause (II) does not exceed
the QDS Value Limit.

    

    “Acquiring Person” means any
Person who or which is or becomes a 5% Shareholder (other than by reason of
Treasury Regulation Section 1.382-2T(j)(3)(i) or solely as a result of a
transaction in which no “5-percent shareholder” (as defined in Section 382 of
the Code and Treasury Regulations thereunder) experiences an increase in its
percentage stock ownership interest of the Company, as determined in accordance
with Treasury Regulation Sections 1.382-2(a), 1.382- 2T(g), (h), (j) and (k)),
whether or not such Person continues to be a 5% Shareholder, but shall not
include:

    

    
      (i)  
 any
Exempt Person;

    

    

    
      (ii)
  any
Grandfathered Person;

    

    

    
      (iii)  the U.S.
Government;

    

    

    (iv) any
Person who or which the Board determines, in its sole discretion, has
inadvertently become a 5% Shareholder (or has either inadvertently failed to
continue to qualify as a Grandfathered Person or inadvertently failed to be
excluded from the definition of an “Acquiring Person” pursuant to clause (vii)
below), so long as such Person promptly enters into, and delivers to the
Company, an irrevocable commitment promptly to divest and thereafter promptly
divests (without exercising or retaining any power, including voting, with
respect to such securities), sufficient Company Securities so that such Person’s
Percentage Stock Ownership is less than 5% (or, in the case of any Person who or
which has inadvertently failed to continue to qualify as a Grandfathered Person
or inadvertently failed to be excluded from the definition of an “Acquiring
Person” pursuant to clause (vii) below, the Company Securities that caused such
Person to so fail to qualify as a Grandfathered Person or fail to be excluded
from the definition of an “Acquiring Person” pursuant to clause (vii)
below);

     

    (v) any
Person that has become a 5% Shareholder if the Board in good faith determines
that such Person’s attainment of 5% Shareholder status has not jeopardized or
endangered the Company’s utilization of the Tax Benefits; provided that such Person
does not increase its Percentage Stock Ownership over such Person’s lowest
Percentage Stock Ownership immediately following such determination by the
Board, other than any increase pursuant to or as a result of (A) a stock
dividend, stock split, reverse stock split or similar transaction effected by
the Company or (B) any redemption of Company Securities by the Company; and
provided

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    further that such Person
shall be an “Acquiring Person” if the Board makes a contrary
determination in good faith;

    

    (vi) any
Person if, on the date that would have been (absent this clause (vi) of the
definition of “Acquiring Person”) a Stock Acquisition Date with respect to such
Person, such Person does not Beneficially Own any Company
Securities;

     

    (vii) any
Person who or which has become a 5% Shareholder (or failed to continue to
qualify as a Grandfathered Person) solely as a result of an in-kind distribution
of Company Securities (whether or not in redemption of a Fund Vehicle interest)
to such Person (or to an Affiliate) from a Fund Vehicle (or the receipt of cash
in lieu of such in-kind distribution); provided that either (A) (1)
the Person (or Affiliate) is not and does not control the general partner or
investment manager of the Fund Vehicle and is not otherwise principally
responsible for the investment decisions of the Fund Vehicle and (2) the Person
(or Affiliate) was not otherwise able, using commercially reasonable efforts, to
prevent the Fund Vehicle from distributing Company Securities to such Person (or
Affiliate), including by electing wherever possible to not have its interest in
such Fund Vehicle redeemed, (B) the Person (or Affiliate) is not and does not
control the general partner or investment manager of the Fund Vehicle and is not
otherwise principally responsible for the investment decisions of the Fund
Vehicle and the Person (or Affiliate) receives only cash in lieu of an in-kind
distribution of Company Securities from a Fund Vehicle or (C) the Person (or
Affiliate) is or controls the general partner or investment manager of the Fund
Vehicle or is otherwise principally responsible for the investment decisions of
the Fund Vehicle and (1) the Fund Vehicle does not offer its investors the right
to elect cash in lieu of an in-kind distribution of Company Securities and (2)
only cash in lieu of an in-kind distribution of Company Securities is made to
the Person (or Affiliate) (a distribution described in (A), (B) or (C), an
“In-Kind Distribution”); provided further that such Person shall
be an “Acquiring Person” if such Person
(I) is not in Specified Person Group I or Specified Person Group II and such
Person increases its Percentage Stock Ownership after the In-Kind Distribution,
other than any increase pursuant to or as a result of (x) a stock dividend,
stock split, reverse stock split or similar transaction effected by the Company,
(y) any redemption of Company Securities by the Company or (z) an additional
In-Kind Distribution, (II) is in Specified Person Group I and such Person
Acquires any Company Securities after the In-Kind Distribution, other than
pursuant to (w) an additional In-Kind Distribution, (x) the exception contained
in the proviso in clause (iii) of the definition of “Grandfathered Person,” (y)
the Specified Exchange Agreement or an Announced Exchange or (z) an exercise or
receipt of warrants or conversion of

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Company
Securities that were issued by the Company to a Person in Specified Person Group
I pursuant to the Specified Exchange Agreement or an Announced Exchange, or
(III) is in Specified Person Group II and such Person acquires directly or
indirectly (other than any acquisition resulting from a direct or indirect
acquisition by a Person in Specified Person Group I, if not effected pursuant to
a “coordinated acquisition” (within the meaning of Treasury Regulation Section
1.382-3(a)(1)(i)) with a Person in Specified Person Group II) any Company
Securities after the In-Kind Distribution, other than pursuant to an additional
In-Kind Distribution; provided
further that for purposes of each of clause (A)(2), (B) and (C) (but not
for purposes of clause (A)(1)) in the first proviso in this clause (vii), no
Person in Specified Person Group II shall be considered an Affiliate of any
Person in Specified Person Group I (or vice versa); and

    

    (viii)
any Person that Beneficially Owns at least a majority of the Common Stock
following consummation of a Qualified Offer, and, for so long as the Series M
Stock remains outstanding, at least a majority of the Series M Stock following
consummation of a Qualified Offer.

    

    “Affiliate” means, with respect
to any Person, any Person directly or indirectly controlling, controlled by or
under common control with, such other Person. For purposes of this definition,
“control” (including,
with correlative meanings, the terms “controlled by” and “under common control with”)
when used with respect to any Person, means the possession, directly or
indirectly, of the power to cause the direction of management and/or policies of
such Person, whether through the ownership of voting securities by contract or
otherwise.

    

    “Announced Exchange” means (i)
the exchanges occurring pursuant to the Exchange Agreements described in the
Form 8-K filed by the Company with the Securities Exchange Commission on March
19, 2009 and (ii) the exchanges occurring pursuant to the exchange offers
described in the Company’s Form S-4 dated March 19, 2009, as such form may be
amended or updated from time to time.

    

    A Person
shall be deemed the “Beneficial
Owner” of, and shall be deemed to “Beneficially Own,” any
securities (i) which such Person directly owns or (ii) which such Person would
be deemed to constructively own pursuant to Section 382 of the Code and the
Treasury Regulations promulgated thereunder.

    

    “Board” means the Board of
Directors of the Company.

    

    “Business Day” means 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.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    “close of business” on any
given date means 5:00 p.m., New York City time, on such date; provided that if such date is
not a Business Day “close of business” means 5:00 p.m., New York City time, on
the next succeeding Business Day.

    

    “Code” means the Internal
Revenue Code of 1986, as amended from time to time, or any successor
statute.

    

    “Common Stock” means the Common
Stock, par value $0.01 per share, of the Company.

    

    “Company Securities” means (i)
shares of Common Stock, (ii) shares of preferred stock (other than Straight
Preferred Stock) of the Company, (iii) warrants, rights, or options (including
any interest treated as an option pursuant to Treasury Regulation Section
1.382-4(d)(9)) to acquire stock (other than Straight Preferred Stock) of the
Company and (iv) any other interest that would be treated as “stock” of the
Company pursuant to Treasury Regulation Section 1.382- 2T(f)(18).

    

    “Distribution Date” means the
earlier of (i) the close of business on the tenth Business Day after a Stock
Acquisition Date and (ii) the close of business on the tenth Business Day (or
such later day as may be designated prior to a Stock Acquisition Date by the
Board) after the date of the commencement of a tender or exchange offer by any
Person if, upon consummation thereof, such Person would or could be an Acquiring
Person; provided,
however, that if either of such dates occurs after the date of this
Rights Plan and on or prior to the Record Date, then the Distribution Date shall
be the Record Date.

    

    “Exchange Act” means the
Securities Exchange Act of 1934, as amended, unless otherwise expressly
specified.

    

    “Exchange Offer Participant”
means any Person (except for any Person in Specified Person Group I or Specified
Person Group II) that participates in an Announced Exchange with the Company and
that, immediately after the consummation of such Announced Exchange, would (x)
be a 5% Shareholder or (y) own Company Securities that would be Beneficially
Owned by a 5% Shareholder; provided that, in either
case, such Person does not increase such Person’s Percentage Stock Ownership
(other than pursuant to such Announced Exchange) between the date hereof and the
consummation of such Announced Exchange.

    

    “Exempt Person” means the
Company, any Subsidiary of the Company (in each case including, without
limitation, in any fiduciary capacity), any employee benefit plan or
compensation arrangement of the Company or any Subsidiary of the Company, or any
entity or trustee holding Company Securities to the extent organized, appointed
or established by the Company or any

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    Subsidiary
of the Company for or pursuant to the terms of any such employee benefit plan or
compensation arrangement.

    

    “Expiration Date” means the
earlier of (i) the Final Expiration Date and (ii) the time at which all Rights
are redeemed as provided in Section 20 or exchanged as provided in Section
21.

    

    “Final Expiration Date” means
the date that is thirty-six (36) months and one day after the date
hereof.

    

    “Fund Vehicle” means any entity
or arrangement that is, or that is operated as or as part of, a private equity
fund, hedge fund or other pooled investment vehicle or similar arrangement. For
avoidance of doubt, (i) a given Fund Vehicle may be operated alone or together
with one or more related Fund Vehicles that were organized pursuant to the same
marketing process, that are managed by the same general partner or investment
manager (or an Affiliate thereof), that have substantially the same investment
objectives and that generally co-invest or invest lockstep together in
investment opportunities; and (ii) where an investor holds an interest in a
master fund through an entity or arrangement formed by a sponsor of a master
fund (which sponsor is unaffiliated with such investor) solely to be a feeder
vehicle for one or more investors to invest in that master fund, (A ) the
underlying master fund shall be treated as the Fund Vehicle for purposes of this
definition and (B) a distribution of Company Securities from the master fund to
a feeder vehicle described in clause (ii) that then results in a distribution by
that feeder vehicle to the investor will be treated in the same manner under
this Plan as though that distribution by the feeder vehicle had been distributed
by the master fund to the investor.

    

    “Grandfathered Person”
means:

    

    (i) any
Person (other than each Exchange Offer Participant (without regard to the
proviso in the definition of “Exchange Offer Participant”), each Person in
Specified Person Group I and each Person in Specified Person Group II) who would
otherwise qualify as an Acquiring Person as of the date of this Rights Plan,
unless and until such Person’s Percentage Stock Ownership shall be increased by
more than one-quarter of one percentage point over such Person’s lowest
Percentage Stock Ownership on or after the date of this Rights Plan, other than
any increase pursuant to or as a result of (A) the exercise of any option,
warrant or convertible instrument to purchase Company Securities that such
Person held as of the date of this Rights Plan, (B) a stock dividend, stock
split, reverse stock split or similar transaction effected by the Company or (C)
any redemption of Company Securities by the Company;

    

    (ii) an
Exchange Offer Participant, unless and until such Person’s Percentage Stock
Ownership shall be increased by more than one-quarter of one

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    percentage
point over such Person’s lowest Percentage Stock Ownership after the
consummation of the last of the Announced Exchanges, other than an increase
pursuant to or as a result of (A) the exercise of any option, warrant or
convertible instrument to purchase Company Securities that such Person held as
of the date of this Rights Plan, (B) a stock dividend, stock split, reverse
stock split or similar transaction effected by the Company or (C) any redemption
of Company Securities by the Company;

    

    (iii) each
Person in Specified Person Group I, unless and until (A) Persons in Specified
Person Group I (individually or in the aggregate) cumulatively Acquire
(disregarding any Acquisition in compliance with the immediately following
proviso or any Acquisition pursuant to the Specified Exchange Agreement) on or
after the Specified Exchange Closing Date any Company Securities except, until
the IKD Value Limit has been exceeded, to the extent that the value of all such
Company Securities Acquired by Persons in Specified Person Group I does not
exceed the value of one-quarter of one percentage point of the then-outstanding
Common Stock (the “Quarter Percentage Point Cap”), as
calculated in the following manner: the sum of each percentage, calculated
separately for each such Acquisition, equal to the product of (1) 100 and (2)
the fraction, (x) the numerator of which is the value of such Company Securities
Acquired in such Acquisition, and (y) the denominator of which is the product of
(I) the price of a share of Common Stock and (II) the number of shares of Common
Stock outstanding on the date of the applicable Acquisition, all as reasonably
determined by the Board in good faith; for purposes of the foregoing, the price
of a share of Common Stock shall be determined using the 20 trading day trailing
average closing price for a share of Common Stock for the period ending on the
date of the applicable Acquisition; provided, however, that at any time in
which (x) Persons in Specified Person Group I, in the aggregate, Own less than
3% of the shares of the then-outstanding Common Stock (the “3% Cap”) and (y) no Person in
Specified Person Group I has actual knowledge of any fact that would preclude
the Company from relying on the presumption set forth in the first sentence of
Treasury Regulation Section 1.382-2T(g)(5)(i)(B), one or more Persons included
in Specified Person Group I may (individually or in the aggregate) Acquire, in
addition to any Company Securities Acquired in compliance with the Quarter
Percentage Point Cap, shares of Common Stock if such Acquisition does not, in
the aggregate, cause Persons in Specified Person Group I to Own more than the 3%
Cap, and no Person shall be considered an Acquiring Person or fail to be
described in this clause (iii) solely as a result of such Acquisition or (B) any
Person in Specified Person Group I Acquires any Company Securities during the
period from March 18, 2009 through and including the date prior to the Specified
Exchange Closing Date;

    

    (iv) each
Person in Specified Person Group II, unless and until Persons in Specified
Person Group II directly or indirectly (excluding any acquisition as a result of
a direct or indirect acquisition by a Person in Specified Person Group I
if

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    not
effected pursuant to a “coordinated acquisition” within the meaning of Treasury
Regulation Section 1.382-3(a)(1)(i) with a Person in Specified Person Group II)
acquire in the aggregate, at any time after the Specified Exchange Closing Date,
any Company Securities except to the extent that the value of all such Company
Securities directly or indirectly acquired by Persons in Specified Person Group
II does not exceed the value of one-quarter of one percentage point of the
then-outstanding Common Stock, as calculated in the following manner: the sum of
each percentage, calculated separately for each such acquisition, equal to the
product of (1) 100 and (2) the fraction, (x) the numerator of which is the value
of such Company Securities acquired in such acquisition, and (y) the denominator
of which is the product of (I) the price of a share of Common Stock and (II) the
number of shares of Common Stock outstanding on the date of the applicable
acquisition, all as reasonably determined by the Board in good faith; for
purposes of the foregoing, the price of a share of Common Stock shall be
determined using the 20 trading day trailing average closing price for a share
of Common Stock for the period ending on the date of the applicable acquisition,
other than (A) any acquisition pursuant to or as a result of a stock dividend,
stock split, reverse stock split or similar transaction effected by the Company,
(B) any acquisition in which no Person’s or “public group’s” percentage stock
ownership interest of the Company, as determined in accordance with Treasury
Regulation Sections 1.382-2(a)(3), 1.382-2T(g), (h), (j) and (k), has changed or
(C) the receipt of any Company Securities pursuant to an Announced Exchange or
pursuant to an exercise of warrants or conversion of Company Securities that
were issued by the Company to a Person in Specified Person Group II pursuant to
an Announced Exchange; provided that no Person in
Specified Person Group II directly or indirectly (excluding any acquisition as a
result of a direct or indirect acquisition by a Person in Specified Person Group
I if not effected pursuant to a “coordinated acquisition” within the meaning of
Treasury Regulation Section 1.382-3(a)(1)(i) with a Person in Specified Person
Group II) acquires any Company Securities (other than pursuant to such Announced
Exchange) between the date hereof and the consummation of the first of the
Announced Exchanges; and

    

    (v) any
Person who would otherwise qualify as an Acquiring Person as a result of a
redemption of Company Securities by the Company, unless and until such Person’s
Percentage Stock Ownership shall be increased by more than one- quarter of one
percentage point over such Person’s lowest Percentage Stock Ownership on or
after the date of such redemption, other than any increase pursuant to or as a
result of (A) a stock dividend, stock split, reverse stock split or similar
transaction effected by the Company or (B) any subsequent redemption of Company
Securities by the Company.

    

    The
“IKD Value Limit” has
been exceeded if the value of all In-Kind Distributions of Company Securities
(but not In-Kind Distributions of cash in lieu of Company Securities) to Persons
in Specified Person Group I is more than the

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    value of
one-quarter of one percentage point of the then-outstanding Common Stock, as
calculated in the following manner: the sum of each percentage, calculated
separately for each such In-Kind Distribution, equal to the product of (a) 100
and (b) the fraction, (i) the numerator of which is the value of such In- Kind
Distribution at the time of the distribution and (ii) the denominator of which
is the product of (A) the price of a share of Common Stock and (B) the number of
shares of Common Stock outstanding on the date of the applicable In-Kind
Distribution, all as reasonably determined by the Board in good faith; for
purposes of the foregoing, the price of a share of Common Stock shall be
determined using the 20 trading day trailing average closing price for a share
of Common Stock for the period ending on the date of the applicable In-Kind
Distribution.

    

    “Percentage Stock Ownership”
means the percentage stock ownership interest of the Company, as determined in
accordance with Treasury Regulation Sections 1.382-2(a)(3), 1.382-2T(g), (h),
(j) and (k); provided,
however, that for the sole purpose of determining the percentage stock
ownership of any entity (and not for the purpose of determining the percentage
stock ownership of any other Person), Company Securities held by such entity
shall not be treated as no longer owned by such entity pursuant to Treasury
Regulation Section 1.382- 2T(h)(2)(i)(A).

    

    “Permitted Transferee” means
Eurovest Pte Ltd or any direct or indirect wholly owned subsidiary of Eurovest
Pte Ltd that agrees to be bound by the Specified Exchange
Agreement.

    

    “Person” means any individual,
firm, corporation, partnership, trust association, limited liability company,
limited liability partnership, governmental entity, or other entity, or any
group of Persons making a “coordinated acquisition” of shares or otherwise
treated as an entity within the meaning of Treasury Regulation Section
1.382-3(a)(1)(i) and shall include any successor (by merger or otherwise) of any
such entity. For the avoidance of doubt, a Person in Specified Person Group I
shall not be treated as making a “coordinated acquisition” within the meaning of
Treasury Regulation Section 1.382-3(a)(1)(i) (a) with a Person in Specified
Person Group II solely by reason of being an Affiliate of a Person in Specified
Person Group II or (b) with the Government of Singapore or the Monetary
Authority of Singapore solely by reason of the Government of Singapore or the
Monetary Authority of Singapore, respectively, owning equity in or making a
capital contribution to, having an investment management arrangement with, or
having investment assets held or acquired pursuant to such arrangements with, a
Person in Specified Person Group I.

    

    “Preferred Stock” means the
Series R Participating Cumulative Preferred Stock, $1.00 par value per share, of
the Company, having the terms set forth in the form of certificate of
designation attached hereto as Exhibit A.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    “Purchase Price” means the
price (subject to adjustment as provided herein) at which a holder of a Right
may purchase one one-millionth of a share of Preferred Stock (subject to
adjustment as provided herein) upon exercise of a Right, which price shall
initially be $20.00.

    

    The
“QDS Value Limit” has
been exceeded if the value of all Qualifying Debt Securities acquired by Persons
in Specified Person Group I pursuant to clause (G)(y)(II) in the definition of
“Acquire” is more than the value of one- quarter of one percentage point of the
then-outstanding Common Stock plus the value of the applicable Qualifying Debt
Securities acquired, as calculated in the following manner: the sum of each
percentage, calculated separately for each such acquisition of Qualifying Debt
Securities, equal to the product of (a) 100 and (b) the fraction, (i) the
numerator of which is the value of such Qualifying Debt Securities at the time
acquired and (ii) the denominator of which is the sum of (I) the product of (A)
the price of a share of Common Stock using the 20 trading day trailing average
closing price for a share of Common Stock and (B) the number of shares of Common
Stock outstanding on the date of the applicable acquisition of such Qualifying
Debt Securities and (II) the value of such Qualifying Debt Securities, all as
reasonably determined by the Board in good faith; for purposes of the foregoing,
the price of a share of Common Stock shall be determined using the 20 trading
day trailing average closing price for a share of Common Stock for the period
ending on the date of the applicable acquisition.

    

    “Qualified Offer” shall mean an
offer determined by a majority of the Board to have each of the following
characteristics with respect to the Common Stock and, for so long as the Series
M Stock remains outstanding, with respect to the Series M Stock:

    

    
      (A)  With
respect to the Common Stock:

    

     

    (i) a tender
or exchange offer for all of the outstanding shares of Common Stock at the same
per-share consideration;

     

    (ii) an offer
that has commenced within the meaning of Rule 14d-2(a) under the Exchange
Act;

     

    (iii) an offer
that is conditioned on a minimum of at least a majority of the outstanding
shares of the Common Stock being tendered and not withdrawn as of the offer’s
expiration date, which condition shall not be waivable;

     

    (iv) an offer
pursuant to which the Person making such offer has announced that it intends, as
promptly as practicable upon successful completion of the offer, to consummate a
second step transaction whereby all shares of the Common Stock not tendered into
the offer will be acquired at the same form and amount of consideration per
share actually

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    paid
pursuant to the offer, subject to stockholders’ statutory appraisal rights, if
any; and

    

    
      (B)  With
respect to the Series M Stock:

    

    

    (i) a tender
or exchange offer for all of the outstanding shares of Series M Stock at the
same per-share consideration;

     

    (ii) an offer
that has commenced within the meaning of Rule 14d-2(a) under the Exchange
Act;

     

    (iii) an offer
that is conditioned on a minimum of at least a majority of the outstanding
shares of the Series M Stock being tendered and not withdrawn as of the offer’s
expiration date, which condition shall not be waivable; and

     

    (iv) an offer
pursuant to which the Person making such offer has announced that it intends, as
promptly as practicable upon successful completion of the offer, to consummate a
second step transaction whereby all shares of the Series M Stock not tendered
into the offer (to the extent still outstanding) will be acquired at the same
form and amount of consideration per share actually paid pursuant to the offer,
subject to stockholders’ statutory appraisal rights, if any.

    

    “Qualifying Debt Securities”
means securities of the Company (i) that are not exchangeable or convertible
into Company Securities and (ii) for which the applicable disclosure document
relating to the issuance of such securities states, without qualification, that
the securities “will” be treated as indebtedness (or assumes, without
qualification, that the securities are indebtedness) for U.S. federal income tax
purposes.

    

    “Section 382” means Section 382
of the Code, or any comparable successor provision.

    

    “Securities Act” means the
Securities Act of 1933, as amended, unless otherwise expressly
specified.

    

    “Series M Stock” means the
Series M Common Stock Equivalent, $1.00 par value per share, of the
Company.

    

    “Specified Exchange Agreement”
means the Exchange Agreement dated March 18, 2009, between the Company and the
Specified Investor.

    

    “Specified Exchange Closing
Date” means the date on which the closing of the exchange effected
pursuant to the Specified Exchange Agreement occurs.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    

    “Specified Investor” means the
Government of Singapore Investment Corporation Pte Ltd.

    

    “Specified Person Group I”
means (i) the Specified Investor, (ii) any Affiliate of the Specified Investor
that is directly or indirectly “controlled by” (as such term is used in the
definition of the term “Affiliate”) the Specified Investor and (iii) each
Permitted Transferee; provided that a Fund Vehicle
shall not be included in “Specified Person Group I” unless a Person described in
clause (i), (ii) or (iii) of this definition is the general partner or
investment manager of the Fund Vehicle or is otherwise principally responsible
for the investment decisions of the Fund Vehicle.

    

    “Specified Person Group II”
means (i) Temasek Holdings (Private) Ltd, (ii) any Affiliate of Temasek Holdings
(Private) Ltd that is directly or indirectly “controlled by” (as such term is
used in the definition of the term “Affiliate”) Temasek Holdings (Private) Ltd,
(iii) the Government of Singapore and the Monetary Authority of Singapore and
(iv) any other Person that (A) is treated for purposes of Treasury Regulations
Section 1.382-2T (by reason of Treasury Regulation Section
1.382-2T(h)(2)(iii)(C) (for the avoidance of doubt, including the flush language
at the end of Treasury Regulation Section 1.382-2T(h)(2)(iii)) and/or by reason
of such Person constituting the Government of Singapore or an agency,
instrumentality or unit of the Government of Singapore) as the same “individual”
(or the same entity or same other party, as applicable) as any Person in
Specified Person Group I and (B) is not a Person in Specified Person Group
I.

    

    “Stock Acquisition Date” means
the date of the first public announcement (including the filing of a report on
Schedule 13D or Schedule 13G under the Exchange Act (or any similar or successor
report)) by the Company or an Acquiring Person indicating that an Acquiring
Person has become such.

    

    “Straight Preferred Stock”
means preferred stock that is not treated as stock pursuant to Treasury
Regulation Section 1.382-2(a)(3).

    

    “Subsidiary” of any Person
means any other Person of which securities or other ownership interests having
ordinary voting power, in the absence of contingencies, to elect a majority of
the board of directors or other Persons performing similar functions are at the
time directly or indirectly owned by such first Person.

    

    “Tax Benefits” means the net
operating loss carryovers, capital loss carryovers, general business credit
carryovers, alternative minimum tax credit carryovers and foreign tax credit
carryovers, as well as any loss or deduction attributable to a “net unrealized
built-in loss” within the meaning of Section 382, of the Company or any of its
Subsidiaries.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    “Trading Day” means a day on
which the principal national securities exchange or over-the-counter market on
which the shares of Common Stock are listed or admitted to trading is open for
the transaction of business or, if the shares of Common Stock are not listed or
admitted to trading on any national securities exchange or over-the-counter
market, a Business Day.

    

    “Treasury Regulation” means any
final, proposed or temporary regulation of the Department of Treasury under the
Code and any successor regulation.

    

    “U.S. Government” means any of
(i) the federal government of the United States of America, (ii) any
instrumentality or agency of the federal government of the United States of
America and (iii) any Person wholly-owned by, or the sole beneficiary of which
is, the federal government of the United States or any instrumentality or agency
thereof.

    

    Each of
the following terms is defined in the Section set forth opposite such
term:

    

    
      	
              Term

            	 
      	
              Section   
      

            
	
              Adjustment
      Shares

            	
              9

            
	
              Company

            	
              Preamble

            
	
              Exchange
      Ratio

            	
              21

            
	
              In-Kind
      Distribution

            	
              1

            
	
              Ownership
      Statement

            	
              3(a)

            
	
              Quarter
      Percentage Point Cap

            	
              1

            
	
              Record
      Date

            	
              Recitals

            
	
              Redemption
      Price

            	
              20

            
	
              Right

            	
              Recitals

            
	
              Rights
      Agent

            	
              Preamble

            
	
              Right
      Certificate

            	
              4

            
	
              3%
      Cap

            	
              1

            
	
              Trust

            	
              21

            
	
              Trust
      Agreement

            	
              21

            
	
              $20
      Million Exchange Cap

            	
              1

            

    

    

    SECTION
2. Other Definitional and
Interpretative Provisions; Application to Series M Preferred
Stock. (a) The words “hereof”, “herein” and “hereunder” and words
of like import used in this Rights Plan shall refer to this Rights Plan as a
whole and not to any particular provision of this Rights Plan. The captions
herein are included for convenience of reference only and shall be ignored in
the construction or interpretation hereof. References to Articles, Sections,
Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this
Rights Plan unless otherwise specified. All Exhibits and Schedules annexed
hereto or referred to herein are hereby incorporated in and made a part
of

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    this
Rights Plan as if set forth in full herein. Any capitalized terms used in any
Exhibit or Schedule but not otherwise defined therein, shall have the meaning as
defined in this Rights Plan. Any singular term in this Rights Plan shall be
deemed to include the plural, and any plural term the singular. Whenever the
words “include”, “includes” or “including” are used in this Rights Plan, they
shall be deemed to be followed by the words “without limitation”, whether or not
they are in fact followed by those words or words of like import. “Writing”,
“written” and comparable terms refer to printing, typing and other means of
reproducing words (including electronic media) in a visible form. References to
any agreement or contract are to that agreement or contract as amended, modified
or supplemented from time to time in accordance with the terms hereof and
thereof; provided that
with respect to any agreement or contract listed on any schedules hereto, all
such amendments, modifications or supplements must also be listed in the
appropriate schedule. References to any Person include the successors and
permitted assigns of that Person. References from or through any date mean,
unless otherwise specified, from and including or through and including,
respectively. References to any statute, rules or regulations shall be deemed to
refer to such statute, rules or regulations as amended from time to time and to
any successors thereto.

    

    (b) Application to Series M
Stock. Notwithstanding anything else contained herein, one Right shall be
issued with respect to each one one-millionth of a share of Series M Stock
outstanding as of the Record Date or issued after the Record Date but prior to
the earlier of a Distribution Date and the Expiration Date, and the provisions
of this Rights Plan shall be construed to give effect to the foregoing, so that
such provisions are applied with respect to the Series M Stock in the same
manner as applied to the Common Stock (or if the context so requires, as would
apply had the Series M Stock been converted into or exchanged for Common Stock),
mutatis mutandis. Upon
conversion or exchange of any share of Series M Stock into shares of Common
Stock, the Rights associated with such share will automatically be extinguished,
and a Right will be issued in respect of each such share of Common Stock. The
Board shall have the exclusive power and authority to interpret the provisions
of this Rights Plan to give effect to the foregoing. All such interpretations
which are done or made by the Board in good faith shall be final, conclusive and
binding on the Company, the Rights Agent, the holders of the Rights and all
other parties.

