Document:

Exhibit 4.1

 

Albany Molecular Research,
Inc.

 

and

 

Computershare Shareowner
Services LLC

 

as Rights Agent

 

Shareholder Rights Agreement

 

Dated as of July 27, 2012

 

    	 

    	 

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	Section 1.	Certain Definitions	2
	 	 	 
	Section 2.	Appointment of Rights Agent	8
	 	 	 
	Section 3.	Issue of Right Certificates.	8
	 	 	 
	Section 4.	Form of Right Certificates.	10
	 	 	 
	Section 5.	Countersignature and Registration.	11
	 	 	 
	Section 6.	Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates.	12
	 	 	 
	Section 7.	Exercise of Rights; Exercise Price; Expiration Date of Rights.	13
	 	 	 
	Section 8.	Cancellation and Destruction of Right Certificates	15
	 	 	 
	Section 9.	Reservation and Availability of Preferred Stock.	15
	 	 	 
	Section 10.	Preferred Stock Record Date	17
	 	 	 
	Section 11.	Adjustment of Exercise Price, Number and Kind of Shares or Number of Rights	17
	 	 	 
	Section 12.	Certificate of Adjusted Exercise Price or Number of Shares	25
	 	 	 
	Section 13.	Consolidation, Merger or Sale or Transfer of Assets or Earning Power.	26
	 	 	 
	Section 14.	Fractional Rights and Fractional Shares.	28
	 	 	 
	Section 15.	Rights of Action	29
	 	 	 
	Section 16.	Agreement of Right Holders	29
	 	 	 
	Section 17.	Right Certificate Holder Not Deemed a Stockholder	30
	 	 	 
	Section 18.	Concerning the Rights Agent.	30
	 	 	 
	Section 19.	Merger or Consolidation or Change of Name of Rights Agent.	31
	 	 	 
	Section 20.	Duties of Rights Agent	32
	 	 	 
	Section 21.	Change of Rights Agent	35
	 	 	 
	Section 22.	Issuance of New Right Certificates	35

 

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	Section 23.	Redemption.	36
	 	 	 
	Section 24.	Exchange.	37
	 	 	 
	Section 25.	Notice of Certain Events.	39
	 	 	 
	Section 26.	Notices	39
	 	 	 
	Section 27.	Supplements and Amendments	40
	 	 	 
	Section 28.	Successors	41
	 	 	 
	Section 29.	Determinations and Actions by the Board of Directors	41
	 	 	 
	Section 30.	Benefits of this Agreement	41
	 	 	 
	Section 31.	Severability	41
	 	 	 
	Section 32.	Governing Law	42
	 	 	 
	Section 33.	Counterparts	42
	 	 	 
	Section 34.	Descriptive Headings	42
	 	 	 
	Section 35.	Force Majeure	42
	 	 	 
	Section 36.	Patriot Act	43

 

Exhibit A —Amended and Restated Certificate of
Designations of Series A Junior Participating Cumulative Preferred Stock

 

Exhibit B — Form of Right Certificate

 

    	-ii-

    	 

    

  

SHAREHOLDER RIGHTS AGREEMENT

 

Agreement, dated as of July 27, 2012, between
Albany Molecular Research, Inc., a Delaware corporation (the “Company”), and Computershare Shareowner Services
LLC, a New Jersey limited liability company, as rights agent (the “Rights Agent”).

 

WITNESSETH

 

WHEREAS, the Board of Directors of the Company
desires to provide shareholders of the Company with the opportunity to benefit from the long-term prospects and value of the Company
and to ensure that shareholders of the Company receive fair and equal treatment in the event of any proposed takeover of the Company;

 

WHEREAS, on September 18, 2002, the Board
of Directors of the Company authorized the Shareholder Rights Agreement dated as of September 18, 2002 between the Company and
Mellon Investor Services LLC, as Rights Agent (the “2002 Rights Agreement”), declared a dividend distribution
of one Right (as such term is defined in the 2002 Rights Agreement) for each outstanding share of Common Stock, par value $0.01
per share, of the Company (the “Common Stock”) outstanding as of the close of business on September 19, 2002
(the “2002 Record Date”), and authorized the issuance of one Right (as such term is defined in the 2002 Rights
Agreement) for each share of Common Stock of the Company issued between the 2002 Record Date and the earlier of the Distribution
Date or the Expiration Date (as such terms are defined in the 2002 Rights Agreement), each Right initially representing the right
to purchase one ten-thousandth of a share of Series A Junior Participating Cumulative Preferred Stock of the Company upon the terms
and subject to the conditions set forth in the 2002 Rights Agreement;

 

WHEREAS, on July 27, 2012, the Board of
Directors of the Company determined it desirable and in the best interests of the Company and its shareholders for the Company
to extend the benefits afforded by the 2002 Rights Agreement and to implement such extension by terminating the 2002 Rights Agreement
and executing this Agreement;

 

WHEREAS, on July 27, 2012, the Board of
Directors of the Company authorized the adoption of this Agreement and declared a dividend distribution of one Right (as such term
is hereinafter defined) for each outstanding share of Common Stock of the Company outstanding as of July 30, 2012 (the “Record
Date”), and authorized the issuance of one Right for each share of Common Stock of the Company issued (whether or not
originally issued or sold from the Company’s treasury, except in the case of treasury shares having associated Rights) between
the Record Date and the earlier of the Distribution Date or the Expiration Date (as such terms are hereinafter defined), each Right
initially representing the right to purchase one ten-thousandth of a share of Series A Junior Participating Cumulative Preferred
Stock of the Company having the rights, powers and preferences set forth on Exhibit A hereto, upon the terms and subject
to the conditions hereinafter set forth (the “Rights”); and

 

    	 

    	 

    

 

WHEREAS, the Company desires to appoint
the Rights Agent to act as rights agent hereunder, in accordance with the terms and conditions hereof.

 

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

 

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

 

(a)          “Acquiring
Person” shall mean any Person (as such term is hereinafter defined) who or which, together with all Affiliates (as such
term is hereinafter defined) and Associates (as such term is hereinafter defined) of such Person, shall be the Beneficial Owner
(as such term is hereinafter defined) of 15% or more of the shares of Common Stock of the Company then outstanding, but shall not
include (i) the Company, (ii) any Subsidiary (as such term is hereinafter defined) of the Company, (iii) any employee benefit
plan or compensation arrangement of the Company or any Subsidiary of the Company or (iv) any Person holding shares of Common Stock
of the Company organized, appointed or established by the Company or any Subsidiary of the Company for or pursuant to the terms
of any such employee benefit plan or compensation arrangement (the Persons described in clauses (i) through (iv) above are referred
to herein as “Exempt Persons”); provided, however, that the term “Acquiring Person”
shall not include any Grandfathered Person, unless such Grandfathered Person becomes the Beneficial Owner of a percentage of the
shares of Common Stock of the Company then outstanding equal to or exceeding such Grandfathered Person’s Grandfathered Percentage.

 

Notwithstanding the foregoing, no Person
shall become an “Acquiring Person” as the result of an acquisition by the Company of Common Stock of the Company which,
by reducing the number of shares outstanding, increases the proportionate number of shares Beneficially Owned by such Person to
15% (or in the case of a Grandfathered Person, the Grandfathered Percentage applicable to such Grandfathered Person) or more of
the shares of Common Stock of the Company then outstanding; provided, however, that if a Person shall become the
Beneficial Owner of 15% (or in the case of a Grandfathered Person, the Grandfathered Percentage applicable to such Grandfathered
Person) or more of the shares of Common Stock of the Company then outstanding by reason of share purchases by the Company and shall,
after such share purchases by the Company, become the Beneficial Owner of any additional shares (other than pursuant to a stock
split, stock dividend or similar transaction) of Common Stock of the Company and immediately thereafter be the Beneficial Owner
of 15% (or in the case of a Grandfathered Person, the Grandfathered Percentage applicable to such Grandfathered Person) or more
of the shares of Common Stock of the Company then outstanding, then such Person shall be deemed to be an “Acquiring Person.”

 

In addition, notwithstanding the foregoing,
and notwithstanding anything to the contrary provided in the Agreement including without limitation in Sections 1(jj), 3(a) or
27, a Person shall not be an “Acquiring Person” if the Board of Directors of the Company determines at any time that
a Person who would otherwise be an “Acquiring Person,” has become such without intending to become an “Acquiring
Person,” and such Person divests as promptly as practicable (or within such period of time as the Board of Directors of the
Company determines is reasonable) a sufficient number of shares of Common Stock of the Company so that such Person would no longer
be an “Acquiring Person,” as defined pursuant to the foregoing provisions of this Section 1(a).

 

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(b)          “Adjustment
Shares” shall have the meaning set forth in Section 11(a)(ii) hereof.

 

(c)          “Affiliate”
and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules
and Regulations (the “Rules”) under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), as in effect on the date of this Agreement; provided, however, that no Person who is a director
or officer of the Company shall be deemed an Affiliate or an Associate of any other director or officer of the Company solely as
a result of his or her position as director or officer of the Company.

 

(d)          A
Person shall be deemed the “Beneficial Owner” of, and shall be deemed to “Beneficially Own”
and have “Beneficial Ownership” of, any securities:

 

(i)          which
such Person or any of such Person’s Affiliates or Associates, directly or indirectly, Beneficially Owns (as determined pursuant
to Rule 13d-3 of the Rules under the Exchange Act, as in effect on the date of this Agreement);

 

(ii)         which
such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has:

 

(A)         the
right to acquire (whether or not such right is exercisable immediately or only after the passage of time or upon the satisfaction
of any conditions or both) pursuant to any agreement, arrangement or understanding (whether or not in writing) (other than customary
agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities),
including, for the avoidance of doubt, through agreements to enter into agreements that permit a Person to purchase such securities,
or upon the exercise of conversion rights, exchange rights, rights (other than the Rights), warrants or options, or otherwise;
provided, however, that a Person shall not be deemed the “Beneficial Owner” of, or to “Beneficially
Own” or have “Beneficial Ownership” of, (1) securities tendered pursuant to a tender or exchange offer made by
or on behalf of such Person or any of such Person’s Affiliates or Associates until such tendered securities are accepted
for purchase or exchange; (2) securities issuable upon exercise of Rights at any time prior to the occurrence of a Triggering Event;
or (3) securities issuable upon exercise of Rights from and after the occurrence of a Triggering Event, which Rights were acquired
by such Person or any of such Person’s Affiliates or Associates prior to the Distribution Date or pursuant to Sections 3(a),
11(i) or 22 hereof; or

 

(B)         the
right to vote pursuant to any agreement, arrangement or understanding (whether or not in writing); provided, however,
that a Person shall not be deemed the “Beneficial Owner” of, or to “Beneficially Own” or have “Beneficial
Ownership” of, any security under this clause (B) if the agreement, arrangement or understanding to vote such security (1)
arises solely from a revocable proxy or consent given in response to a public proxy or consent solicitation made pursuant to a
written proxy or consent solicitation statement filed with the Securities and Exchange Commission in accordance with the Rules
of the Exchange Act and (2) is not also then reportable by such person on Schedule 13D under the Exchange Act (or any comparable
or successor report); or

 

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(C)         the
right to dispose of pursuant to any agreement, arrangement or understanding (whether or not in writing) (other than customary arrangements
with and between underwriters and selling group members with respect to a bona fide public offering of securities); or

 

(iii)        which
are Beneficially Owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with which such Person
or any of such Person’s Affiliates or Associates has any agreement, arrangement or understanding (whether or not in writing)
(other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering
of securities) for the purpose of acquiring, holding, voting (except pursuant to a revocable proxy or consent as described in clause
(B) of Section 1(d)(ii) hereof) or disposing of any securities of the Company;

 

provided, however, that (1) no Person engaged
in business as an underwriter of securities shall be deemed the Beneficial Owner of any securities acquired through such Person’s
participation as an underwriter in good faith in a firm commitment underwriting until the expiration of forty (40) days after the
date of such acquisition, (2) no Person who is a director or an officer of the Company shall be deemed, as a result of his
or her position as director or officer of the Company, the Beneficial Owner of any securities of the Company that are Beneficially
Owned by any other director or officer of the Company, and (3) Thomas E. D'Ambra shall not be deemed to Beneficially Own any shares
of Common Stock of the Company underlying any equity awards granted to Dr. D'Ambra from and after March 23, 2011, by the Board
of Directors of the Company or the Compensation Committee thereof or any shares of Common Stock of the Company acquired by Dr.
D'Ambra upon the vesting or exercise of such awards to the extent that such Beneficial Ownership would cause Dr. D'Ambra to be
an Acquiring Person under this Agreement.

 

For all purposes of this Agreement, the
phrase “then outstanding,” when used with reference to the percentage of the then outstanding securities Beneficially
Owned by a Person, shall mean the number of securities then issued and outstanding together with the number of such securities
not then actually issued and outstanding which such Person would be deemed to Beneficially Own hereunder.

 

(e)          “Business
Day” shall mean any day other than a Saturday, Sunday, or a day on which banking institutions in the Commonwealth of
Massachusetts, the State of New York, the State of New Jersey, or the state in which the principal office of the Rights Agent is
located, are authorized or obligated by law or executive order to close.

 

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(f)          “Certificate
of Incorporation” when used in reference to the Company shall mean the Restated Certificate of Incorporation, as may
be amended from time to time, of the Company.

 

(g)          “Close
of Business” on any given date shall mean 5:00 p.m., New York, New York time, on such date; provided, however,
that if such date is not a Business Day it shall mean 5:00 p.m., New York, New York time, on the next succeeding Business Day.

 

(h)          “Common
Stock” when used in reference to the Company shall mean the common stock, par value $0.01 per share, of the Company or
any other shares of capital stock of the Company into which such stock shall be reclassified or changed. “Common Stock”
when used with reference to any Person other than the Company organized in corporate form shall mean (i) the capital stock or other
equity interest of such Person with the greatest voting power, (ii) the equity securities or other equity interest having power
to control or direct the management of such Person or (iii) if such Person is a Subsidiary of another Person, the Person or Persons
which ultimately control such first-mentioned Person and which have issued any such outstanding capital stock, equity securities
or equity interest. “Common Stock” when used with reference to any Person not organized in corporate form shall mean
units of beneficial interest which (x) shall represent the right to participate generally in the profits and losses of such Person
(including without limitation any flow-through tax benefits resulting from an ownership interest in such Person) and (y) shall
be entitled to exercise the greatest voting power of such Person or, in the case of a limited partnership, shall have the power
to remove or otherwise replace the general partner or partners.

 

(i)          “Common
Stock Equivalents” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(j)          “Current
Value” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(k)          “Customer
Identification Program” shall have the meaning set forth in Section 36 hereof.

 

(l)          “Depositary
Agent” shall have the meaning set forth in Section 7(c) hereof.

 

(m)          “Distribution
Date” shall have the meaning set forth in Section 3(a) hereof.

 

(n)          “Exchange
Date” shall have the meaning set forth in Section 7(a) hereof.

 

(o)          “Exempt
Person” shall have the meaning set forth in the definition of “Acquiring Person.”

 

(p)          “Exercise
Price” shall have the meaning set forth in Section 4(a) hereof.

 

(q)          “Expiration
Date” and “Final Expiration Date” shall have the meanings set forth in Section 7(a) hereof.

 

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(r)          “Fair
Market Value” of any securities or other property shall be as determined in accordance with Section 11(d) hereof.

 

(s)          “Grandfathered
Percentage” shall mean, with respect to any Grandfathered Person, the percentage of the outstanding shares of Common
Stock of the Company that such Grandfathered Person, together with all Affiliates and Associates of such Grandfathered Person,
Beneficially Owns as of the Grandfathered Time, plus an additional 1⁄2%; provided, however, that, in the event any Grandfathered
Person shall sell, transfer, or otherwise dispose of any outstanding shares of Common Stock of the Company after the Grandfathered
Time, the Grandfathered Percentage shall, subsequent to such sale, transfer or disposition, mean, with respect to such Grandfathered
Person, the lesser of (i) the Grandfathered Percentage as in effect immediately prior to such sale, transfer or disposition or
(ii) the percentage of outstanding shares of Common Stock of the Company that such Grandfathered Person Beneficially Owns immediately
following such sale, transfer or disposition, plus an additional 1⁄2%.

 

(t)          “Grandfathered
Person” shall mean any Person who or which, together with all Affiliates and Associates of such Person, is, as of the
Grandfathered Time, the Beneficial Owner of 15% or more of the shares of Common Stock of the Company then outstanding. Notwithstanding
anything to the contrary provided in this Agreement, any Grandfathered Person who after the Grandfathered Time becomes the Beneficial
Owner of less than 15% of the shares of Common Stock of the Company then outstanding shall cease to be a Grandfathered Person and
shall be subject to all of the provisions of this Agreement in the same manner as any Person who is not and was not a Grandfathered
Person.

 

(u)          “Grandfathered
Time” shall mean 5:00 p.m., New York, New York time, on July 27, 2012.

 

(v)         “Group”
shall have the meaning set forth in clause (b) of the definition of “Person.”

 

(w)          “Person”
shall mean (a) an individual, a corporation, a partnership, a limited liability company, an association, a joint stock company,
a trust, a business trust, a government or political subdivision, any unincorporated organization, or any other association or
entity including any successor (by merger or otherwise) thereof or thereto, and (b) a “group” as that term is used
for purposes of Section 13(d)(3) of the Exchange Act.

 

(x)          “Preferred
Stock” shall mean shares of Series A Junior Participating Cumulative Preferred Stock, par value $0.01 per share, of the
Company having the rights and preferences set forth in the form of Amended and Restated Certificate of Designations attached hereto
as Exhibit A.

 

(y)          “Preferred
Stock Equivalents” shall have the meaning set forth in Section 11(b) hereof.

 

(z)          “Principal
Party” shall have the meaning set forth in Section 13(b) hereof.

 

(aa)         “Redemption
Date” shall have the meaning set forth in Section 7(a) hereof.

 

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(bb)         “Redemption
Price” shall have the meaning set forth in Section 23 hereof.

 

(cc)         “Registered
Common Stock” shall have the meaning set forth in Section 13(b) hereof.

 

(dd)         “Right
Certificates” shall have the meaning set forth in Section 3(a) hereof.

 

(ee)         “Section
11(a)(ii) Event” shall have the meaning set forth in Section 11(a)(ii) hereof.

 

(ff)         “Section
11(a)(ii) Trigger Date” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(gg)         “Section
13 Event” shall mean any event described in clauses (x), (y) or (z) of Section 13(a) hereof.

 

(hh)         “Section
24(a)(i) Exchange Ratio” shall have the meaning set forth in Section 24(a)(i) hereof.

 

(ii)         “Section
24(a)(ii) Exchange Ratio” shall have the meaning set forth in Section 24(a)(ii) hereof.

 

(jj)         “Spread”
shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(kk)         “Stock
Acquisition Date” shall mean the date of the first public announcement (which for purposes of this definition shall include,
without limitation, the issuance of a press release or the filing of a publicly-available report or other document with the Securities
and Exchange Commission or any other governmental agency) by the Company, acting pursuant to a resolution adopted by the Board
of Directors of the Company, or by an Acquiring Person, subject in each case to the last paragraph of Section 1(a), that an Acquiring
Person has become such.

 

(ll)         
“Subsidiary” shall mean, with reference to any Person, any corporation or other entity of which securities or
other ownership interests having ordinary voting power sufficient, in the absence of contingencies, to elect a majority of the
board of directors or other persons performing similar functions of such corporation or other entity are at the time directly or
indirectly Beneficially Owned or otherwise controlled by such Person either alone or together with one or more Affiliates of such
Person.

 

(mm)         “Substitution
Period” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(nn)         “Triggering
Event” shall mean any Section 11(a)(ii) Event or any Section 13 Event.

