Document:

<PAGE>

                                                                     Exhibit 4.1

                             CERTIFICATE OF TRUST OF
                     Chase Manhattan Auto Owner Trust 2002-B

         This Certificate of Trust of Chase Manhattan Auto Owner Trust 2002-B
(the "Trust"), dated as of April 30, 2002 is being duly executed and filed by
Wilmington Trust Company, a Delaware banking corporation, as trustee, to form a
business trust under the Delaware Business Trust Act (12 Del. C.ss.3801 et
seq.).

         1. Name. The name of the business trust formed hereby is Chase
Manhattan Auto Owner Trust 2002-B.

         2. Delaware Trustee. The name and business address of the trustee of
the Trust in the State of Delaware is Wilmington Trust Company, Rodney Square
North, 1100 North Market Square, Wilmington, Delaware 19890-0001, Attn:
Corporate Trust Administration.

         3. This Certificate of Trust shall be effective as of the date filed.

         IN WITNESS WHEREOF, the undersigned, being the sole trustee of the
Trust, has executed this Certificate of Trust as of the date first above
written.

                                           WILMINGTON TRUST COMPANY, not
                                           in its individual capacity but solely
                                           as trustee of the Trust

                                           By:  /s/ Donald G. MacKelcan
                                                --------------------------------
                                                Name: Donald G. MacKelcan
                                                Title: Vice President<PAGE>

                                                                     Exhibit 4.2

         TRUST AGREEMENT, dated as of April 30, 2002, between Chase
Manhattan Bank USA, National Association, as Seller, and Wilmington Trust
Company, a Delaware banking corporation, not in its individual capacity but
solely as Owner Trustee (the "Owner Trustee"). The Seller and the Owner Trustee
hereby agree as follows:

         1. The trust created hereby shall be known as "Chase Manhattan Auto
Owner Trust 2002-B", in which name the Owner Trustee may engage in the
transactions contemplated hereby, make and execute contracts, and sue and be
sued.

         2. The Seller hereby assigns, transfers, conveys and sets over to the
Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt of
such amount in trust from the Seller, which amount shall constitute the initial
trust estate. The Owner Trustee hereby declares that it will hold the trust
estate in trust for the Seller. It is the intention of the parties hereto that
the Trust created hereby constitute a business trust under Chapter 38 of Title
12 of the Delaware Code, 12 Del. C. ss.3801 et seq., and that this document
constitutes the governing instrument of the Trust. The Owner Trustee is hereby
authorized and directed to execute and file a certificate of trust with the
Delaware Secretary of State in the form attached hereto.

         3. The Seller and the Owner Trustee will enter into an amended and
restated Trust Agreement, satisfactory to each such party, to provide for the
contemplated operation of the Trust created hereby. Prior to the execution and
delivery of such amended and restated Trust Agreement, the Owner Trustee shall
not have any duty or obligation hereunder or with respect to the trust estate,
except upon the written direction of the Seller to take such action as
determined by the Seller to be necessary to obtain prior to such execution and
delivery any licenses, consents or approvals required by applicable law or
otherwise.

         4. This Trust Agreement may be executed in one or more counterparts.

         5. The Owner Trustee may resign upon thirty days prior notice to the
Seller.

<PAGE>

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

                                          CHASE MANHATTAN BANK USA,
                                          NATIONAL ASSOCIATION, as Seller

                                          By: /s/ Andrew T. Semmelman
                                              -------------------------------
                                                 Name: Andrew T. Semmelman
                                                 Title: Vice President

                                          WILMINGTON TRUST COMPANY, not
                                          in its individual capacity but solely
                                          as Owner Trustee

                                          By:  /s/ Donald G. MacKelcan
                                               -------------------------------
                                                  Name: Donald G. MacKelcan
                                                  Title: Vice President<PAGE>

                                                                     Exhibit 4.1

               CERTIFICATE OF DESIGNATIONS, PREFERENCES AND RIGHTS

                                       OF

             THE SERIES A CONVERTIBLE PARTICIPATING PREFERRED STOCK

                                       OF

                                BIOENVISION, INC.

                         (Pursuant to Section 151 of the
                        Delaware General Corporation Law)

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

         Bioenvision, Inc., a corporation organized and existing under the laws
of the State of Delaware (the "Company"), hereby certifies that, pursuant to the
authority vested in the Board of Directors of the Company (the "Board") by the
Certificate of Incorporation of the Company (the "Certificate of
Incorporation"), as amended, the following resolution was adopted as of May 7,
2002 by the Board pursuant to Section 141 of the Delaware General Corporation
Law:

         RESOLVED, that pursuant to the authority granted to and vested in the
Board in accordance with the provisions of the Certificate of Incorporation, as
amended, there shall be created a series of Preferred Stock, $0.001 par value,
which series shall have the following designations and number thereof, powers,
preferences, rights, qualifications, limitations and restrictions:

         1. Designation and Number of Shares. There shall hereby be created and
established a series of Preferred Stock designated as "Series A Convertible
Participating Preferred Stock" (the "Series A Preferred Stock"). The authorized
number of shares of Series A Preferred Stock shall be 5,920,000.

         2. Conversion.

         (a) Right to Convert. Each share of Series A Preferred Stock shall be
convertible into a number of shares of Common Stock equal to the applicable
Liquidation Amount (as defined in Section 5 herein) divided by the then
applicable Conversion Price (as defined herein) upon the earlier to occur of (i)
the election of the holder to convert (an "Optional Conversion"), in whole or in
part, at any time, or from time to time, commencing with date of the issuance of
Series A Preferred Stock (the "Issuance Date") or (ii) the date, at any time
after the one year anniversary of the Issuance Date, upon which both (x) the
average of the Market Price (as defined herein) for a share of Common Stock for
thirty consecutive Trading Days (as defined herein) exceeds $10.00 (subject to
adjustment in the event of stock splits, reverse stock splits, stock dividends,
recapitalizations or similar events) and (y) the average of the trading volume
for the Common Stock during such period exceeds 150,000 (subject to adjustment
in the event of stock splits, reverse stock splits, stock dividends,
recapitalizations or similar events) shares per Trading Day (an "Automatic
Conversion").