    

    SECTION
3. Issuance of Rights and
Right Certificates. (a) As soon as practicable after the Record Date, the
Company will send a summary of the Rights substantially in the form of Exhibit B
hereto, by first class mail, postage prepaid, to each record holder of the
Common Stock as of the close of business on the Record Date. Certificates for
the Common Stock, or current ownership statements issued with respect to
uncertificated shares of Common Stock in lieu of such a certificate (an “Ownership Statement”) (which
Ownership Statements shall be deemed to be Right Certificates), issued after the
Record Date but prior to

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    the
earlier of a Distribution Date and the Expiration Date shall have printed or
written on or otherwise affixed to them the following legend:

    

    This
[certificate] [statement] also evidences certain Rights as set forth in a Rights
Plan between Citigroup Inc. (the “Company”) and Computershare
Trust Company, N.A., as Rights Agent, dated as of June 9, 2009, and as amended
from time to time (the “Rights
Plan”), the terms of which are hereby incorporated herein by reference
and a copy of which is on file at the principal executive offices of the
Company. The Company will mail to the holder of this [certificate] [statement] a
copy of the Rights Plan without charge promptly after receipt of a written
request therefor. Under certain circumstances, as set forth in the Rights Plan,
such Rights may be evidenced by separate [certificate] [statements] instead of
by this [certificate] [statement] and may be redeemed or exchanged or may
expire.

    As
set forth in the Rights Plan, Rights issued or transferred to, or Beneficially
Owned by, any Person who is, was or becomes an Acquiring Person (as such terms
are defined in the Rights Plan), whether currently Beneficially Owned by or on
behalf of such Person or by any subsequent holder, may be null and
void.

    

    (b) Prior to
a Distribution Date, (i) the Rights will be evidenced by certificates for the
Common Stock or Ownership Statements and not by separate Right Certificates (as
hereinafter defined) and the registered holders of the Common Stock shall be
deemed to be the registered holders of the associated Rights, and (ii) the
Rights will be transferable only in connection with the transfer of the
underlying shares of Common Stock.

    

    (c) From and
after a Distribution Date, the Rights will be evidenced solely by separate Right
Certificates or Ownership Statements and will be transferable only in connection
with the transfer of the Right Certificates pursuant to Section 5. As soon as
practicable after the Company has notified the Rights Agent of the occurrence of
a Distribution Date, the Rights Agent will send, by first class, insured,
postage prepaid mail, to each record holder of the Common Stock as of the close
of business on the Distribution Date (other than any Acquiring Person), one or
more Right Certificates evidencing one Right (subject to adjustment as provided
herein) for each share of Common Stock so held. If an adjustment in the number
of Rights per share of Common Stock has been made pursuant to Section 9, the
Company shall, at the time of distribution of the Right Certificates, make the
necessary and appropriate rounding adjustments in accordance with Section 12(a)
so that Right Certificates representing only whole numbers of Rights are
distributed and cash is paid in lieu of any fractional Rights.

    

    (d) Rights
shall be issued in respect of all shares of Common Stock outstanding as of the
Record Date or issued (on original issuance or out of treasury) after the Record
Date but prior to the earlier of a Distribution Date and

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    the
Expiration Date. In addition, in connection with the issuance or sale of shares
of Common Stock following a Distribution Date and prior to the Expiration Date,
the Company shall, with respect to shares of Common Stock so issued or sold (i)
pursuant to the exercise of stock options or under any employee plan or
arrangement or (ii) upon the exercise, conversion or exchange of other
securities issued by the Company prior to the Distribution Date, and (iii) may,
in any other case, if deemed appropriate by the Board, issue Right Certificates
representing the appropriate number of Rights in connection with such issuance
or sale; provided that
no such Right Certificate shall be issued if, and to the extent that,
appropriate adjustment shall otherwise be made in lieu of the issuance
thereof.

    

    SECTION
4. Form of Right
Certificates. (a) The certificates evidencing the Rights (and the forms
of assignment, election to purchase and certificates to be printed on the
reverse thereof) (the “Right
Certificates”) shall be substantially in the form of Exhibit C 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 Rights Plan, 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 usage. The Right Certificates, whenever distributed,
shall be dated as of the Record Date.

    

    (b) The Right
Certificates shall be executed on behalf of the Company by its Chief Executive
Officer, its Chairman of the Board, its President, its Vice Chairman or any Vice
President, either manually or by facsimile signature, and shall have affixed
thereto the Company’s seal or a facsimile thereof which shall be attested by the
Secretary, an Assistant Secretary, the Treasurer or any Assistant Treasurer of
the Company, either manually or by facsimile signature. The Right Certificates
shall be countersigned, either manually or by facsimile signature, by the Rights
Agent and shall not be valid for any purpose unless so countersigned. In case
any officer of the Company whose manual or facsimile signature is affixed to the
Right Certificates ceases to be such officer of the Company before
countersignature by the Rights Agent and issuance and delivery by the Company,
such Right Certificates may, nevertheless, be countersigned by the Rights Agent
and issued and delivered 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.
Any Right Certificate may be signed on behalf of the Company by any Person who,
at the actual date of the execution of such Right Certificate, shall be a proper
officer of the Company to sign such Right Certificate, although at the date of
the execution of this Rights Plan any such Person was not such an
officer.

    

    (c) Notwithstanding
any of the provisions of this Rights Plan or of the Rights to the contrary, the
Company may, at its option, issue new Right Certificates evidencing Rights in
such form as may be approved by its Board to reflect any adjustment or change in
the Purchase Price and the number or kind or

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    class of
shares of stock issuable upon exercise of the Rights made in accordance with the
provisions of this Rights Plan.

    

    SECTION
5. Registration; Transfer and
Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen
Right Certificates. (a) Following a Distribution Date, the
Rights Agent shall keep or cause to be kept, at its principal office or offices
designated as the place for surrender of Right Certificates upon exercise,
transfer or exchange, books for registration and transfer of the Right
Certificates. Such books shall show with respect to each Right Certificate the
name and address of the registered holder thereof, the number of Rights
indicated on the certificate and the certificate number.

    

    (b) At any
time after a Distribution Date and prior to the Expiration Date, any Right
Certificate or Certificates may, upon the terms and subject to the conditions
set forth in this Rights Plan, be transferred or exchanged for another Right
Certificate or Certificates evidencing a like number of Rights as the Right
Certificate or Certificates surrendered. Any registered holder desiring to
transfer or exchange any Right Certificate or Certificates shall surrender such
Right Certificate or Certificates (with, in the case of a transfer, the form of
assignment and certificate on the reverse side thereof duly executed) to the
Rights Agent at the principal 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 or Certificates until the registered holder of the Rights has
complied with the requirements of Section 6(f). Upon satisfaction of the
foregoing requirements, the Rights Agent shall, subject to Sections 6(e), 6(f),
8(e), 12 and 21, countersign and deliver to the Person entitled thereto a Right
Certificate or Certificates as so requested. The Company may require payment of
a sum sufficient to cover any transfer tax or other governmental charge that may
be imposed in connection with any transfer or exchange of any Right Certificate
or Certificates.

    

    (c) Upon
receipt by the Company and the Rights Agent of evidence reasonably satisfactory
to them of the loss, theft, destruction or mutilation of a Right Certificate,
and, in case of loss, theft or destruction, of indemnity or security reasonably
satisfactory to them, and, at the Company’s request, reimbursement to the
Company and the Rights Agent of all reasonable expenses incidental thereto, and
upon surrender to the Rights Agent and cancellation of the Right Certificate if
mutilated, the Company will issue 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
6. Exercise of Rights.
(a) The registered holder of any Right Certificate may exercise the Rights
evidenced thereby (except as otherwise provided herein, including Sections 6(e),
6(f) and 8(c)) in whole or in part at any

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    time
after a Distribution Date and prior to the Expiration 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 principal
office or offices of the Rights Agent designated for such purpose, together with
payment (in lawful money of the United States of America by certified check or
bank draft payable in immediately available or next day funds to the order of
the Company) of the aggregate Purchase Price with respect to the Rights then to
be exercised and an amount equal to any applicable transfer tax or other
governmental charge.

    

    (b) Upon
satisfaction of the requirements of Section 6(a) and subject to Section 18(k),
the Rights Agent shall thereupon promptly (i)(A) requisition from any transfer
agent of the Preferred Stock (or make available, if the Rights Agent is the
transfer agent therefor) certificates for the total number of one one-millionths
of a share of Preferred Stock to be purchased (and the Company hereby
irrevocably authorizes its transfer agent to comply with all such requests) or
(B) if the Company shall have elected to deposit the shares of Preferred Stock
issuable upon exercise of the Rights with a depositary agent, requisition from
the depositary agent depositary receipts representing interests in such number
of one one-millionths of a share of Preferred Stock to be purchased (in which
case certificates for the shares of Preferred Stock represented by such receipts
shall be deposited by the transfer agent with the depositary agent and the
Company will direct the depositary agent to comply with such request), (ii)
requisition from the Company the amount of cash, if any, to be paid in lieu of
issuance of fractional shares in accordance with Section 12 and (iii) after
receipt of such certificates or depositary receipts and cash, if any, cause the
same to be delivered to or upon the order of the registered holder of such Right
Certificate (with such certificates or receipts registered in such name or names
as may be designated by such holder). If the Company is obligated to deliver
Common Stock or other securities or assets pursuant to this Rights Plan, the
Company will make all arrangements necessary so that such securities and assets
are available for delivery by the Rights Agent, if and when
appropriate.

    

    (c) Each
Person (other than the Company) in whose name any certificate for Preferred
Stock is issued upon the exercise of Rights shall for all purposes be deemed to
have become the holder of record of such Preferred Stock represented thereby on,
and such certificate shall be dated, the date upon which the Right Certificate
evidencing such Rights was duly surrendered and payment of the Purchase Price
(and any transfer taxes or other governmental charges) was made; provided that if the date of
such surrender and payment is a date upon which the transfer books of the
Company relating to the Preferred Stock are closed, such Person shall be deemed
to have become the record holder of such shares on, and such certificate shall
be dated, the next succeeding Business Day on which the applicable transfer
books of the Company are open. Prior to the exercise of the Rights evidenced
thereby, the holder of a Right Certificate shall not be entitled to any rights
of a stockholder of the Company with respect to

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    shares
for which the Rights shall be exercisable, including 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.

    

    (d) In case
the registered holder of any Right Certificate shall exercise less than all the
Rights evidenced thereby, a new Right Certificate evidencing the number of
Rights remaining unexercised shall be issued by the Rights Agent and 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, subject to
the provisions of Section 12.

    

    (e) Notwithstanding
anything in this Rights Plan to the contrary (except for the last two sentences
of this Section 6(e)), any Rights Beneficially Owned by (i) an
Acquiring Person from and after the date on which the Acquiring Person becomes
such or (ii) a transferee of Rights Beneficially Owned by an Acquiring Person
who (A) becomes a transferee after the Stock Acquisition Date with respect to
such Acquiring Person or (B) becomes a transferee prior to or concurrently with
the Stock Acquisition Date with respect to such Acquiring Person and receives
such Rights (I) with actual knowledge that the transferor is or was an Acquiring
Person or (II) pursuant to either (x) 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 or (y) a transfer which the Board determines in good faith is part of a
plan, arrangement or understanding which has as a primary purpose or effect the
avoidance of this Section 6(e), shall become 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 this Rights Plan or otherwise. The Company
shall use all reasonable efforts to insure that the provisions of this Section
6(e) 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 transferee of an
Acquiring Person hereunder. If a Person in Specified Person Group II is an
Acquiring Person, any references to “Rights Beneficially Owned” by such
Acquiring Person shall exclude any Rights held by each Person in Specified
Person Group I; provided that the Persons in
Specified Person Group I are Grandfathered Persons or have failed to be
Grandfathered Persons solely as a result of one or more In-Kind Distributions.
For the avoidance of doubt, each security that is a Covered Security, share of
Investor Preferred Stock, Additional Share or Warrant (each within the meaning
of the Specified Exchange Agreement) shall not be subject to dilution under this
Rights Plan, and the Rights related thereto shall be exercisable, so long as (A)
the Persons in Specified Person Group I are Grandfathered Persons (or have
failed to be Grandfathered Persons solely as a result of one or more In-Kind
Distributions) and (B) a Person in Specified Person Group I has continuously
since the Specified

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    Exchange
Closing Date (I) had legal title to such security (or a predecessor security
that had, pursuant to its terms, been converted or exchanged into such
security), (II) been the registered or record owner of such security (or a
predecessor security that had, pursuant to its terms, been converted or
exchanged into such security), or (III) held such security (or a predecessor
security that had, pursuant to its terms, been converted or exchanged into such
security) through one or more custodians, depositaries, broker-dealer firms
and/or other similar intermediaries.

    

    (f)
Notwithstanding anything in this Rights Plan to the contrary, neither the Rights
Agent nor the Company shall be obligated to undertake any action with respect to
any purported transfer pursuant to Section 5 or exercise pursuant to this
Section 6 unless the registered holder of the applicable Rights (i) shall have
completed and signed the certificate contained in the form of assignment or
election to purchase, as the case may be, set forth on the reverse side of the
Right Certificate surrendered for such transfer or exercise, as the case may be,
(ii) shall not have indicated an affirmative response to clause 1 or 2 thereof
and (iii) shall have provided such additional evidence of the identity of the
Beneficial Owner (or former Beneficial Owner) thereof as the Company shall
reasonably request.

    

    SECTION
7. Cancellation and
Destruction of Right Certificates. All Right Certificates surrendered for
exercise, transfer or exchange shall, if surrendered to the Company or to any of
its agents, be delivered to the Rights Agent 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
this Rights Plan. The Company shall deliver to the Rights Agent for
cancellation, and the Rights Agent shall cancel, 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,
or shall, at the written request of the Company, destroy such canceled Right
Certificates, and in such case shall deliver a certificate of destruction
thereof to the Company.

    

    SECTION
8. Reservation and
Availability of Capital Stock. (a) The Company covenants and agrees that
it will cause to be reserved and kept available a number of authorized but not
outstanding shares of Preferred Stock sufficient to permit the exercise in full
of all outstanding Rights as provided in this Rights Plan.

    

    (b) So
long as the Preferred Stock issuable upon the exercise of Rights may be listed
on any national securities exchange, the Company shall use its best efforts to
cause, from and after such time as the Rights become exercisable, all securities
reserved for such issuance to be listed on any such exchange upon official
notice of issuance upon such exercise.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    (c) The
Company shall (i) file, as soon as practicable following the earliest date after
a Stock Acquisition Date and determination of the consideration to be delivered
by the Company upon exercise of the Rights in accordance with Section 9(a)(ii),
or as soon as is required by law following a Distribution Date, as the case may
be, a registration statement under the Securities Act with respect to the
securities issuable upon exercise of the Rights, (ii) to 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 at all
times meeting 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
and (B) the Expiration Date. The Company shall also take such action as may be
appropriate to 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 90 days after the
date set forth in Section 8(c)(i), the exercisability of the Rights in order to
prepare and file such registration statement and permit it to become effective.
Upon any such suspension, the Company shall issue a public announcement stating
that the exercisability of the Rights has been temporarily suspended, as well as
a public announcement when the suspension is no longer in effect.
Notwithstanding anything contained in this Rights Plan to the contrary, the
Rights shall not be exercisable for securities in any jurisdiction if the
requisite qualification in such jurisdiction has not been obtained, such
exercise is not permitted under applicable law or a registration statement in
respect of such securities has not been declared effective.

     

    (d) The
Company shall take all such action as may be necessary to insure that all one
one-millionths of a share of Preferred Stock issuable upon exercise of Rights
shall, at the time of delivery of the certificates for such securities (subject
to payment of the Purchase Price), be duly authorized, validly issued, fully
paid and nonassessable.

     

    (e) The
Company shall pay when due and payable any and all federal and state transfer
taxes and other governmental charges which may be payable in respect of the
issuance or delivery of the Right Certificates and of any certificates for
Preferred Stock upon the exercise of Rights. The Company shall not, however, be
required to pay any transfer tax or other governmental charge which may be
payable in respect of any transfer involved in the issuance or delivery of any
Right Certificates or any certificates for Preferred Stock to a Person other
than the registered holder of the applicable Right Certificate. Prior to any
such issuance or delivery of any Right Certificates or any certificates for
Preferred Stock, any such transfer tax or other governmental charge shall have
been paid by the holder of such Right Certificate or it shall have been
established to the Company’s satisfaction that no such tax or other governmental
charge is due.

    

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    SECTION
9. Adjustment of Purchase
Price, Number and Kind of Shares or Number of Rights. (a)(i)
To preserve the actual or potential economic value of the Rights, if at any
time after the date hereof there shall be any change in the Common Stock or the
Preferred Stock, whether by reason of stock dividends, stock splits, reverse
stock splits, recapitalization, mergers, consolidations, combinations or
exchanges of securities, split-ups, split-offs, spin-offs, liquidations, other
similar changes in capitalization, any distribution or issuance of cash, assets,
evidences of indebtedness or subscription rights, options or warrants to holders
of Common Stock or Preferred Stock, as the case may be (other than distribution
of the Rights or regular quarterly cash dividends) or otherwise, then, in each
such event the Board shall make such appropriate adjustments in the number of
shares of Preferred Stock (or the number and kind of other securities) issuable
upon exercise of each Right (or in exchange for any Right pursuant to Section
21), the Purchase Price and Redemption Price in effect at such time and/or the
number of Rights outstanding at such time (including the number of Rights or
fractional Rights associated with each share of Common Stock) such that
following such adjustment such event shall not have had the effect of reducing
or limiting the benefits the holders of the Rights would have had absent such
event. If an event occurs which requires an adjustment under both this Section
9(a)(i) and Section 9(a)(ii), the adjustment provided for in this Section
9(a)(i) shall be made prior to, and in addition to, any adjustment required
pursuant to Section 9(a)(ii).

    

    (ii) If
any Person becomes at any time after the date of this Rights Plan an Acquiring
Person, then each holder of a Right shall (except as otherwise provided herein,
including Section 6(e)) be entitled to receive upon exercise thereof (in
accordance with the provisions of Section 6) at the then current Purchase Price
such number of one-millionths of a share of Preferred Stock (such number of
one-millionths of a share being referred to herein as the “Adjustment Shares”) equal to
the result obtained by dividing

    

    (x) the
product obtained by multiplying the then current Purchase Price by the number of
one-millionths of a share of Preferred Stock for which a Right was exercisable
immediately prior to such first occurrence (such product being from such time on
the “Purchase Price” for each Right and for all purposes of this Rights Plan)
by

     

    (y) 50% of
the current market price per share of Common Stock (determined pursuant to
Section 9(d)(i)) on the date of such first occurrence.

    

    
      (iii)  [Reserved]

    

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    
      (b)  [Reserved]

    

    

    
      (c)  [Reserved]

    

    

    (d) (i) For
purposes of computations hereunder other than computations made pursuant to
Section 12, the “current market price” per share of Common Stock on any date
shall be the average of the daily closing prices per share of such Common Stock
at the close of the regular session of trading for the 30 Trading Days
immediately prior to such date; and for purposes of computations made pursuant
to Section 12, the “current market price” per share of Common Stock for any
Trading Day shall be the closing price per share of Common Stock at the close of
the regular session of trading for such Trading Day; provided that if the current
market price per share of the Common Stock is determined during a period that is
in whole or in part following the announcement by the issuer of such Common
Stock of (A) a dividend or distribution on such Common Stock payable in shares
of such Common Stock or securities exercisable for or convertible into shares of
such Common Stock (other than the Rights), or (B) any subdivision, combination
or reclassification of such Common Stock, and prior to the ex-dividend date for
such dividend or distribution or the record date for such subdivision,
combination or reclassification, then, and in each such case, the “current
market price” 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, at the close of the regular session of trading or, if 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 at the close of the regular session of trading with respect to securities
listed or admitted to trading on the New York Stock Exchange or, if the shares
of Common Stock are not listed or admitted to trading on the New York Stock
Exchange, on the principal national securities exchange on which the shares of
Common Stock are listed or admitted to trading or, if the shares of Common Stock
are not listed or admitted to trading on any national securities exchange, the
last quoted price or, if not so quoted, the average of the high bid and low
asked prices in the over-the- counter market, as reported by the National
Association of Securities Dealers, Inc. Automated Quotation System or such other
system then in use or, if on any such date the shares of Common Stock are not
quoted by any such organization, the average of the closing bid and asked prices
as furnished by a professional market maker making a market in the Common Stock
selected by the Board (in each case prices which are not identified as having
been reported late to such system). If on any such date, no market maker is
making a market in the Common Stock or the Common Stock is not publicly held or
not so listed or traded, the “current market value” of such shares on such date
shall be as determined in good faith by the Board (or, if at the time of such
determination there is an Acquiring Person, by a nationally recognized
investment banking firm selected by the Board) which determination shall be
described in a statement filed with the Rights Agent and shall be conclusive for
all purposes.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    (ii) For the
purpose of any computation hereunder, the “current market price” per share of
Preferred Stock shall be determined in the same manner as set forth above for
the Common Stock in Section 9(d)(i) (other than the last sentence thereof). If
the current market price per share of Preferred Stock cannot be determined in
such manner, the “current market price” per share of Preferred Stock shall be
conclusively deemed to be an amount equal to 1,000,000 (as such number may be
appropriately adjusted for such events as stock splits, reverse stock splits,
stock dividends and recapitalizations with respect to the Common Stock occurring
after the date of this Rights Plan) multiplied by the current market price per
share of Common Stock (as determined pursuant to Section 9(d)(i)). For all
purposes of this Rights Plan, the “current market price” of one one- millionth
of a share of Preferred Stock shall be equal to the “current market price” of
one share of Preferred Stock divided by 1,000,000.

    

    (iii) For the
purpose of any computation hereunder, the value of any securities or assets
other than Common Stock or Preferred Stock shall be the fair value as determined
in good faith by the Board, or, if at the time of such determination there is an
Acquiring Person, by a nationally recognized investment banking firm selected by
the Board, which determination shall be described in a statement filed with the
Rights Agent and shall be conclusive for all purposes.

     

    (e) Notwithstanding
any provision of this Rights Plan to the contrary, no adjustment of any item
described in Section 9(a)(i) (e.g., the Purchase Price, the
Redemption Price, the number of shares of Preferred Stock issuable upon exercise
of the Rights, etc) shall be required unless such adjustment would require an
increase or decrease of at least 1% in the relevant item; provided that any adjustments
which by reason of this Section 9(e) are not required to be made shall be
carried forward and taken into account in any subsequent adjustment. All
calculations under this Section 9 shall be made to the nearest cent or to the
nearest ten-thousandth of a share of Common Stock or other share or one
ten-billionth of a share of Preferred Stock, as the case may be.

    

    
      (f)  [Reserved]

    

    

    (g) All
Rights originally issued by the Company subsequent to any adjustment made
hereunder shall evidence the right to purchase, at the Purchase Price then in
effect, the then applicable number of one-millionths of a share of Preferred
Stock and other capital stock issuable from time to time hereunder upon exercise
of the Rights, all subject to further adjustment as provided
herein.

    

    
      (h)  [Reserved]

    

    

    
      (i)  [Reserved]

    

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    (j) Irrespective
of any adjustment or change in the Purchase Price or the number of
one-millionths 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 Purchase Price per one one-millionth of a share and the number of
shares which were expressed in the initial Right Certificates issued
hereunder.

    

    
      (k)  [Reserved]

    

    

    (l) In any
case in which this Section 9 shall require that an adjustment in the Purchase
Price be made effective as of a record date for a specified event, the Company
may elect to defer until the occurrence of such event the issuance to the holder
of any Right exercised after such record date the number of one- millionths of a
share of Preferred Stock or other capital stock, if any, issuable upon such
exercise over and above the number of one-millionths of a share of Preferred
Stock or other capital stock, if any, issuable upon such exercise on the basis
of the Purchase Price in effect prior to such adjustment; provided 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 9 to the contrary notwithstanding, the Company shall be entitled
to make such reductions in the Purchase Price, in addition to those adjustments
expressly required by this Section 9, as and to the extent that it, in its sole
discretion, determines to be advisable so that any consolidation or subdivision
of the Preferred Stock or Common Stock, issuance wholly for cash of any
Preferred Stock or Common Stock at less than the current market price, issuance
wholly for cash of any Preferred Stock, Common Stock or securities which by
their terms are convertible into or exercisable for Preferred Stock or Common
Stock, stock dividends or issuance of rights, options or warrants referred to in
this Section 9 hereafter made by the Company to the holders of its Preferred
Stock or Common Stock shall not be taxable to such stockholders.

    

    (n) The
Company agrees that after a Distribution Date, it will not, except as permitted
by Sections 20, 21 or 24 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.

    

    SECTION
10. Certificate of Adjusted
Purchase Price or Number of Shares. Whenever an
adjustment is made as provided in Section 9, the Company shall (i) promptly
prepare a certificate setting forth such adjustment and a brief statement of the
facts accounting for such adjustment, (ii) promptly file with the Rights Agent
and with each transfer agent for the Preferred Stock and the

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    Common
Stock a copy of such certificate and (iii) mail a brief summary thereof to each
holder of a Right Certificate (or, if prior to a Distribution Date, to each
holder of a certificate representing shares of Common Stock) in the manner set
forth in Section 23. The Rights Agent shall be fully protected in relying on any
such certificate and on any adjustment therein contained.

    

    SECTION
11.  [Reserved].

    

    SECTION
12. Fractional Rights and
Fractional Shares. (a) The Company is not required to issue fractions of
Rights or to distribute Right Certificates which evidence fractional Rights. In
lieu of any such fractional Rights, the Company shall pay to the registered
holders of the Right Certificates with regard to which such fractional Rights
would otherwise be issuable an amount in cash equal to the same fraction of the
current market price of a whole Right. For purposes of this Section 12(a), the
current market price of a whole Right shall be the closing price of a Right at
the close of the regular session of trading for the Trading Day immediately
prior to the date on which such fractional Rights would otherwise have been
issuable. The closing price of a Right for any day shall be determined in the
manner set forth for the Common Stock in Section 9(d)(i).

    

    (b) The
Company is not required to issue fractions of shares of Preferred Stock (other
than fractions which are multiples of one one-millionth of a share of Preferred
Stock) upon exercise of the Rights or upon exchange of the Rights pursuant to
Section 21(a), and the Company is not required to distribute certificates which
evidence fractional shares of Preferred Stock (other than fractions which are
multiples of one one-millionth of a share of Preferred Stock). In lieu of any
such fractional shares of Preferred Stock, the Company shall pay to the
registered holders of Right Certificates at the time such Rights are exercised
as herein provided an amount in cash equal to the same fraction of the current
market price of one one-millionth of a share of Preferred Stock. For purposes of
this Section 12(b), the current market price of one one-millionth of a share of
Preferred Stock shall be one one-millionth of the closing price of a share of
Preferred Stock (as determined pursuant to Section 9(d)) for the Trading Day
immediately prior to the date of such exercise.

    

    (c) Upon any
exchange pursuant to Section 21(c), the Company shall not be required to issue
fractions of shares of Common Stock upon exercise of the Rights or to distribute
certificates which evidence fractional shares of Common Stock. In lieu of
fractional shares of Common Stock, the Company shall pay to the registered
holders of Right Certificates at the time such Rights are exercised or exchanged
as herein provided an amount in cash equal to the same fraction of the current
market price of a share of Common Stock. For purposes of this Section 12(c), the
current market price of a share of Common Stock shall be the

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    closing
price of a share of Common Stock (as determined pursuant to Section 9(d)) for
the Trading Day immediately prior to the date of such exercise or
exchange.

    

    (d) Each
holder of a Right, by his acceptance of the Right, expressly waives his right to
receive any fractional Rights or any fractional shares upon exercise of a Right
except as permitted by this Section 12.

    

    SECTION
13.  [Reserved].

    

    SECTION
14. Agreement of Right
Holders. Each holder of a Right, by his acceptance of the Right, consents
and agrees with the Company and the Rights Agent and with every other holder of
a Right that:

    

    (a) prior to
a Distribution Date, the Rights will be evidenced by and transferable only in
connection with the transfer of Common Stock;

    

    (b) after a
Distribution Date, the Rights will be evidenced by Right Certificates and
transferable only on the registry books of the Rights Agent pursuant to Section
5;

    

    (c) subject
to Sections 5 and 6, the Company and the Rights Agent may deem and treat the
Person in whose name a Right Certificate (or, prior to a Distribution Date, a
certificate representing shares of Common Stock or an Ownership Statement) is
registered as the absolute owner of such certificate and of the Rights evidenced
thereby (notwithstanding any notations of ownership or writing on the Right
Certificate or the certificate representing shares of Common Stock or Ownership
Statement made by anyone other than the Company or the Rights Agent) for all
purposes whatsoever, and neither the Company nor the Rights Agent, subject to
the last sentence of Section 6(e), shall be affected by any notice to the
contrary; and

    

    (d) notwithstanding
anything in this Rights Plan to the contrary, neither the Company nor the Rights
Agent shall have any liability to any holder of a Right or other Person as a
result of its inability to perform any of its obligations under this Rights Plan
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 obligation;
provided 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
15. Right Certificate Holder
Not Deemed a Stockholder. 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 capital stock which may at any time be issuable on the
exercise of the Rights represented

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    thereby,
nor shall anything contained herein or in any Right Certificate be construed to
confer upon the holder of any Right Certificate, as such, any of the rights of a
stockholder of the Company (including any right to vote for the election of
directors or upon any matter submitted to stockholders at any meeting thereof,
to give or withhold consent to any corporate action, to receive notice of
meetings or other actions affecting stockholders (except as provided in Section
22), or to receive dividends or subscription rights, or otherwise) until the
Right or Rights evidenced by such Right Certificate shall have been exercised in
accordance with the provisions hereof.

    

    SECTION
16. Appointment of Rights
Agent. (a) The Company hereby appoints the Rights Agent to act as agent
for the Company in accordance with the terms and conditions hereof, and the
Rights Agent hereby accepts such appointment. The Company may from time to time
appoint such co-rights agents as it may deem necessary or desirable, upon ten
(10) days’ prior written notice to the Rights Agent. 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. If 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.

    

    (b) The
Company shall pay to the Rights Agent reasonable compensation for all services
rendered by it hereunder and, from time to time, on demand of the Rights Agent,
its reasonable expenses and counsel fees and disbursements and other
disbursements incurred in the execution or administration of this Rights Plan
and the exercise and performance of its duties hereunder. The Company also shall
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 administration of this Rights Plan or the
exercise or performance of its duties hereunder, including the costs and
expenses of defending against any claim of liability.