 

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Section 2. Appointment of Rights
Agent. The Company hereby appoints the Rights Agent to act as agent for the Company in accordance with the express terms and conditions
hereof (and no implied terms or conditions), 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. In the event 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. The Company
shall give ten (10) days’ prior written notice to the Rights Agent of the appointment of one or more Co-Rights Agents and
the respective duties of the Rights Agent and any such Co-Rights Agents. The Rights Agent shall have no duty to supervise, and
shall in no event be liable for, the acts or omissions of any such Co-Rights Agent.

 

Section 3. Issue of Right Certificates.

 

(a)          From
the date hereof until the earlier of (i) the Close of Business on the tenth calendar day after the Stock Acquisition Date or (ii)
the Close of Business on the tenth Business Day (or such later calendar day, if any, as the Board of Directors of the Company may
determine in its sole discretion) after the date a tender or exchange offer by any Person, other than an Exempt Person, is first
published or sent or given within the meaning of Rule 14d-4(a) of the Exchange Act, or any successor rule, if, upon consummation
thereof, such Person could become the Beneficial Owner of 15% (or in the case of a Grandfathered Person, the Grandfathered Percentage
applicable to such Grandfathered Person) or more of the shares of Common Stock of the Company then outstanding (including any such
date which is after the date of this Agreement and prior to the issuance of the Rights) (the earliest of such dates being herein
referred to as the “Distribution Date”), (x) the Rights will be evidenced (subject to the provisions of Section 3(b)
hereof) by the certificates for the Common Stock of the Company registered in the names of the holders of the Common Stock of the
Company (which certificates for Common Stock of the Company shall be deemed also to be certificates for Rights) and not by separate
certificates, and (y) the Rights will be transferable only in connection with the transfer of the underlying shares of Common Stock
of the Company. As soon as practicable after the Distribution Date, the Company will prepare and execute and the Rights Agent will
countersign and, if requested in writing and provided with all information and documents required by the Rights Agent in connection
therewith, at the Company’s expense send, by first-class, insured, postage prepaid mail, to each record holder of the Common
Stock of the Company 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 certificates, in substantially the form of Exhibit B hereto (the “Right Certificates”),
evidencing one Right for each share of Common Stock of the Company so held, subject to adjustment as provided herein. In the event
that an adjustment in the number of Rights per share of Common Stock of the Company has been made pursuant to Section 11(o) hereof,
the Company may make the necessary and appropriate rounding adjustments (in accordance with Section 14(a) hereof) at the time of
distribution of the Right Certificates, so that Right Certificates representing only whole numbers of Rights are distributed and
cash is paid in lieu of any fractional Rights. As of and after the Close of Business on the Distribution Date, the Rights will
be evidenced solely by such Right Certificates and the Right Certificates and the Rights will be transferable separately from the
transfer of shares of Common Stock. The Company shall promptly notify the Rights Agent in writing upon the occurrence of the Distribution
Date and, if such notification is given orally, the Company shall confirm same in writing on or prior to the Business Day next
following. Until such notice is received by the Rights Agent, the Rights Agent may presume conclusively for all purposes that the
Distribution Date has not occurred.

 

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(b)          With
respect to certificates for the Common Stock of the Company issued prior to the Close of Business on the Record Date, the Rights
will be evidenced by such certificates for the Common Stock of the Company on or until the Distribution Date (or the earlier redemption,
expiration or termination of the Rights), and the registered holders of the Common Stock of the Company also shall be the registered
holders of the associated Rights. Until the Distribution Date (or the earlier redemption, expiration or termination of the Rights),
the transfer of any of the certificates for the Common Stock of the Company outstanding prior to the date of this Agreement shall
also constitute the transfer of the Rights associated with the Common Stock of the Company represented by such certificate.

 

(c)          Certificates
for the Common Stock of the Company issued after the Record Date, but prior to the earlier of the Distribution Date or the Expiration
Date, shall be deemed also to be certificates for Rights, and shall bear a legend, substantially in the form set forth below:

 

This certificate also evidences and entitles the holder
hereof to certain Rights as set forth in a Shareholder Rights Agreement between Albany Molecular Research, Inc. and Computershare
Shareowner Services LLC (or any successor thereto), as Rights Agent, dated as of July 27, 2012 as amended, restated, renewed, supplemented
or extended from time to time (the “Rights Agreement”), the terms of which are hereby incorporated herein by
reference and a copy of which is on file at the principal offices of Albany Molecular Research, Inc. and the stock transfer administration
office of the Rights Agent. Under certain circumstances, as set forth in the Rights Agreement, such Rights will be evidenced by
separate certificates and will no longer be evidenced by this certificate. Albany Molecular Research, Inc. may redeem the Rights
at a redemption price of $0.01 per Right, subject to adjustment, under the terms of the Rights Agreement. Albany Molecular Research,
Inc. will mail to the holder of this certificate a copy of the Rights Agreement, as in effect on the date of mailing, without charge
promptly after receipt of a written request therefor. Under certain circumstances, Rights issued to or held by Acquiring Persons
or any Affiliates or Associates thereof (as defined in the Rights Agreement), and any subsequent holder of such Rights, may become
null and void. The Rights shall not be exercisable, and shall be null and void so long as held, by a holder in any jurisdiction
where the requisite qualification, if any, to the issuance to such holder, or the exercise by such holder, of the Rights in such
jurisdiction shall not have been obtained or be obtainable.

 

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With respect to such certificates containing
substantially the foregoing legend, the Rights associated with the Common Stock of the Company represented by such certificates
shall be evidenced by such certificates alone until the earlier of the Distribution Date or the Expiration Date, and the transfer
of any of such certificates shall also constitute the transfer of the Rights associated with the Common Stock of the Company represented
by such certificates. In the event that the Company purchases or acquires any shares of Common Stock of the Company after the Record
Date but prior to the Distribution Date, any Rights associated with such Common Stock of the Company shall be deemed canceled and
retired so that the Company shall not be entitled to exercise any Rights associated with the shares of Common Stock of the Company
which are no longer outstanding. The failure to print the foregoing legend on any such certificate representing Common Stock of
the Company or any defect therein shall not affect in any manner whatsoever the application or interpretation of the provisions
of Section 7(e) hereof.

 

Section 4. Form of Right Certificates.

 

(a)          The
Right Certificates (and the forms of election to purchase shares and of assignment and certificate to be printed on the reverse
thereof) shall each be substantially in the form of Exhibit B hereto and may have such changes and marks of identification
or designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate (but which do not
affect the rights, duties or responsibilities of the Rights Agent except to the extent otherwise agreed to in writing by the Rights
Agent) 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 applicable rule or regulation of any stock exchange on which the Rights may from time to time be
listed, or to conform to customary usage. The Right Certificates shall be in a machine printable format and in a form reasonably
satisfactory to the Rights Agent. Subject to the provisions of Section 11 and Section 22 hereof, the Right Certificates,
whenever distributed, shall be dated as of the Record Date, shall show the date of countersignature, and on their face shall entitle
the holders thereof to purchase such number of one ten-thousandths of a share of Preferred Stock as shall be set forth therein
at the price set forth therein (the “Exercise Price”), but the number of such shares and the Exercise Price
shall be subject to adjustment as provided herein.

 

(b)          Any
Right Certificate issued pursuant to Section 3(a) or Section 22 hereof that represents Rights Beneficially Owned by (i) an
Acquiring Person or any Associate or Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any Associate
or Affiliate of an Acquiring Person) 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 to holders of equity interests in such Acquiring Person or to any Person with whom the Acquiring Person has any continuing
agreement, arrangement or understanding (whether or not in writing) regarding the transferred Rights, the shares of Common Stock
of the Company associated with such Rights or the Company 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 Section 7(e) hereof,
and any Right Certificate issued pursuant to Section 6, Section 11 or Section 22 upon transfer, exchange, replacement
or adjustment of any other Right Certificate referred to in this sentence, shall have deleted therefrom (if the Company and the
Rights Agent have knowledge that such Person is an Acquiring Person or an Associate or Affiliate thereof or transferee of such
Persons or a nominee of any of the foregoing and to the extent feasible) the second sentence of the existing legend on such Right
Certificate and in substitution therefor shall bear a legend, substantially in the form set forth below:

 

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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 become null and
void under certain circumstances as specified in Section 7(e) of the Rights Agreement.

 

The Company shall give written notice to
the Rights Agent promptly after it becomes aware of the existence and identity of any Acquiring Person or any Associate or Affiliate
thereof. Until such notice is received by the Rights Agent, the Rights Agent may presume conclusively for all purposes that any
Person that may have become an Acquiring Person or an Affiliate or an Associate of an Acquiring Person is not an Acquiring Person
or an Affiliate or an Associate of an Acquiring Person. The Company shall instruct the Rights Agent in writing of the Rights which
should be so legended. The failure to print the foregoing legend on any such Right Certificate or any defect therein shall not
affect in any manner whatsoever the application or interpretation of the provisions of Section 7(e) hereof.

 

Section 5. Countersignature and Registration.

 

(a)          The
Right Certificates shall be executed on behalf of the Company by its Chairman or Vice Chairman of the Board of Directors, its President
or any Vice President and by its Treasurer, any Assistant Treasurer, Secretary or any Assistant Secretary, either manually or by
facsimile signature, and shall have affixed thereto the Company’s seal or a facsimile thereof which shall be attested to
by the Secretary or any Assistant Secretary of the Company, either manually or by facsimile signature. The Right Certificates shall
be countersigned by the Rights Agent, either manually or by facsimile signature, by an authorized signatory of the Rights Agent
and shall not be valid for any purpose unless so countersigned, and such countersignature upon any Right Certificate shall be conclusive
evidence, and the only evidence, that such Right Certificate has been duly countersigned as required hereunder. In case any officer
of the Company who shall have signed or attested any of the Right Certificates shall cease to be such officer of the Company before
countersignature by the Rights Agent and issuance and delivery by the Company, such Right Certificates, nevertheless, may be countersigned
by an authorized signatory of the Rights Agent, and issued and delivered by the Company with the same force and effect as though
the person who signed or attested such Right Certificates had not ceased to be such officer of the Company; and any Right Certificates
may be signed or attested 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 or attest such Right Certificate, although at the date of the execution of this
Rights Agreement any such person was not such an officer.

 

(b)          Following
the Distribution Date, and receipt by the Rights Agent of written notice to that effect and all other information referred to in
Section 3(a), the Rights Agent will keep or cause to be kept, at one of its offices designated as the appropriate place for surrender
of Right Certificates upon exercise or transfer, books for registration and transfer of the Right Certificates issued hereunder.
Such books shall show the names and addresses of the respective holders of the Right Certificates, the number of Rights evidenced
on its face by each of the Right Certificates and the date of each of the Right Certificates.

 

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Section 6. Transfer, Split Up, Combination
and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates.

 

(a)          Subject
to the provisions of Section 4(b), Section 7(e) and Section 14 hereof, at any time after the Close of Business on the Distribution
Date, and at or prior to the Close of Business on the Expiration Date, any Right Certificate or Certificates may be transferred,
split up, combined or exchanged for another Right Certificate or Certificates, entitling the registered holder to purchase a like
number of one ten-thousandths of a share of Preferred Stock (or following a Triggering Event, Common Stock of the Company, cash,
property, debt securities, Preferred Stock or any combination thereof, including any such securities, cash or property following
a Section 13 Event) as the Right Certificate or Certificates surrendered then entitled such holder to purchase and at the same
Exercise Price. Any registered holder desiring to transfer, split up, combine or exchange any Right Certificate shall make such
request in writing delivered to the Rights Agent, and shall surrender the Right Certificate or Certificates to be transferred,
split up, combined or exchanged, with the form of assignment and certificate duly executed, at the office or offices of the Rights
Agent designated for such purpose. The Rights Certificates are transferable only on the registry books of the Rights Agent. 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 until the registered holder shall have properly completed and duly executed the certificate contained in the
form of assignment on the reverse side of such Right Certificate and shall have provided such additional evidence of the identity
of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company or the Rights Agent shall
request. Thereupon the Rights Agent shall, subject to Section 4(b), Section 7(e) and Section 14 hereof, countersign and deliver
to the Person entitled thereto a Right Certificate or Certificates, as the case may be, as so requested. The Company may require
payment by the registered holder of a Right Certificate, of a sum sufficient to cover any tax or charge that may be imposed in
connection with any transfer, split up, combination or exchange of Right Certificates. If and to the extent the Company does require
payment of any such taxes or charges, the Company shall give the Rights Agent prompt written notice thereof and the Rights Agent
shall not deliver any Right Certificate unless and until it is satisfied that all such payments have been made, and the Rights
Agent shall forward any such sum collected by it to the Company or to such Persons as the Company shall specify by written notice.
The Rights Agent shall have no duty or obligation under any Section of this Agreement requiring the payment of taxes and charges
unless and until it is satisfied that all such taxes and charges have been paid.

 

(b)          Upon
receipt by the Company and the Rights Agent of evidence satisfactory to them of the loss, theft, destruction or mutilation of a
Right Certificate and such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates
or Associates thereof as the Company or the Rights Agent shall request, and, in case of loss, theft or destruction, of indemnity
or security satisfactory to them, and reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto,
and upon surrender to the Rights Agent and cancellation of the Right Certificate, if mutilated, the Company will execute and deliver
a new Right Certificate of like tenor to the Rights Agent for countersignature and delivery to the registered owner in lieu of
the Right Certificate so lost, stolen, destroyed or mutilated.

 

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Section 7. Exercise of Rights; Exercise
Price; Expiration Date of Rights.

 

(a)          Subject
to Section 7(e) hereof, the registered holder of any Right Certificate may exercise the Rights evidenced thereby (except as otherwise
provided herein) in whole or in part at any time after the Distribution Date upon surrender of the Right Certificate, with the
appropriate form of election to purchase and the certificate on the reverse side thereof properly completed and duly executed,
to the Rights Agent at the office or offices of the Rights Agent designated for such purpose, together with payment of the aggregate
Exercise Price for the total number of one ten-thousandths of a share of Preferred Stock (or other securities, cash or other assets,
as the case may be) as to which such surrendered Rights are then exercised, at or prior to the earlier of (i) the Close of Business
on the tenth anniversary of the Record Date (the “Final Expiration Date”), (ii) the time at which the Rights
are redeemed as provided in Section 23 hereof (the “Redemption Date”) or (iii) the time at which such
Rights are exchanged as provided in Section 24 hereof (the “Exchange Date”) (the earliest of (i), (ii) or (iii)
being herein referred to as the “Expiration Date”). Except as set forth in Section 7(e) hereof and notwithstanding
any other provision of this Agreement, any Person who prior to the Distribution Date becomes a record holder of shares of Common
Stock of the Company may exercise all of the rights of a registered holder of a Right Certificate with respect to the Rights associated
with such shares of Common Stock of the Company in accordance with the provisions of this Agreement, as of the date such Person
becomes a record holder of shares of Common Stock of the Company.

 

(b)          The
Exercise Price for each one ten-thousandth of a share of Preferred Stock pursuant to the exercise of a Right shall initially be
eighteen dollars and twenty-five cents (U.S. $18.25), shall be subject to adjustment from time to time as provided in Section 11
and Section 13 hereof and shall be payable in lawful money of the United States of America in accordance with Section 7(c) below.

 

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(c)          As
promptly as practicable following the Distribution Date, the Company shall deposit with a corporation, trust, bank or similar institution
in good standing organized under the laws of the United States or any State of the United States, which is authorized under such
laws to exercise corporate trust or stock transfer powers and is subject to supervision or examination by a federal or state authority
(such institution is hereinafter referred to as the “Depositary Agent”), certificates representing the shares
of Preferred Stock that may be acquired upon exercise of the Rights and the Company shall cause such Depositary Agent to enter
into an agreement pursuant to which the Depositary Agent shall issue receipts representing interests in the shares of Preferred
Stock so deposited. Upon receipt of a Right Certificate representing exercisable Rights, with the appropriate form of election
to purchase and the certificate on the reverse side thereof properly completed and duly executed, accompanied by payment of the
Exercise Price for the shares to be purchased and an amount equal to any applicable tax (as determined by the Rights Agent) by
certified check or bank draft payable to the order of the Company or by money order, the Rights Agent shall, subject to Section
20(k) and Section 14(b) hereof, thereupon promptly (i) requisition from the Depositary Agent (or make available, if the Rights
Agent is the Depositary Agent) depositary receipts or certificates for the number of one ten-thousandths of a share of Preferred
Stock to be purchased and the Company hereby irrevocably authorizes the Depositary Agent to comply with all such requests, (ii) when
necessary to comply with this Agreement, 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 hereof, (iii)  after receipt of such certificates or depositary receipts,
cause the same to be delivered to or upon the order of the registered holder of such Right Certificate, registered in such name
or names as may be designated by such holder and (iv) when necessary to comply with this Agreement, after receipt of each certificate
or depositary receipts promptly deliver such cash to or upon the order of the registered holder of such Right Certificate. In the
event that the Company is obligated to issue other securities (including Common Stock of the Company) of the Company, pay cash
or distribute other property pursuant to Section 11(a) hereof, the Company will make all arrangements necessary so that such other
securities, cash or other property are available for distribution by the Rights Agent, if and when necessary to comply with this
Agreement. The payment of the Exercise Price may be made by certified or bank check payable to the order of the Company, or by
money order or wire transfer of immediately available funds to the account of the Company (provided that notice of such wire transfer
shall be given by the holder of the related Right to the Rights Agent).

 

(d)          In
case the registered holder of any Right Certificate shall exercise less than all the Rights evidenced thereby, a new Right Certificate
evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent and delivered to the registered
holder of such Right Certificate or to his duly authorized assigns, subject to the provisions of Section 14 hereof.

 

(e)          Notwithstanding
anything in this Agreement to the contrary, from and after the first occurrence of a Section 11(a)(ii) Event or Section 13 Event,
any Rights Beneficially Owned by (i) an Acquiring Person or any Associate or Affiliate of an Acquiring Person, (ii) a
transferee of an Acquiring Person (or of any Associate or Affiliate of an Acquiring Person) who becomes a transferee after the
Acquiring Person becomes such or (iii) a transferee of an Acquiring Person (or of any Associate or Affiliate of an Acquiring
Person) 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 to holders of equity interests in such
Acquiring Person or to any Person with whom the Acquiring Person has any continuing agreement, arrangement or understanding regarding
the transferred Rights, the shares of Common Stock of the Company associated with such Rights or the Company, 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(e), shall be 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 ensure that the provisions of this Section 7(e) and Section 4(b) hereof 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 any Affiliates or Associates of an Acquiring Person or any transferee of any of them hereunder.

 

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(f)          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 exercise as set forth in this Section 7
unless such registered holder shall have (i) properly completed and duly executed the certificate contained in the appropriate
form of election to purchase set forth on the reverse side of the Right Certificate surrendered for such exercise, and (ii) provided
such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof
as the Company or the Rights Agent shall reasonably request.

 

(g)          A
committee of the Board of Directors of the Company shall periodically review this Agreement in order to consider whether the maintenance
of this Agreement continues to be in the best interests of the Company and its stockholders. The committee shall consist of independent
directors of the Company and shall conduct such review when, as and in such manner as the committee deems appropriate, after giving
due regard to all relevant circumstances; provided, however, that the committee shall take such action at least once every three
years. Following each such review, the committee will report its conclusions to the Board of Directors of the Company as to whether
this Agreement should be maintained or terminated. The committee is authorized to retain such legal counsel, financial advisors
and other advisors as the committee deems appropriate in order to assist the committee in carrying out its foregoing responsibilities
under this Agreement.

 

Section 8. Cancellation and Destruction
of Right Certificates. All Right Certificates surrendered for the purpose of exercise, transfer, split up, combination or exchange
shall, if surrendered to the Company or any of its agents, be delivered to the Rights Agent for cancellation or in canceled form,
or, if surrendered to the Rights Agent, shall be canceled by it, and no Right Certificates shall be issued in lieu thereof except
as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Rights Agent for cancellation
and retirement, and the Rights Agent shall so cancel and retire, any other Right Certificate purchased or acquired by the Company
otherwise than upon the exercise thereof. The Rights Agent shall deliver all canceled Right Certificates to the Company.