<PAGE>

         (b) As used herein, "Market Price" means, with respect to the shares of
Common Stock, (i) if the shares are listed or admitted for trading on any
national securities exchange or included in The Nasdaq National Market or Nasdaq
SmallCap Market, the last reported sales price as reported on such exchange or
market; (ii) if the shares are not listed or admitted for trading on any
national securities exchange or included in The Nasdaq National Market or Nasdaq
SmallCap Market, the average of the last reported closing bid and asked
quotation for the shares as reported on the National Association of Securities
Dealers Automated Quotation System ("NASDAQ") or a similar service if NASDAQ is
not reporting such information; or (iii) if the shares are not listed or
admitted for trading on any national securities exchange or included in The
Nasdaq National Market or Nasdaq SmallCap Market or quoted by NASDAQ or a
similar service, the average of the last reported bid and asked quotation for
the shares as quoted by a market maker in the shares (or if there is more than
one market maker, the bid and asked quotation shall be obtained from two market
makers and the average of the lowest bid and highest asked quotation) (such
applicable trading market to be referred to the "Trading Market"). In the
absence of any available public quotations for the Common Stock, the Board shall
determine in good faith the fair value of the Common Stock, which determination
shall be set forth in a certificate by the Secretary of the Company.

         As used herein, "Trading Day" means a day on which the principal
Trading Market with respect to the Common Stock is open for the transaction of
business.

         (c) Effecting a Conversion. The holder shall effect any Optional
Conversion by surrendering the certificate or certificates representing the
shares of Series A Preferred Stock to be converted to the Company, together with
written notice of its election to convert and specifying the name or names (with
address) in which a certificate or certificates for shares of Common Stock are
to be issued (a "Stockholder Conversion Notice"). Each Stockholder Conversion
Notice shall specify the number of shares of Series A Preferred Stock to be
converted and the date on which such conversion is to be effected, which date
may be neither prior to, nor more than ten days after, the date the holder
delivers such Stockholder Conversion Notice. If no conversion date is specified
in a Stockholder Conversion Notice, the conversion date shall be the date that
the Stockholder Conversion Notice is delivered. Each Stockholder Conversion
Notice, once given, shall be irrevocable. A holder of Series A Preferred Stock
may only convert shares of Series A Preferred Stock in blocks equal to the
lesser of (i) the number of shares of Series A Preferred Stock convertible into
1,000 shares of Common Stock and (ii) all shares of Series A Preferred Stock
then held by the stockholder. If the holder is converting less than all shares
of Series A Preferred Stock represented by the certificate or certificates
tendered by the holder with the Stockholder Conversion Notice, the Company shall
convert the number of shares of Series A Preferred Stock so specified and shall
promptly deliver (but not more than three business days later) to such holder a
certificate for such number of shares as have not been converted. Upon an
Automatic Conversion, the Company shall notify each holder thereof and each
holder shall surrender the certificate or certificates representing all of the
shares of Series A Preferred Stock owned by such holder and each holder of
shares of Series A Preferred Stock shall be deemed to be the holder of record of
the Common Stock issued upon such Automatic Conversion. All fractional shares
resulting from the conversion of the Series A Preferred Stock shall be rounded
up to the next highest whole share. All certificates representing shares of
Series A Preferred Stock surrendered for conversion shall be delivered to the
Company for cancellation and canceled by it. As promptly as practicable (but no
more than three business days) after the surrender of any shares of Series A
Preferred Stock, the Company shall (subject to compliance with the applicable
provisions of federal and state securities laws) deliver to the holder of such
shares so surrendered certificate(s) representing the number of fully paid and
nonassessable shares of Common Stock into which such shares are entitled to be
converted. Upon a conversion, any accrued and unpaid dividends shall be paid
either in cash, to the extent funds are legally available therefor, or shares of
Common Stock valued at the Market Price, in the sole discretion of the Company.

                                      -2-
<PAGE>

         (d) Conversion Price. The initial conversion price per share of the
Series A Preferred Stock (the "Conversion Price") shall be equal to $1.50 per
share of Common Stock into which such number of shares of Series A Preferred
Stock is convertible, subject to adjustment as provided in Section 3.

         (e) Reservation of Shares. The Company covenants that it will at all
times reserve and keep available out of its authorized and unissued Common Stock
solely for the purpose of issuance upon conversion of Series A Preferred Stock,
as herein provided, free from preemptive rights or any other actual contingent
purchase rights of persons other than the holders of Series A Preferred Stock,
not less than such number of shares of Common Stock as shall be issuable upon
the conversion of all outstanding shares of Series A Preferred Stock. The
Company covenants that all shares of Common Stock that shall be so issuable
shall, upon issue, be duly and validly authorized, issued and fully paid,
nonassessable and freely tradeable.

         If at any time the number of authorized but unissued shares of Common
Stock shall not be sufficient to effect the conversion of all then outstanding
shares of Series A Preferred Stock, in addition to such other remedies as shall
be available to the holders of such Series A Preferred Stock, the Company will
take such corporate action necessary to increase its authorized but unissued
shares of Common Stock to such number of shares as shall be sufficient for such
purposes.

         (f) Issue Taxes. The Company shall pay all issue taxes, if any,
incurred in respect of the issue of shares of Common Stock on conversion. If a
holder of shares of Series A Preferred Stock specifies that the shares of Common
Stock to be issued on Automatic Conversion are to be issued in a name or names
other than the name or names in which such Series A Preferred Stock stand, then
the Company shall not be required to pay any additional transfer or other taxes
incurred by reason of the issuance of such shares of Common Stock to the name of
another, and if the appropriate transfer taxes shall not have been paid to the
Company or the transfer agent for the Series A Preferred Stock at the time of
Automatic Conversion of the Series A Preferred Stock, the shares of Common Stock
issued upon conversion thereof may be registered in the name or names in which
the Series A Preferred Stock were registered, despite the instructions to the
contrary.

