Document:

<PAGE>

                                                                     EXHIBIT 4.3

                                                                [CONFORMED COPY]

                               RIGHTS AGREEMENT

                                  dated as of

                               December 6, 1989

                                    between

                            MURPHY OIL CORPORATION

                                      and

                       HARRIS TRUST COMPANY OF NEW YORK,

                                as Rights Agent

                                   Ex. 4.3-0
<PAGE>

                               TABLE OF CONTENTS*

<TABLE>
<CAPTION>
                                                                                Page
<S>                                                                       <C>
Section 1.  Definitions................................................... Ex. 4.3-1
Section 2.  Appointment of Rights Agent................................... Ex. 4.3-4
Section 3.  Issue of Right Certificates................................... Ex. 4.3-4
Section 4.  Form of Right Certificates.................................... Ex. 4.3-6
Section 5.  Countersignature and Registration............................. Ex. 4.3-6
Section 6.  Transfer and Exchange of Right Certificates; Mutilated,
     Destroyed, Lost or Stolen Right Certificates......................... Ex. 4.3-7
Section 7.  Exercise of Rights; Purchase Price; Expiration
     Date of Rights....................................................... Ex. 4.3-8
Section 8.  Cancellation and Destruction of Right Certificates............Ex. 4.3-10
Section 9.  Reservation and Availability of Capital Stock.................Ex. 4.3-10
Section 10.  Preferred Stock Record Date..................................Ex. 4.3-11
Section 11.  Adjustment of Purchase Price, Number and Kind of
     Shares or Number of Rights...........................................Ex. 4.3-12
Section 12.  Certificate of Adjusted Purchase Price or Number of
     Shares...............................................................Ex. 4.3-21
Section 13.  Consolidation, Merger or Sale or Transfer of Assets or
     Earning Power........................................................Ex. 4.3-21
Section 14.  Fractional Rights and Fractional Shares......................Ex. 4.3-23
Section 15.  Rights of Action.............................................Ex. 4.3-25
Section 16.  Agreement of Right Holders...................................Ex. 4.3-25
Section 17.  Right Certificate Holder Not Deemed a Stockholder............Ex. 4.3-26
Section 18.  Concerning the Rights Agent..................................Ex. 4.3-26
Section 19.  Merger or Consolidation or Change of Name of Rights Agent....Ex. 4.3-27
Section 20.  Duties of Rights Agent.......................................Ex. 4.3-28
Section 21.  Change of Rights Agent.......................................Ex. 4.3-30
Section 22.  Issuance of New Right Certificates...........................Ex. 4.3-31
Section 23.  Redemption...................................................Ex. 4.3-31
Section 24.  Exchange.....................................................Ex. 4.3-32
Section 25.  Notice of Proposed Actions...................................Ex. 4.3-33
Section 26.  Notices......................................................Ex. 4.3-34
Section 27.  Supplements and Amendments...................................Ex. 4.3-34
Section 28.  Successors...................................................Ex. 4.3-35
Section 29.  Determinations and Actions by the Board of
     Directors, etc.......................................................Ex. 4.3-35
Section 30.  Benefits of this Agreement...................................Ex. 4.3-35
</TABLE>

__________________
* The Table of Contents is not a part of this Agreement.

                                   Ex. 4.3-i
<PAGE>

<TABLE>
<CAPTION>
                                                                            Page
<S>                                                                   <C>
Section 31.  Severability.............................................Ex.  4.3-35
Section 32.  Governing Law............................................Ex.  4.3-36
Section 33.  Counterparts.............................................Ex.  4.3-36
Section 34.  Descriptive Headings.....................................Ex.  4.3-36

Exhibit A  - Form of Certificate of Designation of Preferred Stock....Ex. 4.3-A-1

Exhibit B  - Form of Right Certificate................................Ex. 4.3-B-1

Exhibit C  - Summary Description of the Stockholder Rights Plan.......Ex. 4.3-C-1
</TABLE>

                                  Ex. 4.3-ii
<PAGE>

                               RIGHTS AGREEMENT

     AGREEMENT dated as of December 6, 1989, between Murphy Oil Corporation, a
Delaware corporation (the "Company"), and Harris Trust Company of New York, as
Rights Agent (the "Rights Agent"),

                              W I T N E S S E T H

     WHEREAS, on December 6, 1989 the Board of Directors of the Company
authorized and declared a dividend of one preferred stock purchase right (a
"Right") for each share of Common Stock (as hereinafter defined) outstanding at
the close of business on December 20, 1989 (the "Record Date") and has
authorized the issuance, upon the terms and subject to the conditions
hereinafter set forth, of one Right in respect of each share of Common Stock
issued after the Record Date, each Right representing the right to purchase,
upon the terms and subject to the conditions hereinafter set forth, one one-
hundredth of a share of Preferred Stock (as hereinafter defined);

     NOW, THEREFORE, the parties hereto agree as follows:

     Section 1.  Definitions.  The following terms, as used herein, have the
following meanings:

     "Acquiring Person" means any Person (other than Charles H.  Murphy, Jr. and
Affiliates of Charles H. Murphy, Jr.) who, together with all Affiliates and
Associates of such Person, shall be the Beneficial Owner of 15% or more of the
shares of Common Stock then outstanding, but shall not include the Company, any
of its Subsidiaries, any employee benefit plan of the Company or any of its
Subsidiaries or any Person organized, appointed or established by the Company or
any of its Subsidiaries for or pursuant to the terms of any such plan.

     "Affiliate" and "Associate" have the respective meanings ascribed to such
terms in Rule 12b-2 under the Exchange Act as in effect on the date hereof.

     A Person shall be deemed the "Beneficial Owner" of, and shall be deemed to
"Beneficially Own", any securities:

     (a)  which such Person or any of its Affiliates or Associates, directly or
indirectly, beneficially owns (as determined pursuant to Rule 13d-3 under the
Exchange Act as in effect on the date hereof);

                                   Ex. 4.3-1
<PAGE>

     (b)  which such Person or any of its Affiliates or Associates, directly or
indirectly, has

          (i)    the right to acquire (whether such right is exercisable
     immediately or only upon the occurrence of certain events or the passage of
     time or both) pursuant to any agreement, arrangement or understanding
     (whether or not in writing) or otherwise (other than pursuant to the
     Rights); PROVIDED that a Person shall not be deemed the "Beneficial Owner"
     of or to "Beneficially Own" securities tendered pursuant to a tender or
     exchange offer made by or on behalf of such Person or any of its Affiliates
     or Associates until such tendered securities are accepted for payment or
     exchange; or

          (ii)   the right to vote (whether such right is exercisable
     immediately or only upon the occurrence of certain events or the passage of
     time or both) pursuant to any agreement, arrangement or understanding
     (whether or not in writing) or otherwise; PROVIDED that a Person shall not
     be deemed the "Beneficial Owner" of or to "Beneficially Own" any security
     under this clause (ii) as a result of an agreement, arrangement or
     understanding to vote such security if such agreement, arrangement or
     understanding (A) 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 under the Exchange
     Act and (B) is not also then reportable by such Person on Schedule 13D
     under the Exchange Act (or any comparable or successor report); or

     (c)  which are beneficially owned, directly or indirectly, by any other
Person (or any Affiliate or Associate thereof) with which such Person or any of
its Affiliates or Associates has any agreement, arrangement or understanding
(whether or not in writing) for the purpose of acquiring, holding, voting
(except pursuant to a revocable proxy as described in subparagraph (b)(ii)
immediately above) or disposing of any such securities.

     "Business Day" means any day other than a Saturday, Sunday or a day on
which banking institutions in the State of New York are authorized or obligated
by law or executive order to close.

     "Close Of Business" on any given date means 5:00 P.M., New York City time,
on such date; PROVIDED that if such date is not a Business Day "Close Of
Business" means 5:00 P.M., New York City time, on the next succeeding Business
Day.

                                   Ex. 4.3-2
<PAGE>

     "Common Stock" means the Common Stock, par value $1.00 per share, of the
Company, except that, when used with reference to any Person other than the
Company, "COMMON STOCK" means the capital stock of such Person with the greatest
voting power, or the equity securities or other equity interest having power to
control or direct the management, of such Person.

     "Continuing Director" means any member of the Board of Directors of the
Company, while such Person is a member of the Board, who is not an Acquiring
Person or an Affiliate or Associate of an Acquiring Person or a representative
or nominee of an Acquiring Person or of any such Affiliate or Associate and
either (a) was a member of the Board immediately prior to the time any Person
becomes an Acquiring Person or (b) subsequently becomes a member of the Board,
if such Person's nomination for election or election to the Board is recommended
or approved by a majority of the Continuing Directors.

     "Distribution Date" means the close of business on the tenth day (or such
later day as may be designated by action of a majority of the Continuing
Directors) after the Stock Acquisition Date.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended.

     "Expiration Date" means the earlier of (a) the Final Expiration Date and
(b) the time at which all Rights are redeemed as provided in Section 23 or
exchanged as provided in Section 24.

     "Final Expiration Date" means the close of business on December 6, 1999.

     "Person" means an individual, corporation, partnership, association, trust
or any other entity or organization.

     "Preferred Stock" means the Series A Participating Cumulative Preferred
Stock, par value $100.00 per share, of the Company, having the terms set forth
in the form of certificate of designation attached hereto as Exhibit A.

     "Purchase Price" means the price (subject to adjustment as provided herein)
at which a holder of a Right may purchase one one-hundredth of a share of
Preferred Stock (subject to adjustment as provided herein) upon exercise of a
Right, which price shall initially be $130.00.

     "Section 11(a)(ii) Event" means any event described in the first clause of
Section 11(a)(ii).

                                   Ex. 4.3-3
<PAGE>

     "Section 13 Event" means any event described in clauses (x), (y) or (z) of
Section 13(a).

     "Securities Act" means the Securities Act of 1933, as amended.

     "Stock Acquisition Date" means the date of the first public announcement
(including the filing of a report on Schedule 13D under the Exchange Act (or any
comparable or successor report)) by the Company or an Acquiring Person
indicating that an Acquiring Person has become such.

     "Subsidiary" of any Person means any other Person of which securities or
other ownership interests having ordinary voting power, in the absence of
contingencies, to elect a majority of the board of directors or other Persons
performing similar functions are at the time directly or indirectly owned by
such first Person.

     "Trading Day" means 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.

     "Triggering Event" means any Section 11(a)(ii) Event or any Section 13
Event.

     Section 2.  Appointment of Rights Agent.  The Company hereby appoints the
Rights Agent to act as agent for the Company and the holders of the Rights in
accordance with the terms and conditions hereof, and the Rights Agent hereby
accepts such appointment.  The Company may from time to time appoint such Co-
Rights Agents as it may deem necessary or desirable.  If the Company appoints
one or more Co-Rights Agents, the respective duties of the Rights Agent and any
Co-Rights Agents shall be as the Company shall determine.

     Section 3.  Issue of Right Certificates.  (a) Prior to the Distribution
Date, (i) the Rights will be evidenced by the certificates for the Common Stock
and not by separate Right Certificates (as hereinafter defined) and the
registered holders of the Common Stock shall be deemed to be the registered
holders of the associated Rights, and (ii) the Rights will be transferable only
in connection with the transfer of the underlying shares of Common Stock.  As
soon as practicable after the Record Date, the Company will send a summary of
the Rights substantially in the form of Exhibit C hereto, by first-class,
postage prepaid mail, to each record holder of the 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.

                                   Ex. 4.3-4
<PAGE>

     (b)  As soon as practicable after the Company has notified the Rights Agent
of the occurrence of the Distribution Date, the Rights Agent will send, by
first-class, insured, postage prepaid mail, to each record holder of the Common
Stock as of the close of business on the Distribution Date, at the address of
such holder shown on the records of the Company, one or more Right Certificates
evidencing one Right (subject to adjustment as provided herein) for each share
of Common Stock so held.  If an adjustment in the number of Rights per share of
Common Stock has been made pursuant to Section 11(p), the Company shall, at the
time of distribution of the Right Certificates, make the necessary and
appropriate rounding adjustments (in accordance with Section 14(a)) so that
Right Certificates representing only whole numbers of Rights are distributed and
cash is paid in lieu of any fractional Rights.  From and after the Distribution
Date, the Rights will be evidenced solely by such Right Certificates.

     (c)  Rights shall be issued in respect of all shares of Common Stock
outstanding as of the Record Date or issued (on original issuance or out of
treasury) after the Record Date but prior to the earlier of the Distribution
Date and the Expiration Date. In addition, in connection with the issuance or
sale of shares of Common Stock following the Distribution Date and prior to the
Expiration Date, the Company (i) shall, with respect to shares of Common Stock
so issued or sold (x) pursuant to the exercise of stock options or under any
employee plan or arrangement or (y) upon the exercise, conversion or exchange of
other securities issued by the Company prior to the Distribution Date and (ii)
may, in any other case, if deemed necessary or appropriate by the Board of
Directors of the Company, issue Right Certificates representing the appropriate
number of Rights in connection with such issuance or sale; PROVIDED that no such
Right Certificate shall be issued if, and to the extent that, (i) 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
Right Certificate would be issued or (ii) appropriate adjustment shall otherwise
have been made in lieu of the issuance thereof.

     (d)  Certificates for the Common Stock issued after the Record Date but
prior to the earlier of the Distribution Date and the Expiration Date shall have
impressed on, printed on, written on or otherwise affixed to them the following
legend:

          This certificate also evidences certain Rights as set forth in a
          Rights Agreement between Murphy Oil Corporation (the "Company") and
          Harris Trust Company of New York dated as of December 6, 1989 (the
          "Rights Agreement"), the terms of which are hereby incorporated herein
          by reference and a copy of which is on file at the principal executive
          offices of the Company. The Company will

                                   Ex. 4.3-5
<PAGE>

          mail to the holder of this certificate a copy of the Rights Agreement
          without charge promptly after receipt of a written request therefor.
          Under certain circumstances, as set forth in the Rights Agreement,
          such Rights may be evidenced by separate certificates and no longer be
          evidenced by this certificate, may be redeemed or exchanged or may
          expire. As set forth in the Rights Agreement, Rights issued to, or
          held by, any Person who is, was or becomes an Acquiring Person or an
          Affiliate or Associate thereof (as such terms are defined in the
          Rights Agreement), whether currently held by or on behalf of such
          Person or by any subsequent holder, may be null and void.

     Section 4.  Form of Right Certificates.  (a) The certificates evidencing
the Rights (and the forms of assignment, election to purchase and certificates
to be printed on the reverse thereof) (the "Right Certificates") shall be
substantially in the form of Exhibit B hereto and may have such marks of
identification or designation and such legends, summaries or endorsements
printed thereon as the Company may deem appropriate and as are not inconsistent
with the provisions of this Agreement, or as may be required to comply with any
applicable law, rule or regulation 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.  The Right Certificates, whenever distributed, shall be dated as of the
Record Date.

