Document:

Exhibit 4.8

	
  

  MEMORANDUM OF AGREEMENT

  

  Dated: 12th March, 2007 

  	
   

  	
  Norwegian Shipbroker’
  Association’s Memorandum of Agreement for sale and purchase of ships. Adopted
  by The Baltic and International Maritime Council (BIMCO) in 1956.

  
	
   

  	
   

  	
  Code-name

  SALEFORM 1993

  Revised 1966, 1983 and
  1986/87.

  

 

Argo Shipholding
Inc. of Marshall Islands

Hereinafter called the Sellers, have agreed to sell, and

Britannia Bulk Plc of
London or their guaranteed nominee

Hereinafter called the Buyers, have agreed to buy

Name: m/v
Nikoplos

Classification Society/Class: N.K.K

	
  Built: 1983

  	
   

  	
  By: Hakodate Dock Co Ltd, Hakodate,
  Japan

  
	
   

  	
   

  	
   

  
	
  Flag:Panama

  	
   

  	
  Place of
  registration: Panama

  
	
   

  	
   

  	
   

  
	
  Call Sign: H9JH

  	
   

  	
  Grt/Nrt: 18,596/10,026

  
	
   

  	
   

  	
   

  
	
  Register
  IMO
  Number: 8208945

  	
   

  	
   

  

 

Hereinafter called the Vessel, on the following terms and conditions:

Definition

“Banking days” are days on which banks are open both
in the country of the currency stipulated for the Purchase Price in Clause 1
and in the place of closing stipulated in Clause 8.

“In writing” or “written” means a letter handed over
from the Sellers to the Buyers or vice versa, a registered letter, telex,
telefex or other modern form of written communication.

“Classification Society” or “Class” means the Society referred to in line
4.

1.         Purchase price

USD 10,750,000
cash, (United States Dollars Ten Million Seven Hundred Fifty Thousand only)

2.                          Deposit

As security for the correct fulfillment of this
Agreement the Buyers shall pay a deposit of 10% (ten per cent) of the Purchase
Price within three (3)
Athens/London/New York  banking
days from the date of this Agreement signed by Sellers and Buyers by fax  and the opening of the joint bank
account. This deposit shall be placed with Egnatia Bank S.A., Kolokotroni
Street & 11  Merarchias Street, 18535  Piraeous, Greece, swift code: EGNAGR2T
and held by them in a joint interest  bearing  account for the Sellers
and the Buyers, to be released in accordance with joint written instructions of
the Sellers and the Buyers. Interest, if any, to be credited to the Buyers. Any
fee charged for holding the said deposit shall be borne equally by the Sellers
and the Buyers. The cost
of meeting room for closing including communication and any incidental costs to
be borne equally by Sellers and Buyers.

3.                          Payment

The 10% deposit will be released and the  said Purchase Price shall be paid in full
free of bank charges to Egnatia
Bank S.A., 116 Kolokotroni Street & 11 Merarchias Street, 18535 Piraeus,
Greece, swift  code:
EGNAGR2T, Beneficiary: Argo Shipholding Inc, USD Account No.:0095369427, IBAN
No.: GR97 0280 3010 0000 0003 5369 427, Correspondent Bank in US:
American Express Bank
Ltd, N.Y., U.S.A., Account No.: 717066, swift code: AElBUS33 or Bank of New
York, N.Y., U.S.A., Account No.: 890-0055- 561,
swift code: IRVTUS3N on delivery of vessel in exchange for the agreed delivery
documents, but not later than 3 Athens/London/New York banking days
after the Vessel is in every respect physically ready for delivery in
accordance with the terms and conditions of this Agreement and Notice of
Readiness has been given in accordance with clause 5.

4.                         Inspections

a)*                  The
Buyers have inspected and accepted the Vessel’s classification records including steel  gaugings. The Buyers have also inspected the Vessel at/in Nueva Palmira on 7th February 2007  and have accepted the Vessel following
this inspection and the sale is outright and definite, subject only to the
terms and conditions of this Agreement.

b)*                 The Buyers shall have the right to inspect the Vessel’s
classification records and declare whether same are accepted or not within

The Seller shall provide for inspection of the Vessel
at/in

The Buyers shall
undertake the inspection without undue delay to the Vessel. Should the Buyers
cause undue delay they shall compensate the Sellers for the losses thereby
incurred. The Buyers shall inspect the Vessel without opening up and without
cost to the Sellers. During the inspection, the Vessel’s deck and engine log
books shall be made available for examination by the Buyers. If the Vessel is
accepted-after such inspection, the sale shall become outright and definite,
subject only to the terms and conditions of this Agreement, provided the
Sellers receive written notice of acceptance from the Buyers within 72 hours
after completion of such inspection.

Should notice of acceptance of the Vessel’s
classification records and of the Vessel not be received by the Sellers as
aforesaid, the deposit together with interest earned shall be released
immediately to the Buyers, whereafter this Agreement shall be null and void.

*                            4a) and 4b) are alternatives; delete whichever is not
applicable. In the absence of deletions, alternative 4a) to apply.

5.                         Notice, time and place of delivery

a)                         The  Sellers shall 
keep the  Buyers well
informed  of the Vessel’s itinerary and
shall provide the Buyers with 25/15/10/5/2 days notice of approximate date of  and
days notice of the estimated time of arrival at the intended place of
drydocking/underwater inspection/readiness for delivery. When the Vessel is at the place of
delivery and in every respect physically ready for delivery in accordance with
this Agreement, the Sellers shall give the Buyers a written Notice of Readiness
for delivery.

b)                        The Vessel
shall be delivered and taken over with the time charter attached, with clean swept holds, free
of stowaways, at a safe port and always accessible safe berth or safe anchorage
safely afloat at a safe and accessible berth or anchorage at/in within full Atlantic, i.e.
Montreal/Bahia Blanca range including Carribean, Skaw/Pointe Noire range
including Baltic/Mediterranean/Black Sea within trading limits Cape Town/Maputo
range, excluding U.S.A

In the Sellers’ option.

c)                         Expected
time or delivery: Between
5th April
2007 – 10th May
2007 in Sellers’ option

Date of cancelling (see clauses 5 c),6 b) (iii) and 14): 10th May 2007 in Buyers’ option

If the Sellers anticipate that, notwithstanding the
exercise of due diligence by them, the Vessel will not be ready for delivery by
the cancelling date they may notify the Buyers in writing stating the date when
they anticipate that the Vessel will be ready for delivery and propose a new
cancelling date. Upon receipt of such notification the Buyers shall have the
option of either cancelling this Agreement in accordance with Clause 14 within
7 running days of receipt of the notice or of accepting the new date as the new
cancelling date. If the Buyers have not declared their option within 7 running
days of receipt of the Sellers’  notification or if the Buyers accept the
new date, the date proposed in the Sellers’ notification shall be deemed to be
the new cancelling date and shall be substituted for the cancelling date
stipulated in line 61.

If this Agreement is maintained with the new
cancelling date all other terms and conditions hereof including those contained
in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect.
Cancellation or failure to cancel shall be entirely without prejudice to any
claim for damages the Buyers may have under Clause 14 for the Vessel not being
ready by the original cancelling date.

d)                        Should the
Vessel become an actual, constructive or compromised total loss before delivery
the deposit together with interest earned shall be released immediately to the
Buyers whereafter this Agreement shall be null and void.

6.                         Drydocking/Divers
Inspection

a)**           The Sellers shall
place the Vessel in drydock at the port of delivery for inspection by the
Classification Society of the Vessel’s underwater parts below the deepest load
line, the extent of the inspection being in accordance with Classification
Society’s rules. If the rudder, propeller, bottom or other underwater parts
below the deepest load line are found broken, damaged or defective so as to
affect the Vessel’s class, such defects shall be made good at the Sellers’
expense to the satisfaction of the Classification Society without
condition/recommendation*.

b)**          (i)        The Vessel is to be delivered without
drydocking. However, the Buyers shall have the right at their expense to
arrange for an underwater inspection by a diver approved by the Classification
society prior to the delivery of the Vessel. The Sellers shall at their cost
make the Vessel available for such inspection. The extent of the inspection and
the conditions under which it is performed shall be to the satisfaction of the
Classification Society. If the conditions at the port of delivery are
unsuitable for such inspection, the Sellers shall make the Vessel available at
a suitable alternative place near to the delivery port.

(ii)       If the
rudder, propeller, bottom or other underwater parts below the deepest load line
are found broken, damaged or defective so as to affect the Vessel’s class, then
unless repairs can be carried out afloat to the satisfaction of the
Classification Society, the Sellers shall 
arrange for the Vessel to be drydocked 
at their expense for 
inspection  by the Classification society
of the Vessel’s underwater parts below the deepest load line, the extent of the
inspection being in accordance with the Classification Society’s rules. If the
rudder, propeller, bottom or other underwater parts below the deepest load line
are found broken, damaged or defective so as to effect the Vessel’s class, such
defects shall be made good by the Sellers at their expense to the satisfaction
of the classification society without condition/recommendation*. In such event
the Sellers are to pay also for the cost of the underwater inspection and the
Classification Society’s attendance.

(iii)      If the Vessel is to be drydocked pursuant
to Clause 6 b) (ii) and no suitable dry-docking facilities are available at the
port of delivery, the Sellers shall take the Vessel to a port where suitable
drydocking facilities are available, whether within or outside the delivery
range as per Clause 5 b). Once drydocking has taken place the Sellers shall
deliver the Vessel at a port within the delivery range as per clause 5 b) which
shall, for the purpose of this Clause, become the new port of delivery. In such
event the cancelling date provided for in clause 5 b) shall be extended by the
additional time required for the dry docking and extra steaming, but limited to
a maximum of 14 running days.

c)                         If the
vessel is drydocked pursuant to Clause 6 a) or 6 b) above

(i)        the
Classification Society may require survey of the tailshaft system, the extent
of the survey being to the satisfaction of the Classification surveyor. If such
survey is not required by the Classification Society, the Buyers shall have the
right to require the tailshaft to be drawn and surveyed by Classification
Society, the extent of the survey being in accordance with the Classification
Society’s rules for tailshaft survey and consistent with the current stage of
the Vessel survey cycle. The Buyers shall declare whether they require the
tailshaft to be drawn and surveyed not later than by the completion of the
inspection of the Classification Society. The drawing and refitting of the
tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft
system be condemned or found defective so as to effect the Vessel’s class,
those parts shall be renewed or made good at the Sellers’ expense to the
satisfaction of the Classification Society without condition/recommendation*.

(ii)       the expenses relating to the survey of
the tailshaft system shall be borne by the Buyers unless the Classification
Society requires such survey to be carried out, in which case the Sellers shall
pay these expenses. The Sellers shall also pay the expenses if the Buyers
require the survey and parts of the system are condemned or found defective or
broken so as to affect the vessel’s class*.

(iii)      the
expenses in connection with putting the Vessel in and taking her out of
drydock, including the drydock dues and the Classification Society’s fees shall
be paid by the Sellers if the Classification Society issues any
condition/recommendation* as a result of the survey or if it requires survey of
the tailshaft system. In all other cases the Buyers shall pay the aforesaid
expenses, dues and fees.

(iv)     the Buyers’ representative shall have the
right to be present in the drydock, but without interfering with the work or
decisions of the Classification surveyor.

(v)      the Buyers shall have the right to have
the underwater parts of the Vessel cleaned and painted at their risk and
expense without interfering with the Sellers’ or the Classifications surveyor’s
work, if any, and without affecting the Vessel’s timely delivery. If, however,
the Buyers’ work in drydock is still in progress when the Sellers have
completed the work which the Sellers are required to do, the additional docking
time needed to complete the Buyers’ work shall be for the Buyers’ risk and
expense. In the event that the Buyers’ work requires such additional time, the
Sellers may upon completion of the Sellers’ work tender Notice of Readiness for
delivery whilst the Vessel is still in drydock and the Buyers shall be obliged
to take delivery in accordance with Clause 3, whether the vessel is in drydock
or not and irrespective of Clause 5 b).

*         Notes,
if any, in the surveyor’s report which are accepted by the classification
Society without condition/recommendation are not to be taken into account.

**       6a) and 6b) are alternatives; delete whichever is not
applicable. In the absence of deletions, alternative 6 a) to apply.

7.                         Spares/bunkers,
etc.

The Sellers shall deliver the Vessel to the Buyers
with everything belonging to her on board, and on shore and on order. All
spare parts and spare equipment including spare tail-end shaft(s) and/or spare
propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of
inspection used or unused, whether on board or not shall become the Buyers’
property, but spares on order are to be excluded. Forwarding charges, if
any, shall be for the Buyers’ account. The Sellers are not required to replace
spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller
blade(s) which are taken out of spare and used as replacement prior to
delivery, but the replaced items shall be the property of the Buyers. The radio
installation and navigational equipment shall be included in the sale without
extra payment if they are the property of the Sellers. Unused stores and
provisions shall be included in the sale and be taken over by the Buyers
without extra payment.

The Sellers have the right to take ashore crockery,
plates, cutlery, linen and other articles bearing the Sellers’ flag or name,
provided they replace same with similar unmarked items. Library, forms, etc.,
exclusively for use in the Sellers’ vessel(s), shall be excluded without compensation.
Captain’s Officers’ and Crew’s personal belongings including the slop chest
are to be excluded from the sale, as well as the following additional items
(including items on hire): Oxygen/Acetylene/Freon  bottles and Mini-M. With reference to slop chest,
Sellers will revert prior to delivery if this is available for purchase by the
buyers and the contents therein.

The Buyers shall take over the remaining bunkers which are charterars property
and unused lubricating oils in storage tanks and sealed unbroached drums, greases and 
hydraulics and pay for unused luboils at Sellers’  net cost (purchase price)
and pay the current net market price (excluding barging costs  expenses) at the port and date of
delivery of the Vessel. All prices to be evidenced by original if available, or relevant copies
of invoices. Payment under this Clause shall be made at the same
time and place and in the same currency as the Purchase Price.

8.                         Documentation.
(see also clause 16)

The place of closing: Athens - Greece

In exchange for payment of the Purchase Price the
Sellers shall furnish the Buyers with delivery documents, namely:

a)                         Legal Bill of Sale in a
form recordable in            
(the country in which the Buyers are to register the Vessel), warranting that
the Vessel is free from all encumbrances, mortgages and maritime liens or any
other debts or claims whatsoever, duly notarially attested and legalized by the
consul of such country or other competent authority.

b)                        Current Certificate of
Ownership issued by the competent authorities of the flag state of the Vessel.

c)                         Confirmation of Class
issued within 72 hours prior to delivery.

d)                        Current Certificate issued
by the competent authorities stating that the Vessel is free from register
encumbrances.

e)                         Certificate of deletion of
the Vessel from the Vessel’s registry or other official evidence of deletion
appropriate to the Vessel’s registry at the time of delivery, or, in the event
that the registry does not as a matter of practice issue such documentation
immediately, a written undertaking by the Sellers to effect deletion from the
Vessel’s registry forthwith and furnish a Certificate or other official
evidence of deletion to the Buyers promptly and latest within 4 (four) weeks
after the purchase Price has been paid and the Vessel has been delivered.

f)                           Any
such additional documents as may reasonably be required by the competent
authorities for the purpose of registering the Vessel provided the Buyers
notify the Sellers of any such documents as soon as possible after the date of
this Agreement.

At the time of delivery the Buyers and Sellers shall
sign and deliver to each other a Protocol of Delivery and Acceptance confirming
the date and time of delivery of the Vessel from the Sellers to the Buyers.

At the time of delivery the Sellers shall hand to the
Buyers the classification certificate(s) as well as all plans etc., manuals, drawings, charts and
instruction books which are on board the Vessel. Other
certificates which are onboard the Vessel shall also be handed over to the
Buyers unless the Sellers are required to retain same, in which case the Buyers
to have the right to take copies. Other technical documentation for main engine/all auxiliaries/dock
machinery/radio and navigational equipment which may be in the Sellers’
possession shall be promptly forwarded to the Buyers technical managers in Denmark within
7   days
of delivery of the vessel, at Buyers 
expense. If they so request. The Sellers may keep the Vessel’ a log
books but the Buyers to have the right to take copies of same.

9.        Encumbrances

The Sellers warrant that the Vessel, at the time of
delivery, is free from any all charters, encumbrances, mortgages and
maritime liens, arrests,
free of any overdue port state control detentions/deficiencies existing at the
time of delivery or any other debts/taxes/claims
whatsoever. The Sellers hereby undertake to indemnify the Buyers against all
consequences of claims made against the Vessel which have been incurred prior
to the time of delivery.

10.      Taxes, etc.

Any taxes, fees and expenses in connection with the
purchase and registration under the Buyers’ flag shall be for the Buyers
account including all
port charges following delivery, where as similar charges in
connection with the closing of the Sellers’ register, Sellers’ crew repatriation and all
port charges on arrival and until delivery of the vessel shall
be for the Sellers’ account.

11.      Condition on delivery

The Vessel with
everything belonging to her shall be at the Sellers’ risk and expense until she
is delivered to the Buyers, but subject to the terms and conditions of this
Agreements she shall be delivered and taken over as she was at the time of
inspection, fair wear and tear excepted.

However, the Vessel shall
be delivered with her present
class maintained with one outstanding
recommendation set out on 29 April 2006 at Itaqui and which is due for
next drydocking, without condition/recommendation*, free of
average damage affecting the Vessel’s class, free
of any overdue port state control detentions/deficiencies existing at the time
of delivery and with all continuous survey cycles completely upto date with no
outstanding items and with her classification certificates and
national/international trading certificates, as well as all other certificates
the Vessel had at the time of inspection as
required under present flag to be clean and valid for a minimum of three (3) months and
unextended without condition/recommendation* by Class or the relevant
authorities at from the date
time of delivery without extensions. Vessel
is in compliance with all updated regulations including IACS URS requirements
and SOLAS requirements and same can be confirmed by reviewing the survey status
or the class records. At the time of delivery Sellers to provide a certificate
from the vessel’s class confirming the present class is maintained with one
outstanding recommendation set out on 29 April 2006 at Itaqui, and which is due
for next drydocking.

“Inspection” in this Clause 11, shall mean the Buyers’
inspection according to Clause 4 a) or 4 b), if applicable, or the buyers
inspection prior to the signing of this Agreement. If the Vessel is taken over
without inspection, the date of this Agreement shall be the relevant date.

*         Notes, if any, in the surveyor’s reports which are accepted
by the Classification Society without condition/recommendation are not to be
taken into account.

12.      Name/markings

Upon delivery the Buyers undertake to change the name
of the Vessel and after funnel markings.

13.      Buyers’ default

Should the deposit not be
paid in accordance with Clause 2, the Sellers have the right to cancel this
Agreement, and they shall be entitled to claim compensation for their losses
and for all expenses incurred together with interest.

Should the Purchase Price not be paid in accordance
with Clause 3, the Sellers have the right to cancel the Agreement, in which
case the deposit together with interest earned shall be released to the
Sellers. If the deposit does not cover their loss, the Sellers shall be entitled
to claim further compensation for their losses and for all expenses incurred
together with interest.

14.                  Sellers’ default

Should the Sellers fail
to give Notice of Readiness in accordance with Clause 5 a) or fail to be ready
to validly complete a legal transfer by the date stipulated in line 61 the
Buyers shall have the option of cancelling this Agreement provided always that
the Sellers shall be granted a maximum of 3 banking days after Notice of
Readiness has been given to make arrangements for the documentation set out in
Clause 8. If after Notice of Readiness has been given but before the Buyers
have taken delivery, the Vessel ceases to be physically ready for delivery and
is not made physically ready again in every respect by the date stipulated in
line 61 and new Notice of Readiness given, the Buyers shall retain their option
to cancel. In the event that the Buyers elect to cancel this Agreement the
deposit together with interest earned shall be released to them immediately.

Should the Sellers fail to give Notice of Readiness by
the date stipulated in line 61 or fail to be ready to validly complete a legal
transfer as aforesaid they shall make due compensation to the Buyers for their
loss and for all expenses together with interest if their failure is due to
proven negligence and whether or not the Buyers cancel this Agreement.

15.                  Buyers’
representatives

After this Agreement has been signed by fax by both parties and the deposit has
been lodged, the Buyers

have the right to place
two representatives on board the Vessel at their sole risk and expense upon
arrival at on or about upto the time and place of
delivery.

These representatives are on board for the purpose of
familiarisation and in the capacity of observers only, and they shall not
interfere in any respect with the operation of the Vessel. The Buyers’
representatives shall sign the Sellers’ letter of indemnity prior to their
embarkation. Upon Sellers tendering NOR
and unconditional acceptance thereof by the Buyers (for avoidance of doubt,
unconditional acceptance solely relates to any issues arising from the vessel’s
demonstration only under this clause), the Buyers shall be allowed to place a
further representative on board and up to 2 other crew members to be allowed on
board during daylight hours when Sellers crew shall demonstrate and familiarise
Buyers representatives/crew on the operation of the Vessel’s equipment,
machinery and systems. Buyers’ representatives/crew to sign Sellers LOI before
boarding the vessel and in no case to interfere with the vessel’s operation.
Above demonstration shall be at the sole discretion of the Master of the
Vessel.

16.      Arbitration

a)*                  This Agreement
shall be governed by and construed in accordance with English law and any
dispute arising out of this Agreement shall be referred to arbitration in
London in accordance with the Arbitration Acts 1950 and 1979 or any statutory
modification or re-enactment thereof for the time being in force, one
arbitrator being appointed by each party. On the receipt by one party of the
nomination in writing of the other party’s arbitrator, that party shall appoint
their arbitrator within fourteen days, failing which the decision of the single
arbitrator appointed shall apply. If two arbitrators properly appointed shall
not agree they shall appoint an umpire whose decision shall be final.

Arbitrators to be appointed by
the London Maritime Arbitrators Association.

b)*                 This Agreement
shall be governed by and construed in accordance with Title 9 of the United
Stage Code and the Law of the State of New York and should any dispute arise
out of this Agreement, the matter in dispute shall be referred to three persons
at New York, one to be appointed by each of the parties hereto, and the third
by the two so chosen; their decision or that of any two of them shall be final,
and for purpose of enforcing any award, this Agreement may be made a rule of
the Court.

The proceedings shall be conducted in accordance with
the rules of the Society of Maritime Arbitrators Inc. New York.

c)*                  Any
dispute arising out of this Agreement shall be referred to arbitration at                                                           ,
subject to the procedures applicable there. The laws of
                                           
shall govern this Agreement.

*                            16a),
16b) and 16c) are alternatives; delete whichever is not applicable. In the
absence of deletions, alternative 16 a) to apply.

CLAUSES 17 TO 22 (APPENDIX)
HERETO FORM AN INTEGRAL PART OF THIS CONTRACT

[SEAL]

Copyright: Norwegian Shipbrokers’ Association, Oslo, Norway.

Printed and sold by S-Gruppen A/S., Halvorsen & Larsen Oslo, Norway.

Fax: 47-22-25 28 68. Phone: 47-22-25 81 90.

Appendix
to Memorandum of Agreement code-name SALEFORM 1993

dated 12th March, 2007 - m/v “Nikoplos”

CLAUSE 17

THE VESSEL IS TO BE DELIVERED WITHOUT DRYDOCKING BUT
BUYERS SHALL HAVE THE RIGHT TO REQUEST AND CARRY OUT A DIVERS INSPECTION OF
VESSELS UNDERWATER PARTS BY VESSELS CLASS APPROVED DIVERS WITH VIDEO EQUIPMENT.

SUCH UNDERWATER INSPECTION TO BE ATTENDED BY CLASS
SURVEYOR, BUYERS REPRESENTATIVES AND SELLERS REPRESENTATIVES. COST OF DIVERS
AND CLASS SURVEYOR FEE FOR BUYERS ACCOUNT.

IF ANY DAMAGE IS FOUND AFFECTING CLASS WHICH IN THE
OPINION OF CLASS SURVEYOR PRESENT AT INSPECTION WOULD CONSTITUTE A
RECOMMENDATION REQUIRING THE VESSEL TO DRYDOCK IMMEDIATELY, THEN CLAUSE 6 OF
NSF 93 TO APPLY AND THE VESSEL TO BE DRYDOCKED IN ACCORDANCE WITH THE TERMS AND
CONDITIONS OF SAID CLAUSE. FURTHER, THE CANCELLING DATE TO BE EXTENDED WITHOUT
ANY COMPENSATION AND DAMAGES IMPOSED ON THE SELLERS FOR THE PERIOD
CORRESPONDING TO THAT OF THE SELLERS FINDING A PROPER DRYDOCK, TRANSPORTING THE
VESSEL FROM THE PORT OF UNDERWATER INSP UPTO THE DRYDOCK, AND MAKING AND
COMPLETING THE REQUIRED REPAIR AT THE DRYDOCK.

IF ANY DAMAGE IS FOUND WHICH IN THE OPINION OF CLASS
SURVEYOR PRESENT AT INSPECTION WOULD CONSTITUTE A RECOMMENDATION NOT REQUIRING
THE VESSEL TO DRYDOCK UNTIL THE NEXT SCHEDULED DRYDOCKING EXCEPT THE ONE
OUTSTANDING RECOMMENDATION SET OUT ON 29 APRIL 2006 AT ITAQUI, AND WHICH IS DUE
FOR NEXT DRYDOCKING, THEN SELLERS AND BUYERS TO APPLY TO TWO SHIPYARDS MUTUALLY
AGREED IN THE DELIVERY AREA FOR QUOTATIONS FOR REPAIRS OF SAID DAMAGE THE COST
TO BE THE DIRECT COST TO REPAIR SUCH DAMAGE (IE, NO DD FEES, NO OFFHIRE ETC.).
THEREAFTER IT SHALL BE IN THE SELLERS’ OPTION WHETHER TO REPAIR SAID DAMAGES
PRIOR TO DELY OR TO DELIVER THE VESSEL WITH SAID DAMAGE. IF SELLERS DECIDE TO
DELIVER THE VESSEL WITH THE SAID DAMAGE, THE BUYERS WILL TAKE DELIVERY WITH
SUCH CLASS RECOMMENDATION, AGAINST A REDUCTION IN PRICE OF THE COST OF REPAIRS,
WHICH TO BE DEFINED AS THE AVERAGE OF THE TWO QUOTATIONS OBTAINED.

IF NO DAMAGE FOUND BY CLASS SURVEYOR TO AFFECT CLASS
THEN THE VESSEL TO BE DELIVERED WITHOUT PRE-DELIVERY DRYDOCKING.

CLAUSE 18

SELLERS TO ASSIST BUYERS AND PROVIDE THEM WITH ALL
INFORMATION AND COPIES OF CERTIFICATES AS MAY BE REQUIRED FOR BUYERS
REGISTRATION PURPOSES. AGREEMENT ON LIST OF DELIVERY DOCUMENTS TO BE REACHED
DURING NEGOTIATIONS AND SAME TO BE INCORPORATED IN THE MOA. PHOTOCOPIES OF ALL
EXECUTED DELIVERY DOCUMENTS TO BE FAXED TO BUYERS WELL IN ADVANCE OF DELIVERY.

CLAUSE 19

SELLERS TO PROVIDE A LETTER STATING THAT TO THE BEST OF
THEIR KNOWLEDGE, THE VESSEL IS NOT BLACKLISTED BY THE ARAB BOYCOTT LEAGUE IN
DAMASCUS OR ANY OTHER NATION OR ORGANISATION.

 1
 

CLAUSE 20

THE SALE IS TO INCLUDE THE TRANSFER OF THE EXISTING
TIME CHARTER TO ARMADA AT USD 18,250 / DAY (LESS 6.25% TOTAL COMMISSION) TILL
MINIMUM 26/3/07- MAXIMUM 26/6/07.

CLAUSE 21

THE SALE IS SUBJECT TO APPROVAL OF BUYERS FROM PRESENT
CHARTERERS. SUBJECT TO BE LIFTED WITHIN 3 WORKING DAYS AFTER RECAP IS AGREED BY
BOTH PARTIES. A NOVATION AGREEMENT WILL BE MUTUALLY AGREED AND SIGNED BETWEEN
SELLERS, BUYERS AND CHARTERERS AS SOON AS POSSIBLE AFTER EXECUTION OF THE MOA
AND IN ANY EVENT PRIOR TO THE DATE OF VESSEL’S DELIVERY. PRIOR TO THE EXECUTION
OF THE MOA BUYERS WILL PROVIDE SELLERS WITH DETAILS OF THE INTENDED NEW FLAG,
OWNERSHIP, MANAGEMENT AND NAME OF THE VESSEL AFTER DELIVERY, FOR SUBMISSION TO
THE TIME CHARTERERS FOR THEIR RESPECTIVE APPROVAL.