         3. Adjustment of Conversion Price.

         (a) Definition of Additional Stock. For purposes of this Section 3,
"Additional Shares of Common Stock" includes all shares of Common Stock issued
by the Company after the Issuance Date, other than:

                                      -3-
<PAGE>

                  (i) Shares of Common Stock issued upon conversion of shares of
         Series A Preferred Stock;

                  (ii) Shares of Common Stock (subject to appropriate adjustment
         for any stock dividend, stock split, combination or other similar
         recapitalization affecting such shares) issuable or issued to the
         Company's employees, directors or consultants pursuant to a stock
         option plan or restricted stock plan approved by the Board;

                  (iii) Shares of Common Stock issued or issuable pursuant to
         subsection 3(d) below;

                  (iv) Shares of Common Stock or Preferred Stock issuable upon
         exercise of options, warrants or upon conversion of convertible
         securities or other rights outstanding as of the Issuance Date; and

                  (v) Shares of capital stock or options or warrants to purchase
         capital stock issued to financial institutions or lessors in
         connections with commercial credit agreements, equipment financings or
         similar transactions or to other corporations, persons or entities in
         connection with acquisitions, mergers or similar business combinations,
         partnership arrangements, strategic alliances, licensing arrangements
         or similar non-capital raising transactions approved by the Board;
         provided that if more than 33% of the currently outstanding shares of
         capital stock are issued in connection with one or a series of related
         acquisitions, then any shares issued in excess of 33% of the currently
         outstanding shares of capital stock shall be deemed Additional Shares
         of Common Stock; provided, further, that in no event shall the
         foregoing apply to any issuances to private equity or venture capital
         firms or any private equity division of any investment bank or
         commercial bank unless such issuances are made pursuant to contracts or
         other obligations existing as of the date hereof.

         The number and kind of securities issuable upon the conversion of the
Series A Preferred Stock and the Conversion Price shall be subject to adjustment
from time to time in accordance with the following provisions:

         (b) Subdivision or Combination of Shares. In the event that the Company
shall at any time or from time to time, prior to conversion of shares of Series
A Preferred Stock (x) subdivide the outstanding shares of Common Stock into a
larger number of shares or (y) combine the outstanding shares of Common Stock
into a smaller number of shares, then, and in each such case, the Conversion
Price in effect immediately prior to such event shall be adjusted (and any other
appropriate actions shall be taken by the Company) so that the holder of any
share of Series A Preferred Stock thereafter surrendered for conversion shall be
entitled to receive the number of shares of Common Stock or other securities of
the Company that such holder would have owned or would have been entitled to
receive upon or by reason of any of the events described above, had such share
of Series A Preferred Stock been converted immediately prior to the occurrence
of such event. An adjustment made pursuant to this Section 3(b) shall become
effective retroactively in the case of any such subdivision or combination, to
the close of business on the day upon which such corporate action becomes
effective.

                                      -4-
<PAGE>

         (c) Stock Dividends. In case Additional Shares of Common Stock are
issued as a dividend or other distribution on the Common Stock (or such dividend
is declared), the Conversion Price shall be reduced, as of the date a record is
taken of the holders of Common Stock for the purpose of receiving such dividend
or other distribution (or if no such record is taken, as at the earliest of the
date of such declaration, payment or other distribution), to the Conversion
Price determined by multiplying the Conversion Price in effect immediately prior
to such declaration, payment or other distribution by a fraction (i) the
numerator of which shall be the number of shares of Common Stock outstanding
immediately prior to the declaration or payment of such dividend or other
distribution, and (ii) the denominator of which shall be the total number of
shares of Common Stock outstanding immediately after the declaration or payment
of such dividend or other distribution. In the event that the Company shall
declare or pay any dividend on the Common Stock payable in any right to acquire
Common Stock for no consideration, then the Company shall be deemed to have made
a dividend payable in Common Stock in an amount of shares equal to the maximum
number of shares issuable upon exercise of such rights to acquire Common Stock.

         (d) Recapitalization or Reclassification of Common Stock. In case of
any (i) capital reorganization or any reclassification (other than a change in
par value) of the capital stock of the Company, or (ii) exchange or conversion
of the Common Stock for or into securities of another corporation or other
entity, or (iii) consolidation or merger of the Company with or into any other
person (other than a merger which does not result in any reclassification,
conversion, exchange or cancellation of outstanding shares of Common Stock) or
(iv) sale, lease or other conveyance of all or substantially all of the assets
of the Company, then in each instance referred to in the preceding clauses (i)
through (iv), the Board and the person formed by such consolidation or resulting
from such capital reorganization, reclassification or merger or which acquires
(by sale, lease or other conveyance) such assets, as the case may be, shall make
provision upon the election of the holder of Series A Preferred Stock pursuant
to Section 5 below such that the Series A Preferred Stock shall thereafter be
convertible for the kind and amount of shares of stock, other securities, cash
and other property receivable upon such capital reorganization,
reclassification, consolidation, merger, sale, lease or other conveyance, as the
case may be, by a holder of shares of Common Stock equal to the number of shares
of Common Stock underlying the Series A Preferred Stock issuable upon the
conversion of the Series A Preferred Stock immediately prior to the effective
date of such capital reorganization, reclassification, merger, consolidation,
sale, lease or other conveyance and, in each instance referred to in the
preceding clauses (i)through (iv) (each, a "Transaction"), appropriate
adjustment (as reasonably determined in good faith by the Board) shall be made
in the application of the provisions herein set forth with respect to rights and
interests thereafter of the holder of the Series A Preferred Stock, to the end
that the provisions set forth herein (including the specified changes in and
other adjustments of the number of shares underlying the Series A Preferred
Stock) shall thereafter be applicable, as near as reasonably may be, in relation
to any such shares of stock or other securities or other property thereafter
deliverable upon conversion of the Series A Preferred Stock. The Company shall
not enter into any Transaction unless effective provision shall be made so as to
give effect to the provisions set forth in this subsection (d).

         The Company shall not effect any transaction described in this
subsection 3(d) unless (i) it first gives, to the extent practical, twenty (20)
days' prior written notice (but in any event at least ten (10) days prior
written notice) of such merger, consolidation, exchange of shares,
recapitalization, reorganization or other similar event or sale of assets
(during which time the holders of Series A Preferred Stock shall be entitled to
convert the Series A Preferred Stock) and (ii) the resulting successor or
acquiring entity (if not the Company) assumes by written instrument the
obligations of this subsection 3(d). The provisions of this subsection 3(d)
shall similarly apply to successive consolidations, reorganizations,
reclassifications, exchanges, conversions, mergers, sales, leases and other
conveyances.

