Document:

EXHIBIT 4.1

 

Exhibit 4.1

BP p.l.c.

RULES OF THE BP p.l.c.

DEFERRED ANNUAL BONUS PLAN 2005

	 	 	 
	Adoption:

	 	[l] 2005
	 
	 	 
	Expiry Date:

	 	[l] 2015

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London EC2Y 8HQ

Telephone (44-20) 7456 2000

Facsimile (44-20) 7456 2222

 

Table of Contents

	 	 	 	 	 	 	 
	Contents	 	 	 	Page	 
	 
	 	 	 	 	 	 
	1
	 	Definitions	 	 	1	 
	 
	 	 	 	 	 	 
	2
	 	Granting Awards	 	 	2	 
	 
	 	 	 	 	 	 
	3
	 	Awards	 	 	4	 
	 
	 	 	 	 	 	 
	4
	 	Vesting of Awards	 	 	5	 
	 
	 	 	 	 	 	 
	5
	 	Leaving the Group before Vesting	 	 	5	 
	 
	 	 	 	 	 	 
	6
	 	Variations in share capital, demergers and special distributions	 	 	6	 
	 
	 	 	 	 	 	 
	7
	 	Takeovers and restructurings	 	 	7	 
	 
	 	 	 	 	 	 
	8
	 	Exchange of Awards	 	 	8	 
	 
	 	 	 	 	 	 
	9
	 	Restrictions on issue of Shares	 	 	8	 
	 
	 	 	 	 	 	 
	10
	 	Terms of employment	 	 	8	 
	 
	 	 	 	 	 	 
	11
	 	General	 	 	10	 
	 
	 	 	 	 	 	 
	12
	 	Changing the Plan and termination	 	 	11	 
	 
	 	 	 	 	 	 
	13
	 	Governing law and jurisdiction	 	 	11	 

i

 

Rules of the BP p.l.c. Deferred Annual Bonus Plan 2005

Introduction

This plan sets out the terms on which awards of shares will be made to certain employees of
the Company and its Subsidiaries. Executives selected for participation in the Plan will be made an
award of shares. The number of shares awarded will be calculated as a percentage of the cash bonus
they receive under the Company’s annual cash bonus plan. The release of the shares is subject to
continued employment during the holding period.

Where local securities and tax laws allow, forfeitable awards of BP p.l.c shares will be made.
Where such laws prevent forfeitable share awards from being made awards will comprise conditional
awards of shares the terms of which are set out in the Schedule to this plan.

1 Definitions

In these rules:

“Acquiring Company” means a person who obtains Control of the Company;

“ADS” means an American depository share representing ordinary shares of the Company;

“Award” means an award of Forfeitable Shares granted to a Participant in accordance with the
Share Bonus Ratio;

“Award Date” means the date which the Committee sets for the grant of an Award;

“Business Day” means a day on which the London Stock Exchange (or, if relevant and if the
Committee determines, any stock exchange nominated by the Committee on which the Shares are
traded) is open for the transaction of business;

“Cause” means termination in circumstances in which the employer can terminate employment
without notice;

“Committee” means a committee or committees duly authorised to operate the Plan;

“Company” means BP p.l.c.;

“Control” has the meaning given to it by Section 840 of the Income and Corporation Taxes Act
1988;

“Dealing Restrictions” means restrictions imposed by statute, order, regulation or
Government directive, or by the Model Code or any code adopted by the Company based on the
Model Code;

“Forfeitable Shares” means Shares held in the name of or for the benefit of a Participant
subject to the Forfeitable Share Agreement;

“Forfeitable Share Agreement” means the agreement referred to in rule 3.2 (Forfeitable Share
Agreement);

“Grantor” means, in respect of an Award, the entity which grants that Award under the Plan;

“London Stock Exchange” means London Stock Exchange plc;

“Member of the Group” means:

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	 	(i)  	the Company; and
	 
	 	(ii)  	its Subsidiaries from time to time; and
	 
	 	(iii)  	any other company which is associated with the Company and is so designated by
the Committee;

“Model Code” means the UK Listing Authority Model Code for transactions in securities by
directors, certain employees and persons connected with them;

“Participant” means a person holding an Award or his personal representatives;

“Plan” means these rules known as “The BP p.l.c. Deferred Annual Bonus Plan 2005” as changed
from time to time;

“Plan Administrator” means the person or persons appointed by the Committee as the plan
administrator for the purposes of rule 5.2;

“Regulatory Information Service” means a service listed in schedule 12 to the UK Listing
Authority Listing Rules;

“Shares” means fully paid ordinary shares in the capital of the Company;

“Share Bonus Ratio” means the percentage, as determined by the Committee, of the Cash Bonus
used to calculate the number of Forfeitable Shares subject to an Award;

“Subsidiary” means a company which is a subsidiary of the Company within the meaning of
Section 736 of the Companies Act 1985;

“Vesting” means the restrictions in the Forfeitable Share Agreement ceasing to have effect
as described in rule 4.2 (Forfeitable Shares) which will not normally be less than 3 years
from the Award Date.

	2  	Granting Awards
	 
	2.1  	Grantor
	 
	   	Awards will be made by the Grantor. The Grantor of an Award must be either:

	 	2.1.1  	the Company;
	 
	 	2.1.2  	any other Member of the Group; or
	 
	 	2.1.3  	a trustee of any trust set up for the benefit of employees of any Member of
the Group.

An Award granted under the Plan, and the terms of that Award, must be approved in advance by
the Committee.

	2.2  	Eligibility

The Grantor may grant an Award to any employee of the Company or any Subsidiary.
However, an Award may not be granted to an employee who on the Award Date either (i) a
director of the Company or (ii) an employee whose employment has been or is to be terminated
whether or not notice of termination of employment has been given or received and whether or
not such termination is lawful unless in the case of (ii) only the Committee consider that
special circumstances exist.

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	2.3  	Timing of Award
	 
	   	Awards may only be granted within 42 days starting on any of the following:

	 	2.3.1  	the date of adoption of the Plan;
	 
	 	2.3.2  	the day after the announcement of the Company’s results through a
Regulatory Information Service for any period;
	 
	 	2.3.3  	any day on which the Committee resolves that exceptional circumstances
exist which justify the grant of Awards;
	 
	 	2.3.4  	any day on which changes to the legislation or regulations affecting share
plans are announced, effected or made; or
	 
	 	2.3.5  	the lifting of Dealing Restrictions which prevented the granting of Awards
during any period specified above.