     

    SECTION
17. Merger or Consolidation or
Change of Name of Rights Agent. (a) Any corporation
into or with which the Rights Agent or any successor Rights Agent may be
merged, consolidated or combined, any corporation resulting from any merger,
consolidation or combination to which the Rights Agent or any successor Rights
Agent shall be a party, or any corporation succeeding to the corporate trust or
stock transfer business of the Rights Agent or any successor Rights Agent, shall
be the successor to the Rights Agent under this Rights Plan without the
execution or filing of any paper or any further act on the part of any party
hereto; provided that
such corporation would be eligible for appointment as a successor Rights Agent
under the provisions of Section 19. If at the time such successor Rights Agent
succeeds to the agency created by this Rights Plan any of the Right Certificates
have been countersigned but not

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    delivered,
any such successor Rights Agent may adopt the countersignature of a predecessor
Rights Agent and deliver such Right Certificates so countersigned; and if at
that time any of the Right Certificates have not been countersigned, any
successor Rights Agent may countersign such Right Certificates either in the
name of the predecessor Rights Agent or in the name of the successor Rights
Agent; and in all such cases such Right Certificates shall have the full force
provided in the Right Certificates and in this Rights Plan.

    

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

    

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

    

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

    

    (b) Whenever
in the performance of its duties under this Rights Plan the Rights Agent deems
it necessary that any fact or matter (including the identity of any “Acquiring
Person” and the determination of “current market price”) be proved or
established by the Company prior to taking, suffering or omitting to take any
action hereunder, such fact or matter (unless other evidence in respect thereof
be herein specifically prescribed) may be deemed to be conclusively proved and
established by a certificate signed by the Chief Executive Officer, the Chairman
of the Board, the President, the Vice Chairman or any Vice President, the
Secretary, any Assistant Secretary, the Treasurer or any Assistant Treasurer of
the Company and delivered to the Rights Agent; and such certificate shall be
full authorization to the Rights Agent for any action taken, suffered or omitted
in good faith by it under the provisions of this Rights Plan 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 Rights Plan or in the Right

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    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 responsible (i) in respect of the validity of this
Rights Plan 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), (ii) for any breach by
the Company of any covenant or condition contained in this Rights Plan or in any
Right Certificate, (iii) for any change in the exercisability of the Rights
(including the Rights becoming void pursuant to Section 6(e)) or (iv) any
adjustment in the terms of the Rights (including the manner, method or amount
thereof) provided herein 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 actual notice of any such adjustment). The
Rights Agent shall not by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any shares of Preferred
Stock or other securities to be issued pursuant to this Rights Plan or any Right
Certificate or as to whether any shares of Preferred Stock or other securities
will, when issued, be duly authorized, validly issued, fully paid and
nonassessable.

    

    (f) The
Company agrees that it will perform, execute, acknowledge and deliver, or cause
to be performed, executed, acknowledged and delivered, all such 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
Rights Plan.

    

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

    

    (h) The
Rights Agent and any stockholder, 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 Rights
Plan. Nothing herein shall preclude the Rights Agent from acting in any other
capacity for the Company or for any other Person.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

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

    

    (j) No
provision of this Rights Plan 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.

    

    (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 cases may be, has either not been completed or indicates an
affirmative response to clause 1 or 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.

    

    (l) 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 the
administration of this Rights Plan or the exercise or performance of its duties
hereunder in reliance upon any Right Certificate or certificate for Common Stock
or for other securities of the Company, instrument of assignment or transfer,
power of attorney, endorsement, affidavit, letter, notice, instruction,
direction, consent, certificate, statement or other paper or document reasonably
believed by it to be genuine and to be signed, executed and, where necessary,
verified or acknowledged, by the proper Person or Persons.

    

    SECTION
19. Change of Rights
Agent. The Rights Agent or any successor Rights Agent may resign and be
discharged from its duties under this Rights Plan upon 30 days’ notice to the
Company and to each transfer agent of the Common Stock and Preferred Stock. In
the event the transfer agency relationship in effect between the Company and the
Rights Agent terminates, the Rights Agent will be deemed to have resigned
automatically and be discharged from its duties under this Agreement as of the
effective date of such termination, and the Company shall be responsible for
sending any required notice. The Company may remove the Rights Agent or any
successor Rights Agent upon 30 days’ notice to the Rights Agent or successor
Rights Agent, as the case may be, and to each transfer agent of the Common Stock
and Preferred Stock by registered or certified mail, and, after a Distribution
Date, to the holders of the Right Certificates. If the Rights Agent resigns or
is removed or otherwise becomes

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

    incapable
of acting, the Company shall appoint a successor to the Rights Agent. If the
Company fails to make such appointment within a period of 30 days after giving
notice of such removal or after it has been notified in writing of such
resignation or incapacity by the resigning or incapacitated Rights Agent or by
the holder of a Right Certificate (who shall, with such notice, submit his Right
Certificate for inspection by the Company), then the registered holder of any
Right Certificate may apply to any court of competent jurisdiction for the
appointment of a new Rights Agent. Any successor Rights Agent, whether appointed
by the Company or by such a court, shall be (a) a corporation organized, in good
standing and doing business under the laws of the United States or of any state
of the United States, 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 $50,000,000 or (b) an affiliate of a
corporation described in Section 19(a). 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 with the predecessor Rights Agent and each transfer
agent of the Common Stock and the Preferred Stock, and, subsequent to a
Distribution Date, mail a notice thereof to the registered holders of the Right
Certificates. Failure to give any notice provided for in this Section 19, 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.

    

    SECTION
20. Redemption. (a) At
any time prior to a Distribution Date, the Board may, at its option, redeem all
but not less than all of the then outstanding Rights at a redemption price of
$0.00001 per Right, as such amount may be appropriately adjusted pursuant to
Section 9(a)(i) (such redemption price being hereinafter referred to as the
“Redemption Price”). The
redemption of the Rights may be made effective at such time, on such basis and
with such conditions as the Board in its sole discretion may establish. The
Redemption Price shall be payable, at the option of the Company, in cash, shares
of Common Stock, or such other form of consideration as the Board shall
determine.

    

    (b)
Immediately upon the action of the Board electing to redeem the Rights (or at
such later time as the Board may establish for the effectiveness of such
redemption) and without any further action and without any notice, the right to
exercise the Rights will terminate and thereafter the only right of the holders
of Rights shall be to receive the Redemption Price for each Right so held. The
Company shall promptly thereafter give notice of such redemption to the Rights
Agent and the holders of the Rights in the manner set forth in Section
23;

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

     

    provided that the failure to
give, or any defect in, such notice shall not affect the validity of such
redemption. 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.

    

    SECTION
21. Exchange. (a) At
any time on or after a Stock Acquisition Date, with respect to all or any part
of the then outstanding and exercisable Rights (which shall not include Rights
that have become void pursuant to Section 6(e)), the Board may, at its option,
exchange for each Right one one-millionth of a share of Preferred Stock, subject
to adjustment pursuant to Section 9(a)(i) (such exchange ratio being hereinafter
referred to as the “Exchange
Ratio”). The exchange of the Rights by the Board may be made effective at
such time, on such basis and with such conditions as the Board in its sole
discretion may establish. Notwithstanding the foregoing, the Board shall not be
empowered to effect such exchange at any time after an Acquiring Person becomes
the Beneficial Owner of 50% or more of the shares of Common Stock then
outstanding.

    

    (b) Immediately
upon the effectiveness of the action of the Board to exchange any Rights
pursuant to Section 21(a) (or at such later time as the Board may establish) and
without any further action and without any notice, the right to exercise such
Rights will terminate and thereafter the only right of a holder of such Rights
shall be to receive that number of fractional shares of Preferred Stock equal to
the number of such Rights held by such holder multiplied by the Exchange Ratio.
The Company shall promptly thereafter give notice of such exchange to the Rights
Agent and the holders of the Rights to be exchanged in the manner set forth in
Section 23; provided
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
Rights for fractional shares of Preferred Stock will be effected and, in the
event of any partial exchange, the number of Rights which will be exchanged. Any
partial exchange shall be effected pro rata based on the number of Rights (other
than Rights which have become void pursuant to Section 6(e)) held by each holder
of Rights.

    

    (c) In lieu
of exchanging all or any part of the then outstanding and exercisable Rights for
fractional shares of Preferred Stock in accordance with Section 21(a), the Board
may, at its option, exchange any such Rights (which shall not include Rights
that have become void pursuant to Section 6(e)) for shares of Common Stock at an
exchange ratio of one share of Common Stock per Right, as may be adjusted
pursuant to Section 9(a)(i).

    

    (d) Prior to
effecting an exchange pursuant to this Section 21, the Board may direct the
Company to enter into a Trust Agreement in such form and with

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

     

    such
terms as the Board of Directors shall then approve (the “Trust Agreement”). If the
Board so directs, the Company shall enter into the Trust Agreement and shall
issue to the trust created by such agreement (the “Trust”) all of the fractional
shares of Preferred Stock, or shares of Common Stock or other securities, if
any, issuable pursuant to the exchange, and all Persons entitled to receive
shares or other securities pursuant to the exchange shall be entitled to receive
such shares or other securities (and any dividends or distributions made thereon
after the date on which such shares or other securities are deposited in the
Trust) only from the Trust and solely upon compliance with the relevant terms
and provisions of the Trust Agreement.

    

    SECTION
22.  Notice of
Proposed Actions and Certain Other Matters. (a)(i) If
the Company proposes, at any time after a Distribution Date, (ii) to pay any
dividend payable in stock of any class or to make any other distribution (other
than a regular quarterly cash dividend out of earnings or retained earnings of
the Company) to the holders of Preferred Stock, (iii) to offer to the holders of
its 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, (iv) to effect any reclassification of its
Preferred Stock (other than a reclassification involving only the subdivision or
combination of outstanding shares of Preferred Stock), (v) to effect, or permit
any of its Subsidiaries to effect, any consolidation, merger or combination with
any other Person, or to effect any sale or other transfer, in one transaction or
a series of related transactions, of assets or earning power aggregating more
than 50% of the assets or earning power of the Company and its Subsidiaries,
taken as a whole, or (vi) to effect the liquidation, dissolution or winding-up
of the Company, then, in each such case, the Company shall give to each holder
of a Right, a notice of such proposed action specifying the record date for the
purposes of any such dividend, distribution or offering of rights or warrants,
or the date on which any such reclassification, consolidation, merger,
combination, sale, transfer, liquidation, dissolution or winding-up is to take
place and the date of participation therein by the holders of 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 Section 22(a)(i) or 22(a)(ii) above at least 20 days
prior to the record date for determining holders of the Preferred Stock entitled
to participate in such dividend, distribution or offering, and in the case of
any such other action, at least 20 days prior to the date of the taking of such
proposed action or the date of participation therein by the holders of Preferred
Stock, whichever shall be earlier. The failure to give notice required by this
Section or any defect therein shall not affect the legality or validity of the
action taken by the Company or the vote upon any such action.

    

    (b) (i)
The Company shall as soon as practicable after a Stock Acquisition Date give to
each holder of a Right, in accordance with Section 23, 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 9(a)(ii), and (ii) all

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

     

    references
in Section 22 to Preferred Stock shall be deemed thereafter to refer to Common
Stock or other capital stock, as the case may be.

    

    (c) In
addition, the Company shall furnish in writing to any Person in Specified Person
Group I or any Person in Specified Person Group II, upon request by such Person,
within ten Business Days of such request, (i) the number of shares of
then-outstanding Common Stock as of the request date, (ii) the 20 trading day
trailing average closing price of a share of Common Stock as of the request date
and (iii) the value of specified Qualifying Debt Securities or Company
Securities. Such written notice shall be provided to the fax number or email
address specified by the requesting Person in Specified Person Group I or Person
in Specified Person Group II and shall be deemed furnished upon receipt thereof.
If such Person acquires Company Securities within five Business Days after the
date of such written notice, the Person may rely on the numbers specified in the
written notice in performing the calculations described in clause (iii) or (iv)
of the definition of “Grandfathered Person”), the definition of IKD Value Limit
or the definition of QDS Value Limit.

    

    SECTION
23. Notices. Except as
set forth below, all notices, requests and other communications to any party
hereunder and to the holder of any Right shall be in writing unless otherwise
expressly specified herein. Notices or demands authorized by this Rights Plan to
be given or made to or on the Company or (subject to Section 19) the Rights
Agent shall be sufficiently given or made if sent by overnight delivery service
or registered or certified mail (postage prepaid) to the addresses set forth
below (or such other address as such party specifies in writing to the other
party):

    

    if to the
Company, to:

    
       

      Citigroup
Inc.

      399 Park
Avenue

      New York,
New York 10022

      
        	
                
                

              	
                Attention: 

              	
                Michael
      S. Helfer, Esq.

              

      

      General Counsel

      Telephone:
(212) 559-5152

      Facsimile:
(212) 793-5300

       

    

     

    if to the
Rights Agent, to:

    

    Computershare
Trust Company, N.A.

    525
Washington Boulevard

    Jersey
City, New Jersey 07310

    Attention:
Client Services

    Telephone:
(201) 222-4836

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

     

    Facsimile:
(201) 222-4593

    

    Except as
otherwise expressly set forth in this Rights Plan, notices or demands authorized
by this Rights Plan to be given or made by the Company or the Rights Agent to
the holder of any Right Certificate any certificate representing shares of
Common Stock is sufficiently given or made if sent by first class mail (postage
prepaid) to each record holder of such Certificate at the address of such holder
shown on the registry books of the Company. Notwithstanding anything in this
Rights Plan to the contrary, prior to a Distribution Date a public filing by the
Company with the Securities and Exchange Commission shall constitute sufficient
notice to the holders of securities of the Company, including the Rights, for
purposes of this Rights Plan and no other notice need be given to such
holders.

    

    SECTION
24. Supplements and
Amendments. At any time on or prior to a Distribution Date, the Company
may, and the Rights Agent shall if the Company so directs, supplement or amend
any provision of this Rights Plan in any respect without the approval of any
holders of Rights. At any time after the occurrence of a Distribution Date, the
Company may, and the Rights Agent shall if the Company so directs, supplement or
amend this Rights Plan without the approval of any holders of Rights; provided, however, that no such
supplement or amendment may (a) adversely affect the interests of the holders of
Rights as such (other than an Acquiring Person), (b) cause this Rights Plan
again to become amendable other than in accordance with this sentence or (c)
cause the Rights again to become redeemable. Upon the delivery of a certificate
from the Chairman of the Board, the President, any Vice President, the
Secretary, any Assistant Secretary, the Treasurer or any Assistant Treasurer of
the Company stating that the proposed supplement or amendment is in compliance
with the terms of this Rights Plan, the Rights Agent shall execute such
supplement or amendment; provided, however, that the Rights Agent may, but shall
not be required to, execute any supplement or amendment that adversely affects
its rights, duties or obligations under this Agreement.

     

    SECTION
25. Successors. All the
covenants and provisions of this Rights Plan 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
26. Determinations and Actions
by the Board, etc. The Board shall have the exclusive power and authority
to administer this Rights Plan and to exercise all rights and powers
specifically granted to the Board or to the Company, or as may be necessary or
advisable in the administration of this Rights Plan, including the right and
power to (i) interpret the provisions of this Rights Plan and (ii) make all
determinations deemed necessary or advisable for the administration of this
Rights Plan (including a determination to redeem or exchange or not to redeem or
exchange the Rights or to amend the Rights Plan). All such actions,
calculations, interpretations and determinations which are done or made by
the

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

     

    Board in
good faith shall be final, conclusive and binding on the Company, the Rights
Agent, the holders of the Rights and all other parties.

    

    SECTION
27. Benefits of This Rights
Plan. Nothing in this Rights Plan shall be construed to give to any
Person other than the Company, the Rights Agent and the registered holders of
the Right Certificates (and, prior to a Distribution Date, the certificates
representing the shares of Common Stock) any legal or equitable right, remedy or
claim under this Rights Plan; but this Rights Plan 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 a Distribution Date, the certificates
representing the shares of Common Stock).

    

    SECTION
28. Severability. If
any term, provision, covenant or restriction of this Rights Plan 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 Rights Plan shall remain in full force and effect and shall
in no way be affected, impaired or invalidated.

    

    SECTION
29. Governing Law. This
Rights Plan, each Right and each Right Certificate issued hereunder shall be
deemed to be a contract made under the laws of the State of Delaware and for all
purposes shall be governed by and construed in accordance with the laws of such
State applicable to contracts to be made and performed entirely within such
State.

    

    SECTION
30. Counterparts. This
Rights Plan 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 one and the same instrument.

    

    SECTION
31. Force Majeure.
Notwithstanding anything to the contrary contained herein, the Rights Agent
shall not be liable for any delays or failures in performance resulting from
acts beyond its reasonable control including, without limitation, acts of God,
terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or
malfunction of computer facilities, or loss of data due to power failures or
mechanical difficulties with information storage or retrieval systems, labor
difficulties, war, or civil unrest.

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Rights Plan to be duly
executed by their respective authorized officers as of the day and year first
above written.

     

    
      	 	CITIGROUP
    INC.	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              By:  
      

            	/s/ Edward J. Kelly,
      III	 
	 	 	Name: 
    	Edward J. Kelly,
      III	 
	 	 	Title:	Chief Financial
      Officer	 

    

     

    
       

      
        	 	
                COMPUTERSHARE
      TRUST COMPANY, N.A.

              	 
	 	 	 	 	 
	 	 	 	 	 
	 	
                By:  
      

              	/s/ Thomas
      Grayman	 
	 	 	Name: 
    	Thomas
    Grayman	 
	 	 	Title:	Regional Vice
      President	 

      

       

    

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
A

     

    FORM
OF

    CERTIFICATE
OF DESIGNATIONS

    OF

    SERIES
R PARTICIPATING CUMULATIVE PREFERRED STOCK

    OF

    CITIGROUP
INC.

    

    Citigroup
Inc., a corporation organized and existing under the laws of the State of
Delaware (the “Corporation”), in accordance
with the provisions of Section 151 of the General Corporation Law of the State
of Delaware thereof, does hereby certify:

    

    The board
of directors of the Corporation (the “Board of Directors”) or a duly
authorized committee of the Board of Directors, in accordance with the
certificate of incorporation and bylaws of the Corporation and applicable law,
adopted the following resolution on June 9, 2009 creating a series of preferred
stock of the Corporation from its blank check preferred stock authority
designated as “Series R
Preferred Stock”.

    

    RESOLVED,
that pursuant to the provisions of the certificate of incorporation and the
bylaws of the Corporation and applicable law, a series of preferred stock,
created from its blank check preferred stock authority, par value $1.00 per
share, of the Corporation be and hereby is created, and that the designation and
number of shares of such series, and the voting and other powers, preferences
and relative, participating, optional or other rights, and the qualifications,
limitations and restrictions thereof, of the shares of such series, are as
follows:

    

    Section
1. Designation and Number of
Shares. The shares of such series shall be designated as “Series R
Participating Cumulative Preferred Stock” (the “Series R Preferred Stock”),
and the number of shares constituting such series shall be 28,000. Such number
of shares of the Series R Preferred Stock may be increased or decreased by
resolution of the Board of Directors; provided that no decrease
shall reduce the number of shares of Series R Preferred Stock to a number less
than the number of shares then outstanding plus the number of shares issuable
upon exercise or conversion of outstanding rights, options or other securities
issued by the Corporation.

    

    Section
2. Dividends and
Distributions. (a) Subject to the prior and superior rights of the
holders of any shares of any class or series of stock of the Corporation ranking
prior and superior to the shares of Series R Preferred Stock with respect to
dividends, the holders of shares of Series R Preferred Stock, in preference to
the holders of shares of any class or series of stock of the

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Corporation
ranking junior to the Series R Preferred Stock in respect thereof, shall be
entitled to receive, when, as and if declared by the Board of Directors out of
funds legally available for the purpose, regular quarterly dividends payable on
such dates each year as designated by the Board of Directors (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 any share or fraction of a share of Series R Preferred Stock,
in an amount per share (rounded to the nearest cent) equal to the greater of (i)
$1.00 and (ii) the Multiplier Number times the aggregate per share amount of all
cash dividends or other distributions and the Multiplier Number times the
aggregate per share amount of all non-cash dividends or other distributions
(other than (A) a dividend payable in shares of Common Stock, par value $0.01
per share, of the Corporation (the “Common Stock”) or (B) 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 R Preferred Stock. As used herein, the “Multiplier Number” shall be
1,000,000; provided that if, at any time
after June 9, 2009, there shall be any
change in the Common Stock, whether by reason of stock dividends, stock splits,
reverse stock splits, recapitalization, mergers, consolidations, combinations or
exchanges of securities, split-ups, split-offs, spin- offs, liquidations or
other similar changes in capitalization, or any distribution or issuance of
shares of its capital stock in a merger, share exchange, reclassification, or
change of the outstanding shares of Common Stock, then in each such event the
Board of Directors shall adjust the Multiplier Number to the extent appropriate
such that following such adjustment each share of Series R Preferred Stock shall
be in the same economic position as prior to such event.

    

    (b) The
Corporation shall declare a dividend or distribution on the Series R Preferred
Stock as provided in Section 2(a) immediately after it declares a dividend or
distribution on the Common Stock (other than as described in Sections
2(a)(ii)(A) and 2(a)(ii)(B)); provided that if 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 (or, with respect to the first Quarterly Dividend Payment
Date, the period between the first issuance of any share or fraction of a share
of Series R Preferred Stock and such first Quarterly Dividend Payment Date), a
dividend of $1.00 per share on the Series R Preferred Stock shall nevertheless
be payable on such subsequent Quarterly Dividend Payment Date.

    

    (c) Dividends
shall begin to accrue and be cumulative on outstanding shares of Series R
Preferred Stock from the Quarterly Dividend Payment Date immediately preceding
the date of issuance of such shares of Series R Preferred Stock, unless the date
of issuance of such shares is on or before the record date for the first
Quarterly Dividend Payment Date, in which case dividends on such

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    shares
shall begin to accrue and be cumulative from the date of issue of such shares,
or unless the date of issue is a date after the record date for the
determination of holders of shares of Series R Preferred Stock entitled to
receive a quarterly dividend and on or before such Quarterly Dividend Payment
Date, in which case 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 shares of Series R Preferred Stock in an amount less
than the total amount of such dividends at the time accrued and payable on such
shares shall be allocated pro
rata on a share-by-share basis among all such shares at the time
outstanding. The Board of Directors may fix a record date for the determination
of holders of shares of Series R Preferred Stock entitled to receive payment of
a dividend or distribution declared thereon, which record date shall not be more
than 60 days prior to the date fixed for the payment thereof.

    

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

    

    (a) Each
share of Series R Preferred Stock shall entitle the holder thereof to a number
of votes equal to the Multiplier Number on all matters submitted to a vote of
stockholders of the Corporation.

    

    (b) Except as
otherwise provided herein or by law, the holders of shares of Series R Preferred
Stock and the holders of shares of Common Stock shall vote together as a single
class on all matters submitted to a vote of stockholders of the
Corporation.

    

    (c) (i) If at
any time dividends on any Series R Preferred Stock shall be in arrears in an
amount equal to six quarterly dividends thereon, the occurrence of such
contingency shall mark the beginning of a period (herein called a “default period”) which shall extend
until such time when all accrued and unpaid dividends for all
previous quarterly dividend periods and for the current quarterly dividend
period on all shares of Series R Preferred Stock then outstanding shall have
been declared and paid or set apart for payment. During each default period, all
holders of Series R Preferred Stock and any other series of Preferred Stock then
entitled as a class to elect directors, voting together as a single class,
irrespective of series, shall have the right to elect two
Directors.

    

    (ii) During
any default period, such voting right of the holders of Series R Preferred Stock
may be exercised initially at a special meeting called pursuant to Section
3(c)(iii) hereof or at any annual meeting of stockholders, and thereafter at
annual meetings of stockholders; provided that neither such
voting right nor the right of the holders of any other series of Preferred
Stock, if any, to increase, in certain cases, the authorized number of Directors
shall be exercised unless the holders of

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

    10% in
number of shares of Preferred Stock outstanding shall be present in person or by
proxy. The absence of a quorum of holders of Common Stock shall not affect the
exercise by holders of Preferred Stock of such voting right. At any meeting at
which holders of Preferred Stock shall initially exercise such voting right,
they shall have the right, voting as a class, to elect Directors to fill such
vacancies, if any, in the Board of Directors as may then exist up to two
Directors or, if such right is exercised at an annual meeting, to elect two
Directors. If the number which may be so elected at any special meeting does not
amount to the required number, the holders of the Preferred Stock shall have the
right to make such increase in the number of Directors as shall be necessary to
permit the election by them of the required number. After the holders of the
Preferred Stock shall have exercised their right to elect Directors in any
default period and during the continuance of such period, the number of
Directors shall not be increased or decreased except by vote of the holders of
Preferred Stock as herein provided or pursuant to the rights of any equity
securities ranking senior to or pari passu with the Series R
Preferred Stock.

    

    (iii) Unless
the holders of Preferred Stock shall have previously exercised their right to
elect Directors during an existing default period, the Board of Directors may
order, or any stockholder or stockholders owning in the aggregate not less than
10% of the total number of shares of Preferred Stock outstanding, irrespective
of series, may request, the calling of a special meeting of holders of Preferred
Stock, which meeting shall thereupon be called by the Chief Executive Officer, a
Vice President or the Secretary of the Corporation. Notice of such meeting and
of any annual meeting at which holders of Preferred Stock are entitled to vote
pursuant to this Section 3(c)(iii) shall be given to each holder of record of
Preferred Stock by mailing such notice to him at the address of such holder
shown on the registry books of the Corporation. Such meeting shall be called for
a time not earlier than 20 days and not later than 60 days after such order or
request or in default of the calling of such meeting within 60 days after such
order or request, such meeting may be called on similar notice by any
stockholder or stockholders owning in the aggregate not less than 10% of the
total number of shares of Preferred Stock outstanding, irrespective of series.
Notwithstanding the provisions of this Section 3(c)(iii), no such special
meeting shall be called during the period within 60 days immediately preceding
the date fixed for the next annual meeting of stockholders.

     

    (iv) In any
default period, the holders of Common Stock, and other classes of stock of the
Corporation if applicable, shall continue to be entitled to elect the whole
number of Directors until the holders of Preferred Stock shall have exercised
their right to elect two Directors

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

     

    voting as
a class, after the exercise of which right (x) the Directors so elected by the
holders of Preferred Stock shall continue in office until their successors shall
have been elected by such holders or until the expiration of the default period,
and (y) any vacancy in the Board of Directors may (except as provided in Section
3(c)(ii) hereof) be filled by vote of a majority of the remaining Directors
theretofore elected by the holders of the class of stock which elected the
Director whose office shall have become vacant. References in this Section 3(c)
to Directors elected by the holders of a particular class of stock shall include
Directors elected by such Directors to fill vacancies as provided in clause (y)
of the foregoing sentence.

    

    (v)
Immediately upon the expiration of a default period, (x) the right of the
holders of Preferred Stock as a class to elect Directors shall cease, (y) the
term of any Directors elected by the holders of Preferred Stock as a class shall
terminate, and (z) the number of Directors shall be such number as may be
provided for in the certificate of incorporation or bylaws irrespective of any
increase made pursuant to the provisions of Section 3(c)(ii) (such number being
subject, however, to change thereafter in any manner provided by law or in the
certificate of incorporation or bylaws). Any vacancies in the Board of Directors
effected by the provisions of clauses (y) and (z) in the preceding sentence may
be filled by a majority of the remaining Directors.

    

    (d) The
certificate of incorporation of the Corporation shall not be amended in any
manner (whether by merger or otherwise) so as to adversely affect the powers,
preferences or special rights of the Series R Preferred Stock without the
affirmative vote of the holders of a majority of the outstanding shares of
Series R Preferred Stock, voting separately as a class.

    

    (e) Except as
otherwise expressly provided herein, holders of Series R 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 quarterly dividends or other dividends or
distributions payable on the Series R 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 outstanding shares of Series R
Preferred Stock shall have been paid in full, the Corporation shall
not:

    

    (i)
declare or pay dividends on, or make any other distributions on, any shares of
stock ranking junior (either as to dividends or upon liquidation, dissolution or
winding-up) to the Series R Preferred Stock;

     

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

     

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

     

    (iii) redeem,
purchase or otherwise acquire for value any shares of stock ranking junior
(either as to dividends or upon liquidation, dissolution or winding-up) to the
Series R Preferred Stock; provided that the Corporation
may at any time redeem, purchase or otherwise acquire shares of any such junior
stock in exchange for shares of stock of the Corporation ranking junior (as to
dividends and upon dissolution, liquidation or winding-up) to the Series R
Preferred Stock; or

     

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

    

    (b) The
Corporation shall not permit any subsidiary of the Corporation to purchase or
otherwise acquire for value any shares of stock of the Corporation unless the
Corporation could, under paragraph 4(a), purchase or otherwise acquire such
shares at such time and in such manner.

    

    Section
5. Reacquired Shares.
Any shares of Series R Preferred Stock purchased or otherwise acquired by the
Corporation in any manner whatsoever shall be retired promptly after the
acquisition thereof. All such shares shall upon their retirement become
authorized but unissued shares of Preferred Stock without designation as to
series and may be reissued as part of a new series of Preferred Stock to be
created by the Board of Directors as permitted by the certificate of
incorporation of the Corporation or as otherwise permitted under Delaware
law.

    

    Section
6. Liquidation, Dissolution
and Winding-up. Upon any liquidation, dissolution or winding-up of the
Corporation, no distribution shall be made (a) to the holders of shares of stock
ranking junior (either as to dividends or upon liquidation, dissolution or
winding-up) to the Series R Preferred Stock

     

    
      
        
        

      

      
        A-6

        
          

        

      

      
        
        

      

    

     

    unless,
prior thereto, the holders of shares of Series R Preferred Stock shall have
received $1.00 per share, plus an amount equal to accrued and unpaid dividends
and distributions thereon, whether or not declared, to the date of such payment;
provided that the
holders of shares of Series R Preferred Stock shall be entitled to receive an aggregate
amount per share equal to (x) the Multiplier Number times (y) the aggregate
amount to be distributed per share to holders of Common Stock, or (b) to the
holders of stock ranking on a parity (either as to dividends or upon
liquidation, dissolution or winding-up) with the Series R Preferred Stock,
except distributions made ratably on the Series R Preferred Stock and all such
other 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.

    

    Section
7. Consolidation, Merger,
etc. If 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 or any other
property, then in any such case the shares of Series R Preferred Stock shall at
the same time be similarly exchanged for or changed into an amount per share
equal to (x) the Multiplier Number times (y) the aggregate
amount of stock, securities, cash or any other property, as the case may be,
into which or for which each share of Common Stock is changed or
exchanged.

    

    Section
8. No Redemption. The
Series R Preferred Stock shall not be redeemable.

    

    Section
9. Rank. The Series R
Preferred Stock shall rank junior to all other series of the Preferred Stock as
to the payment of dividends and the distribution of assets upon liquidation,
dissolution and winding-up, unless the terms of such series shall specifically
provide otherwise, and shall rank senior to the Common Stock as to such
matters.