                                      -5-
<PAGE>

         (e) Issuance of Stock at Less than Conversion Price. If the Company
shall issue any Additional Shares of Common Stock after the Issuance Date (other
than as provided in the foregoing subsections 3(b) through 3(d)), for no
consideration or for a consideration per share less than the Conversion Price in
effect on the date of and immediately prior to such issue, then in such event,
the Conversion Price shall be reduced, concurrently with such issue, to a price
equal to the quotient obtained by dividing:

                           (A) an amount equal to (x) the total number of shares
         of Common Stock outstanding immediately prior to such issuance or sale
         multiplied by the Conversion Price in effect immediately prior to such
         issuance or sale, plus (y) the aggregate consideration received or
         deemed to be received by the Company upon such issuance or sale, by

                           (B) the total number of shares of Common Stock
         outstanding immediately after such issuance or sale.

         (f) Issuance of Options and Convertible Securities Deemed Issuance of
Additional Shares of Common Stock. If the Company, at any time or from time to
time after the Issuance Date, shall issue any options, warrants or rights to
purchase Common Stock (collectively, "Options") or securities that, by their
terms, directly or indirectly, are convertible into or exchangeable for shares
of Common Stock ("Convertible Securities") or shall fix a record date for the
determination of holders of any class of securities entitled to receive any such
Options or Convertible Securities, then the maximum number of shares of Common
Stock (as set forth in the instrument relating thereto without regard to any
provision contained therein for a subsequent adjustment of such number) issuable
upon the exercise of such Options or, in the case of Convertible Securities and
Options therefor, the conversion or exchange of such Convertible Securities,
shall be deemed to be Additional Shares of Common Stock issued under this
Certificate as of the time of such issue or, in case such a record date shall
have been fixed, as of the close of business on such record date, provided that
in any such case in which Additional Shares of Common Stock are deemed to be
issued:

                  (i) no further adjustment in the Conversion Price shall be
         made upon the subsequent issue of Convertible Securities or shares of
         Common Stock upon the exercise of such Options or conversion or
         exchange of such Convertible Securities and, upon the expiration of any
         such Option or the termination of any such right to convert or exchange
         such Convertible Securities, the Conversion Price then in effect
         hereunder shall forthwith be increased to the Conversion Price which
         would have been in effect at the time of such expiration or termination
         had such Option or Convertible Securities, to the extent outstanding
         immediately prior to such expiration or termination, never been issued,
         and the Common Stock issuable thereunder shall no longer be deemed to
         be outstanding;

                                      -6-
<PAGE>

                  (ii) if such Options or Convertible Securities by their terms
         provide, with the passage of time or otherwise, for any increase in the
         consideration payable to the Company, or decrease in the number of
         shares of Common Stock issuable, upon the exercise, conversion or
         exchange thereof, the Conversion Price computed upon the original issue
         thereof (or upon the occurrence of a record date with respect thereto),
         and any subsequent adjustments based thereon, shall, upon any such
         increase or decrease becoming effective, be recomputed to reflect such
         increase or decrease insofar as it affects such Options or the rights
         of conversion or exchange under such Convertible Securities, provided
         that no readjustment pursuant to this clause (B) shall have the effect
         of increasing the Conversion Price to an amount which exceeds the lower
         of (i) the Conversion Price on the original adjustment date, or (ii)
         the Conversion Price that would have resulted from any issuance of
         Additional Shares of Common Stock between the original adjustment date
         and such readjustment date; and

                  (iii) if such Options or Convertible Securities by their terms
         provide, with the passage of time or otherwise, for any decrease in the
         consideration payable to the Company, or increase in the number of
         shares of Common Stock issuable, upon the exercise, conversion or
         exchange thereof, the Conversion Price computed upon the original issue
         thereof (or upon the occurrence of a record date with respect thereto),
         and any subsequent adjustments based thereon, shall, upon any such
         decrease or increase becoming effective, be recomputed to reflect such
         decrease or increase insofar as it affects such Options or the rights
         of conversion or exchange under such Convertible Securities, provided
         that no readjustment pursuant to this clause (C) shall have the effect
         of decreasing the Conversion Price to an amount which exceeds the lower
         of (i) the Conversion Price on the original adjustment date, or (ii)
         the Conversion Price that would have resulted from any issuance of
         Additional Shares of Common Stock between the original adjustment date
         and such readjustment date.

                  (iv) Determination of Consideration. For purposes of this
         Subsection 3(f), the aggregate consideration received by the Company
         for the issue of any Additional Shares of Common Stock shall be
         computed as follows:

                           (A)      Cash and Property: Such consideration shall:

                                    (1)     insofar as it consists of cash, be
                                            computed at the aggregate of cash
                                            received by the Company, excluding
                                            amounts paid or payable for accrued
                                            interest or accrued dividends;

                                    (2)     insofar as it consists of property
                                            other than cash, be computed at the
                                            fair market value thereof at the
                                            time of such issue, as determined in
                                            good faith by the Board; and

in the event Additional Shares of Common Stock are issued together with other
shares or securities or other assets of the Company for consideration which
covers both, be the proportion of such consideration so received, computed as
provided in clauses (1) and (2) above, as determined in good faith by the Board.

                                      -7-
<PAGE>

                           (B) Options and Convertible Securities. The
         consideration per share received by the Company for Additional Shares
         of Common Stock deemed to have been issued pursuant to Subsection
         3(f)(ii), relating to Options and Convertible Securities, shall be
         determined by dividing

                                    (1)     the total amount, if any, received
                                            or receivable by the Company as
                                            consideration for the issue of such
                                            Options or Convertible Securities,
                                            plus the minimum aggregate amount of
                                            additional consideration (as set
                                            forth in the instruments relating
                                            thereto, without regard to any
                                            provision contained therein for a
                                            subsequent adjustment of such
                                            consideration) payable to the
                                            Company upon the exercise of such
                                            Options or the conversion or
                                            exchange of such Convertible
                                            Securities, or in the case of
                                            Options for Convertible Securities,
                                            the exercise of such Options for
                                            Convertible Securities and the
                                            conversion or exchange of such
                                            Convertible Securities, by

                                    (2)     the maximum number of shares of
                                            Common Stock (as set forth in the
                                            instruments relating thereto,
                                            without regard to any provision
                                            contained therein for a subsequent
                                            adjustment of such number) issuable
                                            upon the exercise of such Options or
                                            the conversion or exchange of such
                                            Convertible Securities.