     (b)  Any Right Certificate representing Rights beneficially owned by any
Person referred to in clauses (i), (ii) or (iii) of the first sentence of
Section 7(d) shall (to the extent feasible) contain the following legend:

          The Rights represented by this Right Certificate are or were
          beneficially owned by a Person who was or became an Acquiring Person
          or an Affiliate or Associate of an Acquiring Person (as such terms are
          defined in the Rights Agreement). This Right Certificate and the
          Rights represented hereby may be or may become null and void in the
          circumstances specified in Section 7(d) of such 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
shall have affixed 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 whose manual or facsimile
signature is affixed to the Right Certificates shall cease to be such officer of
the

                                   Ex. 4.3-6
<PAGE>

Company before countersignature by the Rights Agent and issuance and delivery by
the Company, such Right Certificates may, nevertheless, be countersigned by the
Rights Agent and issued and delivered 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. Any Right Certificate 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, the Rights Agent will keep or cause
to be kept, at its principal office or offices designated as the place for
surrender of Right Certificates upon exercise, transfer or exchange, books for
registration and transfer of the Right Certificates.  Such books shall show with
respect to each Right Certificate the name and address of the registered holder,
the number of Rights indicated on the certificate and the certificate number.

     Section 6.  Transfer and Exchange of Right Certificates; Mutilated,
Destroyed, Lost or Stolen Right Certificates.  (a) At any time after the
Distribution Date and prior to the Expiration Date, any Right Certificate or
Certificates may, upon the terms and subject to the conditions set forth below
in this Section 6(a), be transferred or exchanged for another Right Certificate
or Certificates evidencing a like number of Rights as the Right Certificate or
Certificates surrendered.  Any registered holder desiring to transfer or
exchange any Right Certificate or Certificates shall surrender such Right
Certificate or Certificates (with, in the case of a transfer, the form of
assignment and certificate on the reverse side thereof duly executed) to the
Rights Agent at the principal office or offices of the Rights Agent designated
for such purpose.  Neither the Rights Agent nor the Company shall be obligated
to take any action whatsoever with respect to the transfer of any such
surrendered Right Certificate or Certificates until the registered holder of the
Rights has complied with the requirements of Section 7(e).  Upon satisfaction of
the foregoing requirements, the Rights Agent shall, subject to Sections 4(b),
7(d), 14 and 24, countersign and deliver to the Person entitled thereto a Right
Certificate or Certificates as so requested.  The Company may require payment of
a sum sufficient to cover any transfer tax or other governmental charge that may
be imposed in connection with any transfer or exchange of any Right Certificate
or Certificates.

     (b)  Upon receipt by the Company and the Rights Agent of evidence
reasonably satisfactory to them of the loss, theft, destruction or mutilation of
a Right Certificate, and, in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to them, and, at the Company's request,
reimbursement to the Company and the Rights Agent of all reasonable expenses
incidental thereto,

                                   Ex. 4.3-7
<PAGE>

and upon surrender to the Rights Agent and cancellation of the Right Certificate
if mutilated, the Company will issue 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 so lost, stolen, destroyed or mutilated.

     Section 7.  Exercise of Rights; Purchase Price; Expiration Date of Rights.
(a) The registered holder of any Right Certificate may exercise the Rights
evidenced thereby (except as otherwise provided herein, including Sections 7(d)
and (e), 9(c), 11(a)(iii) and 24) in whole or in part at any time after the
Distribution Date and prior to the Expiration Date upon surrender of the Right
Certificate, with the form of election to purchase and the certificate on the
reverse side thereof duly executed, to the Rights Agent at the principal office
or offices of the Rights Agent designated for such purpose, together with
payment (in lawful money of the United States of America by certified check or
bank draft payable to the order of the Company) of the aggregate Purchase Price
with respect to the Rights then to be exercised and an amount equal to any
applicable transfer tax or other governmental charge.

     (b)  Upon satisfaction of the requirements of Section 7(a) and subject to
Section 20(k), the Rights Agent shall thereupon promptly (i)(A) requisition from
any transfer agent of the Preferred Stock (or make available, if the Rights
Agent is the transfer agent therefor) certificates for the total number of one
one-hundredths of a share of Preferred Stock to be purchased (and the Company
hereby irrevocably authorizes its transfer agent to comply with all such
requests) or (B) if the Company shall have elected to deposit the shares of
Preferred Stock issuable upon exercise of the Rights with a depositary agent,
requisition from the depositary agent depositary receipts representing such
number of one one-hundredths of a share of Preferred Stock as are to be
purchased (in which case certificates for the shares of Preferred Stock
represented by such receipts shall be deposited by the transfer agent with the
depositary agent) and the Company will direct the depositary agent to comply
with such request, (ii) requisition from the Company the amount of cash, if any,
to be paid in lieu of issuance of fractional shares in accordance with Section
14 and (iii) after receipt of such certificates or depositary receipts and cash,
if any, cause the same to be delivered to or upon the order of the registered
holder of such Right Certificate (with such certificates or receipts registered
in such name or names as may be designated by such holder).  If the Company is
obligated to deliver Common Stock, other securities or assets pursuant to this
Agreement, the Company will make all arrangements necessary so that such other
securities and assets are available for delivery by the Rights Agent, if and
when appropriate.

                                   Ex. 4.3-8
<PAGE>

     (c)  In case the registered holder of any Right Certificate shall exercise
less than all the Rights evidenced thereby, a new Right Certificate evidencing
the number of Rights remaining unexercised shall be issued by the Rights Agent
and 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, subject to the provisions of Section 14.

     (d)  Notwithstanding anything in this Agreement to the contrary, from and
after the first occurrence of a Section 11(a)(ii) Event, any Rights beneficially
owned by (i) an Acquiring Person or an Associate or Affiliate of an Acquiring
Person, (ii) a transferee of an Acquiring Person (or of any such Associate or
Affiliate) who becomes a transferee after the Acquiring Person becomes such or
(iii) a transferee of an Acquiring Person (or of any such Associate or
Affiliate) who becomes a transferee prior to or concurrently with the Acquiring
Person becoming such and receives such Rights pursuant to either (A) a transfer
(whether or not for consideration) from the Acquiring Person (or any such
Associate or Affiliate) to holders of equity interests in such Acquiring Person
(or in any such Associate or Affiliate) or to any Person with whom the Acquiring
Person (or any such Associate or Affiliate) has any continuing agreement,
arrangement or understanding regarding the transferred Rights or (B) a transfer
which the Board of Directors of the Company has determined is part of a plan,
arrangement or understanding which has as a primary purpose or effect the
avoidance of this Section 7(d) shall become null and void without any further
action, and no holder of such Rights shall have any rights whatsoever with
respect to such Rights, whether under any provision of this Agreement or
otherwise.  The Company shall use all reasonable efforts to insure that the
provisions of this Section 7(d) and Section 4(b) are complied with, but shall
have no liability to any holder of Right Certificates or other Person as a
result of its failure to make any determinations with respect to an Acquiring
Person or its Affiliates and Associates or any transferee of any of them
hereunder.

     (e)  Notwithstanding anything in this Agreement to the contrary, neither
the Rights Agent nor the Company shall be obligated to undertake any action with
respect to a registered holder of Rights upon the occurrence of any purported
transfer pursuant to Section 6 or exercise pursuant to this Section 7 unless
such registered holder (i) shall have completed and signed the certificate
contained in the form of assignment or election to purchase, as the case may be,
set forth on the reverse side of the Right Certificate surrendered for such
transfer or exercise, as the case may be, (ii) shall not have indicated an
affirmative response to clause 1 or 2 thereof and (iii) 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 shall
reasonably request.

                                   Ex. 4.3-9
<PAGE>

     Section 8.  Cancellation and Destruction of Right Certificates.  All Right
Certificates surrendered for exercise, transfer 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 this Agreement.  The Company shall
deliver to the Rights Agent for cancellation, and the Rights Agent shall cancel,
any other 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 Capital Stock.  (a)  The
Company covenants and agrees that it will cause to be reserved and kept
available a number of shares of Preferred Stock which are authorized but not
outstanding or otherwise reserved for issuance sufficient to permit the exercise
in full of all outstanding Rights as provided in this Agreement.

     (b)  So long as the Preferred Stock issuable upon the exercise of Rights
may be listed on any national securities exchange, the Company shall use its
best efforts to cause, from and after such time as the Rights become
exercisable, all securities reserved for such issuance to be listed on any such
exchange upon official notice of issuance upon such exercise.

     (c)  The Company shall use its best efforts (i) to file, as soon as
practicable following the earliest date after the occurrence of a Section
11(a)(ii) Event as of which the consideration to be delivered by the Company
upon exercise of the Rights has been determined in accordance with Section
11(a)(iii), or as soon as is required by law following the Distribution Date, as
the case may be, a registration statement under the Securities Act with respect
to the securities issuable upon exercise of the Rights, (ii) to cause such
registration statement to become effective as soon as practicable after such
filing and (iii) to cause such registration statement to remain effective (with
a prospectus at all times meeting the requirements of the Securities Act) until
the earlier of (A) the date as of which the Rights are no longer exercisable for
such securities and (B) the Expiration Date.  The Company will also take such
action as may be appropriate under, or to ensure compliance with, the securities
or blue sky laws of the various states in connection with the exercisability of
the Rights.  The Company may temporarily suspend, for a period of time not to
exceed 90 days after the date set forth in clause (i) of the first sentence of
this Section 9(c), the exercisability of the Rights in order to prepare and file
such registration statement and permit it to become effective.  Upon any such
suspension, the Company shall issue a public

                                  Ex. 4.3-10
<PAGE>

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. Notwithstanding any such provision of this Agreement to the
contrary, the Rights shall not be exercisable for securities in any jurisdiction
if the requisite qualification in such jurisdiction shall not have been
obtained, such exercise therefor shall not be permitted under applicable law or
a registration statement in respect of such securities shall not have been
declared effective.

     (d)  The Company covenants and agrees that it will take all such action as
may be necessary to insure that all one one-hundredths of a share of Preferred
Stock issuable upon exercise of Rights shall, at the time of delivery of the
certificates for such securities (subject to payment of the Purchase Price), be
duly and validly authorized and issued and fully paid and nonassessable.

     (e)  The Company further covenants and agrees that it will pay when due and
payable any and all federal and state transfer taxes and other governmental
charges which may be payable in respect of the issuance or delivery of the Right
Certificates and of any certificates for Preferred Stock upon the exercise of
Rights. The Company shall not, however, be required to pay any transfer tax or
other governmental charge which may be payable in respect of any transfer
involved in the issuance or delivery of any Right Certificates or of any
certificates for Preferred Stock to a Person other than the registered holder of
the applicable Right Certificate, and prior to any such transfer, issuance or
delivery any such tax or other governmental charge shall have been paid by the
holder of such Right Certificate or it shall have been established to the
Company's satisfaction that no such tax or other governmental charge is due.

     Section 10.  Preferred Stock Record Date.  Each Person (other than the
Company) in whose name any certificate for Preferred Stock is issued upon the
exercise of Rights shall for all purposes be deemed to have become the holder of
record of such Preferred Stock 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 transfer taxes
or other governmental charges) was made; PROVIDED that if the date of such
surrender and payment is a date upon which the transfer books of the Company
relating to the Preferred Stock are closed, such Person shall be deemed to have
become the record holder of such shares on, and such certificate shall be dated,
the next succeeding Business Day on which the applicable transfer books of the
Company are open.  Prior to the exercise of the Rights evidenced thereby, the
holder of a Right Certificate shall not be entitled to any rights of a
stockholder of the Company with respect to shares for which the Rights shall be
exercisable, including the right to vote, to receive dividends or other
distributions or to

                                  Ex. 4.3-11
<PAGE>

exercise any preemptive rights, and shall not be entitled to receive any notice
of any proceedings of the Company except as provided herein.

     Section 11.  Adjustment of Purchase Price, Number and Kind of Shares or
Number of Rights.  (a) (i) If the Company shall at any time after the date of
this Agreement (A) pay a dividend on the Preferred Stock payable in shares of
Preferred Stock, (B) subdivide the outstanding Preferred Stock into a greater
number of shares, (C) combine the outstanding Preferred Stock into a smaller
number of shares or (D) issue any shares of its capital stock in a
reclassification of the Preferred Stock (including any such reclassification in
connection with a consolidation or merger involving the Company), the Purchase
Price in effect immediately prior to 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 Preferred Stock or other capital stock issuable on
such date shall be proportionately adjusted so that each holder of a Right shall
(except as otherwise provided herein, including Section 7(d)) thereafter be
entitled to receive, upon exercise thereof at the Purchase Price in effect
immediately prior to such date, the aggregate number and kind of shares of
Preferred Stock or other capital stock, as the case may be, which, if such Right
had been exercised immediately prior to such date and at a time when the
applicable transfer books of the Company were open, such holder would have been
entitled to receive upon such exercise and by virtue of such dividend,
subdivision, combination or reclassification.  If an event occurs which requires
an adjustment under both this Section 11(a)(i) and Section 11(a)(ii), 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)   If any Person, alone or together with its Affiliates and
     Associates, shall, at any time after the date of this Agreement, become the
     Beneficial Owner of 15% or more of the shares of Common Stock then
     outstanding, then proper provision shall promptly be made so that each
     holder of a Right shall (except as otherwise provided herein, including
     Section 7(d)) thereafter be entitled to receive, upon exercise thereof at
     the Purchase Price in effect immediately prior to the first occurrence of a
     Section 11(a)(ii) Event, in lieu of Preferred Stock, such number of duly
     authorized, validly issued, fully paid and nonassessable shares of Common
     Stock of the Company (such number of shares being referred to herein as the
     "Adjustment Shares") as shall be equal to the result obtained by dividing

                 (x)  the product obtained by multiplying the Purchase Price in
          effect immediately prior to the first occurrence of a Section
          11(a)(ii) Event by the number of one one-hundredths of a share of
          Preferred Stock for which a Right was exercisable immediately

                                  Ex. 4.3-12
<PAGE>

          prior to such first occurrence (such product being thereafter referred
          to as the "Purchase Price" for each Right and for all purposes of this
          Agreement) by

                 (y)  50% of the current market price (determined pursuant to
          Section 11(d)(i)) per share of Common Stock on the date of such first
          occurrence;

PROVIDED that if the transaction that would otherwise give rise to the foregoing
adjustment is also subject to the provisions of Section 13, then only the
provisions of Section 13 shall apply and no adjustment shall be made pursuant to
this Section 11(a)(ii).