	2.4  	Conditions
	 
	   	The Grantor may impose conditions when granting an Award. Any condition must be
objective, specified at the Award Date and may provide that an Award will lapse if it is not
satisfied. The Grantor, subject to the consent of the Committee, may waive or change a
condition in accordance with its terms or in any way they see fit. Notwithstanding anything
else in the Plan, an Award will only Vest to the extent that any condition is satisfied or
waived.
	 
	2.5  	Award certificates
	 
	   	Each Participant will receive a certificate setting out the terms of the Award as soon
as practicable after the Award Date. A certificate will include a statement that English law
governs the certificate and its construction. If any certificate is lost or damaged the
Company may replace it on such terms as it decides.
	 
	2.6  	No payment
	 
	   	A Participant is not required to pay for the grant of any Award.
	 
	2.7  	Disclaimer of Award
	 
	   	Any Participant may disclaim all or part of his Award within 30 days after the Award
Date by notice in writing to any person nominated by the Grantor. If this happens, the Award
will be deemed never to have been granted under the Plan. A Participant is not required to
pay for the disclaimer.
	 
	2.8  	Awards over ADSs
	 
	   	The Committee may determine, in its absolute discretion, that an Award will be made in
respect of ADSs and references in these rules to Shares and Awards etc. shall be construed
accordingly.

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	3  	Awards
	 
	3.1  	Terms of Awards
	 
	   	Awards are subject to the rules of the Plan. The terms of the Award, as determined by
the Grantor and approved by the Committee, must be notified to the Participant and must
include:

	 	3.1.1  	the number of Shares subject to the Award;
	 
	 	3.1.2  	any condition specified under rule 2.4 (Conditions); and
	 
	 	3.1.3  	the date of Vesting.

	3.2  	Forfeitable Share Agreement
	 
	   	The Participant must enter into an agreement with the Grantor that:

	 	3.2.1  	he will not transfer, assign or dispose of any Forfeitable Shares or any
rights in respect of them before Vesting except in the case of:

	 	(i)  	the transmission of his Award on his death to his personal
representatives; or
	 
	 	(ii)  	the assignment of his Award, with the prior consent of the
Committee, subject to any terms and conditions the Committee impose.

	 	3.2.2  	to the extent that the Award lapses under the Plan, the Shares are
forfeited and he will (if required) immediately transfer his interest in the Shares,
for no consideration or nominal consideration, to any person (which may include the
Company, where permitted) specified by the Grantor.

	3.3  	Transfer of shares
	 
	   	On or after the grant of an Award of Forfeitable Shares the Grantor will procure that
the relevant number of Shares are transferred, including a transfer out of treasury or
otherwise, to the Participant or to another person to be held for the benefit of the
Participant under the terms of the Plan.
	 
	3.4  	Rights
	 
	   	Except to the extent specified in the Forfeitable Share Agreement a Participant will
have all rights of a shareholder in respect of Forfeitable Shares until the Award lapses.
	 
	3.5  	Elections
	 
	   	The Participant must enter into any elections required by the Grantor, including
elections under Part 7 of the Income Tax (Earnings and Pensions) Act 2003 and elections to
transfer any liability, or agreements to pay, national insurance contributions. If he does
not do so within a period specified by the Grantor, the Award will lapse at the end of that
period.

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	4  	Vesting of Awards
	 
	4.1  	Timing of Vesting
	 
	   	Subject to rules 2.4 (Conditions), 5 (Leaving the Group before Vesting) and 7
(Takeovers and restructurings) an Award Vests on the date of Vesting set by the Committee on
the grant of the Award and notified under rule 3.1.3.
	 
	4.2  	Consequences
	 
	   	To the extent that it has Vested, an Award of Forfeitable Shares cannot lapse under the
Plan. In addition, the restrictions referred to in rule 3.2 (Forfeitable Share Agreement)
and contained in the Forfeitable Share Agreement between the Participant and the Grantor
cease to have effect. Any tax and national insurance contributions payable on Vesting are
subject to rule 4.4 (Withholding).
	 
	4.3  	Lapse
	 
	   	If an Award lapses under the Plan it cannot Vest and a Participant has no rights in
respect of it.
	 
	4.4  	Withholding
	 
	   	The Company, the Grantor, any employing company or trustee of any employee benefit
trust may withhold such amount and make such arrangements as it considers necessary to meet
any liability to taxation or social security contributions in respect of Awards. These
arrangements may include the sale of any Shares on behalf of the Participant unless the
Participant discharges the liability himself.
	 
	5  	Leaving the Group before Vesting
	 
	5.1  	General rule on leaving employment
	 
	   	Unless rule 5.2 applies, an Award which has not Vested will lapse on the date the
Participant ceases to be an employee or director of a Member of the Group.
	 
	5.2  	Leaving in exceptional circumstances

	 	5.2.1  	If a Participant ceases to be an employee or director of any Member of the
Group for any of the reasons set out below, then his Awards will Vest as described in
rule 5.3 and lapse as to the balance. The reasons are:

	 	(i)  	ill-health, injury or disability;
	 
	 	(ii)  	retirement with the agreement of the Company;
	 
	 	(iii)  	the Participant’s employing company ceasing to be under the
Control of the Company;
	 
	 	(iv)  	a transfer of the undertaking, or the part of the undertaking,
in which the Participant works to a person which is neither under the Control
of the Company nor a Member of the Group;
	 
	 	(v)  	redundancy, but only in circumstances which give rise to a
redundancy payment;

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	 	(vi)  	termination by the Participant’s employer other than for Cause
or where the termination involves the conduct of the Participant, subject to
the agreement of the Plan administrator; or
	 
	 	(vii)  	any other reason, if the Committee so decides in any
particular case.

	 	5.2.2  	The Committee must exercise any discretion provided for in rule 5.2.1
within 14 days after cessation of the relevant Participant’s employment or office and
the Award will lapse or Vest (as appropriate) on the earlier of the date on which the
discretion is exercised and the end of the 14 day period.

	5.3  	Vesting
	 
	   	Where rule 5.2 applies, the Award does not lapse but will Vest on the date of Vesting
set by the Committee on grant. However, the Committee may decide that the Award should Vest
either immediately or on any other date.
	 