         (g) Other Provisions Applicable to Adjustment Under this Section 3. The
following provisions shall be applicable to the adjustments in the Conversion
Price as provided in this Section 3.

                  (i) Treasury Shares. The number of shares of Common Stock at
         any time outstanding shall not include any shares thereof then directly
         or indirectly owned or held by or for the account of the Company.

                  (ii) Other Action Affecting Common Stock. If the Company shall
         take any action affecting the outstanding number of shares of Common
         Stock other than an action described in any of the foregoing
         subsections 3(b) through 3(f) hereof, inclusive, which would have an
         inequitable effect on the holders of the Series A Preferred Stock, then
         the Conversion Price shall be adjusted in such manner and at such times
         as the Board on the advice of the Company's independent public
         accountants may in good faith determine to be equitable in the
         circumstances.

                  (iii) Minimum Adjustment. No adjustment of the Conversion
         Price shall be made if the amount of any such adjustment would be an
         amount less than one percent (1%) of the Conversion Price then in
         effect, but any such amount shall be carried forward and an adjustment
         in respect thereof shall be made at the time of and together with any
         subsequent adjustment which, together with such amount and any other
         amount or amounts so carried forward, shall aggregate an increase or
         decrease of one percent (1%) or more.

                  (iv) Certain Adjustments. The Conversion Price shall not be
         adjusted upward except in the event of a combination of the outstanding
         shares of Common Stock into a smaller number of shares of Common Stock.

                                      -8-
<PAGE>

         (i) No Impairment. The Company will not, by amendment of its
Certificate of Incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms to be observed or performed hereunder by the Company but will at all
times in good faith assist in the carrying out of all the provisions of Section
3 and in the taking of all such action as may be necessary or appropriate in
order to protect the conversion rights of the holders of the Series A Preferred
Stock against impairment.

         (j) Notices of Adjustments. Whenever the Conversion Price is adjusted
as herein provided, the Chief Financial Officer (or other senior executive
officer in the absence of such person) of the Company shall, in good faith,
compute the adjusted Conversion Price in accordance with the foregoing
provisions and shall prepare a written certificate setting forth such adjusted
Conversion Price and showing in detail the facts upon which such adjustment is
based, and such written instrument shall promptly be delivered to each record
holder of the Series A Preferred Stock.

         4. Ranking.

         The Series A Preferred Stock shall rank, as to dividends, rights upon
liquidation, dissolution or winding up, senior and prior to (i) the Common Stock
and (ii) each other class or series of Capital Stock of the Company hereafter
created which does not expressly rank pari passu with or senior to the Series A
Preferred Stock, except as otherwise approved by the affirmative vote or consent
of the holders of shares of Series A Preferred Stock pursuant to Section 9
hereof. (All equity securities of the Company to which the Series A Preferred
Stock ranks senior to, whether with respect to dividends, rights upon
liquidation, dissolution, winding up or otherwise, including the Common Stock,
are collectively referred to herein as "Junior Securities," all equity
securities of the Company to which the Series A Preferred Stock ranks on a
parity with, whether with respect to dividends or upon liquidation, dissolution,
winding up or otherwise, are collectively referred to herein as "Parity
Securities" and all equity securities of the Company to which the Series A
Preferred Stock ranks junior, whether with respect to dividends or upon
liquidation, dissolution, winding up or otherwise are collectively referred to
herein as "Senior Securities").

         5. Liquidation Rights.

         (a) Liquidation Preference. Upon a voluntary or involuntary
liquidation, under applicable bankruptcy or reorganization legislation, or
dissolution or winding up of the Company (each, but excluding Deemed
Liquidations as defined in subsection (c), below, a "Liquidation"), before any
distribution of assets shall be made to the holders of Junior Securities, the
holder of each share of Series A Preferred Stock then outstanding shall be paid
out of the assets of the Company legally available for distribution to its
stockholders (the "Available Assets") an amount per share equal to the
"Liquidation Amount." For purposes of a Liquidation other than a Deemed
Liquidation, the Liquidation Amount shall mean the original issue price per
share of the Series A Preferred Stock ($3.00, as adjusted for stock splits,
dividends, combinations or other recapitalization of the Series A Preferred
Stock) plus all dividends accrued but unpaid on such share (whether or not
declared) up to the date of the Liquidation (the "Liquidation Preference"). Upon
the completion of the distribution required by this subsection 4(a), and any
other distribution to any other class or series of Senior Securities, if assets
remain in the Company, the remaining assets of the Company available for
distribution to stockholders shall be distributed among the holders of shares of
Series A Preferred Stock, the holders of shares of any series of preferred stock
entitled to a participating payment and the holders of Common Stock pro rata
based on the number of shares of the Common Stock held by each (as if their
shares had been converted into Common Stock pursuant to Section 2 above
immediately prior to the record date for determining the stockholders of the
Company eligible to receive such dividends).

                                      -9-
<PAGE>

         (b) Priority. If the Available Assets are insufficient to pay the
holders of Series A Preferred Stock the full amount of the Liquidation Amount,
the holders of Series A Preferred Stock will share ratably in the distribution
of the Available Assets in proportion to the respective amounts that would
otherwise be payable in respect of the shares held by them upon such
distribution if all amounts payable on or with respect to such shares were paid
in full.