          (iii)  If the number of shares of Common Stock which are authorized by
     the Company's certificate of incorporation but not outstanding or reserved
     for issuance 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), the Company shall, with respect to each Right, make adequate
     provision to substitute for the Adjustment Shares, upon payment of the
     Purchase Price then in effect, (A) (to the extent available) Common Stock
     and then, (B) (to the extent available) other equity securities of the
     Company which the Board of Directors of the Company (or, if at such time
     there is an Acquiring Person, a majority of the Continuing Directors) has
     determined to be essentially equivalent to shares of Common Stock in
     respect to dividend, liquidation and voting rights (such securities being
     referred to herein as "common stock equivalents") and then, if necessary,
     (C) other equity or debt securities of the Company, cash or other assets, a
     reduction in the Purchase Price or any combination of the foregoing, having
     an aggregate value (as determined by the Board of Directors of the Company
     based upon the advice of a nationally recognized investment banking firm
     selected by the Board of Directors of the Company) equal to the value of
     the Adjustment Shares; PROVIDED that (x) the Company may, and (y) if the
     Company shall not have made adequate provision as required above to deliver
     value within 30 days following the later of the first occurrence of a
     Section 11(a)(ii) Event and the first date that the right to redeem the
     Rights pursuant to Section 23 shall expire, then the Company shall be
     obligated to, deliver, upon the surrender for exercise of a Right and
     without requiring payment of the Purchase Price, (1) (to the extent
     available) Common Stock and then (2) (to the extent available) common stock
     equivalents and then, if necessary, (3) other debt or equity securities to
     the Company, cash or other assets or any combination of the foregoing,
     having an aggregate value (as determined by the Board of Directors of the
     Company based upon the advice of a nationally recognized

                                  Ex. 4.3-13
<PAGE>

     investment banking firm selected by the Board of Directors of the Company)
     equal to the excess of the value of the Adjustment Shares over the Purchase
     Price. If the Board of Directors of the Company shall determine in good
     faith that it is likely that sufficient additional shares of Common Stock
     could be authorized for issuance upon exercise in full of the Rights, the
     30 day period set forth above (such period, as it may be extended, being
     referred to herein as the "Substitution Period") may be extended to the
     extent necessary, but not more than 90 days following the first occurrence
     of a Section 11(a)(ii) Event, in order that the Company may seek
     stockholder approval for the authorization of such additional shares. To
     the extent that the Company determines that some action is to be taken
     pursuant to the first and/or second sentence of this Section 11(a)(iii),
     the Company (X) shall provide, subject to Section 7(d), that such action
     shall apply uniformly to all outstanding Rights and (Y) may suspend the
     exercisability of the Rights until the expiration of the Substitution
     Period in order to seek any authorization of additional shares and/or to
     decide the appropriate form and value of any consideration to be delivered
     as referred to in such first and/or second sentence. If any such suspension
     occurs, 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.
     For purposes of this Section 11(a)(iii), the value of the Common Stock
     shall be the current market price per share of Common Stock (as determined
     pursuant to Section 11(d)) on the later of the date of the first occurrence
     of a Section 11(a)(ii) Event and the first date that the right to redeem
     the Rights pursuant to Section 23 shall expire; any "common stock
     equivalent" shall be deemed to have the same value as the Common Stock on
     such date; and the value of other securities or assets shall be determined
     pursuant to Section 11(d)(iii).

     (b)  In case the Company shall fix a record date for the issuance of
rights, options or warrants to all holders of Preferred Stock entitling them to
subscribe for or purchase (for a period expiring within 45 calendar days after
such record date) Preferred Stock (or securities having the same rights,
privileges and preferences as the shares of Preferred Stock ("equivalent
preferred stock")) or securities convertible into or exercisable for Preferred
Stock (or equivalent preferred stock) at a price per share of Preferred Stock
(or equivalent preferred stock) (in each case, taking account of any conversion
or exercise price) less than the current market price (as determined pursuant to
Section 11(d)) per share of Preferred Stock on such record date, 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 date by a fraction, the
numerator of which shall be the number of shares of Preferred Stock outstanding
on such record date, plus the number of shares of

                                  Ex. 4.3-14
<PAGE>

Preferred Stock which the aggregate price (taking account of any conversion or
exercise price) of the total number of shares of Preferred Stock (and/or
equivalent preferred stock) so to be offered would purchase at such current
market price and the denominator of which shall be the number of shares of
Preferred Stock outstanding on such record date plus the number of additional
shares of Preferred Stock (and/or equivalent preferred stock) so to be offered.
In case such subscription price may be paid by delivery of consideration part or
all of which shall be in a form other than cash, the value of such 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 and shall be conclusive for all purposes. Shares of Preferred 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 if such rights, options 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 the making of a
distribution to all holders of Preferred Stock (including any such distribution
made in connection with a consolidation or merger involving the Company) of
evidences of indebtedness, equity securities other than Preferred Stock, assets
(other than a regular periodic cash dividend out of the earnings or retained
earnings of the Company) or rights, options or warrants (excluding those
referred to in Section 11(b)), 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 (as determined pursuant to Section 11(d)) per
share of Preferred Stock on such record date, less the value (as determined
pursuant to Section 11(d)(iii)) of such evidences of indebtedness, equity
securities, assets, rights, options or warrants so to be distributed with
respect to one share of Preferred Stock and the denominator of which shall be
such current market price per share of Preferred Stock.  Such adjustment shall
be made successively whenever such a record date is fixed, and if such
distribution is not so made, 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.

     (d)  (i) For the purpose of any computation hereunder other than
computations made pursuant to Section 11(a)(iii) or 14, 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 such Common Stock for the 30
consecutive Trading Days immediately prior to such date; for purposes of
computations made pursuant to Section 11(a)(iii), 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

                                  Ex. 4.3-15
<PAGE>

share of such Common Stock for the 10 consecutive Trading Days immediately
following such date; and for purposes of computations made pursuant to Section
14, the "current market price" per share of Common Stock for any Trading Day
shall be deemed to be the closing price per share of Common Stock for such
Trading Day; PROVIDED that if the current market price per share of the Common
Stock is determined during a period following the announcement by the issuer of
such Common Stock of (A) a dividend or distribution on such Common Stock payable
in shares of such Common Stock or securities exercisable for or convertible into
shares of such Common Stock (other than the Rights), or (B) any subdivision,
combination or reclassification of such Common Stock, and prior to the
expiration of the requisite 30 Trading Day or 10 Trading Day period, as set
forth above, after the ex-dividend date for such dividend or distribution, or
the record date for such subdivision, combination or reclassification, 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 New York Stock Exchange or,
if the shares of Common Stock are not listed or admitted to trading on the New
York Stock Exchange, 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 price or, if not so quoted, the average of the high
bid and low asked prices in the over-the-counter market, as reported by the
National Association of Securities Dealers, Inc. Automated Quotation System
("NASDAQ") or such other system then in use or, if on any such date the 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 of the Company shall be used. If the Common Stock is not publicly
held or not so listed or traded, the "current market price" per share means the
fair value per share as determined in good faith by the Board of Directors of
the Company, or, if at the time of such determination there is an Acquiring
Person, by a majority of the Continuing Directors, or if there are no Continuing
Directors, by a nationally recognized investment banking firm selected by the
Board of Directors, which determination shall be described in a statement filed
with the Rights Agent and shall be conclusive for all purposes.

                                  Ex. 4.3-16
<PAGE>

          (ii)   For the purpose of any computation hereunder, the "current
     market price" per share of Preferred Stock shall be determined in the same
     manner as set forth above for the Common Stock in Section 11(d)(i) (other
     than the last sentence thereof). If the current market price per share of
     Preferred Stock cannot be determined in such manner, the "current market
     price" per share of Preferred Stock shall be conclusively deemed to be an
     amount equal to 100 (as such number may be appropriately adjusted for such
     events as stock splits, stock dividends and recapitalizations with respect
     to the Common Stock occurring after the date of this Agreement) multiplied
     by the current market price per share of Common Stock (as determined
     pursuant to Section 11(d)(i) (other than the last sentence thereof)). If
     neither the Common Stock nor the Preferred Stock is publicly held or so
     listed or traded, the "Current Market Price" per share of the Preferred
     Stock shall be determined in the same manner as set forth in the last
     sentence of Section 11(d)(i). For all purposes of this Agreement, the
     "current market price" of one one-hundredth of a share of Preferred Stock
     shall be equal to the "current market price" of one share of Preferred
     Stock divided by 100.

          (iii)  For the purpose of any computation hereunder, the value of any
     securities or assets other than Common Stock or Preferred Stock shall be
     the fair value as determined in good faith by the Board of Directors of the
     Company, or, if at the time of such determination there is an Acquiring
     Person, by a majority of the Continuing Directors then in office, or, if
     there are no Continuing Directors, by a nationally recognized investment
     banking firm selected by the Board of Directors, which 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 1% in the Purchase Price; PROVIDED 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 of Common Stock or other share or one-
millionth of a share of Preferred Stock, as the case may be.

     (f)  If at any time, as a result of an adjustment made pursuant to Section
11(a)(ii) or Section 13(a), the holder of any Right shall be entitled to receive
upon exercise of such Right any shares of capital stock other than Preferred
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

                                   Ex. 4.3-17
<PAGE>

time in a manner and on terms as nearly equivalent as practicable to the
provisions with respect to the Preferred Stock contained in Section 11(a), (b),
(c), (e), (g), (h), (i), (j), (k) and (m), and the provisions of Sections 7, 9,
10, 13 and 14 with respect to the Preferred Stock shall apply on like terms to
any such other shares.

     (g)  All Rights originally issued by the Company subsequent to any
adjustment made hereunder shall evidence the right to purchase, at the Purchase
Price then in effect, the then applicable number of one one-hundredths of a
share of Preferred Stock and other capital stock of the Company issuable from
time to time hereunder upon exercise of the Rights, all subject to further
adjustment as provided herein.

     (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 Section 11(b) and (c), each Right outstanding immediately
prior to the making of such adjustment shall thereafter evidence the right to
purchase, at the adjusted Purchase Price, that number of one one-hundredths of a
share of Preferred Stock (calculated to the nearest one-millionth) obtained by
(i) multiplying (x) the number of one one-hundredths of a share for which a
Right was exercisable 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 lieu of any adjustment in the
number of one one-hundredths of a share of Preferred Stock issuable upon the
exercise of a Right.  Each of the Rights outstanding after such adjustment of
the number of Rights shall be exercisable for the number of one one-hundredths
of a share of Preferred Stock for which such Right was exercisable immediately
prior to such adjustment.  Each Right held of record prior to such adjustment of
the number of Rights shall become that number of Rights (calculated to the
nearest ten-thousandth) obtained by dividing the Purchase Price in effect
immediately prior to adjustment of the Purchase Price by the Purchase Price in
effect immediately after adjustment of the Purchase Price.  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.  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 10 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

                                  Ex. 4.3-18
<PAGE>

Certificates evidencing, subject to Section 14, 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 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 one one-hundredths of a share of Preferred Stock issuable upon the
exercise of the Rights, the Right Certificates theretofore and thereafter issued
may continue to express the Purchase Price per one one-hundredth of a share 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 par value, if any, of the number of one one-hundredths
of a share of Preferred Stock issuable upon exercise of the Rights, the Company
shall take any corporate action which may, in the opinion of its counsel, be
necessary in order that the Company may validly and legally issue fully paid and
nonassessable such number of one one-hundredths of a share of Preferred 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 until the occurrence of such event the
issuance to the holder of any Right exercised after such record date the number
of one one-hundredths of a share of Preferred Stock or other capital stock of
the Company, if any, issuable upon such exercise over and above the number of
one one-hundredths of a share of Preferred Stock or other capital stock of the
Company, if any, issuable upon such exercise on the basis of the Purchase Price
in effect prior to such adjustment; PROVIDED 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 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

                                  Ex. 4.3-19
<PAGE>

extent that it, in its sole discretion, shall determine to be advisable in order
that any consolidation or subdivision of the Preferred Stock, issuance wholly
for cash of any Preferred Stock at less than the current market price, issuance
wholly for cash of Preferred Stock or securities which by their terms are
convertible into or exercisable for Preferred Stock, stock dividends or issuance
of rights, options or warrants referred to in this Section 11, hereafter made by
the Company to the holders of its Preferred Stock, shall not be taxable to such
stockholders.

     (n)  The Company covenants and agrees that it will not at any time after
the Distribution Date (i) consolidate, merge or otherwise combine with or (ii)
sell or otherwise transfer (and/or permit any of its Subsidiaries to sell or
otherwise 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 if (x) at the time of or immediately after such consolidation, merger,
combination or sale there are any rights, warrants or other instruments or
securities outstanding or any agreements or arrangements in effect which would
substantially diminish or otherwise eliminate the benefits intended to be
afforded by the Rights or (y) prior to, simultaneously with or immediately after
such consolidation, merger, combination or sale, the stockholders of a Person
who constitutes, or would constitute, the "Principal Party" for the purposes of
Section 13 shall have received a distribution of Rights previously owned by such
Person or any of its Affiliates and Associates.

     (o)  The Company covenants and agrees that after the Distribution Date, it
will not, except as permitted by Sections 23, 24 and 27, 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 substantially diminish or otherwise
eliminate the benefits intended to be afforded by the Rights.

     (p)  Notwithstanding anything in this Agreement to the contrary, if at any
time after the date hereof and prior to the Distribution Date the Company shall
(i) pay a dividend on the outstanding shares of Common Stock payable in shares
of Common Stock, (ii) subdivide the outstanding Common Stock into a larger
number of shares or (iii) combine the outstanding 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 as contemplated by
Section 3(c), 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 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

                                  Ex. 4.3-20
<PAGE>

of which shall be the total number of shares of Common Stock outstanding
immediately following the occurrence of such event.

     Section 12.  Certificate of Adjusted Purchase Price or Number of Shares.
Whenever an adjustment is made as provided in Sections 11 and 13, the Company
shall (a) promptly prepare a certificate setting forth such adjustment and a
brief statement of the facts accounting for such adjustment, (b) promptly file
with the Rights Agent and with each transfer agent for the Preferred Stock and
the Common Stock a copy of such certificate and (c) mail a brief summary thereof
to each holder of a Right Certificate (or, if prior to the Distribution Date, to
each holder of a certificate representing shares of Common Stock) in the manner
set forth in Section 26.  The Rights Agent shall be fully protected in relying
on any such certificate and on any adjustment therein contained.

