Document:

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                                                                     Exhibit 4.1

                       AMENDMENT NO. 1 TO RIGHTS AGREEMENT

     This AMENDMENT NO. 1, dated as of May 7, 2000, is between The Geon
Company, a Delaware corporation (the "Corporation") and The Bank of New York ,
as Rights Agent (the "Rights Agent").

                                    Recitals

     WHEREAS, the Corporation and the Rights Agent are parties to a Rights
Agreement, dated as of May 28, 1993, (the "Rights Agreement"); and

     WHEREAS, The M.A. Hanna Company, a Delaware corporation ("Hanna"), and the
Corporation propose to enter into an Agreement and Plan of Consolidation (as it
may be amended from time to time pursuant to its terms, the "Consolidation
Agreement"), pursuant to which Hanna, the Corporation and a to-be-formed Ohio
corporation ("Newco") will consolidate (the "Consolidation"). The Board of
Directors of the Corporation has approved the Consolidation Agreement and the
Consolidation; and

     WHEREAS, pursuant to Section 26 of the Rights Agreement, the Board of
Directors of the Corporation has determined that an amendment to the Rights
Agreement as set forth below is necessary and desirable in connection with the
foregoing and the Corporation and the Rights Agent desire to evidence such
amendment in writing;

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

     1. AMENDMENT OF SECTION 1(a). Section 1(a) of the Rights Agreement is
amended to add the following sentence at the end of such Section:

          "Notwithstanding anything in this Rights Agreement to the
          contrary, neither Newco, Hanna nor any Affiliate of either
          Newco or Hanna shall be deemed to be an Acquiring Person by
          virtue of (i) the consummation of the Consolidation, (ii)
          the execution of the Consolidation Agreement, or (iii) the
          consummation of the other transactions contemplated in the
          Consolidation Agreement, or any or all of the foregoing in
          combination."

     2. AMENDMENT OF SECTION 1(u). Section 1(u) of the Rights Agreement is
amended to add the following sentence at the end of such Section:

          "Notwithstanding anything in this Rights Agreement to the
          contrary, a Triggering Event shall not be deemed to have
          occurred

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          as the result of (i) the consummation of the Consolidation,
          (ii) the execution of the Consolidation Agreement, or (iii)
          the consummation of the other transactions contemplated in
          the Consolidation Agreement, or any or all of the foregoing
          in combination."

     3. AMENDMENT OF SECTION 1. Section 1 of the Rights Agreement is amended to
insert the following additional definitions to the end of such Section:

          (v) "Consolidation" shall have the meaning set forth in the
          Consolidation Agreement.

          (w) "Consolidation Agreement" shall mean that certain
          Agreement and Plan of Consolidation dated as of May ___,
          2000, by and between Hanna and the Corporation, as amended
          from time to time pursuant to its terms.

          (x) "Hanna" shall mean The M.A. Hanna Company, a Delaware
          corporation.

          (y) "Newco" shall mean a to-be-formed Ohio corporation that
          will participate in the Consolidation pursuant to the
          Consolidation Agreement.

     4. AMENDMENT OF SECTION 3(a). Section 3(a) of the Rights Agreement is
amended to add the following sentence at the end of such Section:

          "Notwithstanding anything in this Rights Agreement to the
          contrary, a Distribution Date shall not be deemed to have
          occurred as the result of (i) the consummation of the
          Consolidation, (ii) the execution of the Consolidation
          Agreement or (iii) the consummation of the other
          transactions contemplated in the Consolidation Agreement, or
          any or all of the foregoing in combination."

     5. AMENDMENT OF SECTION 7(a). Section 7(a) of the Rights Agreement is
amended by striking the phrase:

          "or (ii) the time at which such rights are redeemed as
          provided in Section 23 hereof (the earlier of (i) or (ii)
          being herein referred to as the "Expiration Date")."

at the end of such Section and substituting the phrase:

          "(ii) the time at which such rights are redeemed as provided
          in Section 23 hereof, or (iii) the consummation of the
          Consolidation

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          (the earlier of (i), (ii) or (iii) being herein referred to
          as the "Expiration Date")."

     6. AMENDMENT OF SECTION 13(d). Section 13(d) of the Rights Agreement is
amended to add the following sentence at the end of such Section:

          "Furthermore, notwithstanding anything in this Rights
          Agreement to the contrary, (i) the consummation of the
          Consolidation, (ii) the execution of the Consolidation
          Agreement and (iii) the consummation of the other
          transactions contemplated in the Consolidation Agreement,
          separately or in combination, shall not be deemed to be
          events of the type described in the first sentence of this
          Section 13 and shall not cause the Rights to be adjusted or
          exercisable in accordance with, or any other action to be
          taken or right or obligation to arise pursuant to, this
          Section 13."

     7. EFFECTIVENESS. This Amendment shall be deemed effective as of the date
first written above, as if executed on such date. Except as amended hereby, the
Rights Agreement shall remain in full force and effect and shall be otherwise
unaffected by this Amendment No. 1.

     8. MISCELLANEOUS. This Amendment shall be deemed to be a contract made
under the laws of the State of Delaware and for all purposes shall be governed
by and construed in accordance with the laws of such state applicable to
contracts to be made and performed entirely within such state. This Amendment
may be executed in any number of counterparts, each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall
together constitute but one and the same instrument. If any provision, covenant
or restriction of this Amendment is held by a court of competent jurisdiction or
other authority to be invalid, illegal or unenforceable, the remainder of the
terms, provisions, covenants and restrictions of this Amendment shall remain in
full force and effect and shall in no way be effected, impaired or invalidated.