    

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

     

    
      
        
        

      

      
        A-7

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, this Certificate of Designations has been executed on behalf of
the Corporation by its Treasurer and countersigned by an Assistant Secretary
this 9th day of June, 2009.

    
       

      
        	 	CITIGROUP
    INC.	 
	 	 	 	 	 
	 	 	 	 	 
	 	
                By:  
      

              	 	 
	 	 	Name: 
    	Eric Aboaf	 
	 	 	Title:	Treasurer	 

      

      
        
           

          
            	 	 	 	 
	 	 	 	 
	
                    By:  
      

                  	 	 
	 	Name: 
    	Michael J. Tarpley 	 
	 	Title:	Assistant
      Secretary	 

          

           

        

      

    

    
      
        
        

      

      
        A-8

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
B

    

    AS
SET FORTH IN THE RIGHTS PLAN, RIGHTS ISSUED OR TRANSFERRED TO, OR BENEFICIALLY
OWNED BY, ANY PERSON WHO IS, WAS OR BECOMES AN ACQUIRING PERSON (AS SUCH TERMS
ARE DEFINED IN THE RIGHTS PLAN), WHETHER CURRENTLY BENEFICIALLY OWNED BY OR ON
BEHALF OF SUCH PERSON OR BY ANY SUBSEQUENT HOLDER, MAY BE NULL AND
VOID.

    

    SUMMARY OF
TERMS

    

    CITIGROUP
INC.

    

    TAX
BENEFITS PRESERVATION PLAN

     

    
      	
              Purpose

            	
              The
      purpose of the Tax Benefits Preservation Plan (“Rights Plan”) described
      in this summary of terms is to preserve the value of the deferred tax
      assets (“Tax
      Benefits”) of Citigroup Inc. (the “Company”) for U.S.
      federal income tax purposes, in light of the recently-announced exchange
      offers with the U.S. Department of Treasury, certain private holders of
      the Company’s preferred stock and public holders of the Company’s
      preferred stock.

            
	 	 
	
              Form
      of Security

            	
              The
      Board of Directors has declared a dividend of one preferred stock purchase
      right for each outstanding share of the Company’s Common Stock and each
      outstanding one one-millionth of a share of Series M Stock, payable to
      holders of record as of the close of business on June 22, 2009 (each a
      “Right” and
      collectively, the “Rights”)

            
	 	 
	
              Exercise

            	
              Prior
      to a Distribution Date1, the Rights are not
      exercisable.

            

    

     

    
      

    

    
      1 Distribution Date means the earlier
of:

      

      
        
          	
                  
                  

                	
                  • 

                	
                  the
      10th business day after public announcement that any person or group has
      become an Acquiring Person;
and

                

        

      

      
        

        
          
            	
                    
                    

                  	
                    • 

                  	
                    the 10th business
      day after the date of the commencement of a tender or exchange offer by
      any person which would or could, if consummated, result in such person becoming
      an Acquiring Person, subject to extension by the Board of Directors of the
      Company.

                  

          

        

      

      
      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 
      	
              After
      a Distribution Date, each Right is exercisable to purchase, for $20.00
      (the “Purchase
      Price”), one one-millionth of a share of Series R Participating
      Cumulative Preferred Stock, $1.00 par value per share, of the Company
      (“Preferred
      Stock”).

            
	 	 
	
              Flip-In

            	
              If
      any person or group (an “Acquiring Person”)
      becomes a “5-percent shareholder” (subject to certain exceptions described
      in the Plan), then on a Distribution Date, each Right (other than Rights
      beneficially owned by the Acquiring Person and certain affiliated persons)
      will entitle the holder to purchase, for the Purchase Price, a number of
      millionths of a share of Preferred Stock of the Company having a market
      value of twice the Purchase Price; provided that (i) none
      of the Company and certain affiliates of the Company shall be an Acquiring
      Person, (ii) none of the U.S. Government, its instrumentalities or
      agencies and certain of its wholly-owned entities shall be an Acquiring
      Person, (iii) none of certain existing “5-percent shareholders” (including
      certain persons who are “5-percent shareholders” following specified
      exchange offers with the Company) shall be an Acquiring Person unless and
      until any such “5-percent shareholder” increases its percentage stock
      ownership in the Company by more than one-quarter of one percentage point,
      (iv) none of certain other “grandfathered persons” (as described in the
      Rights Plan) shall be an Acquiring Person so long as any such
      “grandfathered person” satisfies the applicable requirements set forth in
      the Rights Plan; (v) no person or group who or which the Board determines,
      in its sole discretion, has inadvertently become a “5-percent shareholder”
      (or inadvertently failed to continue to qualify as a “grandfathered
      person”) shall be an Acquiring Person so long as such Person promptly
      enters into, and delivers to the Company, an irrevocable commitment
      promptly to divest, and thereafter promptly divests (without exercising or
      

            

    

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              retaining
      any power, including voting, with respect to such securities), sufficient
      securities of the Company so that such person’s (or such group’s)
      percentage stock ownership in the Company is less than 5-percent (or, in
      the case of any person or group that has inadvertently failed to qualify
      as a “grandfathered person,” the securities of the Company that caused
      such person or group to fail to qualify as a “grandfathered person”); (vi)
      no person or group that has become a “5-percent shareholder” shall be an
      Acquiring Person if the Board determines, in its sole discretion, that
      such person’s or group’s attainment of “5-percent shareholder” status has
      not jeopardized or endangered the Company’s utilization of the Tax
      Benefits; provided that such a
      person or group shall be an “Acquiring Person” if the Board, in its sole
      discretion, makes a contrary determination; (vii) no person or group who
      or which has become a “5-percent shareholder” (or failed to qualify as a
      “grandfathered person”) solely as a result of certain “in-kind
      distributions” shall be an Acquiring Person so long as such person or
      group satisfies the applicable requirements set forth in the Rights Plan;
      and (viii) an acquisition by a person or group of at least a majority of
      the Company’s Common Stock made by that person or group as part of an
      “qualified offer” (as defined in the Rights Plan) shall not result in any
      person or group becoming an Acquiring
Person.

            

    

    
      	 	 
	
              Exchange

            	
              At
      any time after any person has become an Acquiring Person (but before any
      person becomes the beneficial owner of 50% or more of the Company’s Common
      Stock), the Board may elect to exchange all or part of the Rights (other
      than the Rights beneficially owned by the Acquiring Person and certain
      affiliated persons) for one one-millionth of a share of Preferred Stock
      per Right, subject to adjustment.

            
	 	 
	
              Redemption

            	
              The
      Board of Directors may, at its option, redeem all, but not less than all,
      of the then outstanding Rights at a redemption price of $0.00001 per Right
      at any time prior to a Distribution
Date.

            

    

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

     

    
      	
              Expiration
      & Renewal

            	
              The
      Rights will expire on the date that is 36 months and one day after the
      date of adoption of the Rights Plan.

            
	 	 
	
              Amendments

            	
              At
      any time on or prior to a Distribution Date, the Company may, and the
      Rights Agent shall if the Company so directs, supplement or amend any
      provision of the Rights Plan without the approval of any holders of
      certificates representing shares of Common Stock.

            
	 	 
	 
      	
              After
      a Distribution Date, the Company may, and the Rights Agent shall if the
      Company so directs, supplement or amend the Rights Plan without the
      approval of any holders of Rights; provided, however, that
      no such supplement or amendment may (a) adversely affect the interests of
      the holders of Rights as such (other than an Acquiring Person), (b) cause
      this Rights Plan again to become amendable other than in accordance with
      this sentence or (c) cause the Rights again to become
      redeemable.

            
	 	 
	
              Shareholder
      Rights

            	
              Rights
      holders have no rights as a shareholder of the Company, including the
      right to vote and to receive dividends.

            
	 	 
	
              Antidilution
      Provisions

            	
              The
      Rights Plan includes antidilution provisions designed to prevent efforts
      to diminish the efficacy of the
Rights.

            

    

     

     

      
        

      

    

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

      
        

      

       

    

    
      
        
        

      

      
        B-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
C

     

    [FORM
OF RIGHT CERTIFICATE]

     

    

     

    
      	No. R
      -   	
              [Number of]
      Rights

            

    

     

    NOT
EXERCISABLE AFTER THE EARLIER OF _____________, 20__ AND THE DATE ON WHICH THE
RIGHTS EVIDENCED HEREBY ARE REDEEMED OR EXCHANGED BY THE COMPANY AS SET FORTH IN
THE RIGHTS PLAN. AS SET FORTH IN THE RIGHTS PLAN, RIGHTS ISSUED TO, OR
BENEFICIALLY OWNED BY, ANY PERSON WHO IS, WAS OR BECOMES AN ACQUIRING PERSON (AS
SUCH TERMS ARE DEFINED IN THE RIGHTS PLAN), WHETHER CURRENTLY BENEFICIALLY OWNED
BY OR ON BEHALF OF SUCH PERSON OR BY ANY SUBSEQUENT HOLDER, MAY BE NULL AND
VOID.

    

    RIGHT
CERTIFICATE

    

    CITIGROUP
INC.

    

    This
Right Certificate certifies that ______________________, or registered assigns,
is the registered holder of the number of Rights set forth above, each of which
entitles the holder (upon the terms and subject to the conditions set forth in
the Rights Plan dated as of June 9, 2009 (the “Rights Plan”) between
Citigroup Inc., a Delaware corporation (the “Company”), and Computershare
Trust Company, N.A. (the “Rights Agent”)) to purchase
from the Company, at any time after a Distribution Date and prior to the
Expiration Date, one-millionth of a fully paid, nonassessable share of Series R
Participating Cumulative Preferred Stock (the “Preferred Stock”) of the
Company at a purchase price of $20.00 per one one-millionth of a share (the
“Purchase Price”),
payable in lawful money of the United States of America, upon surrender of this
Right Certificate, with the form of election to purchase and related certificate
duly executed, and payment of the Purchase Price at an office of the Rights
Agent designated for such purpose.

    

    Terms
used herein and not otherwise defined herein shall have the meanings given to
them in the Rights Plan.

    

    The
number of Rights evidenced by this Right Certificate (and the number and kind of
shares issuable upon exercise of each Right) and the Purchase Price set forth
above are as of June 9, 2009, and may have been or in the future be adjusted as
a result of the occurrence of certain events, as more fully provided in the
Rights Plan.

    

    If the
Rights evidenced by this Right Certificate are Beneficially Owned by an
Acquiring Person after an Acquiring Person has become such, such
Rights

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    shall
become null and void without any further action, and no holder hereof shall have
any rights whatsoever with respect to such Rights. If the Rights evidenced by
this Right Certificate are beneficially owned by (a) a transferee of Rights
Beneficially Owned by such Acquiring Person who (i) becomes a transferee after a
Stock Acquisition Date or (ii) becomes a transferee prior to or concurrently
with a Stock Acquisition Date and receives such Rights (A) with actual knowledge
that the transferor is or was an Acquiring Person or (B) pursuant to either (I)
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 or (II) a transfer which is part of a plan,
arrangement or understanding which has as a primary purpose or effect the
avoidance of these transfer restrictions, such Rights shall become null and void
without any further action, and no holder hereof shall have any rights
whatsoever with respect to such Rights.

    

    This
Right Certificate is subject to all of the terms, provisions and conditions of
the Rights Plan, which terms, provisions and conditions are hereby incorporated
herein by reference and made a part hereof and to which Rights Plan 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 Plan.

    

    At any
time after a Distribution Date and prior to the Expiration Date, any Right
Certificate or Certificates may, upon the terms and subject to the conditions
set forth below in the Rights Plan, be transferred or exchanged for another
Right Certificate or Certificates evidencing a like number of Rights as the
Right Certificate or Certificates surrendered. Any registered holder desiring to
transfer or exchange any Right Certificate or Certificates shall surrender such
Right Certificate or Certificates (with, in the case of a transfer, the form of
assignment and certificate on the reverse side thereof duly executed) to the
Rights Agent at the principal office or offices of the Rights Agent designated
for such purpose.

    

    Subject
to the provisions of the Rights Plan, the Board of Directors of the Company may,
at its option,

    

    (a) at any
time on or prior to a Distribution Date redeem all but not less than all of the
then outstanding Rights at a redemption price of $0.00001 per Right, as may be
adjusted pursuant to the Rights Plan; or

     

    (b) at any
time after a Distribution Date exchange all or part of the then outstanding
Rights (which shall not include Rights that have become void pursuant to Section
6(e)) for fractional shares of Preferred

    

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

     

    Stock at
an exchange ratio of one millionth of a share of Preferred Stock per Right, as
may be adjusted pursuant to the Rights Plan. If the Rights shall be exchanged in
part, the holder of this Right Certificate shall be entitled to receive upon
surrender hereof another Right Certificate or Certificates for the number of
whole Rights not exchanged.

    

    The
Company shall not be required to issue fractions of shares of Preferred Stock
(other than fractions which are multiples of one one-millionth of a share of
Preferred Stock) upon the exercise of the Rights or to distribute certificates
which evidence fractional shares of Preferred Stock (other than fractions which
are multiples of one one-millionth of a share of Preferred Stock). In lieu of
any such fractional shares of Preferred Stock, the Company shall pay to the
registered holders of Right Certificates at the time such Rights are exercised
an amount in cash equal to the same fraction of the current market price of one
one-millionth of a share of Preferred Stock. 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.

    

    No holder
of this Right Certificate shall be entitled to vote, receive dividends or be
deemed for any purpose the holder of the shares of capital stock which may at
any time be issuable on the exercise hereof, nor shall anything contained in the
Rights Plan or herein be construed to confer upon the holder hereof, as such,
any of the rights of a stockholder of the Company (including any right to vote
for the election of directors or upon any matter submitted to stockholders at
any meeting thereof, or to give or withhold consent to any corporate action, to
receive notice of meetings or other actions affecting stockholders (except as
provided in the Rights Plan), 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 Plan.

    

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

    

    
      
        
        

      

      
        C-3

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal by its authorized officers.

    

    Dated as
of _____________________, 20__

    
      
         

        
          	 	CITIGROUP
    INC.	 
	 	 	 	 	 
	 	 	 	 	 
	 	
                  By:  
      

                	 	 
	 	 	Name: 
    	 	 
	 	 	Title:	 	 

        

        
          
             

            
              [SEAL]

              

              Attest:

               

            

            
              	 	 	 	 
	 	 	 	 
	
                      By:  
      

                    	 	 
	 	Name: 
    	 	 
	 	Title:	Secretary	 

            

             

          

        

      

    Countersigned:

    

    COMPUTERSHARE
TRUST

    COMPANY,
N.A.

    as Rights
Agent

     

    
      
        	 	 	 	 
	 	 	 	 
	
                By:  
      

              	 	 
	 	Name: 
    	Thomas Grayman	 
	 	Title:	Regional Vice
      President	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

Form of
Reverse Side of Right Certificate

    

    FORM
OF ASSIGNMENT

    

    (To be
executed if the registered 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:
_____________________, 20__

    

    
       

      
        	
                
                

              	 
	 	Signature

      

       

    

     

    Medallion
Signature Guaranteed:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    CERTIFICATE

    

    The
undersigned hereby certifies by checking the appropriate boxes
that:

    

    (1) the
Rights evidenced by this Right Certificate ___are ___are not Beneficially Owned
by an Acquiring Person and ___are ___are not being assigned by or on behalf of a
Person who is or was an Acquiring Person (as such terms are defined in the
Rights Plan); and

    

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

    

    

    Dated:
__________, 20 __

    
      
         

        
          	
                  
                  

                	 
	 	Signature

        

         

      

       

        
          

        

      

    

     

    The
signatures 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 the registered holder desires to exercise Rights represented by the
Right Certificate.)

    

    To:      Citigroup
Inc.

    

    The
undersigned hereby irrevocably elects to exercise ____________ Rights
represented by this Right Certificate to purchase 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 securities be issued in the name
of and delivered to:

     

    
      	
              Please
      insert social security or other identifying
    number  

            	 

    

    
      
        
           

          
            	 

          

        

      

    

    (Please
print name and address)

    
       

      
        	 

      

    

     

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

    
       

      
        	
                Please
      insert social security or other identifying
    number  

              	 

      

       

      
        
          
            	 

          

        

      

    

    (Please
print name and address)

    
       

      
        	 

      

    Dated:
_____________________, 20__

    
       

      
        	
                
                

              	 
	 	Signature

      

       

    

    Medallion
Signature Guaranteed:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    CERTIFICATE

    

    The
undersigned hereby certifies by checking the appropriate boxes
that:

    

    (1) the
Rights evidenced by this Right Certificate ___are ___are not Beneficially Owned
by an Acquiring Person and ___are ___are not being exercised by or on behalf of
a Person who is or was an Acquiring Person (as such terms are defined in the
Rights Plan); and

    

    
      (2)  after due
inquiry and to the best knowledge of the undersigned, it ___did
___ did not acquire the Rights evidenced by this Right Certificate from any
Person who is, was or became an Acquiring Person.

    

    

    Dated:
__________, 20 __

    
       

      
        	
                
                

              	 
	 	Signature

      

    
      

    

     

    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.Exhibit
4.1

     

    
      EXECUTION COPY

      

       

       

      
        

        

      

       

      
 

      WESTERN
REFINING, INC.

      

      as
Issuer

      

      
         
THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

         

        as
Trustee

      

       

       

      
 

      Supplemental
Indenture

       

      Dated
as of June 10, 2009

       

      Supplemental
to

       

      Senior
Indenture Dated as of June 10, 2009

      

      

      

      

      5.75%
Convertible Senior Notes due 2014

      

      

      

      

      
        

        

      

      

      
        
          
          

        

        
          
          

          
          

        

        
          
          

        

         

      

      TABLE OF CONTENTS

      

      Page

      
        
          	
                  ARTICLE
      1

                
	 
      	 
      
	
                  DEFINITIONS
      AND OTHER PROVISIONS OF GENERAL APPLICATION

                
	 
      	 
      
	
                  SECTION
      1.01.    Scope of Supplemental
    Indenture

                	
                  2

                
	
                  SECTION
      1.02.    Definitions

                	
                  2

                
	 
      	 
      
	
                  ARTICLE
      2

                
	 
      	 
      
	
                  THE
      SECURITIES

                
	 
      	 
      
	
                  SECTION
      2.01.    Title and Terms; Payments

                	
                  10

                
	
                  SECTION
      2.02.    Book-Entry Provisions for Global
      Notes

                	
                  11

                
	
                  SECTION
      2.03.    CUSIP Numbers

                	
                  12

                
	
                  SECTION
      2.04.    Reporting Requirement

                	
                  12

                
	 
      	 
      
	
                  ARTICLE
      3

                
	 
      	 
      
	
                  FUNDAMENTAL
      CHANGES AND REPURCHASES THEREUPON; NO OPTIONAL

                
	
                  REDEMPTION

                
	 
      	 
      
	
                  SECTION
      3.01.    Repurchase at Option of Holders Upon a
      Fundamental Change

                	
                  12

                
	
                  SECTION
      3.02.    Effect of Fundamental Change Repurchase
      Notice

                	
                  15

                
	
                  SECTION
      3.03.    Withdrawal of Fundamental Change Repurchase
      Notice

                	
                  15

                
	
                  SECTION
      3.04.    Deposit of Fundamental Change Repurchase
      Price

                	
                  16

                
	
                  SECTION
      3.05.    Notes Repurchased in Whole or in
      Part

                	
                  16

                
	
                  SECTION
      3.06.    Covenant to Comply With Applicable Laws Upon
      Repurchase of Notes

                	
                  16

                
	
                  SECTION
      3.07.    Repayment to the Company

                	
                  16

                
	
                  SECTION
      3.08.    No Optional Redemption by the
      Company

                	
                  16

                
	 
      	 
      
	
                  ARTICLE
      4

                
	 
      	 
      
	
                  CONVERSION

                
	 
      	 
      
	
                  SECTION
      4.01.    Conversion Privilege

                	
                  17

                
	
                  SECTION
      4.02.    Conversion Procedures

                	
                  19

                
	
                  SECTION
      4.03.    Settlement Upon Conversion

                	
                  21

                
	
                  SECTION
      4.04.    Adjustment of Conversion Rate

                	
                  23

                
	
                  SECTION
      4.05.    Certain Other Adjustments

                	
                  31

                
	
                  SECTION
      4.06.    Adjustments Upon Certain Fundamental
      Changes

                	
                  31

                
	
                  SECTION
      4.07.    Effect of Recapitalization, Reclassification,
      Consolidation, Merger or Sale

                	
                  33

                
	
                  SECTION
      4.08.    Taxes on Shares Issued

                	
                  35

                

        

      

      

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      
        	
                SECTION 4.09.    Reservation of Shares;
      Shares to be Fully Paid; Compliance With

              	 
      
	
                 
      Governmental Requirements; Listing of Common Stock

              	
                35

              
	
                SECTION
      4.10.    Responsibility of Trustee

              	
                35

              
	
                SECTION
      4.11.    Notice to Holders Prior to Certain
      Actions

              	
                36

              
	
                SECTION
      4.12.    Stockholder Rights Plan

              	
                37

              
	 
      	 
      
	
                ARTICLE
      5

              
	 
      	 
      
	
                REMEDIES

              
	 
      	 
      
	
                SECTION
      5.01.    Events of Default

              	
                37

              
	
                SECTION
      5.02.    Additional Interest

              	
                38

              
	
                SECTION
      5.03.    Waiver of Past Defaults

              	
                38

              
	
                SECTION
      5.04.    Rights of Holders to Receive
      Payment

              	
                39

              
	
                SECTION
      5.05.    Notice of Default

              	
                39

              
	 
      	 
      
	
                ARTICLE
      6

              
	 
      	 
      
	
                SATISFACTION
      AND DISCHARGE

              
	 
      	 
      
	
                SECTION
      6.01.    Satisfaction and Discharge of the
      Supplemental Indenture

              	
                39

              
	
                SECTION
      6.02.    Deposited Monies to Be Held in Trust by
      Trustee

              	
                40

              
	
                SECTION
      6.03.    Paying Agent to Repay Monies
    Held

              	
                40

              
	
                SECTION
      6.04.    Return of Unclaimed Monies

              	
                40

              
	
                SECTION
      6.05.    Reinstatement

              	
                41

              
	 
      	 
      
	
                ARTICLE
      7

              
	 
      	 
      
	
                SUPPLEMENTAL
      INDENTURES

              
	 
      	 
      
	
                SECTION
      7.01.    Amendments or Supplements Without Consent of
      Holders

              	
                41

              
	
                SECTION
      7.02.    Amendments, Supplements or Waivers With
      Consent of Holders

              	
                41

              
	 
      	 
      
	
                ARTICLE
      8

              
	 
      	 
      
	
                CONSOLIDATION;
      MERGER; SALE OF ASSETS

              
	 
      	 
      
	
                SECTION
      8.01.    Company May Consolidate, Etc., Only on
      Certain Terms

              	
                42

              
	
                SECTION
      8.02.    Successor Substituted

              	
                43

              
	 
      	 
      
	
                ARTICLE
      9

              
	 
      	 
      
	
                INAPPLICABLE
      PROVISIONS OF THE ORIGINAL INDENTURE

              
	 
      	 
      
	
                SECTION
      9.01.    Article 3, Sections 5.01, 5.02 and 8.05 of
      Original Indenture

              	
                43

              

      

      

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

      
        	
                ARTICLE 10

              
	 
      	 
      
	
                MISCELLANEOUS

              
	 
      	 
      
	
                SECTION
      10.01.  Governing Law

              	
                44

              
	
                SECTION
      10.02.  Payments on Business Days

              	
                44

              
	
                SECTION
      10.03.  No Security Interest Created

              	
                44

              
	
                SECTION
      10.04.  Trust Indenture Act

              	
                44

              
	
                SECTION
      10.05.  Benefits of Indenture

              	
                44

              
	
                SECTION
      10.06.  Calculations

              	
                44

              
	
                SECTION
      10.07.  Table of Contents, Headings, Etc

              	
                45

              
	
                SECTION
      10.08.  Execution in Counterparts

              	
                45

              
	
                SECTION
      10.09.  Severability

              	
                45

              
	
                SECTION
      10.10.  Ratification of Indenture

              	
                45

              

      

      

       

      EXHIBITS

      

      
        	
                Exhibit
      A

              	
                Form
      of Note

              	
                A-1

              
	
                Exhibit
      B

              	
                Form
      of Conversion Notice

              	
                B-1

              
	
                Exhibit
      C

              	
                Form
      of Fundamental Change Repurchase Notice

              	
                C-1

              
	
                Exhibit
      D

              	
                Form
      of Assignment and Transfer

              	
                D-1

              

      

      

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

       

      SUPPLEMENTAL INDENTURE, dated as of June 10, 2009, between Western
Refining, Inc., a Delaware corporation (the “Company,” which term includes
any successor Person under the Indenture hereinafter referred to), and The Bank
of New York Mellon Trust Company, N.A., as trustee (the “Trustee”) under the Indenture
dated as of June 10, 2009, between the Company and the Trustee (as amended or
supplemented from time to time in accordance with the terms thereof, the “Original
Indenture”).

      

      RECITALS
OF THE COMPANY

      

      WHEREAS,
the Company executed and delivered the Original Indenture to the Trustee to
provide, among other things, for the issuance, from time to time, of the
Company’s senior debentures, notes or other evidences of indebtedness (the
“Securities”), in an
unlimited aggregate principal amount, in one or more series to be established by
the Company under, and authenticated and delivered as provided in, the Original
Indenture;

      

      WHEREAS,
Section 9.01(e) of the Original Indenture provides for the Company and the
Trustee to enter into an indenture supplemental to the Original Indenture to
establish the form and terms of Securities of any series as contemplated by
Sections 2.01 and 2.03 of the Original Indenture;

      

      WHEREAS,
the Board of Directors has duly adopted resolutions authorizing the Company to
execute and deliver this Supplemental Indenture;

      

      WHEREAS,
pursuant to the terms of the Original Indenture, the Company desires to
establish a new series of its Securities to be known as its “5.75% Convertible
Senior Notes due 2014” (the “Notes”), the form and
substance of such Notes and the terms, provisions and conditions thereof to be
set forth as provided in the Original Indenture and this Supplemental
Indenture;

      

      WHEREAS,
the Form of Note, the certificate of authentication to be borne by each Note and
the Form of Conversion Notice, Form of Fundamental Change Repurchase Notice and
Form of Assignment and Transfer contemplated under the terms of the Notes are to
be substantially in the forms hereinafter provided; and

      

      WHEREAS,
the Company has requested that the Trustee execute and deliver this Supplemental
Indenture, and all requirements necessary to make (i) this Supplemental
Indenture a valid instrument in accordance with its terms, and (ii) the Notes,
when executed by the Company and authenticated and delivered by the Trustee, the
valid obligations of the Company, have been performed, and the execution and
delivery of this Supplemental Indenture have been duly authorized in all
respects.

      

      NOW,
THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH, for and in consideration of
the premises and the purchases of the Notes by the Holders thereof, it is
mutually agreed, for the benefit of the Company and the equal and proportionate
benefit of all Holders of the Notes, as follows:

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      ARTICLE 1

      

      DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

      

      SECTION
1.01. Scope of
Supplemental Indenture. The changes, modifications and supplements to the
Original Indenture effected by this Supplemental Indenture shall be applicable
only with respect to, and shall only govern the terms of, the Notes, which may
be issued from time to time, and shall not apply to any other Securities that
may be issued under the Original Indenture unless a supplemental indenture with
respect to such other Securities specifically incorporates such changes,
modifications and supplements. The provisions of this Supplemental Indenture
shall supersede any corresponding provisions in the Original
Indenture.

      

      SECTION
1.02. Definitions. For all
purposes of the Indenture, except as otherwise expressly provided or unless the
context otherwise requires:

      

      (i) the
terms defined in this Article 1 shall have the meanings assigned to them in this
Article and include the plural as well as the singular;

      

      (ii) all
words, terms and phrases defined in the Original Indenture (but not otherwise
defined herein) shall have the same meanings as in the Original
Indenture;

      

      (iii) all
other terms used herein that are defined in the Trust Indenture Act, either
directly or by reference therein, shall have the meanings assigned to them in
the Trust Indenture Act;

      

      (iv) all
accounting terms not otherwise defined herein shall have the meanings assigned
to them in accordance with generally accepted accounting principles, and, except
as otherwise herein expressly provided, the term “generally accepted accounting
principles” with respect to any computation required or permitted hereunder
shall mean such accounting principles as are generally accepted at the date of
this instrument; and

      

      (v) the
words “herein,” “hereof” and “hereunder” and other words of similar import refer
to this Supplemental Indenture as a whole and not to any particular Article,
Section or other subdivision.

      

      “Additional Interest” has the
meaning specified in Section 5.02.

      

      “Additional Notes” has the
meaning specified in Section 2.01.

      

      “Additional Shares” has the
meaning specified in Section 4.06(a).

      

      “Agent Members” has the meaning
specified in Section 2.02.

      

      “Board of Directors” means the
board of directors of the Company (or a committee of such board duly authorized
to act for it hereunder).

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

         

      

      “Business
Day” means, with respect to any Note, any day other than a Saturday, a
Sunday or any other day on which banks or trust companies in The City of New
York are authorized or required by law or executive order to be
closed.

      

      “Clause A Distribution” has the
meaning specified in Section 4.04(c).

      

      “Clause B Distribution” has the
meaning specified in Section 4.04(c).

      

      “Clause C Distribution” has the
meaning specified in Section 4.04(c).

      

      “close of business” means 5:00
p.m. (New York City time).

      

      “Common Stock” means, subject
to Section 4.07, the shares of common stock, par value $0.01 per share, of the
Company as such shares of common stock exist on the date of this Supplemental
Indenture.

      

      “Consideration Notice” has the
meaning specified in Section 4.03(b)(i).

      

      “Continuing Directors” means
(i) individuals who on the date of original issuance of the Notes constituted
the board of directors of the Company and (ii) any new members of the board of
directors of the Company whose election to the board of directors of the Company
or whose nomination for election by the stockholders of the Company was approved
by at least a majority of the members of the board of directors of the Company
then still in office (or a duly constituted committee thereof), either who were
members of the board of directors of the Company on the date of original
issuance of the Notes or whose election or nomination for election was
previously so approved.

      

      “Conversion Agent” means the
Trustee or such other office or agency designated by the Company where Notes may
be presented for conversion. The Conversion Agent shall initially be the
Trustee.

      

      “Conversion Date” has the
meaning specified in Section 4.02(b).

      

      “Conversion Notice” has the
meaning specified in Section 4.02(b).

      

      “Conversion Obligation” has the
meaning specified in Section 4.01(a).

      

      “Conversion Price” means, in
respect of each Note, as of any date, $1,000, divided by the Conversion
Rate as of such date.