CLAUSE  22

ALL DETAILS OF THIS OFFER AND ANY EVENTUAL SALE TO BE
KEPT PRIVATE AND CONFIDENTIAL BY BOTH PARTIES AND IS NOT TO BE DISCUSSED WITH
ANY UNRELATED THIRD PARTIES.

This Memorandum of Agreement is drawn up in two
originals with even tenor and date. One original shall be retained by the
Sellers and one original shall be retained by the Buyers.

	
  For the Sellers (1)

  	
  For the Buyers (2)

  
	
   

  	
   

  
	
  [SEAL]

  	
  /s/ C. J. Hanson

  	
   

  
	
   

  	
  Britannia Bulk Plc

  

 

 2Exhibit 4.1

EXECUTION COPY

LAWSON
SOFTWARE, INC.

2.50%
Senior Convertible Notes due 2012

INDENTURE

Dated as
of April 23, 2007

THE BANK OF NEW YORK, Trustee

TABLE OF
CONTENTS

	
  

  	
   

  	
  

  	
   

  	
  Page

  
	
  ARTICLE 1 DEFINITIONS AND INCORPORATION BY
  REFERENCE

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.01

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  SECTION 1.02

  	
   

  	
  Incorporation by Reference of Trust Indenture Act

  	
   

  	
  11

  
	
  SECTION 1.03

  	
   

  	
  Rules of Construction

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 2 THE NOTES

  	
   

  	
   

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.01

  	
   

  	
  Designation, Amount and Issuance of Notes

  	
   

  	
  12

  
	
  SECTION 2.02

  	
   

  	
  Form of the Notes

  	
   

  	
  12

  
	
  SECTION 2.03

  	
   

  	
  Date and Denomination of Notes; Payment at Maturity;
  Payment of Interest

  	
   

  	
  13

  
	
  SECTION 2.04

  	
   

  	
  Execution and Authentication

  	
   

  	
  14

  
	
  SECTION 2.05

  	
   

  	
  Registrar, Paying Agent and Conversion Agent

  	
   

  	
  15

  
	
  SECTION 2.06

  	
   

  	
  Paying Agent to Hold Money in Trust

  	
   

  	
  15

  
	
  SECTION 2.07

  	
   

  	
  Noteholder Lists

  	
   

  	
  16

  
	
  SECTION 2.08 

  	
   

  	
  Exchange and Registration of Transfer of Notes; Restrictions
  on Transfer 

  	
   

  	
  16 

  
	
  SECTION 2.09

  	
   

  	
  Replacement Notes

  	
   

  	
  21

  
	
  SECTION 2.10

  	
   

  	
  Outstanding Notes

  	
   

  	
  22

  
	
  SECTION 2.11

  	
   

  	
  Temporary Notes

  	
   

  	
  22

  
	
  SECTION 2.12

  	
   

  	
  Cancellation

  	
   

  	
  22

  
	
  SECTION 2.13

  	
   

  	
  CUSIP and ISIN Numbers

  	
   

  	
  23

  
	
  SECTION 2.14

  	
   

  	
  Additional Notes

  	
   

  	
  23

  
	
  SECTION 2.15

  	
   

  	
  Defaulted Interest

  	
   

  	
  24

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 3 REPURCHASE OF NOTES

  	
   

  	
  25

  
	
   

  	
   

  	
   

  
	
  SECTION 3.01 

  	
   

  	
  Repurchase at Option of Holders Upon a Fundamental Change
  

  	
   

  	
  25 

  
	
  SECTION 3.02

  	
   

  	
  Company Repurchase Notice

  	
   

  	
  26

  
	
  SECTION 3.03

  	
   

  	
  Effect of Repurchase Notice; Withdrawal

  	
   

  	
  27

  
	
  SECTION 3.04

  	
   

  	
  Deposit of Repurchase Price

  	
   

  	
  28

  
	
  SECTION 3.05

  	
   

  	
  Notes Repurchased in Part

  	
   

  	
  28

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 4 COVENANTS

  	
   

  	
  28

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.01

  	
   

  	
  Payment of Notes

  	
   

  	
  28

  
	
  SECTION 4.02

  	
   

  	
  Maintenance of Office or Agency

  	
   

  	
  29

  
	
  SECTION 4.03

  	
   

  	
  144A Information

  	
   

  	
  29

  
	
  SECTION 4.04

  	
   

  	
  Existence

  	
   

  	
  29

  
	
  SECTION 4.05

  	
   

  	
  Compliance Certificate

  	
   

  	
  30

  
	
  SECTION 4.06

  	
   

  	
  Further Instruments and Acts

  	
   

  	
  30

  
	
  SECTION 4.07

  	
   

  	
  Additional Interest Notice

  	
   

  	
  30

  
	
  SECTION 4.08

  	
   

  	
  Reporting Obligation

  	
   

  	
  30

  

 

 i
 

 

	
  SECTION 4.09

  	
   

  	
  Covenant to Obtain Prior Stockholder Approval

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 5 SUCCESSOR COMPANY

  	
   

  	
  31

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.01

  	
   

  	
  When Company May Merge or Transfer Assets

  	
   

  	
  31

  
	
  SECTION 5.02

  	
   

  	
  Successor to be Substituted

  	
   

  	
  31

  
	
  SECTION 5.03

  	
   

  	
  Opinion of Counsel to be Given Trustee

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 6 DEFAULTS AND REMEDIES

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.01

  	
   

  	
  Events of Default

  	
   

  	
  32

  
	
  SECTION 6.02

  	
   

  	
  Acceleration

  	
   

  	
  34

  
	
  SECTION 6.03

  	
   

  	
  Other Remedies

  	
   

  	
  34

  
	
  SECTION 6.04

  	
   

  	
  Waiver of Past Defaults

  	
   

  	
  35

  
	
  SECTION 6.05

  	
   

  	
  Control by Majority

  	
   

  	
  35

  
	
  SECTION 6.06

  	
   

  	
  Limitation on Suits

  	
   

  	
  35

  
	
  SECTION 6.07

  	
   

  	
  Rights of Noteholders to Receive Payment

  	
   

  	
  36

  
	
  SECTION 6.08

  	
   

  	
  Collection Suit by Trustee

  	
   

  	
  36

  
	
  SECTION 6.09

  	
   

  	
  Trustee May File Proofs of Claim

  	
   

  	
  36

  
	
  SECTION 6.10

  	
   

  	
  Priorities

  	
   

  	
  36

  
	
  SECTION 6.11

  	
   

  	
  Undertaking for Costs

  	
   

  	
  37

  
	
  SECTION 6.12

  	
   

  	
  Waiver of Stay, Extension or Usury Laws

  	
   

  	
  37

  
	
  SECTION 6.13

  	
   

  	
  Sole Remedy for Failure to Report

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 7 TRUSTEE

  	
   

  	
   

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.01

  	
   

  	
  Duties of Trustee

  	
   

  	
  38

  
	
  SECTION 7.02

  	
   

  	
  Rights of Trustee

  	
   

  	
  39

  
	
  SECTION 7.03

  	
   

  	
  Individual Rights of Trustee

  	
   

  	
  40

  
	
  SECTION 7.04

  	
   

  	
  Trustee’s Disclaimer

  	
   

  	
  40

  
	
  SECTION 7.05

  	
   

  	
  Notice of Defaults

  	
   

  	
  40

  
	
  SECTION 7.06

  	
   

  	
  Reports by Trustee to Noteholders

  	
   

  	
  40

  
	
  SECTION 7.07

  	
   

  	
  Compensation and Indemnity

  	
   

  	
  41

  
	
  SECTION 7.08

  	
   

  	
  Replacement of Trustee

  	
   

  	
  41

  
	
  SECTION 7.09

  	
   

  	
  Successor Trustee by Merger

  	
   

  	
  42

  
	
  SECTION 7.10

  	
   

  	
  Eligibility; Disqualification

  	
   

  	
  42

  
	
  SECTION 7.11

  	
   

  	
  Preferential Collection of Claims Against Company

  	
   

  	
  43

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 8 DISCHARGE OF INDENTURE

  	
   

  	
  43

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.01

  	
   

  	
  Discharge of Liability on Notes

  	
   

  	
  43

  
	
  SECTION 8.02

  	
   

  	
  Application of Trust Money

  	
   

  	
  43

  
	
  SECTION 8.03

  	
   

  	
  Repayment to Company

  	
   

  	
  43

  
	
  SECTION 8.04

  	
   

  	
  Reinstatement

  	
   

  	
  43

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 9 AMENDMENTS

  	
   

  	
  44

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.01

  	
   

  	
  Without Consent of Noteholders

  	
   

  	
  44

  
	
  SECTION 9.02

  	
   

  	
  With Consent of Noteholders

  	
   

  	
  45

  

 

 ii
 

 

	
  SECTION 9.03

  	
   

  	
  Compliance with Trust Indenture Act

  	
   

  	
  46

  
	
  SECTION 9.04

  	
   

  	
  Revocation and Effect of Consents and Waivers

  	
   

  	
  46

  
	
  SECTION 9.05

  	
   

  	
  Notation on or Exchange of Notes

  	
   

  	
  47

  
	
  SECTION 9.06

  	
   

  	
  Trustee to Sign Amendments

  	
   

  	
  47

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 10 CONVERSION OF NOTES

  	
   

  	
  47

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.01

  	
   

  	
  Right to Convert

  	
   

  	
  47

  
	
  SECTION 10.02 

  	
   

  	
  Exercise of Conversion Right; Issuance of Common
  Stock on Conversion; No Adjustment for Interest or Dividends 

  	
   

  	
  50 

  
	
  SECTION 10.03

  	
   

  	
  Cash Payments in Lieu of Fractional Shares

  	
   

  	
  51

  
	
  SECTION 10.04

  	
   

  	
  Conversion Rate

  	
   

  	
  51

  
	
  SECTION 10.05

  	
   

  	
  Adjustment of Conversion Rate

  	
   

  	
  53

  
	
  SECTION 10.06

  	
   

  	
  Effect of Reclassification, Consolidation, Merger or
  Sale

  	
   

  	
  62

  
	
  SECTION 10.07

  	
   

  	
  Taxes on Shares Issued

  	
   

  	
  63

  
	
  SECTION 10.08 

  	
   

  	
  Reservation of Shares, Shares to be Fully Paid;
  Compliance with Governmental Requirements; Listing of Common Stock 

  	
   

  	
  63 

  
	
  SECTION 10.09

  	
   

  	
  Responsibility of Trustee

  	
   

  	
  64

  
	
  SECTION 10.10

  	
   

  	
  Notice to Holders Prior to Certain Actions

  	
   

  	
  64

  
	
  SECTION 10.11

  	
   

  	
  Stockholder Rights Plans

  	
   

  	
  65

  
	
  SECTION 10.12

  	
   

  	
  Settlement Upon Conversion

  	
   

  	
  65

  
	
  SECTION 10.13

  	
   

  	
  Conversion After a Public Acquirer Change of Control

  	
   

  	
  66

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 11 MISCELLANEOUS

  	
   

  	
  67

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.01

  	
   

  	
  Trust Indenture Act Controls

  	
   

  	
  67

  
	
  SECTION 11.02

  	
   

  	
  Notices

  	
   

  	
  67

  
	
  SECTION 11.03

  	
   

  	
  Communication by Noteholders with Other Noteholders

  	
   

  	
  68

  
	
  SECTION 11.04

  	
   

  	
  Certificate and Opinion as to Conditions Precedent

  	
   

  	
  68

  
	
  SECTION 11.05

  	
   

  	
  Statements Required in Certificate or Opinion

  	
   

  	
  68

  
	
  SECTION 11.06

  	
   

  	
  When Notes Disregarded

  	
   

  	
  69

  
	
  SECTION 11.07 

  	
   

  	
  Rules by Trustee, Paying Agent, Conversion Agent and
  Registrar 

  	
   

  	
  69 

  
	
  SECTION 11.08

  	
   

  	
  Business Day

  	
   

  	
  69

  
	
  SECTION 11.09

  	
   

  	
  Governing Law; Waiver of Jury Trial

  	
   

  	
  69

  
	
  SECTION 11.10

  	
   

  	
  No Interpretation of or by Other Agreements

  	
   

  	
  70

  
	
  SECTION 11.11

  	
   

  	
  Successors

  	
   

  	
  70

  
	
  SECTION 11.12

  	
   

  	
  Multiple Originals

  	
   

  	
  70

  
	
  SECTION 11.13

  	
   

  	
  Table of Contents; Headings

  	
   

  	
  70

  
	
  SECTION 11.14

  	
   

  	
  Indenture and Notes Solely Corporate Obligations

  	
   

  	
  70

  
	
  SECTION 11.15

  	
   

  	
  Severability

  	
   

  	
  70

  
	
  SECTION 11.16

  	
   

  	
  Benefits of Indenture

  	
   

  	
  70

  
	
  SECTION 11.17

  	
   

  	
  Calculations

  	
   

  	
  71

  
	
  SECTION 11.18

  	
   

  	
  Qualification of Indenture

  	
   

  	
  71

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit A — Form of Note

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit B — Form of Restrictive Legend for Common
  Stock Issued Upon Conversion

  	
   

  	
   

  

 

 

 iii

INDENTURE dated as of April 23, 2007, between LAWSON
SOFTWARE, INC., a Delaware corporation (the “Company”), and The Bank of New York, a
New York banking corporation, as trustee (the “Trustee”).

WHEREAS, the Company has duly authorized the creation
of an issue of its 2.50% Senior Convertible Notes due 2012 (the “Notes”), having the
terms, tenor, amount and other provisions hereinafter set forth, and, to
provide therefor, the Company has duly authorized the execution and delivery of
this Indenture; and

WHEREAS, all things necessary to make the Notes, when
the Notes are duly executed by the Company and authenticated and delivered
hereunder and duly issued by the Company, the valid obligations of the Company,
and to make this Indenture a valid and binding agreement of the Company, in
accordance with its terms, have been done and performed, and the execution of
this Indenture and the issue hereunder of the Notes have in all respects been
duly authorized,

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

ARTICLE 1

DEFINITIONS
AND INCORPORATION BY REFERENCE

SECTION
1.01              Definitions.

“Additional
Interest” has the meaning specified for “Additional Interest” in
any Registration Rights Agreement, including in Section 7(a) of the Initial
Registration Rights Agreement.

“Additional
Notes” has the meaning specified in Section 2.14.

“Additional
Notes Board Resolutions” means resolutions duly adopted by the
Board of Directors of the Company and delivered to the Trustee in an Officers’
Certificate providing for the issuance of Additional Notes.

“Additional
Shares” has the meaning specified in Section 10.04(b).

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

“Agent
Members” has the meaning specified in Section 2.08(b)(vi).

“Bankruptcy
Law” has the meaning specified in Section 6.01.

 1
 

“Board
of Directors” means the Board of Directors of the Company or,
other than in the case of the definition of “Continuing Directors,” any
committee thereof duly authorized to act on behalf of such Board.

“Business
Day” has the meaning specified in Section 11.08.

“Capital
Stock” of any Person means any and all shares, interests, rights
to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) equity of such Person, including any
Preferred Stock, excluding any debt securities convertible into such equity.

“Closing
Date” means April 23, 2007, the date as of which this Indenture
was originally executed and delivered.

“Closing
Sale Price” of any share of Common Stock or any other security
on any Trading Day means:

(i) the closing sale price per share of such security
(or, if no closing sale price is reported, the average of the closing bid and
closing ask prices or, if more than one in either case, the average of the
average closing bid and the average closing ask prices) on such date as
reported in composite transactions for the principal U.S. securities exchange
on which such security is traded;

(ii) if such security is not listed on a U.S. national
or regional securities exchange, the last quoted bid price of such security on
that date in the over-the-counter market as reported by Pink Sheets LLC or a
similar organization; or

(iii) if such security is not so quoted by Pink Sheets
LLC or a similar organization, as determined by a nationally recognized
securities dealer retained by the Company for that purpose.

The Closing Sale Price shall be determined without
reference to extended or after hours trading. The Closing Sale Price of the
Common Stock may be adjusted pursuant to Section 10.05(j).

“Code”
means the Internal Revenue Code of 1986, as amended.

“Common
Stock” means Common Stock of the Company, par value $0.01 per
share, as designated by the Company at the Closing Date or shares of any class
or classes resulting from any reclassification or reclassifications thereof, provided that if at any time there shall
be more than one such resulting class, the shares of each such class then so
issuable on conversion shall be substantially in the proportion which the total
number of shares of such class resulting from all such reclassifications bears
to the total number of shares of all such classes resulting from all such
reclassifications.

“Company”
means the party named as such in this Indenture until a successor replaces it and,
thereafter, means the successor.

“Company
Order” has the meaning specified in Section 2.04.

 2
 

“Company
Repurchase Notice” has the meaning specified in Section 3.02.

“Company
Website” means, as of any date of determination, the principal
web site maintained by the Company on the Internet, which is located at
http://www.lawson.com as of the date hereof.

“Continuing
Directors” means, as of any date of determination, any member of
the Board of Directors who (i) was a member of the Board of Directors on the
Closing Date; or (ii) was nominated for election or elected to the Board of
Directors with the approval of a majority of the Continuing Directors who were
members of the Board of Directors at the time of such new director’s nomination
or election.

“Conversion
Agent” has the meaning specified in Section 2.05.

“Conversion
Date” has the meaning specified in Section 10.02.

“Conversion
Notice” has the meaning specified in Section 10.02.

“Conversion
Period” means, with respect to any Note delivered for
conversion, the period of 20 consecutive Settlement Period Trading Days:

(a)           with respect to
Conversion Notices in respect of such Note received during the period beginning
25 Scheduled Trading Days preceding the Maturity Date, beginning on and
including the 23rd Scheduled Trading Day immediately preceding the Maturity
Date; and

(b)           in all other cases,
beginning on and including the third Settlement Period Trading Day following
the receipt by the Company of the Conversion Notice in respect of such Note.

“Conversion
Price” on any date of determination means $1,000 divided by the Conversion
Rate as of such date.

“Conversion
Rate” means initially 83.2293 shares of Common Stock, subject to
adjustment as set forth herein.

“Conversion
Settlement Amount” has the meaning specified in Section 10.12.

“Corporate
Trust Office” or other similar term, means the designated office
of the Trustee at which at any particular time its corporate trust business as
it relates to this Indenture shall be administered, which office is, at the
Closing Date, located at 101 Barclay Street, Floor 8-W, New York, NY 10286, or
at any other time at such other address as the Trustee may designate from time
to time by notice to the Company.

“Current
Market Price” has the meaning specified in Section 10.05(h)(i).

“Custodian”
has the meaning specified in Section 6.01.

 3
 

“Daily
Conversion Value” has the meaning specified in Section 10.12.

“Daily
Settlement Amount” has the meaning specified in Section 10.12.

“Default”
means any event which is, or after notice or passage of time or both would be, an
Event of Default.

“Defaulted
Interest” has the meaning specified in Section 2.15.

“Depositary”
means the clearing agency registered under the Exchange Act that is designated
to act as the Depositary for the Global Notes. DTC shall be the initial
Depositary, until a successor shall have been appointed and become such
pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall
mean or include such successor.

“Depositary
Entity” has the meaning specified in Section 9.04.

“Distributed
Assets” has the meaning specified in Section 10.05(d).

“Distribution
Notice” has the meaning specified in Section 10.01(b).

“DTC”
means The Depository Trust Company.

“Effective
Date” has the meaning specified in Section 10.04(b).

“Event
of Default” has the meaning specified in Section 6.01.

“Ex-Dividend
Date” has the meaning specified in Section 10.05(h)(ii).

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

“Expiration
Date” has the meaning specified in Section 10.05(f).

“Expiration
Time” has the meaning specified in Section 10.05(f).

“Fair
Market Value” means the amount which a willing buyer would pay a
willing seller in an arm’s-length transaction as determined by the Board of
Directors.

“Fiscal
Quarter” means, with respect to the Company, the fiscal quarter
publicly disclosed by the Company. The Company shall confirm the ending dates
of its fiscal quarters for the current fiscal year to the Trustee upon the
Trustee’s request.

“Fundamental
Change” means the occurrence of any of the following after the
Closing Date:

(a)           the
consummation of any transaction (including, without limitation, any merger or consolidation)
the result of which is that any “person” becomes the “beneficial owner” (as
these terms are defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act),
directly or indirectly, of more than 50% of the Company’s Capital Stock that is
at the time entitled to vote by the holder thereof in the election of the Board
of Directors (or comparable body); or

 4
 

(b)           the
first day on which a majority of the members of the Board of Directors are not Continuing
Directors; or

(c)           the
adoption of a plan relating to the liquidation or dissolution of the Company;
or

(d)           the
consolidation or merger of the Company with or into any other Person, or the sale,
lease, transfer, conveyance or other disposition, in one or a series of related
transactions, of all or substantially all of the Company’s assets to any
“person” (as this term is used in Section13(d)(3) of the Exchange Act), other
than:

(i)            any transaction (x)
that does not result in any reclassification, conversion, exchange or
cancellation of outstanding shares of the Company’s Capital Stock, and (y) pursuant
to which the holders of 50% or more of the total voting power of all shares of the
Company’s Capital Stock entitled to vote generally in elections of directors of
the Company immediately prior to such transaction have the right to exercise,
directly or in directly, 50% or more of the total voting power of all shares of
the Company’s Capital Stock entitled to vote generally in elections of
directors of the continuing or surviving Person (or any parent thereof)
immediately after giving effect to such transaction;

(ii)           any merger primarily
for the purpose of changing the Company’s jurisdiction of incorporation and
resulting in a reclassification, conversion or exchange of outstanding shares
of Common Stock solely into shares of common stock of the surviving entity; or

(iii)          any consolidation or
merger with or into any of the Company’s Subsidiaries, so long as such merger
or consolidation is not part of a plan or a series of transactions designed to
or having the effect of merging or consolidating with any other Person; or

(e)           the
termination of trading of the Common Stock (or other common equity interests
into which the Notes are then convertible), which will be deemed to have
occurred if the Common Stock (or other common equity interests into which the
Notes are then convertible) is not listed on a United States national
securities exchange, and no depositary receipts or other certificates
representing common equity interests are so listed in the United States.

However, a Fundamental Change will be deemed not to
have occurred if more than 90% of the consideration in the transaction or
transactions (other than cash payments for fractional shares and cash payments
made in respect of dissenters’ appraisal rights) which otherwise would constitute
a Fundamental Change under clauses (a) or (d) above consists of shares of
common stock, depositary receipts or other certificates representing common
equity interests traded or to be traded immediately following such transaction
on a U.S. national securities exchange, and, as a result of the transaction or
transactions, the Notes become convertible into such common stock, depositary
receipts or other certificates representing common equity interests (and any
rights attached thereto) and other applicable consideration.

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

“Global
Notes” has the meaning specified in Section 2.02.

 5
 

“Indenture”
means this Indenture as amended or supplemented from time to time.

“Initial
Purchasers” means Lehman Brothers Inc. and Citigroup Global
Markets Inc.

“Initial
Registration Rights Agreement” means the Registration Rights
Agreement, dated as of the Closing Date, between the Company and the Initial
Purchasers, as amended from time to time in accordance with its terms.

“interest”
means, when used with reference to the Notes, any interest payable under the terms
of the Notes, including Defaulted Interest, if any, Additional Interest, if
any, and Reporting Additional Interest, if any.

“Interest
Payment Date” has the meaning specified in Section 2.03.

“Issue
Date” means the date of initial issuance of Notes pursuant to
this Indenture.

“Market
Disruption Event” means, if the Common Stock is listed on the
Nasdaq Global Select Market or another U.S. national or regional securities
exchange, the occurrence or existence during the one-half hour period ending on
the scheduled close of trading on any Trading Day of any material 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 on the
principal U.S. national or regional securities exchange on which the Common
Stock is listed or in any options, contracts or future contracts relating to
the Common Stock on the primary market for the trading of such options,
contracts or future contracts.

“Maturity
Date” means April 15, 2012.

“Non-Stock
Change of Control” means a transaction described under clause
(a) or clause(d) in the definition of Fundamental Change pursuant to which 10%
or more of the consideration for Common Stock (other than cash payments for
fractional shares, if applicable, and cash payments made in respect of
dissenters’ appraisal rights, if applicable) in such transaction consists of
cash or securities (or other property) that are not shares of common stock,
depositary receipts or other certificates representing common equity interests
traded or scheduled to be traded immediately following such transaction on a
U.S. national securities exchange.

“Note
holder” or “Holder”
means the Person in whose name a Note is registered on the Registrar’s books.

“Notes”
means any Notes issued, authenticated and delivered under this Indenture, including
any Global Notes and any Additional Notes.

“Notice
of Default” has the meaning specified in Section 6.01.

“Officer”
means the Chief Executive Officer, the Chief Financial Officer, the President, any
Executive Vice President, any Senior Vice President, any Vice President, the
Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of
the Company.

 6
 

“Officers’
Certificate” means a certificate signed by two Officers. One of
the officers executing an Officers’ Certificate in accordance with Section 4.05
shall be the chief executive, financial or accounting officer of the Company.

“Opinion
of Counsel” means a written opinion from legal counsel. The
counsel may be an employee of or counsel to the Company.

“Paying
Agent” has the meaning specified in Section 2.05.

“Person”
means any individual, corporation, partnership, limited liability company,
joint venture, association, joint-stock company, trust, unincorporated
organization, government or any agency or political subdivision thereof or any
other entity.

“PORTAL
Market” means The PORTAL Market operated by the Nasdaq Stock
Market or any successor thereto.

“Preferred
Stock”, as applied to the Capital Stock of any Person, means
Capital Stock of any class or classes (however designated) that is preferred as
to the payment of dividends, or as to the distribution of assets upon any
voluntary or involuntary liquidation or dissolution of such Person, over shares
of Capital Stock of any other class of such Person.

“protected
purchaser” has the meaning specified in Section 2.09.

“Public
Acquirer Change of Control” means a Non-Stock Change of Control
in which the acquirer has a class of common stock traded on a U.S. national
securities exchange or that shall be so traded when issued or exchanged in connection
with such Non-Stock Change of Control (the “Public Acquirer Common Stock”). If an
acquirer does not itself have a class of common stock satisfying the foregoing
requirement, it shall be deemed to have Public Acquirer Common Stock if a
corporation that directly or indirectly owns at least a majority of the
acquirer has a class of common stock satisfying the foregoing requirement, provided that such corporation fully and
unconditionally guarantees the Notes, in which case all references to Public
Acquirer Common Stock shall refer to such class of common stock. Majority owned
for these purposes means having “beneficial ownership” (as defined in Rule
13d-3 under the Exchange Act) of more than 50% of the total voting power of all
shares of the respective entity’s capital stock that are entitled to vote
generally in the election of directors.

“Public
Acquirer Common Stock” has the meaning specified in the
definition of Public Acquirer Change of Control.

“Purchase
Agreement” means the Purchase Agreement, dated April 17, 2007,
between the Company and the Initial Purchasers relating to the offering and
sale of the Notes .

“Record
Date” means, with respect to any dividend, distribution or other
transaction or event in which the holders of Common Stock have the right to
receive any cash, securities or other property or in which the Common Stock (or
other applicable security) is exchanged for or converted into any combination
of cash, securities or other property, the date fixed for determination of
holders of Common Stock entitled to receive such cash, securities or other

 7
 

property (whether such date is fixed by the Board of
Directors or by statute, contract or otherwise).

“Reference
Property” has the meaning specified in Section 10.06.

“Register”
has the meaning specified in Section 2.05.

“Registrar”
has the meaning specified in Section 2.05.

“Registration
Rights Agreement” means the Initial Registration Rights
Agreement and, with respect to any Additional Notes, one or more registration
rights agreements between the Company and the other parties thereto relating to
rights given by the Company to the purchasers of Additional Notes to register
such Additional Notes and the Common Stock into which such Additional Notes are
convertible under the Securities Act.

“Regular
Record Date” means, with respect to any Interest Payment Date of
the Notes, the last Business Day prior to the applicable Interest Payment Date;
provided that in the event that
the Notes are not held in book-entry-only form or are not represented by Global
Notes, the Regular Record Dates shall be April 1 and October 1 preceding the
applicable April 15 and October 15 Interest Payment Date, respectively.

“Reporting
Additional Interest” has the meaning specified in Section 6.13
hereof.

“Repurchase
Notice” has the meaning specified in Section 3.01(c).

“Restricted
Securities” has the meaning specified in Section 2.08(c).

