Document:

Exhibit 10.14

 Exhibit 10.14 
 

 
 PROMISSORY NOTE 
  

							
	Borrower:	  	 Opnet Technologies, Inc.
 7255 Woodmont Avenue

Bethesda, MD 20814
	  	Lender:	  	 Bank of America, N.A.
 CCS-Commercial Banking

NC1-014-13-05
 10 Light Street
 Baltimore, MD 21202-1435

  

			
	Principal Amount: $2,600,000.00	 	Date of Note: June 10, 2005

 PROMISE TO PAY. Opnet Technologies, Inc. (“Borrower”) promises to pay to Bank of America, N.A.
(“Lender”), or order, in lawful money of the United States of America, the principal amount of Two Million Six Hundred Thousand & 00/100 Dollars ($2,600,000.00) or so much as may be outstanding, together with interest on the
unpaid outstanding principal balance of each advance. Interest shall be calculated from the date of each advance until repayment of each advance. 
 PAYMENT. Borrower will pay this loan in one payment of all outstanding principal plus all accrued unpaid interest on June 30, 2006. In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of
each payment date, beginning July 10, 2005, with all subsequent interest payments to be due on the same day of each month after that. Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid
interest; then to principal; then to any late charges; and then to any unpaid collection costs. The annual interest rate for this Note is computed on a 365/360 basis; that is by applying the ratio of the annual interest rate over a year of 360 days,
multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. Borrower will pay Lender at Lender’s address shown above or at such other place as Lender may designate in writing.

 VARIABLE INTEREST RATE. The interest rate on this Note is subject to change from time to time based on changes in an independent index which is the
“Wall Street Journal LIBOR Rate” which is a fluctuating rate of interest equal to the 1 month London interbank offered rate as published in the “Money Rates” section of The Wall Street Journal on the immediately preceding
business day as adjusted from time to time in Lender’s sole discretion for then applicable reserve requirements, deposit insurance assessment rates and other regulatory costs (the “Index”). The Index is not necessarily the lowest rate
charged by Lender on its loans. If the Index becomes unavailable during the term of this loan, Lender may designate a substitute index after notice to Borrower. Lender will tell Borrower the current Index rate upon Borrower’s request. The
interest rate change will not occur more often than each date of such change in the Index. Borrower understands that Lender may make loans based on other rates as well. The interest rate to be applied to the unpaid principal balance of this Note
will be at a rate of 2.000 percentage points over the Index. NOTICE: Under no circumstances will the interest rate on this Note be more than the maximum rate allowed by applicable law. 
 PREPAYMENT. Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower’s
obligation to continue to make payments of accrued unpaid interest. Rather, early payments will reduce the principal balance due. Borrower agrees not to send Lender payments marked “paid in full”, “without recourse”, or similar
language. If Borrower sends such a payment, Lender may accept it without losing any of Lender’s rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed
amounts, including any check or other payment instrument that indicates that the payment constitutes “payment in full” of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount
must be mailed or delivered to: Bank of America. N.A., NC1-014-13-05. P.O. Box 30120 Charlotte, NC 28254-3693. 
 LATE CHARGE. If a payment is 15 days
or more late, Borrower will be charged 4.000% of the unpaid portion of the regularly scheduled payment. 
 INTEREST AFTER DEFAULT. Upon default,
including failure to pay upon final maturity, Lender, at its option, may, if permitted under applicable law, increase the variable interest rate on this Note to 8.000 percentage points over the Index. The interest rate will not exceed the maximum
rate permitted by applicable law. 
 DEFAULT. Each of the following shall constitute an event of default (“Event of Default”) under this
Note: 
 Payment Default. Borrower fails to make any payment when due under this Note. 
 Other Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Note or in any of
the related documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower. 
 Default in Favor of Third Parties. Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor
or person that may materially affect any of Borrower’s property or Borrower’s ability to repay this Note or perform Borrower’s obligations under this Note or any of the related documents. 
 False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf under this Note or
the related documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. 
 Insolvency. The dissolution or termination of Borrower’s existence as a going business, or a trustee or receiver is appointed for Borrower or for all or a substantial portion of the assets of Borrower, or
Borrower makes a general assignment for the benefit of Borrower’s creditors, or Borrower files for bankruptcy, or an involuntary bankruptcy petition is filed against Borrower and such involuntary petition remains undismissed for sixty
(60) days. 
 Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial
proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the loan. This includes a garnishment of any of Borrower’s accounts, including deposit accounts,
with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender
written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for
the dispute. 
 Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or
accommodation party of any of the indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this
Note. 

					
	Loan No: 41/567249/Cc	 	 PROMISSORY NOTE
 (Continued)
	 	Page 2

 Change in Ownership. Any change in ownership of twenty-five percent (25%) or more of
the common stock of Borrower. 
 Adverse Change. A material adverse change occurs in Borrower’s financial condition, or Lender
believes the prospect of payment or performance of this Note is impaired. 
 Insecurity. Lender in good faith believes itself insecure.

 LENDER’S RIGHTS. Upon default, Lender may declare the entire unpaid principal balance on this Note and all accrued unpaid interest, together
with all other applicable fees, costs and charges, if any, immediately due and payable, and then Borrower will pay that amount. 
 ATTORNEYS’ FEES:
EXPENSES. Subject to any limits under applicable law, upon default, Borrower agrees to pay Lender’s attorneys’ fees and all of Lender’s other collection expenses, whether or not there is a lawsuit, including without limitation
legal expenses for bankruptcy proceedings. 
 JURY WAIVER. LENDER AND BORROWER EACH HEREBY WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH LENDER
OR BORROWER MAY BE PARTIES, ARISING OUT OF, OR IN ANY WAY PERTAINING TO, THIS NOTE. IT IS AGREED THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES TO SUCH ACTIONS OR PROCEEDINGS. THIS WAIVER IS KNOWINGLY,
WILLINGLY AND VOLUNTARILY MADE BY LENDER AND BORROWER, AND LENDER AND BORROWER EACH HEREBY REPRESENT THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR
NULLIFY ITS EFFECT. BORROWER FURTHER REPRESENTS THAT BORROWER HAS BEEN REPRESENTED IN THE SIGNING OF THIS NOTE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED OF BORROWER’S OWN FREE WILL, AND THAT BORROWER HAS HAD THE
OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. 
 GOVERNING LAW. This Note will be governed by federal law applicable to Lender and, to the extent
not preempted by federal law, the laws of the State of Maryland without regard to its conflicts of law provisions. This Note has been accepted by Lender in the State of Maryland. 
 CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of the City of Baltimore, State of Maryland. 
 CONFESSED JUDGMENT. UPON THE OCCURRENCE OF A DEFAULT, BORROWER HEREBY AUTHORIZES ANY ATTORNEY DESIGNATED BY LENDER OR ANY CLERK OF ANY COURT OF RECORD TO
APPEAR FOR BORROWER IN ANY COURT OF RECORD AND CONFESS JUDGMENT WITHOUT PRIOR HEARING AGAINST BORROWER IN FAVOR OF LENDER FOR, AND IN THE AMOUNT OF, THE UNPAID BALANCE OF THE PRINCIPAL AMOUNT OF THIS NOTE. ALL INTEREST ACCRUED AND UNPAID THEREON,
ALL OTHER AMOUNTS PAYABLE BY BORROWER TO LENDER UNDER THE TERMS OF THIS NOTE OR ANY OTHER AGREEMENT, DOCUMENTS, INSTRUMENT EVIDENCING, SECURING OR GUARANTYING THE OBLIGATIONS EVIDENCED BY THIS NOTE, COSTS OF SUIT, AND ATTORNEYS’ FEES OF FIFTEEN
PERCENT (15%) OF THE UNPAID BALANCE OF THE PRINCIPAL AMOUNT OF THIS NOTE AND INTEREST THEN DUE HEREUNDER. 
 Borrower hereby releases, to the
extent permitted by applicable law, all errors and all rights of exemption, appeal, stay of execution, inquisition, and other rights to which Borrower may otherwise be entitled under the laws of the United States or of any state or possession of the
United States now in force and which may hereafter be enacted. The authority and power to appear for and enter judgment against Borrower shall not be exhausted by one or more exercises thereof or by any imperfect exercise thereof and shall not be
extinguished by any judgment entered pursuant thereto. Such authority may be exercised on one or more occasions or from time to time in the same or different jurisdictions as often as Lender shall deem necessary or desirable, for all of which this
Note shall to a sufficient warrant. 
 RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all
Borrower’s accounts with Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. However, this does not include any IRA or
Keogh accounts, or any trust accounts for which setoff would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the debt against any and all such accounts. 

LINE OF CREDIT. This Note evidences a revolving line of credit. Advances under this Note, as well as directions for payment from Borrower’s accounts, may
be requested orally or in writing by Borrower or by an authorized person. Lender may, but need not, require that all oral requests be confirmed in writing. Borrower agrees to be liable for all sums either: (A) advanced in accordance with the
instructions of an authorized person or (B) credited to any of Borrower’s accounts with Lender. The unpaid principal balance owing on this Note at any time may be evidenced by endorsements on this Note or by Lender’s internal records,
including daily computer print-outs. Lender will have no obligation to advance funds under this Note If; (A) Borrower or any guarantor is in default under the terms of this Note or any agreement that Borrower or any guarantor has with Lender,
including any agreement made in connection with the signing of this Note; (B) Borrower or any guarantor ceases doing business or is insolvent; (C) any guarantor seeks, claims or otherwise attempts to limit, modify or revoke such guarantor’s
guarantee of this Note or any other loan with Lender; (D) Borrower has applied funds provided pursuant to this Note for purposes other than those authorized by Lender; or (E) Lender in good faith believes itself insecure. 
 ADDITIONAL DEFAULTS. 
 Each of the
following shall constitute an additional event of default (“Event of Default”) under this Note: 
 Event of Default Under Related Documents.
A default or additional event of default occurs under the terms of any promissory note, guaranty, pledge agreement, security agreement or other agreement or instrument executed by Borrower or any guarantor, pledger, accommodation party or other
obligor in connection with or relating to this Note. 
 Judgment. The entry of a judgment against any Borrower or guarantor, pledgor, accommodation
party or other obligor which Lender deems to be of a material nature, in Lender’s sole discretion. 
 Creditor or Forfeiture Proceedings’.
Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any assets of Borrower and/or any guarantor,
pledgor, accommodation party or other obligor. This includes a garnishment of: (1) any of Borrower’s accounts, including deposit accounts, with Lender and/or (2) any account, including deposit accounts, with Lender of any guarantor,
pledgor, accommodation party or other obligor. However, this Event of Default shall not apply if there is a good faith dispute by such Borrower and/or guarantor, pledgor, accommodation party or other obligor as to the validity or reasonableness of
the claim which is the basis of the creditor or forfeiture proceeding and if such Borrower and/or guarantor, pledgor, accommodation party or other obligor gives Lender written notice of the creditor of forfeiture proceeding and deposits with Lender
monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute. 
 Change of Ownership. Any change in Borrower’s capital ownership such that there is a change of more than Thirty percent (30%) in the direct or indirect capital ownership of Borrower. Any conflicting
paragraph entitled “Change of Ownership” in the Default section of this document and/or any document executed in connection herewith is hereby deleted. 
 ASSIGNMENT. Under may sell or offer to sell this Note, together with any and all documents guaranteeing, securing or executed in connection 

					
	Loan No: 41/567249/Cc	 	 PROMISSORY NOTE
 (Continued)
	 	Page 3

 with this Note, to one or more assignees without notice to or consent of Borrower. Lender is hereby authorized to
share any information it has pertaining to the loan evidenced by this Note, including without limitation credit information on the undersigned, any of its principals, or any guarantors of this Note, to any such assignee or prospective assignee.

 COUNTERPARTS. This Note may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement. 
 PRE BILLING. If the Borrower and Lender elect to use pre-billing calculation, for
each payment date (the “Due Date”) the amount of each payment debit will be determined as follows: On the “Billing Date” Lender will prepare and mail to Borrower an invoice of the amounts that will be due on that Due Date
(“Billed Amount”). (The “Billing Date” will be a date that is a specified number of calendar days prior to the Due Date, which number of days will be mutually agreed from time to time by Lender and Borrower.) The calculation of
the Billed Amount will be made on the assumption that no new extensions of credit or payments will be made between the Billing Date and the Due Date, and that there will be no changes in the applicable interest rate. On the Due Date Lender will
debit the Designated Account for the Billed Amount, regardless of the actual amount due on that date (“Accrued Amount”). If the Due Date does not fall on a Business Day. Lender shall debit the Designated Account on the first Business Day
following the Due Date. For purposes of this Agreement, “Business Day” means a day other than Saturday, Sunday or other day on which commercial banks are authorized to close or are in fact closed in the state where the Lender’s
lending office is located. If the Billed Amount debited to the Designated Account differs from the Accrued Amount, the difference will be treated as follows: If the Billed Amount is less than the Accrued Amount, the Billed Amount for the following
Due Date will be increased by the amount of the underpayment. Borrower will not be in default by reason of any such underpayment, if the Billed Amount is more than the Accrued Amount, the Billed Amount for the following Due Date will be decreased by
the amount of the overpayment. Regardless of any such difference, interest will continue to accrue based on the actual amount of principal outstanding without compounding. Lender will not pay interest on any overpayment. 
 OPTIONAL RENEWAL CLAUSE. This Note will be considered renewed if and only if Lender has sent to Borrower a written notice of renewal (the “Renewal
Notice”) effective as of the Expiration Date. If this Note is renewed, it will continue to be subject to all the terms and conditions set forth herein except as modified by the Renewal Notice. If this Note is renewed, the term “Expiration
Date” shall mean the date set forth in the Renewal Notice as the Expiration Date, and all outstanding principal plus all accrued interest shall be paid on the Expiration Date. The same process for renewal will apply to any subsequent renewal of
this Note. 
 ADVANCES UNDER THE LINE OF CREDIT. Except as otherwise provided in this Note, advances under the line of credit provided under this Note
will be available until the earlier of any event of default under this Note, or June 30, 2006 (the “Expiration Date”). For revolving lines: Borrower may borrow, repay and re-borrow under this Note at any time until the Expiration
Date. 
 FINAL AGREEMENT. BY SIGNING THIS DOCUMENT EACH PARTY REPRESENTS AND AGREES THAT: (A) THIS DOCUMENT REPRESENTS THE FINAL AGREEMENT BETWEEN
THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF, (B) THIS DOCUMENT SUPERSEDES ANY COMMITMENT LETTER, TERM SHEET OR OTHER WRITTEN OUTLINE OF TERMS AND CONDITIONS RELATING TO THE SUBJECT MATTER HEREOF, UNLESS SUCH COMMITMENT LETTER. TERM SHEET
OR OTHER WRITTEN OUTLINE OF TERMS AND CONDITIONS EXPRESSLY PROVIDES TO THE CONTRARY, (C) THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES, AND (D) THIS DOCUMENT MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OR UNDERSTANDINGS OF THE PARTIES. 
 ADDRESS FOR NOTICES. Any notice required to be given under this Note shall be
given in writing, and shall be effective when actually delivered, when actually received by talefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United
States mail, as first class, certified or registered mail postage prepaid, directed if to Borrower at the address shown near the beginning of this Note and if to Lender at the address set forth below. Any party may change its address for notices
under this Note by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party’s address. For notice purposes, Borrower agrees to keep Lender informed at all times of Borrower’s
current address. Unless otherwise provided or required by law, if there is more than one Borrower, any notice given by Lender to any Borrower is deemed to be notice given to all Borrowers. Notwithstanding anything to the contrary herein, all notices
and communications to the Lender shall be directed to the following address: 
 Bank of America, N.A. 
 Charlotte CCS - Attn: Notice Desk 
 200 South
College, 13th Floor 
 Charlotte, NC 28255. 
 WITHIN-LINE FACILITIES. 
 LETTERS OF CREDIT 
 (a) This line of credit may be used for financing: 
 (i) Commercial letters of credit with a maximum maturity not to extend beyond
the Expiration Date. Each commercial letter of credit will require drafts payable at sight. 
 (ii) Standby letters of credit with a maximum
maturity not to extend beyond the Expiration Date. 
 (b) The amount of the letters of credit outstanding at any one time (including the drawn and
unreimbursed amounts of the letters of credit) may not exceed Two Million Six Hundred Thousand Dollars ($2,600,000.00). 
 (c) In calculating the principal
amount outstanding under this Note, the calculation shall include the amount of any letters of credit outstanding, including amounts drawn on any letters of credit and not yet reimbursed. 
 (d) Borrower agrees; 
 (i) Any sum drawn under a letter of
credit may, at the option of Lender, be added to the principal amount outstanding under this Note. The amount will bear interest and be due as described elsewhere in this Note. 
 (ii) If there is a default under this Note or any Related Document, to immediately prepay and make Lender whole for any outstanding letters of credit.
 