 

Section 9. Reservation and Availability
of Preferred Stock.

 

(a)          The
Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares of
Preferred Stock or any authorized and issued shares of Preferred Stock held in its treasury, the number of shares of Preferred
Stock that will be sufficient to permit the exercise in full of all outstanding and exercisable Rights. Upon the occurrence of
any events resulting in an increase in the aggregate number of shares of Preferred Stock issuable upon exercise of all outstanding
Rights in excess of the number then reserved, the Company shall make appropriate increases in the number of shares so reserved.

 

(b)          The
Company shall use its best efforts to cause, from and after such time as the Rights become exercisable, all shares of Preferred
Stock issued or reserved for issuance to be listed, upon official notice of issuance, upon the principal national securities exchange,
if any, upon which the Common Stock of the Company is listed or, if the principal market for the Common Stock of the Company is
not on any national securities exchange, to be eligible for quotation on such system as the Common Stock is then quoted.

 

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(c)          The
Company shall use its best efforts to (i) file, as soon as practicable following the earliest date after the occurrence of
a Section 11(a)(ii) Event on which the consideration to be delivered by the Company upon exercise of the Rights has been determined
in accordance with Section 11(a)(iii) hereof, or as soon as required by law following the Distribution Date, as the case may
be, a registration statement under the Securities Act of 1933, as amended (the “Securities Act”), with respect
to the securities purchasable upon exercise of the Rights on an appropriate form, (ii) cause such registration statement to
become effective as soon as practicable after such filing and (iii) cause such registration statement to remain effective
(with a prospectus that at all times meets 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 or (B) the Expiration Date. The Company will also take such
action as may be appropriate under, and which will 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 ninety (90) days after the date determined in accordance with the provisions 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
such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily
suspended, as well as a public announcement at such time as the suspension is no longer in effect, in each case with prompt written
notice to the Rights Agent. Notwithstanding any such provision of this Agreement to the contrary, the Rights shall not be exercisable
in any jurisdiction unless the requisite qualification in such jurisdiction shall have been obtained.

 

(d)          The
Company covenants and agrees that it will take all such action as may be necessary to ensure that all shares of Preferred Stock
delivered upon the exercise of the Rights shall, at the time of delivery of the certificates or depositary receipts for such shares
(subject to payment of the Exercise 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 taxes and charges which may be payable in
respect of the issuance or delivery of the Right Certificates or of any certificates for shares of Preferred Stock and/or other
property upon the exercise of Rights. The Company shall not, however, be required to pay any tax or charge which may be payable
in respect of any transfer or delivery of Right Certificates or the issuance or delivery of other securities or property to a person
other than, or in respect of the issuance or delivery of securities or other property in a name other than that of, the registered
holder of the Right Certificates evidencing Rights surrendered for exercise or to issue or deliver any certificates for securities
or other property in a name other than that of the registered holder upon the exercise of any Rights until such tax or charge shall
have been paid (any such tax or charge being payable by the holder of such Right Certificate at the time of surrender) or until
it has been established to the Company’s or the Rights Agent’s satisfaction that no such tax or charge is due.

 

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Section 10. Preferred Stock Record
Date. Each Person in whose name any certificate for Preferred Stock or other securities (including any fraction of a share of
Preferred Stock or such other securities) is issued upon the exercise of Rights shall for all purposes be deemed to have become
the holder of record of the shares of Preferred Stock or such other securities 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 Exercise Price
(and any applicable taxes or charges) was made; provided, however, that if the date of such surrender and payment
is a date upon which the transfer books of the Company for the Preferred Stock or such other securities, as applicable, are closed,
such person shall be deemed to have become the record holder of such shares of Preferred Stock or such other securities on, and
such certificate shall be dated, the next succeeding Business Day on which the transfer books of the Company are open; and further
provided, however, that if delivery of shares of Preferred Stock or such other securities is delayed pursuant to
Section 9(c), such Person shall be deemed to have become the record holder of such shares of Preferred Stock or such other securities
only when such shares or such other securities first become deliverable. Prior to the exercise of the Right 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, without limitation, the right to vote, to receive dividends or other distributions
or to 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 Exercise
Price, Number and Kind of Shares or Number of Rights. The Exercise Price, the number and kind of shares covered by each Right
and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section 11.

 

(a)          (i)
     In the event the Company shall at any time after the date of this Agreement (A) declare a dividend on the Preferred Stock
payable in shares of Preferred Stock, (B) subdivide the outstanding Preferred Stock, (C) combine the outstanding Preferred
Stock into a smaller number of shares or (D) issue, change or alter any shares of its capital stock in a reclassification
or recapitalization of the Preferred Stock (including any such reclassification or recapitalization in connection with a consolidation
or merger in which the Company is the continuing or surviving Person), except as otherwise provided in this Section 11(a) and Section
7(e) hereof, the Exercise Price in effect at the time of the record date for such dividend or the effective time of such subdivision,
combination, reclassification or recapitalization, and the number and kind of shares of capital stock issuable on such date or
at such time, shall be proportionately adjusted so that the holder of any Right exercised after such time shall be entitled to
receive the aggregate number and kind of shares of capital stock which, if such Right had been exercised immediately prior to such
date and at a time when the Preferred Stock transfer books of the Company were open, such holder would have owned upon such exercise
and been entitled to receive by virtue of such dividend, subdivision, combination, reclassification or recapitalization; provided,
however, that in no event shall the consideration to be paid upon the exercise of a Right be less than the aggregate par
value of the shares of capital stock of the Company issuable upon exercise of a Right. If an event occurs which would require an
adjustment under both Section 11(a)(i) and Section 11(a)(ii) hereof, the adjustment provided for in this Section 11(a)(i)
shall be in addition to, and shall be made prior to, any adjustment required pursuant to Section 11(a)(ii) hereof.

 

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                    (ii)         Subject
to the provisions of Section 24 hereof, in the event any Person, alone or together with its Affiliates and Associates, shall become
an Acquiring Person, then, promptly following any such occurrence (a “Section 11(a)(ii) Event”), proper provision
shall be made so that each holder of a Right, except as provided in Section 7(e) hereof, shall thereafter have a right to receive,
upon exercise thereof at the then current Exercise Price in accordance with the terms of this Agreement, in lieu of a number of
one ten-thousandths of a share of Preferred Stock, such number of shares of Common Stock of the Company as shall equal the result
obtained by (x) multiplying the then current Exercise Price by the then number of one ten-thousandths of a share of Preferred
Stock for which a Right was exercisable immediately prior to the first occurrence of a Section 11(a)(ii) Event, whether or not
such Right was then exercisable, and dividing that product by (y) 50% of the Fair Market Value per share of Common Stock of
the Company (determined pursuant to Section 11(d)) on the date of the occurrence of a Section 11(a)(ii) Event (such number of shares
being referred to as the “Adjustment Shares”).

 

                  (iii)        In
lieu of issuing any shares of Common Stock of the Company in accordance with Section 11(a)(ii) hereof, the Company, acting by or
pursuant to a resolution of the Board of Directors of the Company, may, and in the event that the number of shares of Common Stock
of the Company which are authorized by the Company’s Certificate of Incorporation but not outstanding or reserved for issuance
for purposes other than upon exercise of the Rights is not sufficient to permit the exercise in full of the Rights in accordance
with the foregoing subparagraph (ii) of this Section 11(a), the Company, acting by or pursuant to a resolution of the Board of
Directors of the Company, shall: (A) determine the excess of (X) the Fair Market Value of the Adjustment Shares issuable upon the
exercise of a Right (the “Current Value”) over (Y) the Exercise Price attributable to each Right (such excess
being referred to as the “Spread”) and (B) with respect to all or a portion of each Right (subject to Section
7(e) hereof), make adequate provision to substitute for the Adjustment Shares, upon payment of the applicable Exercise Price, (1)
Common Stock of the Company or equity securities, if any, of the Company other than Common Stock of the Company (including without
limitation shares, or units of shares, of Preferred Stock that the Board of Directors of the Company has determined to have the
same value as shares of Common Stock of the Company (such shares of Preferred Stock being referred to herein as “Common
Stock Equivalents”)), (2) cash, (3) a reduction in the Exercise Price, (4) Preferred Stock Equivalents which the Board
of Directors of the Company has deemed to have the same value as shares of Common Stock of the Company, (5) debt securities of
the Company, (6) other assets or securities of the Company or (7) any combination of the foregoing, having an aggregate value equal
to the Current Value, where such aggregate value has been determined by the Board of Directors of the Company after receiving the
advice of a nationally recognized investment banking firm selected by the Board of Directors of the Company; provided, however,
that if the Company shall not have made adequate provision to deliver value pursuant to clause (B) above within thirty (30) days
following the later of (x) the first occurrence of a Section 11(a)(ii) Event and (y) the date on which the Company’s right
of redemption pursuant to Section 23(a) expires (the later of (x) and (y) being referred to herein as the “Section 11(a)(ii)
Trigger Date”), then the Company shall be obligated to deliver, upon the surrender for exercise of a Right and without
requiring payment of the Exercise Price, shares of Common Stock of the Company (to the extent available) and then, if necessary,
cash, which shares and/or cash have an aggregate value equal to the Spread. If the Board of Directors of the Company shall determine
in good faith that it is likely that sufficient additional shares of Common Stock of the Company could be authorized for issuance
upon exercise in full of the Rights, the 30-day period set forth above may be extended to the extent necessary, but not more than
ninety (90) days after the Section 11(a)(ii) Trigger Date, in order that the Company may seek stockholder approval for the authorization
of such additional shares (such period, as it may be extended, being referred to herein as the “Substitution Period”).
To the extent that the Company determines that some action need be taken pursuant to the first and/or second sentences of this
Section 11(a)(iii), the Company (x) shall provide, subject to Section 7(e) hereof, 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 of distribution to be made pursuant to such
first sentence and to determine the value thereof. In the event of any such suspension, the Company shall issue a public announcement
stating that the exercisability of the Rights has been temporarily suspended and a public announcement at such time as the suspension
is no longer in effect (with prompt written notice thereof to the Rights Agent in both cases). For purposes of this Section 11(a)(iii),
the value of the Common Stock of the Company and of the Preferred Stock shall be the Fair Market Value (as determined pursuant
to Section 11(d) hereof) per share of the Common Stock of the Company and the Preferred Stock, respectively, on the Section 11(a)(ii)
Trigger Date, the value of any Common Stock Equivalent shall be deemed to have the same value as the Common Stock of the Company
on such date and the value of any Preferred Stock Equivalent shall be deemed to have the same value as the Preferred Stock on such
date.

 

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(b)          If
the Company shall fix a record date for the issuance of rights, options or warrants to all holders of Preferred Stock entitling
them (for a period expiring within forty-five (45) calendar days after such record date) to subscribe for or purchase Preferred
Stock (or securities having the same or more favorable rights, privileges and preferences as the shares of Preferred Stock (“Preferred
Stock Equivalents”)) or securities convertible into Preferred Stock or Preferred Stock Equivalents at a price per share
of Preferred Stock or per share of Preferred Stock Equivalents (or having a conversion price per share, if a security convertible
into Preferred Stock or Preferred Stock Equivalents) less than the Fair Market Value (as determined pursuant to Section 11(d) hereof)
per share of Preferred Stock on such record date, the Exercise Price to be in effect after such record date shall be determined
by multiplying the Exercise Price in effect immediately prior to such record 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 Preferred Stock which the
aggregate offering price of the total number of shares of Preferred Stock and/or Preferred Stock Equivalents to be offered (and
the aggregate initial conversion price of the convertible securities so to be offered) would purchase at such Fair Market Value
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 Preferred Stock Equivalents to be offered for subscription or purchase (or into which
the convertible securities so to be offered are initially convertible); provided, however, that in no event shall
the consideration to be paid upon the exercise of a Right be less than the aggregate par value of the shares of stock of the Company
issuable upon exercise of a Right. In case such subscription price may be paid in a consideration part or all of which shall be
in a form other than cash, the value of such consideration shall be the Fair Market Value thereof determined in accordance with
Section 11(d) hereof. 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 adjustments shall be made successively whenever such a record date is fixed; and
in the event that such rights or warrants are not so issued, the Exercise Price shall be adjusted to be the Exercise Price which
would then be in effect if such record date had not been fixed.

 

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(c)          If
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 in which the Company is the continuing or surviving corporation), of evidences
of indebtedness, cash (other than a regular periodic cash dividend out of the earnings or retained earnings of the Company), assets
(other than a dividend payable in Preferred Stock, but including any dividend payable in stock other than Preferred Stock) or convertible
securities, subscription rights or warrants (excluding those referred to in Section 11(b)), the Exercise Price to be in effect
after such record date shall be determined by multiplying the Exercise Price in effect immediately prior to such record date by
a fraction, the numerator of which shall be the Fair Market Value (as determined pursuant to Section 11(d) hereof) per one ten-thousandth
of a share of Preferred Stock on such record date, less the Fair Market Value (as determined pursuant to Section 11(d) hereof)
of the portion of the cash, assets or evidences of indebtedness so to be distributed or of such convertible securities, subscription
rights or warrants applicable to one ten-thousandth of a share of Preferred Stock and the denominator of which shall be the Fair
Market Value (as determined pursuant to Section 11(d) hereof) per one ten-thousandth of a share of Preferred Stock; provided,
however, that in no event shall the consideration to be paid upon the exercise of a Right be less than the aggregate par
value of the shares of stock of the Company issuable upon exercise of a Right. Such adjustments shall be made successively whenever
such a record date is fixed; and in the event that such distribution is not so made, the Exercise Price shall again be adjusted
to be the Exercise Price which would be in effect if such record date had not been fixed.

 

(d)          For
the purpose of this Agreement, the “Fair Market Value” of any share of Preferred Stock, Common Stock or any
other stock or any Right or other security or any other property shall be determined as provided in this Section 11(d).

 

    	20

    	 

    

 

(i)          In
the case of a publicly-traded stock or other security, the Fair Market Value on any date shall be deemed to be the average of the
daily closing prices per share of such stock or per unit of such other security for the 30 consecutive Trading Days (as such term
is hereinafter defined) immediately prior to but not including such date; provided, however, that in the event that
the Fair Market Value per share of any share of stock is determined during a period following the announcement by the issuer of
such stock of (x) a dividend or distribution on such stock payable in shares of such stock or securities convertible into
shares of such stock or (y) any subdivision, combination or reclassification of such stock, and prior to the expiration of
the 30 Trading Day period after but not including 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 Fair Market Value 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 securities are not listed or admitted to trading on the New York Stock Exchange, as reported in
the principal consolidated transaction reporting system with respect to securities listed on the principal national securities
exchange on which such security is listed or admitted to trading; or, if not listed or admitted to trading on any national securities
exchange, the last quoted price (or, if not so quoted, the average of the last quoted high bid and low asked prices) in the over-the-counter
market, as reported by the OTC Bulletin Board, the Pink Sheets or such other system then in use; or, if on any such date no bids
for such security are 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 such security selected by the Board of Directors of the Company. If on any such date no market
maker is making a market in such security, the Fair Market Value of such security on such date shall be determined reasonably and
with utmost good faith to the holders of the Rights by the Board of Directors of the Company, provided, however,
that if at the time of such determination there is an Acquiring Person, the Fair Market Value of such security on such date shall
be determined by a nationally recognized investment banking firm selected by the Board of Directors of the Company, which determination
shall be described in a statement filed with the Rights Agent and shall be binding on the Rights Agent and the holders of the Rights
and conclusive for all purposes. The term “Trading Day” shall mean a day on which the principal national securities
exchange on which such security is listed or admitted to trading is open for the transaction of business or, if such security is
not listed or admitted to trading on any national securities exchange, a Business Day.

 

(ii)         If
a security is not publicly held or not so listed or traded, “Fair Market Value” shall mean the fair value per
share of stock or per other unit of such security, determined reasonably and in good faith to the holders of the Rights by the
Board of Directors of the Company; provided, however, that if at the time of such determination there is an Acquiring
Person, the Fair Market Value of such security on such date shall be determined by a nationally recognized investment banking firm
selected by the Board of Directors of the Company, which determination shall be described in a statement filed with the Rights
Agent and shall be binding on the Rights Agent and the holders of the Rights and conclusive for all purposes; provided,
however, that for the purposes of making any adjustment provided for by Section 11(a)(ii) hereof, the Fair Market Value
of a share of Preferred Stock shall not be less than the product of the then Fair Market Value of a share of Common Stock multiplied
by the higher of the then Dividend Multiple or Vote Multiple (as both of such terms are defined in the Amended and Restated Certificate
of Designations attached as Exhibit A hereto) applicable to the Preferred Stock and shall not exceed 105% of the product
of the then Fair Market Value of a share of Common Stock multiplied by the higher of the then Dividend Multiple or Vote Multiple
applicable to the Preferred Stock.

 

(iii)        In
the case of property other than securities, the Fair Market Value thereof shall be determined reasonably and in good faith to the
holders of Rights by the Board of Directors of the Company; provided, however, that if at the time of such determination
there is an Acquiring Person, the Fair Market Value of such property on such date shall be determined by a nationally recognized
investment banking firm selected by the Board of Directors of the Company, which determination shall be described in a statement
filed with the Rights Agent and shall be binding upon the Rights Agent and the holders of the Rights and conclusive for all purposes.

 

    	21

    	 

    

 

(e)          Anything
herein to the contrary notwithstanding, no adjustment in the Exercise Price shall be required unless such adjustment would require
an increase or decrease of at least 1.0% in the Exercise Price; provided, however, that any adjustments which by
reason of this Section 11(e) are not required to be made shall be carried forward and taken into account in any subsequent adjustment.
All calculations under this Section 11 shall be made to the nearest cent or to the nearest one-millionth of a share of Common
Stock of the Company or hundred-millionth of a share of Preferred Stock, as the case may be, or to such other figure as the Board
of Directors of the Company may deem appropriate. Notwithstanding the first sentence of this Section 11(e), any adjustment required
by this Section 11 shall be made no later than the earlier of (i) three (3) years from the date of the transaction which mandates
such adjustment or (ii) the Expiration Date.

 

(f)          If
as a result of any provision of Section 11(a) or Section 13(a) hereof, the holder of any Right thereafter exercised shall become
entitled to receive any shares of capital stock of the Company other than Preferred Stock, thereafter the number of such other
shares so receivable upon exercise of any Right shall be subject to adjustment from time to 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), (d), (e),
(g) through (k) and (m), inclusive, and the provisions of Sections 7, 9, 10, 13 and 14 hereof 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 to the Exercise Price hereunder shall evidence the right
to purchase, at the adjusted Exercise Price, the number of one ten-thousandths of a share of Preferred Stock (or other securities
or amount of cash or combination thereof) purchasable 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 Exercise 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 Exercise Price, that number of one ten-thousandths of a share of Preferred
Stock (calculated to the nearest hundred-millionth) as the Board of Directors of the Company determines is appropriate to preserve
the economic value of the Rights, including, by way of example, that number obtained by (i) multiplying (x) the number of one ten-thousandths
of a share of Preferred Stock for which a Right may be exercisable immediately prior to this adjustment by (y) the Exercise Price
in effect immediately prior to such adjustment of the Exercise Price and (ii) dividing the product so obtained by the Exercise
Price in effect immediately after such adjustment of the Exercise Price.