     Section 13.  Consolidation, Merger or Sale or Transfer of Assets or Earning
Power.  (a)  If, following the Stock Acquisition Date, directly or indirectly,

          (x)  the Company shall consolidate with, merge into, or otherwise
     combine with, any other Person, and the Company shall not be the continuing
     or surviving corporation of such consolidation, merger or combination,

          (y)  any Person shall merge into, or otherwise combine with, the
     Company, and the Company shall be the continuing or surviving corporation
     of such merger or combination and, in connection with such merger or
     combination, all or part of the outstanding shares of Common Stock shall be
     changed into or exchanged for other stock or securities of the Company or
     any other Person, cash or any other property, or

          (z)  the Company and/or one or more of its Subsidiaries shall sell or
     otherwise 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,

then, and in each such case, proper provision shall promptly be made so that

     (1)  each holder of a Right shall (except as otherwise provided herein,
including Section 7(d)) thereafter be entitled to receive, upon exercise thereof
at the Purchase Price in effect immediately prior to the first occurrence of any
Triggering Event, such number of duly authorized, validly issued, fully paid and
nonassessable shares of freely tradeable Common Stock of the Principal Party (as

                                  Ex. 4.3-21
<PAGE>

hereinafter defined), not subject to any rights of call or first refusal, liens,
encumbrances or other claims, as shall be equal to the result obtained by
dividing

          (A)  the product obtained by multiplying the Purchase Price in effect
     immediately prior to the first occurrence of any Triggering Event by the
     number of one one-hundredths of a share of Preferred Stock for which a
     Right was exercisable immediately prior to such first occurrence (such
     product being thereafter referred to as the "Purchase Price" for each Right
     and for all purposes of this Agreement) by

          (B)  50% of the current market price (determined pursuant to Section
     11(d)(i)) per share of the Common Stock of such Principal Party on the date
     of consummation of such consolidation, merger, combination, sale or
     transfer;

     (2)  the Principal Party shall thereafter be liable for, and shall assume,
by virtue of such consolidation, merger, combination, sale or transfer, all the
obligations and duties of the Company pursuant to this Agreement;

     (3)  the term "Company" shall thereafter be deemed to refer to such
Principal Party, it being specifically intended that the provisions of Section
11 shall apply only to such Principal Party following the first occurrence of a
Section 13 Event; and

     (4)  such Principal Party shall take such steps (including the
authorization and reservation of a sufficient number of shares of its Common
Stock to permit exercise of all outstanding Rights in accordance with this
Section 13(a)) 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 the shares of its
Common Stock thereafter deliverable upon the exercise of the Rights.

     (b)  "Principal Party" means

          (i)  in the case of any transaction described in Section 13(a)(x) or
     (y), the Person that is the issuer of any securities into which shares of
     Common Stock of the Company are converted in such merger, consolidation or
     combination, and if no securities are so issued, the Person that is the
     other party to such merger, consolidation or combination; and

          (ii) in the case of any transaction described in Section 13(a)(z), the
     Person that is the party receiving the greatest portion of the assets or
     earning power transferred pursuant to such transaction or transactions;

                                  Ex. 4.3-22
<PAGE>

PROVIDED that in any such case, (A) if the Common Stock of such Person is not at
such time and has not been continuously over the preceding 12-month period
registered under Section 12 of the Exchange Act, and such Person is a direct or
indirect Subsidiary of another Person the Common Stock of which is and has been
so registered, "Principal Party" shall refer to such other Person; and (B) in
case such Person is a Subsidiary, directly or indirectly, of more than one
Person, the Common Stocks of two or more of which are and have been so
registered, "Principal Party" shall refer to whichever of such Persons is the
issuer of the Common Stock having the greatest aggregate market value.

     (c)  The Company shall not consummate any such consolidation, merger,
combination, sale or transfer unless the Principal Party shall have a sufficient
number of authorized shares of its Common Stock which are not outstanding or
otherwise reserved for issuance to permit the exercise in full of the Rights in
accordance with this Section 13 and unless prior thereto the Company and such
Principal Party shall have executed and delivered to the Rights Agent a
supplemental agreement providing for the terms set forth in Section 13(a) and
(b) and providing that, as soon as practicable after the date of any
consolidation, merger, combination, sale or transfer mentioned in Section 13(a),
the Principal Party will

          (i)  prepare and file a registration statement under the Securities
     Act with respect to the securities issuable upon exercise of the Rights,
     and will use its best efforts to cause such registration statement (A) to
     become effective as soon as practicable after such filing and (B) to remain
     effective (with a prospectus at all times meeting the requirements of the
     Securities Act) until the Expiration Date and

          (ii) deliver to holders of the Rights historical financial statements
     for the Principal Party and each of its Affiliates which comply in all
     respects with the requirements for registration on Form 10 under the
     Exchange Act.

The provisions of this Section 13 shall similarly apply to successive mergers,
consolidations, combinations, sales or other transfers. If any Section 13 Event
shall occur at any time after the occurrence of a Section 11(a)(ii) Event, the
Rights which have not theretofore been exercised shall thereafter become
exercisable in the manner described in Section 13(a).

     Section 14.  Fractional Rights and Fractional Shares.  (a)  The Company
shall not be required to issue fractions of Rights, except prior to the
Distribution Date as provided in Section 11(p), or to distribute Right
Certificates which evidence fractional Rights.  In lieu of any such fractional
Rights, the Company shall

                                  Ex. 4.3-23
<PAGE>

pay to the registered holders 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 current market price of a whole Right. For purposes of
this Section 14(a), the current market price of a whole Right shall be the
closing price of a Right for the Trading Day immediately prior to the date on
which such fractional Rights would otherwise have been issuable. The closing
price of a Right for any 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 New York Stock Exchange or, if the Rights are not
listed or admitted to trading on the New York Stock Exchange, on the principal
national securities exchange on which the Rights are listed or admitted to
trading or, if the Rights are not listed or admitted to trading on any national
securities exchange, the last quoted price, or, if not so quoted, the average of
the high bid and low asked prices in the over-the-counter market, as reported by
NASDAQ or such other system then in use or, if on any such date the Rights 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 Rights
selected by the Board of Directors of the Company. If on any such date no such
market maker is making a market in the Rights, the current market price of the
Rights on such date shall be as determined in good faith by the Board of
Directors of the Company.

     (b)  The Company shall not be required to issue fractions of shares of
Preferred Stock (other than fractions which are multiples of one one-hundredth
of a share of Preferred Stock) upon exercise of the Rights or to distribute
certificates which evidence fractional shares of Preferred Stock (other than
fractions which are multiples of one one-hundredth of a share of Preferred
Stock).  In lieu of any such fractional shares of Preferred Stock, the Company
shall pay to the registered holders of Right Certificates at the time such
Rights are exercised as herein provided an amount in cash equal to the same
fraction of the current market price of one one-hundredth of a share of
Preferred Stock.  For purposes of this Section 14(b), the current market price
of one one-hundredth of a share of Preferred Stock shall be one one-hundredth of
the closing price of a share of Preferred Stock (as determined pursuant to
Section 11(d)) for the Trading Day immediately prior to the date of such
exercise.

     (c)  Following the occurrence of any Triggering Event or upon any exchange
pursuant to Section 24, the Company shall not be required to issue fractions of
shares of Common Stock upon exercise of the Rights or to distribute certificates
which evidence fractional shares of Common Stock.  In lieu of fractional shares
of Common Stock, the Company shall pay to the registered holders of Right
Certificates at the time such Rights are exercised or exchanged as

                                  Ex. 4.3-24
<PAGE>

herein provided an amount in cash equal to the same fraction of the current
market price of a share of Common Stock. For purposes of this Section 14(c), the
current market price of a share of Common Stock shall be the closing price of a
share of Common Stock (as determined pursuant to Section 11(d)(i)) for the
Trading Day immediately prior to the date of such exercise or exchange.

     (d)  The holder of a Right by the acceptance of the Right expressly waives
his right to receive any fractional Rights or any fractional shares upon
exercise of a Right except as permitted by this Section 14.

     Section 15.  Rights of Action.  All rights of action in respect of this
Agreement are vested in the respective registered holders of the Right
Certificates (and, prior to the Distribution Date, the registered holders of
certificates representing Common Stock); and any registered holder of any Right
Certificate (or, prior to the Distribution Date, of any certificate representing
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 any certificate
representing 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 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 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 Agreement and 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 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 be transferable only
in connection with the transfer of Common Stock;

     (b)  after the Distribution Date, the Right Certificates are transferable
only on the registry books of the Rights Agent if surrendered at the principal
office or offices of the Rights Agent designated for such purposes, duly
endorsed or accompanied by a proper instrument of transfer and with the
appropriate forms and certificates fully executed;

     (c)  subject to Sections 6 and 7, the Company and the Rights Agent may deem
and treat the Person in whose name a Right Certificate (or, prior to the

                                  Ex. 4.3-25
<PAGE>

Distribution Date, a certificate representing shares of Common Stock) 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 certificate representing shares of Common Stock made by anyone other than
the Company or the Rights Agent) for all purposes whatsoever, and neither the
Company nor the Rights Agent, subject to the last sentence of Section 7(d),
shall be affected by any notice to the contrary; and

     (d)  notwithstanding anything in this 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 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 that 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 Stockholder.  No holder,
as such, of any Right Certificate shall be entitled to vote, receive dividends
or be deemed for any purpose the holder of the shares of capital stock which may
at any time be issuable on the exercise of the Rights represented thereby, 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
stockholder of the Company or any right to vote for the election of directors or
upon any matter submitted to stockholders at any meeting thereof, or to give or
withhold consent to any corporate action, or to receive notice of meetings or
other actions affecting stockholders (except as provided in Section 25), or to
receive dividends or subscription rights, 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 disbursements and other disbursements incurred in
the execution or administration of this 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, or
expense, incurred without negligence, bad faith or willful misconduct on the
part of the Rights Agent, for anything done or omitted by the Rights Agent in
connection with the administration of this Agreement or the exercise or
performance of its duties

                                  Ex. 4.3-26
<PAGE>

hereunder, including the costs and expenses of defending against any claim of
liability.

     (b)  The Rights Agent shall be protected and shall incur no liability for
or in respect of any action taken, suffered or omitted by it in connection with
the administration of this Agreement or the exercise or performance of its
duties hereunder in reliance upon any Right Certificate or certificate for
Common Stock or for other securities of the Company, instrument of assignment or
transfer, power of attorney, endorsement, affidavit, letter, notice,
instruction, direction, consent, certificate, statement, or other paper or
document believed by it to be genuine and to be signed, executed and, where
necessary, verified or acknowledged, by the proper Person or Persons.

     Section 19.  Merger or Consolidation or Change of Name of Rights Agent.
(a)  Any corporation into which the Rights Agent or any successor Rights Agent
may be merged or with which it may be consolidated, or any corporation resulting
from any merger or consolidation to which the Rights Agent or any successor
Rights Agent shall be a party, or any corporation 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 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 corporation would be eligible for
appointment as a successor Rights Agent under the provisions of Section 21. In
case at the time such successor Rights Agent shall succeed to the agency created
by this Agreement, any of the Right Certificates shall have been countersigned
but not delivered, any such successor Rights Agent may adopt the
countersignature of a 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 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 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 Agreement.

                                   Ex. 4.3-27
<PAGE>

     Section 20.  Duties of Rights Agent.  The Rights Agent undertakes the
duties and obligations imposed by this Agreement 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), and the opinion of such counsel shall be full and
complete authorization and protection to the Rights Agent as to any action taken
or omitted by it in good faith and in accordance with such opinion.

     (b)  Whenever in the performance of its duties under this Agreement the
Rights Agent shall deem it necessary or desirable that any fact or matter
(including, without limitation, the identity of any "Acquiring Person" and the
determination of "current market price") 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 President or any Vice
President and by the Treasurer or any Assistant Treasurer or the Secretary or
any Assistant Secretary of the Company and delivered to the Rights Agent; and
such certificate shall be full authorization to the Rights Agent for any action
taken, suffered or omitted in good faith by it under the provisions of this
Agreement in reliance upon such certificate.

     (c)  The Rights Agent shall be liable hereunder only for its own
negligence, bad faith or willful misconduct.

     (d)  The Rights Agent shall not be liable for or by reason of any of the
statements of fact or recitals contained in this 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 be under any responsibility in respect of
the validity of this 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 Agreement or in any Right Certificate; nor shall it
be responsible for any change in the exercisability of the Rights (including the
Rights becoming void pursuant to Section 7(d)) or any adjustment in the terms of
the Rights (including the manner, method or amount thereof) provided for in
Sections 3, 11, 13, 23 or 24, 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

                                  Ex. 4.3-28
<PAGE>

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 or Preferred Stock to
be issued pursuant to this Agreement or any Right Certificate or as to whether
any shares of Common Stock or Preferred Stock will, when issued, be duly
authorized, validly issued, fully paid and nonassessable.

     (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 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 President or any Vice President or the Secretary or
any Assistant Secretary or 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 it shall not be liable for any action taken, suffered or
omitted to be taken by it in good faith in accordance with instructions of any
such officer.

     (h)  The Rights Agent and any stockholder, 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 Agreement.  Nothing herein shall preclude the Rights Agent from acting in
any other capacity for the Company or for any other Person.

     (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 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 to any holders of Rights resulting from
any such act, default, neglect or misconduct, provided that reasonable care was
exercised in the selection and continued employment thereof.

     (j)  No provision of this 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
there shall be reasonable grounds for believing that repayment of such funds or
adequate indemnification against such risk or liability is not reasonably
assured to it.

                                  Ex. 4.3-29
<PAGE>

     (k)  If, with respect to any Right Certificate surrendered to the Rights
Agent for exercise or transfer, the certificate attached to the form of
assignment or form of election to purchase, as the cases may be, has either not
been completed or indicates an affirmative response to clause 1 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.

     Section 21.  Change of Rights Agent.  The Rights Agent or any successor
Rights Agent may resign and be discharged from its duties under this Agreement
upon 30 days' notice in writing mailed to the Company and to each transfer agent
of the Common Stock and Preferred Stock by registered or certified mail, and,
subsequent to the Distribution Date, to the holders of the Right Certificates by
first-class mail.  The Company may remove the Rights Agent or any successor
Rights Agent 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 and Preferred Stock by registered or certified mail, and,
subsequent to the Distribution Date, 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.  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 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 registered holder 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 corporation organized and doing business under the laws of the United States
or of any state of the United States, in good standing, having a principal
office in the State of New York, which is authorized under such laws to exercise
stock transfer or corporate trust 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 a corporation described in clause (a) of this
sentence.  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 the Preferred Stock, and, subsequent to the Distribution
Date, mail a notice thereof in writing to the registered holders of the Right
Certificates.  Failure to give any

                                  Ex. 4.3-30
<PAGE>

notice provided for in this Section 21, 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 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 its Board of Directors to reflect any adjustment or change
in the Purchase Price and the number or kind or class of shares of stock
issuable upon exercise of the Rights made in accordance with the provisions of
this Agreement.

     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 after the Stock Acquisition Date (or such later date as a majority
of the Continuing Directors may designate prior to such time as the Rights are
no longer redeemable) and (ii) the Final Expiration Date, redeem all but not
less than all the then outstanding Rights at a redemption price of $.01 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");
PROVIDED that after any Person has become an Acquiring Person, any redemption of
the Rights shall be effective only if there are Continuing Directors then in
office, and such redemption shall have been approved by a majority of such
Continuing Directors.  Notwithstanding anything in this Agreement to the
contrary, the Rights shall not be exercisable after the first occurrence of a
Section 11(a)(ii) Event until such time as the Company's right of redemption
hereunder has expired.