         (c) Deemed Liquidation. For the purposes of this Section 5, the
following shall be deemed to be a Liquidation (a "Deemed Liquidation"): (i) the
merger, reorganization or consolidation of the Company into or with another
corporation (unless the Company is the surviving entity) or other similar
transaction or series of related transactions in which more than 50% of the
voting power of the Company is disposed of or in which the stockholders of the
Company immediately prior to such merger, reorganization or consolidation own
less than 50% of the Company's voting power immediately after or (ii) the sale
of all or substantially all the assets of the Company. If the holders of a
majority of the then outstanding shares of Series A Preferred Stock, acting
together as a single class, elect to waive application of this subsection (c) by
giving written notice thereof to the Company, such event will not be a "Deemed
Liquidation." Upon a Deemed Liquidation, holders of Series A Preferred Stock
shall be entitled, at their election to receive either (i) the Liquidation
Preference or (ii) the cash and/or the value of the property, rights or
securities distributed to such holders by the acquiring person, firm or other
entity pro rata based on the number of shares of the Common Stock held by each
(as if their shares had been converted into Common Stock pursuant to Section 2
above immediately prior to the record date for determining the stockholders of
the Company eligible to receive such dividends). The value of such property,
rights or other securities shall be determined in good faith by the Board.

         (d) Notice. The Company will send a written notice of a Liquidation to
the holders of record of the Series A Preferred Stock, stating a payment date,
the Liquidation Amount and the place where the Liquidation Amount will be paid,
using any of the following delivery methods: (i) in person; (ii) mailed by
certified or registered mail, return receipt requested; (iii) sent by national
courier; or (iv) sent by telecopier, not less than 25 days prior to the payment
date stated therein. The notice will be addressed to each holder at its address
as shown by the records of the Company.

         6. Appraisal. If a majority in interest of the holders of the Series A
Preferred Stock reasonably disagrees with any of the Board's determinations
referred to in Section 2, Section 3 or Section 5 above (each, a
"Determination"), then the Company and a majority in interest of such holders
(the "Series A Representative") shall use good faith efforts to mutually agree
upon the designation of a single Qualified Appraiser (as defined below) within
seven (7) business days of such event requiring a Determination. The date of
such event requiring a Determination shall be referred to as the "Determination
Date." If such a single Qualified Appraiser is designated, that person shall
make a Determination. If the Company and the Series A Representative do not so
agree upon the designation of a single Qualified Appraiser within such period,
then within five (5) business days following the end of such period, each of the
Company and the Series A Representative by written notice to the other shall
designate a Qualified Appraiser (or if any party fails to select a Qualified
Appraiser within the time period specified, the person selected by the other
party shall be the Qualified Appraiser) and the two Qualified Appraisers so
designated shall within ten (10) business days of their designation jointly
designate a third Qualified Appraiser and solely such third Qualified Appraiser
so designated shall independently make a Determination. If there is only a
single Qualified Appraiser, the fees and expenses of the Qualified Appraiser
shall be paid equally by the Company and the Series A Representative. If three
Qualified Appraisers are appointed, the Company shall pay the fees and expenses
of the Qualified Appraiser which it appoints, the Series A Representative shall
pay the fees and expenses of the Qualified Appraiser which it appoints, and the
fees and expenses of the third Qualified Appraiser shall be shared equally by
the Company and the Series A Representative. The designated Qualified Appraiser
shall make the Determination not later than ten (10) business days following the
Determination Date. The Determination made by the Qualified Appraiser shall be
final, conclusive and binding on the parties hereto. None of the Qualified
Appraisers shall be affiliated with any of the Company, the Series A
Representative or another Qualified Appraiser. For the purposes of this
Agreement, "Qualified Appraiser" shall mean an individual who is engaged on a
regular basis (although not necessarily full time) in valuing securities or
arrangements similar to this Agreement, as the case may be, and may include (but
shall not be limited to) professional business appraisers, investment bankers or
accountants.

                                      -10-
<PAGE>

         7. Dividends.

         The holders of outstanding Series A Preferred Stock shall receive
cumulative dividends in cash (except as set forth below) quarterly in arrears on
the 30th day of January, April, July and October of each year (each such date, a
"Dividend Payment Date") equal to 5% of the initial Liquidation Preference per
share of Series A Preferred Stock, whether or not declared by the Board.
Dividends shall begin to accrue on the Series A Preferred Stock as of May 7,
2002. Dividends payable on shares of Series A Preferred Stock shall be
cumulative; therefore, if a full or partial dividend on the shares of Series A
Preferred Stock with respect to any quarter is not declared by the Board, the
Company shall remain obligated to pay a full dividend with respect to that
quarter, provided, however, that any unpaid dividends shall not bear interest.
At the election of the Company, any accrued but unpaid dividends may be paid in
cash at any time.

         At the election of the Company, each dividend on the Series A Preferred
Stock may be paid in shares of Common Stock. Dividends paid in shares of Common
Stock shall be paid in full shares only, with a cash payment equal to the value
of any fractional shares. The issuance of such shares of Common Stock shall be
valued at the average of the per share Market Price for the ten Trading Day
period immediately preceding the date on which the dividend becomes due. Each
dividend paid in capital stock shall be mailed to the holders of record of the
Series A Preferred Stock as their names and addresses appear on the share
register of the Company or at the office of the transfer agent on the
corresponding dividend payment date. Holders of Series A Preferred Stock will
receive written notification from the Company or the transfer agent if a
dividend is paid in kind, which notification will specify the number of shares
of Common Stock paid as a dividend. All holders of shares of Common Stock issued
as dividends shall be entitled to all of the rights and benefits relating to
shares of Common Stock as set forth in the Company's Certificate of
Incorporation.

                                      -11-
<PAGE>

         If the Company at any time or from time to time makes, or fixes a
record date for the determination of holders of Common Stock entitled to
receive, any cash dividends or distributions or other distribution payable in
securities of the Company (including evidences of indebtedness or rights or
warrants to subscribe for or purchase any such securities) or any other assets
or property (a "Distribution"), then the holders of the Series A Preferred Stock
shall also be entitled to such Distribution, as if their shares the Series A
Preferred Stock had been converted into Common Stock pursuant to Section 2 above
immediately prior to the record date for determining the stockholders of the
Company eligible to receive such Distribution, at such time when the
Distribution is made to the holders of Common Stock.

         8. Voting Rights.

         Each holder of outstanding shares of Series A Preferred Stock is
entitled to the number of votes equal to the number of whole shares of Common
Stock into which the shares of Series A Preferred Stock held of record by such
holder are convertible at each meeting of stockholders of the Company (and
written actions of stockholders in lieu of meetings) with respect to any and all
matters presented to the stockholders of the Company for their action or
consideration. Except as provided by law and by the provisions of Section 9
below, the holders of shares of Series A Preferred Stock shall vote together
with the holders of Common Stock as a single class.