 

    	22

    	 

    

 

(i)          The
Company may elect on or after the date of any adjustment of the Exercise Price to adjust the number of Rights, in substitution
for any adjustment in the number of shares of Preferred Stock purchasable upon the exercise of a Right. Each of the Rights outstanding
after the adjustment in the number of Rights shall be exercisable for the number of one ten-thousandths of a share of Preferred
Stock for which a 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 one-millionth) obtained by dividing the Exercise
Price in effect immediately prior to adjustment of the Exercise Price by the Exercise Price in effect immediately after adjustment
of the Exercise Price. The Company shall make a public announcement (with prompt written notice thereof to the Rights Agent) 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 Exercise Price is adjusted or any day thereafter, but,
if the Right Certificates have been issued, shall be at least ten (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 Certificates
evidencing, subject to Section 14 hereof, the additional Rights to which such holders shall be entitled as a result of such
adjustment, or, at the option of the Company, shall cause to be distributed to such holders of record in substitution and replacement
for the Right Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the
Company, new Right Certificates evidencing all the Rights to which such holders shall be entitled after such adjustment. Right
Certificates so to be distributed shall be issued, executed and delivered by the Company and countersigned and delivered by the
Rights Agent in the manner provided for herein (and may bear, at the option of the Company, the adjusted Exercise 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 Exercise Price or the number of one ten-thousandths 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 Exercise Price
per share and the number of shares which were expressed in the initial Right Certificates issued hereunder without prejudice to
any adjustment or change.

 

(k)          Before
taking any action that would cause an adjustment reducing the Exercise Price below the then stated value, if any, of the number
of one ten-thousandths 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 shares of Preferred Stock at such adjusted Exercise Price.

 

(l)          In
any case in which this Section 11 shall require that an adjustment in the Exercise Price be made effective as of a record
date for a specified event, the Company may elect to defer (with prompt written notice thereof to the Rights Agent) until the occurrence
of such event the issuing to the holder of any Right exercised after such record date the number of one ten-thousandths of a share
of Preferred Stock or other capital stock or securities of the Company, if any, issuable upon such exercise over and above the
number of one ten-thousandths of a share of Preferred Stock and other capital stock or securities of the Company, if any, issuable
upon such exercise on the basis of the Exercise Price in effect prior to such adjustment; provided, however, that
the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right to receive
such additional shares upon the occurrence of the event requiring such adjustment.

 

    	23

    	 

    

 

(m)          Anything
in this Section 11 to the contrary notwithstanding, the Company shall be entitled to make such reductions in the Exercise
Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that in its good faith
judgment the Board of Directors of the Company shall determine to be advisable in order that any consolidation or subdivision of
the Preferred Stock, issuance wholly for cash of any shares of Preferred Stock at less than the Fair Market Value, issuance wholly
for cash of shares of Preferred Stock or securities which by their terms are convertible into or exchangeable for shares of Preferred
Stock, stock dividends or issuance of rights, options or warrants referred to hereinabove in this Section 11, hereafter made
by the Company to holders of its Preferred Stock, shall not be taxable to such stockholders.

 

(n)          The
Company covenants and agrees that it shall not, at any time after the Distribution Date and so long as the Rights have not been
redeemed pursuant to Section 23 hereof or exchanged pursuant to Section 24 hereof, (i) consolidate with (other than a Subsidiary
of the Company in a transaction that complies with the proviso at the end of this sentence), (ii) merge with or into, or (iii)
sell or transfer (or permit any Subsidiary to sell or transfer), in one transaction or a series of related transactions, assets
or earning power aggregating 50% or more of the assets or earning power of the Company and its Subsidiaries taken as a whole, to
any other Person or Persons (other than the Company and/or any of its Subsidiaries in one or more transactions each of which complies
with the proviso at the end of this sentence) if (x) at the time of or immediately after such consolidation, merger or sale there
are any rights, warrants or other instruments outstanding or 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 or sale the stockholders of a Person who constitutes, or would constitute, the “Principal
Party” for the purposes of Section 13(a) hereof shall have received a distribution of Rights previously owned by such Person
or any of its Affiliates and Associates; provided, however, that, subject to the following sentence, this Section
11(n) shall not affect the ability of any Subsidiary of the Company to consolidate with, or merge with or into, or sell or transfer
assets or earning power to, any other Subsidiary of the Company. The Company further covenants and agrees that after the Distribution
Date it will not, except as permitted by Section 23 or Section 27 hereof, take (or permit any Subsidiary to take) any
action if at the time such action is taken it is reasonably foreseeable that such action will substantially diminish or otherwise
eliminate the benefits intended to be afforded by the Rights.

 

(o)          Notwithstanding
anything in this Agreement to the contrary, in the event the Company shall at any time after the date of this Agreement and prior
to the Distribution Date (i) declare or pay any dividend on the outstanding Common Stock of the Company payable in shares of Common
Stock of the Company or (ii) effect a subdivision, combination or consolidation of the outstanding shares of Common Stock of the
Company (by reclassification or otherwise than by payment of dividends in shares of Common Stock of the Company) into a greater
or lesser number of shares of Common Stock of the Company, then in any such case (A) the number of one ten-thousandths of
a share of Preferred Stock purchasable after such event upon proper exercise of each Right shall be determined by multiplying the
number of one ten-thousandths of a share of Preferred Stock so purchasable immediately prior to such event by a fraction, the numerator
of which is the number of shares of Common Stock of the Company outstanding immediately prior to such event and the denominator
of which is the number of shares of Common Stock of the Company outstanding immediately after such event, and (B) each share
of Common Stock of the Company outstanding immediately after such event shall have issued with respect to it that number of Rights
which each share of Common Stock of the Company outstanding immediately prior to such event had issued with respect to it. The
adjustments provided for in this Section 11(o) shall be made successively whenever such a dividend is declared or paid or such
a subdivision, combination or consolidation is effected.

 

    	24

    	 

    

 

(p)          The
exercise of Rights under Section 11(a)(ii) shall only result in the loss of rights under Section 11(a)(ii) to the extent so exercised
and neither such exercise nor any exchange of Rights pursuant to Section 24 shall otherwise affect the rights of holders of Right
Certificates under this Rights Agreement, including rights to purchase securities of the Principal Party following a Section 13
Event which has occurred or may thereafter occur, as set forth in Section 13 hereof. Upon exercise of a Right Certificate under
Section 11(a)(ii), the Rights Agent shall return such Right Certificate duly marked to indicate that such exercise has occurred.

 

Section 12. Certificate of Adjusted
Exercise Price or Number of Shares. Whenever an adjustment is made or any event affecting the Rights or their exercisability (including,
without limitation, an event that causes the Rights to become null and void) occurs as provided in Section 11 or Section
13 hereof, the Company shall (a) promptly prepare a certificate setting forth such adjustment or describing such event and a brief,
reasonably detailed statement of the facts and computations accounting for such adjustment, (b) promptly file with the Rights
Agent and with each transfer agent for the Preferred Stock and the Common Stock of the Company 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 of the Company) in accordance with Section 26 hereof. The Rights Agent
shall be fully protected in relying on any such certificate and on any adjustment or statement contained therein and shall have
no duty or liability with respect to, and shall not be deemed to have knowledge of any such adjustment or any such event, in each
case unless and until it shall have received such certificate.

 

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Section 13. Consolidation, Merger
or Sale or Transfer of Assets or Earning Power.

 

(a)          In
the event that, following the Stock Acquisition Date, directly or indirectly, (x) the Company shall consolidate with, or merge
with and into, any other Person (other than a Subsidiary of the Company in a transaction which is not prohibited by Section 11(n)
hereof), and the Company shall not be the continuing or surviving corporation of such consolidation or merger, (y) any Person (other
than a Subsidiary of the Company in a transaction which is not prohibited by the proviso at the end of the first sentence of Section
11(n) hereof) shall consolidate with the Company, or merge with and into the Company and the Company shall be the continuing or
surviving corporation of such merger and, in connection with such merger, all or part of the shares of Common Stock of the Company
shall be changed into or exchanged for stock or other securities of any other Person or cash or any other property, or (z) the
Company shall sell, mortgage or otherwise transfer (or one or more of its Subsidiaries shall sell, mortgage or otherwise transfer),
in one transaction or a series of related transactions, assets or earning power aggregating 50% or more of the assets or earning
power of the Company and its Subsidiaries (taken as a whole) to any other Person or Persons (other than the Company or any Subsidiary
of the Company in one or more transactions, each of which is not prohibited by the proviso at the end of the first sentence of
Section 11(n) hereof), then, and in each such case, proper provision shall be made so that: (i) each holder of a Right, except
as provided in Section 7(e) hereof, shall have the right to receive, upon the exercise thereof at the then current Exercise Price
in accordance with the terms of this Agreement, such number of validly authorized and issued, fully paid and nonassessable shares
of freely tradable Common Stock of the Principal Party (as hereinafter defined in Section 13(b)), free and clear of rights
of call or first refusal, liens, encumbrances, transfer restrictions or other adverse claims, as shall be equal to the result obtained
by (1) multiplying the then current Exercise Price by the number of one ten-thousandths of a share of Preferred Stock for which
a Right is exercisable immediately prior to the first occurrence of a Section 13 Event (without taking into account any adjustment
previously made pursuant to Section 11(a)(ii) or 11(a)(iii) hereof), and dividing that product by (2) 50% of the Fair Market Value
(determined pursuant to Section 11(d) hereof) per share of the Common Stock of such Principal Party on the date of consummation
of such consolidation, merger, sale or transfer; (ii) such Principal Party shall thereafter be liable for, and shall assume, by
virtue of such consolidation, merger, sale, mortgage or transfer, all the obligations and duties of the Company pursuant to this
Agreement; (iii) the term “Company” shall thereafter be deemed to refer to such Principal Party, it being specifically
intended that the provisions of Section 11 hereof shall apply to such Principal Party; and (iv) such Principal Party shall
take such steps (including, but not limited to, the reservation of a sufficient number of shares of its Common Stock to permit
exercise of all outstanding Rights in accordance with this Section 13(a) and the making of payments in cash and/or other securities
in accordance with Section 11(a)(iii) hereof) in connection with such consummation as may be necessary to assure that the provisions
hereof shall thereafter be applicable, as nearly as reasonably may be, in relation to its shares of Common Stock thereafter deliverable
upon the exercise of the Rights.

 

(b)          “Principal
Party” shall mean

 

(i)          in
the case of any transaction described in clause (x) or (y) of the first sentence of Section 13(a), the Person that is the issuer
of any securities into which shares of Common Stock of the Company are converted in such merger or consolidation, or, if there
is more than one such issuer, the issuer of Common Stock that has the highest aggregate Fair Market Value (determined pursuant
to Section 11(d)), and if no securities are so issued, the Person that is the other party to the merger or consolidation, or, if
there is more than one such Person, the Person the Common Stock of which has the highest aggregate Fair Market Value (determined
pursuant to Section 11(d)); and

 

(ii)         in
the case of any transaction described in clause (z) of the first sentence of Section 13(a), the Person that is the party receiving
the greatest portion of the assets or earning power transferred pursuant to such transaction or transactions, or, if each Person
that is a party to such transaction or transactions receives the same portion of the assets or earning power transferred pursuant
to such transaction or transactions or if the Person receiving the largest portion of the assets or earning power cannot be determined,
whichever Person the Common Stock of which has the highest aggregate Fair Market Value (determined pursuant to Section 11(d));

 

    	26

    	 

    

 

provided, however, that in any such case described
in clauses (i) or (ii) of Section 13(b) hereof, (1) 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 (“Registered Common Stock”)
or such Person is not a corporation, and such Person is a direct or indirect Subsidiary or Affiliate of another Person who has
Registered Common Stock outstanding, “Principal Party” shall refer to such other Person; (2) if the Common Stock of
such Person is not Registered Common Stock or such Person is not a corporation, and such Person is a direct or indirect Subsidiary
of another Person but is not a direct or indirect Subsidiary of another Person which has Registered Common Stock outstanding, “Principal
Party” shall refer to the ultimate parent entity of such first-mentioned Person; (3) if the Common Stock of such Person is
not Registered Common Stock or such Person is not a corporation, and such Person is directly or indirectly controlled by more than
one Person, and one or more of such other Persons has Registered Common Stock outstanding, “Principal Party” shall
refer to whichever of such other Persons is the issuer of the Registered Common Stock having the highest aggregate Fair Market
Value (determined pursuant to Section 11(d)); and (4) if the Common Stock of such Person is not Registered Common Stock or such
Person is not a corporation, and such Person is directly or indirectly controlled by more than one Person, and none of such other
Persons has Registered Common Stock outstanding, “Principal Party” shall refer to whichever ultimate parent entity
is the corporation having the greatest stockholders’ equity or, if no such ultimate parent entity is a corporation, “Principal
Party” shall refer to whichever ultimate parent entity is the entity having the greatest net assets.

 

(c)          The
Company shall not consummate any such consolidation, merger, sale or transfer unless prior thereto (x) the Principal Party shall
have a sufficient number of authorized shares of its Common Stock, which have not been issued or reserved for issuance, to permit
the exercise in full of the Rights in accordance with this Section 13, and (y) the Company and each Principal Party and each
other Person who may become a Principal Party as a result of such consolidation, merger, sale or transfer 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 further providing
that, as soon as practicable after the date of any consolidation, merger, sale or transfer of assets mentioned in Section 13(a),
the Principal Party at its own expense will:

 

(i)          prepare
and file a registration statement under the Securities Act with respect to the Rights and the securities purchasable upon exercise
of the Rights on an appropriate form, cause such registration statement to become effective as soon as practicable after such filing
and cause such registration statement to remain effective (with a prospectus that at all times meets the requirements of the Securities
Act) until the Expiration Date;

 

(ii)         qualify
or register the Rights and the securities purchasable upon exercise of the Rights under the blue sky laws of such jurisdictions
as may be necessary or appropriate;

 

(iii)        list
(or continue the listing of) the Rights and the securities purchasable upon exercise of the Rights on a national securities exchange
or to meet the eligibility requirements for listing on an automated quotation system or such other system on which the Common Stock
of the Company is then traded; and

 

    	27

    	 

    

 

(iv)        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.

 

(d)          In
case the Principal Party which is to be a party to a transaction referred to in this Section 13 has a provision in any of its authorized
securities or in its certificate of incorporation or By-laws or other instrument governing its affairs, which provision would have
the effect of (i) causing such Principal Party to issue (other than to holders of Rights pursuant to this Section 13), in connection
with, or as a consequence of, the consummation of a transaction referred to in this Section 13, shares of Common Stock of such
Principal Party at less than the then current Fair Market Value (determined pursuant to Section 11(d)) or securities exercisable
for, or convertible into, Common Stock of such Principal Party at less than such Fair Market Value, or (ii) providing for any special
payment, tax or similar provisions in connection with the issuance of the Common Stock of such Principal Party pursuant to the
provisions of this Section 13, then, in such event, the Company shall not consummate any such transaction unless prior thereto
the Company and such Principal Party shall have executed and delivered to the Rights Agent a supplemental agreement providing that
the provision in question of such Principal Party shall have been canceled, waived or amended, or that the authorized securities
shall be redeemed, so that the applicable provision will have no effect in connection with, or as a consequence of, the consummation
of the proposed transaction.

 

The provisions of this Section 13 shall
similarly apply to successive mergers or consolidations or sales or other transfers.

 

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(o)
hereof, or to distribute Right Certificates which evidence fractional Rights. If the Company elects not to issue such fractional
Rights, the Company shall pay, in lieu of such fractional Rights, 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 Fair Market Value
of a whole Right, as determined pursuant to Section 11(d) hereof.

 

(b)          The
Company shall not be required to issue fractions of shares of Preferred Stock (other than fractions which are integral multiples
of one ten-thousandth 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 integral multiples of one ten-thousandth of a share of Preferred Stock).
In lieu of fractional shares of Preferred Stock that are not integral multiples of one ten-thousandth of a share of Preferred Stock,
the Company may 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 Fair Market Value of one ten-thousandth of a share of Preferred Stock. For purposes
of this Section 14(b), the Fair Market Value of one ten-thousandth of a share of Preferred Stock shall be determined pursuant to
Section 11(d) hereof for the Trading Day immediately prior to the date of such exercise.

 

    	28

    	 

    

 

(c)          The
holder of a Right by the acceptance of the Rights 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.

 

(d)          Whenever
a payment for fractional Rights or fractional shares is to be made by the Rights Agent under any Section of this Agreement, the
Company shall (i) promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related
to such payments and the prices and formulas utilized in calculating such payments, and (ii) provide sufficient monies to the Rights
Agent in the form of fully collected funds to make such payments. The Rights Agent shall be fully protected in relying upon such
a certificate and shall have no duty with respect to, and shall not be deemed to have knowledge of, any payment for fractional
Rights or fractional shares under any Section of this Agreement relating to the payment of fractional Rights or fractional shares
unless and until the Rights Agent shall have received such a certificate and sufficient monies.

 

Section 15. Rights of Action. All
rights of action in respect of this Agreement, other than rights of action vested in the Rights Agent pursuant any Section of this
Agreement, are vested in the respective registered holders of the Right Certificates (or, prior to the Distribution Date, the registered
holders of the Common Stock of the Company); and any registered holder of any Right Certificate (or, prior to the Distribution
Date, of the Common Stock of the Company), without the consent of the Rights Agent or of the holder of any other Right Certificate
(or, prior to the Distribution Date, of the Common Stock of the Company), may, in such registered holder’s own behalf and
for such registered holder’s 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 Right 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 by the Company of this Agreement and shall be entitled to specific performance of the obligations hereunder and injunctive
relief against actual or threatened violations of the obligations hereunder by the Company. Holders of Rights shall be entitled
to recover the reasonable costs and expenses, including attorneys’ fees, incurred by them in any action to enforce the provisions
of 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, each Right will be transferable only simultaneously and together with the transfer of shares of Common
Stock of the Company;

 

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

 

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(c)          subject
to Sections 6(a) and 7(f), the Company and the Rights Agent may deem and treat the person in whose name a Right Certificate (or,
prior to the Distribution Date, the associated certificate representing Common Stock of the Company) is registered as the absolute
owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Right Certificates
or the associated certificate representing Common Stock of the Company made by anyone other than the Company or the Rights Agent)
for all purposes whatsoever, and, subject to the last sentence of Section 7(e), neither the Company nor the Rights Agent 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 the result of the inability of the Company or the Rights Agent to perform any of its or their obligations
under this Agreement by reason of any preliminary or permanent injunction or other order, decree, judgment or ruling (whether interlocutory
or final) issued by a court of competent jurisdiction or by a governmental, regulatory, self- 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 obligations; provided, however, that the Company must use its best efforts
to have any such order, decree, judgment 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 Preferred Stock or any other securities of the Company 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 hereof), 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 such compensation as shall be agreed to in writing between the Company and the Rights
Agent for all services rendered by it hereunder and, from time to time, on demand of the Rights Agent, its reasonable expenses
and attorney fees and disbursements and other disbursements incurred in the preparation, delivery, negotiation, amendment, administration
and execution 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, damage, judgment, fine, penalty, claim, demand, settlement,
cost or expense (including, without limitation, the reasonable fees and expenses of legal counsel) incurred without gross negligence,
bad faith or willful misconduct on the part of the Rights Agent (which gross negligence, bad faith or willful misconduct must be
determined by a final, non-appealable judgment of a court of competent jurisdiction), for any action taken, suffered or omitted
to be taken by the Rights Agent in connection with the execution, acceptance, administration, exercise and performance of its duties
under this Agreement, including the costs and expenses of defending against any claim of liability arising therefrom, directly
or indirectly. The costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company. The provisions
of this Section 18 and Section 20 below shall survive the expiration of the Rights and the termination of this Agreement and the
resignation, replacement or removal of the Rights Agent.