     (b)  Immediately upon the action of the Board of Directors of the Company
electing to redeem the Rights and without any further action and without any
notice, the right to exercise the Rights will terminate and thereafter the only
right of the holders of Rights shall be to receive the Redemption Price for each
Right so held.  The Company shall promptly thereafter give notice of such
redemption to the Rights Agent and the holders of the Rights in the manner set
forth in Section 26; PROVIDED that the failure to give, or any defect in, such
notice shall not affect the validity of such redemption.  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.  Neither the
Company nor any of its Affiliates or Associates may redeem, acquire or purchase
for value any Rights at any time in any manner other than that specifically set
forth in Section 23 or 24, and other than in connection with the purchase,
acquisition or redemption of shares of Common Stock prior to the Distribution
Date.

                                  Ex. 4.3-31
<PAGE>

     Section 24.  Exchange.  (a)  The Board of Directors of the Company may, at
its option, at any time after any Person becomes an Acquiring Person, exchange
all or part of the then outstanding and exercisable Rights (which shall not
include Rights that have become void pursuant to Section 7(d)) for shares of
Common Stock at an exchange ratio of one share of Common Stock per Right,
appropriately adjusted to reflect any stock split, stock dividend or similar
transaction occurring after the date hereof (such exchange ratio being
hereinafter referred to as the "Exchange Ratio").  Notwithstanding the
foregoing, the Board of Directors shall not be empowered to effect such exchange
at any time after any Person (other than the Company, any of its Subsidiaries,
any employee benefit plan of the Company or any of its Subsidiaries or any
Person organized, appointed or established by the Company or any of its
Subsidiaries for or pursuant to the terms of any such plan), together with all
Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or
more of the shares of Common Stock then outstanding.

     (b)  Immediately upon the action of the Board of Directors of the Company
electing to exchange any Rights pursuant to Section 24(a) and without any
further action and without any notice, the right to exercise such Rights will
terminate and thereafter the only right of a holder of such Rights shall be to
receive that number of shares of Common Stock equal to the number of such Rights
held by such holder multiplied by the Exchange Ratio.  The Company shall
promptly thereafter give notice of such exchange to the Rights Agent and the
holders of the Rights to be exchanged in the manner set forth in Section 26;
PROVIDED that the failure to give, or any defect in, such notice shall not
affect the validity of such exchange.  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 exchange will state the method by which the
exchange of the shares of Common Stock for Rights will be effected and, in the
event of any partial exchange, the number of Rights which will be exchanged.
Any partial exchange shall be effected pro rata based on the number of Rights
(other than Rights which have become void pursuant to Section 7(d)) held by each
holder of Rights.

     (c)  In any exchange pursuant to this Section 24, the Company, at its
option, may substitute common stock equivalents (as defined in Section
11(a)(iii)) for shares of Common Stock exchangeable for Rights, at the initial
rate of one common stock equivalent for each share of Common Stock, as
appropriately adjusted to reflect adjustments in dividend, liquidation and
voting rights of common stock equivalents pursuant to the terms thereof, so that
each common stock equivalent delivered in lieu of each share of Common Stock
shall have essentially the same dividend, liquidation and voting rights as one
share of Common Stock.

                                  Ex. 4.3-32
<PAGE>

     Section 25.  Notice of Proposed Actions.  (a)  In case the Company shall
propose, at any time after the Distribution Date, (i) to pay any dividend
payable in stock of any class to the holders of Preferred Stock or to make any
other distribution to the holders of Preferred Stock (other than a regular
quarterly cash dividend out of earnings or retained earnings of the Company), or
(ii) to offer to the holders of its Preferred Stock rights or warrants to
subscribe for or to purchase any additional shares of Preferred Stock or shares
of stock of any class or any other securities, rights or options, or (iii) to
effect any reclassification of its Preferred Stock (other than a
reclassification involving only the subdivision or combination of outstanding
shares of Preferred Stock) or (iv) to effect any consolidation or merger with
any other Person, or to effect and/or to permit one or more of its Subsidiaries
to effect any sale or other transfer, in one transaction or a series of related
transactions, of 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 (v) to effect the liquidation, dissolution or
winding up of the Company, then, in each such case, the Company shall give to
each holder of a Right, to the extent feasible and in accordance with Section
26, a notice of such proposed action, which shall specify the record date for
the purposes of any such dividend, distribution or offering of rights or
warrants, or the date on which any such reclassification, consolidation, merger,
sale, transfer, liquidation, dissolution or winding up is to take place and the
date of participation therein by the holders of Preferred 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 20 days prior to the record date
for determining holders of the Preferred Stock entitled to participate in such
dividend, distribution or offering, and in the case of any such other action, at
least 20 days prior to the date of the taking of such proposed action or the
date of participation therein by the holders of Preferred Stock, whichever shall
be the earlier.  The failure to give notice required by this Section 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.

     (b)  Notwithstanding anything in this Agreement to the contrary, prior to
the Distribution Date a filing by the Company with the Securities and Exchange
Commission shall constitute sufficient notice to the holders of securities of
the Company, including the Rights, for purposes of this Agreement and no other
notice need be given to such holders.

     (c)  If a Triggering Event shall occur, then, in any such case, (1) the
Company shall as soon as practicable thereafter give to each holder of a Right,
in accordance with Section 26, a notice of the occurrence of such event, which
shall specify the event and the consequences of the event to holders of Rights
under Section 11(a)(ii) or 13, as the case may be, and (2) all references in
Section 25(a)

                                  Ex. 4.3-33
<PAGE>

to Preferred Stock shall be deemed thereafter to refer to Common Stock or other
capital stock, as the case may be.

     Section 26.  Notices.  Notices or demands authorized by this Agreement to
be given or made by the Rights Agent or by the holder of any Right to or on the
Company shall be sufficiently given or made if sent by first-class mail (postage
prepaid) to the address of the Company indicated on the signature page hereof or
such other address as the Company shall specify in writing to the Rights Agent.
Subject to the provisions of Section 21, any notice or demand authorized by this
Agreement to be given or made by the Company or by the holder of any Right to or
on the Rights Agent shall be sufficiently given or made if sent by first-class
mail (postage prepaid) to the address of the Rights Agent indicated on the
signature page hereof or such other address as the Rights Agent shall specify in
writing to the Company.  Notices or demands authorized by this Agreement to be
given or made by the Company or the Rights Agent to the holder of any Right
Certificate (or, prior to the Distribution Date, to the holder of any
certificate representing shares of Common Stock) shall be sufficiently given or
made if sent by first-class mail (postage prepaid) to the address of such holder
shown on the registry books of the Company.

     Section 27.  Supplements and Amendments.  Prior to the Distribution Date,
the Company and the Rights Agent shall, if the Company so directs, supplement or
amend any provision of this Agreement without the approval of any holders of
certificates representing shares of Common Stock.  From and after the
Distribution Date, the Company and the Rights Agent shall, if the Company so
directs, supplement or amend this Agreement without the approval of any holders
of Right Certificates in order (a) to cure any ambiguity, (b) to correct or
supplement any provision contained herein which may be defective or inconsistent
with any other provisions herein or (c) to change or supplement the provisions
hereof in any manner which the Company may deem necessary or desirable and which
shall not adversely affect the interests of the holders of Rights (other than an
Acquiring Person or an Affiliate or Associate of an Acquiring Person).
Notwithstanding the foregoing, after any Person has become an Acquiring Person,
any supplement or amendment shall be effective only if there are Continuing
Directors then in office, and such supplement or amendment shall have been
approved by a majority of such Continuing Directors.  Upon the delivery of a
certificate from an appropriate officer of the Company which states that the
proposed supplement or amendment is in compliance with the terms of this
Section, the Rights Agent shall execute such supplement or amendment.  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.

                                  Ex. 4.3-34
<PAGE>

     Section 28.  Successors.  All the covenants and provisions of this
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 29.  Determinations and Actions by the Board of Directors, etc. For
all purposes of this 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) under the Exchange Act as in effect on
the date of this Agreement.  The Board of Directors of the Company (with, where
specifically provided for herein, the concurrence of the Continuing Directors)
shall have the exclusive power and authority to administer this Agreement and to
exercise all rights and powers specifically granted to the Board or to the
Company, or as may be necessary or advisable in the administration of this
Agreement, including the right and power to (i) interpret the provisions of this
Agreement and (ii) make all determinations deemed necessary or advisable for the
administration of this Agreement (including a determination to redeem or
exchange or not to redeem or exchange the Rights or to amend the 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 (or, where specifically provided for herein,
by the Continuing Directors) in good faith shall (x) be final, conclusive and
binding on the Company, the Rights Agent, the holders of the Rights and all
other parties, and (y) not subject the Board of Directors of the Company or the
Continuing Directors to any liability to the holders of the Rights.

     Section 30.  Benefits of this Agreement.  Nothing in this 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 certificates representing the shares of Common Stock) any legal or
equitable right, remedy or claim under this Agreement; but this Agreement shall
be for the sole and exclusive benefit of the Company, the Rights Agent and the
registered holders of the Right Certificates (and, prior to the Distribution
Date, the certificates representing the shares of Common Stock).

     Section 31.  Severability.  If any term, provision, covenant or restriction
of this Agreement is held by a court of competent jurisdiction or other
authority to be invalid, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated;
PROVIDED that, notwithstanding anything in this Agreement to the contrary, if
any such term, provision, covenant or restriction is held by such court or
authority to be invalid,

                                  Ex. 4.3-35
<PAGE>

void or unenforceable and the Board of Directors of the Company determines in
its good faith judgment that severing the invalid language from this Agreement
would adversely affect the purpose or effect of this Agreement, the right of
redemption set forth in Section 23 hereof shall be reinstated and shall not
expire until the close of business on the tenth day following the date of such
determination by the Board of Directors.

     Section 32.  Governing Law.  This Agreement, each Right 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, except that the rights and
obligations of the Rights Agent shall be governed by the law of the State of New
York.

     Section 33.  Counterparts.  This 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 one and the
same instrument.

     Section 34.  Descriptive Headings.  The captions herein are included for
convenience of reference only, do not constitute a part of this Agreement and
shall be ignored in the construction and interpretation hereof.

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

                                   MURPHY OIL CORPORATION

                                   By: /s/ CLEFTON VAUGHAN
                                           Clefton Vaughan
                                           Vice President

                                   200 Peach Street
                                   El Dorado, Arkansas  71730
                                   Attention: W. Bayless Rowe

                                  Ex. 4.3-36
<PAGE>

                                   HARRIS TRUST COMPANY
                                        OF NEW YORK

                                   By:  /s/ VINCENT G. MARRONE
                                            Vincent G. Marrone
                                            Assistant Vice President

                                   77 Water Street
                                   New York, New York 10005
                                   Attention: Vincent Marrone

                                  Ex. 4.3-37
<PAGE>

                                                           EXHIBIT 4.3-EXHIBIT A

                                    FORM OF
                          CERTIFICATE OF DESIGNATION
                                      OF
                       SERIES A PARTICIPATING CUMULATIVE
                                PREFERRED STOCK

                                      OF

                            MURPHY OIL CORPORATION

                        Pursuant to Section 151 of the
                        General Corporation Law of the
                               State of Delaware

     We, R. Madison Murphy, Vice President, Planning, and W. Bayless Rowe,
Secretary, of Murphy Oil Corporation, a corporation organized and existing under
the General Corporation Law of the State of Delaware ("Delaware Law"), in
accordance with the provisions thereof, DO HEREBY CERTIFY:

     That pursuant to the authority conferred upon the Board of Directors by the
Certificate of Incorporation of the Corporation, the Board of Directors on
December 6, 1989, adopted the following resolution creating a series of
Preferred Stock in the amount and having the designation, voting powers,
preferences and relative, participating, optional and other special rights and
qualifications, limitations and restrictions thereof as follows:

     Section 1.  Designation and Number of Shares.  The shares of such series
shall be designated as "Series A Participating Cumulative Preferred Stock" (the
"Series A Preferred Stock"), and the number of shares constituting such series
shall be 350,000.

     Section 2.  Dividends and Distributions.

     (A)  The holders of shares of Series A Preferred Stock shall be entitled to
receive, when, as and if declared by the Board of Directors out of funds legally
available for the purpose, quarterly dividends payable on March 1, June 1,
September 1 and December 1 of each year (each such date being referred to herein
as a "Quarterly Dividend Payment Date"), commencing on the first Quarterly
Dividend Payment Date after the first issuance of any share or fraction of a
share

                                  Ex. 4.3-A-1
<PAGE>

of Series A Preferred Stock, in an amount per share (rounded to the nearest
cent) equal to the greater of (a) $1.00 and (b) subject to the provision for
adjustment hereinafter set forth, 100 times the aggregate per share amount of
all cash dividends or other distributions and 100 times the aggregate per share
amount of all non-cash dividends or other distributions (other than (i) a
dividend payable in shares of Common Stock (as hereinafter defined) or (ii) a
subdivision of the outstanding shares of Common Stock (by reclassification or
otherwise)), declared on the Common Stock, par value $1.00 per share, of the
Corporation (the "Common Stock") since the immediately preceding Quarterly
Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment
Date, since the first issuance of any share or fraction of a share of Series A
Preferred Stock. If the Corporation shall at any time after December 6, 1989
(the "Rights Declaration Date") pay any dividend on Common Stock payable in
shares of Common Stock or effect a subdivision or combination of the outstanding
shares of Common Stock (by reclassification or otherwise) into a greater or
lesser number of shares of Common Stock, then in each such case the amount to
which holders of shares of Series A Preferred Stock were entitled immediately
prior to such event under clause (b) of the preceding sentence shall be adjusted
by multiplying such amount by a fraction the numerator of which is the number of
shares of Common Stock outstanding immediately after such event and the
denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event.

     (B)  The Corporation shall declare a dividend or distribution on the Series
A Preferred Stock as provided in paragraph (A) above immediately after it
declares a dividend or distribution on the Common Stock (other than as described
in clause (i) and (ii) of the first sentence of paragraph (A)); PROVIDED that if
no dividend or distribution shall have been declared on the Common Stock during
the period between any Quarterly Dividend Payment Date and the next subsequent
Quarterly Dividend Payment Date (or, with respect to the first Quarterly
Dividend Payment Date, the period between the first issuance of any share or
fraction of a share of Series A Preferred Stock and such first Quarterly
Dividend Payment Date), a dividend of $1.00 per share on the Series A Preferred
Stock shall nevertheless be payable on such subsequent Quarterly Dividend
Payment Date.