	5.4  	Death
	 
	   	If a Participant dies, his Awards will Vest on the date of death.
	 
	5.5  	Meaning of “ceasing to be an employee or director”
	 
	   	For the purposes of this rule 5, a Participant will not be treated as ceasing to be an
employee of a Member of the Group until he ceases to be an employee of all Members of the
Group or if he recommences employment with of a Member of the Group within 7 days.
	 
	6  	Variations in share capital, demergers and special distributions
	 
	6.1  	Application of Rule
	 
	   	This rule applies if there is:

	 	6.1.1  	a variation in the equity share capital of the Company, including a
capitalisation or rights issue, sub-division, consolidation or reduction of share
capital; or
	 
	 	6.1.2  	a demerger (in whatever form) or exempt distribution by virtue of Section
213 of the Income and Corporation Taxes Act 1988; or
	 
	 	6.1.3  	a special dividend or distribution.

	6.2  	Consequences for Awards
	 
	   	Subject to the Forfeitable Share Agreement a Participant will have the same rights as
any other shareholders in respect of Forfeitable Shares where there is a variation or other
event of the sort described in rule 6.1. Any shares, securities or rights allotted to a
Participant as a result of such an event shall be:

	 	6.2.1  	treated as if they were awarded to the Participant under the Plan in the
same way and at the same time as the Forfeitable Shares in respect of which the rights
were conferred; and
	 
	 	6.2.2  	subject to the rules of the Plan and the terms of the Forfeitable Share Agreement.

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	7  	Takeovers and restructurings
	 
	7.1  	Takeovers
	 
	   	Where a person (or a group of persons acting in concert) obtains Control of the Company
as a result of making an offer to acquire Shares, an Award Vests, subject to rule 7.3
(Exchange), on the date the person obtains Control.
	 
	7.2  	Schemes of arrangement
	 
	   	When a court sanctions a compromise or arrangement in connection with the acquisition
of Shares, an Award Vests, subject to rule 7.3 on the date of court sanction. This rule
applies to a court sanction under Section 425 of the Companies Act 1985 or equivalent
procedure under local legislation.
	 
	7.3  	Exchange
	 
	   	An Award will not Vest under either rule 7.1 or 7.2 but will be exchanged under rule 8
(Exchange of Awards) to the extent that:

	 	7.3.1  	an offer to exchange the Award is made and accepted by a Participant; or
	 
	 	7.3.2  	the Committee, with the consent of the Acquiring Company, decides before
the person obtain Control (where rule 7.1 applies) or court sanction (where rule 7.2
applies) that the Award will be automatically exchanged.

	7.4  	Demergers or other corporate events

	 	7.4.1  	If the Committee becomes aware that the Company is or is expected to be
affected by any demerger, distribution (other than an ordinary dividend) or other
transaction not falling within rules 7.1 (Takeover), or 7.2 (Schemes of arrangement)
which, in the opinion of the Committee would affect the current or future value of any
Award, the Committee may determine that an Award will Vest.

	 	7.4.2  	The Company will notify any Participant who is affected by the Committee
exercising their discretion under this rule.

	7.5  	Committee
	 
	   	In this rule, “Committee” means those people who were members of the Committee
immediately before the change of Control.
	 
	7.6  	Overseas transfer
	 
	   	If a Participant is transferred to work in another country and, as a result of that
transfer he would:

	 	7.6.1  	suffer a tax disadvantage in relation to his Awards (this being shown to
the satisfaction of the Committee); or
	 
	 	7.6.2  	become subject to restrictions on his ability to exercise his Awards or to
hold or deal in the Shares or the proceeds of the sale of the Shares acquired on
exercise because of the security laws or exchange control laws of the country to which
he is transferred;

	   	then if the Participant continues to hold an office or employment with a Member of the
Group, the Committee may decide that the Awards will Vest on a date they choose before

7

 

	        	or after the transfer takes effect. The Award will Vest to the extent they permit and will
[not] lapse as to the balance.

	8  	Exchange of Awards
	 
	8.1  	Timing of exchange
	 
	   	Where an Award is to be exchanged under rule 7 (Takeovers and restructurings) the
exchange will take place as soon as practicable after the relevant event.
	 
	8.2  	Exchange terms
	 
	   	Where a Participant is granted a new award in exchange for an existing Award, the new
Award:

	 	8.2.1  	must be equivalent to the existing Award;
	 
	 	8.2.2  	is treated as having been acquired at the same time as the existing Award
and Vests in the same manner and at the same time;
	 
	 	8.2.3  	is governed by the Plan as if references to Shares were references to the
            shares over which the new award is granted and references to the Company were
references to the Acquiring Company.

	8.3  	Exchange of Awards
	 
	   	Where an Award is exchanged under this rule, the Participant will transfer the Shares
subject to the original Award as directed by the Company. The Company shall procure the
transfer of the shares subject to the new award and the terms of the agreement mentioned in
Rule 3.2 will automatically apply to those shares.
	 
	9  	Restrictions on issue of Shares
	 
	   	No Shares will be issued or transferred from treasury to satisfy Awards unless the
Company in general meeting approves in advance such issue or transfer if such approved is
required.
	 
	10  	Terms of employment

	 	10.1.1  	For the purposes of this rule, “Employee” means any person who is or will
be eligible to be a Participant.
	 
	 	10.1.2  	This rule applies:

	 	(i)  	whether the Company has full discretion in the operation of the
Plan, or whether the Company could be regarded as being subject to any
obligations in the operation of the Plan;
	 
	 	(ii)  	during an Employee’s employment or employment relationship; and
	 
	 	(iii)  	after the termination of an Employee’s employment or
employment relationship, whether the termination is lawful or unlawful.

	 	10.1.3  	Nothing in the rules or the operation of the Plan forms part of the
contract of employment or employment relationship of an Employee. The rights and
obligations arising from the employment relationship between the Employee and

8

 

	 	   	the Company are separate from, and are not affected by, the Plan. Participation in
the Plan does not create any right to, or expectation of, continued employment or a
continued employment relationship.

	 	10.1.4  	The grant of Awards on a particular basis in any year does not create any
right to or expectation of the grant of Awards on the same basis, or at all, in any
future year.
	 
	 	10.1.5  	No Employee is entitled to participate in the Plan, or be considered for
participation in it, at a particular level or at all. Participation in one operation of
the Plan does not imply any right to participate, or to be considered for participation
in any later operation of the Plan.
	 