 

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(b)          The
Rights Agent shall be authorized to rely conclusively on, shall be protected and shall incur no liability for or in respect of
any action taken, suffered or omitted to be taken by it in connection with its acceptance and administration of this Agreement
and the exercise and performance of its duties hereunder in reliance upon any Right Certificate or certificate representing Common
Stock of the Company, Preferred Stock, or other securities of the Company, instrument of assignment or transfer, power of attorney,
endorsement, affidavit, letter, notice, direction, consent, certificate, statement, or other paper or document believed by it to
be genuine and to be signed, executed and, where necessary, verified and acknowledged by the proper Person or Persons, or otherwise
upon the advice of counsel as set forth in Section 20 hereof. The Rights Agent shall not be deemed to have knowledge of any event
of which it was supposed to receive notice thereof hereunder, and the Rights Agent shall be fully protected and shall incur no
liability for failing to take action in connection therewith, unless and until it has received such notice in writing.

 

Section 19. Merger or Consolidation
or Change of Name of Rights Agent.

 

(a)          Any
Person into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any Person
resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person
succeeding to the stockholder services 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 Person would be eligible for appointment as a successor Rights Agent under the provisions of Section 21
hereof. The purchase of all or substantially all of the Rights Agent’s assets employed in the performance of transfer agent
activities shall be deemed a merger or consolidation for purposes of this Section 19. 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 the predecessor Rights Agent and deliver such Right
Certificates so countersigned; and in case at that time any of the Right Certificates shall not have been countersigned, any successor
Rights Agent may countersign such Right Certificates either in the name of the predecessor 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.

 

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Section 20. Duties of Rights Agent.
The Rights Agent undertakes to perform only the duties and obligations expressly imposed by this Agreement (and no implied duties
or obligations) 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 selected by it (who may be legal counsel for the Company or an employee of the Rights
Agent), and the advice or opinion of such counsel shall be full and complete authorization and protection to the Rights Agent and
the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it in accordance
with such advice or 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 “Fair Market Value”)
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 shall be herein specifically prescribed) may be deemed to be conclusively proved and
established by a certificate signed by a person believed by the Rights Agent to be the Chairman of the Board of Directors, a Vice
Chairman of the Board of Directors, the Chief Executive Officer, the President, the General Counsel, a Vice President, the Treasurer,
any Assistant Treasurer, the Secretary or an Assistant Secretary of the Company and delivered to the Rights Agent. Any such certificate
shall be full and complete authorization and protection to the Rights Agent and to the Rights Agent shall incur no liability for
or in respect of any action taken, suffered or omitted to be taken by it under the provisions of this Agreement in reliance upon
such certificate.

 

(c)          The
Rights Agent shall be liable hereunder to the Company and any other Person only for its own gross negligence, bad faith or willful
misconduct (which gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable judgment of a
court of competent jurisdiction). Any liability of the Rights Agent under this Agreement will be limited to the amount of annual
fees paid by the Company to the Rights Agent. Anything to the contrary notwithstanding, in no event will the Rights Agent be liable
for special, punitive, indirect, incidental or consequential loss or damages of any kind whatsoever (including, without limitation,
lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damages.

 

(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.

 

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(e)          The
Rights Agent shall not have any liability for or 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 failure by the Company to satisfy any 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 null and void pursuant to Section
7(e) hereof) or any adjustment required under the provisions of Sections 11, 13 or 23(c) hereof or responsible for the manner,
method or amount of any such change or adjustment or the ascertaining of the existence of facts that would require any such change
or adjustment (except with respect to the exercise of Rights evidenced by Right Certificates after receipt of a certificate describing
any such change or adjustment furnished in accordance with Section 12 hereof, upon which the Rights Agent may rely), nor shall
it be responsible for any determination by the Board of Directors of the Company of the Fair Market Value of the Rights or Preferred
Stock pursuant to the provisions of Section 14 hereof; 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 of the Company or Preferred Stock to be issued
pursuant to this Agreement or any Right Certificate or as to whether or not any shares of Common Stock of the Company or Preferred
Stock will, when so issued, be validly authorized and 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 its duties under this Agreement.

 

(g)          The
Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder and
certificates delivered pursuant to any provision hereof from any person believed by the Rights Agent to be the Chairman of the
Board of Directors, any Vice Chairman of the Board of Directors, the Chief Executive Officer, the President, the General Counsel,
a Vice President, the Secretary, an Assistant Secretary, the Treasurer or an Assistant Treasurer of the Company, and is authorized
to apply to such officers for advice or instructions in connection with its duties, and such advice and instructions shall provide
full authorization and protection to the Rights Agent and the Rights Agent shall not be liable for or in respect of any action
taken, suffered or omitted to be taken by it in accordance with written advice or instructions of any such officer or for any delay
in acting while waiting for those instructions. The Rights Agent shall be fully authorized and protected in relying upon the most
recent instructions received by any such officer. Any application by the Rights Agent for written instructions from the Company
may, at the option of the Rights Agent, set forth in writing any action proposed to be taken, suffered or omitted to be taken by
the Rights Agent with respect to its duties or obligations under this Agreement and the date on or after which such action shall
be taken or suffered or such omission shall be effective. The Rights Agent shall not be liable for any action taken, suffered to
omitted to be taken in accordance with a proposal included in any such application on or after the date specified in such application
(which date shall not be less than five Business Days after the date any officer of the Company actually receives such application,
unless any such officer shall have consented in writing to an earlier date) unless, prior to taking, suffering or omitting to take
any such action (or the effective date in the case of an omission), the Rights Agent shall have received written instructions in
response to such application specifying the action to be taken, suffered or omitted to be taken.

 

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(h)          The
Rights Agent and any affiliate, 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 or any such affiliate, stockholder, director, officer or employee
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
(through its directors, officers and employees) or by or through its attorneys or agents, and the Rights Agent shall not be answerable
or accountable for any act, omission, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company,
to the holders of the Rights or any other Person resulting from any such act, omission, default, neglect or misconduct, absent
gross negligence, bad faith or willful misconduct in the selection and continued employment thereof (which gross negligence, bad
faith or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction).

 

(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 it believes that repayment of such funds
or adequate indemnification against such risk or liability is not reasonably assured to it.

 

(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 case may be, has either not been properly completed or indicates an
affirmative response to clause (1) or clause (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.

 

(l)          The
Rights Agent shall not be required to take notice or be deemed to have notice of any fact, event or determination (including, without
limitation, any dates or events defined in this Rights Agreement or the designation of any Person as an Acquiring Person, Affiliate
or Associate) under this Rights Agreement unless and until the Rights Agent shall be specifically notified in writing of such fact,
event or determination by the Company or by receipt of a properly completed and duly executed Rights Certificate (and the form
of election to purchase shares or of assignment).

 

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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 thirty (30)
days’ notice in writing mailed to the Company by first class mail, provided, however, that in the event the
transfer agency relationship in effect between the Company and the Rights Agent with respect to the Common Stock of the Company
terminates, the Rights Agent will be deemed to have resigned automatically on the effective date of such termination. The Company
may remove the Rights Agent or any successor Rights Agent (with or without cause), effective immediately or on a specified date,
by written notice given to the Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of the Common
Stock of the Company and Preferred Stock, and by giving notice to the holders of the Right Certificates by any means reasonably
determined by the Company to inform such holders of such removal (including without limitation, by including such information in
one or more of the Company’s reports to stockholders or reports or filings with the Securities and Exchange Commission).
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 thirty (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 incumbent Rights Agent or the registered holder of any Right Certificate may apply at the expense of the Company
to any court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed
by the Company or by such a court, shall be (a) a Person organized and doing business under the laws of the United States, in good
standing, which is authorized under such laws to exercise stock transfer or stockholder services 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 $10,000,000 or (b) an Affiliate of a Person 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; and, except as the context herein otherwise requires, such successor Rights Agent shall be deemed to
be the “Rights Agent” for all purposes of this Agreement. 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
of the Company and the Preferred Stock, and give notice to the holders of the Right Certificates by any means reasonably determined
by the Company to inform such holders of such appointment (including without limitation, by including such information in one or
more of the Company’s reports to stockholders or reports or filings with the Securities and Exchange Commission). Failure
to give any notice provided for in this Section 21, however, or any defect therein, shall not affect the legality or validity
of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be.

 

Section 22. Issuance of New Right
Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the Company may, at its
option, issue new Right Certificates evidencing Rights in such form as may be approved by the Board of Directors of the Company
to reflect any adjustment or change in the Exercise Price per share and the number or kind or class of shares of stock or other
securities or property purchasable under the Right Certificates made in accordance with the provisions of this Agreement. In addition,
in connection with the issuance or sale of shares of Common Stock of the Company following the Distribution Date and prior to the
redemption or expiration of the Rights, the Company (a) shall, with respect to shares of Common Stock of the Company so issued
or sold pursuant to the exercise of stock options or under any employee plan or arrangement, or upon the exercise, conversion or
exchange of securities hereafter issued by the Company, and (b) 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, however, that (i) no such Right Certificate shall be issued if, and to the extent that,
the Company shall be advised by counsel that such issuance would create a significant risk of material adverse tax consequences
to the Company or the person to whom such Right Certificate would be issued, and (ii) no such Right Certificate shall be issued
if, and to the extent that, appropriate adjustments shall otherwise have been made in lieu of the issuance thereof.

 

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Section 23. Redemption.

 

(a)          The
Board of Directors of the Company may, at its option, redeem all but not less than all of the then outstanding Rights at a redemption
price of $0.01 per Right, appropriately adjusted to reflect any stock dividend declared or paid, any subdivision or combination
of the outstanding shares of Common Stock of the Company or any similar event occurring after the date of this Agreement (such
redemption price, as adjusted from time to time, being hereinafter referred to as the “Redemption Price”). The
Rights may be redeemed only until the earlier to occur of (i) the time at which any Person becomes an Acquiring Person or (ii)
the Final Expiration Date.

 

(b)          Immediately
upon the action of the Board of Directors of the Company ordering the redemption of the Rights in accordance with Section 23 hereof,
written evidence of which shall have been promptly provided to the Rights Agent, and without any further action and without any
notice, the right to exercise the Rights will terminate and the only right thereafter of the holders of Rights shall be to receive
the Redemption Price for each Right so held. Promptly after the action of the Board of Directors of the Company ordering the redemption
of the Rights in accordance with Section 23 hereof, the Company shall give written notice of such redemption to the Rights Agent
and the holders of the then outstanding Rights by mailing such written notice to the Rights Agent and to all such holders at their
last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books
of the Transfer Agent for the Common Stock of the Company. Any notice which is mailed in the manner herein provided shall be deemed
given, whether or not the holder receives the notice. The Company promptly shall mail a notice of any such exchange to all of the
holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent. Any notice which is
mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of
redemption will state the method by which the payment of the Redemption Price will be made. 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 this Section 23 or Section 24 hereof or in connection with the purchase of shares of Common Stock of the Company
prior to the Distribution Date.

 

(c)          The
Company may, at its option, pay the Redemption Price in cash, shares of Common Stock of the Company (based on the Fair Market Value
of the Common Stock of the Company as of the time of redemption) or any other form of consideration deemed appropriate by the Board
of Directors of the Company.

 

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Section 24. Exchange.

 

(a)          (i)          The
Board of Directors of the Company may, at its option, at any time on or after the occurrence of a Section 11(a)(ii) Event, exchange
all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become null and void pursuant
to the provisions of Section 7(e) hereof) for shares of Common Stock of the Company at an exchange ratio of one share of Common
Stock of the Company 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 “Section 24(a)(i) Exchange Ratio”).
Notwithstanding the foregoing, the Board of Directors of the Company shall not be empowered to effect such exchange at any time
after any Person (other than an Exempt Person), together with all Affiliates and Associates of such Person, becomes the Beneficial
Owner of 50% or more of the Common Stock of the Company.

 

(ii)         Notwithstanding
the foregoing, the Board of Directors of the Company may, at its option, at any time on or after the occurrence of a Section 11(a)(ii)
Event, exchange all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become null
and void pursuant to the provisions of Section 7(e) hereof) for shares of Common Stock of the Company at an exchange ratio specified
in the following sentence, as appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring
after the date of this Agreement. Subject to the adjustment described in the foregoing sentence, each Right may be exchanged for
that number of shares of Common Stock of the Company obtained by dividing the Spread (as defined in Section 11(a)(iii)) by the
then Fair Market Value of a share of Common Stock of the Company on the earlier of (x) the date on which any person becomes an
Acquiring Person or (y) the date on which a tender or exchange offer by any Person (other than an Exempt Person) is first published
or sent or given within the meaning of Rule 14d-4(a) of the Exchange Act or any successor rule, if upon consummation thereof such
Person could become an Acquiring Person (such exchange ratio being referred to herein as the “Section 24(a)(ii) Exchange
Ratio”). Notwithstanding the foregoing, the Board of Directors of the Company shall not be empowered to effect such exchange
at any time after any Person (other than an Exempt Person), together with all Affiliates and Associates of such Person, becomes
the Beneficial Owner of 50% or more of the Common Stock of the Company.

 

(b)          Immediately
upon the action of the Board of Directors of the Company ordering the exchange of any Rights pursuant to subsection (a) of this
Section 24 and without any further action and without any notice, the right to exercise such Rights pursuant to Section 11(a)(ii)
shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of shares of Common Stock
of the Company equal to the number of such Rights held by such holder multiplied by the Section 24(a)(i) Exchange Ratio or the
Section 24(a)(ii) Exchange Ratio, as applicable; provided, however, that the holder of a Right exchanged pursuant
to this Section 24 shall continue to have the right to purchase securities or other property of the Principal Party following a
Section 13 Event that has occurred or may thereafter occur. The Company shall promptly give notice of any such exchange (with prompt
written notice thereof to the Rights Agent) in accordance with Section 26 hereof and shall promptly mail a notice of any such exchange
to all of the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent; provided,
however, 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 of the Company 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 null and void pursuant to the provisions of Section
7(e) hereof) held by each holder of Rights.

 

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(c)          In
any exchange pursuant to this Section 24, the Company, at its option, may substitute Preferred Stock (or Preferred Stock Equivalent,
as such term is defined in Section 11(b) hereof) for Common Stock of the Company exchangeable for Rights, at the initial rate of
one ten-thousandth of a share of Preferred Stock (or Preferred Stock Equivalent) for each share of Common Stock of the Company,
as appropriately adjusted to reflect adjustments in the voting rights of the Preferred Stock pursuant to the terms thereof, so
that the fraction of a share of Preferred Stock delivered in lieu of each share of Common Stock of the Company shall have the same
voting rights as one share of Common Stock of the Company.

 

(d)          In
the event that there shall not be sufficient shares of Common Stock of the Company or Preferred Stock (or Preferred Stock Equivalents)
issued but not outstanding or authorized but unissued to permit any exchange of Rights as contemplated in accordance with this
Section 24, the Company shall take all such action as may be necessary to authorize additional shares of Common Stock of the
Company or Preferred Stock (or Preferred Stock Equivalent) for issuance upon exchange of the Rights.

 

(e)          The
Company shall not be required to issue fractions of Common Stock of the Company or to distribute certificates which evidence fractional
shares of Common Stock of the Company. If the Company elects not to issue such fractional shares of Common Stock of the Company,
the Company shall pay, in lieu of such fractional shares of Common Stock of the Company, to the registered holders of the Right
Certificates with regard to which such fractional shares of Common Stock of the Company would otherwise be issuable, an amount
in cash equal to the same fraction of the Fair Market Value of a whole share of Common Stock of the Company. For the purposes of
this paragraph (e), the Fair Market Value of a whole share of Common Stock of the Company shall be the closing price of a
share of Common Stock of the Company (as determined pursuant to the second sentence of Section 11(d)(i) hereof) for the Trading
Day immediately prior to the date of exchange pursuant to this Section 24.

 

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Section 25. Notice of Certain Events.

 

(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 periodic
cash dividend out of earnings or retained earnings of the Company), or (ii) to offer to the holders of 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 of outstanding shares of Preferred Stock), or (iv) to effect any consolidation or merger into or with, or
to effect any sale, mortgage or other transfer (or to permit one or more of its Subsidiaries to effect any sale, mortgage or other
transfer), in one transaction or a series of related transactions, of 50% or more of the assets or earning power of the Company
and its Subsidiaries (taken as a whole) to, any other Person (other than a Subsidiary of the Company in one or more transactions
each of which is not prohibited by the proviso at the end of the first sentence of Section 11(n) hereof), or (v) to effect the
liquidation, dissolution or winding up of the Company, or (vi) to declare or pay any dividend on the Common Stock of the Company
payable in Common Stock of the Company or to effect a subdivision, combination or consolidation of the Common Stock of the Company
(by reclassification or otherwise than by payment of dividends in Common Stock of the Company) then in each such case, the Company
shall give to each holder of a Right Certificate and to the Rights Agent, in accordance with Section 26 hereof, a notice of
such proposed action, which shall specify the record date for the purposes of such stock dividend, distribution of rights or warrants,
or the date on which 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 the shares of Common Stock of the Company and/or 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 twenty (20) days prior but not including to the record date for determining holders of the shares of Preferred Stock for
purposes of such action, and in the case of any such other action, at least twenty (20) days prior but not including to the date
of the taking of such proposed action or the date of participation therein by the holders of the shares of Common Stock of the
Company and/or Preferred Stock, whichever shall be the earlier; provided, however, no such notice shall be required
pursuant to this Section 25 as a result of any Subsidiary of the Company effecting a consolidation or merger with or into, or effecting
a sale or other transfer of assets or earnings power to, any other Subsidiary of the Company in a manner not inconsistent with
the provisions of this Agreement.

 

(b)          In
case any Section 11(a)(ii) Event shall occur, then, in any such case, the Company shall as soon as practicable thereafter give
to each registered holder of a Right Certificate and to the Rights Agent, in accordance with Section 26 hereof, 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) hereof.

 

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 Certificate to or on the Company
shall be sufficiently given or made if in writing and sent by overnight delivery service or by first-class mail, postage prepaid,
by facsimile transmission or by nationally-recognized overnight courier addressed (until another address is filed in writing with
the Rights Agent) as follows:

 

Albany Molecular Research, Inc.

21 Corporate Circle, P.O. Box 15098

Albany, NY 12212

Facsimile No.: (518) 512-2000

Attention: General Counsel

 

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 Certificate
to or on the Rights Agent shall be sufficiently given or made if in writing and sent by overnight delivery service or by first-class
mail, postage prepaid, by facsimile transmission or by nationally-recognized overnight courier addressed (until another address
is filed in writing with the Company) as follows:

 

    	39

    	 

    
 

Computershare Shareowner Services LLC

   

111 Founders Plaza-Suite 1100

East Hartford, CT 06108

Facsimile No. (860) 528-6472

Attention: John Boryczki

 

with a copy to:

Computershare Shareowner Services LLC

480 Washington Blvd.

Jersey City, NJ 07310

Attn: Legal Department

 

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 of the Company) shall be sufficiently given or made if in
writing and sent by overnight delivery service or by first-class mail, postage prepaid, addressed to such holder at the address
of such holder as shown on the registry books of the Company.