 (iii) The issuance of any letter of credit and any amendment to a letter of credit is subject to Lender’s written approval and must be in form and content satisfactory to Lender and in favor of a beneficiary acceptable to Lender.

 (iv) To sign Lender’s form Application and Agreement for Commercial Letter of Credit or Application and Agreement for Standby Letter
of Credits as applicable. 
 (v) To pay any issuance and/or other fees that Lender notifies Borrower will be charged for issuing and
processing letters of credit for Borrower. 

					
	Loan No: 41/567249/Cc	 	 PROMISSORY NOTE
 (Continued)
	 	Page 4

 UNUSED COMMITMENT FEE. Borrower agrees to pay a fee on any difference between the maximum principal amount
available under, this Note and the amount of credit it actually uses, determined by the weighted average credit outstanding during the specified period. The fee will be calculated at 0.25% per year. The calculation of credit outstanding shall
include the undrawn amount of letters of credit. This fee is due on June 30, 2005, and on the last day of each following quarter until the expiration of the availability of advances under this Note. 
 PRIOR NOTE. This is a renewal of note # 299, dated June 10, 2004, in the amount of $2,440,438.50. 
 CONSENT TO JURISDICTION. Borrower irrevocably submits to the jurisdiction of any state or federal court sitting in the State of Maryland over any suit, action, or
proceeding arising out of or relating to this Note. Borrower irrevocably waives, to the fullest extent permitted by law, any objection that Borrower may now or hereafter have to the laying of venue of any such suit, action, or proceeding brought in
any such court and any claim that any such suit, action, or proceeding brought in any such court has been brought in an inconvenient forum. Final judgment in any such suit, action, or proceeding brought in any such court shall be conclusive and
binding upon Borrower and may be enforced in any court in which Borrower is subject to jurisdiction by a suit upon such judgment provided that service of process is effected upon Borrower as provided in this Note or as otherwise permitted by
applicable law. 
 SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and upon Borrower’s heirs, personal
representatives, successors and assigns, and shall inure to the benefit of Lender and its successors and assigns. 
 GENERAL PROVISIONS. If any part
of this Note cannot be enforced, this fact will not affect the rest of the Note. Borrower does not agree or intend to pay, and Lender does not agree or intend to contract for, charge, collect, take, reserve or receive (collectively referred to
herein as “charge or collect”), any amount in the nature of interest or in the nature of a fee for this loan, which would in any way or event (including demand, prepayment, or acceleration) cause Lender to charge or collect more for this
loan than the maximum Lender would be permitted to charge or collect by federal law or the law of the State of Maryland (as applicable). Any such excess interest or unauthorized fee shall, instead of anything stated to the contrary, be applied first
to reduce the principal balance of this loan, and when the principal has been paid in full, be refunded to Borrower. Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them. Borrower and any other person
who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who signs
this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or
collateral: or impair, fail to realize upon or perfect Lender’s security interest in the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone. All such parties also agree that Lender may
modify this loan without the consent of or notice to anyone other than the party with whom the modification is made. 
 APPLICABLE LENDING LAW. To the
extent not preempted by federal law, this loan is being made under the terms and provisions of the Maryland Interest and Usury Law. 
 PRIOR TO SIGNING
THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE. INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES TO THE TERMS OF THE NOTE. 
 BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE. 
 THIS NOTE IS GIVEN UNDER SEAL AND IT
IS INTENDED THAT THIS NOTE IS AND SHALL CONSTITUTE AND HAVE THE EFFECT OF A SEALED INSTRUMENT ACCORDING TO LAW. 
  

					
	BORROWER:
	
	OPNET TECHNOLOGIES, INC.
			
	By:	 	 /s/ Marc A. Cohen
	 	(Seal)
		 	Marc A. Cohen, CEO of Opnet Technologies, Inc.Rights Agreement

 Exhibit 4.1 
 DOVER MOTORSPORTS, INC. 
 RIGHTS AGREEMENT WITH RESPECT TO COMMON STOCK

 This agreement (“Rights Agreement”), dated as of June 14, 2006, between DOVER MOTORSPORTS, INC., a Delaware corporation
(the “Company”), and Mellon Investor Services LLC, a New Jersey limited liability company (the “Rights Agent”). 
 W I T N
E S S E T H: 
 WHEREAS, upon the terms and subject to the conditions hereinafter set forth, the Board of Directors of the Company on
June 14, 2006 (the “Record Date”), authorized and declared the issuance of one right (a “Right”) for each share of Common Stock (as hereinafter defined) of the Company outstanding on the Record Date or that shall become
outstanding (whether originally issued or delivered from the Company’s treasury) between the Record Date and the Distribution Date (as defined herein), each Right representing the right to purchase one share (subject to adjustment) of Common
Stock; 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 Section 1. Certain Definitions. For purposes of this Rights Agreement, the following terms shall have the meanings indicated:

 (a) “Acquiring Person” shall mean any Person (as such term is hereinafter defined) who or which, together with all Affiliates (as
such term is hereinafter defined) of such Person, shall be the Beneficial Owner (as such term is hereinafter defined) of 10% or more of the outstanding Subject Stock (as hereinafter defined); provided, however, that an Acquiring Person shall not
include an Exempt Person (as such term is hereinafter defined). Notwithstanding the foregoing, no Person shall become an “Acquiring Person” as a result of an acquisition of shares of Subject Stock by the Company which, by reducing the
number of such shares then outstanding, increases the proportionate number of shares beneficially owned by such Person to 10% or more of the outstanding Subject Stock; 

 
provided that if a Person (other than an Exempt Person) becomes the Beneficial Owner of 10% or more of the outstanding Subject Stock by reason of share
purchases by the Company and, after such share purchases by the Company, becomes the Beneficial Owner of any additional shares of Subject Stock, such Person shall be deemed to be an “Acquiring Person.” The word “outstanding,”
when used with reference to a Person’s Beneficial Ownership of securities of the Company, shall mean the number of such securities then issued and outstanding together with the number of such securities not then issued and outstanding which
such Person would be deemed to own beneficially hereunder. 
 (b) “Adjustment Shares” shall have the meaning set forth in
Section 11(a)(ii) hereof. 
 (c) “Affiliate” and “Associate” shall have the respective meanings ascribed to such
terms in Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as in effect on the date of this Rights Agreement. 
 (d) A Person shall be deemed the “Beneficial Owner” of, and shall be deemed to “beneficially own”, any securities: 
  

	 	(i)	which such Person or any of such Person’s Affiliates or Associates beneficially owns, directly or indirectly; 

 (ii) which such Person or any of such Person’s Affiliates or Associates has (A) the right to acquire (whether such right is exercisable
immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding, whether or not in writing, or upon the exercise of conversion rights, exchange rights, rights, warrants or options, or otherwise; provided,
however, that a Person shall not be deemed the “Beneficial Owner” of, or to “beneficially own”, (x) securities tendered pursuant to a tender or exchange offer made by such Person or any of such Person’s Affiliates or
Associates until such tendered securities are accepted for purchase or exchange or (y) securities which such Person has a right to acquire on the exercise of Rights at any time prior to the occurrence of a Section 

  

 2 

 
11(a)(ii) Event or a Section 13 Event or (z) securities issuable upon exercise of Rights from and after the occurrence of a Section 11(a)(ii)
Event or a Section 13 Event, provided such Rights were acquired by such Person or any of such Person’s Affiliates or Associates prior to the Distribution Date or pursuant to Section 3(a) or Section 22 hereof (“Original
Rights”) or pursuant to Section 11(i) with respect to an adjustment to Original Rights; or (B) the right to vote pursuant to any agreement, arrangement or understanding (whether or not in writing); provided, however, that a Person
shall not be deemed the “Beneficial Owner” of, or to “beneficially own”, any securities if the agreement, arrangement or understanding to vote such security (1) arises solely from a revocable proxy or consent given in
response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations of the Exchange Act and (2) is not also then reportable by such Person on Schedule 13D under the Exchange Act (or
any comparable or successor report); or 
 (iii) which are beneficially owned, directly or indirectly, by any other Person with which such
Person or any of such Person’s Affiliates or Associates has any agreement, arrangement or understanding, whether or not in writing, for the purpose of acquiring, holding, voting (except as described in clause (B) of subparagraph
(ii) of this paragraph (d)) or disposing of any securities of the Company. Notwithstanding anything in this paragraph (d) to the contrary, a Person engaged in the business of underwriting securities shall not be deemed the “Beneficial
Owner” of, or to “beneficially own”, any securities acquired in good faith in a firm commitment underwriting until the expiration of sixty days after the date of such acquisition. 
 (e) “Board of Directors” shall mean the Board of Directors of the Company or any duly authorized committee thereof. 
 (f) “Business Day” shall mean any day other than a Saturday, Sunday, or a day on which banking institutions in the City of New York are
authorized or obligated by law or executive order to close. 
  

 3 

 (g) “Class A Common Stock” shall mean the Company’s class A common stock, par value $.10
per share, entitled to ten votes per share. Class A Common Stock is presently convertible into Common Stock on a share for share basis. Common Stock and Class A Common Stock have presently equal rights with respect to any distribution in
complete or partial liquidation and with respect to consideration which may be received in a merger or consolidation of the Company. 
 (h)
“Close of Business” on any given date shall mean 5:00 P.M., New York City time, on such date; provided, however, that if such date is not a Business Day it shall mean 5:00 P.M., New York City time, on the next succeeding Business Day.

 (i) “Common Stock” shall mean the Company’s common stock, par value $.10 per share, entitled to one vote per share. When
used with reference to any Person other than the Company which shall be organized in corporate form, “common stock” shall mean the capital stock or other equity security with the greatest per share voting power of such Person. When used
with reference to any Person other than the Company which shall not be organized in corporate form, “common stock” shall mean units of beneficial interest which shall represent the right to participate in profits, losses, deductions and
credits of such Person and which shall be entitled to exercise the greatest voting power per unit of such Person. 
 (j) “Common Sock
Equivalents” shall have the meaning set forth in Section 11(a)(iii) hereof. 
 (k) “Current Market Price” shall have the
meaning set forth in Section 11(d) hereof. 
 (l) “Current Value” shall have the meaning set forth in Section 11(a)(iii)
hereof. 
 (m) “Distribution Date” shall have the meaning set forth in Section 3(a) hereof. 
 (n) “Equivalent Common Stock” shall have the meaning set forth in Section 11(b) hereof. 
 (o) “Exchange Act” shall have the meaning set forth in Section 1(c) hereof. 
 (p) “Exempt Person” shall mean the Company, any Subsidiary of the Company, any 

  

 4 

 
employee benefit plan or employee stock plan, including, but not limited to, a Stock Option Plan of the Company or of any Subsidiary of the Company, any
Person holding Common Stock for or pursuant to the terms of any such plan, or any Person that is a Beneficial Owner of 10% or more of the Subject Stock on the date hereof. 
 (q) “Exempt Transaction” shall mean a share exchange, consolidation, merger or other transaction in respect of which the Board of Directors has waived the application of either Section 13 or
Section 11(a)(ii), whichever is applicable, pursuant to the provisions of Section 23(c). 
 (r) “Expiration Date” shall
have the meaning set forth in Section 7(a) hereof. 
 (s) “Final Expiration Date” shall have the meaning set forth in
Section 7(a) hereof. 
 (t) “Invalidation Time” shall have the meaning set forth in Section 11(a)(ii) hereof. 

(u) “NASDAQ” shall have the meaning set forth in Section 11(d) hereof. 
 (v) “NYSE” shall have the meaning set forth in Section 9(b) hereof. 
 (w) “Permitted Tender Offer” shall mean an all cash tender offer for all outstanding shares of Subject Stock of the Company on the same terms
(i) which is made pursuant to Schedule 14D-1 filed with the Securities and Exchange Commission, (ii) pursuant to which no purchases of Subject Stock are made for at least 60 days from the date the offer is first published, sent or given
within the meaning of Rule 14d-2(a) under the Exchange Act and (iii) which is accepted by the holders of not less than the number of shares of Subject Stock that, when aggregated with the number of shares of Subject Stock owned by the Person
making the offer (and its Affiliates or Associates) equals or exceeds 75% of the then outstanding shares of Subject Stock. 
 (x)
“Person” shall mean any individual, firm, corporation, partnership or other entity. 
 (y) “Principal Party” shall have
the meaning set forth in Section 13(b) hereof. 
 (z) “Purchase Price” shall have the meaning set forth in Section 4(a)
hereof. 
 (aa) “Redemption Price” shall have the meaning set forth in Section 23(a) hereof. 
 (bb) “Right Certificate” shall have the meaning set forth in Section 3(a) hereof. 
 (cc) “Section 11(a)(ii) Event” shall mean any event described in Section 11(a)(ii)(A), 
  

 5 

 (B) or (C) hereof, provided however that a Section 11(a)(ii) Event shall not include an Exempt
Transaction. 
 (dd) “Section 11(a)(ii) Trigger Date” shall have the meaning set forth in Section 11(a)(iii) hereof.

 (ee) “Section 13 Event” shall mean any event described in clause (x), (y) or (z) of Section 13(a) hereof, provided
however that a Section 13 Event shall not include an Exempt Transaction. 
 (ff) “Securities Act” shall mean the Securities Act
of 1933, as amended. 
 (gg) “Stock Acquisition Date” shall mean the first date of public announcement by the Company or an
Acquiring Person that the Acquiring Person has become such or such earlier date as a majority of the Board of Directors of the Company shall become aware of the existence of an Acquiring Person. 
 (hh) “Subject Stock” shall mean both the Company’s Common Stock and Class A Common Stock. Equity percentages relative to the Subject
Stock shall refer to the combined equity of Common Stock and Class A Common Stock. 
 (ii) “Subsidiary” of a Person shall mean
any corporation or other entity of which securities or other ownership interests having ordinary voting power sufficient to elect a majority of the board of directors or other persons performing similar functions are beneficially owned, directly or
indirectly, by such Person and any corporation or other entity that is otherwise controlled by such Person. 
 (jj) “Substitution
Period” shall have the meaning set forth in Section 11(a)(iii) hereof. 
 (kk) “Summary of Rights” shall have the meaning
set forth in Section 3(b) hereof. 
 (ll) “Trading Day” shall have the meaning set forth in Section 11(d) hereof.

 (mm) “Triggering Event” shall mean any event described in Section 11(a)(ii)(A), (B), or (C) or Section 13 hereof.

 Any determination required by the definitions contained or referred to in this Section 1 shall be made by the Board of Directors in good faith, and
any such determination, upon written notice to the Rights Agent and the holders of the Rights, shall be binding on the Rights Agent and the holders of the Rights. 
  