“Rule
144A” means Rule 144A as promulgated under the Securities Act as
it may be amended from time to time hereafter.

“Scheduled
Trading Day” means any day on which the primary U.S. national
securities exchange or market on which Common Stock is listed or admitted for
trading is scheduled to be open for trading.

“SEC”
means the Securities and Exchange Commission.

“Securities
Act” means the Securities Act of 1933, as amended.

“Settlement
Period Market Disruption Event” means:

(i)            a failure by the
securities exchange or market referenced in the definition of “Settlement
Period Trading Day” to open for trading during its regular trading session; or

(ii)           the occurrence or
existence prior to 1:00 p.m., New York City time, on any Settlement Period
Trading Day for the Common Stock of an aggregate one-half hour of suspension or
limitation imposed on trading (by reason of movements in price

 8
 

exceeding limits
permitted by a stock exchange or otherwise) in the Common Stock or in any
option contracts or futures contracts relating to the Common Stock.

“Settlement
Period Trading Day” means a day during which:

(i)            trading in the Common
Stock generally occurs on the primary U.S. national securities exchange or
market on which the Common Stock is listed or admitted for trading; and

(ii)           there is no Settlement
Period Market Disruption Event;

provided, however,
that if the Common Stock is not traded on any U.S. national securities exchange
or market, then “Settlement Period Trading Day” shall mean a day that the
Volume Weighted Average Price of the Common Stock can be obtained.

“Significant
Subsidiary” means any Subsidiary of the Company that would be a “Significant
Subsidiary” of the Company within the meaning specified in Rule 1-02(w) under Regulation
S-X promulgated by the SEC.

“Special
Interest Payment Date” has the meaning specified in Section
2.15(a).

“Special
Record Date” has the meaning specified in Section 2.15(a).

“Spin-Off”
has the meaning specified in Section 10.05(d).

“Spin-Off
Valuation Period” has the meaning specified in Section 10.05(d).

“Stated
Maturity” means, with respect to any security, the date
specified in such security as the fixed date on which the final payment of
principal of such security is due and payable, including pursuant to any
mandatory redemption provision (but excluding any provision providing for the
repurchase of such security at the option of the holder thereof upon the happening
of any contingency beyond the control of the issuer unless such contingency has
occurred).

“Stock
Price” means:

(i)            in the case of a
Non-Stock Change of Control in which holders of the Common Stock receive only
cash as consideration for their shares of Common Stock, the amount of cash paid
per share of the Common Stock in such Non-Stock Change of Control; or

(ii)           in the case of all
other Non-Stock Changes of Control, the average of the Closing Sale Prices of
Common Stock over the five consecutive Trading-Day period ending on the Trading
Day immediately preceding the Effective Date of such Non-Stock Change of
Control.

“Subsidiary”
of any Person means any corporation, association, partnership or other business
entity of which more than 50% of the total voting power of shares of Capital
Stock or

 9
 

other interests (including partnership interests)
entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees thereof is at the time owned or
controlled, directly or indirectly, by (i) such Person, (ii) such Person and
one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of
such Person.

“TIA”
or “Trust Indenture Act”
means the Trust Indenture Act of 1939 (15 U.S.C.§§ 77aaa-77bbbb), as amended,
as in effect on the date of this Indenture.

“Trading
Day” means a day during which (i) the Nasdaq Global Select
Market is open for trading, or if the Common Stock is not listed on the Nasdaq
Global Select Market, the principal U.S. national or regional securities
exchange on which the Common Stock is listed is open for trading and has a
scheduled closing time of 4:00 p.m., New York City time (or the then standard
closing time for regular trading on the relevant exchange or market), or if the
Common Stock is not so listed, any Business Day, and (ii) there is no Market
Disruption Event.

“Trading
Price” means, with respect to a Note on any date of
determination, the average of the secondary market bid quotations per $1,000
principal amount of Notes obtained by the Trustee for $5,000,000 principal
amount of Notes at approximately 3:30 p.m., New York City time, on such
determination date from two independent nationally recognized securities
dealers selected by the Company, which may include one or more of the Initial
Purchasers; provided that if only
one such bid can be reasonably obtained by the Trustee, then this one bid shall
be used; and provided further that,
if the Trustee cannot reasonably obtain at least one bid for $5,000,000 principal
amount of Notes from an independent nationally recognized securities dealer
then, for the purpose of determining the convertibility of the Notes pursuant
to Section 10.01(a)(7) only, the Trading Price per $1,000 principal amount of
Notes shall be deemed to be less than 98% of the product of (a) the Conversion
Rate on such determination date and (b) the Closing Sale Price of a share of
Common Stock on such determination date.

“Trigger
Event” has the meaning specified in Section 10.05(d).

“Trust
Officer” means any officer within the Corporate Trust Office of
the Trustee with direct responsibility for the administration of this
Indenture.

“Trustee”
means the party named as such in this Indenture until a successor replaces it and,
thereafter, means the successor.

“Uniform
Commercial Code” means the New York Uniform Commercial Code as
in effect from time to time.

“Volume
Weighted Average Price” on any Settlement Period Trading Day
means:

(i)            with respect to Common
Stock, the per share volume weighted average price as displayed on Bloomberg
(or any successor service) Page LWSN<equity>AQR in respect of the period
from 9:30 a.m. to 4:00 p.m. (New York City time) on such Settlement Period
Trading Day (or, if such Volume Weighted Average Price is unavailable, the
market value per share of Common Stock on such Settlement Period Trading Day as
determined by a nationally recognized independent investment banking

 10
 

firm (which may be
one or more of the Initial Purchasers or one of their affiliates) retained for
this purpose by the Company); or

(ii)           with respect to any
Reference Property or Public Acquirer Common Stock, the volume weighted average
price per unit of Reference Property or share of Public Acquirer Common Stock,
as applicable, as determined in a manner substantially consistent with the
manner in which the “Volume
Weighted Average Price” of a share of Common Stock is to be
determined in accordance with clause (i) as determined in good faith by the
Company.

“Wholly
Owned Subsidiary” means a Subsidiary of the Company, all the
Capital Stock of which (other than directors’ qualifying shares) is owned by
the Company or another Wholly Owned Subsidiary.

SECTION
1.02              Incorporation
by Reference of Trust Indenture Act. This Indenture is subject to the
mandatory provisions of the TIA, which are incorporated by reference in and
made a part of this Indenture. The following TIA terms have the following
meanings:

“Commission”
means the SEC.

“indenture
securities” means the Notes.

“indenture
security holder” means a Note holder.

“indenture
to be qualified” means this Indenture.

“indenture
trustee” or “institutional trustee” means the Trustee.

“obligor”
on the indenture securities means the Company and any other obligor on the indenture
securities.

All other TIA terms used in this Indenture that are defined
by the TIA, defined by TIA reference to another statute or defined by SEC rule
have the meanings assigned to them by such definitions.

SECTION
1.03              Rules
of Construction. Unless the context otherwise requires:

(1)           a
term has the meaning assigned to it;

(2)           “or”
is not exclusive;

(3)           “including”
means including without limitation; and

(4)           words
in the singular include the plural and words in the plural include the singular.

 11
 

ARTICLE 2

THE NOTES

SECTION
2.01              Designation,
Amount and Issuance of Notes. The Notes shall be designated as “2.50%
Senior Convertible Notes due 2012.” The Notes initially will be issued in an
aggregate principal amount not to exceed (i) $240,000,000 plus (ii) such
additional aggregate principal amount of Notes as may be issued from time to
time as Additional Notes in accordance with such Section 2.14 (except pursuant
to Sections 2.09 and 2.11 hereof). Notes may be executed by the Company and
delivered to the Trustee for authentication as provided in Section 2.04.

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

Any of the Notes may have such letters, numbers or
other marks of identification and such notations, legends, endorsements or
changes as the officers executing the same may approve (execution thereof to be
conclusive evidence of such approval) and as are not inconsistent with the
provisions of this Indenture, or as may be required by the custodian for the Global
Notes, the Depositary or by the National Association of Securities Dealers,
Inc. in order for the Notes to be tradable on the PORTAL Market or as may be required
for the Notes to be tradable on any other market developed for trading of
securities pursuant to Rule 144A or as may be required to comply with any
applicable law or with any rule or regulation made pursuant thereto or with any
rule or regulation of any securities exchange or automated quotation system on
which the Notes may be listed, or to conform to usage, or to indicate any
special limitations or restrictions to which any particular Notes are subject.

So long as the Notes are eligible for book-entry
settlement with the Depositary, or unless otherwise required by law, or
otherwise contemplated by Section 2.08(b), all of the Notes will be represented
by one or more Notes in global form registered in the name of the Depositary or
the nominee of the Depositary (“Global Notes”). The transfer and exchange of beneficial
interests in any such Global Notes shall be effected through the Depositary in
accordance with this Indenture and the applicable procedures of the Depositary;
and beneficial interests in the Global Notes shall be subject to all rules and
procedures of the Depositary. Except as provided in Section 2.08(b), beneficial
owners of a Global Note shall not be entitled to have certificates registered
in their names, will not receive or be entitled to receive physical delivery of
certificates in definitive form and will not be considered Holders of such
Global Note.

Any Global Notes shall represent such of the
outstanding Notes as shall be specified therein and shall provide that it shall
represent the aggregate amount of outstanding Notes from time to time endorsed
thereon and that the aggregate amount of outstanding Notes represented thereby
may from time to time be increased or reduced to reflect repurchases,
conversions, transfers or exchanges permitted hereby. Any endorsement of a
Global Note to reflect the amount of any increase or decrease in the amount of
outstanding Notes represented thereby shall

 12
 

be made by the Trustee or the custodian for the Global
Note, at the direction of the Trustee, in such manner and upon instructions
given by the Holder of such Notes in accordance with this Indenture. Payment of
principal of and interest on any Global Notes shall be made to the Depositary
in immediately available funds.

SECTION
2.03              Date
and Denomination of Notes; Payment at Maturity; Payment of Interest.
The Notes shall be issuable in registered form without coupons in denominations
of $1,000 principal amount and integral multiples thereof. Each Note shall be dated
the date of its authentication and shall bear interest from the date specified
in the form of Notes attached as Exhibit A hereto.

Interest on the Notes shall be computed on the basis
of a 360-day year comprised of twelve 30-day months. The amount of interest
payable for any period that is less than a whole month shall be computed on the
basis of the actual number of days elapsed during such less than whole-month
period divided by 360.

If any payment date is not a Business Day, payment
will be made on the next succeeding Business Day and no interest will accrue
thereon.

On the Maturity Date, each Holder shall be entitled to
receive on such date $1,000 principal amount per Notes and accrued and unpaid
interest to, but not including, the Maturity Date. With respect to Global
Notes, such principal and interest will be paid to the Depositary in immediately
available funds. With respect to any certificated Notes, such principal and
interest will be payable at the Company’s office or agency maintained for that
purpose, which initially will be the office or agency of the Trustee located at
101 Barclay Street, Floor 8-W, New York, NY 10286, Attention: Corporate Trust
Administration.

Interest on the Notes will accrue at the rate of 2.50%
per annum, from April 23, 2007 until the principal thereof is paid or made
available for payment. Interest shall be payable on April 15 and October 15 of
each year (each, an “Interest
Payment Date”), commencing October15, 2007, to the Person in
whose name any Note is registered on the Register at 5:00 p.m., New York City time,
on any Regular Record Date with respect to the applicable Interest Payment Date,
except that the interest payable upon the Maturity Date will be payable to the
Person to whom the principal amount is paid. Notwithstanding the foregoing, any
Notes or portion there of surrendered for conversion after 5:00 p.m., New York
City time, on the Regular Record Date for an Interest Payment Date but prior to
the applicable Interest Payment Date shall be accompanied by payment, in
immediately available funds or other funds acceptable to the Company, of an amount
equal to the interest otherwise payable on such Interest Payment Date on the
principal amount being converted; provided that no such payment need be made:

(i)            with respect to
conversions after 5:00 p.m., New York City time, on the Regular Record Date
immediately preceding the Maturity Date;

(ii)           with respect to
conversions in connection with a Fundamental Change and 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; and

 13
 

(iii)          with respect to any
overdue interest, if overdue interest exists at the time of conversion with
respect to such Notes.

The Company shall
pay interest:

(i)            on any Global Notes by
wire transfer of immediately available funds to the account of the Depositary
or its nominee;

(ii)           on any Notes in
certificated form having a principal amount of less than $2,000,000, by check
mailed to the address of the Holder of such Notes as it appears in the
Register, provided, however, that at maturity interest will be
payable at the office of the Company maintained by the Company for such
purposes, which shall initially be an office or agency of the Trustee; and

(iii)          on any Notes in
certificated form having a principal amount of $2,000,000 or more, by wire
transfer in immediately available funds at the election of the Holder of such
Notes duly delivered to the Trustee at least five Business Days prior to the
relevant Interest Payment Date, provided,
however, that at maturity
interest will be payable at the office of the Company maintained by the Company
for such purposes, which shall initially be an office or agency of the Trustee.

SECTION
2.04              Execution
and Authentication. One Officer shall sign the Notes for the Company by
manual or facsimile signature.

If an Officer whose signature is on a Note no longer
holds that office at the time the Trustee authenticates the Note, the Note
shall be valid nevertheless.

A Note shall not be valid until an authorized signatory
of the Trustee manually signs the certificate of authentication on the Note.
The signature shall be conclusive evidence that the Note has been authenticated
under this Indenture.

The Trustee shall authenticate and make available for
delivery Notes for original issue, upon receipt of a written order or orders of
the Company signed by an Officer (a “Company Order”): (i) pursuant to the Purchase
Agreement, in the aggregate principal amount of up to $240,000,000 and (ii)
from time to time, in such aggregate principal amount as shall be established
for any Additional Notes established pursuant to the respective Officers’
Certificate in respect thereof delivered pursuant to Section 2.14. The Company
Order shall specify the amount of Notes to be authenticated and shall state the
date on which such Notes are to be authenticated.

The Trustee may appoint an authenticating agent
reasonably acceptable to the Company to authenticate the Notes. Any such
appointment shall be evidenced by an instrument signed by a Trust Officer, a
copy of which shall be furnished to the Company. Unless limited by the terms of
such appointment, an authenticating agent may authenticate Notes whenever the
Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by such agent. An authenticating agent has the
same rights as any Registrar, Paying Agent or agent for service of notices and
demands.

 14
 

SECTION
2.05              Registrar,
Paying Agent and Conversion Agent. The Company shall maintain an office
or agency where Notes may be presented for registration of transfer or for
exchange (the “Registrar”),
an office or agency where Notes may be presented for payment (the “Paying Agent”) and an
office or agency where Notes may be presented for conversion (the “Conversion Agent”).
The Corporate Trust Office shall be considered as one such office or agency of
the Company for each of the aforesaid purposes. The Registrar shall keep a
register of the Notes (the “Register”) and of their transfer and exchange. The
Company may have one or more co-registrars, one or more additional paying
agents and one or more additional conversion agents. The term “Paying Agent”
includes any additional paying agent, the term “Registrar ”includes any
co-registrars and the term “Conversion Agent” includes any additional
conversion agent. The Company initially appoints the Trustee as (i) Registrar,
Paying Agent and Conversion Agent in connection with the Notes and (ii) the
custodian with respect to the Global Notes.

The Company shall enter into an appropriate agency
agreement with any Registrar, Paying Agent or Conversion Agent not a party to
this Indenture, which shall incorporate the terms of the TIA. The agreement
shall implement the provisions of this Indenture that relate to such agent. The
Company shall notify the Trustee of the name and address of any such agent. If
the Company fails to maintain a Registrar, Paying Agent or Conversion Agent,
the Trustee shall act as such and shall be entitled to appropriate compensation
there for pursuant to Section 7.07. The Company or any of its domestically
organized Wholly Owned Subsidiaries may act as Paying Agent or Registrar.

The Company may remove any Registrar, Paying Agent or
Conversion Agent upon written notice to such Registrar, Paying Agent,
Conversion Agent and to the Trustee; provided,
however, that no such removal
shall become effective until (1) acceptance of an appointment by a successor as
evidenced by an appropriate agreement entered into by the Company and such successor
Registrar, Paying Agent or Conversion Agent, as the case may be, and delivered
to the Trustee or (2) notification to the Trustee that the Trustee shall serve
as Registrar, Paying Agent or Conversion Agent until the appointment of a
successor in accordance with clause (1) above. The Registrar, Paying Agent or
Conversion Agent may resign at any time upon written notice; provided, however,
that the Trustee may resign as Paying Agent, Conversion Agent or Registrar only
if the Trustee also resigns as Trustee in accordance with Section 7.08.

SECTION
2.06              Paying
Agent to Hold Money in Trust. Prior to each due date of the principal
and interest on any Note, the Company shall deposit with the Paying Agent (or
if the Company or a Wholly Owned Subsidiary is acting as Paying Agent,
segregate and hold in trust for the benefit of the Persons entitled thereto) a
sum sufficient to pay such principal and interest when so becoming due. The
Company shall require each Paying Agent (other than the Trustee) to agree in
writing that the Paying Agent shall hold in trust for the benefit of Noteholders
or the Trustee all money held by the Paying Agent for the payment of principal
of or interest on the Notes and shall notify the Trustee of any default by the
Company in making any such payment. If the Company or a Subsidiary of the
Company acts as Paying Agent, it shall segregate the money held by it as Paying
Agent and hold it as a separate trust fund. The Company at any time may require
a Paying Agent to pay all money held by it to the Trustee and to account for
any funds disbursed by the Paying Agent. Upon complying with this Section, the Paying
Agent shall have no further liability for the money delivered to the Trustee.

 15
 

SECTION
2.07              Noteholder
Lists. The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of Noteholders
and shall otherwise comply with Section 312(a) of the TIA. If the Trustee is
not the Registrar, or to the extent otherwise required under the TIA, the
Company shall furnish, or cause the Registrar to furnish, to the Trustee, in
writing at least five Business Days before each Interest Payment Date and at
such other times as the Trustee may request in writing, a list in such form and
as of such date as the Trustee may reasonably require of the names and
addresses of Noteholders and shall otherwise comply with Section 312(a) of the
TIA.

SECTION
2.08              Exchange
and Registration of Transfer of Notes; Restrictions on Transfer. (a)
The Company shall cause to be kept at the Corporate Trust Office the Register in
which, subject to such reasonable regulations as it may prescribe, the Company
shall provide for the registration of Notes and of transfers of Notes. The
Register shall be in written form or in any form capable of being converted
into written form within a reasonably prompt period of time.

Upon surrender for registration of transfer of any
Notes to the Register or any co-register, and satisfaction of the requirements
for such transfer set forth in this Section 2.08, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Notes of any authorized
denominations and of a like aggregate principal amount and bearing such
restrictive legends as may be required by this Indenture.

Notes
may be exchanged for other Notes of any authorized denominations and of a like
aggregate principal amount, upon surrender of the Notes to be exchanged at any
such office or agency maintained by the Company pursuant to Section 4.02.
Whenever any Notes are so surrendered for exchange, the Company shall execute,
and the Trustee shall authenticate and deliver, the Notes that the Holder
making the exchange is entitled to receive bearing registration numbers not contemporaneously
outstanding.

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

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

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

Neither the Company nor the Trustee nor
any Registrar shall be required to exchange, issue or register a transfer of
(a) any Notes or portions thereof surrendered for conversion 

 16
 

pursuant to Article 10 or (b) any Notes or portions
thereof tendered for repurchase (and not withdrawn) pursuant to Article 3.

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

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

(ii)           Notwithstanding any
other provision in this Indenture, no Global Note may be exchanged in whole or
in part for Notes registered, and no transfer of a Global Note in whole or in
part may be registered, in the name of any Person other than the Depositary or
a nominee thereof unless

(A)          the Depositary (x) has
notified the Company that it is unwilling or unable to continue as Depositary
for such Global Note or (y) has ceased to be a clearing agency registered under
the Exchange Act, and a successor depositary has not been appointed by the
Company within 90 calendar days, or

(B)           the Company, in its
sole discretion, notifies the Trustee in writing that it no longer wishes to
have all the Notes represented by Global Notes.

Any Global Notes
exchanged pursuant to this Section 2.08(b)(ii) shall be so exchanged in whole
and not in part.

(iii)          In addition,
certificated Notes will be issued in exchange for beneficial interests in a
Global Note upon request by or on behalf of the Depositary in accordance with
customary procedures following the request of a beneficial owner seeking to
enforce its rights under the Notes or this Indenture, including its rights
following the occurrence of an Event of Default.

(iv)          Notes issued in exchange
for a Global Note or any portion thereof pursuant to clause (ii) or (iii) above
shall be issued in definitive, fully registered form, without interest coupons,
shall have an aggregate principal amount equal to that of such Global Notes or
portion thereof to be so exchanged, shall be registered in such names and be in
such authorized denominations as the Depositary shall designate and shall bear
any legends required hereunder. Any Global Notes to be exchanged shall be
surrendered by the Depositary to the Trustee, as Registrar, provided that pending completion of the exchange
of a Global Note, the Trustee acting as custodian for the Global Notes for the
Depositary or its nominee with respect to such Global Notes, shall reduce the
principal amount thereof, by an amount equal to the portion thereof to be so
exchanged, by means of an appropriate adjustment made on the records of the
Trustee. Upon any such surrender or adjustment, the Trustee shall authenticate
and make available for delivery the Notes issuable on such exchange to or upon
the written order of the Depositary or an authorized representative thereof.

 17
 

(v)           In the event of the
occurrence of any of the events specified in clause (ii) above or upon any
request described in clause (iii) above, the Company will promptly make
available to the Trustee a sufficient supply of certificated Notes in
definitive, fully registered form, without interest coupons.

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

(vii)         At such time as all
interests in a Global Note have been repurchased, converted, cancelled or
exchanged for Notes in certificated form, such Global Note shall, upon receipt
thereof, be cancelled by the Trustee in accordance with standing procedures and
instructions existing between the Depositary and the custodian for the Global
Note. At any time prior to such cancellation, if any interest in a Global Note
is repurchased, converted, cancelled or exchanged for Notes in certificated
form, the principal amount of such Global Note shall, in accordance with the
standing procedures and instructions existing between the Depositary and the
custodian for the Global Note, be appropriately reduced by the Trustee and the
Depositary in their records.

(c)           Every
Note (and all securities issued in exchange therefor or in substitution thereof)
that bears or is required under this Section 2.08(c) to bear the legend set
forth in this Section 2.08(c) (together with any Common Stock issued upon
conversion of the Notes and required to bear the legend set forth in Exhibit
B, collectively, the “Restricted
Securities”) shall be subject to the restrictions on transfer
set forth in this Section 2.08(c) (including those set for thin the legend
below and the legend set forth in Exhibit B) unless such restrictions on
transfer shall be waived by written consent of the Company following receipt of
legal advice supporting the permissibility of the waiver of such transfer
restrictions, and the holder of each such Restricted Security, by such holder’s
acceptance thereof, agrees to be bound by all such restrictions on transfer. As
used in this Section 2.08(c), the term “transfer” means any sale, pledge, loan,
transfer or other disposition whatsoever of any Restricted Security or any
interest therein.

Prior to the date two years following the later of the
Closing Date and the date of the last subsequent issuance of the Notes, if any,
any certificate evidencing a Restricted Security shall bear a legend in
substantially the following form (or as set forth in Exhibit B, in the
case of Common Stock issued upon conversion of the Notes), unless such
Restricted Security has been sold pursuant to a registration statement that has
been declared effective under the Securities Act (and which continues to be
effective at the time of such transfer) or sold pursuant to Rule 144

 18
 

under the Securities Act or any similar provision then
in force, or unless otherwise agreed by theCompany in writing as set forth above,
with written notice thereof to the Trustee:

THE SECURITIES
EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS.
NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED,
SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN
THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. EACH
PURCHASER OF THE SECURITY EVIDENCED HEREBY IS NOTIFIED THAT THE SELLER MAY BE
RELYING ON THE EXEMPTION FROM SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THERE UNDER. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS
THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE144A UNDER THE
SECURITIES ACT), (2) AGREES THAT IT WILL NOT PRIOR TO THE DATE WHICH IS TWO
YEARS (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144(K) UNDER THE
SECURITIES ACT OR ANY SUCCESSOR PROVISION THERE UNDER) AFTER THE LATER OF THE
ORIGINAL ISSUE DATE HEREOF (OR OF ANY PREDECESSOR OF THIS SECURITY) AND THE
LAST SUBSEQUENT ISSUANCE OF A NOTE OF THE SAME SERIES (THE “RESALE RESTRICTION
TERMINATION DATE”), OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A)
TO THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME
EFFECTIVE UNDER THE SECURITIES ACT AND WHICH CONTINUES TO BE EFFECTIVE AT THE
TIME OF TRANSFER, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM
NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (D)
PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS
SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED
THAT THE COMPANY, THE TRUSTEE AND THE REGISTRAR SHALL HAVE THE RIGHT PRIOR TO
ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (2)(D) TO REQUIRE THE
DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE
HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

In connection with any transfer of the Notes prior to
the date two years following the later of the Closing Date and the date of the
last subsequent issuance of the Notes, if any (other than a transfer pursuant
to clause (2)(B) above), the Holder must complete and deliver the transfer

 19
 

certificate contained in this Indenture to the Trustee
(or any successor Trustee, as applicable). If the proposed transfer is pursuant
to clause (2)(D) above, the Holder must, prior to such transfer, furnish to the
Trustee (or any successor Trustee, as applicable), such certifications, legal opinions
or other information as the Company may reasonably require to confirm that such
transfer is being made pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act. The legend set
forth above will be removed upon the earlier of the transfer of the Notes
evidenced thereby pursuant to clause (2)(B) above or the expiration of two
years from the last date of original issuance of the Notes (including any
Additional Notes issued pursuant to Section 2.14).

Any Notes that are Restricted Securities and as to
which such restrictions on transfer shall have expired in accordance with their
terms or as to conditions for removal of the foregoing legend set forth therein
have been satisfied may, upon surrender of such Notes for exchange to the
Registrar in accordance with the provisions of this Section 2.08, be exchanged
for a new Note or Notes, of like tenor and aggregate principal amount, which
shall not bear the restrictive legend required by this Section 2.08(c). If such
Restricted Security surrendered for exchange is represented by a Global Note
bearing the legend set forth in this Section 2.08(c), the principal amount of
the legended Global Notes shall be reduced by the appropriate principal amount and
the principal amount of a Global Note without the legend set forth in this
Section 2.08(c) shall be increased by an equal principal amount. If a Global
Note without the legend set forth in this Section 2.08(c) is not then
outstanding, the Company shall execute and the Trustee shall authenticate and
deliver an unlegended Global Notes to the Depositary.

In the event Rule 144(k) as promulgated under the
Securities Act is amended to change the two-year period under Rule 144(k),
then, the references in the restrictive legend set forth above to “two years,”
and in the corresponding transfer restrictions described above included in this
Indenture and the Notes and with respect to shares of the Common Stock will be
deemed to refer to such changed period, from and after receipt by the Trustee
of an Officers’ Certificate and Opinion of Counsel evidencing such changes.
However, such changes will not be made if the yare otherwise prohibited by, or
would otherwise cause a violation of, the federal securities laws applicable at
the time. As soon as practicable after the Company knows of the effectiveness of
any such amendment to change the two-year period under Rule 144(k), unless such
changes would otherwise be prohibited by, or would otherwise cause a violation
of, the federal securities laws applicable at the time, the Company will
provide to the Trustee an Officers’ Certificate and Opinion of Counsel
evidencing such changes as to the effectiveness of such amendment and the
effectiveness of such change to the restrictive legends and transfer
restrictions.

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

(e)           The
Trustee shall have no responsibility or obligation to any Agent Members or any
other Person with respect to the accuracy of the books or records, or the acts
or omissions, of

 20
 

the Depositary or its nominee or of any participant or
member thereof, with respect to any ownership interest in the Notes or with
respect to the delivery to any Agent Member or other Person (other than the
Depositary) of any notice or the payment of any amount, under or with respect
to such Notes. All notices and communications to be given to the Holders of
Notes and all payments to be made to Holders of Notes under the Notes shall be
given or made only to or upon the order of the registered Holders of Notes
(which shall be the Depositary or its nominee in the case of a Global Note).
The rights of beneficial owners in any Global Notes shall be exercised only
through the Depositary subject to the customary procedures of the Depositary.
The Trustee may rely and shall be fully protected in relying upon information
furnished by the Depositary with respect to its Agent Members.