         Notwithstanding the above, the Company shall provide each holder of
Series A Preferred Stock with prior written notification of any meeting of the
stockholders (and copies of proxy materials and other information sent to
stockholders). In the event of any undertaking by the Company of a record of its
stockholders for the purpose of determining stockholders who are entitled to
receive payment of any dividend or other distribution, any right to subscribe
for, purchase or otherwise acquire (including by way of merger, consolidation or
recapitalization) any share of any class or any other securities or property, or
to receive any other right, or for the purpose of determining stockholders who
are entitled to vote in connection with any proposed sale, lease or conveyance
of all or substantially all of the assets of the Company, or any proposed
liquidation, dissolution or winding up of the Company, the Company shall mail a
notice to each holder, at least ten (10) days prior to the record date specified
therein (or twenty (20) days prior to the consummation of any transaction or
event, whichever is earlier), of the date on which any such record is to be
taken for the purpose of such dividend, distribution, right or other event, and
a brief statement regarding the amount and character of such dividend,
distribution, right or other event to the extent known at such time.

         To the extent that under the Delaware General Corporation Law ("DGCL")
the vote of the holders of the Series A Preferred Stock, voting separately as a
class or series as applicable, is required to authorize a given action of the
Company, the affirmative vote or consent of the holders of at least a majority
of the shares of the Series A Preferred Stock represented at a duly held meeting
at which a quorum is present or by written consent of a majority of the shares
of Series A Preferred Stock (except as otherwise may be required under the DGCL)
shall constitute the approval of such action by the class. To the extent that
under the DGCL holders of the Series A Preferred Stock are entitled to vote on a
matter with holders of Common Stock, voting together as one class, each share of
Series A Preferred Stock shall entitle the holder thereof to cast that a number
of votes per share as is equal to the number of shares of Common Stock into
which it is then convertible using the record date for determining the
stockholders of the Company eligible to vote on such matters as the date as of
which the Conversion Price is calculated. Holders of the Series A Preferred
Stock shall be entitled to written notice of all stockholder meetings or written
consents (and copies of proxy materials and other information sent to
stockholders) with respect to which they would be entitled by vote, which notice
would be provided pursuant to the Company's bylaws and the DGCL).

                                      -12-
<PAGE>

         9. Protective Provisions.

         So long as the shares of Series A Preferred Stock are outstanding, the
Company shall not, take, approve or otherwise ratify any of the following
actions without the consent of at least a majority of the then outstanding
shares of Series A Preferred Stock:

         (a) authorize, issue or agree to authorize or issue any new class or
series of Parity Securities, Senior Securities or securities or rights of any
kind convertible into or exercisable or exchangeable for any such Parity
Securities or Senior Securities, or offer, sell or issue any Parity Securities,
Senior Securities or securities or rights of any kind convertible into or
exercisable or exchangeable for any such Parity Securities or Senior Securities;

         (b) purchase, repurchase or redeem shares of (i) Common Stock, (ii)
securities or rights of any kind convertible into or exercisable or exchangeable
for Common Stock or (iii) other securities of the Company, (except in the case
of a termination of an employee, at which the Company may repurchase or redeem
such shares of Common Stock at cost and pursuant to any agreement under which
such shares of Common Stock were issued);

         (c) increase or decrease the number of members constituting the size of
the Board;

         (d) increase the authorized number of shares of Common Stock or Series
A Preferred Stock;

         (e) effect any merger, combination, reorganization, or sale of all or
substantially all of the Company's assets;

         (f) declare or pay dividends or any other distribution on shares of
Common Stock or any other capital stock of the Company except as contemplated
herein;

         (g) amend the Certificate of Incorporation or Bylaws of the Company or
alter or change the rights, preferences or privileges of the Series A Preferred
Stock or any Parity Securities or Senior Securities in each case so as to affect
adversely the rights, preferences or privileges of the Series A Preferred Stock;
or

         (h) increase from 9,673,082 the number of shares of Common Stock
reserved for the employee option pool by more than 5% per year.

                                      -13-
<PAGE>

         In the event holders of at least a majority of the then outstanding
shares of Series A Preferred Stock agree to allow the Company to alter or change
the rights, preferences or privileges of the shares of Series A Preferred Stock,
pursuant to subsection (g) above, so as to affect the Series A Preferred Stock,
then the Company will deliver notice of such approved change to the holders of
the Series A Preferred Stock that did not agree to such alteration or change
(the "Dissenting Holders") and Dissenting Holders shall have the right for a
period of thirty (30) days to convert pursuant to the terms of this Certificate
of Designations their shares of Series A Preferred Stock as they existed prior
to such alteration or change or continue to hold their shares of Series A
Preferred Stock.

         10. Preemptive Right.

         (a) The Company shall not issue or sell any shares of Common Stock or
securities convertible into or exercisable or exchangeable for shares of Common
Stock (the securities issued in such transactions being referred to as the
"Newly Issued Securities"), other than any such issuance or sale (i) which is
made pursuant to a public offering pursuant to a registration statement declared
effective by the Securities and Exchange Commission, (ii) pursuant to a stock
option plan or similar plan or agreement approved by the Board, (iii) in
exchange, at fair market value, for assets or equipment to be used by the
Company in the ordinary course of business or (iv) pursuant to any of the
purchase agreements or the documents executed, filed or delivered in connection
therewith, unless prior to the issuance or sale of such Newly Issued Securities
each holder of Series A Preferred Stock shall have been given the opportunity
(such opportunity being herein referred to as the "Preemptive Right") to
purchase (on the same terms as such Newly Issued Securities are proposed to be
sold) the same proportion of such Newly Issued Securities being issued or
offered for sale by the Company as (x) the number of shares of Common Stock
(calculated solely on account of outstanding Series A Preferred Stock on an as
converted basis) held by such holder on the day preceding the date of the
Preemptive Notice (as defined below) bears to (y) the total number of shares of
Common Stock (calculated on a fully diluted basis with respect to the Series A
Preferred Stock and any other Common Stock equivalents which are "in the money")
outstanding on the day preceding the date of the Preemptive Notice (as defined
below).