      

      “Conversion Rate” means,
initially, 92.5926 shares of Common Stock per $1,000 principal amount of Notes,
subject to adjustment as set forth herein.

      

      “Custodian” means the Trustee,
as custodian with respect to the Notes (so long as the Notes constitute Global
Notes), or any successor entity.

      

      “Daily Conversion Value” means,
for each of the 25 consecutive VWAP Trading Days during the relevant Observation
Period, one twenty-fifth (1/25th) of the product of (1) the

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      applicable Conversion Rate on such VWAP Trading Day and (2) the Daily
VWAP on such VWAP Trading Day of the Common Stock or the Daily VWAP on such VWAP
Trading Day of one unit of the Reference Property into which the Common Stock
has been converted in connection with any Merger Event. Any determination of the
Daily Conversion Value by the Company will be conclusive absent manifest
error.

      

      “Daily Settlement Amount” for
each of the 25 VWAP Trading Days during the applicable Observation Period
means:

      

      (a) an amount
of cash equal to the lesser of (x) $40 and (y) the Daily Conversion Value for
such VWAP Trading Day; and

      

      (b) if the
Daily Conversion Value exceeds $40, a number of shares of Common Stock equal to
the Daily Share Amount.

      

      “Daily Share Amount” means,
with respect to any VWAP Trading Day during the relevant Observation Period, a
number of shares of Common Stock equal to (A) the difference between the Daily
Conversion Value on such VWAP Trading Day and $40, divided by (B) the Daily VWAP of the
Common Stock on such VWAP Trading Day.

      

      “Daily VWAP” for the Common
Stock means, for each of the 25 consecutive VWAP Trading Days during the
applicable Observation Period, the per share volume-weighted average price as
displayed under the heading “Bloomberg VWAP” on Bloomberg page
WNR.N<equity>AQR (or any equivalent successor page) in respect of the
period from the scheduled open of trading on the principal trading market for
the Common Stock to the scheduled close of trading on such market on such VWAP
Trading Day (without regard to after- hours trading), or if such volume-weighted
average price is unavailable, the market value of one share of the Common Stock
(or one unit of Reference Property consisting of marketable equity securities)
on such VWAP Trading Day using a volume-weighted method (or, in the case of
Reference Property consisting of cash, the amount of such cash or in the case of
Reference Property other than marketable equity securities or cash, the market
value thereof), in each case as determined by a nationally recognized
independent investment banking firm retained for this purpose by the
Company.

      

      “Depositary” means The
Depository Trust Company until a successor Depositary shall have become such
pursuant to the applicable provisions of the Indenture, and thereafter
“Depositary” shall mean such successor Depositary.

      

      “Effective Date” has the
meaning specified in Section 4.06(b).

      

      “Event of Default” has the
meaning specified in Section 5.01.

      

      “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder.

      

      “Ex-Date” means the first date
upon which the shares of Common Stock trade on the relevant exchange or in the
relevant market, regular way, without the right to receive such issuance or
distribution in question.

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

         

      

      “Existing
Owners” means (1) each of Paul L. Foster, Jeff A. Stevens, Scott D.
Weaver and Ralph A. Schmidt and their respective immediate family members (as
defined by the National Association of Security Dealers Automatic Quotation
system listing requirements) or the spouses and former spouses (including widows
and widowers), heirs or lineal descendants of any of the foregoing; (2) Franklin
Mountain Investments Limited Partnership; and (3) any affiliate controlled by
any of the foregoing.

      

      “Fundamental Change” will be
deemed to have occurred at the time after the Notes are originally issued if any
of the following occurs:

      

      (1) a
“person” or “group” within the meaning of Section 13(d) of the Exchange Act,
other than the Company, its Subsidiaries, and its and their employee benefit
plans and the Existing Owners, files a Schedule TO or any schedule, form or
report under the Exchange Act disclosing that such person or group has become
the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the
Exchange Act, of the Company’s common equity representing more than 50% of the
voting power of the Company’s common equity, or the Existing Owners, considered
as a group, file a Schedule TO or any schedule, form or report under the
Exchange Act disclosing that such group has become the direct or indirect
“beneficial owner” of the Company’s common equity representing more than 70% of
the voting power of the Company’s common equity;

      

      (2)
consummation of any share exchange, consolidation or merger of the Company or
any other transaction or series of transactions pursuant to which the Common
Stock will be converted into cash, securities or other property or any sale,
lease or other transfer in one transaction or a series of transactions of all or
substantially all of the consolidated assets of the Company and its
Subsidiaries, taken as a whole, to any Person other than one of the Company’s
Subsidiaries; provided,
however, that a
transaction where the holders of all classes of the Company’s common equity
immediately prior to such transaction that is a share exchange, consolidation or
merger (each such holder, a “pre-transaction holder”) own,
directly or indirectly, more than 50% of all classes of common equity of the
continuing or surviving corporation or transferee or the parent thereof
immediately after such event shall not be a Fundamental Change, so long as the
proportion of the respective ownership of each pre-transaction holder remains
substantially the same relative to all other pre-transaction
holders;

      

      (3) the
first day on which a majority of the members of the board of directors of the
Company does not consist of Continuing Directors;

      

      (4) the
Company’s stockholders approve any plan or proposal for the liquidation or
dissolution of the Company; or

      

      (5) the
Common Stock (or other common stock into which the Notes are then convertible,
in whole or in part) ceases to be listed or quoted on any of the New York Stock
Exchange, the NASDAQ Global Select Market or the NASDAQ Global Market (or any of
their respective successors).

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      Notwithstanding the foregoing, it shall not be a Fundamental Change
upon the occurrence of any transaction described in clauses (1) or (2) above if
at least 90% of the consideration received or to be received by the holders of
the Common Stock, excluding cash payments for fractional shares of the Common
Stock and cash payments made pursuant to dissenters’ appraisal rights, in
connection with such transaction consists of common stock traded on any of the
New York Stock Exchange, the NASDAQ Global Select Market or the NASDAQ Global
Market (or any of their respective successors) or that will be so traded or
quoted when issued or exchanged in connection with such transactions and as a
result of this transaction the Notes become convertible into such consideration,
excluding cash payments for fractional shares, subject to the Company’s right to
pay cash or pay cash and deliver shares of Common Stock to converting holders as
set forth in Section 4.03(c)(ii) and (iii), respectively.

      

      “Fundamental Change Company
Notice” has the meaning specified in Section 3.01(b).

      

      “Fundamental Change Repurchase
Date” has the meaning specified in Section 3.01(a).

      

      “Fundamental Change Repurchase
Notice” has the meaning specified in Section 3.01(a)(i).

      

      “Fundamental Change Repurchase
Price” has the meaning specified in Section 3.01(a).

      

      “Global Note” means any
registered Note that is in global form.

      

      “Indenture” means the Original
Indenture, as originally executed and as supplemented from time to time by one
or more indentures supplemental thereto, including this Supplemental Indenture,
entered into pursuant to the applicable provisions of the Indenture, including,
for all purposes of this instrument and any such supplemental indenture, the
provisions of the Trust Indenture Act that are deemed to be a part of and govern
the Original Indenture, this Supplemental Indenture and any other such
supplemental indenture, respectively.

      

      “Initial Notes” has the meaning
specified in Section 2.01.

      

      “Interest Payment Date” means,
with respect to the payment of interest on the Notes, each June 15 and December
15 of each year, beginning on December 15, 2009.

      

      “Last Reported Sale Price” of
the Common Stock on any date means the closing sale price per share of Common
Stock (or if no closing sale price is reported, the average of the bid and ask
prices or, if more than one in either case, the average of the average bid and
the average ask prices) on that date as reported in composite transactions for
the principal U.S. securities exchange on which the Common Stock is traded. If
the Common Stock is not listed for trading on a U.S. national or regional
securities exchange on the relevant date, the “Last Reported Sale Price” shall be
the last quoted bid price for the Common Stock in the over-the-counter market
on the relevant date as reported by Pink OTC Markets Inc. or similar
organization. If the Common Stock is not so quoted, the “Last Reported Sale Price”
shall be the average of the mid-point of the last bid and ask prices for the
Common Stock on the relevant

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      

      date from a nationally recognized independent investment banking
firm selected by the Company for this purpose.

      

      “Make-Whole Fundamental Change”
means any transaction or event that constitutes a Fundamental Change (determined
after giving effect to any exceptions or exclusions to such definition, but
without regard to the proviso in clause (2) of the
definition thereof).

      

      “Market Disruption Event” means
the occurrence or existence on any Scheduled Trading Day for the Common Stock of
any suspension or limitation imposed on trading (by reason of movements in price
exceeding limits permitted by the stock exchange or otherwise) in the Common
Stock or in any options contracts or futures contracts relating to the Common
Stock, and such suspension or limitation occurs or exists at any time within the
30 minutes prior to the closing time of the relevant exchange on such
day.

      

      “Measurement Period” has the
meaning specified in Section 4.01(b).

      

      “Merger Event” has the meaning
specified in Section 4.07(a).

      

      “Net Share Settlement Election”
has the meaning specified in Section 4.03(a)(i).

      

      “Note” or “Notes” has the meaning
specified in the fourth paragraph of the recitals of this Supplemental
Indenture, and shall include any Additional Notes issued pursuant to Section
2.01 hereof.

      

      “Noteholder” or “Holder” as applied to any
Note, or other similar terms (but excluding the term “beneficial holder”), shall
mean any person in whose name at the time a particular Note is registered on the
Security Register.

      

      “open of business” means 9:00
a.m. (New York City time).

      

      “Observation Period” with
respect to any Note means:

      

      (a) with
respect to any Conversion Date occurring on or after the 30th Scheduled Trading
Day immediately preceding the Stated Maturity, the 25 consecutive VWAP Trading
Day period beginning on, and including, the 27th Scheduled Trading Day
immediately preceding the Stated Maturity (or if such day is not a VWAP Trading
Day, the next succeeding VWAP Trading Day); and

      

      (b) in all
other instances, the 25 consecutive VWAP Trading Day period beginning on, and
including, the third Trading Day immediately following the relevant Conversion
Date.

      

      “Original Indenture” has the
meaning specified in the first paragraph of this Supplemental
Indenture.

      

      “Paying Agent” has the meaning
set forth in Section 2.05 of the Original Indenture, which shall initially be
the Trustee, and shall be the Person authorized by the

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      

      Company
to pay the principal amount of, interest on, or Fundamental Change Repurchase
Price of, any Notes on behalf of the Company.

      

      “Physical Notes” means
certificated Notes that are not in global form and are registered Notes issued
in denominations of $1,000 principal amount and multiples thereof.

      

      “Place of Payment” means, for
purposes of the Notes, New York, New York.

      

      “Principal Portion” means, for
each of the 25 VWAP Trading Days during the applicable Observation Period the
amount determined pursuant to clause (a) of the definition of “Daily Settlement
Amount”.

      

      “Prospectus Supplement” means
the prospectus supplement dated June 4, 2009 to the prospectus filed by the
Company with the Commission on April 23, 2009 and relating to the offering and
sale of the Notes.

      

      “Reference Property” has the
meaning specified in Section 4.07(c).

      

      “Registrar” has the meaning set
forth in Section 2.05 of the Original Indenture.

      

      “Regular Record Date” means,
with respect to the payment of interest on the Notes, the June 1 (whether or not
a Business Day) immediately preceding an Interest Payment Date on June 15 and
the December 1 (whether or not a Business Day) immediately preceding an Interest
Payment Date on December 15.

      

      “Security Register” has the
meaning set forth in Section 2.05 of the Original Indenture.

      

      “Scheduled Trading Day” means a
day that is scheduled to be a Trading Day on the principal United States
national or regional securities exchange or market on which the Common Stock is
listed or admitted for trading, or if the Common Stock is not so listed or
admitted for trading on any exchange or market, a Business Day.

      

      “Significant Subsidiary” means
a “significant subsidiary” as defined in Article 1, Rule 1-02(w) of Regulation
S-X under the Securities Act of 1933, as amended.

      

      “Spin-Off” has the meaning
specified in Section 4.04(c).

      

      “Stated Maturity” means, with
respect to any Note and the payment of the principal amount thereof, June 15,
2014.

      

      “Stock Price” has the meaning
specified in Section 4.06(b).

      

      “Trading Day” means a day on
during which (i) trading in the Common Stock generally occurs on the principal
United States national or regional securities exchange or market on which the
Common Stock is listed or admitted for trading and (ii) there is no Market
Disruption Event.

      

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      “Trading
Price” with respect to the Notes, on any date of determination means the
average of the secondary market bid quotations obtained by the Company or its
agent for $2.0 million principal amount of Notes at approximately 3:30 p.m. (New
York City time) on such determination date from three independent nationally
recognized securities dealers selected by the Company, which may include one or
more of the Underwriters; provided, however, that if three such
bids cannot reasonably be obtained, but two such bids are obtained, then the
average of the two bids shall be used, and if only one such bid is reasonably
obtained, that one bid shall be used. If at least one bid for $2.0 million
principal amount of Notes cannot reasonably be obtained, then the trading price
per $1,000 principal amount of Notes shall be deemed to be less than 98% of the
product of the Last Reported Sale Price of the Common Stock and the applicable
Conversion Rate. Any determination made by the Company in the preceding sentence
shall be conclusive absent manifest error.

      

      “Trigger Event” has the meaning
specified in Section 4.04(c).

      

      “Underwriters” means the
underwriters named in the Underwriting Agreement.

      

      “Underwriting Agreement” means
the Underwriting Agreement, dated June 4, 2009, entered into by the Company and
the Underwriters in connection with the sale of the Notes.

      

      “U.S.” means the United States
of America.

      

      “Valuation Period” has the
meaning specified in Section 4.04(c).

      

      “VWAP Trading Day” means a day
during which (i) trading in the Common Stock generally occurs on the principal
U.S. national or regional securities exchange or market on which the Common
Stock is listed or admitted for trading and (ii) there is no VWAP Market
Disruption Event. If the Common Stock is not so listed or traded, then “VWAP
Trading Day” means a Business Day.

      

      “VWAP Market Disruption Event”
means (i) a failure by the principal U.S. national or regional securities
exchange or market on which the Common Stock is listed or admitted to trading to
open for trading during its regular trading session or (ii) the occurrence or
existence on any Scheduled Trading Day for the Common Stock for an aggregate one
half-hour period, of any suspension or limitation imposed on trading (by reason
of movements in price exceeding limits permitted by the stock exchange or
otherwise) in the Common Stock or in any options contracts or futures contracts
relating to the Common Stock and traded on a principal national or regional
securities exchange or market located in the U.S.

      

      “Weighted Average
Consideration” shall have the meaning specified in Section
4.07(d)(iv).

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

         

      

      ARTICLE
2

      

      THE
SECURITIES

      

      SECTION
2.01. Title and Terms;
Payments. There is hereby established a series of Securities designated
the “5.75% Convertible Senior Notes due 2014” initially limited in aggregate
principal amount to $230,000,000.

      

      The
principal amount of Notes then outstanding shall be payable at Stated
Maturity.

      

      The
Company may, without the consent of the Holders of the Notes, hereafter issue
additional notes (“Additional
Notes”) under the Indenture with the same terms and with the same CUSIP
number (except to the extent necessary for securities law purposes) as the Notes
issued on the date of this Supplemental Indenture (the “Initial Notes”) in an
unlimited aggregate principal amount; provided that such Additional
Notes must be part of the same issue as the Initial Notes for federal income tax
purposes. Any such Additional Notes shall constitute a single series together
with the Initial Notes for all purposes hereunder, including, without
limitation, for purposes of any waivers, supplements or amendments to the
Indenture requiring the approval of Holders of the Notes and any offers to
repurchase the Notes.

      

      The Form
of Note, the Form of Conversion Notice, the Form of Fundamental Change
Repurchase Notice and the Form of Assignment and Transfer shall be substantially
as set forth in Exhibits A, B, C and D, respectively, hereto, which are
incorporated into and shall be deemed a part of this Supplemental Indenture, in
each case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by the Indenture, and may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange or as may, consistently herewith, be determined to be
necessary or appropriate by the officers of the Company executing such Notes, as
evidenced by their execution of the Notes.

      

      The
Company shall pay the principal of and interest on any Global Note in
immediately available funds to the Depositary or its nominee, as the case may
be, as the registered Holder of such Global Note and shall make all such
payments in accordance with the procedures of the Depositary.

      

      The
Company shall pay the principal of any Physical Notes at the office or agency
designated by the Company for that purpose. The Company has initially designated
the Trustee as its Paying Agent and Registrar in respect of the Notes and its
agency in New York, New York as a place where Notes may be presented for payment
or for registration of transfer. The Company may, however, change the Paying
Agent or Registrar for the Notes without prior notice to the Holders thereof,
and the Company may act as Paying Agent or Registrar for the Notes. Interest on
any Physical Notes will be payable (i) to Holders of Physical Notes having an
aggregate principal amount of Notes of $5,000,000 or less, by check mailed to
the Holders of such Notes at their address in the Security Register and (ii) to
Holders having an aggregate principal amount of Physical Notes in excess of
$5,000,000, either by check mailed to each Holder at its address in the Security
Register or, upon application by a Holder to the Registrar

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      

      not later than the relevant Regular Record Date, by wire transfer in
immediately available funds to that Holder’s account within the United States,
which application shall remain in effect until that Holder notifies, in writing,
the Registrar to the contrary.

      

      SECTION
2.02. Book-Entry
Provisions for Global Notes. (a) The Notes initially shall be issued in
the form of one or more Global Notes without interest coupons (i) registered in
the name of Cede & Co., as nominee of the Depositary and (ii) delivered to
the Trustee as custodian for the Depositary.

      

      Members
of, or participants in, the Depositary (“Agent Members”) shall have no
rights under this Supplemental Indenture or the Original Indenture with respect
to any Global Note held on their behalf by the Depositary, or the Trustee as its
custodian, or under the Global Note, and Cede & Co., or such other Person
designated by the Depositary as its nominee, may be treated by the Company, the
Trustee and any agent of the Company or the Trustee as the absolute owner of the
Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing
herein shall prevent the Company, the Trustee or any agent of the Company or the
Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depositary or impair, as between the Depositary
and its Agent Members, the operation of customary practices governing the
exercise of the rights of any Holder.

      

      (b)
Transfers of Global Notes shall be limited to transfers in whole, but not in
part, to the Depositary, its successors or their respective nominees. Interests
of beneficial owners in a Global Note may be transferred or exchanged, in whole
or in part, for Physical Notes, only if: (i) the Depositary notifies the Company
at any time that it is unwilling or unable to continue in its capacity as
Depositary for the Notes, or the Depositary ceases to be registered as a
clearing agency under the Exchange Act, and, in either case, a successor
Depositary is not appointed within 60 days or (ii) if an Event of Default with
respect to the Notes has occurred and is continuing, upon request by the
beneficial owner of any Note, in each case in accordance with the rules and
procedures of the Depositary. Other than as set forth in this Section 2.02(b),
the Notes shall remain in global form as Global Notes.

      

      (c) In
connection with any transfer or exchange of a portion of the beneficial interest
in the Global Note to beneficial owners pursuant to Section 2.02(b), the
Registrar shall (if one or more Physical Notes are to be issued) reflect on its
books and records the date and a decrease in the principal amount of the Global
Note in an amount equal to the principal amount of the beneficial interest in
the Global Note to be transferred, and the Company shall execute, and the
Trustee shall authenticate and deliver, one or more Physical Notes of like tenor
and amount. In connection with the transfer of the entire Global Note to
beneficial owners pursuant to Section 2.02(b), the Global Note shall be deemed
to be surrendered to the Trustee for cancellation, and the Company shall
execute, and the Trustee shall authenticate and deliver, to each beneficial
owner identified by the Depositary in exchange for its beneficial interest in
the Global Note, an equal aggregate principal amount of Physical Notes of
authorized denominations and the same tenor.

      

      (d)
Physical Notes issued in exchange for a Global Note pursuant to this Section
2.02 shall be registered in such names and in such authorized denominations as
the Depositary for such Global Note, pursuant to instructions from its direct or
indirect participants

      

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      

      or
otherwise, shall instruct the Trustee or an agent of the Company or the Trustee.
The Trustee or such agent shall deliver such Physical Notes to or as directed by
the Persons in whose names such Physical Notes are so registered.

      

      (e) The
Holder of Global Notes may grant proxies and otherwise authorize any Person,
including Agent Members and Persons that may hold interests through Agent
Members, to take any action that a Holder is entitled to take under this
Supplemental Indenture, Original Indenture or the Notes.

      

      SECTION
2.03. CUSIP
Numbers. In issuing the Notes, the Company may use “CUSIP” numbers (if
then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in
notices of redemption as a convenience to Holders of the Notes; provided that any such notice
may state that no representation is made as to the correctness of such numbers
as printed on the Notes and that reliance may be placed only on the other
identification numbers printed on the Notes, and any such redemption shall not
be affected by any defect in or omission of such numbers. The Company will
promptly notify the Trustee of any change in the “CUSIP” numbers of the
Notes.

      

      SECTION
2.04. Reporting
Requirement. (a) The Company shall deliver to the Trustee within 15 days
after the same is required to be filed with the Commission, copies of any
documents and reports that the Company is required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act (giving effect to any grace
period provided by Rule 12b-25 under the Exchange Act), and the Company shall
otherwise comply with the requirements of Trust Indenture Act Section
314(a).

      

      (b) The
Company intends to file the reports referred to in Section 2.04(a)
hereof with the SEC in electronic form pursuant to Regulation S-T of the SEC
using the SEC’s Electronic Data Gathering, Analysis and Retrieval (“EDGAR”)
system. The Company shall notify the Trustee in the manner prescribed herein of
each such filing. The Trustee will be directed to access the EDGAR system for
purposes of retrieving the reports so filed. Compliance with the foregoing shall
constitute delivery by the Company of such reports to the Trustee in compliance
with the provisions of Section 2.04(a)
hereof. The Trustee shall have no duty to search for or obtain any electronic or
other filings that the Company makes with the SEC, regardless of whether such
filings are periodic, supplemental or otherwise.

       

      

      ARTICLE
3

      

      
         
FUNDAMENTAL
CHANGES AND REPURCHASES THEREUPON; NO OPTIONAL REDEMPTION

      

      

      SECTION
3.01. Repurchase at
Option of Holders Upon a Fundamental Change. (a) Generally. If a
Fundamental Change occurs at any time, then each Holder of Notes shall have the
right, at such Holder’s option, to require the Company to repurchase for cash
any or all of such Holder’s Notes, or any portion of the principal amount
thereof, that is equal to $1,000 or a multiple of $1,000, on a date specified by
the Company that is not less than 20 or more than 35

      

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      

      calendar days following the date of the Fundamental Change Company
Notice (as defined below) (the “Fundamental Change Repurchase
Date”), at a repurchase price equal to 100% of the principal amount
thereof, together with accrued and unpaid interest, if any, thereon to, but
excluding, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase
Price”); provided, however, that if a
Fundamental Change Repurchase Date is after a Regular Record Date and on or
prior to the Interest Payment Date to which such Regular Record Date relates,
the full amount of interest payable in respect of such Interest Payment Date
shall be payable to the Holders of record as of the corresponding Regular Record
Date and the Fundamental Change Repurchase Price shall be equal to 100% of the
principal amount of the Notes to be repurchased pursuant to this Article 3. The
requirement for the Company to repurchase any Notes on the Fundamental Change
Repurchase Date will be subject to extension to comply with applicable
law.

      

      Repurchases
of Notes under this Section 3.01 shall be made, at the option of the Holder
thereof, upon, in each case on or before the close of business on the Business
Day immediately preceding the Fundamental Change Repurchase Date:

      

      (i)
delivery to the Paying Agent by a Holder of a duly completed notice (the “Fundamental Change Repurchase
Notice”) in the form set forth on the reverse of the Note as Exhibit C
thereto, if the Notes are Physical Notes, or in compliance with the Depositary’s
procedures for tendering interests in Global Notes, if the Notes are not
Physical Notes; and

      

      (ii)
delivery of the Notes, in the case of Physical Notes, to the Paying Agent
appointed by the Company (duly endorsed for transfer), or, in the case of book-
entry transfer of the Notes if the Notes are not Physical Notes, in compliance
with the procedures of the Depositary, such delivery or transfer being a
condition to receipt by the Holder of the Fundamental Change Repurchase Price
therefor.

      

      The
Fundamental Change Repurchase Notice in respect of any Notes to be delivered for
repurchase shall state:

      

      (i)  if such Notes are
Physical Notes, the certificate numbers of such

      

      Notes;

      

      (ii) the
portion of the principal amount of such Notes, which must be $1,000 or a
multiple thereof; and

      

      (iii)
that such Notes are to be repurchased by the Company pursuant to the applicable
provisions of the Notes and this Supplemental Indenture;

      

      provided, however, that in the case of
Global Notes, the Fundamental Change Repurchase Notice must also comply with
appropriate procedures of the Depositary.

      

      Notwithstanding
anything herein to the contrary, any Holder delivering to the Paying Agent the
Fundamental Change Repurchase Notice contemplated by this Section 3.01 shall
have the right to withdraw, in whole or in part, such Fundamental Change
Repurchase Notice at any time prior to the close of business on the Business Day
immediately preceding the

      

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      

      Fundamental Change Repurchase Date by delivery of a written notice
of withdrawal to the Paying Agent in accordance with Section 3.03
below.

      

      The
Paying Agent shall promptly notify the Company of the receipt by it of any
Fundamental Change Repurchase Notice or written notice of withdrawal
thereof.

      

      (b) Fundamental Change Company
Notice. On or before the 10th calendar day after the occurrence of a
Fundamental Change, the Company shall provide to all Holders of record of the
Notes, the Trustee and the Paying Agent (in the case of any Paying Agent other
than the Trustee) a notice (the “Fundamental Change Company
Notice”) of the occurrence of such Fundamental Change and of the
resulting repurchase right at the option of the Holders arising as a result
thereof. Such notice shall be sent by first class mail or, in the case of any
Global Notes, in accordance with the procedures of the Depositary for providing
notices. Simultaneously with providing such Fundamental Change Company Notice,
the Company shall publish a notice containing the information included therein
in a newspaper of general circulation in New York, New York or shall publish
such information on the Company’s website or through such other public medium as
the Company may use at such time.

      

      Each
Fundamental Change Company Notice shall specify:

      

      
        (i)  the
events causing a Fundamental Change;

      

      

      
        (ii)  the date
of the Fundamental Change;

      

      

      
        (iii)  the last
date on which a Holder of Notes may exercise the repurchase
right pursuant to this Article 3;

      

      

      
        (iv)  the
Fundamental Change Repurchase Price;

      

      

      
        (v)  the
Fundamental Change Repurchase Date;

      

      

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

      

      

      (vii) if
applicable, the applicable Conversion Rate and any adjustments to the applicable
Conversion Rate;

      

      (viii) if
applicable, that the Notes with respect to which a Fundamental Change Repurchase
Notice has been delivered by a Holder may be converted only if the Holder
withdraws the Fundamental Change Repurchase Notice in accordance with this
Supplemental Indenture; and

      

      (ix) the
procedures that Holders must follow to require the Company to repurchase their
Notes.

      

      No
failure of the Company to give the foregoing notices and no defect therein shall
limit the repurchase rights of the Holders of Notes or affect the validity of
the proceedings for the repurchase of the Notes pursuant to this Section
3.01.

      

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      

      (c) No Payment During Events of
Default. There
shall be no repurchase of any Notes pursuant to this Section 3.01 if there has
occurred and is continuing an Event of Default with respect to the Notes (other
than an Event of Default that is cured by the payment of the Fundamental Change
Repurchase Price of the Notes). The Paying Agent will promptly return to the
respective Holders thereof any Physical Notes held by it during the continuance
of an Event of Default (other than an Event of Default that is cured by the
payment of the Fundamental Change Repurchase Price with respect to the Notes)
and shall deem canceled any instructions for book-entry transfer of the Global
Notes in compliance with the procedures of the Depositary, in which case, upon
such return and cancellation, the Fundamental Change Repurchase Notice with
respect thereto shall be deemed to have been withdrawn.

      

      SECTION
3.02. Effect of
Fundamental Change Repurchase Notice. Upon receipt by the Paying Agent of
the Fundamental Change Repurchase Notice specified in Section 3.01 hereof, the
Holder of the Note in respect of which such Fundamental Change Repurchase Notice
was given shall (unless such Fundamental Change Repurchase Notice is withdrawn
in accordance with Section 3.03 hereof) thereafter be entitled to receive solely
the Fundamental Change Repurchase Price in cash with respect to such Note. Such
Fundamental Change Repurchase Price shall be paid to such Holder, subject to
receipt of funds by the Paying Agent, on the later of (x) the Fundamental Change
Repurchase Date with respect to such Note (provided the conditions in
Section 3.01 hereof have been satisfied) and (y) the time of book- entry
transfer or delivery of such Note to the Paying Agent by the Holder thereof in
the manner required by Section 3.01 hereof.

      

      SECTION
3.03. Withdrawal of
Fundamental Change Repurchase Notice. A Fundamental Change Repurchase
Notice may be withdrawn (in whole or in part) by means of a written notice of
withdrawal delivered to the Paying Agent in accordance with the Fundamental
Change Company Notice at any time prior to the close of business on the Business
Day immediately preceding the Fundamental Change Repurchase Date,
specifying:

      

      (i) the
principal amount of the Notes with respect to which such notice of withdrawal is
being submitted;

      

      (ii) if
Physical Notes have been issued, the certificate numbers of the withdrawn Notes;
and

      

      (iii) the
principal amount, if any, of such Notes that remains subject to the original
Fundamental Change Repurchase Notice, which portion must be in principal amounts
of $1,000 or a multiple of $1,000;

      

      provided, however, that if such
written notice of withdrawal relates to Notes that are not Physical Notes, such written
notice of withdrawal must comply with appropriate procedures of the
Depositary.

      

      The
Paying Agent will promptly return to the respective Holders thereof any Physical
Notes with respect to which a Fundamental Change Repurchase Notice has been
withdrawn in compliance with the provisions of this Section 3.03.

      

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      SECTION 3.04. Deposit of Fundamental
Change Repurchase Price. Prior to 11:00 a.m. (local time in The City of
New York) on the Fundamental Change Repurchase Date, the Company shall deposit
with the Paying Agent (or, if the Company or a Subsidiary or an Affiliate of
either of them is acting as the Paying Agent, shall segregate and hold in trust
as provided herein) an amount of money (in immediately available funds if
deposited on such Business Day) sufficient to pay the Fundamental Change
Repurchase Price of all the Notes or portions thereof that are to be repurchased
as of the Fundamental Change Repurchase Date. If the Paying Agent holds cash
sufficient to pay the Fundamental Change Repurchase Price of the Notes for which
a Fundamental Change Repurchase Notice has been tendered and not withdrawn in
accordance with this Supplemental Indenture on the Fundamental Change Repurchase
Date, then as of such Fundamental Change Repurchase Date, (a) such Notes will
cease to be outstanding and interest will cease to accrue thereon (whether or
not book-entry transfer of such Notes is made or whether or not such Notes have
been delivered to the Paying Agent) and (b) all other rights of the Holders in
respect thereof will terminate (other than the right to receive the Fundamental
Change Repurchase Price and previously accrued and unpaid interest (if any) upon
delivery or book-entry transfer of such Notes).