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

SECTION
2.09              Replacement
Notes. If a mutilated Note is surrendered to the Registrar or if the
Noteholder of a Note claims that the Note has been lost, destroyed or
wrongfully taken, the Company shall issue and the Trustee shall authenticate a
replacement Note if the requirements of Section 8-405 of the Uniform Commercial
Code are met, such that the Noteholder (i) satisfies the Company and the
Trustee within a reasonable time after it has notice of such loss, destruction
or wrongful taking and the Registrar does not register a transfer prior to
receiving such notification, (ii) makes such request to the Company and the
Trustee prior to the Note being acquired by a protected purchaser as defined in
Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and (iii)
satisfies any other reasonable requirements of the Trustee and the Company. If
required by the Trustee or the Company, such Noteholder shall furnish an
indemnity bond sufficient in the judgment of the Trustee to protect the
Company, the Trustee, the Paying Agent and the Registrar from any loss that any
of them may suffer if a Note is replaced. The Company and the Trustee may
charge the Noteholder for their expenses in replacing a Note. In case any Note
which has matured or is about to mature or has been properly tendered for repurchase
on a Fundamental Change Repurchase Date (and not withdrawn), as thecae may be,
or is to be converted into Common Stock, shall become mutilated or be destroyed,
lost or wrongfully taken, the Company may, instead of issuing a substitute
Note, pay or authorize the payment of or convert or authorize the conversion of
the same (without surrender thereof except in the case of a mutilated Note), as
the case may be, if the applicant for such payment or conversion shall furnish
to the Company, to the Trustee and, if applicable, to such authenticating agent
such security or indemnity as may be required by them to save each of them
harmless for any loss, liability, cost or expense caused by or in connection
with such substitution, and, in every case of destruction, loss or wrongful
taking, the applicant shall also furnish to the Company, the Trustee and, if
applicable, any Paying Agent or Conversion Agent evidence to their satisfaction
of the destruction, loss or wrongful taking of such Notes and of the ownership thereof.

Every replacement Note is an additional obligation of
the Company.

 21
 

The provisions of this Section 2.09 are exclusive and
shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, lost, destroyed or
wrongfully taken Notes.

SECTION
2.10              Outstanding
Notes. Notes outstanding at any time are all Notes authenticated by the
Trustee except for those canceled by it, those delivered to it for cancellation
and those described in this Section as not outstanding. A Note does not cease
to be outstanding because the Company or an Affiliate of the Company holds the
Note.

If a Note is replaced pursuant to Section 2.09, it
ceases to be outstanding unless the Trustee and the Company receive proof satisfactory
to them that the replaced Note is held by a protected purchaser.

If the Paying Agent segregates and holds in trust, in
accordance with this Indenture, on a Fundamental Change Repurchase Date or
Maturity Date money sufficient to pay all principal and interest payable on
that date with respect to the Notes (or portions thereof) to be repurchased or
maturing, as the case may be, and the Paying Agent is not prohibited from
paying such money to the Noteholders on that date pursuant to the terms of this
Indenture, then on and after that date such Notes (or portions thereof) cease
to be outstanding and interest on them ceases to accrue.

SECTION
2.11              Temporary
Notes. Pending the preparation of Notes in certificated form, the
Company may execute and the Trustee or an authenticating agent appointed by the
Trustee shall, upon the written request of the Company, authenticate and deliver
temporary Notes (printed or lithographed). Temporary Notes shall be issuable in
any authorized denomination, and substantially in the form of the Notes in
certificated form, but with such omissions, insertions and variations as may be
appropriate for temporary Notes, all as may be determined by the Company. Every
such temporary Notes shall be executed by the Company and authenticated by the
Trustee or such authenticating agent upon the same conditions and
insubstantially the same manner, and with the same effect, as the Notes in
certificated form. Without unreasonable delay, the Company will execute and
deliver to the Trustee or such authenticating agent Notes in certificated form
and thereupon any or all temporary Notes may be surrendered in exchange
therefor, at each office or agency maintained by the Company pursuant to
Section 4.02 and the Trustee or such authenticating agent shall authenticate
and make available for delivery in exchange for such temporary Notes an equal
aggregate principal amount of Notes in certificated form. Such exchange shall
be made by the Company at its own expense and without any charge therefor.
Until so exchanged, the temporary Notes shall in all respects be entitled to
the same benefits and subject to the same limitations under this Indenture as
Notes in certificated form authenticated and delivered hereunder.

SECTION
2.12              Cancellation.
The Company at any time may deliver Notes to the Trustee for cancellation. The
Registrar and the Paying Agent shall forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment. The
Trustee and no one else shall cancel all Notes surrendered for registration of
transfer, exchange, payment or cancellation and dispose of such canceled Notes
in accordance with its customary procedures or deliver canceled Notes to the
Company upon its request therefor. The Company may not issue new Notes to
replace Notes it has paid or delivered to the Trustee for cancellation. The
Trustee

 22
 

shall not authenticate Notes in place of canceled
Notes other than pursuant to the terms of this Indenture.

SECTION
2.13              CUSIP
and ISIN Numbers. The Company in issuing the Notes may use “CUSIP” and
“ISIN” numbers (if then generally in use) and, if so, the Trustee shall use “CUSIP”
and “ISIN” numbers in all notices issued to Noteholders as a convenience to
such Noteholders; provided, however, that any such notice may state
that no representation is made as to the correctness of such numbers either as
printed on the Notes or as contained in any notice and that reliance may be
placed only on the other identification numbers printed on the Notes. The
Company shall promptly notify the Trustee in writing of any changes to the
CUSIP and ISIN numbers.

SECTION
2.14              Additional
Notes. The Company may, from time to time, subject to compliance with any
other applicable provisions of this Indenture, without the consent of the Noteholders,
create and issue pursuant to this Indenture additional Notes (“Additional Notes”) having
terms and conditions set forth in Exhibit A identical to those of the other
outstanding Notes, except that Additional Notes may:

(1)           have
a different Issue Date from the Issue Date for other outstanding Notes;

(2)           have
a different issue price than other outstanding Notes; and

(3)           have
terms specified in the Additional Notes Board Resolutions for such Additional
Notes making appropriate adjustments to this Article 2 and Exhibit A (and related
definitions) applicable to such Additional Notes in order to conform to and
ensure compliance with the Securities Act (or other applicable securities laws)
and any registration rights or similar agreement applicable to such Additional
Notes, which are not adverse in any material respect to the Holder of any
outstanding Notes (other than such Additional Notes);

provided, that no
adjustment pursuant to this Section 2.14 shall cause such Additional Notes to
constitute, as determined pursuant to an Opinion of Counsel, a different class
of securities than the Notes issued pursuant to the Purchase Agreement for U.S.
federal income tax purposes; and provided
further, that the Additional Notes have the same CUSIP number as
other outstanding Notes. No Additional Notes may be issued if on the Issue Date
therefor any Event of Default has occurred and is continuing.

The Notes originally issued pursuant to the Purchase
Agreement and any Additional Notes shall be treated as a single class for all
purposes under this Indenture, including waivers, amendments, offers to
purchase and United States federal tax purposes.

With respect to any issuance of Additional Notes, the
Company shall deliver to the Trustee a resolution of the Board of Directors and
an Officers’ Certificate in respect of such Additional Notes, which shall
together provide the following information:

(1)           the aggregate principal
amount of such Additional Notes to be authenticated and delivered pursuant to
this Indenture;

 23
 

(2)           the Issue Date, issue
price, pre-issuance accrued interest, amount of interest payable on the first
Interest Payment Date, first Interest Payment Date, CUSIP number and
corresponding ISIN of such Additional Notes; and

(3)           such matters as shall
be applicable to such Additional Notes as described in clauses (3) and (3) of
the preceding paragraph

SECTION
2.15              Defaulted
Interest. Any interest on any Note which is payable, but is not paid
when the same becomes due and payable and such nonpayment continues for a
period of thirty (30) calendar days, shall forthwith cease to be payable to the
Holder on the Regular Record Date, and such defaulted interest and interest (to
the extent lawful) on such defaulted interest at the annual rate borne by the
Notes (such defaulted interest and interest thereon herein collectively called
“Defaulted Interest”)
shall be paid by the Company at it selection, in each case, as provided in
clause (a) or (b) below:

(a)           The
Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Notes (or their respective predecessor Notes) are registered at
5:00 p.m., New York City time, on a Special Record Date (as defined below) for
the payment of such Defaulted Interest, which shall be fixed in the following
manner. The Company shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each Note and the date (not less than
thirty (30) calendar days after such notice) of the proposed payment (the” Special Interest Payment Date”),
and at the same time the Company shall deposit with the Trustee an amount of
money equal to the aggregate amount proposed to be paid in respect of such
Defaulted Interest or shall make arrangements satisfactory to the Trustee for
such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix
a record date (the “Special
Record Date”) for the payment of such Defaulted Interest which
shall be not more than fifteen (15) calendar days and not less than ten (10) calendar
days prior to the Special Interest Payment Date and not less than ten (10)
calendar days after the receipt by the Trustee of the notice of the proposed
payment. The Trustee shall promptly notify the Company of such Special Record
Date, and in the name and at the expense of the Company, shall promptly cause
notice of the proposed payment of such Defaulted Interest and the Special
Record Date and Special Interest Payment Date there for to be given to each Note
holder, not less than ten (10) calendar days prior to such Special Record Date.
Notice of the proposed payment of such Defaulted Interest and the Special
Record Date and Special Interest Payment Date therefor having been so given,
such Defaulted Interest shall be paid on the Special Interest Payment Date to
the Persons in whose names the Notes (or their respective predecessor Notes)
are registered at 5:00 p.m., New York City time, on such Special Record Date
and shall no longer be payable pursuant to the following clause (b).

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

 24
 

(c)           Subject
to the foregoing provisions of this Section 2.15, each Note delivered under
this Indenture upon registration of, transfer of or in exchange for or in lieu
of any other Note shall carry the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Note.

ARTICLE 3

REPURCHASE
OF NOTES

SECTION 3.01    Repurchase
at Option of Holders Upon a Fundamental Change. (a) If
there shall occur a Fundamental Change at any time prior to maturity of the Notes,
then each Holder of Notes shall have the right, at such Holder’s option, to
require the Company to repurchase all of such Holder’s Notes, or any portion
thereof that is a multiple of$1,000 principal amount, on a date (the “Fundamental Change Repurchase Date”)
specified by the Company, that is not less than 20 Business Days nor more than
35 Business Days after the date of the Company Repurchase Notice related to
such Fundamental Change at a cash repurchase price equal to 100% of the
principal amount of the Notes being repurchased, plus accrued and unpaid
interest to, but excluding, the Fundamental Change Repurchase Date, subject to
the satisfaction by the Holder of the requirements set forth in Section
3.01(c); provided that if such
Fundamental Change Repurchase Date falls after a Regular Record Date and on or
prior to the corresponding Interest Payment Date, then the interest payable on
such Interest Payment Date shall be paid on such Interest Payment Date to the
Holders of record of the Notes on the applicable Regular Record Date instead of
the Holders surrendering the Notes for repurchase on such date.

(b)           On
or before the fifth calendar day after the occurrence of a Fundamental Change, the
Company shall mail or deliver or cause to be mailed or delivered to all Holders
of record of the Notes on the date of the Fundamental Change at their addresses
shown in the Register (and to beneficial owners of the Notes as required by
applicable law) a Company Repurchase Notice asset forth in Section 3.02 with
respect to such Fundamental Change. The Company shall also deliver a copy of
the Company Repurchase Notice to the Trustee and the Paying Agent at such time
as it is mailed to Holders of Notes. Simultaneously with providing such notice,
the Company shall also publicly announce such information and make the
information available on the Company Website.

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

(c)           For
Notes to be repurchased at the option of the Holder, the Holder must deliver to
the Paying Agent, at any time prior to 5:00 p.m., New York City time, on the
Business Day immediately preceding the Fundamental Change Repurchase Date, (i)
a written notice of repurchase (the “Repurchase Notice”) in the form set forth on
the reverse of the Notes duly completed (if the Notes are certificated) or
stating the following (if the Notes are represented by a Global Note): (A) the
certificate number of the Notes which the Holder will deliver to be repurchased
or compliance with the appropriate Depositary procedures, (B) the portion of
the principal amount of the Notes which the Holder will deliver to be
repurchased, which portion must be in principal amounts of $1,000 or an
integral multiple of $1,000 and (C) that such Notes

 25

shall be repurchased by the Company pursuant to the
terms and conditions specified in the Notes and in this Indenture, together
with (ii) such Notes duly endorsed for transfer (if the Notes are certificated)
or book-entry transfer of such Notes (if such Notes are represented by a Global
Note).  The delivery of such Notes to the
Paying Agent (together with all necessary endorsements) at the office of the
Paying Agent shall be a condition to the receipt by the Holder of the
repurchase price therefor; provided,
however, that such repurchase
price shall be so paid pursuant to this Section 3.01 only if the Notes so
delivered to the Paying Agent shall conform in all respects to the description
thereof in the Repurchase Notice.  All questions
as to the validity, eligibility (including time of receipt) and acceptance of
any Notes for repurchase shall be determined by the Company, whose
determination shall be final and binding absent manifest error.

(d)                               The
Company shall repurchase from the Holder thereof, pursuant to this Section
3.01, a portion of a Note, if the principal amount of such portion is $1,000 or
a whole multiple of $1,000. Provisions of this Indenture that apply to the
repurchase of all of a Note also apply to the repurchase of such portion of
such Note.

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

Any repurchase by the
Company contemplated pursuant to the provisions of this Section 3.01 shall be
consummated by the delivery of the consideration to be received by the Holder
promptly following the later of the Fundamental Change Repurchase Date and the
time of the book-entry transfer or delivery of the Notes.

SECTION
3.02                                         Company
Repurchase Notice. In connection with any repurchase of Notes pursuant
to Section 3.01, the notice contemplated by such provision (the “Company Repurchase Notice”)
shall:

(1)                                  state
the repurchase price and the Fundamental Change Repurchase Date to which the
Company Repurchase Notice relates;

(2)                                state
the circumstances constituting the Fundamental Change and the date of the
Fundamental Change;

(3)                                state
that the repurchase price will be paid in cash;

(4)                                state
that Holders must exercise their right to elect repurchase prior to 5:00 p.m.,
New York City time, on the Business Day immediately preceding the Fundamental
Change Repurchase Date;

(5)                                include
a form of Repurchase Notice;

(6)                                state
the name and address of the Paying Agent;

(7)                                state
that Notes must be surrendered to the Paying Agent to collect the repurchase
price;

 26
 

(8)                                state
that a Holder may withdraw its Repurchase Notice in whole or in part at any
time prior to 5:00 p.m., New York City time, on the Business Day immediately
preceding the Fundamental Change Repurchase Date by delivering a valid written
notice of withdrawal in accordance with Section 3.03;

(9)                                state
that the Notes are then convertible, the then applicable Conversion Rate, and
any adjustments to the applicable Conversion Rate resulting from the
Fundamental Change transaction and expected changes in the cash, shares or
other property deliverable upon conversion of the Notes as a result of the
occurrence of the Fundamental Change;

(10)                          state
that Notes as to which a Repurchase Notice has been given may be converted only
if the Repurchase Notice is withdrawn in accordance with the terms of this
Indenture;

(11)                          state the amount of interest
accrued and unpaid per $1,000 principal amount of Notes to, but excluding, the
Fundamental Change Repurchase Date; and

(12)                          state the
CUSIP number of the Notes.

A Company Repurchase
Notice may be given by the Company or, at the Company’s request, the Trustee
shall give such Company Repurchase Notice in the Company’s name and at the
Company’s expense; provided, that
the text of the Company Repurchase Notice shall be prepared by the Company.

The Company will, to the
extent applicable, comply with the provisions of Rule 13e-4 and Rule 14e-1 (or
any successor provision) and any other tender offer rules under the Exchange
Act that may be applicable at the time of the repurchase of the Notes, file the
related Schedule TO (or any successor schedule, form or report) under the
Exchange Act and comply with all other federal and state securities laws in
connection with the repurchase of the Notes.

SECTION
3.03                                         Effect
of Repurchase Notice; Withdrawal. Upon receipt by the Paying Agent of
the Repurchase Notice specified in Section 3.01, the Holder of the Notes in
respect of which such Repurchase Notice was given shall (unless such Repurchase
Notice is validly withdrawn in accordance with the following paragraph)
thereafter be entitled to receive solely the repurchase price with respect to
such Notes. Such repurchase price shall be paid to such Holder, subject to
receipt of funds and/or the Notes by the Paying Agent, promptly following the
later of (x) the Fundamental Change Repurchase Date with respect to such Notes
(provided the Holder has satisfied the conditions in Section 3.01) and (y) the
time of book-entry transfer or delivery of such Notes to the Paying Agent by
the Holder thereof in the manner required by Section 3.01.  The Notes in respect of which a Repurchase
Notice has been given by the Holder thereof may not be converted pursuant to
Article 10 hereof on or after the date of the delivery of such Repurchase
Notice unless such Repurchase Notice has first been validly withdrawn.

A Repurchase Notice may be withdrawn in whole or in
part by means of a written notice of withdrawal delivered to the office of the
Paying Agent in accordance with the Repurchase

 27
 

Notice at any time prior to 5:00 p.m., New York City
time, on the Business Day immediately preceding the Fundamental Change
Repurchase Date specifying:

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

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

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

If a Repurchase Notice is properly withdrawn, the
Company shall not be obligated to repurchase the Notes listed in such
Repurchase Notice.

SECTION
3.04                                         Deposit
of Repurchase Price. Prior to 11:00 a.m., New York City Time, on the
Fundamental Change Repurchase Date, the Company shall deposit with the Paying
Agent or, if the Company or a Wholly Owned Subsidiary of the Company is acting
as the Paying Agent, shall segregate and hold in trust as provided in Section
2.06, an amount of cash (in immediately available funds if deposited on the
Fundamental Change Repurchase Date), sufficient to pay the aggregate repurchase
price of all the Notes or portions thereof that are to be repurchased as of the
Fundamental Change Repurchase Date.

If on the Fundamental Change
Repurchase Date the Paying Agent holds cash sufficient to pay the repurchase
price of the Notes that Holders have elected to require the Company to
repurchase in accordance with Section 3.01, then, as of the Fundamental Change
Repurchase Date, such Notes will cease to be outstanding, interest will cease
to accrue and all other rights of the Holders of such Notes will terminate,
other than the right to receive the repurchase price and accrued and unpaid
interest upon delivery or book-entry transfer of the Notes.  This will be the case whether or not
book-entry transfer of the Notes has been made or the Notes have been delivered
to the Paying Agent.

SECTION
3.05                                         Notes
Repurchased in Part. Upon presentation of any Notes repurchased only in
part, the Company shall execute and the Trustee shall authenticate and make
available for delivery to the Holder thereof, at the expense of the Company, a
new Note or Notes, of any authorized denomination, in aggregate principal
amount equal to the unrepurchased portion of the Notes presented.

ARTICLE
4 

COVENANTS

SECTION
4.01                                         Payment
of Notes. The Company shall promptly pay the principal of and interest
on the Notes on the dates and in the manner provided in the Notes and in this
Indenture. Principal and interest shall be considered paid on the date due if
on such date the Trustee or the Paying Agent holds in accordance with this
Indenture money sufficient to pay all principal and interest then due and the
Trustee or the Paying Agent, as the case may be, is not

 28
 

prohibited from paying such money to the Noteholders
on that date pursuant to the terms of this Indenture.

The Company shall pay
interest on overdue principal at the rate specified therefor in the Notes, and
it shall pay interest on overdue installments of interest at the same rate to
the extent lawful.

SECTION
4.02                                         Maintenance
of Office or Agency. The Company will maintain an office or agency in
the Borough of Manhattan, The City of New York, where the Notes may be
surrendered for registration of transfer or exchange or for presentation for
payment or for conversion or repurchase and where notices and demands to or
upon the Company in respect of the Notes and this Indenture may be served.  As of the date of this Indenture, such office
is located at the office of the Trustee located at 101 Barclay Street, Floor
8-W, New York, NY  10286 and, at any
other time, at such other address as the Trustee may designate from time to
time by notice to the Company.  The
Company will give prompt written notice to the Trustee of the location, and any
change in the location, of such office or agency not designated or appointed by
the Trustee.  If at any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office.

The Company may also from
time to time designate co-registrars and one or more offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may
from time to time rescind such designations. 
The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other
office or agency.

So long as the Trustee is
the Registrar, the Trustee agrees to mail, or cause to be mailed, the notices
set forth in Section 7.08.  If
co-registrars have been appointed in accordance with this Section, the Trustee
shall mail such notices only to the Company and the Holders of Notes it can
identify from its records.

SECTION
4.03                                         144A
Information. The Company covenants and agrees that it shall, during any
period in which it is not subject to Section 13 or 15(d) under the Exchange
Act, make available to any Holder or beneficial owner of Notes or holder or
beneficial owner of any Common Stock (collectively, for purposes of this
Section 4.03, “holder”) issued upon conversion thereof which continue to be
Restricted Securities and any prospective purchaser of Notes or such Common
Stock designated by such holder, the information, if any, required pursuant to
Rule 144A(d)(4) under the Securities Act upon the request of any holder of the
Notes or such Common Stock, until such time as such securities are no longer “restricted
securities” within the meaning of Rule 144 under the Securities Act, assuming
such securities have not been owned by Affiliate of the Company.

SECTION
4.04                                         Existence.
Except in compliance with Article V, the Company will do or cause to be done
all things necessary to preserve and keep in full force and effect its
existence and rights (charter and statutory); provided
that the Company shall not be required to preserve any such right if the
Company shall determine that the preservation thereof is no longer

 29
 

desirable in the conduct of the business of the
Company and that the loss thereof is not disadvantageous in any material
respect to the Holders of Notes.

SECTION
4.05                                         Compliance
Certificate. The Company shall deliver to the Trustee within 120 calendar
days after the end of each Fiscal Year of the Company a certificate of the
principal executive officer, principal financial officer or principal
accounting officer of the Company, stating whether or not, to the knowledge of
such officer, any Default or Event of Default occurred during such period and
if so, describing each Default or Event of Default, its status and the action
the Company is taking or proposes to take with respect thereto.  The Company also shall comply with Section
314(a)(4) of the Trust Indenture Act.

SECTION
4.06                                         Further
Instruments and Acts. The Company shall execute and deliver such
further instruments and do such further acts as may be reasonably necessary or
proper to carry out more effectively the purpose of this Indenture.

SECTION
4.07                                         Additional
Interest Notice. In the event that the Company is required to pay any
Additional Interest or any Reporting Additional Interest, as applicable, to
Holders of Notes, the Company will provide written notice to the Trustee of its
obligation to pay Additional Interest or Reporting Additional Interest, as the
case may be, no later than two calendar days prior to the relevant Interest
Payment Date for Additional Interest or Reporting Additional Interest, as the
case may be, and such notice shall set forth the amount of Additional Interest
or Reporting Additional Interest, as the case may be, to be paid by the Company
on such Interest Payment Date. The Trustee shall not at any time be under any
duty or responsibility to any Holder of Notes to determine the Additional
Interest or Reporting Additional Interest, as the case may be, or with respect
to the nature, extent or calculation of the amount of Additional Interest or
Reporting Additional Interest, as the case may be, when made, or with respect to
the method employed in such calculation of the Additional Interest or Reporting
Additional Interest, as the case may be.

SECTION
4.08                                         Reporting
Obligation. (a) The Company shall deliver to the Trustee, within 15
calendar days after the Company would have been required to file with the SEC,
copies of its annual reports and of information, documents and other reports
(or copies of such portions of any of the foregoing as the SEC may by rules and
regulations prescribe) which the Company is required to file with the SEC
pursuant to Section 13 or 15(d) of the Exchange Act.  The Company shall also comply with the other
provisions of Section 314(a) of the TIA.

(b)                               Delivery
of reports, information and other documents under this Section 4.08 to the
Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute constructive notice of any information contained therein
or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates).

SECTION
4.09                                         Covenant
to Obtain Prior Stockholder Approval. 
The Company covenants not to enter into any transaction, or take any
other action, that will require an adjustment to the Conversion Rate that would
exceed the number of shares of Common Stock that would require stockholder
approval under the continued listing standards of the Nasdaq Stock Market
without having obtained prior stockholder approval.

 30
 

ARTICLE
5 

SUCCESSOR COMPANY

SECTION
5.01                                         When
Company May Merge or Transfer Assets. The Company shall not, in a
single transaction or a series of related transactions, consolidate with or
merge with or into any other Person, or sell, lease, transfer, convey or
otherwise dispose of all or substantially all of its property and assets to
another Person unless:

(a)                                either
(i) the Company is the continuing corporation, or (ii) the resulting, surviving
or transferee Person (if other than the Company) is a corporation or limited
liability company organized and existing under the laws of the United States,
any state thereof or the District of Columbia and such Person assumes, by a
supplemental indenture, all of the Company’s obligations under the Notes and
this Indenture, and, to the extent then operative, by a supplemental agreement,
all of the Company’s obligations under each Registration Rights Agreement, in
each case in a form reasonably satisfactory to the Trustee;

(b)                               immediately
after giving effect to the transaction described above, no Default or Event of
Default, has occurred and is continuing;

(c)                                if
as a result of such transaction the Notes become convertible into common stock
or other securities issued by any Person other than the Company or the
resulting, surviving or transferee Person, such other Person fully and
unconditionally guarantees all obligations of the Company or the resulting,
surviving or transferee Person (if other than the Company), as applicable,
under the Notes and this Indenture and, to the extent then operative, each
Registration Rights Agreement; and

(d)                               the
Company has delivered to the Trustee the Officers’ Certificate and Opinion of
Counsel pursuant to Section 5.03.

SECTION
5.02                                         Successor
to be Substituted. In case of any such consolidation, merger, sale,
lease, transfer, conveyance or other disposition in which the Company is not
the continuing corporation and upon the assumption by the successor Person, by
supplemental indenture, executed and delivered to the Trustee and reasonably satisfactory
in form and substance to the Trustee, of the due and punctual payment of the
principal of and interest on all of the Notes, and the due and punctual
performance and observance of all of the covenants and conditions of this
Indenture to be performed or satisfied by the Company, and, to the extent then
operative, by supplemental agreement, executed and delivered to the Trustee and
reasonably satisfactory in form and substance to the Trustee, of all of the
obligations of the Company under each Registration Rights Agreement, such
successor Person shall succeed to, and be substituted for, the Company, and may
exercise every right and power of the Company with the same effect as if it had
been named herein as the party of this first part, and the Company shall be
discharged from its obligations under the Notes, this Indenture and each
Registration Rights Agreement.  Such
successor Person thereupon may cause to be signed, and may issue either in its
own name or in the name of Lawson Software, Inc. any or all of the Notes,
issuable hereunder that theretofore shall not have been signed by the Company
and delivered to the Trustee; and, upon the order of such successor Person
instead of the Company and subject to all the terms, conditions and limitations
in this Indenture prescribed, the Trustee shall authenticate and shall

 31
 

deliver, or cause to be authenticated and delivered,
any Notes that previously shall have been signed and delivered by the officers
of the Company to the Trustee for authentication, and any Notes that such
successor Person thereafter shall cause to be signed and delivered to the
Trustee for that purpose.  All the Notes
so issued shall in all respects have the same legal rank and benefit under this
Indenture as the Notes theretofore or thereafter issued in accordance with the
terms of this Indenture as though all of such Notes had been issued at the date
of the execution hereof. In the event of any such consolidation, merger, sale,
lease, transfer, conveyance or other disposition, upon compliance with this
Article 5 the Person named as the “Company” in the first paragraph of this
Indenture or any successor that shall thereafter have become such in the manner
prescribed in this Article 5 may be dissolved, wound up and liquidated at any
time thereafter and such Person shall be discharged from its liabilities as
obligor and maker of the Notes and from its obligations under this Indenture.

SECTION
5.03                                         Opinion
of Counsel to be Given Trustee. Prior to execution of any supplemental
indenture pursuant to this Article 5, the Trustee shall be provided with an
Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any
such consolidation, merger, sale, lease, transfer, conveyance or other
disposition and any such assumption complies with the provisions of this
Article 5.