	 	10.1.6  	Without prejudice to an Employee’s right in respect of an Award subject to
and in accordance with the express terms of the Plan, no Employee has any rights in
respect of the exercise or omission to exercise any discretion, or the making or
omission to make any decision, relating to the Award. Any and all discretions,
decisions or omissions relating to the Award may operate to the disadvantage of the
Employee, even if this could be regarded as capricious or unreasonable, or could be
regarded as in breach of any implied term between the Employee and his employer,
including any implied duty of trust and confidence. Any such implied term is excluded
and overridden by this rule.
	 
	 	10.1.7  	No Employee has any right to compensation for any loss in relation to the
Plan, including:

	 	(i)  	any loss or reduction of any rights or expectations under the
Plan in any circumstances or for any reason (including lawful or unlawful
termination of employment or the employment relationship);
	 
	 	(ii)  	any exercise of a discretion or a decision taken in relation to
an Award or to the Plan, or any failure to exercise a discretion or take a
decision;
	 
	 	(iii)  	the operation, suspension, termination or amendment of the
Plan.

	 	10.1.8  	Participation in the Plan is permitted only on the basis that the
Participant accepts all the provisions of its rules, including in particular this rule.
By participating in the Plan, an Employee waives all rights under the Plan, other than
the right to acquire shares subject to and in accordance with the express terms of the
Plan and the Performance Condition, in consideration for, and as a condition of, the
grant of an Award under the Plan.

	 	10.1.9  	Nothing in this Plan confers any benefit, right or expectation on a person
who is not an Employee. No such third party has any rights under the Contracts (Rights
of Third Parties) Act 1999 to enforce any term of this Plan. This does not affect any
other right or remedy of a third party which may exist.

	 	10.1.10  	Each of the provisions of this rule is entirely separate and independent
from each of the other provisions. If any provision is found to be invalid then it will
be deemed never to have been part of these rules and to the extent that it is possible
to do so, this will not affect the validity or enforceability of any of the remaining
provisions.

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	11  	General
	 
	11.1  	Committee’s decisions final and binding
	 
	   	The decision of the Committee on the interpretation of the Plan or in any dispute
relating to an Award or matter relating to the Plan will be final and conclusive.
	 
	11.2  	Documents sent to shareholders
	 
	   	The Company may send to Participants copies of any documents or notices normally sent
to the holders of its Shares at or around the same time as issuing them to the holders of
its Shares.
	 
	11.3  	Costs
	 
	   	The Company may ask a Participant’s employer to bear the costs in respect of an Award
to that Participant.
	 
	11.4  	Regulations
	 
	   	The Committee has the power from time to time to make or vary regulations for the
administration and operation of the Plan but these must be consistent with its rules.
	 
	11.5  	Employee trust
	 
	   	The Company and any Subsidiary may provide money to the trustee of any trust or any
other person to enable them or him to acquire Shares to be held for the purposes of the
Plan, or enter into any guarantee or indemnity for those purposes, to the extent permitted
by Section 153 of the Companies Act 1985.
	 
	11.6  	Data protection
	 
	   	By participating in the Plan the Participant consents to the holding and processing of
personal data provided by the Participant to the Company for all purposes relating to the
operation of the Plan. These include, but are not limited to:

	 	11.6.1  	administering and maintaining Participant records;
	 
	 	11.6.2  	providing information to trustees of any employee benefit trust,
registrars, brokers or third party administrators of the Plan;
	 
	 	11.6.3  	providing information to future purchasers of the Company or the business
in which the Participant works;
	 
	 	11.6.4  	transferring information about the Participant to a country or territory
outside the European Economic Area.
	 
	   	To the extent a Participant has already entered into any other data protection agreement
with any Member of the Group, this rule 11.6 will be interpreted so as not to be
inconsistent with or to limit that existing or this agreement.

	11.7  	Consents
	 
	   	All allotments and transfers of Shares will be subject to any necessary consents under
any relevant enactments or regulations for the time being in force in the United Kingdom or
elsewhere. The Participant will be responsible for complying with any requirements he needs
to fulfil in order to obtain or avoid the necessity for any such consent.

10

 

	11.8  	Articles of association
	 
	   	Any Shares acquired under the Plan are subject to the articles of association of the
Company from time to time in force.
	 
	11.9  	Notices

	 	11.9.1  	Any notice or other document which has to be given to a person who is or
will be eligible to be a Participant under or in connection with the Plan may be:

	 	(i)  	delivered or sent by post to him at his home address according
to the records of his employing company; or
	 
	 	(ii)  	sent by e-mail or fax to any e-mail address or fax number which
according to the records of his employing company is used by him;

	              	or in either case such other address which the Company considers appropriate.

	 	11.9.2  	Any notice or other document which has to be given to the Company or other
duly appointed agent under or in connection with the Plan may be delivered or sent by
post to it at its registered office (or such other place as the Committee or duly
appointed agent may from time to time decide and notify to Participants) or sent by
e-mail or fax to any e-mail address or fax number notified to the Participant.

	   	Notices sent by post will be deemed to have been given on the second day after the date of
posting. However, notices sent by or to a Participant who is working overseas will be deemed
to have been given on the seventh day after the date of posting. Notices sent by e-mail or
fax, in the absence of evidence to the contrary, will be deemed to have been received on the
day after sending.
	 
	12  	Changing the Plan and termination
	 
	12.1  	Committee’s powers
	 
	   	The Committee may at any time change the Plan in any way.
	 
	12.2  	Notice
	 
	   	The Committee may give written notice of any changes made to any Participant affected.
	 
	13  	Governing law and jurisdiction
	 
	   	English law governs the Plan and all Awards and their construction. The English Courts
have non-exclusive jurisdiction in respect of disputes arising under or in connection with
the Plan or any Award.

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Schedule

Conditional Share Awards

The rules of the BP p.l.c. Bonus Share Plan 2005 will apply to awards made under this
Schedule, subject to the alterations set out below:

	1  	Definitions
	 
	   	“Award” means a right to receive Shares granted to a Participant in accordance with the
Share Bonus Ratio.
	 
	2  	Awards
	 
	   	Rules 3.2, 3.3 and 3.5 shall be deleted.
	 