 6 

 Section 2. Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act
as agent for the Company in accordance with the terms and conditions hereof, and the Rights Agent hereby accepts such appointment. The Company may change Rights Agents at its discretion upon prior written notice to the existing Rights Agent and in
accordance with Section 21 hereof. The Company may from time to time appoint such co-Rights Agents as it may deem necessary or desirable. The Rights Agent shall have no duty to supervise, and in no event shall be liable for, the acts or
omissions of any such co-Rights Agents. 
 Section 3. Issuance of Right Certificates. 
 (a) Until the close of business on the day (the “Distribution Date”) which is the earlier of (i) the tenth day after the Stock Acquisition
Date or (ii) such date as the Board of Directors may fix following the commencement by any Person (other than an Exempt Person) of, or the first public announcement of the intent of any Person (other than an Exempt Person) to commence, a tender
or exchange offer upon the successful consummation of which such Person, together with its Affiliates and Associates, would be the Beneficial Owner of 10% or more of the outstanding Subject Stock (irrespective of whether any shares are actually
purchased pursuant to any such offer), provided that such date fixed by the Board of Directors shall not be later than the nineteenth Business Day after the date of such commencement or public announcement (the date specified in clauses (i) and
(ii) being subject to extension by the Board of Directors pursuant to Section 25 hereof), (x) the Rights will be evidenced (subject to the provisions of Section 3(c) hereof) by the certificates for the Common Stock registered in
the names of the holders of the Common Stock and not by separate Right Certificates, and (y) each Right will be transferable only in connection with the transfer of a share (subject to adjustment as hereinafter provided) of Common Stock;
provided that if the Distribution Date would be prior to the Record Date, the Record Date shall be the Distribution Date; and provided, further, that if a tender or exchange offer referred to in clause (ii) above is cancelled or withdrawn prior
to the Distribution Date, such offer shall be deemed, for purposes of this Rights Agreement, never to have been made. As soon as practicable after the Distribution Date, the Company will prepare and execute, the Rights Agent will countersign and the
Company will send or cause to be sent (and the Rights Agent will, if requested and provided with all necessary information, send), by first-class, postage prepaid mail, to each record holder of the Common 
  

 7 

 
Stock as of the close of business on the Distribution Date, as shown by the records of the Company, at the address of such holder shown on such records, a
Right Certificate in substantially the form of Exhibit A hereto (“Right Certificate”) evidencing one Right for each share of Common Stock so held, subject to adjustment as provided herein. In the event that an adjustment in the number of
Rights per share of Common Stock has been made pursuant to Section 11(p) hereof, at the time of distribution of the Right Certificates, the Company shall make the necessary and appropriate rounding adjustments (in accordance with
Section 14(a) hereof) so that Right Certificates representing only whole numbers of Rights are distributed and cash is paid in lieu of any fractional Rights. As of and after the Distribution Date the Rights will be evidenced solely by such
Right Certificates. The Company shall promptly notify the Rights Agent in writing upon the occurrence of the Distribution Date and, if such notification is given orally, the Company shall confirm same in writing on or prior to the Business Day next
following. Until such notice is received by the Rights Agent, the Rights Agent may presume conclusively for all purposes that the Distribution Date has not occurred. 
 (b) On the Record Date or as soon as practicable thereafter, the Company will send a copy of a Summary of Rights to Purchase Common Stock, substantially in the form attached hereto as Exhibit B (“Summary of
Rights”), by first-class, postage prepaid mail, to each record holder of Common Stock as of the Close of Business on the Record Date, at the address of such holder shown on the records of the Company. 
 (c) With respect to certificates for Common Stock outstanding as of the Record Date, until the Distribution Date (or, if earlier, the Expiration Date),
the Rights will be evidenced by such certificates for Common Stock registered in the names of the holders thereof together with a copy of the Summary of Rights. Until the Distribution Date (or, if earlier, the Expiration Date), the surrender for
transfer of any certificate for Common Stock outstanding on the Record Date, with or without a copy of the Summary of Rights, shall also constitute the surrender for transfer of the Rights associated with the Common Stock represented thereby.

 (d) Rights shall be issued in respect of all shares of Common Stock that become outstanding after the Record Date but prior to the earlier
of the Distribution Date or the Expiration Date and, in certain circumstances provided in Section 22 hereof, may be issued in respect of shares of 

  

 8 

 
Common Stock that become outstanding after the Distribution Date. Certificates issued for Common Stock (including, without limitation, certificates issued
upon original issuance, disposition from the Company’s treasury or transfer or exchange of Common Stock) after the Record Date but prior to the earlier of the Distribution Date, the Expiration Date or the Final Expiration Date (or, in certain
circumstances as provided in Section 22 hereof, after the Distribution Date) shall have impressed on, printed on, written on or otherwise affixed to them the following (or a substantially similar) legend: 
 This certificate also evidences and entitles the holder hereof to certain Rights as set forth in a Rights Agreement between the Corporation and Mellon
Investor Services, LLC, as Rights Agent, dated as of June 14, 2006 (the “Rights Agreement”), the terms of which are incorporated herein by reference and a copy of which is on file at the principal executive office of the Corporation.
Under certain circumstances, as set forth in the Rights Agreement, such Rights will be evidenced by separate certificates and will no longer be evidenced by this certificate. The Corporation will mail to the holder of this certificate a copy of the
Rights Agreement without charge within five days after receipt by it of a written request therefor. Under certain circumstances as provided in the Rights Agreement, Rights issued to or beneficially owned by Acquiring Persons or their Associates or
Affiliates (as such terms are defined in the Rights Agreement) or any subsequent holder of such Rights may become null and void as provided in Section 11(a)(ii) of the Rights Agreement. 
 With respect to such certificates containing the foregoing legend, the Rights associated with the Common Stock represented by such certificates shall, until the
Distribution Date, be evidenced by such certificates alone, and the surrender for transfer of any such certificate shall also constitute the surrender for transfer of the Rights associated with the Common Stock represented thereby. 
 Section 4. Form of Right Certificates. 
 (a) The Right Certificates (and the forms of election to purchase shares and of assignment to be printed on the reverse thereof), when, as and if issued, shall be substantially in the form set forth in Exhibit A hereto and may have such
marks of identification or designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate (but which do not affect the rights, duties or responsibilities of the Rights Agent) and as are not inconsistent
with the provisions of this Rights Agreement, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which the Rights may from time to time be listed,
or to conform to usage. Subject to the provisions of Sections 11 

  

 9 

 
and 22 hereof, the Right Certificates evidencing the Rights, whenever issued, shall be dated as of the Record Date, and on their face Right Certificates
shall entitle the holders thereof to purchase one share of Common Stock, or other securities or property as provided herein, as the same may from time to time be adjusted as provided herein, at the price per share set forth therein, as the same may
from time to time be adjusted as provided herein (the “Purchase Price”) 
 (b) Notwithstanding any other provision of this Rights
Agreement, any Right Certificate that represents Rights that are beneficially owned by (i) an Acquiring Person or any Affiliate or Associate thereof, (ii) a transferee of an Acquiring Person (or any such Affiliate or Associate) who becomes
a transferee after the Acquiring Person became such or (iii) a transferee of an Acquiring Person who becomes a transferee prior to or concurrently with the Acquiring Person’s becoming such pursuant to either (A) a transfer (whether or
not for consideration) from the Acquiring Person to holders of its equity securities or to any Person with whom it has any continuing agreement, arrangement or understanding regarding the transferred Rights or (B) a transfer (whether or not for
consideration) which the Board of Directors has determined is part of a plan, arrangement or understanding which has the purpose or effect of avoiding the provisions of Section 11(a)(ii) hereof, and subsequent transferees of such Persons (or of
any transferee of such Rights), and any Right Certificate issued pursuant to Section 6 hereof upon transfer, exchange, replacement or adjustment of any other Right Certificate referred to in this sentence, shall have impressed on, printed on,
written on or otherwise affixed to it (if the Company has knowledge that such Person is an Acquiring Person or an Associate or Affiliate thereof or transferee of such Persons or a nominee of any of the foregoing) the following legend: 
 The beneficial owner of the Rights represented by this Right Certificate is an Acquiring Person or an Affiliate or Associate (as defined in the Rights
Agreement) of an Acquiring Person or a subsequent holder of such Right Certificates beneficially owned by such Persons. Accordingly, under certain circumstances as provided in the Rights Agreement, this Right Certificate and the Rights represented
hereby may become null and void as provided in Section 11(a)(ii) of the Rights Agreement. 
 Section 5. Countersignature and
Registration. 
 (a) The Right Certificates shall be executed on behalf of the Company by its Chairman of the Board, its President or any
Vice President, either manually or by facsimile signature, and have affixed 

  

 10 

 
thereto the Company’s seal or a facsimile thereof which shall be attested by the Secretary or an Assistant Secretary of the Company, either manually or
by facsimile signature. The Right Certificates shall be manually countersigned by the Rights Agent and shall not be valid for any purpose unless so countersigned. In case any officer of the Company who shall have signed any of the Right Certificates
shall cease to be such officer of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Right Certificates, nevertheless, may be countersigned by the Rights Agent, issued and delivered by the Company
with the same force and effect as though the person who signed such Right Certificates had not ceased to be such officer of the Company; and any Right Certificates may be signed on behalf of the Company by any person who, at the actual date of the
execution of such Right Certificate, shall be a proper officer of the Company to sign such Right Certificate, although at the date of the execution of this Rights Agreement any such person was not such an officer. 
 (b) Following the Distribution Date and receipt by the Rights Agent of notice and all other relevant information, the Rights Agent will keep or cause to
be kept, at its office designated for such purpose, books for registration and transfer of the Right Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Right Certificates, the number of
Rights evidenced on its face by each of the Right Certificates, the date of each of the Right Certificates, and the certificate numbers for each of the Right Certificates. 
 Section 6. Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates.

 (a) Subject to the provisions hereof, at any time after the close of business on the Distribution Date and at or prior to the close of
business on the Expiration Date, any Right Certificate or Certificates may be (i) transferred or (ii) split up, combined or exchanged for another Right Certificate or Right Certificates, entitling the registered holder to purchase a like
number of shares of Common Stock as the Right Certificate or Right Certificates surrendered then entitled such holder to purchase. Any registered holder desiring to transfer any Right Certificate shall make such request in writing delivered to the
Rights Agent and surrender the Right Certificate at the office of the Rights Agent designated for such purpose with the form of assignment on the reverse side thereof duly endorsed (or enclose with such Right Certificate a written instrument of
transfer in form satisfactory to the Company and the Rights Agent), duly executed by 

  

 11 

 
the registered holder thereof or his attorney duly authorized in writing, and with such signature duly guaranteed. The Rights Agent shall not be obligated to
take any action whatsoever with respect to the transfer of any such surrendered Right Certificate or Rights Certificates until the registered holder shall have promptly completed and signed the certificate contained in the form of assignment on the
reverse side of such Right Certificate or Rights Certificates and shall have provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company or the Rights
Agent shall reasonably request. Any registered holder desiring to split up, combine or exchange any Right Certificate shall make such request in writing delivered to the Rights Agent, and shall surrender the Right Certificate or Right Certificates
to be split up, combined or exchanged at the office of the Rights Agent designated for such purpose. Thereupon the Rights Agent, subject to the provisions hereof, shall countersign (by manual signature) and deliver to the Person entitled thereto a
Right Certificate or Right Certificates, as the case may be, as so requested. The Company may require payment from the holders of a Right Certificate of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with
any transfer, split up, combination or exchange of such Right Certificates. The Rights Agent shall have no duty or obligation to take any action under any section of this Rights Agreement which requires the payment by a Rights holder of applicable
taxes and governmental charges unless and until the Rights Agent is satisfied that all such taxes and/or charges have been paid. 
 (b) Upon
receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation or a Right Certificate, and, in case of loss, theft or destruction, of indemnity or security reasonably
satisfactory to them, and, if requested by the Company, reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and cancellation of the Right Certificate if mutilated,
the Company will execute and deliver a new Right Certificate of like tenor to the Rights Agent for countersignature and delivery to the registered owner in lieu of the Right Certificate lost, stolen, destroyed or mutilated. 
 Section 7. Exercise of Rights; Purchase Price; Expiration Date of Rights. 
 (a) Except as otherwise provided herein, the Rights shall become exercisable at the close of business on the Distribution Date, and may be exercised in
whole or in part at any time after the 

  

 12 

 
Distribution Date upon surrender of the Right Certificates, with the form of election to purchase on the reverse side thereof duly executed (with such
signature duly guaranteed), to the Rights Agent at the office of the Rights Agent designated for such purpose, together with payment of the aggregate Purchase Price, subject to adjustment as hereinafter provided, with respect to the number of shares
of Common Stock (except as otherwise provided herein) as to which such surrendered Rights are then being exercised, at or prior to the close of business on the date (the “Expiration Date”) which is the earlier of (i) June 13,
2016 (the “Final Expiration Date”), or (ii) the time at which the Rights are redeemed as provided in Section 23 hereof. 
 (b) The Purchase Price shall initially be $125 for each share of Common Stock issued pursuant to the exercise of a Right. The Purchase Price shall be subject to adjustment from time to time as provided in Sections 11 and 13 hereof. The
Purchase Price shall be payable in lawful money of the United States of America, in accordance with Section 7(c) hereof. 
 (c) Except
as provided in Section 7(d) hereof, upon receipt of a Right Certificate representing exercisable Rights with the form of election to purchase and certification duly executed, accompanied by payment of the aggregate Purchase Price for the shares
to be purchased and an amount equal to any applicable transfer tax, by cash, certified or official bank check or draft payable to the order of the Company or the Rights Agent, the Rights Agent shall, subject to Section 20(j) hereof, thereupon
promptly (i) provide itself or requisition from any transfer agent of the Common Stock certificates for the number of shares of Common Stock so elected to be purchased and the Company will comply and hereby authorizes and directs such transfer
agent to comply with all such requests, (ii) requisition from the Company the amount of cash to be paid in lieu of issuance of fractional shares in accordance with Section 14(b) hereof, and (iii) promptly after receipt of such Common
Stock certificates cause the same to be delivered to or upon the order of the registered holder of such Right Certificate, registered in such name or names as may be designated by such holder, and, when appropriate, after receipt promptly deliver
such cash to or upon the order of the registered holder of such Right Certificate; provided, however, that in the case of a purchase of securities, other than Common Stock of the Company, pursuant to Section 13 hereof, the Rights Agent shall
promptly take the appropriate actions corresponding to the foregoing clauses (i) through (iii). In the event that the Company is obligated to issue other securities of the Company, pay cash and/or distribute other property pursuant to
Section 11(a) hereof, the Company will make all arrangements necessary so that such other securities, cash and/or other property are available for distribution by the Rights Agent, if and when appropriate. 
  

 13 

 (d) In case the registered holder of any Right Certificate shall exercise less than all the Rights
evidenced thereby, a new Right Certificate evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent to the registered holder of such Right Certificate or to his duly authorized assigns, subject to the
provisions of Section 14 hereof. 
 (e) Notwithstanding anything in this Rights Agreement to the contrary, neither the Rights Agent nor
the Company shall be obligated to undertake any action with respect to a registered holder upon the occurrence of any purported exercise as set forth in this Section 7 unless such registered holder shall have (i) properly completed and
signed the certificate contained in the form of election to purchase set forth on the reverse side of the Right Certificate surrendered for such exercise and (ii) provided such additional evidence of the identity of the Beneficial Owner (or
former Beneficial Owner) or Affiliates or Associates thereof as the Company or the Rights Agent shall reasonably request. 
 Section 8.
Cancellation and Destruction of Right Certificates. 
 All Right Certificates surrendered for the purpose of exercise, transfer, split
up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation or in cancelled form, or, if surrendered to the Rights Agent, shall be cancelled by it, and no Right
Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Rights Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel and
retire, any Right Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall deliver all cancelled Right Certificates to the Company, or shall, at the written request of the Company, destroy
such cancelled Right Certificates, and in such case shall deliver a certificate of destruction thereof to the Company. 
 Section 9.
Reservation and Availability of Shares of Common Stock. 
 (a) The Company covenants and agrees that at all times it will cause to be
reserved and kept available, out of and to the extent of its authorized and unissued shares of Common Stock not reserved for another purpose or shares held in its treasury, the number of shares of Common Stock (and, following the occurrence of a
Triggering Event, other securities) that, as provided in this Rights Agreement, including 

  

 14 

 
Section 11(a)(ii) hereof, will be sufficient to permit the exercise in full of all outstanding Rights; provided, however, that the Company shall not be
required to reserve and keep available shares of Common Stock or other securities sufficient to permit the exercise in full of all outstanding Rights pursuant to the adjustments set forth in Section 11(a)(ii), Section 11(a)(iii) or
Section 13 hereof unless the Rights become exercisable pursuant to such adjustments, and then only to the extent the Rights become exercisable pursuant to such adjustments. 
 (b) The Company shall (i) use its best efforts to cause, from and after such times as the Rights become exercisable, the Rights and all shares of
Common Stock (and following the occurrence of a Triggering Event, other securities) issued or reserved for issuance upon exercise thereof to be listed on the New York Stock Exchange (the “NYSE”) upon official notice of issuance upon such
exercise and (ii) if then necessary to permit the offer and issuance of such shares of Common Stock (and, following the occurrence of a Triggering Event, other securities), register and qualify such shares of Common Stock (and, following the
occurrence of a Triggering Event, other securities) under the Securities Act and any applicable state securities or “blue sky” laws (to the extent exemptions therefrom are not available), cause such registration statement and
qualifications to become effective as soon as possible after such filing and keep such registration and qualifications effective until the earlier of the date as of which the Rights are no longer exercisable for such securities or the Expiration
Date of the Rights. The Company may temporarily suspend, for a period of time not to exceed ninety days, the exercisability of the Rights in order to prepare and file a registration statement under the Securities Act and permit it to become
effective. Upon any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily suspended, as well as a public announcement at such time as the suspension is no longer in effect.
The Company shall promptly provide the Rights Agent with copies of such announcements. Notwithstanding any provision of this Rights Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction unless the requisite qualification
in such jurisdiction shall have been obtained and until a registration statement under the Securities Act (if required) shall have been declared effective. 
 (c) The Company covenants and agrees that it will take all such actions as may be necessary to ensure that all shares of Common Stock (and following the occurrence of a Triggering Event, other securities) delivered
upon exercise of Rights shall, to the extent applicable, at the time of delivery of the certificates for such shares (subject to payment of the Purchase Price in respect thereof), be duly and validly authorized and issued and fully paid and
nonassessable shares in accordance with applicable law. 
  