                           [Signature Page to Follow]

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment No.1 to
be fully executed, all as of the date and year first above written.

                                        THE GEON COMPANY

                                        /s/  Gregory L. Rutman
                                        ------------------------------
                                        By:  Gregory L. Rutman
                                        Its: Vice President

                                        THE BANK OF NEW YORK
                                        as Rights Agent

                                        /s/  Ralph Chianese
                                        -------------------------------
                                        By:  Ralph Chianese
                                        Its: Vice President

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                                                                     Exhibit 4.2

                               M.A. HANNA COMPANY
                                  SUITE 36-5000
                                200 PUBLIC SQUARE
                           CLEVELAND, OHIO 44114-2305

                                   May 7, 2000

FIRST CHICAGO TRUST COMPANY OF NEW YORK
525 Washington Blvd.
Suite 4690
Jersey City, New Jersey 07310

Attention:  Robbin Mayo

                     Re: Amendment No. 1 to Rights Agreement
                         -----------------------------------

Ladies and Gentlemen:

                  Pursuant to Section 26 of the Rights Agreement (the "Rights
Agreement"), dated as of December 4, 1991, between M.A. Hanna Company (the
"Company"), and First Chicago Trust Company of New York, successor to Ameritrust
Company National Association, as rights agent, the Company, by resolution
adopted by its Directors, hereby amends the Rights Agreement as follows:

                  1.       Section 1(k) of the Rights Agreement is hereby
amended and restated in its entirety as follows:

                  "(k) "Expiration Date" shall mean the earliest of (i) the
                  Close of Business on the Final Expiration Date, (ii) the time
                  at which the Rights are redeemed as provided in Section 23
                  hereof, (iii) the time at which all exercisable Rights are
                  exchanged as provided in Section 27 hereof, and (iv)
                  immediately prior to the Effective Time (as defined in the
                  Consolidation Agreement)."

                  2.       Section 1(o) of the Rights Agreement is hereby
amended by inserting the following new Section 1(oo) immediately thereafter:

                  "(oo) "CONSOLIDATION AGREEMENT" means the Agreement and Plan
                  of Consolidation, dated as of May 7, 2000, between the Company
                  and Geon Company, a Delaware corporation ("Geon")."

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First Chicago Trust Company of New York
May 7, 2000
Page 2

                  3.       Section 1 of the Rights Agreement is hereby amended
by inserting the following new paragraph at the end of that Section:

                           "Notwithstanding anything in this Agreement to the
                  contrary, none of Geon, the Company, Consolidation Corp. (as
                  defined in the Consolidation Agreement) or Resulting
                  Corporation (as defined in the Consolidation Agreement), any
                  of their Affiliates or Associates or any of their permitted
                  assignees or transferees shall be deemed an Acquiring Person
                  and none of a Distribution Date, a Share Acquisition Date, or
                  a Triggering Event shall be deemed to occur or to have
                  occurred, and that the Rights will not become separable,
                  distributable, unredeemable or exercisable, in each such case,
                  by reason or as a result of the approval, execution or
                  delivery of the Consolidation Agreement, the consummation of
                  the Consolidation (as defined in the Consolidation Agreement)
                  or the consummation of the other transactions contemplated by
                  the Consolidation Agreement."

                  4.       Section 2 of the Rights Agreement is hereby amended
by inserting the following language after the word "desirable" in the second
sentence of that Section:

                           "upon ten (10) days written notice to the Rights
                  Agent. The Rights Agent shall have no duty to supervise, and
                  shall in no event be liable for, the acts or omissions of any
                  such Co-Rights Agent."

                  5.       Sections 18(a) and 20(c) of the Rights Agreement are
amended by replacing the word "negligence" in each of those Sections with the
words "gross negligence."

                  6.       The Rights Agreement shall not otherwise be
supplemented or amended by virtue of this Amendment No. 1 to the Rights
Agreement, but shall remain in full force and effect.

                  7.       Capitalized terms used without other definition in
this Amendment No. 1 to the Rights Agreement shall be used as defined in the
Rights Agreement.

                  8.       This Amendment No. 1 to the Rights Agreement shall be
deemed to be a contract made under the internal substantive laws of the State of
Delaware and for all purposes shall be governed by and construed in accordance
with the internal substantive laws of such State applicable to contracts to be
made and performed entirely within such State.

                  9.       This Amendment No. 1 to the Rights Agreement may be
executed in any number of counterparts and each of such counterparts shall for
all purposes be deemed to be an original, and all such counterparts shall
together constitute but one and the same instrument.

                  10.      This Amendment No. 1 to the Rights Agreement shall be
effective as of, and immediately prior to, the execution and delivery of the
Merger Agreement, and all references to the Rights Agreement shall, from and
after such time, be deemed to be references to the Rights Agreement as amended
hereby.

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First Chicago Trust Company of New York
May 7, 2000
Page 3

                  11.      Exhibits B and C to the Rights Agreement shall be
deemed amended in a manner consistent with this Amendment No. 1 to the Rights
Agreement.

                                        Very truly yours,

                                        M.A. HANNA COMPANY

                                        By:   /s/ Phillip D. Ashkettle
                                             -------------------------------
                                             Name:  Phillip D. Ashkettle
                                             Title:  Chairman and CEO

Accepted and agreed to as of the
effective time specified above:

FIRST CHICAGO TRUST COMPANY OF NEW YORK

By:   /s/ Michael S. Duncan
      --------------------------------------
      Name:  Michael S. Duncan
      Title:  Director, Corporate Actions

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