ARTICLE
6

DEFAULTS AND REMEDIES

SECTION 6.01                                         Events
of Default. An “Event
of Default” occurs if:

(a)                                the
Company defaults in any payment of interest on any Note when the same becomes
due and payable and such default continues for a period of 30 calendar days;

(b)                               the
Company defaults in the payment of the principal of any Note when the same
becomes due and payable at its Stated Maturity, upon declaration or otherwise
or upon required repurchase;

(c)                                the
Company fails to deliver cash and, if applicable, Common Stock, as required
pursuant to Article 10 upon the conversion of any Notes and such failure
continues for five Business Days following the scheduled settlement date for
such conversion;

(d)                               the
Company fails to provide notice of the anticipated effective date or actual
effective date of a Fundamental Change on a timely basis as required by Section
3.01 or 10.01 hereof and such failure continues for five calendar days;

(e)                                the
Company fails to perform or observe any other term, covenant or agreement in
the Notes or this Indenture (other than those referred to in (a), (b), (c), or
(d) above) and such failure continues for 60 calendar days after the notice
specified below;

(f)                                  a
failure to pay when due, whether at Stated Maturity or otherwise, or a default
that results in the acceleration of maturity, of any indebtedness for borrowed
money of the Company or any Significant Subsidiary in an aggregate amount in
excess of $30,000,000 (or its foreign currency equivalent), unless such
indebtedness is discharged, or such acceleration is

 32
 

rescinded, stayed or annulled, within a period of 30
calendar days after the notice specified below; or

(g)                               the
Company or any Significant Subsidiary pursuant to or within the meaning of any
Bankruptcy Law:

(1)                                commences
a voluntary case;

(2)                                consents
to the entry of an order for relief against it in an involuntary case;

(3)                                consents
to the appointment of a Custodian of it or for any substantial part of its
property; or

(4)                                makes
a general assignment for the benefit of its creditors;

(5)                                or
takes any comparable action under any foreign laws relating to insolvency; or

(h)                               a
court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that:

(1)                                is
for relief against the Company or any Significant Subsidiary in an involuntary
case;

(2)                                appoints
a Custodian of the Company or any Significant Subsidiary or for any substantial
part of its property;

(3)                                orders
the winding up or liquidation of the Company or any Significant Subsidiary; or

(4)                                any
similar relief is granted under any foreign laws and the order or decree
remains unstayed and in effect for 60 calendar days.

The foregoing shall
constitute Events of Default whatever the reason for any such Event of Default and
whether it is voluntary or involuntary or is effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body.

The term “Bankruptcy Law” means
Title 11, United States Code, or
any similar Federal or state law for the relief of debtors. The term “Custodian” means any
receiver, trustee, assignee, liquidator, custodian or similar official under
any Bankruptcy Law.

A Default under clause
(e) or (f) above is not an Event of Default until the Trustee notifies the
Company, or the Noteholders of at least 25% in aggregate principal amount of
the outstanding Notes notify the Company and the Trustee, of the Default and
the Company does not cure such Default within the time specified in such clause
(e) or (f) after receipt of such notice. Such notice must specify the Default,
demand that it be remedied and state that such notice is a “Notice of Default”.

 33
 

The Company shall deliver
to the Trustee, promptly upon becoming aware of the occurrence thereof, written
notice in the form of an Officers’ Certificate of any Default, its status and
what action the Company is taking or proposes to take with respect thereto.

SECTION
6.02                                         Acceleration.
Subject to Section 6.13, if an Event of Default (other than an Event of Default
specified in Section 6.01(g) or (h)) occurs and is continuing, the Trustee by
notice to the Company, or the Noteholders of at least 25% in aggregate
principal amount of the outstanding Notes by notice to the Company, may declare
the principal of and accrued but unpaid interest on all the Notes to be due and
payable. Upon such a declaration, such principal and interest shall be due and
payable immediately.  If an Event of Default
specified in Section 6.01(g) or (h) occurs, the principal of and interest on
all the Notes shall become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Noteholders.

At any time after such a
declaration of acceleration with respect to the Notes has been made or occurred
and before a judgment or decree for payment of money due has been obtained by
the Trustee, the Noteholders of a majority in aggregate principal amount of the
Notes by written notice to the Company and the Trustee may rescind and annul
such declaration and its consequences (including votes for or consents to such
a rescission obtained in connection with a purchase of, or tender offer or
exchange offer for, Notes) if:

(i)                                   the
Company has paid (or deposited with the Trustee a sum sufficient to pay) (A)
all overdue interest on all Notes, (B) the principal amount of any Notes that
have become due otherwise than by such acceleration, (C) to the extent that
payment of such interest is lawful, interest upon overdue interest, and (D) all
sums paid or advanced by the Trustee under this Indenture and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel;

(ii)                                the
rescission would not conflict with any judgment or decree of a court of
competent jurisdiction; and

(iii)                             all
Events of Default have been cured or waived except nonpayment of principal or
accrued and unpaid interest that has become due solely because of acceleration.

No such rescission shall affect any subsequent Default
or impair any right consequent thereto.

SECTION
6.03                                         Other
Remedies. If an Event of Default occurs and is continuing, the Trustee
may pursue any available remedy to collect the payment of principal of or
interest on the Notes or to enforce the performance of any provision of the
Notes or this Indenture.

The Trustee may maintain
a proceeding even if it does not possess any of the Notes or does not produce
any of them in the proceeding. A delay or omission by the Trustee or any
Noteholder in exercising any right or remedy accruing upon an Event of Default
shall not impair the right or remedy or constitute a waiver of or acquiescence
in the Event of Default. No remedy is exclusive of any other remedy. All
available remedies are cumulative.

 34
 

SECTION
6.04                                         Waiver
of Past Defaults. Subject to Section 6.02, the Holders of a majority in
aggregate principal amount of the Notes then outstanding, on behalf of the
Noteholders, by notice to the Trustee may waive any past Default or Event of
Default and its consequences (including votes for or consents to such a waiver
obtained in connection with a purchase of, or tender offer or exchange offer
for, Notes) except:

(i)                                   a
Default in the payment of the principal of or interest on a Note;

(ii)                                a
Default arising from the failure to repurchase any Note when required pursuant
to the terms of this Indenture;

(iii)                             a Default arising from the
failure of the Company to deliver cash and, if applicable, Common Stock upon
the conversion of any Notes pursuant to the terms of this Indenture; or

(iv)                            a
Default in respect of a provision that under Section 9.02 cannot be amended
without the consent of each Noteholder affected.

When a Default is waived, it is deemed cured, but no
such waiver shall extend to any subsequent or other Default or impair any
consequent right.

SECTION
6.05                                         Control
by Majority. The Noteholders of a majority in aggregate principal
amount of the outstanding Notes may direct the time, method and place of
conducting any proceedings for any remedy available to the Trustee or of
exercising any trust or power conferred on the Trustee. However, the Trustee
may refuse to follow any direction that conflicts with law or this Indenture
or, subject to Section 7.01, that the Trustee determines is unduly prejudicial
to the rights of other Noteholders or would involve the Trustee in personal
liability; provided, however,
that the Trustee may take any other action deemed proper by the Trustee that is
not inconsistent with such direction. Prior to taking any action hereunder, the
Trustee shall be entitled to indemnification satisfactory to it in its sole
discretion against all losses and expenses caused by taking or not taking such
action.

SECTION
6.06                                         Limitation
on Suits. Except to enforce the right to receive payment of principal or
interest when due, no Noteholder may pursue any remedy with respect to this
Indenture or the Notes unless:

(a)                                the
Noteholder gives to the Trustee written notice stating that an Event of Default
is continuing;

(b)                               the
Noteholders of at least 25% in aggregate principal amount of the outstanding
Notes make a written request to the Trustee to pursue the remedy;

(c)                                such
Noteholder or Noteholders offer to the Trustee security or indemnity reasonably
satisfactory to it against any costs, liability or expense of the Trustee;

(d)                               the
Trustee fails to comply with the request within 60 calendar days after receipt
of the request and the offer of security or indemnity; and

 35
 

(e)                                the
Noteholders of a majority in aggregate principal amount of the outstanding
Notes do not give the Trustee a direction inconsistent with the request during
such 60-calendar day period.

A Noteholder may not use this Indenture to prejudice
the rights of another Noteholder or to obtain a preference or priority over
another Noteholder.

SECTION
6.07                                         Rights
of Noteholders to Receive Payment. Notwithstanding any other provision
of this Indenture, the right of any Noteholder to receive payment of principal
of and interest on the Notes held by such Noteholder, on or after the
respective due dates expressed in the Notes, or to convert such Note in
accordance with Article 10, or to bring suit for the enforcement of any such
payment or right to convert on or after such respective dates, shall not be
impaired or affected without the consent of such Noteholder.

SECTION
6.08                                         Collection
Suit by Trustee. If an Event of Default specified in Section 6.01(a) or
(b) occurs and is continuing, the Trustee may recover judgment in its own name
and as trustee of an express trust against the Company for the whole amount
then due and owing (together with interest on any unpaid interest to the extent
lawful) and the amounts provided for in Section 7.07.

SECTION
6.09                                         Trustee
May File Proofs of Claim. The Trustee may file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee and the Noteholders allowed in any judicial proceedings
relative to the Company, its creditors or its property and, unless prohibited
by law or applicable regulations, may vote on behalf of the Noteholders in any
election of a trustee in bankruptcy or other Person performing similar
functions, and any Custodian in any such judicial proceeding is hereby
authorized by each Noteholder to make payments to the Trustee and, in the event
that the Trustee shall consent to the making of such payments directly to the
Noteholders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and its counsel, and any other amounts due the Trustee under Section 7.07.

SECTION
6.10                                         Priorities.
If the Trustee collects any money or property pursuant to this Article 6, it
shall pay out the money or property in the following order:

FIRST:
to the Trustee for amounts due under Section 7.07;

SECOND:
to Noteholders for amounts due and unpaid on the Notes for principal and
interest, ratably without preference or priority of any kind, according to the
amounts due and payable on the Notes for principal and interest, respectively;
and

THIRD:
to the Company.

The Trustee may fix a
record date and payment date for any payment to Noteholders pursuant to this
Section. At least 15 calendar days before such record date, the Trustee shall
mail to each Noteholder and the Company a notice that states the record date,
the payment date and amount to be paid.

 36
 

SECTION
6.11                                         Undertaking
for Costs. In any suit for the enforcement of any right or remedy under
this Indenture or in any suit against the Trustee for any action taken or
omitted by it as Trustee, a court in its discretion may require the filing by
any party litigant in the suit of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in the
suit, having due regard to the merits and good faith of the claims or defenses
made by the party litigant. This Section does not apply to a suit by the
Trustee, or a suit by Noteholders of more than 10% in aggregate principal amount
of the Notes or to any suit instituted by any Holder of Notes for the
enforcement of the payment of the principal of or interest on any Notes on or
after the due date expressed in such Notes or to any suit for the enforcement
of the right to convert any Notes in accordance with the provisions of Article
10.

SECTION
6.12                                         Waiver
of Stay, Extension or Usury Laws. The Company shall not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or
advantage of, any stay, extension or usury law wherever enacted, now or at any
time hereafter in force, which may affect the covenants or the performance of
this Indenture; and the Company hereby expressly waives all benefit or
advantage of any such law, and shall not hinder, delay or impede the execution
of any power herein granted to the Trustee, but shall suffer and permit the
execution of every such power as though no such law had been enacted.

SECTION
6.13                                         Sole
Remedy for Failure to Report. Notwithstanding any other provision of this
Indenture, the sole remedy for an Event of Default relating to the failure of
the Company to comply with its agreements under Section 4.08(a) of this
Indenture will for the 365 calendar days after the occurrence of such an Event
of Default consist exclusively of the right to receive additional interest (“Reporting Additional Interest”)
on the principal amount of the Notes at a rate equal to 0.50% per annum. This
Reporting Additional Interest will be payable in the same manner and on the
same Interest Payment Dates and subject to the same terms as other interest
payable under this Indenture. Reporting Additional Interest will accrue on all
outstanding Notes from and including the date on which such Event of Default
relating to a failure to comply with Section 4.08(a) first occurs to but not
including the 365th calendar day thereafter (or such earlier date on which the
Event of Default relating to a failure to comply with Section 4.08(a) shall
have been cured or waived). On such 365th calendar day (or such earlier date on
which the Event of Default relating to a failure to comply with Section 4.08(a)
shall have been cured or waived), such Reporting Additional Interest will cease
to accrue and on such 365th calendar day the Notes will be subject to acceleration
and other remedies as provided in this Article 6 if the Event of Default is
continuing. For the avoidance of doubt, the provisions of this Section 6.13
will not affect the rights of Holders of Notes in the event of the occurrence
of any other Event of Default and will have no effect on the rights of Holders
of Notes under each Registration Rights Agreement.  For the further avoidance of doubt, the
Reporting Additional Interest shall not begin accruing until the Company fails
to comply with Section 4.08(a) for a period of 60 calendar days after written
notice of such failure is given to the Company by the Trustee or to the Company
and the Trustee by the Holder of at least 25% in aggregate principal amount of
outstanding Notes.

 37
 

ARTICLE
7 

TRUSTEE

SECTION
7.01                                         Duties
of Trustee. (a) If an Event of Default has occurred and is continuing,
the Trustee shall exercise the rights and powers vested in it by this Indenture
and use the same degree of care and skill in its exercise as a prudent Person
would exercise or use under the circumstances in the conduct of such Person’s
own affairs.

(b)                               Except
during the continuance of an Event of Default:

(1)                                the
Trustee need only perform such duties as are specifically set forth in this
Indenture and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and

(2)                                in
the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture. However, in the case of certificates or
opinions specifically required by any provision hereof to be furnished to it,
the Trustee shall examine the certificates and opinions to determine whether or
not they conform to the requirements of this Indenture (but need not confirm or
investigate the accuracy of mathematical calculations or other facts stated
therein).

(c)                                The
Trustee may not be relieved from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that the
Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to
Section 6.05.

(d)                               In
no event shall the Trustee be responsible or liable for any failure or delay in
the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer
(software and hardware) services; it being understood that the Trustee shall
use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the
circumstances.

(e)                                The
Trustee shall not be liable for interest on any money received by it except as
the Trustee may agree in writing with the Company.

(f)                                  Money
held in trust by the Trustee need not be segregated from other funds except to
the extent required by law.

(g)                               In
no event shall the Trustee be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited
to, loss of profit) irrespective of whether the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action.

 38
 

(h)                               No
provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur financial liability in the performance of any of its
duties hereunder or in the exercise of any of its rights or powers, if it shall
have reasonable grounds to believe that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.

(i)                                   Every
provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of
this Section and to the provisions of the TIA.

SECTION
7.02                                         Rights
of Trustee. (a) The Trustee may conclusively rely on any document
believed by it to be genuine and to have been signed or presented by the proper
person. The Trustee need not investigate any fact or matter stated in the
document.

(b)                               Before
the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel. The Trustee shall not be liable for any
action it takes or omits to take in good faith in reliance on the Officers’
Certificate or Opinion of Counsel.

(c)                                The
Trustee may act through agents and shall not be responsible for the misconduct
or negligence of any agent appointed with due care.

(d)                               The
Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers.

(e)                                The
Trustee may consult with counsel, and the advice or opinion of counsel with
respect to legal matters relating to this Indenture and the Notes shall be full
and complete authorization and protection from liability in respect to any
action taken, omitted or suffered by it hereunder in good faith and in
accordance with the advice or opinion of such counsel.

(f)                                  The
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, approval, bond, debenture, note or other paper
or document, but the Trustee, in its discretion, may make such further inquiry
or investigation into such facts or matters as it may see fit at the expense of
the Company and shall incur no liability of any kind by reason of such inquiry
or investigation.

(g)                               The
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request, order or direction of any of the
Noteholders pursuant to the provisions of this Indenture, unless such
Noteholders shall have offered to the Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities which may be
incurred therein or thereby.

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

 39
 

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

(j)                                   The
permissive rights of the Trustee enumerated herein shall not be construed as
duties.

SECTION
7.03                                         Individual
Rights of Trustee. The Trustee in its individual or any other capacity
may become the owner or pledgee of Notes and may otherwise deal with the
Company or its Affiliates with the same rights it would have if it were not
Trustee. Any Conversion Agent, Paying Agent, Registrar or co-paying agent may
do the same with like rights. However, the Trustee must comply with Sections
7.10 and 7.11.

SECTION
7.04                                         Trustee’s
Disclaimer. The Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture or the Notes,
it shall not be accountable for the Company’s use of the proceeds from the
Notes, and it shall not be responsible for any statement of the Company in this
Indenture or in any document issued in connection with the sale of the Notes or
in the Notes other than the Trustee’s certificate of authentication.

SECTION
7.05                                         Notice
of Defaults. (a) The Trustee shall not be deemed to have notice of any
Default, other than a payment default, unless a Trust Officer shall have been
advised in writing that a Default has occurred. No duty imposed upon the
Trustee in this Indenture shall be applicable with respect to any Default of
which the Trustee is not deemed to have notice.

(b)                               If a
Default occurs and is continuing and if it is known to the Trustee, the Trustee
shall mail to each Noteholder notice of the Default within 90 calendar days
after it is known to a Trust Officer or written notice of it is received by the
Trustee. Except in the case of a Default in payment of principal or interest on
any Note, the Trustee may withhold notice if and so long as a committee of its
Trust Officers in good faith determines that withholding notice is in the
interests of the Noteholders.

SECTION
7.06                                         Reports
by Trustee to Noteholders. As promptly as practicable after each May
15, beginning with May 15, 2007, and in any event prior to December 31 in each
subsequent year, the Trustee shall, to the extent that any of the events
described in TIA § 313(a) occurred within the previous twelve months, but not
otherwise, mail to each Noteholder a brief report dated as of May 15 that
complies with Section 313(a) of the TIA. 
The Trustee shall also comply with Section 313(b) of the TIA.

A copy of each report at
the time of its mailing to Noteholders shall be filed with the SEC and each
stock exchange (if any) on which the Notes are listed.  The Company agrees to notify promptly the
Trustee, in writing, whenever the Notes become listed on any stock exchange and
of any delisting thereof.

 40
 

SECTION
7.07                                         Compensation
and Indemnity. The Company shall pay to the Trustee from time to time
such compensation as the Company and the Trustee shall from time to time agree
in writing.  The Trustee’s compensation
shall not be limited by any law on compensation of a trustee of an express
trust.  The Company shall reimburse the
Trustee upon request for all reasonable out-of-pocket expenses incurred or made
by it, including costs of collection, in addition to the compensation for its
services.  Such expenses shall include
the reasonable compensation and expenses, disbursements and advances of the
Trustee’s agents, counsel, accountants and experts.  The Company shall indemnify the Trustee, and
hold it harmless, against any and all loss, claim, damage, liability or expense
(including reasonable attorneys’ fees and expenses) incurred by or in
connection with the offer and sale of the Notes or the administration of this
trust and the performance of its duties hereunder.  The Trustee shall notify the Company of any
claim for which it may seek indemnity promptly upon obtaining actual knowledge
thereof; provided, however, that any failure so to notify the
Company shall not relieve the Company of its indemnity obligations
hereunder.  The Company shall defend the
claim and the indemnified party shall provide reasonable cooperation at the
Company’s expense in the defense.  Such
indemnified parties may have separate counsel and the Company shall pay the
fees and expenses of such counsel; provided,
however, that the Company shall
not be required to pay such fees and expenses if it assumes such indemnified
parties’ defense and, in such indemnified parties’ reasonable judgment, there
is no conflict of interest between the Company and such parties in connection
with such defense.  The Company need not
reimburse any expense or indemnify against any loss, liability or expense
incurred by an indemnified party determined to have been caused by such party’s
own willful misconduct and negligence.

To secure the Company’s
payment obligations in this Section, the Trustee shall have a lien prior to the
Notes on all money or property held or collected by the Trustee other than
money or property held in trust to pay principal of and interest on particular
Notes.

The Company’s payment
obligations pursuant to this Section shall survive the satisfaction or
discharge of this Indenture, any rejection or termination of this Indenture
under any bankruptcy law or the resignation or removal of the Trustee.  When the Trustee incurs expenses after the
occurrence of a Default specified in Section 6.01(g) or (h) with respect to the
Company, the expenses are intended to constitute expenses of administration
under the Bankruptcy Law.

SECTION
7.08                                         Replacement
of Trustee. The Trustee may resign at any time by so notifying the
Company. The Holders of a majority in aggregate principal amount of the Notes
may remove the Trustee by so notifying the Trustee and may appoint a successor
Trustee. The Company shall remove the Trustee if:

(a)                                the
Trustee fails to comply with Section 7.10;

(b)                               the
Trustee is adjudged bankrupt or insolvent;

(c)                                a
receiver or other public officer takes charge of the Trustee or its property;
or

(d)                               the
Trustee otherwise becomes incapable of acting.

 41
 

If the Trustee resigns,
is removed by the Company or by the Holders of a majority in aggregate
principal amount of the Notes and such Noteholders do not reasonably promptly
appoint a successor Trustee, or if a vacancy exists in the office of Trustee
for any reason (the Trustee in such event being referred to herein as the
retiring Trustee), the Company shall promptly appoint a successor Trustee.

A successor Trustee shall
deliver a written acceptance of its appointment to the retiring Trustee and to
the Company.  Thereupon the resignation
or removal of the retiring Trustee shall become effective, and the successor
Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture.  The successor Trustee shall
mail a notice of its succession to Noteholders. 
The retiring Trustee shall promptly transfer all property held by it as
Trustee to the successor Trustee, subject to the lien provided for in Section
7.07.

If a successor Trustee
does not take office within 60 calendar days after the retiring Trustee resigns
or is removed, the retiring Trustee or the Holders of 10% in aggregate
principal amount of the Notes may petition any court of competent jurisdiction
for the appointment of a successor Trustee.

If the Trustee fails to comply with Section 7.10, any
Noteholder may petition any court of competent jurisdiction for the removal of
the Trustee and the appointment of a successor Trustee.

Notwithstanding the replacement of the Trustee
pursuant to this Section, the Company’s obligations under Section 7.07 shall
continue for the benefit of the retiring Trustee.

SECTION
7.09                                         Successor
Trustee by Merger. If the Trustee consolidates with, merges or converts
into, or transfers all or substantially all of its corporate trust business or
assets to, another corporation or banking association, the resulting, surviving
or transferee corporation without any further act shall be the successor
Trustee.

In case at the time such
successor or successors by merger, conversion or consolidation to the Trustee
shall succeed to the trusts created by this Indenture any of the Notes shall
have been authenticated but not delivered, any such successor to the Trustee
may adopt the certificate of authentication of any predecessor trustee, and
deliver such Notes so authenticated; and in case at that time any of the Notes
shall not have been authenticated, any successor to the Trustee may
authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Trustee; and in all such cases such
certificates shall have the full force which it is anywhere in the Notes or in
this Indenture provided that the certificate of the Trustee shall have.

SECTION
7.10                                         Eligibility;
Disqualification. The Trustee shall at all times satisfy the
requirements of TIA § 310(a). The Trustee shall have a combined capital and
surplus of at least $50,000,000 as set forth in its most recent published
annual report of condition. The Trustee shall comply with TIA § 310(b); provided, however,
that there shall be excluded from the operation of TIA § 310(b)(1) any
indenture or indentures under which other securities or certificates of
interest or participation in other securities of the Company are outstanding if
the requirements for such exclusion set forth in TIA § 310(b)(1) are met.

 42
 

SECTION
7.11                                         Preferential
Collection of Claims Against Company. The Trustee shall comply with TIA
§ 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee
who has resigned or been removed shall be subject to TIA § 311(a) to the extent
indicated.

ARTICLE
8

DISCHARGE OF INDENTURE

SECTION
8.01                                         Discharge
of Liability on Notes. (a) When (i) the Company delivers to the
Registrar all outstanding Notes (other than Notes replaced pursuant to Section
2.09) for cancellation or (ii) all outstanding Notes have become due and
payable, whether at maturity or upon a repurchase pursuant to Article 3 hereof,
and the Company irrevocably deposits with the Trustee money sufficient to pay
at maturity or upon repurchase all outstanding Notes, including interest thereon
to maturity or such repurchase date (other than Notes replaced pursuant to
Section 2.09), and cash and any shares of Common Stock or other property due in
respect of converted Notes, and if in each such case the Company pays all other
sums payable hereunder by the Company, then this Indenture shall, subject to
Section 8.01(b), cease to be of further effect. The Trustee shall acknowledge
satisfaction and discharge of this Indenture on demand of the Company
accompanied by an Officers’ Certificate and an Opinion of Counsel and at the
cost and expense of the Company.

(b)                               Notwithstanding
clause (a) above, the Company’s obligations in Sections 2.05, 2.06, 2.07, 2.08,
2.09, 2.10, 7.07, 7.08 and in this Article 8 shall survive until the Notes have
been paid in full. Thereafter, the Company’s obligations in Sections 7.07, 8.03
and 8.04 shall survive.

SECTION
8.02                                         Application
of Trust Money. The Trustee shall hold in trust money and any shares of
Common Stock or other property due in respect of converted Notes deposited with
it pursuant to this Article 8.  It shall
apply the deposited money through the Paying Agent and in accordance with this
Indenture to the payment of principal of and interest on the Notes or, in the
case of cash and any shares of Common Stock or other property due in respect of
converted Notes, in accordance with this Indenture in relation to the
conversion of Notes pursuant to the terms hereof.

SECTION
8.03                                         Repayment
to Company. The Trustee and the Paying Agent shall promptly turn over
to the Company upon request any excess money or securities held by them at any
time.

Subject to any applicable
abandoned property law, the Trustee and the Paying Agent shall pay to the
Company upon written request any money held by them for the payment of principal
or interest and cash and any shares of Common Stock or other property due in
respect of converted Notes that remains unclaimed for two years, and,
thereafter, Noteholders entitled to the money and/or securities must look to
the Company for payment as general creditors.

SECTION
8.04                                         Reinstatement.
If the Trustee or Paying Agent is unable to apply any money or to deliver any
shares of Common Stock or other property due in respect of converted Notes in
accordance with this Article 8 by reason of any legal proceeding or by reason

 43
 

of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the
Company’s obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to this Article 8 until
such time as the Trustee or Paying Agent is permitted to apply all such money
and any shares of Common Stock or other property due in respect of converted
Notes in accordance with this Article 8; provided,
however, that, if the Company has
made any payment of interest on or principal of any Notes because of the
reinstatement of its obligations, the Company shall be subrogated to the rights
of the Noteholders of such Notes to receive such payment from the money held by
the Trustee or Paying Agent.

ARTICLE
9 

AMENDMENTS

SECTION
9.01                                         Without
Consent of Noteholders. The Company and the Trustee may amend this
Indenture or the Notes without notice to or consent of any Noteholder:

(a)                                to
provide for amendments to the conversion rights of Holders of the Notes and the
Company’s repurchase obligations in connection with a Fundamental Change or in
the event of any change or reclassification of the Common Stock, merger,
consolidation, or sale, lease, transfer, conveyance or other disposition of all
or substantially all of the Company’s property and assets;

(b)                               to
comply with Article 5;

(c)                                to
surrender any right or power herein conferred upon the Company;

(d)                               to
add to the covenants of the Company for the benefit of the Noteholders
(including adding one or more additional put rights in favor of the
Noteholders);

(e)                                to
cure any ambiguity or correct or supplement any inconsistent or otherwise
defective provision contained in this Indenture; provided that such modification or amendment does not
adversely affect the interests of the Holders of the Notes in any material
respect; provided, further, that
any amendment made solely to conform the provisions of this Indenture to the
Description of the Notes contained in the Company’s Offering Memorandum dated
April 17, 2007 will not be deemed to adversely affect the interests of the
Holders of the Notes;

(f)                                  to
increase the Conversion Rate; provided
that the increase will not adversely affect the interests of the Holders of the
Notes;

(g)                               to
comply with any requirements of the SEC in connection with qualifying, or
maintaining the qualification of, this Indenture under the TIA;

(h)                               to
make any changes or modifications necessary in connection with the
registrations of the Notes under the Securities Act as contemplated in each
Registration Rights Agreement; provided
that such change or modification does not adversely affect the interests of the
Holders of the Notes in any material respect;

(i)                                   to
secure the Notes;

 44
 

(j)                                   to
add guarantees of obligations under the Notes;

(k)                                to
provide for uncertificated Notes in addition to or in place of certificated
Notes; provided, however, that the uncertificated Notes are
issued in registered form for purposes of Section 163(f) of the Code or in a
manner such that the uncertificated Notes are described in Section 163(f)(2)(B)
of the Code; or

(l)                                   to
provide for a successor Trustee.

After an amendment under
this Section becomes effective, the Company shall mail to Noteholders a notice
briefly describing such amendment.  The
failure to give such notice to all Noteholders, or any defect therein, shall
not impair or affect the validity of an amendment under this Section.