 

Section 27. Supplements and Amendments.
Prior to the occurrence of a Section 11(a)(ii) Event, the Company and the Rights Agent shall, if the Board of Directors of the
Company so directs, supplement or amend any provision of this Agreement as the Board of Directors of the Company may deem necessary
or desirable without the approval of any holders of certificates representing shares of Common Stock of the Company. From and after
the occurrence of a Section 11(a)(ii) Event, the Company and the Rights Agent shall, if the Board of Directors of the Company so
directs, supplement or amend this Agreement without the approval of any holder of Right Certificates in order (i) to cure any ambiguity,
(ii) to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein,
(iii) to shorten or lengthen any time period hereunder, or (iv) to change or supplement the provisions hereof in any manner which
the Board of Directors of the Company may deem necessary or desirable and which shall not adversely affect the interests of the
holders of Right Certificates (other than an Acquiring Person or any Affiliate or Associate of an Acquiring Person); provided,
however, that from and after the occurrence of a Section 11(a)(ii) Event this Agreement may not be supplemented or amended
to lengthen, pursuant to clause (iii) of this sentence, (A) a time period relating to when the Rights may be redeemed at such time
as the Rights are not then redeemable or (B) any other time period unless such lengthening is for the purpose of protecting, enhancing
or clarifying the rights of, and the benefits to, the holders of Rights (other than an Acquiring Person or any Affiliate or Associate
of an Acquiring Person). Without limiting the foregoing, the Company may at any time prior to the occurrence of a Section 11(a)(ii)
Event amend this Agreement to lower the threshold set forth in Section 1(a) to not less than the greater of (i) the sum of 0.001%
and the largest percentage of the outstanding Common Stock of the Company then known by the Company to be Beneficially Owned by
any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or any Subsidiary of
the Company, or any entity holding Common Stock of the Company for or pursuant to the terms of any such plan) and (ii) 10.0%. 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 27, the Rights Agent shall execute such supplement
or amendment, and, after a request to execute, any failure of the Rights Agent to so execute such supplement or amendment shall
not affect the validity of the actions taken by the Board of Directors of the Company pursuant to this Section 27. Prior to the
occurrence of a Section 11(a)(ii) Event, the interests of the holders of Rights shall be deemed coincident with the interests of
the holders of Common Stock of the Company. Notwithstanding any other provision hereof, the Rights Agent’s prior written
consent must be obtained if any supplement or amendment would affect its own rights, duties, obligations or immunities under this
Agreement.

 

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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. The Board of Directors of the Company shall have the exclusive power and authority to administer this
Agreement and to exercise all rights and powers specifically granted to the Board of Directors or to the Company, or as may be
necessary or advisable in the administration of this Agreement, including without limitation, the right and power to (i) interpret
the provisions of this Agreement and (ii) make all determinations and computations deemed necessary or advisable for the administration
of this Agreement (including a determination to redeem or not redeem 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 of 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 any member of the Board of Directors to any liability
to the holders of the Rights or to any other person. The Rights Agent is entitled always to assume the Company’s Board of
Directors acted in good faith and shall be fully protected and incur no liability with respect to any determination or decision
as a result thereof.

 

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 Common Stock of the Company) 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, registered holders of the
Common Stock of the Company).

 

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, null and 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, however, 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, void or unenforceable and the Board of Directors of the Company determines in its good faith
judgment that severing the invalid language from the Agreement would adversely affect the purpose or effect of the 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; provided further, however, that
if such excluded provision shall affect the rights, immunities, duties or obligations of the Rights Agent, the Rights Agent shall
be entitled to resign immediately upon written notice to the Company.

 

    	41

    	 

    

 

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 to be performed entirely within such State other than with respect to the Rights Agent. The courts of the State of Delaware
and of the United States of America located in the State of Delaware (the “Delaware Courts”) shall have exclusive
jurisdiction over any litigation arising out of or relating to this Agreement and the transactions contemplated hereby, and any
Person commencing or otherwise involved in any such litigation shall waive any objection to the laying of venue of such litigation
in the Delaware Courts and shall not plead or claim in any Delaware Court that such litigation brought therein has been brought
in an inconvenient forum; provided, however, that all provisions regarding the rights, duties and obligations of
the Rights Agent shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts
made and to be performed entirely within the State of New York, without regard to the principles or rules concerning conflicts
of laws which might otherwise require application of the substantive laws of another jurisdiction.

 

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 but one and the same instrument. Originally executed counterparts may be delivered
by facsimile or similar means of electronic transmission, including “PDF,” and any such delivery shall be valid for
all purposes as delivery of a manual signature and equally admissible in any legal proceedings to which any party is a party.

 

Section 34. Descriptive Headings.
Descriptive headings of the several Sections of this Agreement are inserted for convenience only and shall not control or affect
the meaning or construction of any of the provisions hereof.

 

Section 35. Force Majeure. Notwithstanding
anything to the contrary contained herein, neither the Company nor the Rights Agent shall be liable for any delay or failure in
performance resulting directly from any act or event beyond its reasonable control and without the fault or gross negligence of
the delayed or non-performing party that causes a sudden, substantial or widespread disruption in business activities, including,
without limitation, fire, flood, natural disaster or act of God, strike or other industrial disturbance, war (declared or undeclared),
embargo, blockade, legal restriction, riot, insurrection, act of terrorism, disruption in transportation, communications, electric
power or other utilities, or other vital infrastructure or any means of disrupting or damaging internet or other computer networks
or facilities (each, a “Force Majeure Condition”); provided, that such delayed or non-performing party
shall use reasonable commercial efforts to resume performance as soon as practicable. If any Force Majeure Condition occurs, the
party delayed or unable to perform shall give prompt written notice to the extent practicable to the other party, stating the nature
of the Force Majeure Condition and any action being taken to avoid or minimize its effect.

 

    	42

    	 

    

 

Section 36. Patriot Act. The Company
acknowledges that the Rights Agent is subject to the customer identification program (“Customer Identification Program”)
requirements under the USA PATRIOT Act and its implementing regulations, and that the Rights Agent must obtain, verify and record
information that allows the Rights Agent to identify the Company. Accordingly, prior to accepting an appointment hereunder, the
Rights Agent has received information from the Company that will help the Rights Agent to identify the Company, including without
limitation the Company’s physical address, tax identification number, organizational documents, certificate of good standing,
license to do business, or any other information that the Company deems necessary and that pending verification of received information
the Rights Agent may request further such information. The Company agrees to provide all reasonably requested information necessary
for the Rights Agent to verify the Company’s identity in accordance with the Customer Identification Program requirements.

 

[Remainder of page intentionally left blank]

 

    	43

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed as an instrument under seal and attested, all as of the day and year first above written.

 

	 	ALBANY MOLECULAR RESEARCH, INC.
	 	 	 
	 	By:	/s/ Mark T. Frost
	 	Name:	Mark T. Frost
	 	Title:	Senior Vice President, Administration, Chief Financial officer and Treasurer

 

	 	COMPUTERSHARE SHAREOWNER SERVICES LLC,
	 	as Rights Agent
	 	 	 
	 	By:	/s/ John Boryczki
	 	Name:	John Boryczki
	 	Title:	Relationship Manager

 

    	 

    	 

    

 

Exhibit A

 

AMENDED AND RESTATED

CERTIFICATE OF DESIGNATIONS

of

SERIES A JUNIOR PARTICIPATING CUMULATIVE PREFERRED STOCK

of

ALBANY MOLECULAR RESEARCH, INC.

 

ALBANY MOLECULAR RESEARCH, INC., a corporation
organized and existing under the General Corporation Law of the State of Delaware (the “Corporation”), in accordance
with the provisions of Section 103 thereof,

 

DOES HEREBY CERTIFY:

 

Pursuant to the authority conferred upon
the Board of Directors by the Restated Certificate of Incorporation (the “Certificate of Incorporation”), and
Section 151(g) of the General Corporation Law of the State of Delaware (the “DGCL”), on September 18, 2002 the
Board of Directors adopted resolutions creating a series of 50,000 shares of preferred stock designated as “Series A Junior
Participating Cumulative Preferred Stock”;

 

RESOLVED, that
pursuant to the authority vested in the Board of Directors of this Corporation, in accordance with the provisions of the Certificate
of Incorporation and Section 151(g) of the DGCL, the designation and number of shares of the Series A Junior Participating
Cumulative Preferred Stock and the voting and other powers, preferences and relative, participating,
optional or other rights of the shares of such series and the qualifications, limitations and restrictions thereof are hereby amended
and restated in their entirety as follows:

 

Series A Junior Participating
Cumulative Preferred Stock

 

Section 1.          Designation
and Amount. There shall be a series of preferred stock that shall be designated as “Series A Junior Participating Cumulative
Preferred Stock” (the “Series A Preferred Stock”), and the number of shares initially constituting such
series shall be 50,000; provided, however, that if more than a total of 50,000 shares of Series A Preferred Stock
shall be issuable upon the exercise of Rights (the “Rights”) issued pursuant to the Shareholder Rights Agreement
dated as of July 27, 2012, between the Corporation and Computershare Shareowner Services LLC, as Rights Agent (the “Rights
Agreement”), the Board of Directors of the Corporation, pursuant to Section 151(g) of the General Corporation Law of
the State of Delaware, may direct by resolution or resolutions that a certificate be properly executed, acknowledged, filed and
recorded, in accordance with the provisions of Section 103 thereof, providing for the total number of shares of Series A Preferred
Stock authorized to be issued to be increased (to the extent that the Certificate of Incorporation then permits) to the largest
number of whole shares (rounded up to the nearest whole number) issuable upon exercise of such Rights.

 

    	 

    	 

    

 

Section 2.          Dividends
and Distributions.

 

(A)         (i)          Subject
to the rights of the holders of any shares of any class or series of preferred stock (or any similar stock) ranking prior and superior
to the Series A Preferred Stock with respect to dividends, the holders of shares of Series A Preferred Stock, in preference to
the holders of shares of common stock and of any other class or series of stock ranking junior to the 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 in cash on the first day of March, June, September and December in 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 a share or fraction of a share of Series A Preferred Stock, in an amount per share (rounded to
the nearest cent) equal to the greater of (a) $1.00 or (b) subject to the provisions for adjustment hereinafter set forth, 10,000
times the aggregate per share amount of all cash dividends, and 10,000 times the aggregate per share amount (payable in kind) of
all non-cash dividends or other distributions other than a dividend payable in shares of common stock or a subdivision of the outstanding
shares of common stock (by reclassification or otherwise), declared on 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. The multiple of cash and non-cash dividends declared on the common stock to which
holders of the Series A Preferred Stock are entitled, which shall be 10,000 initially but which shall be adjusted from time to
time as hereinafter provided, is hereinafter referred to as the “Dividend Multiple.” In the event the Corporation
shall at any time after July 27, 2012 (the “Rights Declaration Date”) (i) declare or pay any dividend on common
stock payable in shares of common stock, or (ii) effect a subdivision or combination or consolidation of the outstanding shares
of common stock (by reclassification or otherwise than by payment of a dividend in shares of common stock) into a greater or lesser
number of shares of common stock, then in each such case the Dividend Multiple thereafter applicable to the determination of the
amount of dividends which holders of shares of Series A Preferred Stock shall be entitled to receive shall be the Dividend Multiple
applicable immediately prior to such event multiplied 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.

 

(ii)         Notwithstanding
anything else contained in this paragraph (A), the Corporation shall, out of funds legally available for that purpose, declare
a dividend or distribution on the Series A Preferred Stock as provided in this paragraph (A) immediately after it declares a dividend
or distribution on the common stock (other than a dividend payable in shares of common stock); provided that, in the event 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, a dividend of $1.00 per share on the Series A Preferred Stock shall
nevertheless be payable on such subsequent Quarterly Dividend Payment Date.

 

    	2

    	 

    

 

(B)         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 prior to
the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from
the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or 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 before
such Quarterly Dividend Payment Date, in either of which events such 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 the 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 in
accordance with applicable law 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 be not more than such number of days prior
to the date fixed for the payment thereof as may be allowed by applicable law.

 

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 10,000 votes on all matters submitted to a vote of the stockholders of the Corporation. The number of votes which a holder of
a share of Series A Preferred Stock is entitled to cast, which shall initially be 10,000 but which may be adjusted from time to
time as hereinafter provided, is hereinafter referred to as the “Vote Multiple.” In the event the Corporation
shall at any time after the Rights Declaration Date (i) declare or pay any dividend on common stock payable in shares of common
stock, or (ii) effect a subdivision or combination or consolidation of the outstanding shares of common stock (by reclassification
or otherwise than by payment of a dividend in shares of common stock) into a greater or lesser number of shares of common stock,
then in each such case the Vote Multiple thereafter applicable to the determination of the number of votes per share to which holders
of shares of Series A Preferred Stock shall be entitled shall be the Vote Multiple immediately prior to such event multiplied 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
and the holders of shares of any other capital stock of this Corporation having general voting rights, shall vote together as one
class on all matters submitted to a vote of stockholders of the Corporation.

 

(C)         (i)          Whenever,
at any time or times, dividends payable on any shares of Series A Preferred Stock shall be in arrears in an amount equal to at
least six full quarter dividends (whether or not declared and whether or not consecutive), the holders of record of the outstanding
shares of Series A Preferred Stock shall have the exclusive right, voting separately as a single class, to elect two directors
of the Corporation at a special meeting of stockholders of the Corporation or at the Corporation’s next annual meeting of
stockholders, and at each subsequent annual meeting of stockholders, as provided below.

 

    	3

    	 

    

 

(ii)         Upon
the vesting of such right of the holders of shares of Series A Preferred Stock, the maximum authorized number of members of the
Board of Directors shall automatically be increased by two and the two vacancies so created shall be filled by vote of the holders
of the outstanding shares of Series A Preferred Stock as hereinafter set forth. A special meeting of the stockholders of the Corporation
then entitled to vote shall be called by the Chairman and Chief Executive Officer or the Secretary of the Corporation, if requested
in writing by the holders of record of not less than 5% of the shares of Series A Preferred Stock then outstanding. At such special
meeting, or, if no such special meeting shall have been called, then at the next annual meeting of stockholders of the Corporation,
the holders of the shares of Series A Preferred Stock shall elect, voting as above provided, two directors of the Corporation to
fill the aforesaid vacancies created by the automatic increase in the number of members of the Board of Directors. At any and all
such meetings for such election, the holders of a majority of the outstanding shares of Series A Preferred Stock shall be necessary
to constitute a quorum for such election, whether present in person or proxy, and such two directors shall be elected by the vote
of at least a majority of the shares of Series A Preferred Stock held by such stockholders present or represented at the meeting,
the holders of Series A Preferred Stock being entitled to cast a number of votes per share of Series A Preferred Stock as is specified
in paragraph (A) of this Section 3. Each such additional director shall not be a member of Class I, Class II or Class III of the
Board of Directors of the Corporation, but shall serve until the next annual meeting of stockholders for the election of directors,
or until his successor shall be elected and shall qualify, or until his right to hold such office terminates pursuant to the provisions
of this Section 3(C). Any director elected by holders of shares of Series A Preferred Stock pursuant to this Section 3(C) may be
removed at any annual or special meeting, by vote of a majority of the stockholders voting as a class who elected such director,
with or without cause. In case any vacancy shall occur among the directors elected by the holders of shares of Series A Preferred
Stock pursuant to this Section 3(C), such vacancy may be filled by the remaining director so elected, or his successor then in
office, and the director so elected to fill such vacancy shall serve until the next meeting of stockholders for the election of
directors.

 

(iii)        The
right of the holders of shares of Series A Preferred Stock, voting separately as a class, to elect two members of the Board of
Directors of the Corporation as aforesaid shall continue until, and only until, such time as all arrears in dividends (whether
or not declared) on the Series A Preferred Stock shall have been paid or declared and set apart for payment, at which time such
right shall terminate, except as herein or by law expressly provided subject to revesting in the event of each and every subsequent
default of the character above-mentioned. Upon any termination
of the right of the holders of the Series A Preferred Stock as a class to vote for directors as herein provided, the term of office
of all directors then in office elected by the holders of shares of Series A Preferred Stock pursuant to this Section 3(C) shall
terminate immediately. Whenever the term of office of the directors elected by the holders of shares of Series A Preferred Stock
pursuant to this Section 3(C) shall terminate and the special voting powers vested in the holders of the Series A Preferred Stock
pursuant to this Section 3(C) shall have expired, the maximum number of members of this Board of Directors of the Corporation shall
be such number as may be provided for in the By-laws of the Corporation,
irrespective of any increase made pursuant to the provisions of this Section 3(C). The voting rights granted by this Section 3(C)
shall be in addition to any other voting rights granted to the holders of the Series A Preferred Stock in this Section 3.

 

    	4

    	 

    

 

(D)         Except
as otherwise required by applicable law or as set forth herein, holders of Series A Preferred Stock shall have no special voting
rights and their consent shall not be required (except to the extent they are entitled to vote with holders of common stock as
set forth herein) for taking any corporate action.

 

Section 4. Certain Restrictions.

 

(A)         Whenever
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 shares of Series A Preferred Stock outstanding
shall have been paid in full, the Corporation shall not:

 

(i)          declare
or pay dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for consideration 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 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)        except
as permitted in subsection 4(A)(iv) below, redeem, purchase or otherwise acquire for consideration shares of any stock ranking
on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Preferred Stock, provided
that the Corporation may at any time redeem, purchase or otherwise acquire shares of any such parity stock in exchange for shares
of any stock of the Corporation ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series
A Preferred Stock; or

 

(iv)        purchase
or otherwise acquire for consideration any shares of Series A Preferred Stock, or any shares of any 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 such shares 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.

 

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

 

    	5

    	 

    

 

Section 5. Reacquired Shares.
Any shares of Series A Preferred Stock purchased or otherwise acquired by the Corporation in any manner whatsoever shall be retired
promptly after the acquisition thereof. All such shares shall upon their retirement become authorized but unissued shares of preferred
stock 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, subject to the conditions and restrictions on issuance set forth herein.

 

Section 6. Liquidation, Dissolution
or Winding Up. Upon any liquidation, dissolution or winding up of the Corporation (voluntary or otherwise), no distribution
shall be made (x) 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 an amount (the “Series A Liquidation Preference”) equal to accrued and unpaid dividends and distributions
thereon, whether or not declared, to the date of such payment, plus an amount equal to the greater of (1) $10,000.00 per
share or (2) an aggregate amount per share, subject to the provision for adjustment hereinafter set forth, equal to 10,000 times
the aggregate amount of all cash or other property to be distributed per share to holders of common stock upon such liquidation,
dissolution or winding up of the Corporation, or (y) 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 other such 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. In the event the Corporation shall at any time after the Rights Declaration Date (i) declare
or pay any dividend on common stock payable in shares of common stock, or (ii) effect a subdivision or combination or consolidation
of the outstanding shares of common stock (by reclassification or otherwise than by payment of a dividend in shares of common stock)
into a greater or lesser number of shares of common stock, then in each such case the aggregate amount per share to which holders
of shares of Series A Preferred Stock were entitled immediately prior to such event under clause (x) 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.

 

In the event, however, that there are not
sufficient assets available to permit payment in full of the Series A Liquidation Preference and the liquidation preferences of
all other classes and series of stock of the Corporation, if any, that rank on a parity with the Series A Preferred Stock in respect
thereof, then the assets available for such distribution shall be distributed ratably to the holders of the Series A Preferred
Stock and the holders of such parity shares in proportion to their respective liquidation preferences.

 

Neither the consolidation of nor merging
of the Corporation with or into any other corporation or corporations, nor the sale or other transfer of all or substantially all
of the assets of the Corporation, shall be deemed to be a liquidation, dissolution or winding up of the Corporation within the
meaning of this Section 6.

 

    	6

    	 

    

 

Section 7. Consolidation, Merger,
etc. In case the Corporation shall enter into any consolidation, merger, combination or other transaction in which the outstanding
shares of common stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any
such case each share of Series A Preferred Stock shall at the same time be similarly exchanged or changed in an amount per share
(subject to the provision for adjustment hereinafter set forth) equal to 10,000 times the aggregate amount of stock, securities,
cash and/or any other property (payable in kind), as the case may be, into which or for which each share of common stock is changed
or exchanged, plus accrued and unpaid dividends, if any, payable with respect to the Series A Preferred Stock. In the event the
Corporation shall at any time after the Rights Declaration Date (i) declare or pay any dividend on common stock payable in
shares of common stock, or (ii) effect a subdivision or combination or consolidation of the outstanding shares of common stock
(by reclassification or otherwise than by payment of a dividend in shares of common stock) 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. Redemption. The shares
of Series A Preferred Stock shall not be redeemable; provided, however, that the foregoing shall not limit the ability
of the Corporation to purchase or otherwise deal in such shares to the extent otherwise permitted hereby and by law.