     (C)  Dividends shall begin to accrue and be cumulative on outstanding
shares of Series A Preferred Stock from the Quarterly Dividend Payment Date next
preceding the date of issue of such shares of Series A Preferred Stock, unless
the date of issue of such shares is on or before the record date for the first
Quarterly Dividend Payment Date, in which case dividends on such shares shall
begin to accrue and be cumulative from the date of issue of such shares, or
unless the date of issue is a date after the record date for the determination
of holders of shares of Series A Preferred Stock entitled to receive a quarterly
dividend and on

                                  Ex. 4.3-A-2
<PAGE>

or before such Quarterly Dividend Payment Date, in which case dividends shall
begin to accrue and be cumulative from such Quarterly Dividend Payment Date.
Accrued but unpaid dividends shall not bear interest. Dividends paid on shares
of Series A Preferred Stock in an amount less than the total amount of such
dividends at the time accrued and payable on such shares shall be allocated pro
rata on a share-by-share basis among all such shares at the time outstanding.
The Board of Directors may fix a record date for the determination of holders of
shares of Series A Preferred Stock entitled to receive payment of a dividend or
distribution declared thereon, which record date shall not be more than 60 days
prior to the date fixed for the payment thereof.

     Section 3.  Voting Rights.  In addition to any other voting rights required
by law, the holders of shares of Series A Preferred Stock shall have the
following voting rights:

     (A)  Subject to the provision for adjustment hereinafter set forth, each
share of Series A Preferred Stock shall entitle the holder thereof to 100 votes
on all matters submitted to a vote of stockholders of the Corporation.  If the
Corporation shall at any time after the Rights Declaration Date pay any dividend
on Common Stock payable in shares of Common Stock or effect a subdivision or
combination of the outstanding shares of Common Stock (by reclassification or
otherwise) into a greater or lesser number of shares of Common Stock, then in
each such case the number of votes per share to which holders of shares of
Series A Preferred Stock were entitled immediately prior to such event shall be
adjusted by multiplying such number by a fraction the numerator of which is the
number of shares of Common Stock outstanding immediately after such event and
the denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event.

     (B)  Except as otherwise provided herein or by law, the holders of shares
of Series A Preferred Stock and the holders of shares of Common Stock shall vote
together as a single class on all matters submitted to a vote of stockholders of
the Corporation.

     (C)  (i)  If at any time dividends on any Series A Preferred Stock shall be
in arrears in an amount equal to six quarterly dividends thereon, the occurrence
of such contingency shall mark the beginning of a period (herein called a
"default period") which shall extend until such time when all accrued and unpaid
dividends for all previous quarterly dividend periods and for the current
quarterly dividend period on all shares of Series A Preferred Stock then
outstanding shall have been declared and paid or set apart for payment.  During
each default period, all holders of Preferred Stock and any other series of
Preferred Stock then entitled as a class

                                  Ex. 4.3-A-3
<PAGE>

to elect directors, voting together as a single class, irrespective of series,
shall have the right to elect two Directors.

          (ii)   During any default period, such voting right of the holders of
     Series A Preferred Stock may be exercised initially at a special meeting
     called pursuant to subparagraph (iii) of this Section 3(C) or at any annual
     meeting of stockholders, and thereafter at annual meetings of stockholders,
     provided that neither such voting right nor the right of the holders of any
     other series of Preferred Stock, if any, to increase, in certain cases, the
     authorized number of Directors shall be exercised unless the holders of 10%
     in number of shares of Preferred Stock outstanding shall be present in
     person or by proxy. The absence of a quorum of holders of Common Stock
     shall not affect the exercise by holders of Preferred Stock of such voting
     right. At any meeting at which holders of Preferred Stock shall exercise
     such voting right initially during an existing default period, they shall
     have the right, voting as a class, to elect Directors to fill such
     vacancies, if any, in the Board of Directors as may then exist up to two
     Directors or, if such right is exercised at an annual meeting, to elect two
     Directors. If the number which may be so elected at any special meeting
     does not amount to the required number, the holders of the Preferred Stock
     shall have the right to make such increase in the number of Directors as
     shall be necessary to permit the election by them of the required number.
     After the holders of the Preferred Stock shall have exercised their right
     to elect Directors in any default period and during the continuance of such
     period, the number of Directors shall not be increased or decreased except
     by vote of the holders of Preferred Stock as herein provided or pursuant to
     the rights of any equity securities ranking senior to or "pari passu" with
     the Series A Preferred Stock.

          (iii)  the holders of Preferred Stock shall, during an existing
     default period, have previously exercised their right to elect Directors,
     the Board of Directors may order, or any stockholder or stockholders owning
     in the aggregate not less than 10% of the total number of shares of
     Preferred Stock outstanding, irrespective of series, may request, the
     calling of special meeting of holders of Preferred Stock, which meeting
     shall thereupon be called by the President, a Vice President or the
     Secretary of the Corporation. Notice of such meeting and of any annual
     meeting at which holders of Preferred Stock are entitled to vote pursuant
     to this paragraph (C)(iii) shall be given to each holder of record of
     Preferred Stock by mailing a copy of such notice to him at his last address
     as the same appears on the books of the Corporation. Such meeting shall be
     called for a time not earlier than 20 days and not later than 60 days after
     such order or request or in default of the calling of such meeting within
     60

                                  Ex. 4.3-A-4
<PAGE>

     days after such order or request, such meeting may be called on similar
     notice by any stockholder or stockholders owning in the aggregate not less
     than 10% of the total number of shares of Preferred Stock outstanding,
     irrespective of series. Notwithstanding the provisions of this paragraph
     (C)(iii), no such special meeting shall be called during the period within
     60 days immediately preceding the date fixed for the next annual meeting of
     stockholders.

          (iv)   In any default period, the holders of Common Stock, and other
     classes of stock of the Corporation if applicable, shall continue to be
     entitled to elect the whole number of Directors until the holders of
     Preferred Stock shall have exercised their right to elect two Directors
     voting as a class, after the exercise of which right (x) the Directors so
     elected by the holders of Preferred Stock shall continue in office until
     their successors shall have been elected by such holders or until the
     expiration of the default period, and (y) any vacancy in the Board of
     Directors may (except as provided in paragraph (C)(ii) of this Section 3)
     be filled by vote of a majority of the remaining Directors theretofore
     elected by the holders of the class of stock which elected the Director
     whose office shall have become vacant. References in this paragraph (C) to
     Directors elected by the holders of a particular class of stock shall
     include Directors elected by such Directors to fill vacancies as provided
     in clause (y) of the foregoing sentence.

          (v)    Immediately upon the expiration of a default period, (x) the
     right of the holders of Preferred Stock as a class to elect Directors shall
     cease, (y) the term of any Directors elected by the holders of Preferred
     Stock as a class shall terminate, and (z) the number of Directors shall be
     such number as may be provided for in the certificate of incorporation or
     bylaws irrespective of any increase made pursuant to the provisions of
     paragraph (C)(ii) of this Section 3 (such number being subject, however, to
     change thereafter in any manner provided by law or in the certificate of
     incorporation or bylaws). Any vacancies in the Board of Directors effected
     by the provisions of clauses (y) and (z) in the preceding sentence may be
     filled by a majority of the remaining Directors.

     (D)  The Certificate of Incorporation of the Corporation shall not be
amended in any manner (whether by merger or otherwise) so as to adversely affect
the powers, preferences or special rights of the Series A Preferred Stock
without the affirmative vote of the holders of a majority of the outstanding
shares of Series A Preferred Stock, voting separately as a class.

                                  Ex. 4.3-A-5
<PAGE>

     (E)  Except as otherwise provided herein, holders of Series A Preferred
Stock shall have no special voting rights, and their consent shall not be
required for taking any corporate action.

     Section 4.  Certain Restrictions.

     (A)  Whenever quarterly dividends or other dividends or distributions
payable on the Series A Preferred Stock as provided in Section 2 are in arrears,
thereafter and until all accrued and unpaid dividends and distributions, whether
or not declared, on outstanding shares of Series A Preferred Stock shall have
been paid in full, the Corporation shall not:

          (i)    declare or pay dividends on, or make any other distributions
     on, any shares of stock ranking junior (either as to dividends or upon
     liquidation, dissolution or winding up) to the Series A Preferred Stock;

          (ii)   declare or pay dividends on, or make any other distributions
     on, any shares of stock ranking on a parity (either as to dividends or upon
     liquidation, dissolution or winding up) with the Series A Preferred Stock,
     except dividends paid ratably on the Series A Preferred Stock and all such
     other parity stock on which dividends are payable or in arrears in
     proportion to the total amounts to which the holders of all such shares are
     then entitled;

          (iii)  redeem, purchase or otherwise acquire for value any shares of
     stock ranking junior (either as to dividends or upon liquidation,
     dissolution or winding up) to the Series A Preferred Stock; PROVIDED that
     the Corporation may at any time redeem, purchase or otherwise acquire
     shares of any such junior stock in exchange for shares of stock of the
     Corporation ranking junior (as to dividends and upon dissolution,
     liquidation or winding up) to the Series A Preferred Stock; or

          (iv)   redeem, purchase or otherwise acquire for value any shares of
     Series A Preferred Stock, or any shares of stock ranking on a parity
     (either as to dividends or upon liquidation, dissolution or winding up)
     with the Series A Preferred Stock, except in accordance with a purchase
     offer made in writing or by publication (as determined by the Board of
     Directors) to all holders of Series A Preferred Stock and all such other
     parity stock upon such terms as the Board of Directors, after consideration
     of the respective annual dividend rates and other relative rights and
     preferences of the respective series and classes, shall determine in good
     faith will result in fair and equitable treatment among the respective
     series or classes.

                                  Ex. 4.3-A-6
<PAGE>

     (B)  The Corporation shall not permit any subsidiary of the Corporation to
purchase or otherwise acquire for value any shares of stock of the Corporation
unless the Corporation could, under paragraph (A) of this Section 4, purchase or
otherwise acquire such shares at such time and in such manner.

     Section 5.  Reacquired Shares.  Any shares of Series A Preferred Stock
redeemed, purchased or otherwise acquired by the Corporation in any manner
whatsoever shall be retired and cancelled promptly after the acquisition
thereof. All such shares shall upon their cancellation become authorized but
unissued shares of Preferred Stock without designation as to series and may be
reissued as part of a new series of Preferred Stock to be created by resolution
or resolutions of the Board of Directors as permitted by the Certificate of
Incorporation or as otherwise permitted under Delaware Law.

     Section 6.  Liquidation, Dissolution or Winding Up.  Upon any liquidation,
dissolution or winding up of the Corporation, no distribution shall be made (1)
to the holders of shares of stock ranking junior (either as to dividends or upon
liquidation, dissolution or winding up) to the Series A Preferred Stock unless,
prior thereto, the holders of shares of Series A Preferred Stock shall have
received $1.00 per share, plus an amount equal to accrued and unpaid dividends
and distributions thereon, whether or not declared, to the date of such payment;
PROVIDED that the holders of shares of Series A Preferred Stock shall be
entitled to receive an aggregate amount per share, subject to the provision for
adjustment hereinafter set forth, equal to 100 times the aggregate amount to be
distributed per share to holders of Common Stock, or (2) to the holders of stock
ranking on a parity (either as to dividends or upon liquidation, dissolution or
winding up) with the Series A Preferred Stock, except distributions made ratably
on the Series A Preferred Stock and all such other parity stock in proportion to
the total amounts to which the holders of all such shares are entitled upon such
liquidation, dissolution or winding up.  If the Corporation shall at any time
after the Rights Declaration Date pay any dividend on Common Stock payable in
shares of Common Stock or effect a subdivision or combination of the outstanding
shares of Common Stock (by reclassification or otherwise) into a greater or
lesser number of shares of Common Stock, then in each such case the aggregate
amount to which holders of shares of Series A Preferred Stock were entitled
immediately prior to such event under the proviso in clause (1) of the preceding
sentence shall be adjusted by multiplying such amount by a fraction the
numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of
shares of Common Stock that were outstanding immediately prior to such event.

     Section 7.  Consolidation, Merger, etc.  If the Corporation shall enter
into any consolidation, merger, combination or other transaction in which the
shares of

                                  Ex. 4.3-A-7
<PAGE>

Common Stock are exchanged for or changed into other stock or securities, cash
or any other property, then in any such case the shares of Series A Preferred
Stock shall at the same time be similarly exchanged for or changed into an
amount per share, subject to the provision for adjustment hereinafter set forth,
equal to 100 times the aggregate amount of stock, securities, cash or any other
property, as the case may be, into which or for which each share of Common Stock
is changed or exchanged. If the Corporation shall at any time after the Rights
Declaration Date pay any dividend on Common Stock payable in shares of Common
Stock or effect a subdivision or combination of the outstanding shares of Common
Stock (by reclassification or otherwise) into a greater or lesser number of
shares of Common Stock, then in each such case the amount set forth in the
preceding sentence with respect to the exchange or change of shares of Series A
Preferred Stock shall be adjusted by multiplying such amount by a fraction the
numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of
shares of Common Stock that were outstanding immediately prior to such event.

     Section 8.  No Redemption.  The Series A Preferred Stock shall not be
redeemable.

     Section 9.  Rank.  The Series A Preferred Stock shall rank junior (as to
dividends and upon liquidation, dissolution and winding up) to all other series
of the Corporation's preferred stock except any series that specifically
provides that such series shall rank junior to the Series A Preferred Stock.

     Section 10.  Fractional Shares.  Series A Preferred Stock may be issued in
fractions of a share which shall entitle the holder, in proportion to such
holder's fractional shares, to exercise voting rights, receive dividends,
participate in distributions and to have the benefit of all other rights of
holders of Series A Preferred Stock.

     IN WITNESS WHEREOF, we have executed and subscribed this Certificate this
(    ) day of December, 1989.

                                        (               )
                                        R. Madison Murphy
                                        Vice President

Attest:

(              )
W. Bayless Rowe
Secretary

                                  Ex. 4.3-A-8
<PAGE>

                                                         EXHIBIT 4.3 - EXHIBIT B

                          [Form of Right Certificate]

No. R-                                                 (              )   Rights

     NOT EXERCISABLE AFTER THE EARLIER OF DECEMBER 6, 1999 AND THE DATE ON WHICH
     THE RIGHTS EVIDENCED HEREBY ARE REDEEMED OR EXCHANGED BY THE COMPANY AS SET
     FORTH IN THE RIGHTS AGREEMENT.  AS SET FORTH IN THE RIGHTS AGREEMENT,
     RIGHTS ISSUED TO, OR HELD BY, ANY PERSON WHO IS, WAS OR BECOMES AN
     ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE THEREOF (AS SUCH TERMS ARE
     DEFINED IN THE RIGHTS AGREEMENT), WHETHER CURRENTLY HELD BY OR ON BEHALF OF
     SUCH PERSON OR BY ANY SUBSEQUENT HOLDER, MAY BE NULL AND VOID.  [THE RIGHTS
     REPRESENTED BY THIS RIGHT CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A
     PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR AN
     ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS
     AGREEMENT).  THIS RIGHT CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY
     BE OR MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION
     7(d) OF THE RIGHTS AGREEMENT.]*

                               RIGHT CERTIFICATE

                            MURPHY OIL CORPORATION

     This Right Certificate certifies that (                     ), or
registered assigns, is the registered holder of the number of Rights set forth
above, each of which entitles the holder (upon the terms and subject to the
conditions set forth in the Rights Agreement dated as of December 6, 1989 (the
"Rights Agreement") between Murphy Oil Corporation, a Delaware corporation (the
"Company"), and Harris Trust Company of New York (the "Rights Agent")) to

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

     *If applicable, insert this portion of the legend and delete the preceeding
sentence.