      

      SECTION
3.05. Notes
Repurchased in Whole or in Part. Any Note that is to be repurchased,
whether in whole or in part, shall be surrendered at the office of the Paying
Agent (with, if the Company or the Trustee so requires in the case of Physical
Notes, due endorsement by, or a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by, the Holder thereof
or such Holder’s attorney duly authorized in writing) and the Company shall
execute and the Trustee shall authenticate and deliver to the Holder of such
Note, without service charge, a new Note or Notes of any authorized denomination
as requested by such Holder in aggregate principal amount equal to, and in
exchange for, the portion of the principal amount of the Note so surrendered
that is not repurchased.

      

      SECTION
3.06. Covenant to
Comply With Applicable Laws Upon Repurchase of Notes. In
connection with any offer to repurchase Notes under Section 3.01 hereof,
the Company shall,
in each case if required, (i) comply with Rule 13e-4, Rule 14e-1 and any other
tender offer rules under the Exchange Act that may then be applicable and (ii)
file a Schedule TO or any other required schedule under the Exchange
Act.

      

      SECTION
3.07. Repayment to the
Company. To the extent that the aggregate amount of cash deposited by the
Company pursuant to Section 3.04 exceeds the aggregate Fundamental Change
Repurchase Price of the Notes or portions thereof that the Company is obligated
to repurchase as of the Fundamental Change Repurchase Date, then, following the
Fundamental Change Repurchase Date, the Paying Agent shall promptly return any
such excess to the Company.

      

      SECTION
3.08. No Optional
Redemption by the Company. The Notes may not be redeemed by the Company
at its option prior to the Stated Maturity.

      

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

         

      

      ARTICLE 4

      

      CONVERSION

      

      SECTION
4.01.    Conversion
Privilege.  (a)   Upon compliance with the
provisions
of this Article 4 and subject to the restrictions set forth in Section 4.01(b),
a Holder shall have the right, at such Holder’s option, to convert all or any
portion (if the portion to be converted is $1,000 principal amount or an
integral multiple thereof) of such Note (i) subject to satisfaction of the
conditions described in Section 4.01(b) below, at any time prior to March 15,
2014 under the circumstances and during the periods set forth in Section 4.01(b)
below, and (ii) regardless of the conditions described in Section 4.01(b) below,
on or after March 15, 2014 and prior to the close of business on the second
Scheduled Trading Day immediately preceding the Stated Maturity, in each case,
at the Conversion Rate (subject to the settlement provisions of Section 4.03,
the “Conversion
Obligation”).

      

      (b) (i)
Prior to the close of business on the Business Day immediately preceding March
15, 2014, the Notes may be surrendered for conversion during the five Business
Day period after any five consecutive Trading Day period (the “Measurement Period”) in which
the Trading Price per $1,000 in principal amount of Notes for each Trading Day
of such Measurement Period was less than 98% of the product of the
then-applicable Conversion Rate on such Trading Day and the Last Reported Sale
Price of the Common Stock on such Trading Day. The Company shall have no
obligation to determine the Trading Price of the Notes unless a Noteholder
provides the Company with reasonable evidence that the Trading Price per $1,000
in principal amount of the Notes would be less than 98% of the product of the
then-applicable Conversion Rate and the Last Reported Sale Price of the Common
Stock at such time, at which time the Company shall determine the Trading Price
of the Notes beginning on the next Trading Day and on each successive Trading
Day until the Trading Price per $1,000 in principal amount of Notes is greater
than or equal to 98% of the product of the then-applicable Conversion Rate and
the Last Reported Sale Price of the Common Stock on such Trading Day. If the
Company does not determine the Trading Price of the Notes as provided in the
preceding sentence, then the Trading Price per $1,000 in principal amount of
Notes will be deemed to be less than 98% of the product of the Last Reported
Sale Price of the Common Stock and the then-applicable Conversion Rate on each
Trading Day that it fails to do so. If the Trading Price condition set forth
above has been met, the Company shall so notify the Noteholders, the Trustee and
the Conversion Agent. If, at any time after the Trading Price condition set
forth above has been met, the Trading Price per $1,000 principal amount of Notes
is greater than 98% of the product of the then-applicable Conversion Rate and
the Last Reported Sale Price of the Common Stock on such Trading Day, the
Company shall so notify the Holders of the Notes, the Trustee and the Conversion
Agent.

      

      (ii)
Prior to the close of business on the Business Day immediately preceding March
15, 2014, the Notes may be surrendered for conversion during any calendar
quarter beginning after the calendar quarter ending September 30, 2009, and only
during such calendar quarter, if the Last Reported Sale Price of the Common
Stock for 20 or more Trading Days in a period of 30 consecutive Trading Days
ending on the last Trading Day of the immediately preceding calendar quarter
exceeds 130% of the then-applicable Conversion Price on the last Trading Day of
such preceding calendar quarter.

      

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

      

      (iii)      In the event that the
Company elects to:

      

      (A) issue
to all or substantially all holders of the Common Stock any rights, options or
warrants entitling them, for a period of not more than 60 calendar days after
the date of such issuance, to subscribe for or purchase shares of the Common
Stock at a price per share less than the average of the Last Reported Sale
Prices of the Common Stock for the ten consecutive Trading Day period ending on
and including the Trading Day immediately preceding the Ex- Date for such
issuance; or

      

      (B)
distribute to all or substantially all holders of the Common Stock assets of the
Company (including cash), debt securities or rights to purchase securities of
the Company, which distribution has a per share value (as determined by the
Board of Directors) exceeding 15% of the Last Reported Sale Price of the Common
Stock on the Trading Day immediately preceding the declaration date for such
distribution,

      

      then, in
each case, the Company shall notify all Holders of the Notes and the Trustee at
least 30 Scheduled Trading Days prior to the Ex-Date for such distribution. Once
the Company has given such notice, Holders may surrender their Notes for
conversion at any time until the earlier of (i) 5:00 p.m. (New York City time)
on the Business Day immediately preceding the Ex-Date for such distribution or
(ii) the announcement by the Company that such distribution will not take place,
even if the Notes are not otherwise convertible at such time (in which event
Holders will be permitted to withdraw any Notes submitted for conversion in
connection with such distribution). Holders may not exercise the conversion
right described in this Section 4.01(b)(iii) if they may participate (as a
result of holding Notes, and at the same time as holders of Common Stock
participate) in any of the transactions described in subparagraph (A) or (B) as
if such Noteholders held a number of shares of Common Stock equal to the
applicable Conversion Rate, multiplied by the principal amount of Notes held by
such Holders divided by $1,000, without having to convert their
Notes.

      

      (iv) In
the event of a Make-Whole Fundamental Change or Fundamental Change, the Company
shall notify the Holders and the Trustee of the occurrence of any such event no
later than the date on which such event occurs or becomes effective and shall
issue a press release on such date. Once the Company has provided such notice, a
Holder may surrender Notes for conversion at any time from such date until the
Fundamental Change Repurchase Date corresponding to such event (or, in the case
of a Make-Whole Fundamental Change that is not a Fundamental Change, on the
35th
Business Day immediately following the Effective Date of such Make-Whole
Fundamental Change) .

      

      (v)
Holders will also have the right to convert their Notes if the Company is a
party to a combination, merger, recapitalization, reclassification, binding
share exchange or other similar transaction or sale or conveyance of all or
substantially all of the property and assets of the Company, in each case
pursuant to which the Common Stock would be converted into cash, securities
and/or other property, that does not also constitute a Fundamental Change or a
Make-Whole Fundamental Change. In such event, Holders will have the right to
convert their Notes at any time beginning on the earlier of (i) the date on
which the

      

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

      

      Company notifies Holders of such transaction and (ii) the effective
date of such transaction and ending on the 35th
Business Day following the effective date of such transaction. The Company will
use commercially reasonable efforts to notify Holders and the Trustee at least
30 Scheduled Trading Days prior to the anticipated effective date of any such
transaction described in this clause (v), and in any event will give such notice
no later than the actual effective date of any such
transaction.

      

      SECTION
4.02. Conversion
Procedures. (a) Each Note shall be convertible at the office of the
Conversion Agent and, if applicable, in accordance with the procedures of the
Depositary.

      

      (b) In
order to exercise the conversion privilege with respect to any interest in a
Global Note, the Holder must complete the appropriate instruction form for
conversion pursuant to the Depositary’s book-entry conversion program, and pay
the funds, if any, required by Section 4.02(f) and all taxes or duties if
required pursuant to Section 4.08, and the Conversion Agent must be informed of
the conversion in accordance with the customary practice of the Depositary. In
order to exercise the conversion privilege with respect to any Physical Notes,
the Holder of any such Notes to be converted, in whole or in part,
shall:

      

      (i) complete
and manually sign the conversion notice provided on the back of the Note (the
“Conversion Notice”) or
a facsimile of the Conversion Notice;

      

      (ii) deliver
the Conversion Notice, which is irrevocable, and the Note to the Conversion
Agent;

      

      
        (iii) if
required, furnish appropriate endorsements and transfer documents,

      

      

      
        (iv)
if
required, pay all transfer or similar taxes as set forth in Section
4.08; and

      

      

      
        (v) if
required, make any payment required under Section 4.02(f).

      

      

      The
Trustee (and if different, the relevant Conversion Agent) shall notify the
Company of any conversion pursuant to this Article 4 on the date of such
conversion.

      

      The date
on which the Holder satisfies all of the applicable requirements set forth above
is the “Conversion
Date.” Each conversion shall be deemed to have been effected as to any
such Notes (or portion thereof) surrendered for conversion on the relevant
Conversion Date. A converting Holder of Notes will be treated as the record
holder of any shares of Common Stock due upon such conversion as of the close of
business on (x) the relevant Conversion Date, if the Conversion Obligation in
respect of the relevant Notes is settled pursuant to Section 4.03(c)(i), or (y)
the last VWAP Trading Day of the applicable Observation Period if the Conversion
Obligation in respect of the relevant Notes is settled pursuant to Section
4.03(c)(iii) (including, for the avoidance of doubt, in connection with any
election described in Section 4.03(a)(i)). Notwithstanding the foregoing, in no
event shall a Holder be entitled to the benefit of a Conversion Rate adjustment
pursuant to Section 4.04 in respect of Notes surrendered for conversion if, by
virtue of being deemed the record holder of the shares of Common
Stock

      

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

      

      issuable upon such conversion pursuant to the foregoing sentence,
such Holder participates, as a result of being such holder of record, in the
transaction or event that would otherwise give rise to such Conversion Rate
adjustment to the same extent and in the same manner as holders of shares of
Common Stock generally. Upon conversion of Notes, such Person shall no longer be
a Noteholder.

      

      (c) Each
Conversion Notice shall state the name or names (with address or addresses) in
which any certificate or certificates for shares of Common Stock which shall be
issuable on such conversion shall be issued. All such Notes surrendered for
conversion shall, unless the shares issuable on conversion are to be issued in
the same name as the registration of such Notes, be duly endorsed by, or be
accompanied by instruments of transfer in form satisfactory to the Company duly
executed by, the Holder or his duly authorized attorney.

      

      (d) In
case any Notes of a denomination greater than $1,000 shall be surrendered for
partial conversion, the Company shall execute and the Trustee shall authenticate
and deliver to the Holder of the Notes so surrendered, without charge, new Notes
in authorized denominations in an aggregate principal amount equal to the
unconverted portion of the surrendered Notes.

      

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

      

      (f) Upon
the conversion of any Notes, the Holder will not be entitled to receive any
separate cash payment for accrued and unpaid interest, if any, except to the
extent specified below. The Company’s delivery to the Holder of Common Stock
together with any cash payment for any fractional share of Common Stock, into
which a Note is convertible will be deemed to satisfy in full the Company’s
obligation to pay the principal amount of the Notes so converted and accrued and
unpaid interest, if any, to, but not including, the Conversion Date. As a
result, accrued and unpaid interest, if any, to, but not including, the
Conversion Date will be deemed to be paid in full rather than cancelled,
extinguished or forfeited.

      

      Notwithstanding
the foregoing, if Notes are converted after the close of business on a Regular
Record Date for the payment of interest, Holders of such Notes at the close of
business on such Regular Record Date will receive the interest, if any, payable
on such Notes on the corresponding Interest Payment Date notwithstanding the
conversion. Notes surrendered for conversion during the period from the close of
business on any Regular Record Date to the open of business on the immediately
following Interest Payment Date must be accompanied by funds equal to the amount
of interest, if any, payable on the Notes so converted on such following
Interest Payment Date; provided that no such payment
need be made (i) for conversions following the Regular Record Date immediately
preceding the Stated Maturity, (ii) if the Company has specified a Fundamental
Change Repurchase Date that is after a Regular Record Date and on or prior to
the corresponding Interest Payment Date, or (iii) to the extent of any overdue
or defaulted interest, if any overdue or defaulted interest exists at the time
of conversion with respect to such Note.

      

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

      

      (g)
Notwithstanding the foregoing, a Note in respect of which a Holder has delivered
a Fundamental Change Repurchase Notice exercising such Holder’s option to
require the Company to repurchase such Note may be converted only if such notice
of exercise is withdrawn in accordance with Section 3.03 hereof prior to the
close of business on the Business Day prior to the relevant Fundamental Change
Repurchase Date.

      

      SECTION
4.03. Settlement Upon
Conversion. (a) (i) At any time on or prior to the 60th Scheduled Trading
Day immediately preceding the Stated Maturity, the Company may make a one-time
irrevocable election to settle all conversions of the Notes from the date of
such notice pursuant to clause (iii) of Section 4.03(c) (the “Net Share Settlement
Election”). Upon making the Net Share Settlement Election, the Company
will promptly issue a press release and post such information on its website, or
otherwise publicly disclose such information, and will provide a written notice
to the Noteholders and the Trustee in the manner contemplated by this Indenture,
including through the facilities of the Depositary.

      

      (ii) The
Company may irrevocably renounce the right to make the Net Share Settlement
Election by notice to the Trustee at any time prior to the earlier of (A) the
60th Scheduled Trading Day preceding the Stated Maturity and (B) the Company’s
exercise of such right to the Net Share Settlement Election. Upon such
renunciation, the Company shall no longer have the right to the Net Share
Settlement Election with respect to the Notes, and any such attempted election
shall have no effect.

      

      (b) (i)
Unless the Company has made the Net Share Settlement Election as set forth above
in Section 4.03(a)(i), the Company may elect to settle Notes surrendered for
conversion pursuant to clause (i), (ii) or (iii) (in the case of clause (iii),
subject to any renunciation of the Net Share Settlement Election pursuant to
Section 4.03(a)(ii)) of Section 4.03(c) by providing notice (a “Consideration Notice”) to the
converting Noteholders through the Trustee of the applicable settlement method
no later than the second Scheduled Trading Day immediately following the related
Conversion Date. If the Company has made the irrevocable Net Share Settlement
Election, the Company may only settle the conversion of the applicable Notes
pursuant to clause (iii) of Section 4.03(c). If the Company does not provide a
Consideration Notice in respect of a conversion and has not previously made the
Net Share Settlement Election, conversion of the applicable Notes will be
settled pursuant to clause (iii) of Section 4.03(c) (unless the Company has not
previously renounced the Net Share Settlement Election pursuant to Section
4.02(a)(ii), in which case conversion of the applicable Notes will be settled
pursuant to clause (i) of Section 4.03).

      

      (ii)
Prior to the 60th Scheduled Trading Day preceding the Stated Maturity, if the
Company has not made the Net Share Settlement Election, the Company may deliver
a one- time Consideration Notice to the Noteholders, the Trustee, the Conversion
Agent and the Paying Agent designating the settlement method for all conversions
that occur on or after the 60th Scheduled Trading Day preceding such Stated
Maturity. For conversions that occur on or after the 60th Scheduled Trading Day
preceding the Stated Maturity, if the Company has not delivered such one-time
Consideration Notice referred to in this Section 4.03(b)(ii) and has not made an
irrevocable Net Share Settlement Election, conversion of the Notes will be
settled in accordance with clause (iii) of Section 4.03(c) (unless the Company
has not previously renounced the Net

      

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

      

      Share Settlement Election pursuant to Section 4.02(a)(ii), in which
case conversion of the applicable Notes will be settled pursuant to clause (i)
of Section 4.03).

      

      (iii) The
Company will settle all conversions by Holders of Notes converting on the same
Trading Day in the same manner. Except for all conversions that occur on or
after the 60th Scheduled Trading Day preceding the Stated Maturity, the Company
will have no obligation to settle any Notes surrendered for conversion on
different Trading Days in the same manner.

      

      (c)
Subject to this Section 4.03, upon any conversion of any Note, the Company shall
deliver to converting Noteholders,

      

      (i) on
the third Business Day immediately following the relevant Conversion Date, a
number of shares of Common Stock obtained by dividing the aggregate principal
amount of Notes to be converted by $1,000, and multiplying that quotient by the
applicable Conversion Rate on the relevant Conversion Date, provided, however, that with respect to
conversions that occur on or after the Regular Record Date occurring on June 1,
2014, the Company will deliver such shares of Common Stock on the Stated
Maturity;

      

      (ii) on
the third Business Day immediately following the last Trading Day of the related
Observation Period, for each $1,000 in principal amount of Notes surrendered for
conversion, cash in an amount equal to the sum of the Daily Conversion Values
for each of the 25 VWAP Trading Days during the related Observation Period;
or

      

      (iii) on
the third Scheduled Trading Day immediately following the last Trading Day of
the related Observation Period, for each $1,000 in principal amount of Notes
surrendered for conversion, cash and shares of Common Stock, if any, equal to
the sum of the Daily Settlement Amounts for each of the 25 VWAP Trading Days
during the related Observation Period, in each case, if applicable, subject to
Section 4.03(d). The Company will pay cash equal to the sum of the Principal
Portions for each VWAP Trading Day during the related Observation Period. In
addition, if the Daily Conversion Value exceeds the Principal Portion of the
Notes converted on the related VWAP Trading Day during the applicable
Observation Period, the Company will also deliver shares of Common Stock with a
value equal to the excess of the Daily Conversion Value over the Principal
Portion on that VWAP Trading Day.

      

      (d) For
each Note surrendered for conversion and converted pursuant to clause (iii) of
Section 4.03(c), the number of full shares that shall be issued upon conversion
thereof shall be computed on the basis of the aggregate Daily Settlement Amounts
for the applicable Observation Period and any fractional shares remaining after
such computation, and any factional shares remaining after any conversion
pursuant to clause (i) of Section 4.03(c) shall, in each case, be paid in cash.
If more than one Note shall be surrendered for conversion at one time by the
same holder, the number of full shares that shall be issued upon conversion
thereof shall be computed on the basis of the aggregate principal amount of the
Notes (or specified portions thereof) so surrendered. The Company shall not
issue fractional shares of Common Stock upon conversion of Notes. Instead, the
Company shall pay cash in lieu of

      

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

      

      fractional shares by multiplying the Daily VWAP of a full share of
Common Stock on (x) the last VWAP Trading Day of the related Observation Period
in the case of conversions pursuant to clause (iii) of Section 4.03(c) or (y)
the Conversion Date (or, if the Conversion Date is not a Trading Day, the next
following Trading Day), in the case of conversions pursuant to clause (i) of
Section 4.03(c), in each case, by the fractional amount and rounding the product
to the nearest whole cent. The Company shall determine the number of fractional
shares for which cash shall be delivered by aggregating (x) all Notes a holder
surrenders for conversion and (y) fractional shares included in the Daily
Settlement Amounts over the entire related Observation Period in the case of any
conversion pursuant to clause (iii) of Section 4.03(c) rather than delivering
cash in lieu of fractional shares for (A) each individual Note of such Holder
surrendered for conversion or (B) each day of the related Observation
Period.

      

      SECTION
4.04. Adjustment of
Conversion Rate. The Conversion Rate shall be adjusted from time to time
by the Company if any of the following events occurs, except that the Company
will not make any adjustment to the Conversion Rate if Holders of Notes
participate, as a result of holding the Notes, in any of the transactions
described under Section 4.04(a) (but only with respect to stock dividends or
distributions), Section 4.04(b), Section 4.04(c), and Section 4.04(d), at the
same time as holders of the Common Stock participate, without having to convert
their Notes, as if such Holders held the full number of shares of Common Stock
underlying such Holders’ Notes.

      

      (a) If
the Company, at any time or from time to time while any of the Notes are
outstanding, exclusively issues shares of its Common Stock as a dividend or
distribution on shares of Common Stock, or if the Company effects a share split
or share combination, then the Conversion Rate will be adjusted based on the
following formula:

      

      
      

      

      where,

      

      
        CR0 = 
the Conversion Rate in effect immediately prior to the open of business on the
Ex-Date of such dividend or distribution, or immediately prior to the open of
business on the effective date of such share split or share combination, as
applicable;

      

      

      
        CR1=  
the Conversion Rate in effect immediately after the open of business on such Ex-
Date or immediately after the open of business on such effective
date;

      

      

      
        OS0
=  the number of shares of Common Stock outstanding immediately prior
to the open of business on such Ex-Date or immediately prior to the open of
business on such effective date; and

      

      

      
        OS1 = 
the number of shares of Common Stock outstanding immediately after giving effect
to such dividend, distribution, share split or share
combination.

      

      

      Any
adjustment made under this Section 4.04(a) shall become effective immediately
after the open of business on the Ex-Date for such dividend or distribution or
immediately after the open

      

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

      

      of business on the effective date for such share split or share
combination. If any dividend or distribution of the type described in this
Section 4.04(a) is declared but not so paid or made, or any share split or
combination of the type described in this Section 4.04(a) is announced but the
outstanding shares of the Common Stock are not split or combined, as the case
may be, the Conversion Rate shall be immediately readjusted, effective as of the
date the Board of Directors determines not to pay such dividend or distribution,
or not to split or combine the outstanding shares of the Common Stock, as the
case may be, to the Conversion Rate that would then be in effect if such
dividend, distribution, share split or share combination had not been declared
or announced.

      

      (b) If
the Company issues to all or substantially all holders of the Common Stock any
rights, options or warrants entitling them for a period of not more than 60
calendar days after the date of such issuance to subscribe for or purchase
shares of the Common Stock at a price per share less than the average of the
Last Reported Sale Prices of Common Stock for the 10 consecutive Trading Day
period ending on the Trading Day immediately preceding the Ex- Date for such
issuance, the Conversion Rate shall be adjusted based on the following
formula:

      

      where,

      

      CR0 = 
the Conversion Rate in effect immediately prior to the open of business on the
Ex-Date for such
issuance;

      

      CR1
=  the Conversion Rate in effect immediately after the open of
business on such Ex-Date;

      

      OS0
=  the number of shares of Common Stock outstanding immediately prior
to the open of business
on such Ex-Date;

      

      
        X
=      the total number of shares of Common Stock
issuable pursuant to such rights, options or warrants; and

      

      

      
        Y
=      the number of shares of Common Stock equal to
the aggregate price payable to exercise such rights, options or warrants, divided by the average of the
Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading
Day period ending on the Trading Day immediately preceding the Ex-Date for
issuance of such rights, options or warrants.

      

      

      Any
adjustment made under this Section 4.04(b) will be made successively whenever
any such rights, options or warrants are issued and shall become effective
immediately after the open of business on the Ex-Date for such issuance. To the
extent such shares of Common Stock are not delivered after the expiration of
such rights, options or warrants, the Conversion Rate shall be readjusted to the
Conversion Rate which would then be in effect had the adjustments made upon the
issuance of such rights, options or warrants been made on the basis of the
delivery of only the number of shares of Common Stock actually delivered. In the
event that such rights, options or warrants are not so issued, the Conversion
Rate shall again be adjusted to be the Conversion Rate which would then be in
effect if the record date for such issuance had not occurred.

      

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

      

      For the
purposes of this Section 4.04(b), in determining whether any rights, options or
warrants entitle the holders to subscribe for or purchase shares of Common Stock
at less than the average of the Last Reported Sale Prices of Common Stock for
the 10 consecutive Trading Day period ending on the Trading Day immediately
preceding the Ex-Date of such issuance, and in determining the aggregate
offering price of such shares of Common Stock, there shall be taken into account
any consideration received by the Company for such rights, options or warrants
and any amount payable on the exercise or conversion thereof, with the value of
such consideration, if other than cash, as shall be determined by the Board of
Directors.

      

      (c) If
the Company distributes shares of capital stock of the Company, evidences of its
indebtedness, other assets or property of the Company or rights, options or
warrants to acquire the Company’s capital stock or other securities to all or
substantially all holders of its Common Stock, excluding:

      

      (i)
dividends or distributions and rights, options or warrants as to which Section
4.04(a) or Section 4.04(b) is applicable;

      

      
        (ii) dividends
or distributions paid exclusively in cash; and

      

      

      
        (iii)  Spin-Offs
to which the provisions set forth below in this Section
4.04(c) shall apply;

      

      

      then the
Conversion Rate shall be adjusted based on the following
formula:

      
        

      

       

      
        where,

         

        
          CR0
=      the Conversion Rate in effect immediately
prior to the open of business on the Ex-Date for such
distribution;

        

         

        
          CR1
=      the Conversion Rate in effect immediately
after the open of business on such Ex-Date;

        

         

        
          SP0
=       the average of the Last Reported
Sale Prices of the Common Stock over the 10 consecutive Trading Day period
ending on the Trading Day immediately preceding the Ex-Date for such
distribution; and

        

         

        
          FMV
=    the fair
market value (as determined by the Board of Directors) of the shares of capital
stock, evidences of indebtedness, assets, property, rights, options or warrants
distributed with respect to each outstanding share of the Common Stock on the
Ex-Date for such distribution.

        

         

      

      If “FMV” (as defined above) is equal to
or greater than “SP0” (as defined above), in lieu of the
foregoing adjustment, each Holder of Notes shall receive, for each $1,000
principal amount of Notes, at the same time and upon the same terms as holders
of the Common Stock, the amount and kind of capital stock of the Company,
evidences of its indebtedness, other assets or property

      

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

      

      of the Company or rights, options or warrants to acquire the
Company’s capital stock or other securities that such Holder would have received
as if such Holder owned a number of shares of Common Stock equal to the
Conversion Rate in effect on the Ex-Date for the distribution. Any adjustment
made under the portion of this Section 4.04(c) above will become effective
immediately after the open of business on the Ex-Date for such distribution. If
such distribution is not so paid or made, the Conversion Rate shall again be
adjusted to be the Conversion Rate that would then be in effect if such dividend
or distribution had been declared.

      

      With
respect to an adjustment pursuant to this Section 4.04(c) where there has been a
payment of a dividend or other distribution on the Common Stock of shares of
capital stock of any class or series, or similar equity interest, of or relating
to a Subsidiary or other business unit and such shares of capital stock or
similar equity interests are listed for trading on a securities exchange (a
“Spin-Off”), the
Conversion Rate shall be increased based on the following
formula:

      
        

      

      

      where,

      

      
        CR0
=     the Conversion Rate in effect immediately prior to the
close of business on the last Trading Day of the Valuation Period (as defined
below);

      

      

      
        CR1
=     the Conversion Rate in effect immediately after the
close of business on the last Trading Day of the Valuation
Period;

      

      

      
        FMV0 = 
the average of the Last Reported Sale Prices of the capital stock or similar
equity interest distributed to holders of Common Stock applicable to one share
of Common Stock (determined for purposes of the definition of Last Reported Sale
Price as if such capital stock or similar equity interest were the Common Stock)
over the first ten consecutive Trading Day period after, and including, the
Ex-Date of the Spin-Off (the “Valuation Period”);
and

      

      

      
        MP0
=     the average of the Last Reported Sale Prices of Common
Stock over the Valuation Period.

      

      

      The
adjustment to the Conversion Rate under the preceding paragraph will occur at
the close of business on the last Trading Day of the Valuation Period, but will
be given effect as of the open of business on the Ex-Date for the Spin-Off. The
Company will delay the settlement of conversion of any Notes if the final VWAP
Trading Day of the related Observation Period (or, if the Company has elected to
settle the relevant conversion by delivering solely shares of Common Stock, the
Conversion Date) occurs during the Valuation Period. In such event, the Company
will deliver the shares of Common Stock, or pay and deliver, as applicable, the
sum of the Daily Settlement Amounts for the relevant Observation Period, as
applicable (based on the adjusted Conversion Rate) on the third Business Day
immediately following the last Trading Day of the Valuation Period (or the
Conversion Date, as applicable).

      

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

       

      For the purposes of this Section 4.04(c) (and subject in all
respects to Section 4.11), rights, options or warrants distributed by the
Company to all holders of its Common Stock entitling them to subscribe for or
purchase shares of the Company’s capital stock (either initially or under
certain circumstances), which rights, options or warrants, until the occurrence
of a specified event or events (a “Trigger Event”): (1) are
deemed to be transferred with such shares of Common Stock; (2) are not
exercisable; and (3) are also issued in respect of future issuances of Common
Stock, shall be deemed not to have been distributed for purposes of this Section
4.04(c), (and no adjustment to the Conversion Rate under this Section 4.04(c)
will be required) until the occurrence of the earliest Trigger Event, whereupon
such rights, options and warrants shall be deemed to have been distributed and
an appropriate adjustment (if any is required) to the Conversion Rate shall be
made under this Section 4.04(c). If any such right, option or warrant, including
any such existing rights, options or warrants distributed prior to the date of
this Supplemental Indenture, are subject to events, upon the occurrence of which
such rights, options or warrants become exercisable to purchase different
securities, evidences of indebtedness or other assets, then the date of the
occurrence of any and each such event shall be deemed to be the date of
distribution and Ex-Date of such deemed distribution (in which case the original
rights, options or warrants shall be deemed to terminate and expire on such date
without exercise by any of the holders). In addition, in the event of any
distribution or deemed distribution of rights, options or warrants, or any
Trigger Event or other event (of the type described in the preceding sentence)
with respect thereto that was counted for purposes of calculating a distribution
amount for which an adjustment to the Conversion Rate under this Section 4.04(c)
was made, (1) in the case of any such rights, options or warrants which shall
all have been redeemed or purchased without exercise by any Holders thereof,
upon such final redemption or repurchase (x) the Conversion Rate shall be
readjusted as if such rights, options or warrants had not been issued and (y)
the Conversion Rate shall then again be readjusted to give effect to such
distribution, deemed distribution or Trigger Event, as the case may be, as
though it were a cash distribution, equal to the per share redemption or
purchase price received by holders of Common Stock with respect to such rights,
options or warrants made to all holders of Common Stock as of the date of such
redemption or purchase, and (2) in the case of such rights, options or warrants
which shall have expired or been terminated without exercise by any holders
thereof, the Conversion Rate shall be readjusted as if such rights, options and
warrants had not been issued.