 

Section 9. Ranking. Unless otherwise
expressly provided in the Certificate of Incorporation or a Certificate of Designations relating to any other series of preferred
stock of the Corporation, the Series A Preferred Stock shall rank junior to every other series of the Corporation’s preferred
stock previously or hereafter authorized, as to the payment of dividends and the distribution of assets on liquidation, dissolution
or winding up and shall rank senior to the common stock.

 

Section 10. Fractional Shares. Series
A Preferred Stock may be issued in whole shares or in any fraction of a share that is one ten-thousandth (1/10,000th) of a share
or any integral multiple of such fraction, 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 lieu of fractional shares, the Corporation may elect to make a cash payment as provided in the
Rights Agreement for fractions of a share other than one ten-thousandth (1/10,000th) of a share or any integral multiple thereof.

 

Section 11. Amendment. At any time
any shares of Series A Preferred Stock are outstanding, the Certificate of Incorporation and the foregoing Sections 1 through 10,
inclusive, and this Section 11 of the Certificate of Designations shall not be amended in any manner, including by merger, consolidation
or otherwise, which would materially alter or change the powers, preferences or special rights of the Series A Preferred Stock
so as to affect them adversely without the affirmative vote of the holders of two-thirds or more of the outstanding shares of Series
A Preferred Stock, voting separately as a class.

 

    	7

    	 

    

 

Exhibit B

 

FORM OF RIGHT CERTIFICATE

 

Certificate No. R-______ Rights

 

NOT EXERCISABLE AFTER JULY 30, 2022 OR EARLIER
IF NOTICE OF REDEMPTION IS GIVEN. THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF ALBANY MOLECULAR RESEARCH, INC., AT $0.01
PER RIGHT, ON THE TERMS SET FORTH IN THE SHAREHOLDER RIGHTS AGREEMENT BETWEEN ALBANY MOLECULAR RESEARCH, INC. AND COMPUTERSHARE
SHAREOWNER SERVICES LLC, AS RIGHTS AGENT, DATED AS OF JULY 27, 2012 (THE “RIGHTS AGREEMENT”). UNDER CERTAIN
CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF THE RIGHTS AGREEMENT, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR AN ASSOCIATE
OR AFFILIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS
MAY BECOME NULL AND VOID.

 

Right Certificate

 

ALBANY MOLECULAR RESEARCH, INC.

 

This certifies that ________________, or
registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof,
subject to the terms, provisions and conditions of the Shareholder Rights Agreement dated as of July 27, 2012 (the “Rights
Agreement”) between Albany Molecular Research, Inc. (the “Company”) and Computershare Shareowner Services
LLC as Rights Agent (the “Rights Agent”), to purchase from the Company at any time after the Distribution Date
(as such term is defined in the Rights Agreement) and prior to the close of business on July 30, 2022 at the office or offices
of the Rights Agent designated for such purpose, or its successors as Rights Agent, one ten-thousandth of a fully paid, non-assessable
share of the Series A Junior Participating Cumulative Preferred Stock (the “Preferred Stock”) of the Company,
at a purchase price of $________ per one ten-thousandth of a share (the “Exercise Price”), upon presentation
and surrender of this Right Certificate with the Form of Election to Purchase and the related Certificate duly executed. The number
of Rights evidenced by this Right Certificate (and the number of shares which may be purchased upon exercise thereof) set forth
above, and the Exercise Price per share set forth above, are the number and Exercise Price as of _______________, based
on the Preferred Stock as constituted at such date.

 

Upon the occurrence of a Section 11(a)(ii)
Event (as such term is defined in the Rights Agreement), if the Rights evidenced by this Right Certificate are beneficially owned
by (i) an Acquiring Person or an Affiliate or Associate of any such Person (as such terms are defined in the Rights Agreement),
(ii) a transferee of any such Acquiring Person or Associate or Affiliate thereof, or (iii) under certain circumstances specified
in the Rights Agreement, a transferee of a Person who, after such transfer, became an Acquiring Person or an Affiliate or Associate
of an Acquiring Person, 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.

 

    	8

    	 

    

 

As provided in the Rights Agreement, the
Exercise Price and the number of shares of Preferred Stock or other securities which may be purchased upon the exercise of the
Rights evidenced by this Right Certificate are subject to modification and adjustment upon the happening of certain events.

 

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. Copies of the Rights Agreement are on file at the principal office
of the Company and the designated office of the Rights Agent and are also available upon written request to the Company or the
Rights Agent.

 

This Right Certificate, with or without
other Right Certificates, upon surrender at the office or offices of the Rights Agent designated for such purpose, may be exchanged
for another Right Certificate or Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like
aggregate number of shares of Preferred Stock as the Rights evidenced by the Right Certificate or Certificates surrendered shall
have entitled such holder to purchase. If this Right Certificate shall be exercised in part, the holder shall be entitled to receive
upon surrender hereof another Right Certificate or Certificates for the number of whole Rights not exercised. If this Right Certificate
shall be exercised in whole or in part pursuant to Section 11(a)(ii) of the Rights Agreement, the holder shall be entitled to receive
this Right Certificate duly marked to indicate that such exercise has occurred as set forth in the Rights Agreement.

 

Under certain circumstances, subject to
the provisions of the Rights Agreement, the Board of Directors of the Company at its option may exchange all or any part of the
Rights evidenced by this Certificate for shares of the Company’s Common Stock or Preferred Stock at an exchange ratio (subject
to adjustment) specified in the Rights Agreement.

 

Subject to the provisions of the Rights
Agreement, the Rights evidenced by this Certificate may be redeemed by the Board of Directors of the Company at its option at a
redemption price of $0.01 per Right (payable in cash, Common Stock or other consideration deemed appropriate by the Board of Directors).

 

The Company is not obligated to issue fractional
shares of stock upon the exercise of any Right or Rights evidenced hereby (other than fractions which are integral multiples of
one ten-thousandth of a share of Preferred Stock, which may, at the election of the Company, be evidenced by depositary receipts).
If the Company elects not to issue such fractional shares, in lieu thereof a cash payment will be made, as provided in the Rights
Agreement.

 

    	9

    	 

    

 

No holder of this Right Certificate, as
such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of shares of Preferred Stock, Common
Stock or any other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained
in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a 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 an authorized signatory of the Rights Agent.

 

WITNESS the facsimile signature of the proper
officers of the Company as a document under corporate seal.

 

	Attested:	 	ALBANY MOLECULAR RESEARCH, INC.
	 	 	 
	By:	 	 	By:	 
	        [Secretary or Assistant Secretary] 	 	 	 Name: 
	 	 	 	Title:

 

Countersigned:

 

	COMPUTERSHARE SHAREOWNER SERVICES LLC
	 	 
	By:	 
	 
	Name:
	Title:

 

    	10

    	 

    

 

[Form of Reverse Side of Right Certificate]

 

FORM OF ASSIGNMENT

 

(To be executed by the registered holder
if such

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: _________, __          ______________________________

 

Signature

 

Signature Guaranteed: ___________________________________

 

CERTIFICATE

 

The undersigned hereby certifies by checking
the appropriate boxes that:

 

(1)         the
Rights evidenced by this Right Certificate ______ are ______ are not being transferred by or on behalf of a Person who is or was
an Acquiring Person or an Affiliate or Associate of any such Person (as such terms are defined in the Rights Agreement); and

 

(2)         after
due inquiry and to the best knowledge of the undersigned, the undersigned ____ did ____ did not directly or indirectly 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 any such Person.

 

Dated: _________, __                      ______________________________

Signature

 

Signature Guaranteed: ______________________________

 

Signatures must be guaranteed by a participant
in the Medallion Signature Guarantee Program at a guarantee level acceptable to the Company’s Rights Agent.

 

    	 

    	 

    

 

NOTICE

 

The signature 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.

 

In the event the Certificate set forth above
is not completed, the Company will deem the beneficial owner of the Rights evidenced by this Rights Certificate to be an Acquiring
Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) and will affix a legend to that effect on any
Rights Certificate issued in exchange for this Rights Certificate.

 

    	 

    	 

    

 

FORM OF ELECTION TO PURCHASE

 

(To be executed if holder desires to

exercise the Right Certificate.)

 

To ALBANY MOLECULAR RESEARCH, INC.:

 

The undersigned hereby irrevocably elects
to exercise _______ Rights represented by this Right Certificate to purchase the 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 shares be issued in the name of:

Please insert social security or other identifying taxpayer
number: ________________________________

_______________________________________________________________________________________

 

_______________________________________________________________________________________

 

(Please print name and address)

 

If such number of Rights shall not be all
the Rights evidenced by this Right Certificate or if the Rights are being exercised pursuant to Section 11(a)(ii) of the Rights
Agreement, 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 taxpayer
number: ________________________________

_______________________________________________________________________________________

 

_______________________________________________________________________________________

(Please print name and address)

 

Dated: _________, __                    ______________________________

Signature

 

Signature Guaranteed: ______________________________

 

Signatures must be guaranteed by a participant
in the Medallion Signature Guarantee Program at a guarantee level acceptable to the Company’s Transfer Agent.

 

    	 

    	 

    

  

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 Person (as such terms are defined in the Rights Agreement); and

 

(2)         after
due inquiry and to the best knowledge of the undersigned, the undersigned ____ did ____ did not directly or indirectly 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 any such Person.

 

Dated: _________, __                      ______________________________

Signature

 

    	 

    	 

    

 

NOTICE

 

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.

 

In the event the Certificate set forth
above is not completed, the Company will deem the beneficial owner of the Rights evidenced by this Rights Certificate to be an
Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement).EXHIBIT 4.19

 

PLACEMENT AGENT AGREEMENT

 

July 25, 2012

 

AMERICAN BIO MEDICA CORPORATION

122 Smith Road

Kinderhook, New York 12106

 

RE: Placement Agent Agreement for Extension
of Existing 10% Subordinated Convertible Debentures

 

Dear Mr. Cipkowski:

 

This letter confirms
our agreement that American Bio Medica Corporation, a New York corporation (“ABMC ” or the "Company”) has
engaged Cantone Research, Inc. (“CRI” or the “Placement Agent”) to act as the Company’s exclusive
Placement Agent in connection with the proposed amendment (the “Offering”) of the Company’s existing $750,000
10% Subordinated Convertible Debentures due August 1, 2012, Series A to 15% Subordinated Convertible Debentures due August 1, 2013,
Series A (the “Debentures”, and, together with the Company’s common stock into which the Debentures are convertible,
the “Securities”), pursuant to the Company’s private offering memorandum dated July 20, 2012 (the “Memorandum”).
The terms of the Offering and the proposed uses of the gross proceeds of such Offering are summarized in Exhibit A to this Placement
Agent Agreement (the “Agreement”). The Offering will be made solely to “accredited investors” (the “Accredited
Investors”), as such term is defined in Rule 501(a) of Regulation D (“Regulation D”) promulgated under the United
States Securities Act of 1933, as amended (the “Securities Act”), pursuant to an exemption from registration under
applicable federal and state securities laws available under Rule 506 of Regulation D and in accordance with the terms of this
Agreement. The gross proceeds of the Offering will be on a best efforts basis (no minimum) up to an aggregate of $750,000. Any
term capitalized in this Agreement, but not defined herein, shall have the same meaning as defined in the Memorandum.

 

Upon acceptance, (indicated
by your signature below), this Agreement will confirm the terms of the engagement between the Placement Agent and the Company.

 

1.           Appointment.

 

(a)          On
the basis of the representations, warranties and covenants contained in this Agreement, and subject to the terms and conditions
of this Agreement, the Company hereby retains the Placement Agent, and the Placement Agent hereby agrees to act, as the Company’s
exclusive Placement Agent in connection with the Offering. As Placement Agent for the Offering, CRI will advise and assist the
Company in identifying and assisting the Company in issuing the Securities to the holders of existing debentures (the “Holders”)
Holders in the Offering under the terms and conditions described in the Memorandum. The Company acknowledges and agrees that the
Placement Agent is only required to use its “commercially reasonable best efforts” in connection with the Offering
and that this Agreement does not constitute a commitment by the Placement Agent to purchase the Securities or introduce the Company
to Holders. CRI will, in its sole discretion, determine the reasonableness of its efforts, and is under no obligation to perform
at any level other than what it deems reasonable. The Company retains the right to determine all of the terms and conditions of
the Offering.

 

(b)          During
the Term of this Agreement (as such term is defined below), neither the Company nor any of its subsidiaries will, directly or indirectly,
solicit or otherwise encourage the submission of any proposal or offer (“Investment Proposal”) from any person or entity
relating to any issuance of the Company’s or any of its subsidiaries’ securities (including debt securities) or participate
in any discussions regarding an Investment Proposal. The Company will immediately cease all contacts, discussions and negotiations
with third parties regarding any Investment Proposal.

 

    	 

    	 

    

 

2.           Information.

 

(a)          The
Company recognizes that, in completing its engagement hereunder, the Placement Agent will be using and relying on the Memorandum,
publicly available information and on data, material and other information furnished to Placement Agent by the Company or the Company’s
affiliates and agents. The Company will cooperate with CRI and furnish, and cause to be furnished, to CRI, any and all information
and data concerning the Company, its subsidiaries and the Offering that CRI deems appropriate, including, without limitation, the
Company’s acquisition and/or merger plans and plans for raising capital or additional financing that is reasonably requested
by CRI (the “Information”), including subscription agreements, and the forms of the Debentures (together with the Memorandum,
the “Private Placement Materials”). Any Information and Private Placement Materials forwarded to Holders will be in
form reasonably acceptable to Placement Agent and its counsel. The Company represents and warrants that all Information and Private
Placement Materials, including, but not limited to, the Company’s financial statements and all information incorporated by
reference therein, will be complete and correct in all material respects and will not contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein not misleading.

 

(b)          It
is further agreed that CRI will conduct a due diligence investigation of the Company and the Company will reasonably cooperate
with such investigation as a condition of CRI’s obligations hereunder. The Company recognizes and confirms that the Placement
Agent: (i) will use and rely primarily on the Information, the Private Placement Materials and information available from generally
recognized public sources in performing the services contemplated by this letter without having independently verified the same;
(ii) is authorized as the Placement Agent to transmit to any prospective investors a copy or copies of the Private Placement Materials
and any other legal documentation supplied to the Placement Agent for transmission to any prospective investors by or on behalf
of the Company or by any of the Company’s officers, representatives or agents, in connection with the performance of the
Placement Agent’s services hereunder or any transaction contemplated hereby; (iii) does not assume responsibility for the
accuracy or completeness of the Information or the Private Placement Materials and such other information, if any provided to the
Holders; (iv) will not make an appraisal of any assets of the Company or the Company generally; and (v) retains the right to continue
to perform due diligence of the Company, its business and its officers and directors during the course of the engagement.

 

(c)          Until
the date that is one year from the date hereof, CRI will keep all information obtained from the Company confidential except: (i)
Information which is otherwise publicly available, or previously known to or obtained by, CRI independently of the Company and
without breach of any of CRI’s agreements with the Company; (ii) CRI may disclose such information to its officers, directors,
employees, agents, representatives, attorneys, and to its other advisors and financial sources on a need to know basis only and
will ensure that all such persons will keep such information strictly confidential. No such obligation of confidentiality shall
apply to information that: (i) is in the public domain as of the date hereof or hereafter enters the public domain without a breach
by CRI, (ii) was known or became known by CRI prior to the Company’s disclosure thereof to CRI, (iii) becomes known to CRI
from a source other than the Company, and other than by the breach of an obligation of confidentiality owed to the Company, (iv)
is disclosed by the Company to a third party without restrictions on its disclosure, (v) is independently developed by CRI or (vi)
is required to be disclosed by CRI or its officers, directors, employees, agents, attorneys and to its other advisors and financial
sources, pursuant to any order of a court of competent jurisdiction or other governmental body or as may otherwise be required
by law.

 

    	 

    	 

    

 

(d)          The
Company recognizes that in order for CRI to perform properly its obligations in a professional manner, the Company will keep CRI
informed of and, to the extent practicable and as allowed by law, permit CRI to participate in meetings and discussions between
the Company and any third party relating to the matters covered by the terms of CRI’s engagement. If at any time during the
course of CRI’s engagement, the Company becomes aware of any material change in any of the information previously furnished
to CRI, it will promptly advise CRI of the change.

 

(e)          The
Offering shall be conditioned upon, among other things, the satisfactory completion by CRI of its due diligence investigation and
analysis of: (A) the Company’s arrangements with its officers, directors, employees, affiliates, customers and suppliers,
and (B) the audited and unaudited historical financial statements of the Company.

 

3.           Compensation.
As compensation for services rendered and to be rendered hereunder by Placement Agent, the Company agrees to pay Placement Agent
the following fees in consideration of the services rendered by the Placement Agent in connection with the Offering:

 

(a)          The
Company agrees to pay CRI a cash fee payable upon each closing of the transaction contemplated by this Agreement (“Closing”)
equal to five percent (5%) of the gross amount of existing debentures converted into the Debentures, the fees received by CRI are
referred herein as the “Placement Fee”.

 

(b)          The
Company agrees to issue to CRI (or its designated affiliates or assignees), warrants to purchase 75,000 shares of common stock
of the Company exercisable for three years at an exercise price of $0.17 per share.

 

(c)          The
Company agrees to pay CRI a non-accountable expense allowance in cash (the “Non-Accountable Fee”) equal to 1% of the
gross amount of Replacement Debentures.

 

(d)          In
the event this Agreement is not completed within the term set forth in Section 4, CRI will be entitled to reimbursement of its
out-of-pocket accountable expenses actually incurred in connection with this Offering.

 

(e)          CRI
shall assist and cooperate with legal counsel to the Company in effecting a filing of a Registration Statement with the Securities
and Exchange Commission with respect to the public offering of the shares of Company common stock into which the Debentures are
convertible filed in connection with the Offering (the “SEC Filing”). The Company will be responsible for the reasonable
costs and expenses of CRI in connection with the SEC Filing.

 

(f)          The
Company will assist and cooperate with legal counsel to CRI in the filing with the Financial Industry Regulatory Authority (“FINRA”)
Corporate Financing Department pursuant to FINRA Rule 2710(b)(10)(A)(i) (the “Issuer Filing”) and the Company shall
pay the filing fee required by such Issuer Filing and the agreed fees of counsel to CRI in connection with the Issuer Filing and
clearing such filing with FINRA. The Company shall assist legal counsel to CRI in pursuing the Issuer Filing until FINRA issues
a letter confirming that it does not object to the terms of the Offering contemplated by such Registration Statement.

 

4.           Term
of Engagement.

 

(a)          This
Agreement will remain in effect until August 31, 2012 after which either party shall have the right to terminate it on fifteen
(15) days prior written notice to the other. The date of termination of this Agreement is referred to in this Agreement from time
to time as the “Termination Date.” The period of time during which this Agreement remains in effect is referred to
herein from time to time as the “Term.” In the event, however in the course of CRI’s performance of due diligence
it deems it necessary to terminate the engagement, CRI may do so prior to the Termination Date and upon immediate written notice.

 

    	 

    	 

    

 

(b)          Notwithstanding
anything herein to the contrary, the obligation to pay the compensation and expenses described in Section 3, this Section 4, Sections
7 and 9-18 and all of Exhibit A, will survive any termination or expiration of this Agreement. The termination of this Agreement
shall not affect the Company’s obligation to pay fees to the extent provided for in Section 3 above and shall not affect
the Company’s obligation to reimburse the expenses accruing prior to such termination to the extent provided for in this
Agreement. All such fees and reimbursements due shall be paid to the Placement Agent on or before the Termination Date (in the
event such fees and reimbursements are earned or owed as of the Termination Date) or upon the closing of the Offering or any applicable
portion thereof (in the event such fees are due pursuant to the terms of Section 3 hereof).

 

(c)          Notwithstanding
anything herein to the contrary, the Company agrees to accept any current Holder who is an Accredited Investor and who signs and
tenders the necessary transaction documents to CRI and to pay CRI all compensation required under Section 3, above upon CRI tendering
such transaction documents to the Company.