                                  Ex. 4.3-B-1
<PAGE>

purchase from the Company, at any time after the Distribution Date and prior to
the Expiration Date, (         ) one-hundredth[s] of a fully paid, nonassessable
share of Series A Participating Cumulative Preferred Stock (the "Preferred
Stock") of the Company at a purchase price of $130.00 per one one-hundredth of a
share (the "Purchase Price"), payable in lawful money of the United States of
America, upon surrender of this Right Certificate, with the form of election to
purchase and related certificate duly executed, and payment of the Purchase
Price at an office of the Rights Agent designated for such purpose.

     Terms used herein and not otherwise defined herein have the meanings
assigned to them in the Rights Agreement.

     The number of Rights evidenced by this Right Certificate (and the number
and kind of shares issuable upon exercise of each Right) and the Purchase Price
set forth above are as of December 6, 1989, and may have been or in the future
be adjusted as a result of the occurrence of certain events, as more fully
provided in the Rights Agreement.

     Upon the occurrence of a Section 11(a)(ii) Event, if the Rights evidenced
by this Right Certificate are beneficially owned by (a) an Acquiring Person or
an Associate or Affiliate of an Acquiring Person, (b) a transferee of an
Acquiring Person (or any such Associate or Affiliate) who becomes a transferee
after the Acquiring Person becomes such, or (c) under certain circumstances
specified in the Rights Agreement, a transferee of an Acquiring Person (or any
such Associate or Affiliate) who becomes a transferee prior to or concurrently
with the Acquiring Person becoming such, such Rights shall become null and void,
and no holder hereof shall have any right with respect to such Rights from and
after the occurrence of such Section 11(a)(ii) Event.

     This Right Certificate is subject to all of the terms, provisions and
conditions of the Rights Agreement, which terms, provisions and conditions are
hereby 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 hereunder of the
Rights Agent, the Company and the holders of the Right Certificates, which
limitations of rights include the temporary suspension of the exercisability of
such Rights under the specific circumstances set forth in the Rights Agreement.

     Upon surrender at the principal office or offices of the Rights Agent
designated for such purpose and subject to the terms and conditions set forth in
the Rights Agreement, any Rights Certificate or Certificates may be transferred
or exchanged for another Rights Certificate or Certificates evidencing a like
number of Rights as the Rights Certificate or Certificates surrendered.

                                  Ex. 4.3-B-2
<PAGE>

     Subject to the provisions of the Rights Agreement, the Board of Directors
of the Company may, at its option,

          (a)  at any time prior to the earlier of (i) the close of business on
     the tenth day after the Stock Acquisition Date (or such later date as a
     majority of the Continuing Directors may designate prior to such time as
     the Rights are no longer redeemable) and (ii) the Final Expiration Date,
     redeem all but not less than all the then outstanding Rights at a
     redemption price of $.01 per Right; or

          (b)  at any time after any Person becomes an Acquiring Person (but
     before such Person becomes the Beneficial Owner of 50% or more of the
     shares of Common Stock then outstanding), exchange all or part of the then
     outstanding Rights (other than Rights held by the Acquiring Person and
     certain related Persons) for shares of Common Stock at an exchange ratio of
     one share of Common Stock per Right. If the Rights shall be exchanged in
     part, the holder of this Right Certificate shall be entitled to receive
     upon surrender hereof another Right Certificate or Certificates for the
     number of whole Rights not exchanged.

     No fractional shares of Preferred Stock will be issued upon the exercise of
any Right or Rights evidenced hereby (other than fractions which are multiples
of one one-hundredth of a share of Preferred Stock, which may, at the election
of the Company, be evidenced by depositary receipts), but in lieu thereof a cash
payment will be made, as provided in the Rights Agreement.  If this Right
Certificate shall be exercised in part, the holder shall be entitled to receive
upon surrender hereof another Right Certificate or Certificates for the number
of whole Rights not exercised.

     No holder of this Right Certificate shall be entitled to vote, receive
dividends or be deemed for any purpose the holder of the shares of capital stock
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 stockholder of the Company or any
right to vote for the election of directors or upon any matter submitted to
stockholders at any meeting thereof, or to give or withhold consent to any
corporate action, or, to receive notice of meetings or other actions affecting
stockholders (except as provided in the Rights Agreement), 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.

     This Right Certificate shall not be valid or obligatory for any purpose
until it shall have been countersigned by the Rights Agent.

                                  Ex. 4.3-B-3
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal by its authorized officers.

Dated as of (            ) , 19 (    )

                                   MURPHY OIL CORPORATION

                                   By (                 )
                                      Title:

[SEAL]

Attest:

(              )
   Secretary

Countersigned:

HARRIS TRUST COMPANY
OF NEW YORK,
as Rights Agent

By (                     )
   Authorized Signature

                                  Ex. 4.3-B-4
<PAGE>

                   Form of Reverse Side of Right Certificate

                              FORM OF ASSIGNMENT

                   (To be executed if the registered holder
                  desires to transfer the Right Certificate.)

FOR VALUE RECEIVED (                               )

hereby sells, assigns and transfers unto (         )

(                                                                )
       (Please print name and address of transferee)

(                                                                )

this Right Certificate, together with all right, title and interest therein, and
does hereby irrevocably constitute and appoint (                 ) Attorney, to
transfer the within Right Certificate on the books of the within-named Company,
with full power of substitution.

Dated: (            ), 19(   )

                         (                    )
                         Signature

Signature Guaranteed:

                                  Ex. 4.3-B-5
<PAGE>

                                  Certificate

     The undersigned hereby certifies by checking the appropriate boxes that:

     (1)  the Rights evidenced by this Right Certificate  /  /are  /  /are not
being assigned 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 in the Rights Agreement);

     (2)  after due inquiry and to the best knowledge of the undersigned, it
/  /did  /  /did not   acquire the Rights evidenced by this Right Certificate
from any Person who is, was or became an Acquiring Person or an Affiliate or
Associate of an Acquiring Person.

Dated: (       ), 19 ( )         (            )
                                 Signature

                                  ____________

     The signatures to the foregoing Assignment and Certificate 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.

                                  ____________

                                  Ex. 4.3-B-6

<PAGE>

                         FORM OF ELECTION TO PURCHASE

(To be executed if the registered holder desires to exercise
     Rights represented by the Right Certificate.)

To:  Murphy Oil Corporation

     The undersigned hereby irrevocably elects to exercise (      ) Rights
represented by this Right Certificate to purchase shares of Preferred Stock
issuable upon the exercise of the Rights (or such other securities of the
Company or of any other person which may be issuable upon the exercise of the
Rights) and requests that certificates for such securities be issued in the name
of and delivered to:

Please insert social security
or other identifying number

(                                                  )
               (Please print name and address)

(                                                  )

     If such number of Rights shall not be all the Rights evidenced by this
Right Certificate, a new Right Certificate for the balance of such Rights shall
be registered in the name of and delivered to:

Please insert social security
or other identifying number

(                                                  )
               (Please print name and address)

(                                                  )

Dated: (       ), 19 ( )

                         (                    )
                         Signature

Signature Guaranteed:

                                  Ex. 4.3-B-7
<PAGE>

                                   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 in the Rights Agreement);

     (2)  after due inquiry and to the best knowledge of the undersigned, it
/  /did  /  /did not   acquire the Rights evidenced by this Right Certificate
from any Person who is, was or became an Acquiring Person or an Affiliate or
Associate of an Acquiring Person.

Dated:  (      ), 19 (  )   (                   )
                         Signature

                                   __________

     The signature to the foregoing Election to Purchase and Certificate 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.

                                   __________

                                  Ex. 4.3-B-8
<PAGE>

                                                           EXHIBIT 4.3-EXHIBIT C

                             MURPHY OIL CORPORATION

                            STOCKHOLDER RIGHTS PLAN

                                Summary of Terms

Form of Security:        The Board of Directors has declared a dividend of one
                         preferred stock purchase right for each share of the
                         Company's Common Stock outstanding at the close of
                         business on December 20, 1989 (each a "Right" and
                         collectively, the "Rights").

Transfer:                Prior to the Distribution Date*, the Rights will be
                         evidenced by the certificates for and will trade with
                         the Common Stock, and the registered holders of the
                         Common Stock will be deemed to be the registered
                         holders of the Rights.

                         After the Distribution Date, the Rights Agent will mail
                         separate certificates evidencing the Rights to each
                         record holder of the Common Stock as of the close of
                         business on the Distribution Date, and thereafter the
                         Rights will be transferable separately from the Common
                         Stock.

Exercise:                Prior to the Distribution Date, the Rights will not be
                         exercisable.

____________________

     *Distribution Date means the close of business on the 10th day after public
announcement that any person or group (an "Acquiring Person") has become the
beneficial owner of 15% or more of the Company's Common Stock subject to
extension by a majority of the directors not affiliated with the Acquiring
Person.

                                  Ex. 4.3-C-1
<PAGE>

                         After the Distribution Date, each Right will be
                         exercisable to purchase, for $130.00 (the "Exercise
                         Price"), one one-hundredth of a share of Series A
                         Participating Cumulative Preferred Stock, par value
                         $100.00 per share, of the Company.

Flip-In:                 If any person or group (an "Acquiring Person") becomes
                         the beneficial owner of 15% or more of the Company's
                         Common Stock, then each Right (other than Rights owned
                         by the Acquiring Person and certain related persons)
                         will entitle the holder to purchase, for the Exercise
                         Price, a number of shares of the Company's Common Stock
                         having a market value of twice the Exercise Price.

Flip-Over:               If, after any person has become an Acquiring Person,
                         (1) the Company is involved in a merger or other
                         business combination in which the Company is not the
                         surviving corporation or its Common Stock is changed
                         into or exchanged for other securities or assets or (2)
                         the Company and/or one or more of its subsidiaries sell
                         or otherwise transfer 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 each Right (other than Rights owned by the
                         Acquiring Person and certain related persons) will
                         entitle the holder to purchase, for the Exercise Price,
                         a number of shares of common stock of the other party
                         to such business combination or sale (or in certain
                         circumstances, an affiliate) having a market value of
                         twice the Exercise Price.

Redemption:              The Board of Directors may redeem all of the Rights at
                         a price of $.01 per Right at any time prior to the
                         close of business on the 10th day after public
                         announcement that any person has become an Acquiring
                         Person

                                  Ex. 4.3-C-2
<PAGE>

                         (subject to extension by a majority of the directors
                         not affiliated with the Acquiring Person).

                         After any person has become an Acquiring Person, the
                         Rights may be redeemed only with the approval of a
                         majority of the directors not affiliated with the
                         Acquiring Person.

Exchange:                The Board of Directors may, at any time after any
                         person or group has become the beneficial owner of 15%
                         or more but less than 50% of the Company's Common
                         Stock, exchange all or part of the Rights (other than
                         Rights owned by the Acquiring Person and certain
                         related persons) for shares of Common Stock at an
                         exchange ratio of one share of Common Stock per Right.

Expiration:              The Rights will expire on December 6, 1999, unless
                         earlier redeemed or exchanged.

Amendments:              Prior to the Distribution Date, the Rights Agreement
                         may be amended in any respect.

                         After the Distribution Date, the Rights Agreement may
                         be amended in any respect that does not adversely
                         affect the Rights holders (other than any Acquiring
                         Person and certain related persons); PROVIDED that the
                         Rights Agreement may be amended to extend the
                         redemption period at any time prior to the expiration
                         of such period.

                         After any person has become an Acquiring Person, the
                         Rights Agreement may be amended only with the approval
                         of a majority of the directors not affiliated with the
                         Acquiring Person.

Voting Rights:           The Rights have no voting power.

                                  Ex. 4.3-C-3
<PAGE>

Antidilution                  The Rights Agreement includes antidilution
Provisions:                   provisions designed to prevent efforts to
                              diminish the efficacy of the Rights.

Taxes:                        Distribution of the Rights is designed to be tax-
                              free to the Company and the stockholders, although
                              income may be recognized by the holders of the
                              Rights upon the occurrence of certain subsequent
                              events.

                                _______________

A copy of the Rights Agreement has been filed with the Securities and Exchange
Commission as an Exhibit to a Registration Statement on Form 8-A.  A copy of the
Rights Agreement is available free of charge from the Company.  This summary
description of the Rights does not purport to be complete and is qualified in
its entirety by reference to the Rights Agreement.

                                  Ex. 4.3-C-4<PAGE>

                                                                    EXHIBIT 10.1

                            MURPHY OIL CORPORATION
                        1987 MANAGEMENT INCENTIVE PLAN
                         (As Amended February 7, 1990
                       Retroactive to February 3, 1988)

                            SECTION I.  DEFINITIONS

     Unless the context otherwise indicates, the following definitions shall be
applicable for the purpose of this Management Incentive Plan:

     .  "Company" means Murphy Oil Corporation, a Delaware corporation.

     .  "Board of Directors" means the Board of Directors of the Company.

     .  "Committee" means the Executive Compensation Committee appointed by the
        Board of Directors and composed of not less than three directors of the
        Company. A majority of the members of the Committee shall not be
        employees.

     .  "Subsidiary" means any company more than 50% of the voting stock of
        which is owned directly or indirectly by the Company, except that for
        the purposes of the Plan Ocean Drilling & Exploration Company (ODECO)
        shall not be considered a Subsidiary and for the purpose of the
        Incentive Bonus Plan portion of the Plan Murphy Oil Company Ltd. (MOCL)
        shall not be considered a Subsidiary.

     .  "Company and Consolidated Subsidiaries" means the Company and all the
        Company's subsidiaries, the financial results of which for the year in
        question are consolidated with those of the Company and so included in
        the Company's Annual Report to its stockholders, with the exception of
        ODECO and its subsidiaries and MOCL and its subsidiaries for purposes of
        the Incentive Bonus Plan portion of the Plan.

     .  "Employee" means regular employee, whether or not a director.

     .  "Key Employee" means employee who is a director or officer or in a
        managerial, professional or other key position.

                                  Ex. 10.1-1
<PAGE>

     .  "Eligible Employee" means Key Employee of the Company or of a Subsidiary
        that does not have in effect for its personnel any plan similar to the
        Plan. In addition to Key Employees the Committee may in any year include
        any other Employee who has made some unusual contribution which would
        not be expected of such Employee in the ordinary course of his work.

     .  "Independent Auditors" means the independent auditors appointed by the
        Board of Directors to examine and certify the financial statements of
        the Company and Consolidated Subsidiaries.

     .  "Incentive Award" means an award either paid currently or paid on a
        deferred basis as a result of the operation of the Plan.