 15 

 (d) The Company further covenants and agrees that it will pay when due and payable any and all taxes and
governmental charges which may be payable in respect of the issuance or delivery of the Right Certificates or of any shares of Common Stock (or other securities, as the case may be) upon the exercise of Rights. The Company shall not, however, be
required to pay any tax or charge which may be payable in respect of any transfer or delivery of Right Certificates to a Person other than the registered holder of the Right Certificate, or the issuance or delivery of certificates for Common Stock
(or other securities, as the case may be) upon exercise of Rights in a name other than that of, the registered holder of the Right Certificate, and the Company shall not be required to issue or deliver a Right Certificate or certificate for Common
Stock (or other securities, as the case may be) to a Person other than such registered holder until any such tax shall have been paid (any such tax or charge being payable by the holder of such Right Certificate at the time of surrender) or until it
has been established to the Company’s satisfaction that no such tax is due. 
 Section 10. Common Stock Record Date. Each
Person in whose name any certificate for shares of Common Stock (or other securities, as the case may be) is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of the Common Stock (or other
securities, as the case may be) represented thereby on, and such certificate shall be dated, the date upon which the Right Certificate evidencing such rights was duly surrendered and payment of the Purchase Price (and any applicable taxes or
charges) was made. 
 Section 11. Adjustments to Number and Kind of Shares, Number of Rights or Purchase Price. 
 The number and kind of shares subject to purchase upon the exercise of each Right, the number of Rights outstanding and the Purchase Price are subject to
adjustment from time to time as provided in this Section 11. 
 (a) (i) In the event the Company shall at any time after the Record Date
(A) declare or pay any dividend on Common Stock payable in shares of Common Stock, (B) subdivide or split the outstanding shares of Common Stock into a greater number of shares, (C) combine or consolidate the 

  

 16 

 
outstanding shares of Common Stock into a smaller number of shares or effect a reverse split of the outstanding shares of Common Stock, or (D) issue any
shares of its capital stock in a reclassification of the Common Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving corporation), except as otherwise provided in
this Section 11(a), the Purchase Price in effect immediately prior to the time of the record date for such dividend or of the effective date of such subdivision, combination or reclassification, and the number and kind of shares of Common Stock
or capital stock, as the case may be, issuable upon exercise of a Right on such date, shall be proportionately adjusted so that the holder of any Right exercised after such time shall be entitled to receive, upon payment of an amount equal to
(x) the Purchase Price in effect immediately prior to the record date or effective date of such dividend, subdivision, combination or reclassification multiplied by (y) the number of shares of Common Stock or capital stock, as the case may
be, as to which a Right was exercisable immediately prior to such date, the aggregate number and kind of shares of Common Stock or capital stock, as the case may be, which, if such Right had been exercised immediately prior to such date, the holder
thereof would have owned upon such exercise and been entitled to receive, or would be deemed to have owned, by virtue of such dividend, subdivision, combination or reclassification. If an event occurs which would require an adjustment under both
this Section 11(a)(i) and Section 11(a)(ii) hereof, the adjustment provided for in this Section 11(a)(i) shall be in addition to, and shall be made prior to, any adjustment required pursuant to Section 11(a)(ii). 
 (ii) In the event, at any time after the date of this Rights Agreement 
  

	 	(A)	 any Acquiring Person, directly or indirectly, other than pursuant to any transaction set forth in Section 13(a) hereof, (1) shall merge with and into the
Company or any of its Subsidiaries or otherwise combine with the Company or any of its Subsidiaries and the Company or such Subsidiary shall be the continuing or surviving corporation of such merger or combination and the Common Stock of the Company
shall remain outstanding and no shares thereof shall be changed into or exchanged for stock or other securities of the Company or of any other Person or cash or any other property, or (2) shall, in one or more transactions, other than in
connection with 

  

 17 

 
the exercise of a Right or Rights and other than in connection with the exercise or conversion of securities exercisable for or convertible into securities
of the Company or of any Subsidiary of the Company (which securities were outstanding prior to the time the Acquiring Person became such), transfer any assets or property to the Company or any of its Subsidiaries in exchange (in whole or in part)
for any shares of any class of capital stock of the Company or any of its Subsidiaries or any securities exercisable for or convertible into shares of any class of capital stock of the Company or any of its Subsidiaries, or otherwise obtain from the
Company or any of its Subsidiaries, with or without consideration, any additional shares of any class of capital stock of the Company or any of its Subsidiaries or any securities exercisable for or convertible into shares of any class of capital
stock of the Company or any of its Subsidiaries (other than as part of a pro rata offer or distribution by the Company or such Subsidiary to all holders of such shares), or (3) shall sell, purchase, lease, exchange, mortgage, pledge, transfer
or otherwise acquire (other than as a pro rata dividend) or dispose, in one transaction or a series of transactions, to, from or with, as the case may be, the Company or any of its Subsidiaries, assets (including securities) on terms and conditions
less favorable to the Company or such Subsidiary than the Company or such Subsidiary would be able to obtain in arm’s-length negotiation with an unaffiliated third party, or (4) shall receive any compensation from the Company or any of its
Subsidiaries for services other than compensation for employment as a regular or part time employee, or fees for serving as a director, at rates in accordance with the Company’s (or its Subsidiaries’) past practices, or (5) shall
receive the benefit, directly or indirectly (except proportionately as a shareholder), of any loans, advances, guarantees, pledges or other financial assistance or any tax credits or tax advantage provided by the Company or any of its Subsidiaries,
or (6) shall sell, purchase, lease, exchange, mortgage, pledge, transfer or otherwise acquire (other than as a pro rata dividend) or dispose, in one transaction or a series of transactions, to, from or with, as the case may be, the Company or
any of its subsidiaries (other than in connection with the lines of business, if any, engaged in between the Company and the Acquiring Person or Associate or Affiliate thereof prior to the time the Acquiring Person became such) assets having an
aggregate fair market value of more than $100,000,000; or 
  

 18 

	 	(B)	any Person, alone or together with its Affiliates and Associates, shall become an Acquiring Person, other than pursuant to a Permitted Tender Offer; or 

  

	 	(C)	during such time as there is an Acquiring Person, there shall be any reclassification of securities (including any reverse stock split), or any recapitalization of the Company, or
any merger or consolidation of the Company with any of its Subsidiaries or any other transaction or series of transactions involving the Company or any of its Subsidiaries (whether or not with or into or otherwise involving an Acquiring Person or
any Affiliate or Associate of such Acquiring Person) which has the effect, directly or indirectly, of increasing by more than 1% the proportionate share of the outstanding shares of any class of equity securities of the Company or any of its
Subsidiaries, or securities exercisable for or convertible into equity securities of the Company or any of its Subsidiaries, which is directly or indirectly beneficially owned by any Acquiring Person or any Affiliate or Associate of any Acquiring
Person; 

 then, subject to the last sentence of Section 23(a) hereof, and except as otherwise provided in this Section 11, each
holder of a Right shall thereafter have the right to receive, upon exercise of a Right in accordance with the terms of this Rights Agreement and payment of the aggregate Purchase Price with respect to the total number of shares of Common Stock for
which a Right was exercisable immediately prior to the first occurrence of a Section 11(a)(ii) Event, such number of shares of Common Stock of the Company as shall equal the result obtained by (x) multiplying the then current Purchase
Price by the number of shares of Common Stock for which a Right was exercisable immediately prior to the first occurrence of a Section 11(a)(ii) Event, and (y) dividing that product by 50% of the Current Market Price per share of Common
Stock on the date of such first occurrence (such number of shares is herein called the “Adjustment Shares”); provided that the number of Adjustment Shares shall be further appropriately adjusted to reflect any events 

  

 19 

 
described in Sections 11(a)(i), (b) or (c) hereof occurring after the date of such first occurrence; and provided, further, that if the transaction
that would otherwise give rise to the foregoing adjustment is also subject to the provisions of Section 13 hereof, then only the provisions of Section 13 hereof shall apply and no adjustment shall be made pursuant to this
Section 11(a)(ii). 
 Notwithstanding anything in this Rights Agreement to the contrary, from and after the time (the “Invalidation
Time”) when (A) any Person first becomes an Acquiring Person, other than through a Permitted Tender Offer or (B) there occurs any event described in Section 11(a)(ii)(A) or (C) in respect of any Acquiring Person who became
such through a Permitted Tender Offer, any Rights that are beneficially owned by (x) such Acquiring Person (or any Associate or Affiliate of such Acquiring Person), (y) a transferee of such Acquiring Person (or any such Associate or
Affiliate) who becomes a transferee after the Invalidation Time, or (z) a transferee of such Acquiring Person (or any such Associate or Affiliate) who becomes a transferee prior to or concurrently with the invalidation time pursuant to either
(I) a transfer from the Acquiring Person to holders of its equity securities or to any Person with whom it has any continuing agreement, arrangement or understanding regarding the transferred Rights or (II) a transfer which the Board of
Directors has determined is part of a plan, arrangement or understanding which has the purpose or effect of avoiding the provisions of this paragraph, and subsequent transferees of such Persons, shall become null and void without any further action
and any holder of such Rights shall thereafter have no rights whatsoever with respect to such rights under any provision of this Rights Agreement. The Company shall notify the Rights Agent when this Section 11(a)(ii) applies and shall use all
reasonable effort to ensure that the provisions of this Section 11(a)(ii) and of Section 4(b) hereof are complied with, but neither the Company nor the Rights Agent shall have any liability to any holder of Right Certificates or other
Person as a result of the Company’s failure to make any determinations with respect to an Acquiring Person or its Affiliates, Associates or transferees hereunder. No Right Certificate shall be issued pursuant to Section 3 hereof that
represents Rights beneficially owned by an Acquiring Person whose Rights would be void pursuant to the provisions of this paragraph or any Associate or Affiliate thereof; no Right Certificate shall be issued at any time upon the transfer of any
Rights to an Acquiring Person whose Rights would be null and void pursuant to the provisions of this paragraph or any Associate or Affiliate thereof or to any nominee of such Acquiring Person, Associate or Affiliate; and any Right Certificate
delivered to the Rights Agent for transfer to an Acquiring Person whose Rights would be void pursuant to the provisions of this paragraph shall be cancelled. 
  

 20 

 (iii) In the event that the number of shares of Common Stock which are authorized by the Company’s
certificate of incorporation but not outstanding or reserved for issuance for purposes other than upon exercise of the Rights is not sufficient to permit the exercise in full of the Rights in accordance with Section 11(a)(ii) and the Rights
shall become so exercisable, the Company shall, to the extent permitted by applicable law and any material agreements in effect on the date hereof to which the Company is a party: (A) determine the value of the Adjustment Shares issuable upon
the exercise of a Right (the “Current Value”) and (B) with respect to each Right, upon exercise of such Right, issue shares of Common Stock to the extent available for the exercise in full of such Right and, to the extent shares of
Common Stock are not so available, make adequate provision to substitute for the Adjustment Shares not received upon exercise of such Right (1) cash, (2) other equity securities of the Company (including, without limitation, shares or
units of shares of preferred stock which, by virtue of having dividend, voting and liquidation rights substantially comparable to those of the Common Stock, are deemed in good faith by the Board of Directors to have substantially the same value as
shares of Common Stock (such shares or units of shares of preferred stock are herein called “Common Stock Equivalents”)), (3) debt securities of the Company, (4) other assets, (5) a reduction of the Purchase Price or
(6) any combination of the foregoing, having a value which, when added to the value of the shares of Common Stock actually issued upon exercise of such Right, shall have an aggregate value equal to the Current Value, where such aggregate value
has been determined in good faith by the Board of Directors based upon the advice of a nationally recognized independent investment banking firm selected in good faith by the Board of Directors; provided, however, if the Company shall not have made
adequate provision to deliver value pursuant to clause (B) above within thirty days following the date (the “Section 11(a)(ii) Trigger Date”) which is the later of (x) the first occurrence of a Section 11(a)(ii) Event and
(y) the date on which the Company’s right of redemption pursuant to Section 23(a) expires, then the Company shall be obligated to deliver, upon the surrender for exercise of a Right and without requiring payment of the Purchase Price,
shares of Common Stock (to the extent available) and then, if necessary, cash, which shares and/or cash have an aggregate value equal to the excess of (x) the Current Value over (y) the Purchase Price times the number of shares of Common
Stock for which a Right was exercisable 

  

 21 

 
immediately prior to the first occurrence of a Section 11(a)(ii) Event. If the Board of Directors shall determine in good faith that it is likely
sufficient additional shares of Common Stock could be authorized for issuance upon exercise in full of the Rights, the thirty day period set forth above may be extended to the extent necessary, but not more than ninety days after the
Section 11(a)(ii) Trigger Date, in order that the Company may seek shareholder approval for the authorization of such additional shares (such thirty day period, as it may be extended, is herein called the “Substitution Period”). To
the extent that the Company determines that some action must be taken pursuant to the first and/or second sentence of this Section 11(a)(iii), the Company shall provide, subject to Section 11(a)(ii) hereof and the last sentence of this
Section 11(a)(iii), that such action shall apply uniformly to all outstanding Rights until the expiration of the Substitution Period in order to seek any authorization of additional shares and/or to decide the appropriate form of distribution
to be made pursuant to such first sentence and to determine the value thereof. In the event of any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily suspended, as well
as a public announcement at such time as the suspension is no longer in effect, and the Company shall promptly provide the Rights Agent copies of such announcements. For purposes of this Section 11(a)(iii), the value of the Common Stock shall
be the Current Market Price per share of the Common Stock on the Section 11(a)(ii) Trigger Date and the per share or per unit value of any “Common Stock Equivalent” shall be deemed to equal the Current Market Price per share of the
Common Stock on such date. The Board of Directors may, but shall not be required to, establish procedures to allocate the right to receive Common Stock upon the exercise of the Rights among holders of rights pursuant to this Section 11(a)(iii).