SECTION
9.02                                         With
Consent of Noteholders. The Company and the Trustee may amend this
Indenture or the Notes with the written consent or affirmative vote of the
Holders of at least a majority in aggregate principal amount of the Notes then
outstanding (including, without limitation, consents obtained in connection
with a purchase of, or a tender offer or exchange offer for the Notes), without
prior notice to any other Noteholder. 
However, without the written consent of each Holder of an outstanding
Note affected (including, without limitation, consents obtained in connection
with or purchase of, or tender offer or exchange offer for, the Notes), an
amendment may not:

(a)                                change
the Maturity Date of any Note or the date of any interest payment due upon any
Note;

(b)                               reduce
the rate of interest on any Note;

(c)                                reduce
the principal amount of any Note;

(d)                               reduce
the amount payable in relation to the repurchase of any Notes;

(e)                                impair
the right of a Holder to receive payment with respect to the Notes or institute
suit for payment of any Note;

(f)                                  make
any Note payable in a currency other than that stated in the Note;

(g)                               change
the Company’s obligation to repurchase any Notes upon a Fundamental Change in a
manner adverse to the Holders;

(h)                               except
as otherwise permitted pursuant to this Indenture, affect the right of a Holder
to convert any Note into cash and, if applicable, shares of Common Stock, or
reduce the Conversion Rate;

(i)                                   change
the Company’s obligation to maintain an office or agency in New York City under
Section 4.02 hereof;

 45
 

(j)                                   reduce
the percentage in aggregate principal amount of the outstanding Notes required
for waiver of past Defaults or Events of Default pursuant to Section 6.04, or
otherwise modify Section 6.04, except to increase the percentage in aggregate
principal amount of the outstanding Notes required for waiver or to provide for
consent of each affected Holder of Notes; or

(k)                                make
any change to the second sentence of this Section 9.02.

For the avoidance of
doubt, the only written consent or affirmative vote required to approve any of
the foregoing changes is the written consent or affirmative vote of the Holder
of each Note affected by such change; the written consent or affirmative vote
of the Holders of a majority in aggregate principal amount of the outstanding
Notes is not additionally required.

It is not necessary for
the consent of the Holders of Notes under this Indenture to approve the
particular form of any proposed amendment, supplement or waiver, but it is
sufficient if such consent approves the substance thereof.

After an amendment under
this Section becomes effective, the Company shall mail to Noteholders a notice
briefly describing such amendment.  The
failure to give such notice to all Noteholders, or any defect therein, shall
not impair or affect the validity of an amendment under this Section.

SECTION
9.03                                         Compliance
with Trust Indenture Act. Every amendment to this Indenture or the
Notes shall comply with the TIA as then in effect.

SECTION
9.04                                         Revocation
and Effect of Consents and Waivers. A consent to an amendment or a waiver
by a Noteholder of a Note shall bind the Noteholder and every subsequent
Noteholder of that Note or portion of the Note that evidences the same debt as
the consenting Noteholder’s Note, even if notation of the consent or waiver is
not made on the Note.  However, any such
Noteholder or subsequent Noteholder may revoke the consent or waiver as to such
Noteholder’s Note or portion of the Note if the Trustee receives the notice of
revocation before the date the amendment or waiver becomes effective.  An amendment or waiver becomes effective once
both (i) the requisite number of consents have been received by the Company or
the Trustee and (ii) such amendment or waiver has been executed by the Company
and the Trustee.

The Company may, but
shall not be obligated to, fix a record date for the purpose of determining the
Noteholders entitled to give their consent or take any other action described
above or required or permitted to be taken pursuant to this Indenture.  If a record date is fixed, then notwithstanding
the immediately preceding paragraph, those Persons who were Noteholders at such
record date (or their duly designated proxies), and only those Persons, shall
be entitled to give such consent or to revoke any consent previously given or
to take any such action, whether or not such Persons continue to be Noteholders
after such record date.  No such consent
shall be valid or effective for more than 120 calendar days after such record
date.

For purposes of this Indenture, the consent of the
Holder of a Global Note shall be deemed to include any consent delivered by any
member of, or participant in, any Depositary or

 46

DTC, any nominees thereof and their respective
successors and assigns, or such other depositary institution hereinafter
appointed by the Company (“Depositary
Entity”) by electronic means in accordance with the Automated
Tender Offer Procedures system or other customary procedures of, and pursuant
to authorization by, such Depositary Entity.

Without limiting the
generality of this Section 9.04, unless otherwise provided in or pursuant to
this Indenture, a Holder, including a Depositary or its nominee that is a
Holder of a Global Note, may give, make or take, by an agent or agents duly
appointed in writing, any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted in or pursuant to this
Indenture to be given, made or taken by Holders, and a Depositary or its
nominee that is a Holder of a Global Note may duly appoint in writing as its
agent or agents members of, or participants in, such Depositary holding
interests in such Global Note in the records of such Depositary, with regard to
all or any part of the principal amount of such Note.

Nothing in this paragraph
shall be construed to prevent the Company or the Trustee from fixing a new
record date for any action for which a record date has previously been set pursuant
to this paragraph (whereupon the record date previously set shall automatically
and with no further action by any Person be canceled and of no effect).

SECTION
9.05              Notation on or
Exchange of Notes. If an amendment changes the terms of a
Note, the Trustee may require the Noteholder of the Note to deliver it to the
Trustee.  The Trustee may place an
appropriate notation on the Note regarding the changed terms and return it to
the Noteholder.  Alternatively, if the
Company or the Trustee so determines, the Company in exchange for the Note
shall issue and the Trustee shall authenticate a new Note that reflects the
changed terms.  Failure to make the
appropriate notation or to issue a new Note shall not affect the validity of
such amendment.

SECTION
9.06              Trustee to Sign
Amendments. The Trustee shall sign any amendment
authorized pursuant to this Article 9 if the amendment does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. If it
does, the Trustee may but need not sign it. 
In signing such amendment the Trustee shall be provided with, and
(subject to Section 7.01) shall be fully protected in relying upon, in addition
to the documents required by Section 11.04, an Officers’ Certificate and an
Opinion of Counsel stating that such amendment is authorized or permitted by
this Indenture and that such amendment is the legal, valid and binding
obligation of the Company enforceable against it in accordance with its terms,
subject to customary exceptions, and complies with the provisions hereof
(including Section 9.03).

ARTICLE
10

CONVERSION OF NOTES

SECTION
10.01            Right to Convert.
(a) Subject to and upon compliance with the provisions of this Indenture, on or
prior to 5:00 p.m., New York City time, on the Scheduled Trading Day immediately
preceding the Maturity Date, the Holder of any Notes not previously repurchased
shall have the right, at such Holder’s option, to convert the principal amount
of the Notes held by such Holder, or any portion of such principal amount which
is an integral multiple of $1,000, into cash and, if applicable, fully paid and
non-assessable shares of Common Stock as

 47
 

described in Section 10.12, at the Conversion Rate in
effect at such time, by surrender of the Notes so to be converted in whole or
in part, together with any required funds, under the circumstances described in
this Section 10.01 and in the manner provided in Section 10.02.  The Notes shall be convertible, on or prior
to 5:00 p.m., New York City time, on the Scheduled Trading Day immediately
preceding the Maturity Date, only during the following periods:

(1)           prior to January 15, 2012, on any
date during any Fiscal Quarter beginning after May 31, 2007 (and only during
such Fiscal Quarter), if the Closing Sale Price of a share of Common Stock was
more than 130% of the then current Conversion Price for at least 20 Trading
Days in the 30 consecutive Trading-Day period ending on the last Trading Day of
the immediately preceding Fiscal Quarter;

(2)           on any date that is on or after
January 15, 2012;

(3)           if the Company distributes to all or
substantially all holders of Common Stock rights or warrants (other than
pursuant to a shareholder rights plan) entitling them to purchase, for a period
of 45 calendar days or less, Common Stock at a price less than the average
Closing Sale Price per share of the Common Stock for the 10 consecutive Trading
Days immediately preceding the declaration date for such distribution, on any
date during the period specified in Section 10.01(b);

(4)           if the Company distributes to all or
substantially all holders of Common Stock, cash or other assets, debt
securities or rights to purchase the Company’s securities (other than pursuant
to a shareholder rights plan, or a dividend or distribution on its Common Stock
in shares of Common Stock), which distribution has a per share value as
determined by the Board of Directors exceeding 10% of the Closing Sale Price
per share of the Common Stock on the Trading Day immediately preceding the
declaration for such distribution, on any date during the period specified in
Section 10.01(b);

(5)           if the Company consolidates with or
merges with or into another Person or sells, leases, transfers, conveys or
otherwise disposes of all or substantially all of its assets (other than a
consolidation, merger, or sale, lease, transfer, conveyance or other
disposition, the primary purpose of which is to effect a reincorporation or
redomiciling of the Company) in each case in a transaction that does not
constitute a Fundamental Change, in each case pursuant to which the Common
Stock would be converted into cash, securities and/or other property, at any
time beginning on the Business Day immediately following the effective date of
the transaction and until 5:00 p.m., New York City time, on the 30th Business Day thereafter;

(6)           if a Fundamental Change occurs, at
any time beginning on the Business Day following the effective date of the
Fundamental Change until 5:00 p.m., New York City time, on the Business Day
immediately preceding the Fundamental Change Repurchase Date relating to such
Fundamental Change;

(7)           during the five consecutive Business
Day period immediately following any five consecutive Trading-Day period in
which the Trading Price per $1,000 principal amount of the Notes on each
Trading Day during such five consecutive Trading-Day

 48
 

period was less
than 98% of the product of (x) Closing Sale Price of a share of Common Stock on
such Trading Day multiplied by (y) the applicable Conversion Rate.

(b)           In the case of a distribution
contemplated by clauses (3) or (4) of Section 10.01(a), the Company shall
notify Holders of Notes at least 30 Scheduled Trading Days prior to the
Ex-Dividend Date for such distribution (the “Distribution Notice”).  Simultaneously with providing such
Distribution Notice, the Company shall issue a press release containing the
relevant information and make this information available on the Company
Website.  Once the Company has given the
Distribution 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-Dividend Date or (ii) the Company’s
announcement that such distribution will not take place. In the event of a
distribution contemplated by clauses (3) or (4) of Section 10.01(a), Holders
may not convert the Notes if the Holders may otherwise participate in such
distribution without converting their Notes.

(c)           The Trustee shall have no obligation
to determine the Trading Price of the Notes and whether the Notes are
convertible pursuant to clause (7) of Section 10.01(a) unless the Company has
requested such determination; and the Company shall have no obligation to make
such request unless a Holder of the Notes makes a request for a determination
and provides the Company with reasonable evidence that the Trading Price per
$1,000 principal amount of Notes is less than 98% of the product of the Closing
Sale Price of the Common Stock and the Conversion Rate then in effect. At such
time, the Company shall instruct the Trustee to determine the Trading Price of
the Notes beginning on the next Trading Day and on each successive Trading Day
until the Trading Price for the Notes for a Trading Day is greater than or
equal to 98% of the product of the Closing Sale Price of the Common Stock and
the then current Conversion Rate, and to notify the Company accordingly.  The Trustee’s sole duty in respect of such
determination shall consist of requesting and receiving, and, if applicable,
averaging the quotations provided by the independent nationally recognized
securities dealers referred to in the definition of “Trading Price.”

The Trustee shall be
entitled at its sole discretion to consult with the Company and to request the
assistance of the Company in connection with the Trustee’s duties and obligations
pursuant to this Section 10.01(c) (including without limitation the calculation
or determination of the Conversion Rate, the Closing Sale Price and the Trading
Price), and the Company agrees, if requested by the Trustee, to cooperate with,
and provide assistance to, the Trustee in carrying out its duties under this
Section 10.01(c).

(d)           Whenever the Notes shall become
convertible pursuant to Section 10.01(a)(1) or (7), the Company shall promptly
notify the Trustee and the Conversion Agent, and the Company or, at the Company’s
request, the Trustee in the name and at the expense of the Company, shall
promptly notify the Holders, of the event triggering such convertibility in the
manner provided in Section 11.02. 
Whenever the Notes shall become convertible pursuant to Section
10.01(a)(5) or (6), the Company shall at least 10 calendar days prior to the
anticipated effective date of the relevant transaction or Fundamental Change,
as applicable, notify the Trustee and the Conversion Agent, and the Company,
or, at the Company’s request, the Trustee in the name and at the expense of the
Company, shall promptly notify the Holders, of the event triggering such
convertibility in the manner provided in Section 11.02.  In each case, simultaneously with

 49
 

providing such notice, the Company shall also publicly
announce such information and make this information available on the Company
Website.  Any notice so given shall be
conclusively presumed to have been duly given, whether or not the Holder
receives such notice.

SECTION
10.02            Exercise of Conversion
Right; Issuance of Common Stock on Conversion; No Adjustment for Interest or
Dividends. In order to exercise the conversion right with
respect to any Notes in certificated form, a Holder must (A) complete and
manually sign an irrevocable notice of conversion in the form entitled “Form of
Conversion Notice” attached to the reverse of such certificated Note (or a
facsimile thereof) (a “Conversion
Notice”), (B) deliver such Conversion Notice and certificated
Note to the Conversion Agent at the office of the Conversion Agent, (C) to the
extent any shares of Common Stock issuable upon conversion are to be issued in
a name other than the Holder’s, furnish endorsements and transfer documents as
may be required by the Conversion Agent, (D) if required pursuant to Section
10.07, pay all transfer or similar taxes or duties and (E) if required pursuant
to Section 2.03, pay funds equal to interest payable on the next Interest
Payment Date.

In order to exercise the
conversion right with respect to any interest in a Global Note, the Holder must
(A) complete, or cause to be completed, the appropriate instruction form for
conversion pursuant to the Depositary’s book-entry conversion procedures; (B)
deliver, or cause to be delivered, by book-entry delivery an interest in such
Global Note; (C) furnish appropriate endorsements and transfer documents if
required by the Company or the Trustee or Conversion Agent; and (D) pay the
funds, if any, required by Section 2.03 and any transfer or similar taxes or
duties if required pursuant to Section 10.07.

Notes in respect of which
a Holder has delivered a Repurchase Notice exercising such Holder’s right to
require the Company to repurchase such Notes pursuant to Section 3.01 may be
converted only if such Repurchase Notice is withdrawn in accordance with
Section 3.03 prior to 5:00 p.m., New York City time, on the Business Day
immediately preceding the Fundamental Change Repurchase Date, unless the
Company defaults in the payment of the repurchase price.

Each conversion shall be
deemed to have been effected as to any such Notes (or portion thereof) on the
date on which the requirements set forth above in this Section 10.02 have been
satisfied as to such Notes (or portion thereof) (the “Conversion Date”).

The cash and, if
applicable, shares of Common Stock into which the Notes are converted (and cash
in lieu of fractional shares) will be delivered to such Holder after
satisfaction of the requirements for conversion set forth above, in accordance
with Section 10.12.

In case any Notes of a
denomination greater than $1,000 shall be surrendered for partial conversion,
and subject to Section 2.03, the Company shall execute and the Trustee shall
authenticate and deliver to the Holder of the Notes so surrendered, without
charge to the Holder, a new Note or Notes in authorized denominations in an
aggregate principal amount equal to the unconverted portion of the surrendered
Notes.

Upon the conversion of an interest in a Global Note,
the Trustee (or other Conversion Agent appointed by the Company) and the
Depositary shall reduce the principal amount of such

 50
 

Global Note in their records.  The Company shall notify the Trustee in
writing of any conversions of Notes effected through any Conversion Agent other
than the Trustee.

Except as provided in
Section 2.03, upon conversion, a Holder will not receive any separate cash
payment of accrued and unpaid interest on the Notes.  Accrued and unpaid interest, if any, to the
Conversion Date is deemed to be paid in full upon receipt of the Conversion
Settlement Amount rather than cancelled, extinguished or forfeited.

A Holder of Notes is not
entitled to any rights of a holder of Common Stock until such Holder has
converted its Notes to Common Stock, and only to the extent such Notes are
deemed to have been converted to Common Stock under this Article 10.  Subject to Section 10.05(j), the Holder of
Notes that has converted its Notes (or if such person designated another person
to whom such Common Stock shall be issued and delivered, such person) shall be
treated as a holder of record of such Common Stock as of 5:00 p.m., New York
City time, on the final Settlement Period Trading Day of the applicable
Conversion Period.

If the cash paid by the
Company to a Holder upon conversion of the Notes pursuant to this Article 10 is
not sufficient to allow the Company to comply with the United States federal
withholding tax obligations imposed by the Code with respect to accrued and
unpaid interest on the Notes payable to the beneficial owner of such Notes, the
Company may, to the extent required by applicable law, recoup or set-off such
liability against any amounts owed to such Holder, including, but not limited
to, the shares of Common Stock to be issued upon conversion to such beneficial
owner or any actual cash dividends or distributions subsequently made with
respect to such shares of Common Stock to such beneficial owner.

SECTION
10.03            Cash Payments in Lieu
of Fractional Shares. No fractional shares of Common
Stock or scrip certificates representing fractional shares shall be issued upon
conversion of Notes.  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 issuable upon conversion shall be computed
on the basis of the aggregate principal amount of the Notes (or specified
portions thereof to the extent permitted hereby) so surrendered.  If any fractional share of stock would be
issuable upon the conversion of any Note or Notes, the Company shall instead
deliver cash with respect to the fractional share calculated by multiplying the
Volume Weighted Average Price on the final Settlement Period Trading Day of the
applicable Conversion Period by the fractional amount and rounding the product
to the nearest cent.

SECTION 10.04            Conversion
Rate.

(a)           Each $1,000 principal amount of the
Notes shall be convertible into cash and the number of shares of Common Stock,
if any, based upon the Conversion Rate.

(b)           Subject to Section 10.13, if and only
to the extent a Holder elects to convert Notes in connection with a Non-Stock
Change of Control, the Company shall increase the Conversion Rate applicable to
such converted Notes by a number of additional shares of Common Stock (the “Additional Shares”)
as set forth below.  A conversion of the
Notes by a Holder will be deemed for these purposes to be “in connection with”
a Non-Stock Change of Control if the Conversion Notice is received by the
Conversion Agent during the period from the Business Day following

 51
 

the Effective Date of the Non-Stock Change of Control
to 5:00 p.m., New York City time, on the Business Day immediately preceding the
related Fundamental Change Repurchase Date.

The number of Additional
Shares shall be determined by reference to the table below, based on the date
on which the Non-Stock Change of Control occurs or becomes effective (the “Effective Date”) and
the Stock Price paid per share for the Common Stock in the Non-Stock Change of
Control.  The numbers of Additional
Shares set forth in the table below shall be adjusted as of any date on which
the Conversion Rate is adjusted in the same manner in which the Conversion Rate
is adjusted.  The Stock Prices set forth
in the first row of the table below (i.e., the column headers) shall be
adjusted, as of any date on which the Conversion Rate is adjusted, to equal the
Stock Price applicable immediately prior to such adjustment multiplied by a
fraction, of which

(1)           the
numerator shall be the Conversion Rate immediately prior to the adjustment and

(2)           the denominator shall be the
Conversion Rate as so adjusted.

The following table sets forth the Stock Price and
number of Additional Shares by which the Conversion Rate shall be increased:

	
  

  	
   

  	
  Stock Price

  	
   

  
	
  Effective Date

  	
   

  	
  $8.90

  	
   

  	
  $12.02

  	
   

  	
  $15.00

  	
   

  	
  $17.50

  	
   

  	
  $20.00

  	
   

  	
  $22.50

  	
   

  	
  $25.00

  	
   

  	
  $27.50

  	
   

  	
  $30.00

  	
   

  	
  $32.50

  	
   

  
	
  April 23, 2007

  	
   

  	
  29.1302

  	
   

  	
  15.9730

  	
   

  	
  10.0499

  	
   

  	
  7.2429

  	
   

  	
  5.4415

  	
   

  	
  4.2219

  	
   

  	
  3.3590

  	
   

  	
  2.7257

  	
   

  	
  2.2456

  	
   

  	
  1.8723

  	
   

  
	
  April 15, 2008

  	
   

  	
  29.1280

  	
   

  	
  15.2156

  	
   

  	
  9.1861

  	
   

  	
  6.4374

  	
   

  	
  4.7324

  	
   

  	
  3.6131

  	
   

  	
  2.8423

  	
   

  	
  2.2884

  	
   

  	
  1.8760

  	
   

  	
  1.5592

  	
   

  
	
  April 15, 2009

  	
   

  	
  28.7006

  	
   

  	
  13.9440

  	
   

  	
  7.8919

  	
   

  	
  5.2934

  	
   

  	
  3.7659

  	
   

  	
  2.8108

  	
   

  	
  2.1799

  	
   

  	
  1.7418

  	
   

  	
  1.4227

  	
   

  	
  1.1814

  	
   

  
	
  April 15, 2010

  	
   

  	
  28.1305

  	
   

  	
  12.1554

  	
   

  	
  6.1439

  	
   

  	
  3.8181

  	
   

  	
  2.5773

  	
   

  	
  1.8671

  	
   

  	
  1.4301

  	
   

  	
  1.1407

  	
   

  	
  0.9365

  	
   

  	
  0.7840

  	
   

  
	
  April 15, 2011

  	
   

  	
  27.4880

  	
   

  	
  9.3533

  	
   

  	
  3.6152

  	
   

  	
  1.8915

  	
   

  	
  1.1714

  	
   

  	
  0.8371

  	
   

  	
  0.6564

  	
   

  	
  0.5419

  	
   

  	
  0.4593

  	
   

  	
  0.3945

  	
   

  
	
  April 15, 2012

  	
   

  	
  0.0000

  	
   

  	
  0.0000

  	
   

  	
  0.0000

  	
   

  	
  0.0000

  	
   

  	
  0.0000

  	
   

  	
  0.0000

  	
   

  	
  0.0000

  	
   

  	
  0.0000

  	
   

  	
  0.0000

  	
   

  	
  0.0000

  	
   

  

 

provided, however, that:

(i)            If the actual Stock Price and actual
Effective Date are not set forth on the table above and the actual Stock Price
is between two Stock Prices on the table or the actual Effective Date is
between two days on the table, the number of Additional Shares shall be
determined by straight-line interpolation between the number of Additional
Shares of Common Stock set forth for the higher and lower Stock Price and the
two Effective Dates, as applicable, based on a 360-day year;

(ii)           If the actual Stock Price is in
excess of $32.50 per share (subject to adjustment in the same manner as and as
of any date on which the Stock Prices are adjusted in the table above), the
Conversion Rate will not be increased; or

(iii)          If
the actual Stock Price is less than $8.90 per share (subject to adjustment in
the same manner as and as of any date on which the Stock Prices are adjusted in
the table above), the Conversion Rate will not be increased.

 52
 

Notwithstanding the
foregoing, in no event will the Conversion Rate exceed 112.3595 per $1,000
principal amount of the Notes, subject to adjustments in the same manner as and
as of any date on which the numbers of Additional Shares set forth in the above
table are adjusted.

SECTION
10.05            Adjustment of
Conversion Rate. The Conversion Rate shall be adjusted
from time to time by the Company as follows:

(a)           In case the Company shall, at any time
or from time to time while any of the Notes are outstanding, pay a dividend in
shares of Common Stock or make a distribution in shares of Common Stock to all
or substantially all Holders of its outstanding shares of Common Stock (other
than a dividend or distribution in connection with a transaction to which
Section 10.06 applies), then the Conversion Rate shall be adjusted based on the
following formula:

where

	
   

  	
  CR0

  	
  =

  	
  the Conversion Rate in effect at 5:00 p.m., New York
  City time, on the Trading Day immediately preceding the Ex-Dividend Date for
  such dividend or distribution;

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CR1

  	
  =

  	
  the Conversion Rate in effect on the Ex-Dividend
  Date for such dividend or distribution;

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  OS0

  	
  =

  	
  the number of shares of Common Stock outstanding at
  5:00 p.m., New York City time, on the Trading Day immediately preceding the
  Ex- Dividend Date for such dividend or distribution; and

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  OS1

  	
  =

  	
  the number of shares of Common Stock that would be
  outstanding immediately after, and solely as a result of, such dividend or
  distribution.

  

 

Any adjustment made
pursuant to this Section 10.05(a) shall become effective immediately prior to
9:00 a.m., New York City time, on the Ex-Dividend Date for such dividend or
distribution.  If any dividend or distribution
that is the subject of this Section 10.05(a) is declared but not so paid or
made, the Conversion Rate shall be immediately readjusted, effective as of the
date the Board of Directors publicly announces its decision not to pay or make
such dividend or distribution, to the Conversion Rate that would then be in
effect if such dividend or distribution had not been declared.

(b)           In case outstanding shares of Common
Stock shall be subdivided into a greater number of shares of Common Stock or
combined into a smaller number of shares of Common Stock (in each case, other
than in connection with a transaction to which Section 10.06 applies), the
Conversion Rate shall be adjusted based on the following formula:

 53
 

where

	
   

  	
  CR0

  	
  = 

  	
  the Conversion
  Rate in effect at 5:00 p.m., New York City time, on the Trading Day
  immediately preceding the effective date of such subdivision or combination; 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CR1

  	
  =

  	
  the Conversion
  Rate in effect on the effective date of such subdivision or combination;

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  OS0

  	
  = 

  	
  the number of
  shares of Common Stock outstanding at 5:00 p.m., New York City time, on the
  Trading Day immediately preceding the effective date of such subdivision or
  combination; and 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  OS1

  	
  = 

  	
  the number of
  shares of Common Stock that would be outstanding immediately after, and
  solely as a result of, such subdivision or combination. 

  

 

Any adjustment made pursuant to this Section 10.05(b)
shall become effective on the effective date of such subdivision or
combination.

(c)           In case the Company shall issue
rights or warrants to all or substantially all holders of its outstanding
shares of Common Stock (other than an issuance in connection with a transaction
to which Section 10.06 applies) entitling them to purchase, for a period of up
to 45 calendar days, shares of Common Stock at a price per share less than the
Current Market Price, the Conversion Rate shall be adjusted based on the
following formula:

where

	
   

  	
  CR0

  	
  = 

  	
  the Conversion
  Rate in effect at 5:00 p.m., New York City time, on the Trading Day
  immediately preceding the Ex-Dividend Date for such issuance; 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CR1

  	
  =

  	
  the Conversion
  Rate in effect on the Ex-Dividend Date for such issuance;

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  OS0

  	
  = 

  	
  the number of
  shares of the Common Stock that are outstanding at 5:00 p.m., New York City
  time, on the Trading Day immediately preceding the Ex-Dividend Date for such
  issuance; 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  X

  	
  = 

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

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Y

  	
  = 

  	
  the number of shares
  of the Common Stock equal to the quotient of (x) aggregate price payable to
  exercise such rights or warrants, divided by (y) the Current Market Price of
  the Common Stock. 

  

 

 54
 

Any adjustment made
pursuant to this Section 10.05(c) shall become effective immediately prior to
9:00 a.m., New York City time, on the Ex-Dividend Date for such issuance.  The Company shall not issue any such rights
or warrants in respect of shares of the Common Stock held in treasury by the
Company.  If any rights or warrants described
in this Section 10.05(c) are not so issued, the Conversion Rate shall be
immediately readjusted, effective as of the date the Board of Directors
publicly announces its decision not to issue such rights or warrants, to the
Conversion Rate that would then be in effect if such issuance had not been
declared.  To the extent that such rights
or warrants are not exercised prior to their expiration or shares of the Common
Stock are otherwise not delivered pursuant to such rights or warrants upon the
exercise of such rights or warrants, the Conversion Rate shall be readjusted to
the Conversion Rate that would then be in effect had the adjustments made upon
the issuance of such rights or warrants been made on the basis of delivery of
only the number of shares of Common Stock actually delivered.

In determining the
aggregate price payable for such shares of the Common Stock, there shall be
taken into account any consideration received by the Company for such rights or
warrants and the value of such consideration (if other than cash, to be
determined by the Board of Directors).