     .  "Incentive Award Reserve" or "Reserve" means monies available for
        distribution as Incentive Awards as the result of the operation of the
        Plan.

     .  "Shares," "Shares of Stock," or "Stock" means shares of the Common Stock
        of the Company including shares which have been previously issued and
        reacquired by the Company at such times as the Company may deem
        advisable.

     .  "Plan" means this Management Incentive Plan.

     .  "Beneficiary" means the person designated by an Option Holder by written
        notice to the Company as the person entitled to exercise an option upon
        the death of the Option Holder.

     .  "Normal Termination" means terminate (i) at normal retirement time, (ii)
        for permanent and total disability, or (iii) with Employer approval, and
        without being terminated for cause.

     .  "Option Holder" or "Holder" means an Employee to whom an option has been
        granted.

                                  Ex. 10.1-2
<PAGE>

     .  "Terminate" means cease to be an Employee of the Company or a Subsidiary
        except by death, but a change of employment from the Company or one
        Subsidiary to another Subsidiary or to the Company shall not be
        considered a Termination. For this definition ODECO and MOCL shall be
        considered Subsidiaries.

                          SECTION II.  ADMINISTRATION

     The Plan shall be administered by the Committee.  The Committee shall have
the exclusive right to interpret provisions of the Plan, which interpretation
shall be binding and conclusive upon all persons.  The Committee may promulgate
rules and regulations for the administration of the Plan.  The Committee shall
also have the exclusive right to select Employees eligible for participation in
the Plan, and the amount and extent of such participation in each individual
case shall rest in the Committee's absolute discretion.  No member of the
Committee, while he serves on the Committee, may be granted an Incentive Award
or a Stock Option under the Plan.

     The Board of Directors may from time to time remove members from the
Committee or add members thereto, and vacancies in the Committee, however
caused, shall be filled by action of the Board of Directors.  The Committee
shall select one of its members as chairman, and shall hold its meetings at such
times and places as it may determine.  A majority of its members shall
constitute a quorum.  All determinations of the Committee shall be made by a
majority of its members.  The members of the Committee may receive such
compensation for their services as the Board of Directors may determine.

                        SECTION III.  STOCK OPTION PLAN

1.   Stock Subject to Plan

     Subject to adjustment as provided in subsection 2, the total number of
shares of Common Stock which may be acquired pursuant to options granted under
the Plan shall not

                                  Ex. 10.1-3
<PAGE>

exceed 300,000. Not more than 100,000 of such shares may be optioned to
directors and not more than 30,000 such shares may be optioned to any one
Employee. Shares optioned to an Employee who is not a director shall not be
counted against the limitations on grants to directors, even though such
Employee may have previous been a director or should later be elected a
director. All options granted under this Plan which are outstanding or have been
exercised shall be deducted from the foregoing totals in determining whether
further options may be granted hereunder. For this purpose options which have
expired or lapsed due to the death or Termination of an Option Holder before the
option becomes excisable shall not be considered outstanding.

2.   Adjustments

     The total number of shares which may be acquired pursuant to the Plan and
the total number of shares which may be acquired by directors or by any one
director, as well as the number of shares subject to any outstanding option and
the option price per share with respect to any outstanding option, shall be
appropriately adjusted to take into account any stock split, stock dividend, or
other relevant change in the capitalization of the Company which becomes
effective while this Plan is in effect or any option granted hereunder is
outstanding.

3.   Provisions of Options

     Each option granted hereunder shall be evidenced by a written agreement
between the Company and the Option Holder and shall not be assignable except as
provided in case of death and shall not be subject in whole or in part to
attachment, execution or levy.  Any option or portion thereof which is
exercisable shall be exercisable for the full amount or for any part thereof.

     Each option shall be granted for an option price determined by the
Committee which shall not be less than the fair market value of the Common Stock
subject thereto on the date the option is granted.

                                  Ex. 10.1-4
<PAGE>

     Provided the Option Holder has not died or Terminated, each option shall
become exercisable as to one-half of the shares subject thereto beginning two
years from the date of grant and shall become exercisable as to all of the
shares subject thereto beginning three years from the date of grant provided
that each option shall become exercisable in full immediately if the Company
should propose or become a party to any form of corporate reorganization
requiring a vote of Common Stockholders of the Company, of if there should be a
tender offer for Common Stock of the Company which results in one person or
group of persons acting in concert becoming the owners of as much as 20% of the
outstanding Common Stock of the Company. Each option may be exercised only by
the Option Holder, except that in the event of his death after the option has
become exercisable the option may be exercised by his Beneficiary or, if no
Beneficiary has been designated, the option may be exercised by the executor or
administrator of his estate.

     Each option shall expire and be no longer exercisable as follows:

          A.   If the Option Holder is then living, it shall expire at the
               earliest of the following times:

               (i)   Ten years after it is granted.

               (ii)  Three months after Normal Termination, or

               (iii) Any earlier time provided for in the option agreement.

          B.   If the Option Holder Terminates otherwise than normally, it shall
               expire at the time of Termination.

          C.   If the Option Holder dies, it shall expire:

               (i)   One year after his death, or

               (ii)  Any earlier time provided for in the option agreement.

     At the discretion of the Committee, options may be designated as either
"Stock Options" or "Incentive Stock Options." Options designated as Incentive
Stock options may not

                                  Ex. 10.1-5
<PAGE>

be granted to any employee which would result in Shares of Stock having an
aggregate fair market value at the time of grant in excess of $100,000 first
becoming exercisable in any one calendar year.

4.   Grant of Options

     The Committee shall select Eligible Employees to whom options are to be
granted under this Plan.  Subject to the limitations expressed in subsection 1,
the Committee shall grant options under this Plan for such numbers of shares as
the Committee shall in its discretion determine to be appropriate.

5.   Payment for Options Exercised

     Upon exercise of an option, the purchase price of Shares purchased shall
be paid either in cash or by delivery of Shares of Stock of the Company, which
Shares shall be valued at the fair market value on date of exercise.

6.   Cancellation of Options

     The Committee may in its discretion authorize payment, in cash or in
Shares, or partly in cash and partly in Shares, as the Committee may direct, of
an amount equal to the difference at the time between the fair market value of
all or part of the Shares subject to an option and the option price in
consideration of the cancellation of the option in whole or in part. In such an
event the Shares subject to the option so cancelled shall be charged against the
limitations set forth in subsection 1 of this Section III.

                       SECTION IV.  INCENTIVE BONUS PLAN

1.   Incentive Award Reserve

     In each of the five calendar years after 1987 the Board of Directors may
cause to be credited to the Incentive Award Reserve an amount not exceeding 3%
of the amount by which the Net Income of the Company and Consolidated
Subsidiaries for that year, exclusive of ODECO

                                  Ex. 10.1-6
<PAGE>

and MOCL, exceeds an amount equal to 7% of Capital Employed in the Business of
the Company and Consolidated Subsidiaries, exclusive of ODECO and MOCL. For the
purpose of determining the maximum amount creditable to the Reserve in each year
as above provided:

     A.   "Capital Employed in the Business of the Company and Consolidated
          Subsidiaries" for any year means the amount of (i) Stockholders'
          Equity (which includes Capital Stock, Capital in Excess of Par Value,
          and Retaining Earnings) less the cost of shares reacquired, plus (ii)
          Long-Term Debt having a maturity of more than one year, as reported in
          the financial statements of the Company and Consolidated Subsidiaries
          included in the Company's Annual Report to stockholders as of the end
          of the previous year, exclusive of ODECO and MOCL, with an appropriate
          adjustment for any significant change during the year in the amount of
          issued capital or debt as well as in the amount of earnings reinvested
          and employed in the business resulting from surplus adjustments.

     B.   "Net Income" for any year means the amount reported as "Net Income" in
          the "Statement of Income of the Company and Consolidated Subsidiaries"
          included in the Company's Annual Report to stockholders for that year,
          after eliminating the accounts of ODECO and MOCL from the
          consolidation and after giving effect to such adjustment for any
          unusual or nonrecurring items of income or loss not arising in the
          ordinary course of the business as the Committee in its sole
          discretion may determine, plus (i) interest on long-term debt, reduced
          by interest attributable to debt funds invested in or loaned or
          advanced to ODECO and MOCL, and (ii) amounts credited to the Reserve
          during the year, and less (iii) any dividends received from ODECO and
          MOCL (adjusted in each case by the estimated tax effect applicable
          thereto). In determining the amount of interest attributable to long-
          term debt funds invested in or loaned or advanced to ODECO or MOCL,
          the Company's investments and loans or

                                  Ex. 10.1-7
<PAGE>

          advances to these companies after their elimination from the
          consolidation shall be deemed to have been 40% long-term debt funds,
          and the annual interest rate shall be deemed to be 7%.

             As soon as practicable after the end of each fiscal year, the
          Independent Auditors shall determine, in accordance with the Plan, and
          report to the Board of Directors the maximum amount available for
          credit to the Incentive Award Reserve for that year and the amount of
          any balance in such Reserve credited thereto in prior years and
          currently available for Incentive Awards, and the Board of Directors
          shall rely upon and be bound by such reports.  The Board of Directors
          will determine the amount to be credited to the Reserve and advise the
          Committee the total amount available for Incentive Awards.  In making
          such determination, the Board of Directors may reduce the amount to be
          credited to the Reserve to adjust for the effect of any extraordinary
          or unusual accounting adjustments, such as a writedown of asset
          values.

             No amount shall be credited to the Reserve in any year in which no
          dividends, either in cash, stock, or property, have been declared on
          the Common Stock of the Company.

2.   Allotments to Participants

             In respect of any year the Committee shall select those Employees
to whom Incentive Awards shall be made and its determination of the amount and
method of payment of each such Incentive Award shall be final.

             The Committee shall not be required to award the total amount
creditable to the Reserve for any particular year, and any amount of the Reserve
for any year which the Committee shall not have awarded shall be carried forward
and may be awarded in succeeding years or, if the Committee so determines, may
be restored to net income.

                                  Ex. 10.1-8
<PAGE>

          No allotment to an individual Employee shall exceed 50% of such
Employee's annual salary rate for that year as in effect on the date of the
Incentive Award.

3.   Form of Allotments

          Subject to the limitations of subsection 4, the Committee may in its
absolute discretion make allotments to Employees eligible for participation
wholly in cash or in Shares of Stock, or in a combination of cash or Shares of
Stock.  The number of Shares shall be determined by reference to the closing
price on the New York Stock Exchange on the trading date next preceding the date
of allotment.  Such number of Shares shall be adjusted to give effect to any
stock splits, stock dividends, or other relevant changes in capitalization
occurring after the date of allotment.  Shares allotted under the Plan may be
freely transferable or may be subject to such terms and conditions, including
forfeiture, and to such restrictions against sale, transfer or other disposition
as may be determined by the Committee at the time of making a bonus award.  The
Committee may in its discretion remove, modify or accelerate the release of
restrictions on any Shares in the event of hardship of disability of the
participant while employed, or for such other reasons as the Committee may deem
appropriate in the event that the participant ceases to be an Employee of the
Company or a Subsidiary (including ODECO and MOCL) as the result of death or
otherwise.  In the event of the death of a participant following the transfer of
Shares to him subject to restrictions, the legal representatives of the
participant and the person receiving such Shares under his Will or under the
laws of descent and distribution shall take such Shares subject to the same
restrictions, conditions and provisions in effect at the time of his death, to
the extent applicable.

4.   Settlement of Allotments

          A.   Subject to the provisions of paragraph B of this subsection 4,
               all allotments shall be settled as determined by the Committee in
               individual cases at the time of allotment by payment of cash and
               delivery of Shares either (i) in full as soon as

                                  Ex. 10.1-9
<PAGE>

               practicable after the date of allotment, or (ii) in not more than
               four equal annual installments commencing as soon as practicable
               after date of allotment.

          B.   If any allotment is payable after the death of the participant it
               shall be payable (i) to his designated Beneficiary, or if there
               is no designated Beneficiary, to his personal representative, and
               (ii) either in the same installments as originally provided in
               the allotment or otherwise as the Committee may determine in
               individual cases.

5.   Contribution by Subsidiaries

          To the extent that Employees of Subsidiaries shall participate in the
Plan, each of such Subsidiaries will be charged with the total amount of
allotments made to its Employees in each fiscal year.

6.   Forfeiture Provisions

          All allotments to participants, whether in cash or Shares of Stock,
shall be deemed to be provisional and, to the extent not actually paid to
participants, shall be subject to forfeiture under the following circumstances:

          A.   unless otherwise determined by the Committee, if a participant's
               service is terminated for any reason other than by death,
               disability, retirement at normal retirement age, early retirement
               for the convenience of the Company, or

          B.   if after termination of employment a participant shall engage in
               activities which would be detrimental to the interest of the
               Company or its Subsidiaries.

          A change in employment from the Company or one Subsidiary to another
Subsidiary of the Company shall not be considered a termination.  For purposes
of the preceding sentence ODECO and MOCL shall be considered Subsidiaries.

                                  Ex. 10.1-10
<PAGE>

          Any amounts so forfeited (in the case of forfeited Stock, said amounts
being determined by reference to prices used to determine the amount of the
original allotment) shall be restored to net income in the year of forfeiture.

               SECTION V.  AMENDMENT AND TERMINATION OF THE PLAN

     The Board of Directors may from time to time amend the Plan or any
provision thereof without the consent of the stockholders except that (i) the
number of shares which may be optioned under the Stock Option portion of the
Plan may not be increased nor may the number of shares which may be acquired by
members of the Board or any one member thereof be increased, (ii) the minimum
time provided for an option to become exercisable may not be decreased nor may
the maximum term for options be increased, (iii) the minimum price at which
options may be granted may not be decreased, (iv) the maximum amount which may
be credited to the Bonus Reserve may not be increased, (v) the maximum amount
which may be allotted in any year to any participant in the Incentive Bonus
portion of the Plan may not be increased, and (vi) the Plan may not be amended
to permit participation by members of the Committee.

     The Board of Directors may terminate the Plan in whole or in part at any
time provided that no such termination shall alter the terms of options then
outstanding or of Bonus awards which have been allocated but remain unpaid.

                         SECTION VI.  EFFECTIVE PERIOD

     The Plan has been approved by the Board of Directors but will not become
effective unless and until approved by Common stockholders of the Company at the
annual meeting on May 13, 1987.  If the 1987 Management Incentive Plan is then
approved by stockholders, (i) the Stock Option portion of the existing
Management Incentive Plan shall be terminated except with respect to options
previously granted, (ii) the Stock Option portion of the 1987 Management

                                  Ex. 10.1-11
<PAGE>

Incentive Plan shall become effective immediately and shall remain in effect
until April 30, 1992, and (iii) the Incentive Bonus portion of the 1987
Management Incentive Plan shall be effective for the purposes of accruing
Reserves for the five calendar years 1988 through 1992 and shall continue
thereafter with respect to awards made from Reserves accrued during such years.

                                  Ex. 10.1-12

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