 (b) In case the Company shall fix a record date for the issuance of rights (other than the Rights), options or warrants to all holders of
Common Stock entitling them to subscribe for or purchase (for a period expiring within forty-five calendar days after such record date) Common Stock, shares having the same rights, privileges and preferences as the Common Stock (“Equivalent
Common Stock”) or securities convertible into Common Stock or Equivalent Common Stock at a price per share of Common Stock or Equivalent Common Stock (or having a conversion price per share, if a security convertible into Common Stock or
Equivalent Common Stock) less than the Current Market Price per share of Common Stock on such record date, the Purchase Price to be in effect after such record date shall be determined by multiplying 

  

 22 

 
the Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the number of shares of Common Stock
outstanding on such record date, plus the number of shares of Common Stock which the aggregate offering price of the total number of shares of Common Stock and/or Equivalent Common Stock (and/or the aggregate initial conversion price of the
convertible securities so to be offered, including the price required to be paid to purchase such convertible security) would purchase at such Current Market Price, and the denominator of which shall be the number of shares of Common Stock
outstanding on such record date, plus the number of additional shares of Common Stock and/or Equivalent Common Stock to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible). In
case such subscription price may be paid by delivery of consideration part or all of which may be in a form other than cash, the value of such non-cash consideration shall be as determined in good faith by the Board of Directors of the Company,
whose determination shall be described in a statement filed with the Rights Agent. Shares of Common Stock owned by or held for the account of the Company shall not be deemed outstanding for the purpose of any such computation. Such adjustment shall
be made successively whenever such a record date is fixed, and in the event that such rights or warrants are not so issued, the Purchase Price shall be adjusted to be the Purchase Price which would then be in effect if such record date had not been
fixed. 
 (c) In case the Company shall fix a record date for a distribution to all holders of Common Stock (including any such distribution
made in connection with a consolidation or merger in which the Company is the continuing corporation) of evidences of indebtedness, cash (other than a regular quarterly cash dividend out of the earnings or retained earnings of the Company), assets
(other than a dividend payable in Common Stock, but including any dividend payable in stock other than Common Stock) or subscription rights or warrants (excluding those referred to in Section 11(b) hereof), the Purchase Price to be in effect
after such record date shall be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the Current Market Price per share of Common Stock on such record date, less
the fair market value (as described in good faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent) of the portion of the cash, assets or evidences of indebtedness so to be
distributed or of such subscription rights or warrants applicable to a share of Common Stock and the denominator of which shall 

  

 23 

 
be such Current Market Price per share of Common Stock. Such adjustments shall be made successively whenever such a record date is fixed; and in the event
that such distribution is not so made, the Purchase Price shall be adjusted to be the Purchase Price which would have been in effect if such record date had not been fixed. 
 (d) For the purpose of any computation hereunder (including computations pursuant to Section 14 hereof), other than computations made pursuant to
Section 11(a)(iii) hereof, the “Current Market Price” per share of Common Stock on any date shall be deemed to be the average of the daily closing prices per share of the Common Stock for the thirty consecutive Trading Days (as such
term is hereinafter defined) immediately prior to such date, and for purpose of computations made pursuant to Section 11(a)(iii) hereof, the “Current Market Price” per share of the Common Stock on any date shall be deemed to be the
average of the daily closing prices per share of the Common Stock for the ten consecutive Trading Days immediately following such date; provided, however, that in the event that the Current Market Price per share of the Common Stock is determined
during a period following the announcement by the issuer of the Common Stock of (i) any dividend or distribution on the Common Stock (other than a regular quarterly cash dividend) or (ii) any subdivision, combination or reclassification of
the Common Stock, and prior to the expiration of the requisite thirty Trading Day or ten Trading Day period, as set forth above, the ex-dividend date for such dividend or distribution, or the effective date of such subdivision, combination or
reclassification occurs, then, and in each such case, the Current Market Price shall be properly adjusted to take into account ex-dividend trading. The closing price for each day shall be the last sale price, regular way, or, in case no such sale
takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the NYSE or, if
the shares of Common Stock are not listed or admitted to trading on the NYSE, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the shares
of Common Stock are listed or admitted to trading or, if the shares of Common Stock are not listed or admitted to trading on any national securities exchange, the last quoted sale price or, if not so quoted, the average of the high bid and low asked
price in the over-the-counter market, as reported by the National Association of Securities Dealers, Inc. Automated Quotations System (“NASDAQ”) or such other system then in use, or, if on any such date the 

  

 24 

 
shares of Common Stock are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker
making a market in the Common Stock selected by the Board of Directors of the Company. If on any such date no market maker is making a market in the Common Stock, the fair value of such shares on such date as determined in good faith by the Board of
Directors shall be used. The term “Trading Day” shall mean a day on which the principal national securities exchange on which the shares of Common Stock are listed or admitted to trading is open for the transaction of business or, if the
shares of Common Stock are not listed or admitted to trading on any national securities exchange, a Business Day. If the Common Stock is not publicly held or not so listed or traded, “Current Market Price” per share shall mean the fair
value per share as determined in good faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes. 
 (e) Anything herein to the contrary notwithstanding, no adjustment in the Purchase Price shall be required unless such adjustment would require an
increase or decrease of at least one percent in the Purchase Price; provided, however, that any adjustments which by reason of this Section 11(e) are not required to be made shall be carried forward and taken into account in any subsequent
adjustment. All calculations under this Section 11 shall be made to the nearest cent or to the nearest ten-thousandth of a share, as the case may be. Notwithstanding the first sentence of this Section 11(e), any adjustment required by this
Section 11 shall be made no later than the earlier of (i) three years from the date of the transaction which mandates such adjustment, or (ii) one month prior to the Expiration Date. 
 (f) If as a result of an adjustment made pursuant to Section 11(a)(i) or (ii) or Section 13(a) hereof, the holder of any Right thereafter
exercised shall become entitled to receive any shares of capital stock other than Common Stock, thereafter the number of such other shares so receivable upon exercise of any Right and the Purchase Price thereof shall be subject to adjustment from
time to time in a manner and on terms as nearly equivalent as practicable to the applicable provisions with respect to the shares of common stock contained in Sections 7, 9, 10, 11, 13, and 14 hereof, and such provisions shall apply on like terms to
any such other shares. 
 (g) All Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price hereunder
shall evidence the right to purchase, at the adjusted Purchase Price, the number of shares of Common Stock purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment as provided herein. 
  

 25 

 (h) Unless the Company shall have exercised its election as provided in Section 11(i), upon each
adjustment of the Purchase Price as a result of the calculations made in Sections 11(b) and (c), each Right outstanding immediately prior to the making of such adjustment shall thereafter evidence the right to purchase that number of shares of
Common Stock (calculated to the nearest ten-thousandth) obtained by (i) multiplying (x) the number of shares covered by a Right immediately prior to this adjustment, by (y) the Purchase Price in effect immediately prior to such
adjustment of the Purchase Price, and (ii) dividing the product so obtained by the Purchase Price in effect immediately after such adjustment of the Purchase Price. 
 (i) The Company may elect, on or after the date of any adjustment of the Purchase Price, to adjust the number of Rights, in addition to the adjustment provided in Section 11(p) hereof. Each of the Rights
outstanding after the adjustment in the number of Rights shall be exercisable for a number of shares of Common Stock equal to the number of shares of Common Stock for which a Right was exercisable immediately prior to such adjustment multiplied by a
fraction the numerator of which shall be the total number of Rights outstanding immediately prior to such adjustment and the denominator of which shall be the total number of Rights outstanding immediately following such adjustment. The Company
shall make a public announcement of its election to adjust the number of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be made, and shall promptly give the Rights Agent a copy of
such announcement. This record date may be the date on which the Purchase Price is adjusted or any day thereafter, but, if the Right Certificates have been issued, shall be at least ten days later than the date of the public announcement. If Right
Certificates have been issued, upon each adjustment of the number of Rights pursuant to this Section 11(i), the Company shall, as promptly as practicable, cause to be distributed to holders of record of Right Certificates on such record date
Right Certificates evidencing, subject to Section 14 hereof, the additional Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall cause to be distributed to such holders of record
in substitution and replacement for the Right Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Company, new Right Certificates evidencing all the Rights to which such holders shall be
entitled after such adjustment. Right Certificates so to be distributed shall be 

  

 26 

 
issued, executed and countersigned in the manner provided for herein (and may bear, at the option of the Company, the adjusted Purchase Price) and shall be
registered in the names of the holders of record of Right Certificates on the record date specified in the public announcement. 
 (j)
Irrespective of any adjustment or change in the Purchase Price or the number of shares of Common Stock issuable upon the exercise of the Rights, the Right Certificates theretofore and thereafter issued may continue to express the Purchase Price and
the number of shares which were expressed in the initial Right Certificates issued hereunder. 
 (k) Before taking any action that would
cause an adjustment reducing the Purchase Price below the then par value of the shares of Common Stock issuable upon exercise of the Rights, the Company shall take any corporate action, including using its best efforts to obtain any required
shareholder approvals, which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock at such adjusted Purchase Price. 
 (l) In any case in which this Section 11 shall require that an adjustment in the Purchase Price be made effective as of a record date for a
specified event, the Company may elect to defer (and shall give prompt written notice of such election to the Rights Agent) until the occurrence of such event the issuance to the holder of any Right exercised after such record date the shares of
Common Stock and cash, other capital stock or securities of the Company, if any, issuable upon such exercise over and above the shares of Common Stock and cash, other capital stock or securities of the Company, if any, issuable upon such exercise on
the basis of the Purchase Price in effect prior to such adjustment; provided, however, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right to receive such additional shares of
Common Stock and cash, other capital stock or securities upon the occurrence of the event requiring such adjustment. 
 (m) Anything in this
Section 11 to the contrary notwithstanding, the Company shall be entitled to make such reductions in the Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that in their good faith
judgment the Board of Directors of the Company shall determine to be advisable in order that any (i) consolidation or subdivision of the Common Stock, (ii) issuance for cash of any shares of Common Stock at less than the Current Market
Price, (iii) issuance for cash of shares of Common Stock or securities which by their terms are convertible into or exchangeable for 

  

 27 

 
shares of Common Stock, (iv) stock dividends, or (v) issuance of rights, options or warrants referred to in this Section 11, hereafter made by
the Company to holders of its Common Stock shall not be taxable to such shareholders. No reduction in the Purchase Price shall be made as a consequence of the exercise of qualified or unqualified stock options by employees of the Company to whom
stock options have been granted. 
 (n) The Company covenants and agrees that it shall not, at any time after the earlier of the Distribution
Date or the Stock Acquisition Date, (i) consolidate with any other Person, (ii) merge with or into any other Person, (iii) sell or transfer (or permit any Subsidiary to sell or transfer), in one transaction or a series of related
transactions, assets or earning power aggregating more than 50% of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to, any other Person or Persons, or (iv) engage in any transaction described in
Section 11(a)(ii) (A) or (C) hereof, if (x) at the time of or immediately after such consolidation, merger, sale or other transaction there are any rights, warrants or other instruments or securities outstanding or agreements in
effect which would substantially diminish or otherwise eliminate the benefits intended to be afforded by the Rights, (y) prior to, simultaneously with or immediately after such consolidation, merger, sale or other transactions, the shareholders
of the Person who constitutes, or would constitute, the “Principal Party” for purposes of Section 13(a) hereof shall have received a distribution of Rights previously owned by such Person or any of its Affiliates and Associates, or
(z) the form or nature of organization of the Principal Party would preclude or limit the exercisability of the Rights. 
 (o) The
Company covenants and agrees that, after the earlier of the Distribution Date or the Stock Acquisition Date, it will not, except as permitted by Section 23 or Section 26 hereof, take (or permit any Subsidiary to take) any action if at the
time such action is taken it is reasonably foreseeable that such action will diminish substantially or eliminate the benefits intended to be afforded by the Rights. 
 (p) Anything in this Rights Agreement to the contrary notwithstanding, in the event that the Company shall at anytime after the Record Date and prior to the Distribution Date (i) declare a dividend on the
outstanding shares of Common Stock payable in shares of Common Stock, (ii) subdivide the outstanding shares of Common Stock, or (iii) combine the outstanding shares of Common Stock into a smaller number of shares, the number of Rights
associated with each share of Common Stock then outstanding, or issued or delivered thereafter, shall be proportionately adjusted so that the number of Rights thereafter associated with each share of Common Stock following any such event shall equal
the result obtained by multiplying the 

  

 28 

 
number of Rights associated with each share of Common Stock immediately prior to such event by a fraction the numerator of which shall be the total number of
shares of Common Stock outstanding immediately prior to the occurrence of the event and the denominator of which shall be the total number of shares of Common Stock outstanding immediately following the occurrence of such event. 
 Section 12. Certification of Adjustments. Whenever an adjustment is made as provided in Sections 11 and 13 hereof, the Company shall
(a) promptly prepare a certificate setting forth such adjustment and a brief statement of the computations and facts giving rise to such adjustment, (b) promptly file with the Rights Agent and with each transfer agent for the Common Stock
a copy of such certificate and (c) mail a brief summary thereof to each record holder of a Right (or, if prior to the Distribution Date, to each holder of Common Stock) in accordance with Section 25 hereof. Notwithstanding the foregoing
sentence, the failure of the Company to give such notice shall not affect the validity of or the force or effect of or the requirement for such adjustment. The Rights Agent shall be fully protected in relying on any certificate prepared by the
Company pursuant to Sections 11 and 13 and on any adjustment therein contained and shall have no duty with respect to and shall not be deemed to have knowledge of any such adjustment unless and until it shall have received such certificate.

 Section 13. Consolidation, Merger or Sale or Transfer of Assets or Earning Power. 
 (a) In the event that, at anytime on or after the Stock Acquisition Date, directly or indirectly, (x) the Company shall consolidate with any other
Person or Persons or shall merge with and into any other Person or Persons and the Company shall not be the surviving or continuing corporation of such merger, or (y) any Person or Persons shall merge with and into the Company, and the Company
shall be the continuing or surviving corporation of such merger and, in connection with such merger, all or part of the outstanding shares of Common Stock shall be changed into or exchanged for stock or other securities of any other Person or of the
Company or cash or any other property, or (z) the Company or one or more of its Subsidiaries shall sell or otherwise transfer to any other Person or any Affiliate or Associate of such Person, in one or more transactions, or the Company or one
or more of its Subsidiaries shall sell or otherwise transfer to any Person in one or a series of related transactions, assets or earning power aggregating more than 50% of the assets or earning power of the Company and its Subsidiaries (taken as a
whole), then, on the first occurrence of any such event, except as may be contemplated by Section 13(d), proper provision shall 

  

 29 

 
be made so that (i) each holder of record of a Right, other than as provided in Section 11(a)(ii), shall thereafter have the right to receive, upon
the exercise thereof and payment of the aggregate Purchase Price with respect to the total number of shares for which a Right was exercisable immediately prior to the first occurrence of a Section 13 Event (or, if earlier, the first occurrence
of a Section 11(a)(ii) Event) in accordance with the terms of this Rights Agreement, such number of shares of validly issued, fully paid and nonassessable and freely tradeable common stock of the Principal Party (as defined herein) not subject
to any liens, encumbrances, rights of first refusal or other adverse claims, as shall be equal to the result obtained by (1) multiplying the then current Purchase Price by the number of shares of Common Stock for which a Right was exercisable
immediately prior to the first occurrence of a Section 13 Event (or, if a Section 11(a)(ii) Event has occurred prior to the first occurrence of a Section 13 Event, multiplying the Purchase Price in effect immediately prior to the
first occurrence of a Section 11(a)(ii) Event by the number of shares of Common Stock for which a Right was exercisable immediately prior to such first occurrence of a Section 11(a)(ii) Event) and (2) dividing that product by 50% of
the Current Market Price (determined as provided in Section 11(d) hereof with respect to the Common Stock) per share of the common stock of such Principal Party on the date of consummation of such Section 13 Event; provided that the
Purchase Price and the number of shares of common stock of such Principal Party issuable upon exercise of each Right shall be further adjusted as provided in this Rights Agreement to reflect any events occurring after the date of the first
occurrence of a Section 13 Event; (ii) such Principal Party shall thereafter be liable for, and shall assume, by virtue of such Section 13 Event, all the obligations and duties of the Company pursuant to this Rights Agreement;
(iii) the term “Company” for all purposes of this Rights Agreement shall thereafter be deemed to refer to such Principal Party, it being specifically intended that the provisions of Section 11 hereof shall apply only to such
Principal Party following the first occurrence of a Section 13 Event; and (iv) such Principal Party shall take such steps (including, but not limited to, the reservation of a sufficient number of shares of its common stock in accordance
with Section 9 hereof) in connection with the consummation of any such transaction as may be necessary to assure that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in relation to its shares of common
stock thereafter deliverable upon the exercise of the Rights; provided, however, that, upon the subsequent occurrence of any merger, consolidation, sale of all or substantially all of the assets, recapitalization, reclassification of shares, 

  

 30 

 
reorganization or other extraordinary transaction in respect of such Principal Party, each holder of a Right shall thereupon be entitled to receive, upon
exercise or a Right and payment of the Purchase Price, such cash, shares, rights, warrants and other property which such holder would have been entitled to receive had he, at the time of such transaction, owned the shares of common stock of the
Principal Party purchasable upon the exercise of a Right, and such Principal Party shall take such steps (including, but not limited to, reservation of shares of stock) as may be necessary to permit the subsequent exercise of the Rights in
accordance with the terms hereof for such cash, shares, rights, warrants and other property, and (v) the provisions of Section 11(a)(ii) hereof shall be of no effect following the occurrence of any Section 13 Event. 
  