(d)           In case the Company shall, by
dividend or otherwise, distribute to all or substantially all holders of its
outstanding shares of Common Stock shares of any class of Capital Stock of the
Company (other than Common Stock) or evidences of its indebtedness or assets
(including securities, but excluding (i) any dividends or distributions
referred to in Section 10.05(a), (ii) any rights or warrants referred to in
Section 10.05(c), (iii) any dividends or distributions referred to in Section
10.05(e), (iv) any dividends or distributions in connection with a transaction
to which Section 10.06 applies, or (v) any Spin-Offs to which the provisions
set forth below in this Section 10.05(d) applies) (any of the foregoing
hereinafter in this Section 10.05(d) called the “Distributed Assets”), then, in each such
case, the Conversion Rate shall be adjusted based on the following formula:

where

	
   

  	
  CR0 

  	
  = 

  	
  the Conversion
  Rate in effect at 5:00 p.m., New York City time, on the Trading Day
  immediately preceding the Ex-Dividend Date for such distribution; 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CR1 

  	
  = 

  	
  the Conversion
  Rate in effect on the Ex-Dividend Date for such distribution; 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SP0

  	
  =

  	
  the Current
  Market Price of the Common Stock; and

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  FMV 

  	
  = 

  	
  the Fair Market
  Value on the Ex-Dividend Date for such distribution of the Distributed Assets
  so distributed applicable to one share of Common Stock. 

  

 

 55
 

Notwithstanding the
foregoing, in the event 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 of the Company (a “Spin-Off”) that are, or when issued, will be,
traded or quoted on the Nasdaq Global Select Market, the Nasdaq Global Market,
the New York Stock Exchange or any other national or regional securities
exchange or market, then the Conversion Rate shall instead be adjusted based on
the following formula:

where

	
   

  	
  CR0 

  	
  = 

  	
  the Conversion
  Rate in effect at 5:00 p.m., New York City time, on the Trading Day
  immediately preceding the Ex-Dividend Date for such distribution; 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CR1 

  	
  = 

  	
  the Conversion
  Rate in effect on the Ex-Dividend Date for such distribution; 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  FMV0 

  	
  = 

  	
  the average of
  the Closing Sale Prices of the Distributed Assets applicable to one share of
  Common Stock over the ten consecutive Trading Day period commencing on and
  including the effective date of the Spin-Off (the “Spin-Off Valuation Period”);
  and 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MP0 

  	
  = 

  	
  the average of
  the Closing Sale Prices of the Common Stock over the Spin-Off Valuation
  Period. 

  

 

Any adjustment made
pursuant to this Section 10.05(d) shall become effective immediately prior to
9:00 a.m., New York City time, on the Ex-Dividend Date for such distribution.

If an adjustment to the
Conversion Rate is required under this Section 10.05(d) during any Conversion
Period in respect of Notes that have been tendered for conversion, delivery of
the related Conversion Settlement Amount shall be delayed to the extent
necessary in order to complete the calculations provided for in this Section
10.05(d).  If any dividend or
distribution of the type described in this Section 10.05(d) is declared but not
so paid or made, the Conversion Rate shall be immediately readjusted, effective
as of the date the Board of Directors publicly announces its decision not to
pay such dividend or distribution, to the Conversion Rate that would then be in
effect if such dividend or distribution had not been declared.

Rights or warrants
distributed by the Company to all holders of Common Stock entitling the Holders
thereof to subscribe for or purchase shares of the Company’s capital stock
(either initially or under certain circumstances), which rights or warrants,
until the occurrence of a specified event or events (“Trigger Event”): (i)
are deemed to be transferred with such shares of Common Stock; (ii) are not
exercisable; and (iii) are also issued in respect of future issuances of Common
Stock, shall be deemed not to have been distributed for purposes of this
Section 10.05

 56
 

(and no adjustment to the Conversion Rate under this
Section 10.05 will be required) until the occurrence of the earliest Trigger
Event, whereupon such rights 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 10.05(d), except as set forth
in Section 10.11. If any such right or warrant, including any such existing
rights or warrants distributed prior to the date of this Indenture, are subject
to events, upon the occurrence of which such rights 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 Record Date with respect to new
rights or warrants with such rights (and a termination or expiration of the
existing rights or warrants without exercise by any of the holders thereof),
except as set forth in Section 10.11. In addition, except as set forth in
Section 10.11, in the event of any distribution (or deemed distribution) of
rights 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 10.05 was made (including any adjustment contemplated by
Section 10.11), (1) in the case of any such rights or warrants that shall all
have been redeemed or repurchased without exercise by any Holders thereof, the
Conversion Rate shall be readjusted upon such final redemption or repurchase to
give effect to such distribution or Trigger Event, as the case may be, as
though it were a cash distribution, equal to the per share redemption or
repurchase price received by a  holder or
holders of Common Stock with respect to such rights or warrants (assuming such
holder had retained such rights or warrants), made to all holders of Common
Stock as of the date of such redemption or repurchase, and (2) in the case of
such rights or warrants that shall have expired or been terminated without
exercise by any holders thereof, the Conversion Rate shall be readjusted as if
such rights and warrants had not been issued.

No adjustment of the
Conversion Rate shall be made pursuant to this Section 10.05(d) in respect of
rights or warrants distributed or deemed distributed on any Trigger Event to
the extent that such rights or warrants are actually distributed or reserved by
the Company for distribution to Holders of Notes upon conversion by such
Holders of Notes to Common Stock.

(e)           In case the Company shall pay a
dividend or otherwise distribute to all or substantially all holders of its
Common Stock a dividend or other distribution of exclusively cash excluding (x)
any dividend or distribution in connection with the liquidation, dissolution or
winding up of the Company, whether voluntary or involuntary and (y) any
dividend or distribution in connection with a transaction to which Section
10.06 applies, then the Conversion Rate shall be adjusted based on the
following formula:

where

	
  

  	
  CR0 

  	
  =

  	
  the Conversion
  Rate in effect at 5:00 p.m., New York City time, on the Trading Day
  immediately preceding the Ex-Dividend Date for such dividend or distribution;
  

  

 

 57
 

 

	
   

  	
  CR1 

  	
  =

  	
  the Conversion
  Rate in effect on the Ex-Dividend Date for such dividend or distribution; 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SP0

  	
  =

  	
  the Current
  Market Price of the Common Stock; and

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  C 

  	
  =

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

  

 

Any adjustment made pursuant to this Section 10.05(e)
shall become effective immediately prior to 9:00 a.m., New York City time, on
the Ex-Dividend Date for such dividend or distribution.  If any dividend or distribution of the type
described in this Section 10.05(e) is declared but not so paid or made, the
Conversion Rate shall be immediately readjusted, effective as of the date the
Board of Directors publicly announces its decision not to pay such dividend or
distribution, to the Conversion Rate that would then be in effect if such
dividend or distribution had not been declared.

(f)            In case a tender offer or exchange
offer made by the Company or any Subsidiary of the Company for all or any
portion of the Common Stock shall expire and such tender or exchange offer (as
amended upon the expiration thereof) shall require the payment to stockholders
of cash and any other consideration per share of Common Stock having a Fair
Market Value as of the last date (the “Expiration Date”) tenders or exchanges may be
made pursuant to such tender offer or exchange offer (as it may be amended)
that  exceeds the Closing Sale Price of a
share of Common Stock on the Trading Day next succeeding the Expiration Date,
the Conversion Rate shall be adjusted based on the following formula:

where

	
   

  	
  CR0 

  	
  = 

  	
  the Conversion
  Rate in effect at 5:00 p.m., New York City time, on the Expiration Date; 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CR1

  	
  =

  	
  the Conversion
  Rate in effect immediately after the Expiration Date;

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  FMV 

  	
  = 

  	
  the Fair Market
  Value, on the Expiration Date, of the aggregate value of all cash and any
  other consideration paid or payable for shares of Common Stock validly
  tendered or exchanged and not withdrawn as of the Expiration Date; 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  OS0 

  	
  = 

  	
  the number of
  shares of Common Stock outstanding immediately prior to the last time tenders
  or exchanges may be made pursuant to such tender offer or exchange offer (the
  “Expiration Time”);
  

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  OS1 

  	
  = 

  	
  the number of
  shares of Common Stock outstanding immediately after the Expiration Time; and
  

  

 

 58
 

 

	
  

  	
  SP1

  	
  = 

  	
  the average of
  Closing Sale Prices per share of Common Stock for the ten consecutive Trading
  Days commencing on the Trading Day immediately after the Expiration Date. 

  

 

Any adjustment made pursuant to this Section 10.05(f)
shall become effective immediately prior to 9:00 a.m., New York City time, on
the Trading Day immediately following the Expiration Date. If the Company, or
one of its Subsidiaries, is obligated to purchase shares of Common Stock
pursuant to any such tender or exchange offer, but the Company or such
Subsidiary is permanently prevented by applicable law from effecting any such
purchases or all such purchases are rescinded, the Conversion Rate shall be
readjusted to be the Conversion Rate that would then be in effect if such
tender or exchange offer had not been made. 
Except as set forth in the preceding sentence, if the application of
this Section 10.05(f) to any tender offer or exchange offer would result in a
decrease in the Conversion Rate, no adjustment shall be made for such tender
offer or exchange offer under this Section 10.05(f).  If an adjustment to the Conversion Rate is
required pursuant to this Section 10.05(f) during any Conversion Period in
respect of Notes that have been tendered for conversion, delivery of the related
Conversion Settlement Amount shall be delayed to the extent necessary in order
to complete the calculations provided for in this Section 10.05(f).

(g)           Except with respect to a Spin-Off, in
cases where the Fair Market Value of assets, debt securities or certain rights,
warrants or options to purchase the Company’s securities, applicable to one
share of Common Stock, distributed to stockholders:

(i)            equals or exceeds the Current Market
Price of Common Stock, or

(ii)           the Current Market Price of Common
Stock exceeds the Fair Market Value of such assets, debt securities or rights,
warrants or options so distributed by less than $1.00,

rather than being entitled to an adjustment in the
Conversion Rate, the Holder of a Note will be entitled to receive upon
conversion, in addition to the cash, and, if applicable, shares of Common
Stock, the kind and amount of assets, debt securities or rights, warrants or
options comprising the distribution, if any, that such Holder would have
received if such Holder had converted such Notes immediately prior to the Record
Date for determining the stockholders entitled to receive the distribution.

(h)           For purposes of this Section 10.05,
the following terms shall have the meaning indicated:

(i)            “Current Market Price,” with respect to
any issuance or distribution, means the average of the Closing Sale Prices per
share of Common Stock for the ten consecutive Trading Days immediately prior to
the Ex-Dividend Date for such issuance or distribution requiring such
computation.

Notwithstanding
the foregoing, whenever successive adjustments to the Conversion Rate are
called for pursuant to this Section 10.05, such adjustments shall be made to
the Current Market Price as may be necessary or appropriate to effectuate the
intent of this

 59
 

Section 10.05 and
to avoid unjust or inequitable results as determined in good faith by the Board
of Directors.

(ii)           “Ex-Dividend Date” means the first date on
which the shares of Common Stock trade on the applicable exchange or in the
applicable market, regular way, without the right to receive the relevant
dividend, distribution or issuance.

(i)            The Company may (but is not required
to) make such increases in the Conversion Rate, in addition to those required
by Section 10.05(a)-(f), as the Board of Directors considers to be advisable to
avoid or diminish any income tax to holders of Common Stock resulting from any
dividend or distribution of stock (or rights to acquire stock) or from any
event treated as such for income tax purposes.

In addition to the
foregoing, to the extent permitted by applicable law and subject to the
applicable rules of the Nasdaq Global Select Market, the Company from time to
time may increase the Conversion Rate by any amount for any period of time if
the period is at least 20 Business Days, the increase is irrevocable during the
period and the Board of Directors shall have made a determination that such
increase would be in the best interests of the Company, which determination
shall be conclusive. Whenever the Conversion Rate is increased pursuant to the
preceding sentence, the Company shall mail to Holders of record of the Notes a
notice of the increase, which notice will be given at least 15 calendar days
prior to the effectiveness of any such increase, and such notice shall state
the increased Conversion Rate and the period during which it will be in effect.

(j)            If during a period applicable for
calculating the Closing Sale Price of Common Stock or any other security, an
event occurs that requires an adjustment to the Conversion Rate, the Closing
Sale Price of such security shall be calculated for such period in a manner
determined by the Company to appropriately reflect the impact of such event on
the price of such security during such period. 
Whenever any provision of this Indenture requires a calculation of an
average of Closing Sale Prices of Common Stock or any other security over
multiple days, appropriate adjustments shall be made 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-Dividend Date of
the event occurs, at any time during the period during which the average is to
be calculated.

If (A) shares of Common
Stock or other securities are deliverable as part of the Daily Settlement
Amount for a given Settlement Period Trading Day and (B) an adjustment to
Conversion Rate pursuant to this Section 10.05 occurs after such Settlement
Period Trading Day and prior to the date upon which the Noteholder becomes a
record holder in respect of the deliverable shares of Common Stock or other
securities, then the number of shares deliverable in respect of such Settlement
Period Trading Day shall be adjusted in the same manner that the Conversion
Rate has been adjusted.  In lieu of an
adjustment of the number of shares of Common Stock or other security
deliverable to a Noteholder as a portion of Conversion Settlement Amount, the
Company may instead deem such Noteholder to be a holder of record of such
Common Stock or other security for purposes of that distribution so that such
Holder would receive the distribution at the time such Holder receives the
Conversion Settlement Amount.

 60
 

(k)           No adjustment in the Conversion Rate
shall be required unless such adjustment would require an increase or decrease
of at least one percent (1%) in such rate; provided
that any adjustments that by reason of this Section 10.05(k) are not required
to be made shall be carried forward and the Company shall take such carry
forward adjustments into account in any subsequent adjustment, regardless of
whether the aggregate adjustment is less than 1%, (x) annually on the
anniversary of the Closing Date and otherwise (y)(1) five Business Days prior
to the maturity of the Notes (whether at stated maturity or otherwise) or (2)
prior to any Fundamental Change Repurchase Date, unless such adjustment has
already been made. All calculations under this Article 10 shall be made by the
Company and shall be made to the nearest cent or to the nearest one-ten
thousandth (1/10,000) of a share, as the case may be. No adjustment need be
made for rights to purchase Common Stock pursuant to a Company plan for
reinvestment of dividends or interest or for any issuance of Common Stock or
convertible or exchangeable securities or rights to purchase Common Stock or
convertible or exchangeable securities. Interest will not accrue on any cash
into which the Notes are convertible.

(l)            Whenever the Conversion Rate is
adjusted as herein provided, the Company will issue a press release containing
the relevant information and make this information available on the Company
Website. In addition, the Company shall promptly file with the Trustee and any
Conversion Agent other than the Trustee an Officers’ Certificate setting forth
the Conversion Rate after such adjustment and setting forth a brief statement
of the facts requiring such adjustment. Unless and until a responsible officer
of the Trustee shall have received such Officers’ Certificate, the Trustee
shall not be deemed to have knowledge of any adjustment of the Conversion Rate
and may assume that the last Conversion Rate of which it has actual 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 the Holder of each Notes at its last address appearing on the Register,
within 20 calendar days after execution thereof. Failure to deliver such notice
shall not affect the legality or validity of any such adjustment.

(m)          For purposes of this Section 10.05,
the number of shares of Common Stock at any time outstanding shall not include
shares held in the treasury of the Company but shall include shares issuable in
respect of scrip certificates issued in lieu of fractions of shares of Common
Stock. The Company will not pay any dividend or make any distribution on shares
of Common Stock held in the treasury of the Company.

(n)           Notwithstanding any of the foregoing
clauses in this Section 10.05, the applicable Conversion Rate will not be
adjusted pursuant to this Section 10.05 if the Holders of the Notes will
participate in the transaction that would otherwise give rise to adjustment
pursuant to this Section 10.05 without conversion of such Holder’s Notes.

(o)           If the Conversion Rate is adjusted
pursuant to this Indenture, to the extent such adjustment results in a
constructive distribution to beneficial owners of Notes under Section 305 of
the Code with respect to which the Company is obligated to deduct and withhold
a tax under the Code, the Company may, to the extent of the withholding tax
obligations required by the United States law, recoup or set-off such liability
against any payments (whether in cash or

 61
 

Common Stock) subsequently made with respect to the
Notes (or any Common Stock received upon conversion thereof) to such beneficial
owners.

SECTION
10.06            Effect of
Reclassification, Consolidation, Merger or Sale. If any
of the following events occur, namely:

(a)                                  any
reclassification or change of the outstanding Common Stock (other than a change
in par value, or from par value to no par value, or from no par value to par
value, or as a result of a subdivision or combination), or

(b)                                 any
consolidation or merger of the Company with or into another Person, or any
sale, lease, transfer, conveyance or other disposition of all or substantially
all of the Company’s assets to any other Person or Persons,

as a result of which holders of Common Stock receive
stock, other securities or other property or assets (including cash or any
combination thereof) with respect to or in exchange for such Common Stock, in
each case, subject to Section 10.13, the Company or the successor or purchasing
corporation, 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 that each such Note shall,
without the consent of any Holders of Notes, become convertible based on only
the kind and amount of the consideration that the holders of Common Stock
received in such reclassification, change, consolidation, merger, sale, lease, transfer,
conveyance or other disposition (the “Reference Property”).  In all cases, the conditions relating to
conversion of Notes specified herein (including in Section 10.01, to the extent
applicable, and Section 10.02) (modified as appropriate in the good faith
judgment of the Board of Directors to apply properly to the Reference Property
in lieu of Common Stock) and the provisions of Section 10.12 relating to the
settlement of the conversion obligation upon conversion of Notes shall continue
to apply following such transaction.  If
such transaction causes shares of Common Stock to be converted into the right
to receive more than a single type of consideration (determined based in part
upon any form of stockholder election), the Reference Property shall be deemed
to be the weighted average of the kind and amount of consideration received by
the holders of shares of Common Stock that affirmatively made such an
election.  The Company may not become a
party to any such transaction unless its terms are consistent with the
foregoing.  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 10, as determined
in good faith by the Company or successor or purchasing corporation.

If, in the case of any
such reclassification, change, consolidation, merger, sale, lease, transfer,
conveyance or other disposition, the stock or other securities and assets
received thereupon by a holder of Common Stock 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, sale, lease, transfer, conveyance or other disposition,
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

 62
 

to the extent practicable the provisions providing for
the conversion rights set forth in this Article 10.

The Company shall cause
notice of the execution of such supplemental indenture to be mailed to each
Holder, at the address of such Holder as it appears on the register of the
Notes maintained by the Registrar, within 20 calendar days after execution
thereof.  Failure to deliver such notice
shall not affect the legality or validity of such supplemental indenture.

The above provisions of
this Section 10.06 shall similarly apply to successive reclassifications,
changes, consolidations, mergers, sales, leases, transfers, conveyances or
other dispositions.

If this Section 10.06
applies to any event or occurrence, Section 10.05 shall not apply. Notwithstanding
this Section 10.06, if a Public Acquirer Change of Control occurs and the
Company elects to adjust its conversion obligation and the Conversion Rate
pursuant to Section 10.13, the provisions of Section 10.13 instead of this
Section 10.06 shall apply to the transaction.

SECTION
10.07            Taxes on Shares Issued.
The issue of stock certificates on conversions of Notes shall be made without
charge to the converting Holder of Notes for any documentary, stamp or similar
issue or transfer tax in respect of the issue thereof. The Company shall not,
however, be required to pay any such tax which may be payable in respect of any
transfer involved in the issue and delivery of stock in any name other than
that of the Holder of any Notes converted, and the Company shall not be
required to issue or deliver any such stock certificate unless and until the
Person or Persons requesting the issue thereof shall have paid to the Company
the amount of such tax or shall have established to the satisfaction of the
Company that such tax has been paid.

SECTION
10.08            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 free from preemptive rights, to provide for the conversion of the
Notes from time to time as such Notes are presented for conversion.

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

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

The Company covenants
that, if any shares of Common Stock to be provided for the purpose of
conversion of Notes hereunder require registration with or approval of any governmental
authority under any federal or state law before such shares may be validly
issued

 63
 

upon conversion, the Company will in good faith and as
expeditiously as possible, to the extent then permitted by the rules and
interpretations of the Commission (or any successor thereto), endeavor to
secure such registration or approval, as the case may be.

The Company further
covenants that, if at any time the Common Stock shall be listed on any national
securities exchange or automated quotation system, the Company will, if
permitted by the rules of such exchange or automated quotation system, list and
keep listed, so long as the Common Stock shall be so listed on such exchange or
automated quotation system, all Common Stock issuable upon conversion of the Notes;
provided that if the rules of
such exchange or automated quotation system permit the Company to defer the
listing of such Common Stock until the first conversion of the Notes into
Common Stock in accordance with the provisions of this Indenture, the Company
covenants to list such Common Stock issuable upon conversion of the Notes in
accordance with the requirements of such exchange or automated quotation system
at such time.

SECTION
10.09            Responsibility of
Trustee. The Trustee and any other Conversion Agent shall
not at any time be under any duty or responsibility to any Holder of Notes to
determine the Conversion Rate or whether any facts exist which may require any
adjustment of the Conversion Rate, or with respect to the nature or extent or
calculation of any such adjustment when made, or with respect to the method
employed, or herein or in any supplemental indenture provided to be employed,
in making the same. The Trustee and any other Conversion Agent shall not be
accountable with respect to the validity or value (or the kind or amount) of
any shares of Common Stock, or of any capital stock, other securities or other
assets or property, which may at any time be issued or delivered upon the
conversion of any Notes; and the Trustee and any other Conversion Agent make no
representations with respect thereto. Neither the Trustee nor any Conversion
Agent shall be responsible for any failure of the Company to issue, transfer or
deliver any shares of Common Stock or stock certificates or other securities or
property or cash upon the surrender of any Notes for the purpose of conversion
or to comply with any of the duties, responsibilities or covenants of the
Company contained in this Article 10. Without limiting the generality of the
foregoing, neither the Trustee nor any Conversion Agent shall be under any
responsibility to determine the correctness of any provisions contained in any
supplemental indenture entered into pursuant to Section 10.06 relating either
to the kind or amount of shares of capital stock or other securities or other
assets or property (including cash) receivable by Holders of Notes upon the
conversion of their Notes after any event referred to in such Section 10.06 or
to any adjustment to be made with respect thereto, but, subject to the provisions
of Section 9.01, may accept as conclusive evidence of the correctness of any
such provisions, and shall be protected in relying upon, the Officers’
Certificate (which the Company shall be obligated to file with the Trustee
prior to the execution of any such supplemental indenture) with respect
thereto.

SECTION
10.10            Notice to Holders
Prior to Certain Actions. 
Except where notice is required pursuant to Section 10.01, 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 10.05; or

 64
 

(b)                                 the
Company shall authorize the granting to all or substantially all the holders of
its Common Stock of rights or warrants to subscribe for or purchase any share
of any class or any other rights or warrants that would require an adjustment
in the Conversion Rate pursuant to Section 10.05; or

(c)                                  of
any reclassification or change 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,
transfer, conveyance or other disposition of all or substantially all of the
assets of the Company; or

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

and, in the case of the events specified in clauses
(a), (b) or (c), if the Notes are convertible at the time of or in connection
with such event, the Company shall cause to be filed with the Trustee and to be
mailed to each Holder of Notes at its address appearing on the Register, as
promptly as possible but in any event at least ten calendar days prior to the
applicable date hereinafter specified, a notice stating (x) the date on which a
record is to be taken for the purpose of such dividend, distribution or rights
or warrants, or, if a record is not to be taken, the date as of which the
holders of Common Stock of record to be entitled to such dividend, distribution
or rights are to be determined, or (y) the date on which such reclassification,
change, consolidation, merger, sale, transfer, conveyance or other disposition,
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, change, consolidation, merger,
sale, lease, transfer, conveyance or other disposition, dissolution,
liquidation or winding up. Failure to give such notice, or any defect therein,
shall not affect the legality or validity of such dividend, distribution,
reclassification, change, consolidation, merger, sale, lease, transfer,
conveyance or other disposition, dissolution, liquidation or winding up.

SECTION
10.11            Stockholder Rights
Plans. If the rights provided for in the Company’s Rights
Agreement dated July 28, 2004 as amended from time to time, including by the
First Amendment thereto dated June 2, 2005, or any future rights plan adopted
by the Company have separated from the shares of Common Stock in accordance
with the provisions of the applicable stockholder rights agreement so that the
Holders of the Notes would not be entitled to receive any rights in respect of
Common Stock issuable upon conversion of the Notes, the Conversion Rate will be
adjusted (and, if applicable, readjusted in the event of the expiration,
termination or redemption of such rights) as provided in Section 10.05(d). If
such rights have not separated, any shares of Common Stock delivered upon the
conversion of Notes shall be accompanied by such rights.

SECTION
10.12            Settlement Upon
Conversion. Upon any conversion of Notes, the Company
will deliver to converting Holders in respect of each $1,000 principal amount
of Notes being converted, a “Conversion Settlement Amount” equal to the sum of the
Daily Settlement

 65
 

Amounts for each of the 20 Settlement Period Trading
Days during the applicable Conversion Period.

The “Daily Settlement Amount” for each $1,000 principal
amount of Notes, for each of the 20 Settlement Period Trading Days during the
applicable Conversion Period, shall consist of:

(i)            cash equal to the lesser of $50 and
the Daily Conversion Value; and

(ii)           to the extent the Daily Conversion
Value exceeds $50, a number of shares of Common Stock equal to, (A) the difference
between the Daily Conversion Value and $50, divided by (B) the Volume Weighted
Average Price of the Common Stock for that day.

“Daily Conversion Value”
means, for any Settlement Period Trading Day, one-twentieth (1/20) of the
product of (1) the applicable Conversion Rate on that Settlement Period Trading
Day and (2) the Volume Weighted Average Price of the Common Stock (or, if the
Conversion Settlement Amount is then based (x) on the Reference Property in
accordance with Section 10.06, a unit of the Reference Property or (y) on
shares of Public Acquirer Common Stock in accordance with Section 10.13, a
share of the Public Acquirer Common Stock) on that Settlement Period Trading
Day.  For the purposes of determining the
Daily Conversion Value, the following provisions shall apply: (i) if the
Reference Property includes securities for which the price can be determined in
a manner contemplated by the definition of “Volume Weighted Average Price,”
then the value of such securities shall be determined in accordance with the
principles set forth in such definition; (ii) if the Reference Property
includes other property (other than securities as to which clause (i) applies
or cash), then the value of such property shall be the Fair Market Value of
such property; and (iii) if the Reference Property includes cash, then the
value of such cash shall be the amount thereof.

The Conversion Settlement
Amount will be delivered in cash and shares of Common Stock to converting
Holders on the third Trading Day following the final Settlement Period Trading
Day of the applicable Conversion Period.

SECTION 10.13            Conversion
After a Public Acquirer Change of Control.

(a)           In the event of a Public Acquirer
Change of Control, the Company may, in lieu of adjusting the Conversion Rate pursuant
to Section 10.04(b) or 10.06, elect to adjust its conversion obligation and the
Conversion Rate such that from and after the Effective Date of such Public
Acquirer Change of Control, Holders of the Notes shall be entitled, subject to
the conditions relating to conversion of Notes specified herein (including
Sections 10.01 and 10.02) to receive a Conversion Settlement Amount upon
conversion of Notes based on shares of Public Acquirer Common Stock; and the
Conversion Rate in effect immediately before the Public Acquirer Change of
Control shall be adjusted by multiplying it by a fraction:

(1)           the numerator of which shall be (A)
in the case of a Public Acquirer Change of Control pursuant to which the Common
Stock is converted solely into cash, the value of such cash paid or payable per
share of Common Stock or (B) in the case of any other Public Acquirer Change of
Control, the average of the Closing Sale Prices of

 66
 

the Common Stock
for the five consecutive Trading Days prior to but excluding the Effective Date
of such Public Acquirer Change of Control; and

(2)           the denominator of which shall be the
average of the Closing Sale Prices of the Public Acquirer Common Stock for the
five consecutive Trading Days commencing on the Trading Day next succeeding the
Effective Date of such Public Acquirer Change of Control.

(b)           The Company shall notify Holders of
its election by providing notice as set forth in Section 10.01(d).

(c)           If the Company elects to make the
adjustment to the Conversion Rate described in Section 10.13(a) in the event of
a Public Acquirer Change of Control, (i) Holders of Notes will not be entitled
to receive any Additional Shares pursuant to Section 10.04(b) as a result
of such Public Acquirer Change of Control; (ii) Section 10.06 will not apply to
such transaction; and (iii) the Company and the acquirer or other issuer of
Public Acquirer Common Stock 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 that such Notes shall,
without the consent of any Holders of Notes, be convertible into a Conversion
Settlement Amount based on shares of Public Acquirer Common Stock at the
adjusted Conversion Rate as specified above (subject to the conditions relating
to conversion of Notes specified herein (including Section 10.01 and
10.02)).  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 10, as determined
in good faith by the Company, the acquirer or other issuer of Public Acquirer
Common Stock.