	3  	Participant’s rights before Vesting
	 
	   	Rule 3.4 shall be deleted and replaced with the following wording:
	 
	   	“Before Vesting the Participant has no rights to dividend, voting or otherwise in respect of
any Shares comprised in an Award.
	 
	   	The Participant will not transfer, assign or dispose of an Award or any rights in respect of
it except in the case of:

	 	(i)  	the transmission of his Award on his death to his personal representatives; or
	 
	 	(ii)  	the assignment of his Award, with the prior consent of the Committee, subject
to any terms and conditions the Committee imposes.”

	4  	Variations in share capital and rights issues
	 
	   	Rule 6.2 shall be deleted and replaced with the following:
	 
	   	“The Committee may vary the number of Shares comprised in an Award”
	 
	5  	Vesting
	 
	   	Rule 4.2 shall be deleted and replaced with the following:
	 
	   	“As soon as reasonably practical after Vesting, the Committee will procure the transfer of
the number of Shares to the Participant or as he may direct in respect of which the Award
Vests.
	 
	   	Where Shares are to be transferred, Participants will be entitled to all rights attaching to
Shares by reference to a record date on or after the date of transfer.”
	 
	6  	Dividend Equivalent
	 
	   	A new paragraph 4.7 shall be included as follows:
	 
	   	“On the Vesting of an Award the Participant will be entitled to a payment calculated as
follows:
	 
	   	A x B
	 
	   	where

	 	 	 	 	 	 	 
	

	 	A
	 	=
	 	the sum of the gross dividends paid on Shares with record dates falling
between the Award Date and the date on which the Award Vests.

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	 	B
	 	=
	 	the number of Shares in respect of which the Award Vests.

	   	Such payment will be subject to rule 4.4 (withholding).

13<PAGE>
                                                                     EXHIBIT 4.2

                                                                  EXECUTION COPY

                             STOCKHOLDERS AGREEMENT

      THIS STOCKHOLDERS AGREEMENT (this "Agreement") is made as of January 20,
2004 by and among PAV Republic, Inc., a Delaware corporation (the "Company"),
and Perry Partners LP, a Delaware limited partnership, Perry Partners
International Inc., a company registered under the laws of the British Virgin
Islands, and Contrarian Funds, LLC (collectively the "Stockholders", and each
individually, a "Stockholder"). Unless otherwise provided in this Agreement,
capitalized terms used herein shall have the meanings set forth in Section 7
hereof.

      WHEREAS, the Company, as of the date hereof, is authorized by its
certificate of incorporation to issue capital stock consisting of 30,000 shares
of its Common Stock, par value $0.01 per share (the "Common Stock.")

      WHEREAS, the Stockholders own as of the date hereof the number of shares
of Common Stock set forth opposite their names on Schedule I attached hereto and
desire to establish certain covenants and to provide for certain rights and
obligations in respect of the Company as hereinafter provided.

      NOW, THEREFORE, the parties to this Agreement hereby agree as follows:

1. Voting Agreement. Each Stockholder shall vote all of such holder's Common
Stock and shall take all other necessary or desirable actions within such
holder's control (whether in such holder's capacity as a stockholder, director
or officer of the Company or otherwise, and including, without limitation,
attendance at meetings in person or by proxy for purposes of obtaining a quorum
and execution of written consents in lieu of meetings) and the Company shall
take all necessary and desirable actions within its control (including, without
limitation, calling special meetings of the Board and stockholder meetings).

2. Provisions Concerning the Transfer of Stockholder Shares.

      (a) General Restrictions on Transfer. Without the prior written consent of
a majority of the Perry Holders, no holder of Common Stock (other than holders
of Perry Shares) shall directly or indirectly sell, transfer (including by
operation of law), assign, pledge, encumber or otherwise dispose of (including
to the Company or any of its Subsidiaries) any interest in (a "Transfer") any
Common Stock, other than (i) to one or more of its Affiliates, (ii) in
connection with an Approved Sale, or (iii) in accordance with the provisions of
Section 2(b), or 2(c) of this Agreement.

      (b) Participation Rights.

            (i) At least 15 days prior to any Transfer of any Perry Shares, the
holder(s) of Perry Shares intending to Transfer Perry Shares (the "Transferring
Stockholder") will deliver to the other Stockholders (collectively, the "Other
Stockholders") a written notice (a "Sale Notice") specifying in reasonable
detail the identity of the prospective transferee(s) and the terms and
conditions of the contemplated Transfer. The Other Stockholders may elect to
participate in the contemplated Transfer by delivering written notice to the
Transferring Stockholder within 15 days after delivery of the Sale Notice. If
any Other Stockholders have elected to participate in such Transfer, each of the
Transferring Stockholder and such Other Stockholders will be entitled

<PAGE>

to sell in the contemplated Transfer, at the same price and on the same terms, a
number of shares of Common Stock being transferred equal to the product obtained
by multiplying (A) the quotient determined by dividing (x) the number of shares
of Common Stock owned by such Person by (y) the aggregate number of shares of
Common Stock then held by all Persons participating in such Transfer, including
the Transferring Stockholder (such Person's "Pro Rata Share") by (B) the number
of shares of Common Stock to be sold in the contemplated Transfer. If any Person
participating in such Transfer elects to Transfer less than its Pro Rata Share,
the shares which such Person had the right, but did not elect, to Transfer will
be reoffered to the Persons participating in such Transfer who ejected to
Transfer their full Pro Rata Share (pro rata among such Persons based On their
respective Pro Rata Shares), and so on until the Persons participating in such
Transfer have elected to Transfer all shares to be sold in the contemplated
Transfer. For purposes of determining the respective Pro Rata Shares, each
Person will be deemed to hold an Common Stock held by them and their Affiliates
(provided that no share of Common Stock shall be counted more than once for this
purpose) and all such affiliated Persons shall be treated as a single Person.

            (ii) The Transferring Stockholder will use reasonable efforts to
obtain the agreement of the prospective transferee(s) to the participation of
the electing Other Stockholders in any contemplated Transfer, and the
Transferring Stockholder will not Transfer any of its shares of Common Stock to
the prospective transferee(s) unless simultaneously with such Transfer (A) the
prospective transferee(s) purchases, at the same price and on the same terms,
from the Other Stockholders the shares of Common Stock which they are entitled
to sell to such prospective transferee pursuant to Section 2(b)(i) above or (B)
the Transferring Stockholder purchases, at the same price and on the same terms,
the number of shares of Common Stock from the Other Stockholders which the Other
Stockholders would have been entitled to sell pursuant to Section 2(b)(i) above.