      

      For the
purposes of this Section 4.04(c) and subsections (a) and (b) of this Section
4.04, any dividend or distribution to which this Section 4.04(c) applies which
also includes one or both of:

       

      (A) a
dividend or distribution of shares of Common Stock to which Section 4.04(a)
applies (the “Clause A
Distribution”), and

      

      (B) a
dividend or distribution of rights, options or warrants to which Section 4.04(b)
applies (the “Clause B
Distribution”),

      

      then (1)
such dividend or distribution, other than the Clause A Distribution and the
Clause B Distribution, shall be deemed to be a dividend or distribution to which
this Section 4.04(c) applies (the “Clause C Distribution”) and
any Conversion Rate adjustment required by this Section 4.04(c) with respect
thereto shall then be made, and (2) the Clause A Distribution and

      

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

      

      Clause B
Distribution shall be deemed to immediately follow the Clause C Distribution and
any Conversion Rate adjustment required by Section 4.04(a) and Section 4.04(b)
with respect thereto shall then be made, except that, if determined by the
Company, (I) the “Ex-Date” of the Clause A Distribution and the Clause B
Distribution shall be deemed to be the Ex-Date of the Clause C Distribution and
(II) any shares of Common Stock included in the Clause A Distribution or Clause
B Distribution shall be deemed not to be “outstanding immediately prior to the
open of business on such Ex-Date or such effective date” within the meaning of
Section 4.04(a) or “outstanding immediately prior to the open of business on
such Ex-Date” within the meaning of Section 4.04(b).

      

      (d) If
the Company pays any cash dividends or distributions to all or substantially all
holders of Common Stock, the Conversion Rate shall be adjusted based on the
following formula:

      

      

      
        where,

         

        
          CR0 = the
Conversion Rate in effect immediately prior to the open of business on the
Ex-Date for such dividend or distribution;

        

         

        
          CR1 = the
Conversion Rate in effect immediately after the open of business on the Ex-Date
for such dividend or distribution;

        

         

        
          SP0 = 
the Last Reported Sale Price of the Common Stock on the Trading Day immediately
preceding the Ex-Date for such dividend or distribution; and

           

          C
=     the amount in cash per share the Company
distributes to holders of Common Stock.

        

         

      

      If “C”
(as defined above) is equal to or greater than “SP0” (as
defined above), in lieu of the foregoing adjustment, each Holder of a Note shall
receive, for each $1,000 principal amount of Notes, at the same time and upon
the same terms as holders of shares of Common Stock, the amount of cash that
such holder would have received as if such holder owned a number of shares of
Common Stock equal to the Conversion Rate on the Ex-Date for such cash dividend
or distribution. Such adjustment shall become effective immediately after the
open of business on the Ex-Date for such dividend or distribution. If such
dividend or distribution is not so paid, the Conversion Rate shall again be
adjusted to be the Conversion Rate that would then be in effect if such dividend
or distribution had not been declared.

      

      (e) If
the Company or any of its Subsidiaries makes a payment in respect of a tender
offer or exchange offer for Common Stock, to the extent that the cash and value
of any other consideration included in the payment per share of Common Stock
exceeds the Last Reported Sale Price per share of Common Stock on the Trading
Day next succeeding the date such tender or exchange offer expires, the
Conversion Rate shall be increased based on the following formula:

      

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

       

      
        

      

      

      where,

      

      
        CR0 = 
the Conversion Rate in effect immediately prior to the close of business on the
Trading Day next succeeding the date such tender or exchange offer
expires;

      

      

      
        CR1 = 
the Conversion Rate in effect immediately after the close of business on the
Trading Day next succeeding the date such tender or exchange offer
expires;

      

      

      
        AC
=   the aggregate value of all cash and any other consideration (as
determined by the Board of Directors) paid or payable for shares purchased in
such tender or exchange offer;

      

      

      
        OS0 = 
the number of shares of Common Stock outstanding immediately prior to the date
such tender or exchange offer expires (prior to giving effect to the purchase of
shares pursuant to such tender or exchange offer);

      

      

      
        OS1 = 
the number of shares of Common Stock outstanding immediately after the date such
tender or exchange offer expires (after giving effect to the purchase of all
shares accepted for purchase or exchange in such tender or exchange offer);
and

      

      

      
        SP1 = 
the Last Reported Sale Prices of the Common Stock on the Trading Day next
succeeding the date such tender or exchange offer expires.

      

      

      The
adjustment to the Conversion Rate under this Section 4.04(e) shall occur as of
the close of business on the Trading Day next succeeding the date such tender or
exchange offer expires.

      

      (f)
Notwithstanding the foregoing Sections 4.04(a) through (e), if a Conversion Rate
adjustment becomes effective on any Ex-Date as described above, and a Holder
that has converted its Notes would be treated as the record holder of shares of
Common Stock as of the related Conversion Date pursuant to Section 4.02(b) based
on the adjusted Conversion Rate for such Ex-Date, then, the Conversion Rate
adjustment relating to such Ex-Date will not be made for such converting Holder.
Instead, such Holder will be deemed to be the holder of record of shares of
Common Stock on an un-adjusted basis and participate in the related dividend,
distribution or other event giving rise to such adjustment.

      

      (g) The
Company from time to time may increase the Conversion Rate by any amount for a
period of at least 20 Business Days, so long as the Board of Directors shall
have made a determination that such increase would be in the best interests of
the Company, which determination shall be conclusive. Whenever the Conversion
Rate is increased pursuant to this Section 4.04(g), the Company shall mail to
Holders of record of the Notes a notice of the increase at least one day prior
to the date the increased Conversion Rate takes effect, and such notice shall
state the increased Conversion Rate and the period during which it will be in
effect.

      

      (h) The
Company may (but shall not be required to) increase the Conversion Rate, in
addition to any adjustments pursuant to Section 4.04(a), 4.04(b), 4.04(c),
4.04(d) or

      

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

      

      4.04(e),
if the Board of Directors considers such increase to be advisable to avoid or
diminish any income tax to holders of Common Stock or rights to purchase shares
of Common Stock in connection with a dividend or distribution of shares (or
rights to acquire shares) or similar event.

      

      (i) All
calculations under this Article 4 shall be made by the Company and shall be made
to the nearest cent (including, in the case of any adjustment to the Conversion
Rate, the resulting adjustment to the Conversion Price) or to the nearest one
ten-thousandth of a share. No adjustment shall be required to be made for the
Company’s issuance of Common Stock or any securities convertible into or
exchangeable for shares of Common Stock or rights to purchase shares of Common
Stock or such convertible or exchangeable securities, other than as provided in
this Section 4.04 and in Section 4.12 hereof.

      

      (j)
Whenever the Conversion Rate is adjusted as herein provided, the Company shall
promptly file with the Trustee and any Conversion Agent an Officers’ Certificate
setting forth the Conversion Rate after such adjustment and setting forth a
brief statement of the facts requiring such adjustment. Unless and until a
Responsible Officer of the Trustee shall have received such Officers’
Certificate, the Trustee shall not be deemed to have knowledge of any adjustment
of the Conversion Rate and may assume without inquiry that the last Conversion
Rate of which it has knowledge is still in effect. Promptly after delivery of
such certificate, the Company shall prepare a notice of such adjustment of the
Conversion Rate setting forth the adjusted Conversion Rate and the date on which
each adjustment becomes effective and shall mail such notice of such adjustment
of the Conversion Rate to each Holder of the Notes. Failure to deliver such
notice shall not affect the legality or validity of any such
adjustment.

      

      (k) For
purposes of this Section 4.04, the number of shares of Common Stock at any time
outstanding shall not include shares held in the treasury of the Company so long
as the Company does not pay any dividend or make any distribution on shares of
Common Stock held in the treasury of the Company, but shall include shares
issuable in respect of scrip certificates issued in lieu of fractions of shares
of Common Stock.

      

      (l)
Notwithstanding the foregoing, if the application of the foregoing formulas set
forth in this Section 4.04 would result in a decrease in the Conversion Rate, no
adjustment to the Conversion Rate shall be made (other than as a result of a
reverse split or a share combination).

      

      (m)
Notwithstanding anything to the contrary in this Article 4, no adjustment to the
Conversion Rate shall be made:

      

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

      

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

      

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

       

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

      

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

      

      

      
        (v)  for
accrued and unpaid interest on the Notes.

      

      

      (n) The
Company shall not be required to make an adjustment in the Conversion Rate
unless the adjustment would require a change of at least 1% in the Conversion
Rate. However, the Company will carry forward any adjustments that are less than
1% of the Conversion Rate and make such carried forward adjustment, regardless
of whether the aggregate adjustment is less than 1%, upon any Conversion Date
with respect to the Notes.

      

      SECTION
4.05. Certain Other
Adjustments. To the extent not otherwise covered by Section 4.04,
whenever a provision of this Supplemental Indenture requires the calculation of
Last Reported Sale Prices or Daily VWAPs over a span of multiple days, the Board
of Directors will make appropriate adjustments to such Last Reported Sale
Prices, such Daily VWAPs and the Conversion Rate or the number of shares of
Common Stock due upon conversion to account for any adjustment to the Conversion
Rate that becomes effective, or any event requiring an adjustment to the
Conversion Rate where the Ex-Date of the event occurs, at any time during the
period from which such Last Reported Sale Prices or such Daily VWAPs are to be
calculated. In addition, the Board of Directors will make appropriate
adjustments to the Conversion Rate where a Conversion Date occurs on or after an
Ex-Date relating to any event requiring an adjustment to the Conversion Rate and
on or prior to the record date relating to such Ex-Date. Any such adjustment in
accordance with the provisions of this Section 4.05 shall be determined in good
faith by the Board of Directors in order to give effect to the intent of Section
4.04 and the other provisions of this Article 4 and to avoid unjust or
inequitable results.

      

      SECTION
4.06. Adjustments Upon
Certain Fundamental Changes. (a) If a Make-Whole Fundamental Change
occurs and a Holder elects to convert its Notes in connection with such
Make-Whole Fundamental Change, the Company shall, under certain circumstances,
increase the Conversion Rate for the Notes so surrendered for conversion by a
number of additional shares of Common Stock (the “Additional Shares”) as
described below. A conversion of Notes shall be deemed for these purposes to be
“in connection with” such Make-Whole Fundamental Change if such conversion
occurs on or after the Effective Date (as defined below) of the Make-Whole
Fundamental Change and prior to the close of business on the Business Day
immediately preceding the related Fundamental Change Repurchase Date (or, in the
case of a Make-Whole Fundamental Change that is not a Fundamental Change, on the
35th
Business Day immediately following the Effective Date of such Make-Whole
Fundamental Change).

      

      (b) The
number of Additional Shares, if any, by which the Conversion Rate in the event
of a Make-Whole Fundamental Change will be increased will be determined by
reference to the table attached as Schedule A hereto,
based on the date on which the Make- Whole Fundamental Change occurs or becomes
effective (the “Effective
Date”) and the price (the “Stock Price”) paid (or deemed
paid) per share of the Common Stock in the Make-Whole

      

      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

      

      Fundamental Change. If the holders of the Common Stock receive only
cash in a Make-Whole Fundamental Change described in clause (2) of the
definition of Fundamental Change, the Stock Price shall be the cash amount paid
per share. Otherwise, the Stock Price shall be the average of the Last Reported
Sale Prices of the Common Stock over the ten Trading Day period ending on, and
including, the Trading Day immediately preceding the Effective Date of such
Make-Whole Fundamental Change.

      

      The exact
Stock Prices and Effective Dates may not be set forth in the table in Schedule A, in which
case:

      

      (i) If
the Stock Price is between two Stock Prices in the table in Schedule A or the
Effective Date is between two Effective Dates in the table in Schedule A, the
number of Additional Shares shall be determined by a straight-line
interpolation between the
number of Additional Shares set forth for the higher and lower Stock Prices and
the earlier and later Effective Dates, as applicable, based on a 365-day
year.

      

      (ii) If
the Stock Price is greater than $75.00 per share (subject to adjustment in the
same manner as the Stock Prices set forth in the column headings of the table in
Schedule A
pursuant to subsection (c) below), no Additional Shares shall be added to the
Conversion Rate.

      

      (iii) If
the Stock Price is less than $9.00 per share (subject to adjustments in the same
manner as the Stock Prices set forth in the column headings of the table in
Schedule A
pursuant to subsection (c) below), no Additional Shares shall be added to the
Conversion Rate.

      

      Notwithstanding
the foregoing, in no event shall the Conversion Rate exceed 111.1111 shares of
Common Stock per $1,000 principal amount of Notes, subject to adjustments in the
same manner, and at the same time, as the Conversion Rate as set forth in
Section 4.04.

      

      (c) The
Stock Prices set forth in the column headings of the table in Schedule A hereto
shall be adjusted as of any date on which the Conversion Rate of the Notes
is otherwise
adjusted. The adjusted Stock Prices shall equal the Stock Prices applicable
immediately prior to such adjustment, multiplied by a fraction, the numerator of
which is the Conversion Rate immediately prior to such adjustment giving rise to
the Stock Price adjustment and the denominator of which is the Conversion Rate
as so adjusted. The number of Additional Shares set forth in such table shall be
adjusted in the same manner, and at the same time, as the Conversion Rate as set
forth in Section 4.04.

      

      (d) The
Company shall notify the Holders of Notes and the Trustee of the Effective Date
of any Make-Whole Fundamental Change and issue a press release on such
date.

      

      (e) The
Company will settle conversions of Notes converted in connection with a
Make-Whole Fundamental Change as provided in Section 4.03(c); provided, however, that in connection
with a Make-Whole Fundamental Change described in clause (2) of the definition
of Fundamental Change in which holders of Common Stock receive only cash for
their shares of Common Stock, the Company shall settle conversions in connection
with such Make- Whole Fundamental Change by delivering, on the third Business
Day after the Conversion Date,

      

      
        
          
          

        

        
          32

          
            

          

        

        
          
          

        

      

      

      for each $1,000 principal amount of Notes, an amount of cash equal
to (i) the applicable Conversion Rate on the Conversion Date, increased by
Additional Shares, if any, calculated as set forth in this Section 4.06, multiplied by (ii) the
per-share amount of cash consideration paid in such Make-Whole Fundamental
Change.

      

      SECTION
4.07. Effect of
Recapitalization, Reclassification, Consolidation, Merger or
Sale.

      

      (a) If any of the following events
occur:

      

      (i) any
recapitalization, reclassification, or change of, the Common Stock (other than
changes resulting from a subdivision or combination or solely a change in the
par value of the Common Stock);

      

      
        (ii)  a
consolidation, merger or combination involving the Company;
or

      

      

      
        (iii)  a sale,
lease or other transfer to a third party of all or substantially all of
the consolidated assets of the Company and its Subsidiaries;
or

      

      

      (iv)      any
statutory share exchange;

      

      in each
case as a result of which the Common Stock would be converted into, or exchanged
for, stock, other securities, other property or assets (including cash or any
combination thereof) (any such event, a “Merger Event”),
then:

      

      (b) the
Company or the successor or purchasing Person, as the case may be, shall execute
with the Trustee a supplemental indenture (which shall comply with the Trust
Indenture Act as in force at the date of execution of such supplemental
indenture if such supplemental indenture is then required to so comply)
providing for the conversion and settlement of the Notes as set forth in this
Indenture. Such supplemental indenture shall provide for adjustments that shall
be as nearly equivalent as may be practicable to the adjustments provided for in
this Article 4. If, in the case of any Merger Event, the Reference Property
includes shares of stock or other securities and assets of a corporation other
than the successor or purchasing corporation, as the case may be, in such
reclassification, change, consolidation, merger, combination, sale or
conveyance, then such supplemental indenture shall also be executed by such
other corporation and shall contain such additional provisions to protect the
interests of the holders of the Notes as the Board of Directors shall reasonably
consider necessary by reason of the foregoing, including to the extent required
by the Board of Directors and practicable the provisions providing for the
repurchase rights set forth in Article 3 herein.

      

      In the
event the Company shall execute a supplemental indenture pursuant to this
Section 4.07, the Company shall promptly file with the Trustee an Officers’
Certificate briefly stating the reasons therefore, the kind or amount of cash,
securities or property or asset that will comprise the Reference Property after
any such Merger Event, any adjustment to be made with respect thereto and that
all conditions precedent have been complied with, and shall promptly mail notice
thereof to all Noteholders. The Company shall cause notice of the execution of
such supplemental indenture to be mailed to each Noteholder, at its address
appearing on the Security

      

      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

       

      
        Register
provided for in this Indenture, within twenty days after execution thereof.
Failure to deliver such notice shall not affect the legality or validity of such
supplemental indenture.

        

        (c)
Subject to the provisions of Section 4.01 and Section 4.06, at the effective
time of such Merger Event, (i) the right to convert each $1,000 principal amount
of Notes will be changed to a right to convert such Note into the kind and
amount of shares of stock, other securities or other property or assets
(including cash or any combination thereof) that a holder of a number of shares
of Common Stock equal to the applicable Conversion Rate immediately prior to
such transaction would have owned or been entitled to receive (the “Reference Property”) upon such
transaction, subject to the Company’s right to elect to settle the related
Conversion Obligation pursuant to either clause (i), (ii) or (iii) of Section
4.03(c), it being understood and agreed that for purposes of Section 4.01(b),
references therein to “the Last Reported Sale Price of the Common Stock” shall
be deemed at and after the effective time of such Merger Event to be references
to “the Last Reported Sale Price of a unit of Reference Property comprised of
the kind and amount of shares of stock, securities or other property or assets
(including cash or any combination thereof) that a holder of one share of Common
Stock immediately prior to such Merger Event would have owned or been entitled
to receive based on the Weighted Average Consideration.” The Company shall not
become a party to any Merger Event unless its terms are consistent with this
Section 4.07. None of the foregoing provisions shall affect the right of a
holder of Notes to convert its Notes as set forth in Sections 4.01 through 4.03
prior to the effective date of such Merger Event.

        

        (d) With
respect to each $1,000 principal amount of Notes surrendered for conversion
after the effective date of any such Merger Event, the Company’s Conversion
Obligation shall be settled in cash or units of Reference Property in accordance
with Section 4.03 as follows:

        

        (i) If the
Company elects to settle conversions pursuant to clause (i) of Section 4.03(c),
the Company will deliver units of Reference Property in lieu of the shares of
Common Stock otherwise deliverable;

        

        
          (ii)  If the
Company elects to settle conversions pursuant to clause
(ii) of Section 4.03(c), the Company will deliver cash in an amount equal to the
sum of the Daily Conversion Values for each of the 25 VWAP Trading Days during
the related Observation Period; and

        

        

        (iii) If
the Company irrevocably elects or otherwise elects to settle conversions
pursuant to clause (iii) of Section 4.03(c), the Company will (x) pay cash in an
amount up to the aggregate Principal Portions upon any conversion and (y) in
lieu of the shares of Common Stock otherwise deliverable, a number of units of
Reference Property equal to the number of shares of Common Stock that otherwise
would have been delivered (each unit of Reference Property corresponding to the
amount and type of Reference Property that a holder of one share of Common Stock
would have received in the relevant transaction).

        

        (iv) For
purposes of this Section 4.07, the “Weighted Average Consideration” shall be deemed
to be the weighted average of the types and

        

        

        
          
            
            

          

          
            34

            
              

            

          

          
            
            

          

        

         

        amounts of consideration received by the holders of Common Stock
that affirmatively make such an election.

        

        (v) The
Company shall notify the holders of the Weighted Average Consideration as soon
as practicable after the Weighted Average Consideration is
determined.

        

        (e) The
above provisions of this Section shall similarly apply to successive Merger
Events.

        

        SECTION
4.08. Taxes on Shares
Issued. The Company will pay any documentary, stamp or similar issue or
transfer tax due on the issue or delivery of shares of Common Stock on
conversion of Notes pursuant hereto; provided, however, that if
such documentary, stamp or similar issue or transfer tax is due because the
Holder of such Notes has requested that shares of Common Stock be issued in a
name other than that of the Holder of the Notes converted, then such taxes will
be paid by the Holder, and the Company shall not be required to issue or deliver
any stock certificate evidencing such shares unless and until the Holder shall
have paid to the Company the amount of such tax or shall have established to the
satisfaction of the Company that such tax has been paid.

        

        SECTION
4.09. Reservation of
Shares; Shares to be Fully Paid; Compliance With Governmental
Requirements; Listing of Common Stock. The Company shall reserve,
out of its
authorized but unissued shares or shares held in treasury, sufficient shares of
Common Stock to satisfy conversion of the Notes from time to time as such Notes
are presented for conversion (assuming that, at the time of the computation of
such number of shares or securities, all such Notes would be converted by a
single Holder).

        

        The
Company covenants that all shares of Common Stock that may be issued upon
conversion of Notes shall be newly issued shares or treasury shares, shall be
duly authorized, validly issued, fully paid and non-assessable and shall be free
from preemptive rights and free from any tax, lien or charge (other than those
created by the Holder).

        

        The
Company shall list or cause to have quoted any shares of Common Stock to be
issued upon conversion of Notes on each national securities exchange or
over-the-counter or other domestic market on which the Common Stock is then
listed or quoted.

        

        SECTION
4.10. Responsibility
of Trustee. The Trustee and any Conversion Agent shall not at any time be
under any duty or responsibility to any Holder of Notes to determine or
calculate the Conversion Rate, to determine whether any facts exist which may
require any adjustment of the Conversion Rate, or to confirm the accuracy of any
such adjustment when made or the appropriateness of the method employed, or
herein or in any supplemental indenture provided to be employed, in making the
same. The Trustee and any other Conversion Agent shall not be accountable with
respect to the validity or value (or the kind or amount) of any shares of Common
Stock or of any other securities or property that may at any time be issued or
delivered upon the conversion of any Notes; and the Trustee and the Conversion
Agent make no representations with respect thereto. Neither the Trustee nor any
Conversion Agent shall be responsible for any failure of the Company to issue,
transfer or

        

        
          
            
            

          

          
            35

            
              

            

          

          
            
            

          

        

        

        deliver any shares of Common Stock or stock certificates or other
securities or property or cash upon the surrender of any Notes for the purpose
of conversion or to comply with any of the duties, responsibilities or covenants
of the Company contained in this Article 4. The rights, privileges, protections,
immunities and benefits given to the Trustee, including without limitation its
right to be compensated, reimbursed, and indemnified, are extended to, and shall
be enforceable by, the Trustee in each of its capacities hereunder, including
its capacity as Conversion Agent.

        

        SECTION
4.11.    Notice to Holders Prior to
Certain Actions.  In case:

        

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

        

        (b) the
Company shall authorize the granting to the holders of all or substantially all
of its Common Stock of rights, options or warrants to subscribe for or purchase
any share of any class or any other rights, options or warrants that would
require an adjustment in the Conversion Rate pursuant to Section 4.04 or Section
4.12 hereof; or

        

        (c) of any
reclassification or reorganization of the Common Stock of the Company (other
than a subdivision or combination of its outstanding Common Stock, or a change
in par value, or from par value to no par value, or from no par value to par
value), or of any consolidation or merger to which the Company is a party and
for which approval of any stockholders of the Company is required, or of the
sale, lease or transfer of all or substantially all of the assets of the Company
and its consolidated Subsidiaries; or

        

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

        

        then, in
each case (unless notice of such event is otherwise required pursuant to another
provision of this Supplemental Indenture), the Company shall cause to be filed
with the Trustee and the Conversion Agent and to be mailed to each Holder of
Notes at such Holder’s address appearing on a list of Holders of Notes, which
the Company shall provide to the Trustee, as promptly as practicable but in any
event at least 5 days prior to the applicable date hereinafter specified, a
notice stating (x) the date on which a record is to be taken for the purpose of
such dividend (or any other distribution) or rights, options or warrants, or, if
a record is not to be taken, the date as of which the holders of Common Stock of
record to be entitled to such dividend, distribution or rights, options or
warrants are to be determined, or (y) the date on which such reclassification,
reorganization, consolidation, merger, sale, lease, transfer, dissolution,
liquidation or winding up is expected to become effective or occur, and the date
as of which it is expected that holders of Common Stock of record shall be
entitled to exchange their Common Stock for securities or other property
deliverable upon such reclassification, reorganization, consolidation, merger,
sale, transfer, dissolution, liquidation or winding up. Failure to give such
notice, or any defect therein, shall not affect the legality or validity of such
dividend (or any other distribution), reclassification, reorganization,
consolidation, merger, sale, transfer, dissolution, liquidation or winding
up.

        

         

        
          
            
            

          

          
            36

            
              

            

          

          
            
            

          

        

         

        SECTION 4.12. Stockholder Rights
Plan. Each share of Common Stock issued upon conversion of Notes pursuant
to this Article 4 shall be entitled to receive the appropriate number of rights,
if any, and the certificates representing the Common Stock issued upon such
conversion shall bear such legends, if any, in each case as may be provided by
the terms of any stockholder rights plan adopted by the Company, as the same may
be amended from time to time. Notwithstanding the foregoing, if and only if
prior to any conversion such rights have separated from the shares of Common
Stock in accordance with the provisions of the applicable stockholder rights
agreement, the Conversion Rate shall be adjusted at the time of separation as if
the Company had distributed to all holders of the Common Stock, shares of the
Company’s capital stock, evidences of indebtedness, assets, property, rights,
options or warrants as described in Section 4.04(c) above, subject to
readjustment in the event of the expiration, termination or redemption of such
rights.

        

        ARTICLE
5

        

        REMEDIES

        

        SECTION
5.01. Events of
Default. In addition to the Events of Default specified in Section 6.01
of the Original Indenture, each of the following events shall be an “Event of Default” wherever
used herein with respect to the Notes:

        

        (a) failure
by the Company to comply with its obligation to convert the Notes in accordance
with the Indenture upon exercise of a Holder’s conversion right in accordance
with Article 4 hereof and such failure continues for a period of five
days;

        

        (b) failure
by the Company to provide a Fundamental Change Company Notice pursuant to
Section 3.01(b) when due;

        

        
          (c)  failure
to repurchase all or any part of the Notes in accordance with Article
3;

        

        

        (d) an event
of default as defined in any mortgage, indenture or instrument under which there
may be issued, or by which there may be secured or evidenced, any of the
Company’s indebtedness or indebtedness of the Subsidiaries of the Company for
money borrowed in excess of $50 million, whether such indebtedness now exists or
shall hereafter be created, shall happen and shall result in such indebtedness
becoming or being declared due and payable prior to the date on which it would
otherwise become due and payable;

        

        (e) a final
judgment for the payment of $50 million or more (excluding any amounts covered
by insurance) rendered against the Company or any Subsidiary of the Company,
which judgment is not discharged or stayed within 60 days after (i) the date on
which the right to appeal or petition for review thereof has expired if no such
appeal or review has commenced or (ii) the date on which all rights to appeal or
petition for review have been extinguished;

        

        (f) a court
having jurisdiction in the premises shall enter a decree or order for relief in
respect of any Significant Subsidiary of the Company in an involuntary
case

        

         

        
          
            
            

          

          
            37

            
              

            

          

          
            
            

          

        

         

        under any applicable bankruptcy, insolvency or other similar law now
or hereafter in effect, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of such Significant
Subsidiary or for any substantial part of its property or ordering the winding
up or liquidation of its affairs, and such decree or order shall remain unstayed
and in effect for a period of 60 consecutive days; or

        

        (g) any
Significant Subsidiary of the Company (i) commences a voluntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, or consents to the entry of an order for relief in an involuntary case
under any such law, (ii) consents to the appointment of or taking possession by
a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of such Significant Subsidiary or for all or substantially all of its
property and assets or (iii) effects any general assignment for the benefit of
creditors.

        

        SECTION
5.02. Additional
Interest. Notwithstanding any provisions of the Indenture to the
contrary, to the extent the Company so elects, the sole remedy for an Event of
Default relating to any obligation to file documents and reports with the
Trustee as required by Section 314(a)(1) of the Trust Indenture Act, Section
2.04 of this Supplemental Indenture, or Section 4.05 of the Original Indenture
shall for the first 180 days following the occurrence of such Event of Default
consist exclusively of the right to receive additional interest on the Notes
equal to 0.50% per annum of the principal amount of the Notes (“Additional Interest”). If the
Company so elects, such Additional Interest will be payable on all Notes
outstanding on or before the date on which such Event of Default first occurs.
In order to elect to pay Additional Interest as the sole remedy during the first
180 days after the occurrence of an Event of Default relating to any reporting
obligations as described in this Section 5.02, the Company must give notice to
Holders of record of the Notes, the Trustee and the Paying Agent of such
election on or before the close of business on the Business Day immediately
prior to the date on which such Event of Default would occur. Upon the failure
to timely give such notice or to pay such Additional Interest, the Notes will be
subject to immediate acceleration as provided in Section 6.02 of the Original
Indenture. On the 180th day after such Event of Default occurs (if such Event of
Default is not cured or waived prior to such 180th day), the Notes shall be
subject to acceleration as provided in Section 6.02 of the Original Indenture.
This Section 5.02 shall not affect the rights of Holders of Notes in the event
of the occurrence of any other Event of Default. Whenever in the Indenture there
is mentioned, in any context, the payment of interest on, or in respect of, any
Note, such mention shall be deemed to include mention of the payment of
Additional Interest provided for in this Section 5.02 to the extent that, in
such context, Additional Interest is, was or would be payable in respect thereof
pursuant to the provisions of this Section 5.02, and express mention of the
payment of Additional Interest (if applicable) in any provision shall not be
construed as excluding Additional Interest in those provisions where such
express mention is not made.

        

        SECTION
5.03. Waiver of Past
Defaults. Section 6.04 of the Original Indenture is, with respect to the
Notes, hereby replaced in its entirety with the following
paragraph:

        

        

        

        
          
            
            

          

          
            38

            
              

            

          

          
            
            

          

        

        

         

        

        “Subject to Section 6.02 of the Original Indenture and Sections 5.04
and 7.02 of this Supplemental Indenture, the Holders of at least a majority in
Principal amount of the outstanding Notes, by notice to the Trustee, may waive
an existing Default or Event of Default with respect to the Notes and its
consequences, except a Default in the payment of Principal of or interest on the
Note as specified in clauses (a) or (b) of Section 6.01 of the Original
Indenture, with respect to the failure to deliver the consideration due upon
conversion of any Note or in respect of a covenant or provision of the Indenture
which cannot be modified or amended without the consent of the Holder of each
outstanding Note affected. Upon any such waiver, such Default shall cease to
exist, and any Event of Default with respect to the Notes arising therefrom
shall be deemed to have been cured, for every purpose of the Indenture; but no
such waiver shall extend to any subsequent or other Default or Event of Default
or impair any right consequent thereto.”