ARTICLE
11

MISCELLANEOUS

SECTION
11.01            Trust Indenture Act
Controls. If any provision of this Indenture limits,
qualifies or conflicts with another provision which is required to be included
in this Indenture by the TIA, the required provision shall control.

SECTION
11.02            Notices.
Any notice or communication shall be in writing and delivered in person or
mailed by first-class mail addressed as follows:

if to the Company:

Lawson Software,
Inc.

380 St. Peter Street

St. Paul, MN 55102

Attention:  Bruce McPheeters

if to the Trustee:

The Bank of New
York

101 Barclay Street

New York, NY  10286

 67

Attention:  Corporate Trust Administration

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

Any notice or
communication mailed to a Noteholder shall be mailed to the Noteholder at the
Noteholder’s address as it appears on the Register of the Registrar and shall
be sufficiently given if so mailed within the time prescribed.

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

Where this Indenture
provides for notice in any manner, such notice may be waived in writing by the
Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice.  Waivers of notice by Holders shall be filed
with the Trustee, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver.

Notwithstanding any other
provision of this Indenture or any Note, where this Indenture or any Note
provides for notice of any event to a Holder of a Global Note (whether by mail or
otherwise), such notice shall be sufficiently given if given to the Depositary
for such Note (or its designee), pursuant to the customary procedures of such
Depositary, not later than the latest date (if any), and not earlier than the
earliest date (if any), prescribed for the giving of such notice.

SECTION
11.03            Communication by
Noteholders with Other Noteholders. Noteholders may
communicate pursuant to TIA § 312(b) with other Noteholders with respect to
their rights under this Indenture or the Notes. The Company, the Trustee, the
Registrar and anyone else shall have the protection of TIA § 312(c).

SECTION
11.04            Certificate and
Opinion as to Conditions Precedent. Upon any request or
application by the Company to the Trustee to take or refrain from taking any
action under this Indenture, the Company shall furnish to the Trustee:

(a)           an Officers’ Certificate in form and
substance reasonably satisfactory to the Trustee stating that, in the opinion
of the signers, all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with; and

(b)           an Opinion of Counsel in form and
substance reasonably satisfactory to the Trustee stating that, in the opinion
of such counsel, all such conditions precedent have been complied with.

SECTION
11.05            Statements Required in
Certificate or Opinion. Each certificate or opinion with
respect to compliance with a covenant or condition provided for in this
Indenture shall include:

(a)           a
statement that the individual making such certificate or opinion has read such
covenant or condition;

 68
 

(b)           a
brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion
are based;

(c)           a statement that, in the opinion of
such individual, he has made such examination or investigation as is necessary
to enable him to express an informed opinion as to whether or not such covenant
or condition has been complied with; and

(d)           a
statement as to whether or not, in the opinion of such individual, such
covenant or condition has been complied with.

In any case where several
matters are required to be certified by, or covered by an opinion of, any
specified Person, it is not necessary that all such matters be certified by, or
covered by the opinion of, only one such Person, or that they be so certified
or covered by only one document, but one such Person may certify or give an
opinion as to such matters in one or several documents.

Any certificate or
opinion of an Officer of the Company may be based, insofar as it relates to
legal matters, upon a certificate of opinion of, or representations by,
counsel.  Any such certificate or Opinion
of Counsel may be based, and may state that it is so based, insofar as it relates
to factual matters, upon a certificate or opinion of, or representations by, an
Officer or Officers of the Company.

Where any Person is
required to make, give or execute two or more applications, requests, consents,
certificates, statements, opinions, notices or other instruments under this
Indenture, they may, but need not, be consolidated and form one instrument.

SECTION
11.06            When Notes Disregarded.  In determining whether the Noteholders of the
required aggregate principal amount of Notes have concurred in any direction,
waiver or consent, Notes owned by the Company or by any Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with the Company shall be disregarded and deemed not to be outstanding,
except that, for the purpose of determining whether the Trustee shall be
protected in relying on any such direction, waiver or consent, only Notes which
a Trust Officer of the Trustee knows are so owned shall be so disregarded.
Subject to the foregoing, only Notes outstanding at the time shall be
considered in any such determination.

SECTION
11.07            Rules by Trustee,
Paying Agent, Conversion Agent and Registrar. The Trustee
may make reasonable rules for action by or a meeting of Noteholders. The
Registrar, the Paying Agent and the Conversion Agent may make reasonable rules
for their functions.

SECTION
11.08            Business Day.
A “Business Day”
means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on
which banking institutions in New York City are authorized or obligated by law
or executive order to close.

SECTION
11.09            Governing Law; Waiver
of Jury Trial. THIS INDENTURE AND THE NOTES SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. EACH OF THE COMPANY AND

 69
 

THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE NOTES.

SECTION
11.10            No Interpretation of
or by Other Agreements. 
This Indenture may not be used to interpret any other indenture, loan or
debt agreement of the Company or its Subsidiaries or of any other Person.  Any such indenture, loan or debt agreement
may not be used to interpret this Indenture.

SECTION
11.11            Successors.
All agreements of the Company in this Indenture and the Notes shall bind its
successors. All agreements of the Trustee in this Indenture shall bind its
successors.

SECTION
11.12            Multiple Originals.
The parties may sign any number of copies of this Indenture. Each signed copy
shall be an original, but all of them together represent the same agreement.
One signed copy is enough to prove this Indenture.

SECTION
11.13            Table of Contents;
Headings. The table of contents, cross-reference sheet
and headings of the Articles and Sections of this Indenture have been inserted
for convenience of reference only, are not intended to be considered a part
hereof and shall not modify or restrict any of the terms or provisions hereof.

SECTION
11.14            Indenture and Notes
Solely Corporate Obligations. No recourse for the payment
of the principal of or interest on any Notes or for any claim based upon any
Notes or otherwise in respect thereof, and no recourse under or upon any
obligation, covenant or agreement of the Company in this Indenture or in any
supplemental indenture or in any Notes or because of the creation of any
indebtedness represented thereby shall be had against any incorporator,
stockholder, member, manager, employee, partner, agent, officer, director or
subsidiary, as such, past, present or future, of the Company or any of the
Company’s subsidiaries or of any successor thereto, either directly or through
the Company or any of the Company’s subsidiaries or any successor thereto,
whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise; it being expressly
understood that all such liability is hereby expressly waived and released as a
condition of, and as a consideration for, the execution of this Indenture and
the issue of the Notes.

SECTION
11.15            Severability.  In case any provision in this Indenture or in
the Notes is invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions will not in any way be affected or
impaired thereby and such provision shall be ineffective only to the extent of
such invalidity, illegality or unenforceability.

SECTION
11.16            Benefits of Indenture.  Nothing in this Indenture or in the Notes,
express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder and the Holders of Notes, any benefit or any legal
or equitable right, remedy or claim under this Indenture or the Notes.

 70
 

SECTION
11.17            Calculations.  Except as otherwise provided herein, the
Company shall be responsible for making all calculations called for under this
Indenture and the Notes.  The Company or
its agents shall make all such calculations in good faith and, absent manifest
error, its calculations will be final and binding on the Holders.  The Company upon request shall provide a
schedule of its calculations to each of the Trustee and the Conversion Agent,
and each of the Trustee and the Conversion Agent shall be entitled to rely
conclusively upon the accuracy of the Company’s calculations without
independent verification.  The Trustee or
the Conversion Agent, as applicable, shall deliver a copy of such schedule to
any Holder upon the request of such Holder.

SECTION
11.18            Qualification of
Indenture.  The
Company shall qualify this Indenture under the Trust Indenture Act in
accordance with the terms and conditions of the Registration Rights
Agreement(s) and shall pay all reasonable costs and expenses (including
attorneys’ fees and expenses for the Company, the Trustee and the Holders)
incurred in connection therewith, including, but not limited to, costs and
expenses of qualification of this Indenture and the registration of the resale
of the Notes and the printing of this Indenture and the Notes.

[Signature Page Follows]

 71

IN WITNESS
WHEREOF, the parties have caused this Indenture to be duly executed as of the
date first written above

	
  

  	
   

  	
  LAWSON SOFTWARE, INC., as Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Bruce B.
  McPheeters

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Bruce B. McPheeters

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President,
  Secretary

  and General Counsel

  

 

	
  

  	
   

  	
  THE BANK OF NEW YORK, as Trustee,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Carlos R.
  Luciano

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Carlos R.
  Luciano

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

EXHIBIT A

[FORM OF
FACE OF NOTE]

[Global
Notes Legend]

UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT 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.

TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES
OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF
PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE
REVERSE HEREOF.

[Restricted
Notes Legend]

THE SECURITIES EVIDENCED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY
NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. EACH PURCHASER OF THE
SECURITY EVIDENCED HEREBY IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE
EXEMPTION FROM SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS
THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT),  (2) AGREES THAT IT WILL
NOT PRIOR TO THE DATE WHICH IS TWO YEARS (OR SUCH SHORTER PERIOD OF TIME AS
PERMITTED BY RULE 144(K) UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION
THEREUNDER) AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF (OR OF ANY
PREDECESSOR OF THIS SECURITY) AND THE LAST SUBSEQUENT ISSUANCE OF A NOTE OF THE
SAME SERIES (THE “RESALE RESTRICTION TERMINATION DATE”), OFFER, SELL OR
OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY, (B) PURSUANT TO A
REGISTRATION STATEMENT WHICH HAS

 A-F-1
 

BECOME EFFECTIVE UNDER THE SECURITIES ACT AND WHICH
CONTINUES TO BE EFFECTIVE AT THE TIME OF TRANSFER, (C) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A OR (D) 
PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH
PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE
EFFECT OF THIS LEGEND; PROVIDED THAT THE COMPANY, THE TRUSTEE AND THE REGISTRAR
SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSE (2)(D) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION
AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION
DATE.

 A-F-2
 

 

	
  No

  	
   

  	
  $

  

 

2.50% Senior
Convertible Note due 2012

CUSIP No.:                         

Lawson Software, Inc., a Delaware corporation,
promises to pay to[                                             ],
or its registered assigns, the principal sum of                      ,
Dollars [, or such lesser amount as is
indicated in the records of the Trustee and the Depositary,]* on
April 15, 2012 and to pay interest thereon from April 23, 2007, or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on April 15 and October 15 of each year, commencing
October 15, 2007, at the rate of 2.50% per annum, until the principal hereof is
paid or made available for payment.  The
interest so payable on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more
predecessor Notes) is registered at 5:00 p.m., New York City time, on the
Regular Record Date with respect to such Interest Payment Date, which shall be
[the last Business Day prior to the applicable Interest Payment Date]* [April 1 and October 1 preceding the
applicable April 15 and October 15 Interest Payment Date, respectively]**.  Any such interest not so punctually paid, if
such nonpayment continues for a period of 30 calendar days, will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be
paid to the Person in whose name this Note (or one or more predecessor Notes)
is registered at 5:00 p.m., New York City time, on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Notes not less than ten calendar days
prior to such Special Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on
which the Notes may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture (as defined on the
reverse hereof).

Interest on the Notes
will be calculated on the basis of a 360-day year consisting of twelve 30-day
months.  The amount of interest payable
for a period that is less than a whole month will be calculated on the basis of
the actual number of days elapsed during such less than whole-month period
divided by 360.  If a payment date is not
a Business Day, payment will be made on the next succeeding Business Day, and
no additional interest will accrue in respect of such payment by virtue of the
payment being made on such later date.

Reference is 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 though fully set
forth at this place.

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

*  Include for
Global Notes.

**  Include for Certificated Notes.

 A-F-3
 

IN WITNESS WHEREOF, Lawson Software, Inc. has caused
this instrument to be duly executed.

	
  

  	
   

  	
  LAWSON SOFTWARE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

Dated:

 

 

TRUSTEE’S
CERTIFICATE OF

AUTHENTICATION

THE BANK OF NEW YORK,

as Trustee, certifies that this is one of

the Notes referred to in the Indenture.

 

	
  By:

  	
   

  	
   

  
	
   

  	
   Authorized
  Signatory

  	
   

  

 

 A-F-4

[FORM OF
REVERSE SIDE OF NOTE]

2.50% Senior Convertible
Note due 2012

LAWSON SOFTWARE, INC., a
Delaware corporation (such corporation, and its successors and assigns under
the Indenture hereinafter referred to, being herein called the “Company”),
issued this Note under an Indenture dated as of April 23, 2007 (as it may be
amended or supplemented from time to time in accordance with the terms thereof,
the “Indenture”), between the Company and The Bank of New York, as Trustee, to
which reference is hereby made for a statement of the respective rights,
obligations, duties and immunities thereunder of the Trustee, the Company and
the Holders and of the terms upon which the Notes are, and are to be,
authorized and delivered.  The terms of
the Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§
77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”).  Terms defined in the Indenture and not
defined herein have the meanings ascribed thereto in the Indenture.  The Notes are subject to all such terms, and
Noteholders are referred to the Indenture and the TIA for a statement of those
terms.  This Note is one of the Notes
referred to in the Indenture initially issued in an aggregate principal amount
of $240,000,000.  An additional aggregate
principal amount of Notes may be issued from time to time as Additional Notes
in accordance with Section 2.14 of the Indenture.

1.                                       Further
Provisions Relating to Interest

(a)           Additional Interest.  The Holder of this Note shall be entitled to
receive Additional Interest as and to the extent provided in the Indenture and
that certain Registration Rights Agreement, dated as of April 23, 2007, between
the Company and the Initial Purchasers.

(b)           Reporting Additional
Interest.  The Holder of this Note
shall be entitled to receive Reporting Additional Interest as and to the extent
provided in the Indenture.

2.                                       Method
of Payment

The Company will pay
interest on the Notes (except Defaulted Interest) to the Persons who are
registered Holders of Notes at 5:00 p.m., New York City time, on the Regular
Record Date with respect to the applicable Interest Payment Date even if Notes
are canceled after the Regular Record Date and on or before the Interest Payment
Date, except as otherwise provided in the Indenture. Holders must surrender
Notes to a Paying Agent to collect principal payments. The Company will pay
principal and interest in money of the United States of America that at the
time of payment is legal tender for payment of public and private debts.

The Company shall
pay interest on:

(i) any Global Notes by wire transfer of immediately
available funds to the account of the Depositary or its nominee,

(ii) any Notes in
certificated form having a principal amount of less than $2,000,000, by check
mailed to the address of the Holder of such Notes as it appears in the
Register, provided, however, that at maturity interest will be payable at the
office of the Company maintained by the

 A-R-1
 

Company for such purposes, which shall initially be an
office or agency of the Trustee (as defined below), and

(iii) any Notes in
certificated form having a principal amount of $2,000,000 or more, by wire
transfer in immediately available funds at the election of the Holder of such
Notes duly delivered to the Trustee at least five Business Days prior to the
relevant Interest Payment Date, provided, however, that at maturity interest
will be payable at the office of the Company maintained by the Company for such
purposes in New York City, which shall initially be an office or agency of the
Trustee.

3.                                       Paying
Agent and Registrar

Initially, The Bank of
New York (the “Trustee”) will act as Paying Agent, Registrar and Conversion
Agent. The Company may appoint and change any Paying Agent, Registrar or
co-registrar or Conversion Agent without notice. The Company or any of its
domestically organized Wholly Owned Subsidiaries may act as Paying Agent or
Registrar or co-registrar.

4.                                       Ranking

The Notes are
senior unsecured obligations of the Company.

5.                                       Redemption

The Notes will not be redeemable at the option of the
Company prior to the Maturity Date.

6.                                       Repurchase
at the Option of Noteholders Upon a Fundamental Change

If a Fundamental Change
occurs at any time prior to maturity of the Notes, this Note will be subject to
a repurchase, at the option of the Holder, on a Fundamental Change Repurchase
Date, specified by the Company, that is not less than 20 Business Days nor more
than 35 Business Days after the date of the Company Repurchase Notice related
to such Fundamental Change, at a repurchase price equal to 100% of the
principal amount hereof, together with accrued and unpaid interest on this Note
to, but excluding, the Fundamental Change Repurchase Date; provided that if
such Fundamental Change Repurchase Date falls after a Regular Record Date and
on or prior the corresponding Interest Payment Date, the accrued and unpaid
interest shall be payable on such Interest Payment Date to the Holder of record
of this Note on the applicable Regular Record Date instead of the Holder
surrendering the Note for repurchase on such date.  For Notes to be so repurchased at the option
of the Holder, the Holder must deliver to the Paying Agent in accordance with
the terms of the Indenture, the Repurchase Notice containing the information
specified by the Indenture, together with such Notes, duly endorsed for
transfer, or (if the Notes are Global Notes) book-entry transfer of the Notes,
prior to 5:00 p.m., New York City time, on the Business Day immediately preceding
the Fundamental Change Repurchase Date.

Holders have the right to withdraw any Repurchase
Notice by delivering to the Paying Agent a written notice of withdrawal at any
time prior to 5:00 p.m., New York City time, on the

 A-R-2
 

Business Day immediately preceding the Fundamental
Change Repurchase Date, all as provided in the Indenture.

7.                                       Conversion

Subject to and upon
compliance with the provisions of the Indenture, the Holder hereof has the
right, at its option, to convert each $1,000 principal amount of this Note into
cash and, if applicable, Common Stock based on an initial Conversion Rate of
83.2293 shares of Common Stock per $1,000 principal amount of Notes, as the
same may be adjusted pursuant to the terms of the Indenture.  As specified in the Indenture, upon
conversion, the Company will pay cash and shares of Common Stock, if any, equal
to the sum of the Daily Settlement Amounts for each of the 20 Settlement Period
Trading Days during the applicable Conversion Period.

If and only to the extent
Holders elect to convert the Notes in connection with a Non-Stock Change of
Control, the Company will increase the Conversion Rate applicable to such
converting Notes; provided that in the case of a Non-Stock Change of Control
constituting a Public Acquirer Change of Control, the Company may, in lieu of
increasing the Conversion Rate, elect to adjust the conversion obligation and
the Conversion Rate such that from and after the Effective Date of such Public
Acquirer Change of Control, Holders of the Notes will be entitled to convert
their Notes (subject to the satisfaction of certain conditions) based on a
number of shares of Public Acquirer Common Stock determined as set forth in the
Indenture.

If this Note (or portion
hereof) is surrendered for conversion after 5:00 p.m., New York City time, on
the Regular Record Date for an Interest Payment Date but prior to the
applicable Interest Payment Date, it shall be accompanied by payment, in
immediately available funds or other funds acceptable to the Company, of an amount
equal to the interest otherwise payable on such Interest Payment Date on the
principal amount being converted; provided that no such payment need be made
(i) with respect to conversions after 5:00 p.m., New York City time, on the
Regular Record Date immediately preceding the Maturity Date; (ii) with respect
to conversions in connection with a Fundamental Change and 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; and (iii) with
respect to any overdue interest, if overdue interest exists at the time of
conversion with respect to such Notes.

Accrued and unpaid
interest, if any, to the Conversion Date is deemed to be paid in full upon
receipt of the Conversion Settlement Amount rather than cancelled, extinguished
or forfeited.

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

A Note in respect of which a Holder is exercising its
right to require repurchase may be converted only if such Holder validly
withdraws its election to exercise such right to require repurchase in
accordance with the terms of the Indenture.

 A-R-3
 

8.                                       Denominations,
Transfer, Exchange

The Notes are in
registered form without coupons in denominations of $1,000 and whole multiples
of $1,000. A Noteholder may transfer or exchange Notes in accordance with the
Indenture. Upon any transfer or exchange, the Registrar and the Trustee may
require a Noteholder, among other things, to furnish appropriate endorsements
or transfer documents and to pay any taxes required by law or permitted by the
Indenture.

9.                                       Persons
Deemed Owners

The registered
Holder of this Note may be treated as the owner of it for all purposes.

10.           Unclaimed
Money

Subject to any applicable
abandoned property law, the Trustee and the Paying Agent shall pay to the
Company upon written request any money held by them for the payment of
principal or interest and any shares of Common Stock or other property due in
respect of converted Notes that remains unclaimed for two years, and,
thereafter, Noteholders entitled to the money and/or securities must look to
the Company for payment as general creditors.

11.           Amendment,
Waiver

Subject to certain exceptions set forth in the
Indenture, (i) the Indenture or the Notes may be amended without prior notice
to any Noteholder but with the written consent or affirmative vote of the
Holders of at least a majority in aggregate principal amount of the outstanding
Notes and (ii) any Default or Event of Default may be waived with the written
consent of the Holders of at least a majority in aggregate principal amount of
the outstanding Notes.  In certain
circumstances set forth in the Indenture, the Company and the Trustee may amend
the Indenture or the Notes without the consent of any Holder of Notes.

12.           Defaults
and Remedies

If an Event of Default
occurs (other than an Event of Default relating to certain events of
bankruptcy, insolvency or reorganization) and is continuing, the Trustee or the
Holders of at least 25% in aggregate principal amount of the outstanding Notes
may declare the principal of and accrued but unpaid interest on all the Notes
to be due and payable, except as provided in the Indenture (including special
provisions for an Event of Default relating to the failure of the Company to
comply with its agreements in respect of periodic reporting under Section
4.08(a) of the Indenture as set forth in Section 6.13 of the Indenture).  If an Event of Default relating to certain
events of bankruptcy, insolvency or reorganization occurs, the principal of and
interest on all the Notes will become immediately due and payable without any
declaration or other act on the part of the Trustee or any Noteholders.  Under certain circumstances, the Holders of a
majority in aggregate principal amount of the outstanding Notes may rescind and
annul such declaration with respect to the Notes and its consequences.  No reference herein to the Indenture and no
provision of this Note or of the Indenture shall impair, as among the Company
and the Holder of the Notes, the obligation of the Company, which is absolute
and unconditional, to pay the principal of and interest on this Note at the
place, at the respective times, at the rate and in the

 A-R-4
 

coin or currency herein and in the Indenture
prescribed or to convert the Note as provided in the Indenture.

13.           Trustee
Dealings with the Company

Subject to certain
limitations imposed by the TIA, the Trustee under the Indenture, in its
individual or any other capacity, may become the owner or pledgee of Notes and
may otherwise deal with and collect obligations owed to it by the Company or
its Affiliates and may otherwise deal with the Company or its Affiliates with
the same rights it would have if it were not Trustee.

14.           Indenture
and Notes Solely Corporate Obligations

No recourse for the
payment of the principal of or interest on any Notes or for any claim based
upon any Notes or otherwise in respect thereof, and no recourse under or upon
any obligation, covenant or agreement of the Company in the Indenture or in any
supplemental indenture or in any Notes or because of the creation of any
indebtedness represented thereby shall be had against any incorporator,
stockholder, member, manager, employee, agent, officer, director or subsidiary,
as such, past, present or future, of the Company or any of the Company’s
subsidiaries or of any successor thereto, either directly or through the
Company or any of the Company’s subsidiaries or any successor thereto, whether
by virtue of any constitution, statute or rule of law, or by the enforcement of
any assessment or penalty or otherwise; it being expressly understood that all
such liability is hereby expressly waived and released as a condition of, and
as a consideration for, the execution of the Indenture and the issue of the
Notes.

15.           Authentication

This Note shall not be
valid until an authorized signatory of the Trustee (or an authenticating agent)
manually signs the certificate of authentication on the other side of this
Note.

16.           Abbreviations

Customary abbreviations
may be used in the name of a Noteholder or an assignee, such as TEN COM
(=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint
tenants with rights of survivorship and not as tenants in common), CUST
(=custodian), and U/G/M/A (=Uniform Gift to Minors Act).

17.           GOVERNING
LAW

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

18.           CUSIP
and ISIN Numbers

Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the
Notes and has directed the Trustee to use CUSIP and ISIN numbers in all notices
issued to Noteholders as a convenience to such Noteholders. No representation
is made as to the accuracy

 A-R-5
 

of such numbers either as printed on the Notes or as
contained in any such notice and reliance may be placed only on the other
identification numbers placed thereon.

The Company will furnish to any
Holder of Notes upon written request and without charge to the Holder a copy of
the Indenture.

 A-R-6

CONVERSION
NOTICE

TO:         LAWSON
SOFTWARE, INC. and THE BANK OF NEW YORK, as Trustee

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

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  

  	
  Signature(s)

  
	
   

  	
   

  
	
   

  	
  Signature(s) must be
  guaranteed by an “eligible guarantor institution” meeting the requirements of
  the Registrar, which requirements include membership or participation in the
  Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
  guarantee program” as may be determined by the Registrar in addition to, or
  in substitution for, STAMP, all in accordance with the Securities Exchange
  Act of 1934, as amended.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature Guarantee

  

 

Fill in the registration
of shares of Common Stock, if any, if to be issued, and Notes if to be
delivered, and the person to whom cash, if any, and payment for fractional
shares is to be made, if to be made, other than to and in the name of the
registered Holder:

Please print name and
address

(Name)

(Street Address)

(City, State and Zip
Code)

Principal amount to be converted

(if less than all):

$

Social Security or Other Taxpayer

Identification Number:

NOTICE: The signature on this Conversion Notice must
correspond with the name as written upon the face of the Notes in every
particular without alteration or enlargement or any change whatever.

REPURCHASE
NOTICE

TO:         LAWSON
SOFTWARE, INC. and THE BANK OF NEW YORK, as Trustee

The undersigned
registered owner of this Note hereby irrevocably acknowledges receipt of a
notice from Lawson Software, Inc. (the “Company”) regarding the right of
Holders to elect to require the Company to repurchase the Notes and requests
and instructs the Company to repay the entire principal amount of this Note, or
the portion thereof (which is $1,000 or an integral multiple thereof) below
designated, in accordance with the terms of the Indenture at the price of 100%
of such entire principal amount or portion thereof, together with, except as
provided in the Indenture, accrued and unpaid interest to, but excluding, the
Fundamental Change Repurchase Date to the registered Holder hereof. Capitalized
terms used herein but not defined shall have the meanings ascribed to such
terms in the Indenture. The Notes shall be repurchased by the Company as of the
Fundamental Change Repurchase Date pursuant to the terms and conditions
specified in the Indenture.

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  

  	
  Signature(s)

  

 

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

Notes Certificate Number (if applicable):                       

Principal amount
to be repurchased

(if less than all, must be $1,000 or whole multiples
thereof):                       

Social Security or Other Taxpayer Identification
Number:                       

ASSIGNMENT

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

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

o                                    To
Lawson Software, Inc. or a subsidiary thereof; or

o                                    To
a “qualified institutional buyer” in compliance with Rule 144A under the
Securities Act of 1933, as amended; or

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

o                                    Pursuant
to a Registration Statement which has become effective under the Securities Act
of 1933, as amended, and which continues to be effective at the time of
transfer.

Unless one of the boxes is checked,
the Trustee will refuse to register any of the Notes evidenced by this
certificate in the name of any person other than the registered Holder thereof.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  

  	
  Signature(s)

  
	
   

  	
   

  
	
   

  	
  Signature(s) must be guaranteed by an “eligible
  guarantor institution” meeting the requirements of the Registrar, which
  requirements include membership or participation in the Security Transfer
  Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
  as may be determined by the Registrar in addition to, or in substitution for,
  STAMP, all in accordance with the Securities Exchange Act of 1934, as
  amended.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature Guarantee

  

 

NOTICE: The signature on this Assignment must
correspond with the name as written upon the face of the Notes in every particular
without alteration or enlargement or any change whatever.

EXHIBIT B

FORM OF
RESTRICTIVE LEGEND FOR

COMMON STOCK ISSUED UPON CONVERSION

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. EACH PURCHASER OF THE SECURITY EVIDENCED
HEREBY IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM SECTION
5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THIS
SECURITY BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL NOT PRIOR TO THE DATE
WHICH IS TWO YEARS (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144(K)
UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREUNDER) AFTER THE LATER
OF THE ORIGINAL ISSUE DATE OF THE NOTE THAT WAS CONVERTED INTO THIS SECURITY
(OR ANY PREDECESSOR THEREOF) AND THE LAST SUBSEQUENT ISSUANCE OF A NOTE OF THE
SAME SERIES (THE “RESALE RESTRICTION TERMINATION DATE”), OFFER, SELL OR
OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY, (B) PURSUANT TO A
REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT AND
WHICH CONTINUES TO BE EFFECTIVE AT THE TIME OF TRANSFER, (C) FOR SO LONG AS THE
SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (D)  PURSUANT TO ANY OTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT
WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE
SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED THAT THE COMPANY, THE
TRANSFER AGENT AND THE REGISTRAR SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER PURSUANT TO CLAUSE (2)(D) TO REQUIRE THE DELIVERY OF AN
OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH
OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE
RESALE RESTRICTION TERMINATION DATE.

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