            (iii) The provisions of this Section 2(b) shall not apply to any
Transfer by any holder of Perry Shares (A) in a Public Sale, (B) to any employee
of the Company or any of its Subsidiaries as part of any compensation
arrangement, (C) to any member of the Board as part of any compensation
arrangement, (D) to any Affiliate of such holder of Perry Shares (other than the
Company and those referred to in clause (E) of this sentence) and (E) to the
partners, members or beneficiaries of the holders of Perry Shares. The
provisions of this Section 2(b) will continue to be applicable to Perry Shares
after any Transfer thereof pursuant to clause (D) or (E) of the first sentence
of this Section 2(b)(iii). Any transferee of Perry Shares shall agree, prior to
any Transfer pursuant to this Section 2(b), in writing to be bound by the
provisions of this Agreement by executing and delivering to the Company a
joinder in customary form.

            (iv) The Transferring Stockholder and the Other Stockholders will
bear their pro rata share (based upon the proceeds to be received by such
Persons) of the costs of any Transfer pursuant to this Section 2(b) to the
extent such costs are incurred for the benefit of all Persons participating in
the Transfer and are not otherwise paid by the Company or the acquiring party.
Costs incurred by Persons participating in the Transfer on their own behalf will
not be considered costs of the Transfer hereunder.

      (c) Termination of Restrictions. The restrictions set forth in this
Section 2 shall continue with respect to each Stockholder Share until the
earlier of (i) the Transfer of such

                                       2
<PAGE>

Stockholder Share in a Public Sale or an Approved Sale, or (ii) the consummation
of a Public Offering.

3. Approved Sale.

      (a) If the Perry Holders request and the Board approves (i) a Transfer of
a majority of the Company's assets determined on a consolidated basis or a
majority of the Company's outstanding Common Stock (whether by merger (including
One in which the Company is the surviving corporation), recapitalization,
consolidation, reorganization, combination or otherwise) to any Independent
Third Party or group of Independent Third Parties or (ii) a Transfer of any
shares of Common Stock to any Independent Third Party or group of Independent
Third Parties (collectively an "Approved Sale"), each Stockholder, in such
holder's capacity as a stockholder of the Company and not in such holder's
capacity as a director if such holder then serves on the Board, will vote for,
consent to and raise no objections against such Approved Sale. If the Approved
Sale is structured as (i) a merger (including one in which the Company is the
surviving corporation) or consolidation, each Stockholder will waive any
dissenter's rights, appraisal rights or similar rights in connection with such
merger or consolidation and will not otherwise exercise any such right or (ii)
Transfer of stock (including by recapitalization, consolidation, reorganization,
combination or otherwise), each Stockholder will agree to sell all of its Common
Stock and rights to acquire Common Stock on the terms and conditions approved by
the Perry Holders, provided, that, if a Transfer made pursuant to this clause
(ii) involves a Transfer of less than all of the then outstanding Common Stock,
each Stockholder shall participate in such Transfer on a pro rata basis (based
on the number of shares of Common Stock held by such Stockholder). Each
Stockholder shall be obligated to join on a pro rata basis (based on the number
of shares of Common Stock to be sold) in any indemnification or other
obligations that the sellers of Common Stock are required to provide in
connection with the Approved Sale (other than any such obligations that relate
solely to a particular Stockholder, such as indemnification with respect to
representations and warranties given by a Stockholder regarding such
Stockholder's title to and ownership of Common Stock, in respect of which only
such Stockholder shall be liable); provided, that no holder shall be obligated
in connection with such indemnification or other obligations with respect to an
amount in excess of the consideration received by such holder in connection with
such transfer. Each Stockholder will take all reasonable actions in connection
with the consummation of the Approved Sale as requested by the Perry Holders
(which actions may include, at the request of the Perry Holders, continuing
arrangements among the stockholders of the Company substantially similar to the
terms of this Agreement).

      (b) The obligations of the holders of Common Stock with respect to an
Approved Sale are subject to the satisfaction of the condition precedent that
upon the consummation of the Approved Sale, each Stockholder will Transfer such
Common Stock on the same terms and will receive the same form of consideration
and the same portion of the aggregate consideration that such holders of Common
Stock would have received if such aggregate consideration had been distributed
by the Company in a complete liquidation pursuant to the rights and preferences
set forth in the Certificate of Incorporation as in effect immediately prior to
such Approved Sale.

      (c) If the Company or the holders of the Company's securities enter into
any negotiation or transaction for which Rule 506 (or any similar rule then in
effect) promulgated by

                                       3
<PAGE>

the Securities and Exchange Commission may be available with respect to such
negotiation or transaction (including a merger, consolidation or other
reorganization), the Stockholders will, at the request of the Company, appoint a
purchaser representative (as such term is defined in Rule 501) reasonably
acceptable to the Company. If any Stockholder appoints a purchaser
representative designated by the Company, the Company will pay the fees of such
purchaser representative, but if any Stockholder declines to appoint the
purchaser representative designated by the Company such holder will appoint
another purchaser representative, and such holder will be responsible for the
fees of the purchaser representative so appointed. This Section 3(c) shall apply
only to Stockholders that are required to appoint a purchaser representative
under Regulation D (or any successor regulation then in effect) promulgated by
the Securities and Exchange Commission.

      (d) Subject to Section 3(c) above, Stockholders will bear their pro rata
share (based upon the proceeds to be received by such Stockholders) of the costs
of any sale of Common Stock pursuant to an Approved Sale to the extent such
costs are incurred for the benefit of all Stockholders and are not otherwise
paid by the Company or the acquiring party. For purposes of this Section 3(d),
costs incurred in exercising reasonable efforts to take all necessary actions
for the consummation of an Approved Sale in accordance with Section 3(a) above
shall be deemed to be for the benefit of all Stockholders. Costs incurred by
Stockholders on their own behalf will not be considered costs of the transaction
hereunder.

      (e) The terms and conditions of this Section 3 shall terminate upon a
Public Offering.