	 	(b)	“Principal Party” shall mean 

 (i) in the case
of any transaction described in (x) or (y) of the first sentence of Section 13(a) hereof; (A) the Person that is the issuer of the securities into which shares of Common Stock of the Company are converted in such merger or
consolidation, or, if there is more than one such issuer, the issuer the common stock of which has the greatest aggregate market value of shares outstanding or (B) if no securities are so issued, (x) the Person that is the other party to
the merger, if such Person survives said merger or, if there is more than one such Person, the Person, the common stock of which has the greatest aggregate market value of shares outstanding or (y) if the Person that is the other party to the
merger does not survive the merger, the Person that does survive the merger (including the Company if it survives) or (z) the Person resulting from the consolidation; and 
 (ii) in the case of any transaction described in (z) of the first sentence in Section 13(a) hereof, the Person that is the party receiving the
greatest portion of the assets or earning power transferred pursuant to such transaction or transactions, or, if each Person that is a party to such transaction or transactions receives the same portion of the assets or earning power so transferred
or if the Person receiving the greatest portion of the assets or earning power cannot be determined, whichever of such Persons as is the issuer of common stock having the greatest aggregate market value of shares outstanding; 
 provided, however, that in any such case described in the foregoing (b)(i) or (b)(ii), if the common stock of such Person is not at such time or has not been
continuously over the preceding 12-month period registered 

  

 31 

 
under Section 12 of the Exchange Act, and (1) if such Person is a direct or indirect Subsidiary of another Person the common stock of which is and
has been so registered, the term “Principal Party” shall refer to such other Person, or (2) if such Person is a Subsidiary, directly or indirectly, of more than one Person, the common stock of all of which are and have been so
registered, the term “Principal Party” shall refer to whichever of such Persons is the issuer of the common stock having the greatest aggregate market value of shares outstanding or (3) if such Person is owned, directly or indirectly,
by a joint venture formed by two or more Persons that are not owned, directly or indirectly, by the same Person, the rules set forth in clauses (1) and (2) above shall apply to each of the owners having an interest in the venture as if the
Person owned by the joint venture was a Subsidiary of both or all of such joint venturers, and the Principal Party in each such case shall bear the obligations set forth in this Section 13 in the same ratio as its interest in such Person bears
to the total of such interests. 
 (c) The Company shall not consummate any consolidation, merger, sale or transfer referred to in
Section 13(a) unless prior thereto the Company and the Principal Party involved therein shall have executed and delivered to the Rights Agent an agreement confirming that the requirements of Sections 13(a) and (b) hereof shall promptly be
performed in accordance with their terms and that such consolidation, merger, sale or transfer of assets shall not result in a default by the Principal Party under this Rights Agreement as the same shall have been assumed by the Principal Party
pursuant to Sections 13(a) and (b) hereof and further providing that, as soon as practicable after executing such agreement pursuant to this Section 13, the Principal Party will: 
 (i) prepare and file a registration statement under the Securities Act, if necessary, with respect to the Rights and the securities purchasable upon
exercise of the Rights on an appropriate form, use its best efforts to cause such registration statement to become effective as soon as practicable after such filing and use its best efforts to cause such registration statement to remain effective
(with a prospectus at all times meeting the requirements of the Securities Act) until the Expiration Date, and similarly comply with applicable state securities laws; 
 (ii) use its best efforts, if the common stock of the Principal Party shall become listed on a national securities exchange, to list (or continue the listing of) the Rights and the 

  

 32 

 
securities purchasable upon exercise of the Rights on such securities exchange and, if the common stock of the Principal Party shall not be listed on a
national securities exchange, to cause the Rights and the securities purchasable upon exercise of the Rights to be reported by NASDAQ or such other system then in use; 
 (iii) deliver to holders of the Rights historical financial statements for the Principal Party which comply in all respects with the requirements for registration on Form 10 (or any successor form) under the Exchange
Act; and 
 (iv) obtain waivers of any rights of first refusal or preemptive rights in respect of the shares of common stock of the Principal
Party subject to purchase upon exercise of outstanding Rights. 
 In the event that any of the transactions described in Section 13(a) hereof shall
occur at any time after the occurrence of a transaction described in Section 11(a)(ii) hereof, the Rights which have not theretofore been exercised shall thereafter be exercisable in the manner described in Section 13(a). 
 (d) Furthermore, in case the Principal Party which is to be a party to a transaction referred to in this Section 13 has provision in any of its
authorized securities or in its certificate of incorporation or by-laws or other instrument governing its corporate affairs, which provision would have the effect of (i) causing such Principal Party to issue, in connection with, or as a
consequence of, the consummation of a transaction referred to in this Section 13, shares of common stock of such Principal Party at less than the then Current Market Price per share (determined pursuant to Section 11(d) hereof) or
securities exercisable for, or convertible into, common stock of such Principal Party at less than such then Current Market Price (other than to holders of Rights pursuant to this Section 13) or (ii) providing for any special payment, tax
or similar provisions in connection with the issuance of the common stock of such Principal Party pursuant to the provisions of Section 13; then, in such event, the Company hereby agrees with each holder of Rights that it shall not consummate
any such transaction unless prior thereto the Company and such Principal Party shall have executed and delivered to the Rights Agent a supplemental agreement providing that the provision in question of such Principal Party shall have been cancelled,
waived or amended, or that the authorized securities shall be redeemed, so that the applicable provision will have no effect in connection with, or as a consequence of, the consummation of the proposed transaction. 
  

 33 

 Section 14. Fractional Rights and Fractional Shares. 
 (a) The Company shall not be required to issue fractions of Rights or to distribute Right Certificates which evidence fractional Rights. If the Company
shall not issue fractions of Rights, in lieu of such fractional Rights, there shall be paid to the holders of record of the Right Certificates with regard to which such fractional Rights would otherwise be issuable, an amount in cash equal to the
same fraction of the then Current Market Value of a whole Right. For the purposes of this Section 14(a), the then Current Market Value of a Right shall be the closing price of the Rights for the Trading Day immediately prior to the date on
which fractional Rights would have been issuable, determined in the same manner as the closing price of a share of Common Stock shall be determined pursuant to Section 11(d) hereof. 
 (b) The Company shall not be required to issue fractions of shares of Common Stock or other securities of the Company upon exercise of the Rights or to
distribute certificates which evidence fractional shares. In lieu of issuing fractions of shares of Common Stock or other securities of the Company, there shall be paid to the holders of record of Right Certificates at the time such Right
Certificates are exercised as herein provided an amount in cash equal to the same fraction of the then Current Market Value of a share of Common Stock or other securities of the Company. For purposes of this Section 14(b), the then Current
Market Value of a share of Common Stock or other securities of the Company shall be the closing price thereof for the Trading Day immediately prior to the date of such exercise, as determined pursuant to Section 11(d) hereof or in the same
manner as the closing price of a share of Common Stock shall be determined pursuant to Section 11(d) hereof, as the case may be. 
 (c)
The holder of a Right by the acceptance of a Right expressly waives his right to receive any fractional Right or any fractional shares of Common Stock or other securities of the Company upon exercise of a Right. 
 (d) Whenever a payment for fractional Rights or fractional shares of Common Stock or other securities of the Company is to be made by the Rights Agent,
the Company shall (i) promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to such payment and the prices and/or formulas utilized in calculating such payments, and
(ii) provide sufficient monies to the Rights Agent in the form of fully collected funds to make such payments. The Rights Agent shall be fully protected in relying upon such a certificate and shall have no duty with respect to, and shall not be

  

 34 

 
deemed to have knowledge or any payment for fractional Rights or fractional shares of Common Stock or other securities of the Company under any section of
this Rights Agreement relating to the payment of fractional Rights or fractional shares of Common Stock or other securities of the Company unless and until the Rights Agent shall have received such a certificate and sufficient monies. 
 Section 15. Rights of Action. All rights of action in respect of this Rights Agreement are vested in the respective holders of record of the
Right Certificates (and, prior to the Distribution Date, the holders of record of the Common Stock); and any holder of record of any Right Certificate (or, prior to the Distribution Date, of the Common Stock), without the consent of the Rights Agent
or of the holder of any other Right Certificate (or, prior to the Distribution Date, of the Common Stock), may, in his own behalf and for his own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company or
any other Person to enforce, or otherwise act in respect of, his right to exercise the Rights evidenced by such Right Certificate in the manner provided in such Right Certificate and in this Rights Agreement. Without limiting the foregoing or any
remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Rights Agreement and, accordingly, that they will be entitled to specific
performance of the obligations under, and injunctive relief against actual or threatened violations of, the obligations of any Person subject to this Rights Agreement. 
 Section 16. Agreement of Right Holders. Every holder of a Right by accepting the same consents and agrees with the Company and the Rights Agent and with every other holder of a Right that: 
 (a) prior to the Distribution Date, the Rights will not be evidenced by a Right Certificate and will be transferable only in connection with the transfer
of Common Stock; 
 (b) after the Distribution Date, the Right Certificates will be transferable only on the registry books of the Rights
Agent if surrendered at the office of the Rights Agent designated for such purpose, duly endorsed or accompanied by a proper instrument of transfer with all required certifications completed; 
 (c) the Company and the Rights Agent may deem and treat the Person in whose name the Right Certificate (or, prior to the Distribution Date, the
associated Common Stock certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Right Certificate or the associated Common Stock certificate made by
anyone 

  

 35 

 
other than the Company or the Rights Agent or the transfer agent of the Common Stock) for all purposes whatsoever, and neither the Company nor the Rights
Agent shall be affected by any notice to the contrary; and 
 (d) notwithstanding anything in this Rights Agreement to the contrary, neither
the Company nor the Rights Agent shall have any liability to any holder of a Right or other Person as a result of its inability to perform any of its obligations under this Rights Agreement by reason of any preliminary or permanent injunction or
other order, decree or ruling issued by a court of competent jurisdiction or by a governmental, regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental
authority, prohibiting or otherwise restraining performance of such obligation; provided, however, the Company must use its best efforts to have any such order, decree or ruling lifted or otherwise overturned as soon as possible. 
 Section 17. Right Certificate Holder Not Deemed a Shareholder. 
 No holder of a Right, as such, shall be entitled to vote, receive dividends in respect of or be deemed for any purpose to be the holder of Common Stock or any other securities of the Company which may at any time be
issuable upon the exercise of the Rights, nor shall anything contained herein or in any Right Certificate be construed to confer upon the holder of any Right Certificate, as such, any of the rights of a shareholder of the Company or any right to
vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting shareholders, or to receive
dividends or subscription rights in respect of any such stock or securities, or otherwise, until the Right or Rights evidenced by such Right Certificate shall have been exercised in accordance with the provisions hereof. 
 Section 18. Concerning the Rights Agent. 
 (a) The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and, from time to time, on demand of the Rights Agent, its reasonable expenses and counsel fees and other disbursements
incurred in the preparation, negotiation, delivery, administration, amendment and execution of this Rights Agreement and the exercise and performance of its duties hereunder. The Company also agrees to indemnify the Rights Agent for, and to hold it
harmless against, any loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost or expense (including, 

  

 36 

 
without limitation, the reasonable fees and expenses of legal counsel) incurred without gross negligence, bad faith or willful misconduct on the part of the
Rights Agent (which gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction) for any action taken, suffered or omitted by the Rights Agent
in connection with the acceptance, administration, exercise and performance of its duties under this Rights Agreement, including, without limitation, the costs and expenses of defending against any claim of liability arising therefrom, directly or
indirectly. The costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company. The provisions of this Section 18 and Section 20 below shall survive the termination of this Rights Agreement, the
exercise or expiration of the Rights and the resignation or removal of the Rights Agent. 
 (b) The Rights Agent shall be authorized and
protected and shall incur no liability for or in respect of any action taken, suffered or omitted by it in connection with its acceptance and administration of this Rights Agreement and the exercise and performance of its duties hereunder, in
reliance upon any Right Certificate, certificate for Common Stock or other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement or
other paper or document believed by it to be genuine and to be signed, executed and, where necessary, guaranteed, verified or acknowledged, by the proper Person or Persons, or otherwise upon advise of counsel as set forth in Section 20 hereof.
The Rights Agent shall not be deemed to have knowledge of any event of which it was supposed to receive notice thereof hereunder, and the Rights Agent shall be fully protected and shall incur no liability for failing to take any action in connection
therewith unless and until it has received such notice in writing. 
 Section 19. Merger or Consolidation or Change of Name of Rights
Agent. 
 (a) Any Person into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or
any Person resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to the corporate trust or stock transfer business of the Rights Agent or any successor Rights
Agent, shall be the successor to the Rights Agent under this Rights Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such Person would be eligible for appointment as a

  

 37 

 
successor Rights Agent under the provisions of Section 21 hereof. In case at the time such successor Rights Agent shall succeed to the agency created by
the Rights Agreement, any of the Right Certificates shall have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Right Certificates so countersigned;
and in case at that time any of the Right Certificates shall not have been countersigned, any successor Rights Agent may countersign such Right Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights
Agent; and in all such cases such Right Certificates shall have the full force provided in the Right Certificates and in this Rights Agreement. 
 (b) In case at any time the name of the Rights Agent shall be changed and at such time any of the Right Certificates shall have been countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and
deliver such Right Certificates so countersigned; and in case at that time any of the Right Certificates shall not have been countersigned, the Rights Agent may countersign such Right Certificates either in its prior name or in its changed name; and
in all such cases such Right Certificates shall have the full force provided in the Right Certificates and in this Rights Agreement. 
 Section 20. Duties of Rights Agent. The Rights Agent undertakes to perform only the duties and obligations expressly imposed by this Rights Agreement (and no implied duties) upon the following terms and conditions, by all of
which the Company and the holders of Right Certificates, by their acceptance thereof, shall be bound: 
 (a) The Rights Agent may consult with
legal counsel (who may be legal counsel for the Company or an employee of the Rights Agent), and the advice or opinion of such counsel shall be full and complete authorization and protection to the Rights Agent and the Rights Agent shall incur no
liability for or in respect of any action taken, suffered or omitted by it in accordance with such advice or opinion. 
 (b) Whenever in the
performance of its duties under this Rights Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such
fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by the Chairman of the Board, the Vice Chairman of the Board, the President,
any Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the 

  

 38 

 
Company and delivered to the Rights Agent; and such certificate shall be full and complete authorization and protection to the Rights Agent and the Rights
Agent shall incur no liability for or in respect of any action taken, suffered or omitted by it under the provisions of this Rights Agreement in reliance upon such certificate. 
 (c) The Rights Agent shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct (each as determined by a final,
non-appealable order, judgment, decree or ruling of a court of competent jurisdiction). Anything to the contrary notwithstanding, in no event shall the Rights Agent be liable for special, punitive, indirect, consequential or incidental loss or
damage of any kind whatsoever (including but not limited to lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damage. Any liability of the Rights Agent under this Rights Agreement will be limited to the
amount of fees paid by the Company to the Rights Agent. 
 (d) The Rights Agent shall not be liable for or by reason of any of the statements
of fact or recitals contained in this Rights Agreement or in the Right Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the
Company only. 
 (e) The Rights Agent shall not have any liability for or be under any responsibility in respect of the validity of this
Rights Agreement or the execution and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Right Certificate (except its countersignature thereof); nor shall it be responsible for
any breach by the Company of any covenant or condition contained in this Rights Agreement or in any Right Certificate; nor shall it be responsible for any change in the exercisability of the Rights or any change or adjustment required under the
provisions of Section 11 or 13 hereof or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment (except with respect to the exercise of Rights
evidenced by Right Certificates after actual notice of any such adjustment); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued
pursuant to this Rights Agreement or any Right Certificate or as to whether any shares of Common Stock will, when issued, be validly authorized and issued, fully paid and nonassessable. 
  