        

        SECTION
5.04. Rights of
Holders to Receive Payment. Section 6.07 of the Original Indenture is,
with respect to the Notes, hereby replaced in its entirety with the following
paragraph:

        

        “Notwithstanding
any other provision of this Indenture, the right of any Holder of a Note to
receive payment of the principal of or interest, if any, on such Holder’s Notes
when due, the Fundamental Change Repurchase Price, or the right to receive
payment or delivery of the consideration due upon conversion of Notes, and to
bring suit for the enforcement of any such payment on or after such respective
due dates, is absolute and unconditional and shall not be impaired or affected
without the consent of the Holder.”

        

        SECTION
5.05. Notice of
Default. Section 7.05 of the Original Indenture is, with respect to the
Notes, hereby replaced in its entirety with the following
paragraph:

        

        “If any
Default with respect to the Notes occurs and is continuing and if such Default
is known to the actual knowledge of a Responsible Officer with the Corporate
Trust Department of the Trustee, the Trustee shall give to each Holder of Notes
notice of such Default within 90 days after it occurs by mail in the manner and
to the extent provided in Section 313(c) of the Trust Indenture Act, unless such
Default shall have been cured or waived before the mailing of such notice; provided, however, that,
except in the case of a Default in the payment of the Principal of or interest
on any Note or a Default in the payment or delivery of the consideration due
upon conversion of any Note, the Trustee shall be protected in withholding such
notice if the Trustee in good faith determines that the withholding of such
notice is in the interests of the Holders of the Notes.”

        

        ARTICLE
6

        

        SATISFACTION
AND DISCHARGE

        

        SECTION
6.01. Satisfaction and
Discharge of the Supplemental Indenture. When (i) the Company shall
deliver to the Registrar for cancellation all Notes theretofore authenticated
(other than any Notes that have been destroyed, lost or stolen and in lieu of or
in substitution for which other Notes shall have been authenticated and
delivered) and not

        

        

        
          
            
            

          

          
            39

            
              

            

          

          
            
            

          

        

        

         

        theretofore canceled, or (ii) all the Notes not theretofore canceled
or delivered to the Trustee for cancellation shall have become due and payable
(whether at Stated Maturity for the payment of the principal amount thereof, on
any Fundamental Change Repurchase Date or upon conversion or otherwise) and the
Company shall deposit with the Trustee, in trust, or deliver to the Holders, as
applicable, cash, shares of Common Stock or cash and shares of Common Stock (and
cash in lieu of fractional shares), if applicable, or units of Reference
Property sufficient to pay all amounts due on all of such Notes (other than any
Notes that shall have been mutilated, destroyed, lost or stolen and in lieu of
or in substitution for which other Notes shall have been authenticated and
delivered) not theretofore canceled or delivered to the Trustee for
cancellation, including principal and interest due, accompanied, except in the
event the Notes are due and payable solely in cash at the Stated Maturity of the
Notes or upon an earlier Fundamental Change Repurchase Date, by a verification
report as to the sufficiency of the deposited amount from an independent
certified accountant or other financial professional reasonably satisfactory to
the Trustee (which may include any of the Underwriters), and if the Company
shall also pay or cause to be paid all other sums payable hereunder by the
Company, then this Supplemental Indenture shall cease to be of further effect
(except as to (A) rights hereunder of Holders of the Notes to receive all
amounts owing upon the Notes and the other rights, duties and obligations of
Holders of the Notes, as beneficiaries hereof with respect to the amounts, if
any, so deposited with the Trustee and (B) the rights, obligations and
immunities of the Trustee hereunder), and the Trustee, on written demand of the
Company accompanied by an Officers’ Certificate and an Opinion of Counsel as
required by Section 10.04 of the Original Indenture and at the cost and expense
of the Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Supplemental Indenture; the Company, however, hereby agrees to
reimburse the Trustee for any costs or expenses thereafter reasonably and
properly incurred by the Trustee, including the fees and expenses of its
counsel, and to compensate the Trustee for any services thereafter reasonably
and properly rendered by the Trustee in connection with this Supplemental
Indenture or the Notes.

        

        SECTION
6.02. Deposited Monies
to Be Held in Trust by Trustee. Subject to Section 6.04, all cash and/or
shares of Common Stock deposited with the Trustee pursuant to Section 6.01 shall
be held in trust for the sole benefit of the Holders of the Notes, and such cash
and/or shares of Common Stock shall be applied by the Trustee to the payment,
either directly or through any Paying Agent (including the Company if acting as
its own Paying Agent), to the Holders of the particular Notes for the payment of
all sums due and to become due thereon for principal and interest, if any, or
for the settlement of the Conversion Obligation due upon conversion
thereof.

        

        SECTION
6.03. Paying Agent to
Repay Monies Held. Upon the satisfaction and discharge of this Indenture,
all cash and/or shares of Common Stock then held by any Paying Agent (if other
than the Trustee) shall, upon written request of the Company, be repaid to it or
paid to the Trustee, and thereupon such Paying Agent shall be released from all
further liability with respect to such cash and/or shares of Common
Stock.

        

        SECTION
6.04. Return of
Unclaimed Monies. Subject to the requirements of applicable law, any cash
and/or shares of Common Stock deposited with or paid to the Trustee for payment
of the principal of or interest, if any, on the Notes or for settlement of the
Conversion Obligation due upon conversion of the Notes and not applied but
remaining

         

        
 

        
          
            
            

          

          
            40

            
              

            

          

          
            
            

          

        

        

         

         

        unclaimed by the Holders of the Notes for two years after the date
upon which the principal of or interest, if any, on such Notes, or the
Conversion Obligation in respect of such Notes, as the case may be, shall have
become due and payable, shall be repaid to the Company by the Trustee on demand,
and all liability of the Trustee shall thereupon cease with respect to such cash
and/or shares of Common Stock; and the Holder of any of the Notes shall
thereafter look only to the Company for any payment or settlement that such
Holder of the Notes may be entitled to collect unless an applicable abandoned
property law designates another Person.

        

        SECTION
6.05. Reinstatement. If the
Trustee or the Paying Agent is unable to apply any cash and/or shares of Common
Stock in accordance with Section 6.02 by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Company’s obligations under the Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to
Section 6.01 until such time as the Trustee or the Paying Agent is permitted to
apply all such cash and/or shares of Common Stock in accordance with Section
6.02; provided, however, that if the Company
makes any payment of interest on or principal of any Note or settles any
Conversion Obligation in respect of any Note, as the case may be, following the
reinstatement of its obligations, the Company shall be subrogated to the rights
of the Holders of such Notes to receive such payment or settlement from the cash
and/or shares of Common Stock held by the Trustee or Paying Agent.

        

        ARTICLE
7

        

        SUPPLEMENTAL
INDENTURES

        

        SECTION
7.01. Amendments or
Supplements Without Consent of Holders. In addition to any permitted
amendment or supplement to the Indenture pursuant to Section 9.01 of the
Original Indenture, the Company and the Trustee may amend or supplement the
Indenture or the Notes without notice to or the consent of any Holder of the
Notes:

        

        (a) to add to
the Company’s covenants for the benefit of the Holders of the Notes or to
surrender any right or power conferred upon the Company;

        

        
          (b)  to add
guarantees with respect to the Notes;

        

        

        
          (c)  to secure
the Notes;

        

        

        
          (d)  to
surrender any rights the Company has under the Notes or the
Indenture;

        

        

        and

        

        (e) to
conform the provisions of the Indenture or the Notes to the section entitled
“Description of Notes” set forth in the Prospectus Supplement.

        

        SECTION
7.02. Amendments,
Supplements or Waivers With Consent of Holders. (a) The
Company and the Trustee may amend the Indenture with respect to the Notes and the Notes
as provided in Section 9.02 of the Original Indenture. Notwithstanding the
foregoing provision and in addition to the provisions of Section 9.02 of the
Original Indenture,

        

        

        
          
            
            

          

          
            41

            
              

            

          

          
            
            

          

        

        

         

         

        without the consent of each Holder of an outstanding Note affected
thereby, no amendment or waiver, including a waiver in relation to a past Event
of Default, may:

        

        (i)
change any place of payment where, or the currency in which, any Note or any
interest thereon is payable;

        

        (ii)
impair the right of any Holder of a Note to receive payment of principal and
interest on such Holder’s Notes when due or to institute suit for the
enforcement of any payment on or with respect to such Holder’s
Notes;

        

        (iii)
make any change that adversely affects the conversion rights of any Holder of
Notes;

        

        (iv)
reduce any Fundamental Change Repurchase Price of any Note or amend or modify in
any manner adverse to the Holders of Notes the Company’s obligation to make such
payments, whether through an amendment or waiver of provisions in the covenants
or definitions related thereto or otherwise;

        

        (v)
reduce the percentage in principal amount of the Notes, the consent of whose
Holders is required for a supplemental indenture, or the consent of whose
Holders is required for any waiver of compliance with various provisions of the
Indenture or various defaults thereunder and their consequences provided for in
the Indenture; or

        

        (vi)
modify any of the foregoing provisions described in clause (v) above except to
increase any such percentage or to provide other provisions of the Indenture
cannot be modified or waived without the consent of the Holder of each
outstanding Note affected thereby.

        

        (b) After
an amendment, supplement or waiver under this Section 7.02 or Section 9.02 of
the Original Indenture becomes effective, the Company shall give to the Holders
affected thereby a notice briefly describing the amendment, supplement or
waiver. The Company will mail supplemental indentures to Holders upon request.
Any failure of the Company to mail such notice, or any defect therein, shall
not, however, in any way impair or affect the validity of any such supplemental
indenture or waiver.

        

        ARTICLE
8

        

        CONSOLIDATION;
MERGER; SALE OF ASSETS

        

        SECTION
8.01.    Company May Consolidate,
Etc., Only on Certain Terms.

        

        (a) The
Company shall not consolidate with or merge into any other Person and the
Company shall not sell, convey, assign, transfer, lease or otherwise dispose of
all or substantially all of the Company’s property and assets to any Person in a
single transaction or series of related transactions, unless:

        

        (i) the
Person formed by such consolidation or into which the Company is merged or the
Person which acquires by sale, conveyance, assignment, transfer or
other

        

        

        
          
            
            

          

          
            42

            
              

            

          

          
            
            

          

        

         

         

        disposition, or which leases all or substantially all of the
properties and assets of the Company (in each case, if other than the Company),
shall be a corporation organized and validly existing under the laws of the
United States of America or any state thereof or the District of Columbia, and
shall expressly assume, by a supplemental indenture executed and delivered to
the Trustee, in form and substance reasonably satisfactory to Trustee, all of
the Company’s obligations under the Notes and the Indenture;

        

        (ii) immediately
after giving effect to such transaction, no Default or Event of Default shall
have occurred and be continuing; and

        

        (iii) the
Company shall have, at or prior to the effective date of such consolidation or
merger or sale, conveyance, assignment, transfer, lease or other disposition,
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that such consolidation or merger or sale, conveyance, assignment,
transfer, lease or other disposition and, if a supplemental indenture is
required in connection with such transaction, such supplemental indenture comply
with this Article 8 and that all conditions precedent provided for herein
relating to such transaction have been complied with.

        

        SECTION
8.02.    Successor
Substituted.

        

        Upon any
consolidation of the Company with, or merger of the Company into, any other
Person or any sale, conveyance, assignment, transfer, lease or other disposition
of all or substantially all of the Company’s assets in accordance with Section
8.01, the successor Person formed by such consolidation or into which the
Company is merged or to which such sale, conveyance, assignment, transfer, lease
or other disposition is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the
same effect as if such successor Person had been named as the Company herein,
and thereafter, except in the case of a lease, the predecessor Person shall be
relieved of all obligations and covenants under this Indenture and the
Notes.

        

        ARTICLE
9

        

        INAPPLICABLE
PROVISIONS OF THE ORIGINAL INDENTURE

        

        SECTION
9.01.    Article 3, Sections 5.01,
5.02 and 8.05 of Original Indenture.

        

        (a) The
provisions of Article 3 of the Original Indenture shall not apply to the
Notes.

        

        (b) The
provisions concerning consolidation, merger and sale of assets set forth in
Article 8 of this Supplemental Indenture shall, with respect to the Notes,
supersede in their entirety the provisions of Sections 5.01 (When Company May
Merge, etc) and 5.02 (Successor Substituted) of the Original Indenture, and all
references in the Original Indenture to Sections 5.01 and 5.02 thereof and the
provisions concerning consolidation, merger and sale of assets therein shall,
with respect to the Notes, be deemed to be references to consolidation, merger
and sale of assets and related matters specified in this Supplemental
Indenture.

        

        

        
          
            
            

          

          
            43

            
              

            

          

          
            
            

          

        

        

         

        (c) The provisions concerning discharge obligations set forth in
Article 6 of this Supplemental Indenture shall, with respect to the Notes,
supersede in their entirety the provisions of Section 8.05 (Defeasance and
Discharge of Indenture) of the Original Indenture, and all references in the
Original Indenture to Section 8.05 thereof and the provisions concerning
discharge obligations therein shall, with respect to the Notes, be deemed to be
references to the discharge obligations and related matters specified in this
Supplemental Indenture.

        

        ARTICLE
10

        

        MISCELLANEOUS

        

        SECTION
10.01. Governing
Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

        

        SECTION
10.02. Payments on
Business Days. If any Interest Payment Date or the Stated Maturity of the
Notes or any earlier required repurchase date would fall on a day that is not a
Business Day, the required payment shall be made on the next succeeding Business
Day and no interest on such payment shall accrue in respect of the
delay.

        

        SECTION
10.03. No Security
Interest Created. Nothing in this Supplemental Indenture or in the Notes,
expressed or implied, shall be construed to constitute a security interest under
the Uniform Commercial Code or similar legislation, as now or hereafter enacted
and in effect, in any jurisdiction.

        

        SECTION
10.04. Trust Indenture
Act. This Supplemental Indenture is hereby made subject to, and shall be
governed by, the provisions of the Trust Indenture Act required to be part of
and to govern indentures qualified under the Trust Indenture Act. If any
provision hereof limits, qualifies or conflicts with another provision hereof or
the Original Indenture that is required to be included in an indenture qualified
under the Trust Indenture Act, such required provision shall
control.

        

        SECTION
10.05. Benefits of
Indenture. Nothing in this Supplemental Indenture or in the Notes,
expressed or implied, shall give to any Person, other than the parties hereto,
any Paying Agent, any Conversion Agent, any authenticating agent, any Registrar
and their successors hereunder or the Holders of the Notes, any benefit or any
legal or equitable right, remedy or claim under this Supplemental
Indenture.

        

        SECTION
10.06. Calculations. Except
as otherwise provided in this Supplemental Indenture, the Company shall be
responsible for making all calculations called for under the Notes. These
calculations include, but are not limited to, determinations of any Last
Reported Sale Price of the Common Stock, accrued interest payable on the Notes,
daily VWAP and the Conversion Rate. The Company shall make all these
calculations in good faith and, absent manifest error, the Company’s
calculations shall be final and binding on Holders of Notes. The Company shall
provide a schedule of its calculations to each of the Trustee and the Conversion
Agent (if different than the Trustee), and each of the Trustee and Conversion
Agent (if different than the Trustee) is entitled to rely conclusively upon the
accuracy of the Company’s

        

        
          
            
            

          

          
            44

            
              

            

          

          
            
            

          

        

        

        

         

        calculations without independent verification. The Trustee will
forward the Company’s calculations to any Holder of Notes upon the request of
that Holder at the sole cost and expense of the Company.

        

        SECTION
10.07. Table of
Contents, Headings, Etc. The table of contents and the titles and
headings of the articles and sections of this Supplemental Indenture have been
inserted for convenience of reference only, are not to be considered a part
hereof, and shall in no way modify or restrict any of the terms or provisions
hereof.

        

        SECTION
10.08. Execution in
Counterparts. This Supplemental Indenture may be executed in any number
of counterparts, each of which shall be an original, but such counterparts shall
together constitute but one and the same instrument.

        

        SECTION
10.09. Severability. In the
event any provision of this Supplemental Indenture or in the Notes shall be
invalid, illegal or unenforceable, then (to the extent permitted by law) the
validity, legality or enforceability of the remaining provisions shall not in
any way be affected or impaired.

        

        SECTION
10.10. Ratification of
Indenture. The Original Indenture, as supplemented by this Supplemental
Indenture, is in all respects ratified and confirmed, and this Supplemental
Indenture shall be deemed part of the Indenture in the manner and to the extent
herein and therein provided.

        

        

        [Remainder of the page intentionally
left blank]

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        
          
            
            

          

          
            45

            
              

            

          

          
            
            

          

        

        

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

        

        
          
            
              
                
                  
                    	 
      	
                            WESTERN
      REFINING, INC.

                             

                          
	 
      	 
      	 
      
	 
      	
                            By:

                          	/s/
      Jeff A. Stevens
	 
      	 
      	
                            Name:
      Jeff A. Stevens

                          
	 
      	 
      	
                            Title:
      President and Chief Operating
Officer

                          

                  

                

              

            

          

        

        [Trustee Signature
Follows]

        

        

        

        

        

        

        

        

        

        

        

        

        
          
            
            

          

          
            46

            
              

            

          

          
            
            

          

        

        

        
          
            
              
                
                  	 
      	
                          THE BANK OF NEW YORK MELLON
      TRUST COMPANY, N.A., as Trustee

                        	 
      
	 	 	 
	 
      	 
      	 
      	 
      
	 
      	
                          By:

                        	/s/
      Rafael Martinez  	 
      
	 
      	 
      	
                          Name:
      Rafael Martinez

                        	 
      
	 
      	 
      	
                          Title:
      Assistant Treasurer

                        	 
      

                

              

            

          

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        
          
            
            

          

          
            47

            
              

            

          

          
            
            

          

        

         

        

        EXHIBIT A

        

        [FORM OF
FACE OF NOTE]

        

        THIS NOTE
IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS
NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE
REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

        

        UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

        

        
          
            
              	
                      WESTERN
      REFINING, INC.

                    
	 
	
                      5.75%
      Convertible Senior Note due
2014

                    

            

          

           

          	
                  No.
      R-1

                	
                  $_________

                
	
                  CUSIP
      No. 959319AC8

                	 
      
	
                  ISIN
      No. US959319AC82

                	 
      

        

        

        WESTERN
REFINING, INC., a Delaware corporation (herein called the “Company”, which term includes
any successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay CEDE & CO., or registered assigns,
-

        ________________________
DOLLARS ($_____________) (or such lesser principal amount as shall be specified
in the “Schedule of Exchanges of Notes” attached hereto as Schedule A) on June
15, 2014 unless earlier converted or repurchased, and to pay interest thereon as
set forth in the manner, at the rates and to the Persons set forth in the
Indenture.

        

        This Note
shall bear interest at a rate of 5.75% per annum from June 10, 2009 or from the
most recent date to which interest had been paid or provided to, but excluding,
the next scheduled Interest Payment Date, until the principal hereof shall be
repaid. Interest on this Note will be computed on the basis of a 360-day year
composed of twelve 30-day months. Interest is

        

        
          
            
            

          

          
            A-1

            
              

            

          

          
            
            

          

        

        

         

        payable semi-annually in arrears on each June 15 and December 15,
commencing on December 15, 2009, to the Person in whose name this Note (or one
or more predecessor securities) is registered at the close of business on the
Regular Record Date for such Interest Payment Date. Additional Interest will be
payable at the option of the Company on the terms set forth in Section 5.02 of
the within-mentioned Supplemental Indenture. Whenever in this Note there is
mentioned, in any context, the payment of interest hereon, or in respect hereof,
such mention shall be deemed to include mention of the payment of Additional
Interest provided for in Section 5.02 of the Supplemental Indenture to the
extent that, in such context, Additional Interest is, was or would be payable in
respect thereof pursuant to the provisions of Section 5.02 of the Supplemental
Indenture, and express mention of the payment of Additional Interest (if
applicable) in any provision of this Note shall not be construed as excluding
Additional Interest in those provisions of this Note where such express mention
is not made.

        

        If any
Interest Payment Date, the date of the Stated Maturity or Fundamental Change
Repurchase Date, if any, would fall on a day that is not a Business Day, the
required payment will be made on the next succeeding Business Day and no
interest on such payment will accrue in respect of the delay.

        

        The
Company will pay interest on overdue principal, and, to the extent lawful, on
overdue interest, in each case at a rate of 5.75% per annum. Interest not paid
when due and any interest on principal or interest not paid when due will be
paid to Holders on a special record date, which will be the 15th day preceding
the date fixed by the Company for the payment of such interest, whether or not
such day is a Business Day. At least 15 days before a special record date, the
Company will send to each Holder and to the Trustee a notice that sets forth the
special record date, the payment date and the amount of interest to be
paid.

        

        The
Company shall pay principal of and interest on this Note, so long as such Note
is a Global Note, in immediately available funds to the Depositary or its
nominee, as the case may be, as the registered Holder of such Note. The Company
shall pay principal of any Notes (other than Notes that are Global Notes) at the
office or agency designated by the Company for that purpose. The Company has
initially designated the Trustee as its Paying Agent and Registrar in respect of
the Notes and its agency in New York, New York as a place where Notes may be
presented for payment or for registration of transfer. The Company may, however,
change the Paying Agent or Registrar for the Notes without prior notice to the
Holders thereof, and the Company may act as Paying Agent or Registrar. Interest
on the Notes (other than Notes that are Global Notes) will be payable (i) to
Holders of the Notes having an aggregate principal amount of Notes of $5,000,000
or less, by check mailed to the Holders of these Notes at their address in the
Security Register and (ii) to Holders having an aggregate principal amount of
Notes in excess of $5,000,000, either by check mailed to each Holder at its
address in the Security Register or, upon application by a Holder to the
Registrar not later than the relevant Regular Record Date, by wire transfer in
immediately available funds to that Holder’s account within the United States,
which application shall remain in effect until that Holder notifies, in writing,
the Registrar to the contrary.

        

        Reference
is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.

        

        
          
            
            

          

          
            A-2

            
              

            

          

          
            
            

          

        

        

        In the case of any conflict between this Note and the Indenture, the
provisions of the Indenture shall control. This Note, for all purposes, shall be
governed by and construed in accordance with the laws of the State of New
York.

        

        Unless
the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature, this Note shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

        

        [Remainder of page intentionally left
blank]

         

         

         

         

        
          
            
            

          

          
            A-3

            
              

            

          

          
            
            

          

        

        

         

        IN WITNESS WHEREOF, WESTERN REFINING, INC. has caused this
instrument to be signed manually or by facsimile by its duly authorized
officers.

        

        Dated:  June
10, 2009

         

        
          
            
              
                
                  
                    
                      
                        	 
      	
                                WESTERN
      REFINING, INC.

                                 

                              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
                                By:

                              	 
      	 
      
	 
      	 
      	
                                Name:

                              	 
      	 
      
	 
      	 
      	
                                Title:

                              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
                                By:

                              	 
      	 
      
	 
      	 
      	
                                Name:

                              	 
      	 
      
	 
      	 
      	
                                Title:

                              	 
      	 
      

                      

                    

                  

                

              

            

          

        

        

        

        
          
            
            

          

          
            A-4

            
              

            

          

          
            
            

          

        

         

         

        CERTIFICATE OF AUTHENTICATION

        

        This is
one of the Notes referred to in the within-mentioned Indenture.

        

        Dated:  June
10, 2009

         

        
          
            
              
                	 
      	
                        THE BANK OF NEW YORK MELLON
      TRUST COMPANY, N.A., as Trustee

                      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                        By:

                      	 
      	 
      
	 
      	 
      	
                        Name:

                      	 
      
	 
      	 
      	
                        Title:

                      	 
      

              

            

          

        

        

 

        

        

        

        

        
 

        
          
            
            

          

          
            A-5

            
              

            

          

          
            
            

          

        

        

        

        

        

        [FORM OF REVERSE OF NOTE]

        

        WESTERN
REFINING, INC. 

        5.75%
Convertible Senior Note due 2014

        

        This Note
is one of a duly authorized issue of Securities of the Company (herein called
the “Notes”), issued
under an Indenture dated as of June 10, 2009, as previously amended and
supplemented from time to time in accordance with the terms thereof (herein
called the “Original
Indenture”) and as further supplemented by the Supplemental Indenture
dated as of June 10, 2009 (herein called the “Supplemental Indenture” and,
together with the Original Indenture, as supplemented by the Supplemental
Indenture, the “Indenture”) by and between the
Company and The Bank of New York Mellon Trust Company, N.A., herein called the
“Trustee”, and reference
is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Notes and of the terms upon which the Notes are,
and are to be, authenticated and delivered. Additional Notes may be issued in an
unlimited aggregate principal amount, subject to certain conditions specified in
the Indenture.

        

        This Note
is not subject to redemption at the option of the Company prior to June 15,
2014.

        

        This Note
is not subject to the provisions of Article 3, Sections 5.01, 5.02 and 8.05 of
the Original Indenture and the provisions in Article 6 and Article 8 of the
Supplemental Indenture supersede the entirety of Section 8.05 and Article 5 of
the Original Indenture, respectively.

        

        Upon the
occurrence of a Fundamental Change, the Holder has the right, at such Holder’s
option, to require the Company to repurchase all of such Holder’s Notes or any
portion thereof (in principal amounts of $1,000 or integral multiples thereof)
on the Fundamental Change Repurchase Date at a price equal to the Fundamental
Change Repurchase Price in accordance with the terms of the
Indenture.

        

        As
provided in and subject to the provisions of the Indenture, the Holder hereof
has the right, at its option, during certain periods and upon the occurrence of
certain conditions specified in the Indenture, prior to the close of business on
the second Scheduled Trading Day immediately preceding the Stated Maturity, to
convert this Note or a portion thereof that is $1,000 or an integral multiple
thereof, into cash, shares of Common Stock or a combination of cash and shares
of Common Stock, as applicable, at the Conversion Rate specified in the
Indenture, as adjusted from time to time as provided in the
Indenture.

        

        As
provided in and subject to the provisions of the Indenture, the Company will
make all payments and deliveries in respect of the Fundamental Change Repurchase
Price and the principal amount on the Stated Maturity thereof, as the case may
be, to the holder who surrenders a Note to the Paying Agent to collect such
payments in respect of the Note. The Company will pay cash amounts in money of
the United States that at the time of payment is legal tender for payment of
public and private debts.

        

        

        
          
            
            

          

          
            A-6

            
              

            

          

          
            
            

          

        

        

        

        The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Notes to be effected under the
Indenture at any time by the Company and the Trustee with the consent of the
Holders of a majority in principal amount of the Notes at the time outstanding.
The Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Notes at the time outstanding, on behalf
of the Holders of all Notes, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note shall
be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Note.

        

        As
provided in and subject to the provisions of the Indenture, in case an Event of
Default, as defined in the Indenture, shall have occurred and be continuing, the
principal of and interest on all Notes may be declared due and payable, by
either the Trustee or Holders of not less than 25% in aggregate principal amount
of Notes then outstanding, and upon said declaration shall become due and
payable, in the manner, with the effect and subject to the conditions provided
in the Indenture; provided that upon the
occurrence of an Event of Default specified in Sections 6.01(d) or (e) of the
Original Indenture, the principal amount of, and interest on, all the Notes
shall automatically become due and payable.

        

        No
reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and interest on this Note, if any, or
the Fundamental Change Repurchase Price, at the time, place and rate, and in the
coin and currency, herein prescribed, and to deliver the consideration due upon
conversion of this Note.

        

        As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Note is registrable in the Security Register, upon
surrender of this Note for registration of transfer at the office or agency of
the Company in any place where the principal of and interest on this Note are
payable, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Company and the Registrar duly executed by, the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new
Notes of this series and of like tenor, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or
transferees.

        

        The Notes
are issuable only in registered form without coupons in denominations of $1,000
and any integral multiple thereof. As provided in the Indenture and subject to
certain limitations therein set forth, the Notes are exchangeable for a like
aggregate principal amount of Notes and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

        

        No
service charge shall be made for any such registration of transfer or exchange,
but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

        

        

        
          
            
            

          

          
            A-7

            
              

            

          

          
            
            

          

        

        

        

        Prior to due presentment of this Note for registration of transfer,
the Company, the Trustee and any agent of the Company or Trustee may treat the
Person in whose name the Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the
contrary.

        

        All
defined terms used in this Note that are defined in the Indenture shall have the
meanings assigned to them in the Indenture.

        

        

        

        

        
          
            
            

          

          
            A-8

            
              

            

          

          
            
            

          

        

        

        

        ABBREVIATIONS

        

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

        

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	
                                      TEN
      COM - as tenants in common

                                    	 
      	
                                      UNIF
      GIFT MIN ACT

                                    
	 
      	 
      	
                                      _______________ Custodian 

                                             
      (Cust)

                                    
	 
      	 
      	 
      
	
                                      TEN
      ENT - as tenants by the entireties

                                    	 
      	
                                      _______________

                                           
      (Minor)

                                       

                                    
	 
      	 
      	 
      
	
                                      JT
      TEN - as joint tenants with right of survivorship and not as tenants in
      common

                                    	 
      	
                                      Uniform
      Gifts to Minors Act _______
(State)

                                    

                            

                          

                        

                      

                    

                  

                

              

            

          

        

         

         

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

        

        

        
          
            
            

          

          
            A-9

            
              

            

          

          
            
            

          

        

        

        SCHEDULE A

        

        SCHEDULES
OF EXCHANGES OF NOTES

        

        WESTERN
REFINING, INC. 

        5.75%
Convertible Senior Notes due 2014

        

        The
initial principal amount of this Registered Global Security is ___________________DOLLARS
($___________). The following, exchanges, purchases or conversions of a part of
this Registered Global Security have been made:

         

        
          
            
              
                
                  
                    	
                            Date of Exchange

                          	
                            Amount
      of decrease in

                            principal
      amount of this

                            Registered Global Security

                          	
                            Amount
      of increase in

                            principal
      amount of this

                            Registered Global Security

                          	
                            Principal
      amount of

                            this
      Registered Global

                            Security
      following

                            such decrease or increase

                          	
                            Signature
      of authorized

                            signatory
      of

                            Trustee or Custodian

                          
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      

                  

                

              

            

          

        

         

        

          A-10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}]]