4. Public Offering/ Piggyback Rights.

      (a) In the event that the Board approves a Public Offering, each
Stockholder win use reasonable efforts to take all necessary action in
connection with the consummation of a Public Offering. In the event that such
Public Offering is an underwritten offering and the managing underwriters advise
the Company or the holders of the Perry Shares determine that the Company's then
current Common Stock structure (other than the rights and obligations under this
Agreement) will adversely affect the marketability of the offering, each
Stockholder will consent to and vote for a recapitalization, reorganization
and/or exchange of the Common Stock into securities that the managing
underwriters, the Board and holders of a majority of the shares of Common Stock
then outstanding find acceptable and will take all necessary or desirable
actions in connection with the consummation of the recapitalization,
reorganization and/or exchange so long as in such recapitalization,
reorganization and/or exchange, all Stockholders receive the same equity
instruments in the same proportions. The parties agree that the rights and
obligations specified in this Agreement shall survive the consummation of a
Public Offering, except to the extent expressly provided herein.

      (b) The Company will give prompt written notice to all Stockholders of its
intention to effect a registration of its Common Stock, whether as a primary or
secondary registration, and will include in such registration the Common Stock
of Stockholders requesting registration in writing within 30 days after the
receipt of the Company's Notice, pro rata among such Stockholders based upon the
number of shares of Common Stock held by each such Stockholder at the time of
such registration.

                                       4
<PAGE>

5. Confidential Information.

      (a) Subject to Section 5(f) below, each Stockholder hereby agrees that it
shall not, and shall cause each member of such Stockholder's Stockholder Group
not to, disclose any part of the Confidential Information to any person or
entity other than (i) as required by law or legal process in accordance with
Section 5(b) below or (ii) to a member of such Stockholder's Stockholder Group.

      (b) In the event any Stockholder or member of such Stockholder's
Stockholder Group is compelled by law or legal process to disclose any
Confidential Information, such Stockholder (i) shall promptly notify the Company
prior to the disclosure of such Confidential Information so that the Company may
seek an appropriate protective order or waive compliance with the provisions of
this Section 5 and (ii) in the absence of a protective order, shall permit the
Company to seek an order or other assurance that confidential treatment will be
accorded to such portion of the Confidential Information required to be
disclosed and shall reasonably cooperate in the Company's effort to obtain such
an order or assurance.

      (c) Each Stockholder hereby agrees to use its commercially reasonable
efforts to make sure each member of such Stockholder's Stockholder Group is
aware of the confidentiality provisions contained in this Section 5 and agrees
to be bound by them. Notwithstanding the foregoing each Stockholder remains
strictly liable for any breaches hereof by any member of that Stockholder's
Stockholder Group.

6. Legend. Each certificate evidencing Common Stock and each certificate issued
in exchange for or upon the transfer of any Common Stock (if such shares remain
subject to the restrictions set forth herein thereafter) shall be stamped or
otherwise imprinted with a legend in substantially the following form:

            "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
            CERTAIN TRANSFERS AND VOTING RESTRICTIONS PURSUANT TO A STOCKHOLDERS
            AGREEMENT DATED AS OF JANUARY __, 2004 AMONG THE ISSUER OF SUCH
            SECURITIES (THE "COMPANY") AND CERTAIN OF THE COMPANY'S
            STOCKHOLDERS, AS SUCH AGREEMENT MAYBE AMENDED FROM TIME TO TIME. A
            COPY OF SUCH STOCKHOLDERS AGREEMENT WILL BE FURNISHED WITHOUT CHARGE
            BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST."

The Company shall imprint such legend on certificates evidencing Common Stock
outstanding prior to the date hereof. The legend set forth above shall be
removed from the certificates evidencing any shares which cease to be subject to
the terms of this Agreement.

7. Definitions.

         "Affiliate" shall mean with respect to any Person, any other Person
controlling, controlled by or under common control with the Person.

                                       5
<PAGE>

      "Business Day" means any day that is not a Saturday, a Sunday or any other
day on which banks are required or authorized by law to be closed in the State
of New York.

      "Confidential Information" means all material confidential, non-public or
proprietary information (whether technical, marketing, business, financial or
otherwise), in whatever form (whether tangible, orally communicated, physically
communicated or disclosed in writing, electronically or otherwise, including,
without limitation, information disclosed by samples or demonstrations of
processes, techniques or equipment) which relates to the Company or any of its
Subsidiaries, including, without limitation, any document or other information
distributed to members of the Board. "Confidential Information" shall not
include: (i) information which can be shown to be in the public domain (provided
that such information has not or does not come into the public domain as the
result of improper disclosure) and (ii) information which becomes available on a
non-confidential basis from a Source other than the Company or any of its
Subsidiaries (provided that such source is not known by the person receiving
such information to be bound by a confidentiality arrangement with the Company
or any of its Subsidiaries).

      "Independent Third Party" means any Person who, immediately prior to the
contemplated transaction, does not own in excess of 5% of the Company's Common
Stock on a fully-diluted basis (a "5% Owner"), who is not controlling,
controlled by or under common control with any such 5% Owner.

      "Person" means an individual, a partnership, a corporation, a limited
liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization and a governmental entity or any
department, agency or political subdivision thereof.

      "Perry Holders" means the holders of Perry Shares.

      "Perry Shares" means any Common Stock initially held by Perry Partners LP
or Perry Partners International Inc., and any transferee thereof pursuant to
Section 2(iii)(D) and (E) hereof.

      "Public Offering" means any underwritten sale of Common Stock pursuant to
an effective registration statement under the Securities Act filed with the
Securities and Exchange Commission on Form S-1 (or a Successor form adopted by
the Securities and Exchange Commission); provided, that the following shall not
be considered a Public Offering: (i) any issuance of Common Stock as
consideration or financing for a merger or acquisition and (ii) any issuance of
Common Stock or rights to acquire Common Stock to employees of the Company or
its Subsidiaries as part of an incentive or compensation plan. For the avoidance
of doubt, the term "Common Stock" as used in this definition shall be deemed to
include any securities into which the Common Stock may be restructured in
accordance with Section 4 hereof.

      "Public Sale" means any sale of Stockholder Shares to the public pursuant
to an offering registered under the Securities Act or to the public pursuant to
the provisions of Rule 144 adopted under the Securities Act.

      "Securities Act" means the Securities Act of 1933, as amended from time to
time.

                                       6
<PAGE>

      "Stockholder Group" means, with respect to any Stockholder, such
Stockholder's and its Subsidiaries' employees, officers, directors, agents,
representatives, partners, shareholders, members and Affiliates, as applicable.