 39 

 (f) The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed,
executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Rights Agreement.

 (g) The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from
the Chairman of the Board, the Vice Chairman of the Board, the President, any Vice President, the Secretary, any Assistant Secretary, the Treasurer, or any Assistant Treasurer of the Company, and to apply to such officers for advice or instructions
in connection with its duties, and such instructions shall be full authorization and protection to the Rights Agent and the Rights Agent shall not be liable for or in respect of any action taken, suffered or omitted by it in accordance with
instructions of any such officer or for any delay in acting while waiting for those instructions. The Rights Agent shall be fully authorized and protected in relying upon the most recent instructions received by any such officer. Any application by
the Rights Agent for written instructions from the Company may, at the option of the Rights Agent, set forth in writing any action proposed to be taken, suffered or omitted by the Rights Agent under this Rights Agreement and the date on and/or after
which such action shall be taken or suffered or such omission shall be effective. The Rights Agent shall not be liable for any action taken or suffered by, or omission of, the Rights Agent in accordance with a proposal included in any such
application on or after the date specified in such application (which date shall not be less than five Business Days after the date any officer of the Company actually receives such application, unless any such officer shall have consented in
writing to an earlier date) unless, prior to taking any such action (or the effective date in the case of an omission), the Rights Agent shall have received written instructions in response to such application specifying the action to be taken,
suffered or omitted. 
 (h) The Rights Agent and any shareholder, affiliate, director, officer or employee of the Rights Agent may buy, sell
or deal in any of the Rights or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though
it were not the Rights Agent under this Rights Agreement. Nothing herein shall preclude the Rights Agent or any such shareholder, affiliate, director, officer or employee from acting in any other capacity for the Company or for any other Person.

  

 40 

 (i) The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform
any duty hereunder either itself (through its directors, officers and employees) or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys
or agents or for any loss to the Company or any other Person resulting from any such act, default, neglect or misconduct, absent gross negligence, bad faith or willful misconduct in the selection and continued employment thereof (each as determined
by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction). 
 (j) If, with respect to any Rights
Certificates surrendered to the Rights Agent for exercise or transfer, the certificate contained in the form of assignment or the form of election to purchase set forth on the reverse thereof, as the case may be, has either not been completed or
indicates an affirmative response to clause 1 and/or 2 thereof, the Rights Agent shall not take any further action with respect to such requested exercise or transfer without first consulting with the Company. 
 (k) No provision of this Rights Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability in
the performance of any of its duties hereunder or in the exercise of its rights if it believes that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it. 
 Section 21. Change of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under this
Rights Agreement upon 30 days’ notice in writing mailed to the Company and to each transfer agent of the Common Stock known to the Rights Agent by registered or certified mail, and to the holders of the Right Certificates by first-class mail.
The Company may remove the Rights Agent or any successor Rights Agent (with or without cause) upon 30 days’ notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of the Common
Stock by registered or certified mail, and to the holders of the Right Certificates by first class mail. If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the
Rights Agent. Notwithstanding the foregoing provisions of this Section 21, in no event shall the resignation or removal of a Rights Agent be effective until a successor Rights Agent shall have been appointed and have accepted such appointment.
If the Company shall fail to make such appointment within a period of 30 days after giving notice of such removal or after it has been notified in 

  

 41 

 
writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Right Certificate (who shall, with such
notice, submit his Right Certificate for inspection by the Company), then the incumbent Rights Agent or the holder of record of any Right Certificate may apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any
successor Rights Agent, whether appointed by the Company or by such a court, shall be (a) a Person organized and doing business under the laws of the United States or any State thereof, in good standing, which is authorized under such laws to
exercise corporate trust or stock transfer powers and is subject to supervision or examination by federal or state authority and which has at the time of its appointment as Rights Agent a combined capital and surplus of at least $50,000,000 or
(b) an Affiliate of such a Person. After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed; but the
predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than the
effective date of any such appointment the Company shall file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Stock, and mail a notice thereof in writing to the registered holders of the Right
Certificates. Failure to give any notice provided for in this Section 21, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights
Agent, as the case may be. 
 Section 22. Issuance of New Right Certificates. Notwithstanding any of the provisions of this
Rights Agreement or of the Rights to the contrary, the Company may, at its option, issue new Right Certificates evidencing Rights in such form as may be approved by the Board of Directors to reflect any adjustment or change in the Purchase Price and
the number or kind or class of shares of stock or other securities or property purchasable under the Right Certificates made in accordance with the provisions of this Rights Agreement. In addition, in connection with the issuance or sale of shares
of Common Stock following the Distribution Date and prior to the redemption or expiration of the Rights, the Company may, with respect to shares of Common Stock issued or sold pursuant to the exercise of stock options or under any employee plan or
arrangement, or upon the exercise, conversion or exchange of securities hereafter issued by the Company, or in any other case, if deemed necessary or appropriate by the Board of Directors, 

  

 42 

 
issue Right Certificates representing the appropriate number of Rights in connection with such issuance or sale; provided, however, that (i) no such
Right Certificate shall be issued if, and to the extent that, the Company shall be advised by counsel that such issuance would create a significant risk of material adverse tax consequences to the Company or the Person to whom such Rights
Certificate would be issued, and (ii) no such Rights Certificate shall be issued, if, and to the extent that, appropriate adjustment shall otherwise have been made in lieu of the issuance thereof. 
 Section 23. Redemption. 
 (a) The
Board of Directors of the Company may, at its option, at any time prior to the earlier of (i) the close of business on the tenth day following the Stock Acquisition Date, subject to extension by the Board of Directors as provided in
Section 26 hereof, or (ii) the close of business on the Final Expiration Date, cause the Company to redeem all but not less than all of the then outstanding Rights at a redemption price of $0.001 per Right, as such amount may be
appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (such redemption price being hereinafter referred to as the “Redemption Price”). Notwithstanding anything contained in
this Rights Agreement to the contrary, the Rights shall not be exercisable after the first occurrence of any of the transactions referred to in Section 11(a)(ii) hereof until such time as the Board of Directors’ right of redemption
hereunder has expired. 
 (b) Immediately upon the action of the Board of Directors of the Company ordering the redemption of the Rights, and
without any further action and without any notice, the right to exercise the Rights will terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price, without any interest thereon. Within 10 days after
the action of the Board of Directors ordering the redemption of the Rights, the Company shall give notice of such redemption to the holders of the then outstanding Rights by mailing such notice to all such holders at their last addresses as they
appear upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent of the Common Stock (with prompt written notice thereof to the Rights Agent). Any notice which is mailed in the manner
herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption will state the method by which the payment of the Redemption Price will be made and the time for such payment. The failure to give
notice required by this Section 23(b) or any defect therein shall not affect the legality or validity of the action taken by the Company. 
  

 43 

 (c) The Board of Directors may, until a Triggering Event shall have occurred, upon written notice
(including notice by telecopy) to the Rights Agent, determine to waive the application of either Section 13 or Section 11(a)(ii), whichever is applicable, to a Triggering Event. 
 Section 24. Notice of Proposed Actions. 
 (a) In case the Company, after the earlier of the Distribution Date or the Stock Acquisition Date, shall propose (i) to effect any of the transactions referred to in Section 11(a)(i) or to pay any dividend to the holders of record
of its Common Stock payable in stock of any class or to make any other distribution to the holders of record of its Common Stock (other than a regular quarterly cash dividend), (ii) to offer to the holders of record of its Common Stock options,
warrants, or other rights to subscribe for or to purchase shares of Common Stock (including any security convertible into or exchangeable for Common Stock) or shares of stock of any class or any other securities, options, warrants, convertible or
exchangeable securities or other rights, (iii) to effect any reclassification of its Common Stock or any recapitalization or reorganization of the Company, or (iv) to effect any consolidation or merger with or into, or to effect any sale
or other transfer (or to permit one or more of its Subsidiaries to effect any sale or other transfer), in one or more transactions, of more than 50% of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to, any other
Person or Persons, or (v) to effect the liquidation, dissolution or winding up of the Company, then, in each such case, the Company shall give to the Rights Agent and each holder of record of a Right Certificate, in accordance with
Section 25 hereof, notice of such proposed action, which shall specify the record date for the purpose of such transaction referred to in Section 11(a)(i), or such dividend or distribution, or the date on which such reclassification,
recapitalization, reorganization, consolidation, merger, sale or transfer of assets, liquidation, dissolution, or winding up is to take place and the record date for determining participation therein by the holders of record of Common Stock, if any
such date is to be fixed, and such notice shall be so given in the case of any action covered by clause (i) or (ii) above at least 10 days prior to the record date for determining holders of record of the Common Stock for purposes of such
action, and in the case of any such other action, at least 10 days prior to the date of the taking of such proposed action or the date of participation therein by the holders of record of Common Stock, whichever shall be the earlier. The failure to
give notice required by this Section 24 or any defect therein shall not affect the legality or validity of the action taken by the Company or the vote upon any such action. 
  

 44 

 (b) In case any of the transactions referred to in Section 11(a)(ii)(A) or (C) or
Section 13 of this Rights Agreement are proposed after the earlier of the Distribution Date or the Stock Acquisition Date, then, in any such case, the Company shall give to the Rights Agent and to each holder of Rights, in accordance with
Section 25 hereof, notice of the proposal of such transaction, which notice shall specify the proposed event and the consequences of the event to holders of Rights under Section 11(a)(ii)(A) or (C) or Section 13 hereof, as the
case may be, and, upon consummating such transaction, shall similarly give notice thereof to the Rights Agent to each holder of Rights. 
 Section 25. Notices. Notices or demands authorized by this Rights Agreement to be given or made by the Rights Agent or by the holder of record of any Right Certificate or Right to or on the Company shall be sufficiently given or
made if sent by first class mail, postage prepaid, addressed (until another address is filed in writing with the Rights Agent) as follows: 
 Dover Motorsports, Inc. 
 3505 Silverside Road 
 Plaza Centre Bldg., Suite 203 
 Wilmington, DE 19810 
 Attention: General Counsel 
 Subject to the provisions of Section 21 hereof, any notice or demand
authorized by this Rights Agreement to be given or made by the Company or by the holder of record of any Right Certificate or Right to or on the Rights Agent shall be sufficiently given or made if sent by first class mail, postage prepaid, addressed
(until another address is filed in writing with the Company) as follows: 
 Mellon Investor Services LLC 
 480 Washington Boulevard 
 27th Floor 
 Jersey
City, NJ 07310 
 Notices or demands authorized by this Rights Agreement to be given or made by the Company or the Rights Agent to the holder of record of
any Right Certificate or Right shall be sufficiently given or made if sent by first class mail, postage prepaid, addressed to such holder at the address of such holder as it appears upon the registry books of the Rights Agent or, prior to the
Distribution Date, on the registry books of the Transfer Agent. 
  

 45 

 Section 26. Supplements and Amendments. For as long as the Rights are then redeemable and
except as provided in the penultimate sentence of this Section 26, the Company may in its sole and absolute discretion, and the Rights Agent shall if the Company so directs but subject to the other provisions of this Section, supplement or
amend any provision of this Rights Agreement without the approval of any holders of the Rights or the Common Stock. At any time when the Rights are not then redeemable and except as provided in the penultimate sentence of this Section 26, the
Company may, and the Rights Agent shall if the Company so directs but subject to the other provisions of this Section, supplement or amend this Rights Agreement without the approval of any holders of Right Certificates in order (i) to cure any
ambiguity, (ii) to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, or (iii) to change or supplement the provisions hereunder in any manner which the Company may
deem necessary or desirable, any such supplement or amendment to be evidenced by a writing signed by the Company and the Rights Agent; provided, that no such supplement or amendment shall adversely affect the interests of the holders of Right
Certificates as such (other than any Acquiring Person who became such other than pursuant to a Permitted Tender Offer or has participated in a Section 11(a)(ii) Event or an Affiliate or Associate of such an Acquiring Person); provided, further,
that this Rights Agreement may not be supplemented or amended to lengthen, pursuant to clause (iii) of this sentence, (A) a time period relating to when the Rights may be redeemed or this Rights Agreement amended at the sole and absolute
discretion of the Company at such time as the Rights are not then redeemable or (B) any other time period unless such lengthening is for the purpose of protecting, enhancing or clarifying the rights of, and/or the benefits to, the holders of
Rights as such (other than any Acquiring Person who became such other than pursuant to a Permitted Tender Offer or has participated in a Section 11(a)(ii) or an Affiliate or Associate of such an Acquiring Person). Upon the delivery of a
certificate from an appropriate officer of the Company and, if requested by the Rights Agent, an opinion of counsel, which states that the proposed supplement or amendment is in compliance with the terms of this Section 26, the Rights Agent
shall execute such supplement or amendment. Notwithstanding anything contained in this Rights Agreement to the contrary, (a) no supplement or amendment shall be made which changes the Redemption Price, the Final Expiration 

  

 46 

 
Date or the number of shares of Common Stock for which a Right is exercisable and (b) the Rights Agent may, but shall not be obligated to, enter into
any supplement or amendment that affects the Rights Agent’s own rights, duties, obligations or immunities under this Rights Agreement. Prior to the Distribution Date, the interests of the holders of Rights shall be deemed coincident with the
interests of the holders of Common Stock. 
 Section 27. Successors. All of the covenants and provisions of this Rights Agreement
by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 
 Section 28. Determinations and Actions by the Board of Directors, etc. For all purposes of this Rights Agreement, any calculation of the number of shares of Common Stock outstanding at any particular time, including for purposes
of determining the particular percentage of such outstanding shares of Common Stock of which any Person is the Beneficial Owner, shall be made in accordance with the last sentence of Rule 13d-3(d)(1)(i) of the General Rules and Regulations under the
Exchange Act. The Board of Directors shall have the exclusive power and authority to administer this Rights Agreement and to exercise all rights and powers specifically granted to the Board of Directors, or the Company, or as may be necessary or
advisable in the administration of this Rights Agreement, including, without limitation, the right and power (i) to interpret the provisions of this Rights Agreement, and (ii) to make all determinations or calculations deemed necessary or
advisable for the administration of this Rights Agreement (including a determination to redeem or not redeem the Rights or to amend the Rights Agreement). All such actions, calculations, interpretations and determinations (including, for purposes of
clause (y) below, all omissions with respect to the foregoing) which are done or made by the Board of Directors in good faith, shall (x) be final, conclusive and binding on the Company, the Rights Agent, the holders of the Right
Certificates and all other Persons, and (y) not subject the Board of Directors to any liability to the holders of the Rights. The Rights Agent shall always be entitled to assume that the Board of Directors acted in good faith and shall be fully
protected and incur no liability in reliance thereon. 
 Section 29. Benefits of this Rights Agreement. Nothing in this Rights
Agreement shall be construed to give to any Person other than the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Stock) any legal or equitable right, 

  

 47 

 
remedy or claim under this Rights Agreement; but this Rights Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent and the
holders of record of the Right Certificates (and, prior to the Distribution Date, the Common Stock). 
 Section 30. Delaware
Contract. This Rights Agreement and each Right Certificate issued hereunder shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such
State applicable to contracts to be made and performed entirely within such State; provided, however, that all provisions regarding the rights, duties and obligations of the Rights Agent shall be governed by and construed in accordance with the laws
of the State of New York applicable to contracts, made and to be performed entirely within such State. 
 Section 31.
Counterparts. This 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. 
 Section 32. Descriptive Headings. Descriptive headings of the several sections of this Rights Agreement are
inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 
 Section 33. Severability. If any term, provision, covenant or restriction of this Rights Agreement 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 Rights Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 
 IN WITNESS WHEREOF, the parties hereto have caused this Rights Agreement to be duly executed, all as of the day and year first above written. 
  

			
	DOVER MOTORSPORTS, INC.
		