 

5.          Certain
Placement Procedures. The Company and the Placement Agent each represents to the other that it has not taken, and the Company and
the Placement Agent each agrees with the other that it will not take any action, directly or indirectly, so as to cause the Offering
to fail to be entitled to rely upon the exemption from registration afforded by Section 4(2) of the Securities Act and Regulation
D. In effecting the Offering, the Company and the Placement Agent each agrees to comply in all material respects with applicable
provisions of the Securities Act and any regulations thereunder and any applicable state laws and requirements. In order to induce
CRI to enter into this Agreement, the Company agrees that CRI may rely upon any representations and warranties made to any Offeree
in this Offering (as if fully set forth herein) for its benefit, and that all such representations and warranties shall be true
and correct in all material respects, and shall be true and correct in all material respects as of the date of each Closing. The
Company agrees that it shall cause any opinion of its counsel delivered to any Holders in the Offering also to be addressed and
delivered to the Placement Agent, or to cause such counsel to deliver to the Placement Agent a letter authorizing it to rely upon
such opinion.

 

6.           Representations,
Warranties and Covenants of CRI.

 

CRI, (the “Placement Agent) hereby
represent and warrant to, and covenant with, the Company that:

 

(a)          The
Securities offered and sold by the Placement Agent have been and will be offered and sold in compliance with all federal and state
securities laws and regulations governing the registration and conduct of broker-dealers, and the Placement Agent making the offer
or sale of Securities was or will be, at the time of any such offer or sale, registered as a broker-dealer pursuant to Section
15(b) of the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”), and under the laws of
each applicable state of the United States (unless exempted from the respective state’s broker-dealer registration requirements),
and in good standing with FINRA;

 

(b)          The
Securities offered and sold by the Placement Agent have been and will be offered and sold only to Accredited Investors in accordance
with Rule 506 of Regulation D and applicable state securities laws; provided, however, the Company shall make all necessary filings
under Rule 503 of Regulation D and such similar notice filings under applicable state securities laws. The Placement Agent represents
and warrants that they have reasonable grounds to believe and do believe that each person to whom a sale, offer or solicitation
of an offer to purchase Securities was or will be made was and is an Accredited Investor. Prior to the sale and delivery of a Company
security to any such investor, the Placement Agent will obtain an executed subscription agreement and an executed investors’
rights agreement in the form agreed upon by the Company and the Placement Agent (the “Subscription Documents”).

 

    	 

    	 

    

 

(c)          (i)
Sales of the Securities by the Placement Agent will be made only in such jurisdictions in which: (A) the Placement Agent is a registered
broker-dealer; and (B) the Placement Agent has been advised by counsel that the offering and sale of the Securities is registered
under, or is exempt from registration under, applicable laws. (ii) offers and sales of the Securities by the Placement Agent will
be made in compliance with the provisions of Regulation D and/or Section 4(2) of the Securities Act, and the Placement Agent shall
furnish to each Offeree a copy of the Memorandum (including all Schedules and Exhibits thereto) prior to accepting any subscriptions
for Securities.

 

(d)          In
connection with the offers and sales of the Securities, the Placement Agent has not and will not:

 

i.            Offer
or sell, or solicit any offer to buy, any Securities by any form of “general solicitation” or “general advertising”,
as such terms are used in Regulation D, or in any manner involving a public offering within the meaning of Section 4(2) of the
Securities Act;

 

ii.          Use
any written material other than the Memorandum, a copy of which is attached hereto as Exhibit C , and the Subscription Documents,
and shall only rely upon and communicate information that is publicly available regarding the Company to any potential investors
(without limiting the foregoing, the Placement Agent is not authorized to make any representation or warranty to any Offeree concerning
the Company or an investment in the Securities); or

 

iii.         Take
any action that would constitute a violation of Regulation M under the Exchange Act.

 

The Placement Agent will periodically notify
the Company of the jurisdictions in which it intends the Securities to be offered by it or will be offered by it pursuant to this
Agreement, and will periodically notify the Company of the status of the Offering conducted pursuant to this Agreement.

 

7.           Indemnification.
The Company agrees to indemnify the Placement Agent in accordance with the indemnification and other provisions attached to the
Agreement as Exhibit B (the “Indemnification Provisions”), which provisions are incorporated herein by reference and
shall survive the termination or expiration of the Agreement.

 

8.          Other
Activities. The Company acknowledges that CRI has been, and may in the future be, engaged to provide services as an underwriter,
placement agent, finder, advisor and investment banker to other companies in the industry in which the Company is involved. Subject
to the confidentiality provisions of CRI contained in Section 2 hereof, the Company acknowledges and agrees that nothing contained
in this Agreement shall limit or restrict the right of CRI or of any member, manager, officer, employee, agent or representative
of CRI, to be a member, manager, partner, officer, director, employee, agent or representative of, investor in, or to engage in,
any other business, whether or not of a similar nature to the Company’s business, nor to limit or restrict the right of CRI
to render services of any kind to any other corporation, firm, individual or association; provided that CRI and any of its member,
manager, officer, employee, agent or representative shall not use the Information to the detriment of the Company. CRI may, but
shall not be required to, present opportunities to the Company.

 

9.          Future
Rights. Upon the successful completion of any amount of the Offering, for a period of twelve (12) months from the final closing
the Offering, the Company grants CRI the right of first refusal to act as lead underwriter or placement agent for any and all future
public and private equity and debt offerings during such twelve (12) month period of the Company, or any successor to or any subsidiary
of the Company. Any economics in connection with a Financing that will be split with any additional agent(s) or underwriter(s)
will be determined solely by CRI.

 

    	 

    	 

    

 

10.         Governing
Law; Jurisdiction; Waiver of Jury Trial. This Agreement will be governed as to validity, interpretation, construction, effect and
in all other respects by the internal law of the State of New York. The Company and CRI each (i) agree that any legal suit, action
or proceeding arising out of or relating to this Agreement shall be instituted exclusively in the New York State Supreme Court,
County of Albany, or in the United States District Court for the Northern District of New York sitting in the city of Albany, New
York, (ii) waives any objection to the venue of any such suit, action or proceeding, and the right to assert that such forum is
an inconvenient forum, and (iii) irrevocably consents to the jurisdiction of the New York State Supreme Court, County of Albany,
and the United States District Court for the Northern District of New York in any such suit, action or proceeding. Each of the
Company and CRI further agrees to accept and acknowledge service of any and all process that may be served in any such suit, action
or proceeding in the New York State Supreme Court, County of Albany, or in the United States District Court for the Northern District
of New York and agree that service of process upon it mailed by certified mail to its address shall be deemed in every respect
effective service of process in any such suit, action or proceeding. The parties hereby expressly waive all rights to trial by
jury in any suit, action or proceeding arising under this Agreement.

 

11.         Securities
Law Compliance. The Company, at its own expense, will obtain any registration or qualification required to sell any Securities
under the Blue Sky laws of any applicable jurisdictions within the applicable required time periods.

 

12.         Representations
and Warranties.

 

The Company and each of its subsidiaries
respectively represent and warrant that:

 

(a)          it
has full right, power and authority to enter into this Agreement and to perform all of its obligations hereunder;

 

(b)         this
Agreement has been duly authorized and executed and constitutes a legal, valid and binding agreement of such party enforceable
in accordance with its terms; and

 

(c)          the
execution and delivery of this Agreement and the consummation of the transactions contemplated hereby do not conflict with or result
in a breach of (i) such party’s certificate of incorporation or by-laws or (ii) any agreement to which such party is a party
or by which any of its property or assets is bound.

 

13.         Parties;
Assignment; Independent Contractor. This Agreement has been and is made solely for the benefit of CRI and the Company and each
of the persons, agents, employees, officers, directors and controlling persons referred to in Exhibit A and their respective heirs,
executors, personal representatives, successors and assigns, and nothing contained in this Agreement will confer any rights upon,
nor will this Agreement be construed to create any rights in, any person who is not party to such Agreement, other than as set
forth in this paragraph. The rights and obligations of either party under this Agreement may not be assigned without the prior
written consent of the other party hereto and any other purported assignment will be null and void. CRI has been retained under
this Agreement as an independent contractor, and it is understood and agreed that this Agreement does not create a fiduciary relationship
between CRI and the Company or their respective Boards of Directors. CRI shall not be considered to be the agent of the Company
for any purpose whatsoever and CRI is not granted any right or authority to assume or create any obligation or liability, express
or implied, on the Company’s behalf, or to bind the Company in any manner whatsoever.

 

14.         Validity.
This Agreement contains the entire agreement between the parties hereto. No party has made any statement, agreement or representation,
either oral or written, in connection herewith, modifying, adding or changing the terms and conditions herein set forth. No present
or past dealings between the parties shall be permitted to contradict or modify the terms hereof. No modification of this Agreement
shall be binding unless such modification is in writing and signed by the parties hereto. In case any term of this Agreement will
be held invalid, illegal or unenforceable, in whole or in part, the validity of any of the other terms of this Agreement will not
in any way be affected thereby.

 

    	 

    	 

    

 

15.         Counterparts.
This Agreement may be executed in counterparts and each of such counterparts will for all purposes be deemed to be an original,
and such counterparts will together constitute one and the same instrument.

 

16.         Notices.
All notices will be in writing and will be effective when delivered in person or sent via facsimile and confirmed by letter, to
the party to whom it is addressed at the following addresses or such other address as such party may advise the other in writing
(copies shall not constitute notice):

 

If to the Company:

 

AMERICAN BIO MEDICA CORPORATION

122 Smith Road

Kinderhook, New York 12106

ATTN: Corporate Secretary/Chief Compliance
Officer

Telephone: 518-758-8158

Facsimile: 518-758-8171

Email: mdwaterhouse@abmc.com

 

with a copy (which shall not constitute
notice) to:

 

NOLAN & HELLER, LLP

39 N. Pearl Street

Albany, New York 12207

ATTN: Richard L. Burstein, Esq.

Telephone: 518-449-3300

Facsimile: 518-432-3123

Email: rburstein@nolanandheller.com

 

To the Placement Agent

 

Cantone Research Inc.

766 Shrewsbury Ave

Tinton Falls, NJ 07724

Telephone: 732-450-3500

Facsimile: 732-450-3520

Attention: Anthony Cantone

 

With a copy (which will not constitute
notice) to:

 

Christopher P. Flannery, Esq.

4 Hillman Drive

Suite 104

Chadds Ford, PA 19317

Telephone: 610-361-8016

Facsimile: 610-558-4882

 

17.         Best
Efforts Engagement. It is expressly understood and acknowledged that CRI’s engagement for the Offering does not constitute
any commitment, express or implied, on the part of CRI or of any of its affiliates to purchase or place the Company’s securities
or to provide any type of financing and that the Offering will be conducted by CRI on a “best efforts” (no minimum)
basis.

 

    	 

    	 

    

 

18.         Announcements.
The Company agrees that CRI shall, upon a successful transaction, have the right to place advertisements in financial and other
newspapers and journals at its own expense describing its services to the Company hereunder, provided that CRI shall submit a copy
of any such advertisement to the Company for its approval, such approval not to be unreasonably withheld, conditioned or delayed.
The Company further agrees that it shall not issue any press release in connection with the Offering without CRI’s prior
written approval of such press release. The Company further agrees that CRI’s counsel shall have the right to review and
comment on any Current Report on Form 8-K regarding the Offering prepared by or on behalf of the Company before the same is filed
with the SEC.

 

Very truly yours,

 

CANTONE RESEARCH, INC.

 

	By: 	/S/  Anthony Cantone	 
	 	      Anthony Cantone, President	 

 

Agreed to and accepted this 25th day of
July, 2012

 

AMERICAN BIO MEDICA CORPORATION

 

	By: 	/S/ Melissa A. Waterhouse	 
	 	     Melissa A. Waterhouse	 
	 	     EVP, Chief Compliance Officer	 
	 	     Corporate Secretary	 

 

    	 

    	 

    

 

EXHIBIT A

 

TERMS OF THE OFFERING

 

	Issuer:	American Bio Medica Corporation (ABMC)
	 	 
	Issue:	ABMC will extend the Original Debentures maturing 8/1/2012 to mature on 8/1/2013 and increase interest to 15% beginning 8/1/2012 (the “Amendments”) and will pay interest quarterly.
	 	 
	Investors:	Original Debenture Holders who qualify as “Accredited Investors” as defined in Rule 501 of Regulation D and meet the other investor suitability standards.
	 	 
	Note price:	Par - 100% of Face Value, minimum $1,000 per Replacement Debenture
	 	 
	Interest rate:	15% simple in arrears.  The first payment of this higher rate will be made on 11/1/2012.
	 	 
	Registration:	Company will file a “Special” registration statement as soon as practicable after August 1, 2012 to reflect the change in interest rate and the one year extension of the Original Debentures.  The “Special” registration statement will also reflect the change in strike price and extension of the Placement Agent Warrants previously issued to the Placement Agent (and referenced in “Placement Agent Fee” below.
	 	 
	Right of Participation:	For as long as any of the Replacement Debentures remain outstanding, the investors (through the Placement Agent) shall have a right of participation in any new fund raising (debt or equity of any kind) undertaken by ABMC.
	 	 
	Additional Covenants:	The Replacement Debentures will contain provisions prohibiting ABMC from issuing variable priced equity or variable price equity linked Securities.
	 	 
	Placement agent fee:	5% in cash of $750,000 ($37,500), plus 75,000 3-year warrants at $.17 per share
	 	 
	Expense allowance:	Non-accountable 1%
	 	 
	Bridge loan:	Provided that Holders of at least $650,000 of the Original Debentures agree to the Extended Maturity Date, Cantone Asset Management LLC (“CAM”) (an affiliate of Anthony Cantone, a principal of the Placement Agent) will provide a $150,000 bridge loan maturing 8/1/2013 (1) to pay principal of and accrued interest due on the Original Debentures of those Holders who do not agree to the Debenture Amendments and (2) any excess will be available for working capital.  CAM will be paid 15% interest for one year (regardless if prepaid) on the amount of bridge loan plus 10% in restricted stock valued at .17 per share. ($150,000 bridge loan = $15,000 worth of restricted stock = 88,235 shares).  The Bridge Loan is expected to be re-paid from proceeds of future financing.  If ABMC is involved in any business combination, such as a merger or acquisition, the Bridge Loan would be paid a 30% bonus on the principal amount and paid in full on the closing of that transaction.
	 	 
	New funding:	ABMC will work with CRI to issue up to $2 million convertible senior secured Notes (the “New Funding”) within the next 12 months that will be collateralized by all assets (including, but not limited to, the Company’s real estate & equipment) currently pledged to First Niagara Financial Group.

 

    	 

    	 

    

 

EXHIBIT B

 

INDEMNIFICATION PROVISIONS

 

Capitalized terms used in this Exhibit
shall have the meanings ascribed to such terms in the Agreement to which this Exhibit is attached.

 

The Company agrees to indemnify and hold
harmless Placement Agent and each of the other Indemnified Parties (as hereinafter defined) from and against any and all losses,
claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements, and any and all actions,
suits, proceedings and investigations in respect thereof and any and all legal and other costs, expenses and disbursements in giving
testimony or furnishing documents in response to a subpoena or otherwise (including, without limitation, the costs, expenses and
disbursements, as and when incurred, of investigating, preparing, pursing or defending any such action, suit, proceeding or investigation
(whether or not in connection with litigation in which any Indemnified Party is a party)) (collectively, “Losses”),
directly or indirectly, caused by, relating to, based upon, arising out of, or in connection with, Placement Agent’s acting
for the Company, including, without limitation, any act or omission by Placement Agent in connection with its acceptance of or
the performance or non-performance of its obligations under the Agreement between the Company and Placement Agent to which these
indemnification provisions are attached and form a part, any breach by the Company of any representation, warranty, covenant or
agreement contained in the Agreement or the subscription agreement with the investors (or in any instrument, document or agreement
relating thereto, including any agency agreement), or the enforcement by Placement Agent of its rights under the Agreement or these
indemnification provisions, except to the extent that any such Losses are found in a final judgment by a court of competent jurisdiction
(not subject to further appeal) to have resulted primarily and directly from the gross negligence or willful misconduct of the
Indemnified Party seeking indemnification hereunder.

 

The Company also agrees that no Indemnified
Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Company for or in connection
with the engagement of Placement Agent by the Company or for any other reason, except to the extent that any such liability is
found in a final judgment by a court of competent jurisdiction (not subject to further appeal) to have resulted primarily and directly
from such Indemnified Party’s gross negligence or willful misconduct.

 

These Indemnification Provisions shall
extend to the following persons (collectively, the “Indemnified Parties”): Placement Agent, its present and former
affiliated entities, managers, members, officers, employees, legal counsel, agents and controlling persons (within the meaning
of the federal securities laws), and the officers, directors, partners, stockholders, members, managers, employees, legal counsel,
agents and controlling persons of any of them. These indemnification provisions shall be in addition to any liability, which the
Company may otherwise have to any Indemnified Party.

 

If any action, suit, proceeding or investigation
is commenced, as to which an Indemnified Party proposes to demand indemnification, it shall notify the Company with reasonable
promptness; provided, however, that any failure by an Indemnified Party to notify the Company shall not relieve the Company from
its obligations hereunder, except to the extent that such Indemnified Party’s failure has materially prejudiced the Indemnifying
Party’s rights or materially increased its liabilities and obligations hereunder. An Indemnified Party shall have the right
to retain counsel of its own choice to represent it at its own expense. Any such counsel shall, to the extent consistent with its
professional responsibilities, cooperate with the Company and any counsel designated by the Company. The Company shall be liable
for any settlement of any claim against any Indemnified Party made with the Company’s written consent. The Company shall
not, without the prior written consent of Placement Agent, settle or compromise any claim, or permit a default or consent to the
entry of any judgment in respect thereof, unless such settlement, compromise or consent (i) includes, as an unconditional term
thereof, the giving by the claimant to all of the Indemnified Parties of an unconditional release from all liability in respect
of such claim, and (ii) does not contain any factual or legal admission by or with respect to an Indemnified Party or an adverse
statement with respect to the character, professionalism, expertise or reputation of any Indemnified Party or any action or inaction
of any Indemnified Party.

 

    	 

    	 

    

 

In order to provide for just and equitable
contribution, if a claim for indemnification pursuant to these indemnification provisions is made but it is found in a final judgment
by a court of competent jurisdiction (not subject to further appeal) that such indemnification may not be enforced in such case,
even though the express provisions hereof provide for indemnification in such case, then the Company shall contribute to the Losses
to which any Indemnified Party may be subject (i) in accordance with the relative benefits received by the Company and its stockholders,
subsidiaries and affiliates, on the one hand, and the Indemnified Party, on the other hand, and (ii) if (and only if) the allocation
provided in clause (i) of this sentence is not permitted by applicable law, in such proportion as to reflect not only the relative
benefits, but also the relative fault of the Company, on the one hand, and the Indemnified Party, on the other hand, in connection
with the statements, acts or omissions which resulted in such Losses as well as any relevant equitable considerations. No person
found liable for a fraudulent misrepresentation shall be entitled to contribution from any person who is not also found liable
for fraudulent misrepresentation. The relative benefits received (or anticipated to be received) by the Company and its stockholders,
subsidiaries and affiliates shall be deemed to be equal to the aggregate consideration payable or receivable by such parties in
connection with the transaction or transactions to which the Agreement relates relative to the amount of fees actually received
by Placement Agent in connection with such transaction or transactions. Notwithstanding the foregoing, in no event shall the amount
contributed by all Indemnified Parties exceed the amount of fees previously received by Placement Agent pursuant to the Agreement.

 

Neither termination nor completion of the
Agreement shall affect these Indemnification Provisions which shall remain operative and in full force and effect. The Indemnification
Provisions shall be binding upon the Company and its successors and assigns and shall inure to the benefit of the Indemnified Parties
and their respective successors, assigns, heirs and personal representatives.

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