         (b) At least thirty (30) days prior to the issuance by the Company of
any Newly Issued Securities, the Company shall give written notice thereof (the
"Preemptive Notice") to each holder of Series A Preferred Stock. The Preemptive
Notice shall specify (i) the name and address of the bona fide investor to whom
the Company proposes to issue or sell Newly Issued Securities, (ii) the total
amount of capital to be raised by the Company pursuant to the issuance or sale
of Newly Issued Securities, (iii) the number of such Newly Issued Securities
proposed to be issued or sold, (iv) the price and other terms of their proposed
issuance or sale, (v) the number of such Newly Issued Securities which such
holder is entitled to purchase (determined as provided in subsection (a) above),
and (vi) the period during which such holder may elect to purchase such Newly
Issued Securities, which period shall extend for at least thirty (30) days
following the receipt by such holder of the Preemptive Notice (the "Preemptive
Acceptance Period"). Each holder of Series A Preferred Stock who desires to
purchase Newly Issued Securities shall notify the Company within the Preemptive
Acceptance Period of the number of Newly Issued Securities he wishes to
purchase, as well as the number, if any, of additional Newly Issued Securities
he would be willing to purchase in the event that all of the Newly Issued
Securities subject to the Preemptive Right are not subscribed for by the other
holders of Series A Preferred Stock.

                                      -14-
<PAGE>

         (c) After the conclusion of the Preemptive Acceptance Period, any Newly
Issued Securities which none of the holders elect to purchase in accordance with
the provisions of this Section 10, may be sold by the Company, within a period
of four (4) months after the expiration of the Preemptive Acceptance Period, to
any other person or persons at not less than the price and upon other terms and
conditions not less favorable to the Company than those set forth in the
Preemptive Notice.

         (d) The term "Newly Issued Securities" shall not include:

                  (i) Shares of Common Stock issued upon conversion of shares of
         Series A Preferred Stock;

                  (ii) Shares of Common Stock (subject to appropriate adjustment
         for any stock dividend, stock split, combination or other similar
         recapitalization affecting such shares) issuable or issued to the
         Company's employees, directors or consultants pursuant to a stock
         option plan or restricted stock plan approved by the Board;

                  (iii) Shares of Common Stock issued or issuable pursuant to
         subsection 3(d);

                  (iv) Shares of Common Stock or Preferred Stock issuable upon
         exercise of options, warrants or upon conversion of convertible
         securities or other rights outstanding as of the Issuance Date;

                  (v) Shares of capital stock or options or warrants to purchase
         capital stock, issued to financial institutions or lessors in
         connections with commercial credit agreements, equipment financings or
         similar transactions or to other corporations, persons or entities in
         connection with acquisitions, mergers or similar business combinations,
         partnership arrangements, strategic alliances, licensing arrangements
         or similar non-capital raising transactions approved by the Board;
         provided that if more than 33% of the currently outstanding shares of
         capital stock are issued in connection with one or a series of related
         acquisitions, mergers or similar business combinations, then any shares
         issued in excess of 33% of the currently outstanding shares of capital
         stock shall be deemed Additional Shares of Common Stock; provided,
         further, that in no event shall the foregoing apply to any issuances to
         private equity or venture capital firms or any private equity division
         of any investment bank or commercial bank unless such issuances are
         made pursuant to contracts or other obligations existing as of the date
         hereof;

                  (vi) Shares of Common Stock issued in connection with any
         stock split, stock dividend or recapitalization of the Company; and

                  (vii) Securities that are issued by the Company pursuant to a
         registration statement filed under the Securities Act.

         11. No Reissuance of Series A Preferred Stock.

         No share or shares of Series A Preferred Stock acquired by the Company
by reason of redemption, purchase, conversion or otherwise shall be reissued,
and all such shares of Series A Preferred Stock shall be cancelled, retired and
eliminated from the shares of Series A Preferred Stock which the Company shall
be authorized to issue. Any such shares of Series A Preferred Stock acquired by
the Company shall have the status of authorized and unissued shares of Preferred
Stock issuable in undesignated Series and may be redesignated and reissued in
any series other than as Series A Preferred Stock.

                                      -15-
<PAGE>

         12. Registered Holders.

         A holder of Series A Preferred Stock registered on the Company's stock
transfer books as the owner of shares of Series A Preferred Stock shall be
treated as the owner of such shares of all purposes. All notices and all
payments required to be mailed to a holder of shares of Series A Preferred Stock
shall be mailed to such holder's registered address on the Company's stock
transfer books, and all dividends and redemption payments to a holder of Series
A Preferred Stock made hereunder shall be deemed to be paid in compliance hereof
on the date such payments are deposited into the mail addressed to such holder
at his registered address on the Company's stock transfer books.

         13. Certain Remedies.

         Any registered holder of shares of Series A Preferred Stock shall be
entitled to an injunction or injunctions to prevent breaches of the provisions
of this Certificate of Designations and to enforce specifically the terms and
provisions of this Certificate of Designations in any court of the United States
or any state thereof having jurisdiction, this being in addition to any other
remedy to which such holder may be entitled at law or in equity.

         14. Headings of Subdivisions.

         The headings of the various subdivisions hereof are for convenience of
reference only and shall not affect the interpretation of any of the provisions
hereof.

         15. Severability of Provisions.

         If any right, preference or limitation of the Series A Preferred Stock
set forth herein (as may be amended) from time to time is invalid, unlawful or
incapable of being enforced by reason of any rule of law or public policy, such
right, preference or limitation (including, without limitation, the dividend
rate) shall be enforced to the maximum extent permitted by law and all other
rights, preferences and limitations set forth herein (as so amended) which can
be given effect without the invalid, unlawful or unenforceable right, preference
or limitation herein set forth shall be deemed dependent upon any other such
right, preference or limitation unless so expressed herein.

                  [Remainder of Page Intentionally Left Blank.]

                                      -16-
<PAGE>

         IN WITNESS WHEREOF, the undersigned, being the Chief Executive Officer
of the Company, has executed this Certificate of Designations as of May 7, 2002.

                                   BIOENVISION, INC.

                                   By:  /s/ Christopher B. Wood
                                        ---------------------------------------
                                        Name:  Dr. Christopher B. Wood
                                        Title: Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}]]