	By:	 	 /s/ Klaus M. Belohoubek

		 	Klaus M. Belohoubek
		 	Senior Vice President - General Counsel
	
	MELLON INVESTOR SERVICES, LLC
		
	By:	 	 /s/ Authorized Official

  

 48 

 EXHIBIT A 
 [Form of Right Certificate] 
  

			
	Certificate No.                     	  	                     Rights

 NOT EXERCISABLE AFTER JUNE 13, 2016 OR EARLIER IF REDEEMED. THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF
THE COMPANY, AT $0.001 PER RIGHT (SUBJECT TO ADJUSTMENT) ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. IN THE EVENT THAT THE RIGHTS REPRESENTED BY THIS CERTIFICATE ARE ISSUED TO A PERSON WHO IS AN ACQUIRING PERSON OR AN ASSOCIATE OR AFFILIATE OF
AN ACQUIRING PERSON OR A TRANSFEREE OF THE RIGHTS PREVIOUSLY OWNED BY SUCH PERSONS, THIS RIGHT CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 11(a)(ii) OF THE RIGHTS AGREEMENT.

 Right Certificate 
 DOVER
MOTORSPORTS, INC. 
 This certifies that
                                        
    , or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to the terms, provisions and conditions of the Rights Agreement dated as of
June 14, 2006 (“Rights Agreement”) between DOVER MOTORSPORTS, INC., a Delaware corporation (“Company”), and Mellon Investor Services, LLC (“Rights Agent”), to purchase from the Company at any time after the
Distribution Date (as such term is defined in the Rights Agreement) and prior to 5:00 P.M. (New York City time) on June 13, 2016 at the principal office of the Rights Agent, or its successors as Rights Agent, in New York, New York, one fully
paid and nonassessable share of Common Stock, par value $1.00 per share (“Common Stock”), of the Company at a purchase price of $125.00 as the same may from time to time be adjusted in accordance with the Rights Agreement (“Purchase
Price”), upon presentation and surrender of this Right Certificate with the Form of Election to Purchase duly executed. 
 As provided
in the Rights Agreement, the Purchase Price and the number of shares of Common Stock which may be purchased upon the exercise of the Rights evidenced by this Right Certificate are subject to modification and adjustment upon the happening of certain
events and, upon the happening of certain events, securities other than shares of Common Stock, or other property, may be acquired upon exercise of the Rights evidenced by this Right Certificate, as provided by the Rights Agreement. 
  

 49 

 This Right Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement,
which terms, provisions and conditions are incorporated herein by reference and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities
of the Rights Agent, the Company and the holders of record of this Right Certificate. Copies of the Rights Agreement are on file at the principal executive office of the Company. 
 This Right Certificate, with or without other Right Certificates, upon surrender at the office of the Rights Agent designated for such purpose, may be
exchanged for another Right Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder of record to purchase a like aggregate number of shares of Common Stock as the Rights evidenced by the Right Certificate or
Right Certificates surrendered shall have entitled such holder to purchase. If this Right Certificate shall be exercised in part, the holder shall be entitled to receive, upon surrender hereof, another Right Certificate or Right Certificates for the
number of whole Rights not exercised. 
 Subject to the provisions of the Rights Agreement, the Rights evidenced by this Certificate may be
redeemed by the Company by the action of the Board of Directors at its option at a redemption price of $0.001 per Right at any time prior to the earlier of the close of business on (i) the tenth day following the Stock Acquisition Date (as such
time period may be extended pursuant to the Rights Agreement) and (ii) the Final Expiration Date. 
 No fractional shares of Common
Stock or other securities of the Company are required to be issued upon the exercise of any Right or Rights evidenced hereby, and in lieu thereof, as provided in the Rights Agreement, a cash payment will be made. 
 No holder of this Right Certificate shall be entitled to vote or receive dividends or be deemed for any purpose the holder of Common Stock or of any
other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a shareholder of
the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action or to receive notice of meetings or other actions affecting
shareholders or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Right Certificate shall have been exercised as provided in the Rights Agreement. 
  

 50 

 This Right Certificate shall not be valid or obligatory for any purpose until it shall have been
countersigned by the Rights Agent. 
 WITNESS the facsimile signature of the proper officers of the Company and its corporate seal. Dated as
of                     , 2006. 
  

					
	ATTEST:	  	DOVER MOTORSPORTS, INC.
			
	  
	  	By:	 	  

	Secretary	  	Title:	 	  

  

			
	Countersigned:
	
	 Mellon Investor Services LLC,
 as Rights
Agent

		
	By:	 	  

	Authorized signature

  

 51 

 [Form of Reverse Side of Right Certificate] 
 FORM OF ASSIGNMENT 
 (To be executed by the registered holder if such holder
desires to transfer this Right Certificate.) 
 FOR VALUE RECEIVED
                                        
hereby sells, assigns and transfers unto
                                        
         
                                       
                                        
                                        
                               (Please print name and address of transferee) 
 Rights evidenced by this Right Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoints
                                 Attorney to transfer the within Right Certificate
on the books of the within-named Company, with full power of substitution. 
 Dated:
                                ,
200         
  

	
	  

	Signature
	
	 Signature Guaranteed:

 Certificate 
 The undersigned hereby certifies by checking the appropriate boxes that: 
 (1) the Rights evidenced by this Right Certificate [    ] are [    ] are not being sold, assigned and transferred by or on behalf of a Person who is or was an Acquiring Person
or an Affiliate or Associate of any such Acquiring Person (as such terms are defined pursuant to the Rights Agreement); 
 (2) after due
inquiry and to the best knowledge of the undersigned, I, we or it [ ] did [ ] did not acquire the Rights evidenced by this Right Certificate from any Person who is or was an Acquiring Person or an Affiliate or Associate of an Acquiring Person or any
transferee of such Persons. 
  

			
	Dated:                      ,
200        	 	  

		 	Signature
		
		 	Signature Guaranteed:

  

 52 

 NOTICE 
 The signature to the foregoing Assignment or Form of Election, as the case may be, must correspond to the name as written upon the face of this Right Certificate in every particular, without alteration or enlargement
or any change whatsoever. 
 In the event the certification set forth in the Form of Assignment or the Form of Election to Purchase, as the
case may be, is not completed, the Company and the Rights Agent will deem the beneficial owner of the Rights evidenced by this Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) and
such Assignment or Election to Purchase will not be honored. 
  

 53 

 FORM OF ELECTION TO PURCHASE 
 (To be executed if registered holder desires to 
 exercise the Right Certificate.)

  

	TO:	DOVER MOTORSPORTS, INC. 

 The undersigned hereby
irrevocably elects to exercise
                                       
  Rights represented by this Right Certificate to purchase the shares of Common Stock issuable upon the exercise of such Rights and requests that certificates for such share(s) be issued in the name: 

	
	  
	(Please print name and address)

 Please insert social security or other identifying number
                                        
                                        
             
 If such number of Rights shall not be all the Rights evidenced
by this Right Certificate, a new Right Certificate for the
balance remaining of such Rights shall be registered in the name of and delivered to:              
                                        
                           

	
	  
	(Please print name and address)

 Please insert social security or other identifying number
                                     
 Dated:                     ,
200         

	
	  

	Signature

 (Signature must conform in all respects to name/s of holder/s as specified on the face of
this Right Certificate) 
 Signature Guaranteed: 
  

 54 

 CERTIFICATE 
 The undersigned hereby certifies by checking the appropriate boxes that: 
 (1) the Rights evidenced by this
Right Certificate [    ] are [    ] are not being exercised by or on behalf of a Person who is or was an Acquiring Person or an Affiliate or Associate of any such Acquiring Person (as such terms are defined
pursuant to the Rights Agreement); and 
 (2) after due inquiry and to the best knowledge of the undersigned, I, we or it
[    ] did [    ] did not acquire the Rights evidenced by this Right Certificate from any Person who is or was an Acquiring Person or an Affiliate or Associate of an Acquiring Person or any transferee of such
Persons. 
  

			
	Dated:                         ,
200        	  	  

		  	Signature
		
		  	Signature Guaranteed:

  

 55 

 EXHIBIT B 
 DOVER MOTORSPORTS, INC. 
 SUMMARY OF RIGHTS TO PURCHASE 
 COMMON STOCK 
 On June 14, 2006, Dover
Motorsports, Inc. (the “Company”) entered into a rights agreement with Mellon Investor Services LLC (the “Rights Agreement”). The Rights Agreement is substantially the same as the rights agreement previously in place with Mellon
Investor Services LLC dated June 14, 1996, as amended, which expired by its terms on June 13, 2006. Mellon Investor Services LLC is also the Company’s transfer agent. 
 Effective June 14, 2006, our board of directors authorized and declared the issuance of one common stock purchase right for each share of common
stock of the Company outstanding on June 14, 2006 and each share of common stock issued thereafter, subject to certain limitations. Each right entitles the registered holder to purchase from us one share of common stock at a purchase price of
$125 per share. The description and terms of the rights are set forth in the Rights Agreement. The following summarizes the principal terms of the Rights Agreement. 
 The rights are attached to and trade in tandem with our common stock. The rights, unless earlier redeemed by our board of directors, will detach and trade separately from our common stock only upon the occurrence of
certain events such as the unsolicited acquisition by a third party of beneficial ownership of 10% or more of our outstanding combined common stock and Class A common stock or the announcement by a third party of the intent to commence a tender
or exchange offer for 10% or more of our outstanding combined common stock and Class A common stock. After the rights have detached, the holders of such rights would generally have the ability to purchase such number of either shares of our
common stock or stock of an acquiror of our Company having a market value equal to twice the exercise price of the right being exercised, thereby causing substantial dilution to a person or group of persons attempting to acquire control of our
Company. The rights may serve as a significant deterrent to unsolicited attempts to acquire control of us, including transactions involving a premium to the market price of our stock. The rights expire on June 13, 2016, unless earlier redeemed.

  

 56 

 Initially the rights will not be exercisable, certificates will not be sent to stockholders and the
rights will automatically trade with the common stock. 
 The rights will be represented by and transferred with, and only with, the common
stock until the close of business on the distribution date, which will occur on the earlier of: 
  

	 	•	 	the tenth day following a public announcement that a person or group of affiliated or associated persons has acquired, or obtained the right to acquire, beneficial ownership of 10%
or more of the outstanding combined equity of our common stock and Class A common stock; or 

  

	 	•	 	a date fixed by our board of directors which is not later than the nineteenth business day after the commencement of a tender offer or exchange offer which would result in the
ownership of 10% or more of the outstanding combined equity of common stock and Class A common stock. 

 Certificates
issued for common stock on and after June 14, 2006 will contain a legend incorporating the Rights Agreement by reference, and the surrender for transfer of any of our common stock certificates will also constitute the transfer of the rights
associated with the common stock. As soon as practicable following the distribution date, separate right certificates will be mailed to holders of record of our common stock as of the close of business on the distribution date, and thereafter the
separate certificates alone will evidence the rights. 
 The rights are not exercisable until an event occurs which gives rise to a
distribution date. The rights will expire at the close of business on June 13, 2016, unless earlier redeemed by us as described below. Common stock issued after the distribution date will be issued with rights, if such common stock certificates
are issued pursuant to the exercise of stock options or under an employee benefit plan. 
 The purchase price payable, and the number of
shares of common stock or other securities or property issuable, upon exercise of the rights are subject to adjustment from time to time to prevent dilution: 
  

	 	•	 	in the event of a stock dividend on, or a subdivision, combination or reclassification of the common stock; 

  

 57 

	 	•	 	upon the grant to holders of the common stock of certain rights or warrants to subscribe for common stock or convertible securities at less than the current market price at the time
of grant; or 

  

	 	•	 	upon the distribution to holders of the common stock of evidences of indebtedness or assets, excluding regular cash dividends and dividends payable in common stock, or of
subscription rights or warrants other than those referred to above. 

 Unless the rights are earlier redeemed, in the event
that, after a stock acquisition date, we were to be acquired in a merger or other business combination (in which any shares of our common stock are changed into or exchanged for other securities or assets) or more than 50% of our assets or earning
power were to be sold or transferred in one or a series of related transactions, the Rights Agreement provides that proper provision shall be made so that each holder of record of a right will from and after such date have the right to receive, upon
payment of the purchase price, that number of shares of common stock of the acquiring company having a market value at the time of such transaction equal to two times the purchase price. 
 Each holder of a right, other than the acquiring person, will have the right to receive, upon payment of the purchase price, a number of shares of common
stock having a market value equal to twice the purchase price in the event: 
  

	 	•	 	any person becomes the beneficial owner of 10% or more of the then outstanding combined equity of common stock and Class A common stock, other than pursuant to an all-cash
tender offer on the same terms for all outstanding shares of common stock and Class A common stock pursuant to which no purchases of common stock or Class A common stock are made for at least 60 days from the date of commencement thereof
and which is accepted by holders of not less than the number of shares of common stock and Class A common stock that, when aggregated with the number of shares of common stock and Class A common stock owned by the person making the offer,
and its affiliates or associates, equals or exceeds 75% of the outstanding common stock and Class A common stock; or 

  

 58 

	 	•	 	any acquiring person or any of its affiliates or associates engages in one or more “self-dealing” transactions as described in the Rights Agreement.

 This same right will be available to each holder of record of a right, other than the acquiring person, if, while there is
an acquiring person, there occurs any reclassification of securities, any recapitalization of the Company, or any merger or consolidation or other transaction involving the Company or any of its subsidiaries which has the effect of increasing by
more than 1% the proportionate ownership interest in the Company or any of its subsidiaries which is owned or controlled by the acquiring person. To the extent that insufficient shares of common stock are available for the exercise in full of the
rights, holders of rights will receive upon exercise, shares of common stock to the extent available and then cash, property or other securities of the Company (which may be accompanied by a reduction in the purchase price), in proportions
determined by us, so that the aggregate value received is equal to twice the purchase price. Rights that are beneficially owned by an acquiring person will be null and void. 
 Any person that is the beneficial owner of 10% or more of the outstanding combined equity of common stock and Class A common stock prior to the
adoption of the rights plan will not be deemed an acquiring person. The Estate of John W. Rollins, Sr. and Henry B. Tippie are, therefore, excluded from the definition of acquiring person. 
 No fractional shares of common stock or other securities of the Company will be issued upon exercise of the rights and, in lieu thereof, a payment in
cash will be made to the holder of such rights equal to the same fraction of the Current Market Value of a share of common stock or other securities of the Company. 
 At any time until ten days following the stock acquisition date (subject to extension by our board of directors), our board of directors may cause us to redeem the rights in whole, but not in part, at a price of
$0.001 per right, subject to adjustment. Immediately upon the action of the board of directors authorizing redemption of the rights, the right to exercise the rights will terminate, and the holders of rights will only be entitled to receive the
redemption price without any interest thereon. 
 For as long as the rights are then redeemable, we may, except with respect to the
redemption price or date of expiration of the rights, amend the rights in any manner, including an amendment to 

  

 59 

 
extend the time period in which the rights may be redeemed. At any time when the rights are not then redeemable, we may amend the rights in any manner that
does not adversely affect the interests of holders of the rights as such. 
 Until a right is exercised, the holder, as such, will have no
rights as a stockholder of the Company, including, without limitation, the right to vote or to receive dividends. 
 A copy of the Rights
Agreement has been filed with the Securities and Exchange Commission as an exhibit to a registration statement filed June 14, 2006. A copy of the Rights Agreement is available free of charge upon written request to us. 
 The rights have certain anti-takeover effects. The rights may cause substantial dilution to a person or group who attempts to acquire us on terms not
approved by our board of directors. The rights were not declared in response to any specific effort to acquire control of us, and our board of directors is not aware of any such effort. The rights should not interfere with any merger or other
business combination approved by the board since the rights may be redeemed by us at $0.001 per right at any time until the close of business on the tenth day after a person or group has obtained beneficial ownership of 10% or more of the
outstanding shares of our common stock and Class A common stock. 
 A separate rights agreement applies to all shares of our
Class A common stock and has substantially the same terms as the Rights Agreement with respect to common stock, except that the Class A common stock purchase right is for the purchase of one share of Class A common stock at the same
$125 per share purchase price and exercisable on the same triggering events. In both rights agreements, the triggering events are based on calculations involving the combined equity of common stock and Class A common stock. 
  

 60

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]