8. Transfers in Violation of Agreement. Any Transfer or attempted Transfer of
any Common Stock in violation of any provision of this Agreement shall be void,
and the Company shall not record such Transfer on its books or treat any
purported transferee of such Common Stock as the owner of such shares for any
purpose.

9. Amendment and Waiver. Except as otherwise provided herein, the provisions of
this Agreement may be amended or waived only upon the prior written consent of
the Company and a majority of the Stockholders. The failure of any party to
enforce any of the provisions of this Agreement shall in no way be construed as
a waiver of such provisions and shall not affect the right of such party
thereafter to enforce each and every provision of this Agreement in accordance
with its terms.

10. Severability. Whenever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement is held to be invalid, illegal or
unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision or the effectiveness or validity of any provision in any
other jurisdiction, and this Agreement shall be reformed, construed and enforced
in such jurisdiction as if such invalid, mega! or unenforceable provision had
never been contained herein.

11. Entire Agreement. Except as otherwise expressly set forth herein, this
Agreement embodies the complete agreement and understanding among the parties
hereto with respect to the subject matter hereof and supersedes and preempts any
prior understandings, agreements or representations by or among the parties,
written or oral, which may have related to the subject matter hereof in any way.

12. Successors and Assigns. Except as otherwise provided in this Agreement, this
Agreement shall bind and inure to the benefit of and be enforceable by the
Company and its successors and permitted assigns and the Stockholders and any
subsequent holders of Common Stock and the respective Successors and permitted
assigns of each of them, so long as they hold Common Stock.

13. Counterparts. This Agreement may be executed in separate counterparts each
of which shall be an original and all of which taken together shall constitute
one and the same agreement.

14. Remedies. The parties hereto agree and acknowledge that money damages may
not be all adequate remedy for any breach of the provisions of this Agreement
and that the Company and any Stockholder shall have the right to injunctive
relief, in addition to all of its rights and remedies at law or in equity, to
enforce the provisions of this Agreement. Nothing contained in this Agreement
shall be construed to confer upon any Person who is not a signatory hereto any
rights or benefits, as a third party beneficiary or otherwise.

15. Notices. All notices, demands and other communications to be given or
delivered under or by reason of the provisions of this Agreement shall be in
writing and shall be deemed to have

                                       7
<PAGE>

been given when personally delivered, sent by telecopy (with receipt confirmed)
on a Business Day during regular business hours of the recipient (or, if not, on
the next succeeding Business Day) or two Business Days after sent by reputable
overnight express courier (charges prepaid). Such notices, demands and other
communications shall be sent to the following Persons at the following
addresses:

          If to the Company, to:

          PAV Republic, Inc.
          c/o Perry Partners LP
          599 Lexington Avenue, 36th Floor
          New York, NY 10022
          Telecopy: (212) 583 4140
          Attn: Peter F. Schweinfurth
          with a copy (which shall not constitute notice to the Company), to:

          Kirkland & Ellis LLP
          Citigroup Center
          153 East 53rd Street
          New York, NY 10022-4611
          Telecopy: (212) 446-4900
          Attn: Adrian van Schie

          If to any Perry Holder, to:

          Perry Partners LP
          599 Lexington Avenue, 36th Floor
          New York, NY 10022
          Telecopy: (212) 583-4140
          Attn: Peter F. Schweinfurth

          with a copy (which shall not Constitute notice to the Bain Group), to:

          Kirkland & Ellis LLP
          Citigroup Center
          153 East 53rd  Street
          New York, NY 10022-4611
          Telecopy: (212) 446-4900
          Attn: Adrian van Schie

          If to Contrarian to:

          411 West Putnam Road, Suite 225
          Greenwich, CT 06830

                                       8
<PAGE>

          with a copy (which shall not constitute notice to Contrarian), to;

          _______________________________________

          _______________________________________

          _______________________________________

          _______________________________________

16. Delivery by Facsimile. This Agreement and any signed agreement or instrument
entered into in connection thereto or contemplated thereby, and any amendments
hereto or thereto, to the extent signed and delivered by means of a facsimile
machine, shall be treated in all manner and respects as an original agreement or
instrument and shall be considered to have the same binding legal effect as if
it were the original signed version thereof delivered in person. At the request
of any party hereto or to any such agreement or instrument, each other party
hereto or thereto shall re-execute original forms thereof and deliver them to
all other parties. No party hereto or to any such agreement or instrument shall
raise the use of a facsimile machine to deliver a signature or the fact that any
signature or agreement or instrument was transmitted or communicated through the
use of a facsimile machine as a defense to the formation of a contract and each
such party forever waives any such defense.

17. Governing Law. THE CORPORATE LAW OF THE STATE OF DELAWARE WILL GOVERN ALL
ISSUES CONCERNING THE RELATIVE RIGHTS OF THE COMPANY AND ITS STOCKHOLDERS. ALL
OTHER ISSUES CONCERNING THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY
CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF NEW
YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAW OF
ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.

18. Descriptive Headings. The descriptive headings of this Agreement are
inserted for convenience only and do not constitute a part of this Agreement.

                                    * * * * *

                                       9
<PAGE>

                                                                  EXECUTION COPY

                                            PAV REPUBLIC, INC.

                                            By: /s/ Authorized Signatory
                                                --------------------------------
                                                    Name:
                                                    Title:

                                            PERRY PARTNERS, LP

                                            By: /s/ Authorized Signatory
                                                --------------------------------
                                                    Name:
                                                    Title:

                                            PERRY PARTNERS INTERNATIONAL, INC.

                                            By: /s/ Authorized Signatory
                                                --------------------------------
                                                    Name:
                                                    Title:

                                            CONTRARIAN FUNDS, LLC

                                            By: /s/ Jon Bauer
                                                --------------------------------
                                                    Name: Jon Bauer
                                                    Title:
<PAGE>

                                                                  EXECUTION COPY

                                   SCHEDULE I

                        OWNERSHIP OF COMPANY COMMON STOCK
<TABLE>
<CAPTION>
            PARTY                           NUMBER OF SHARES OF COMMON STOCK
            -----                           --------------------------------
<S>                                         <C>
Perry Partners LP                                      14,756.85
Perry Partners International Inc.                      14,178.15
Contrarian Funds LLC                                    1,065.00
</TABLE>

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