Document:

<PAGE>

                                                                     Exhibit 4.1

                               ANGIODYNAMICS, INC.

                                       and

                                  [__________],

                                  Rights Agent

                                Rights Agreement

                          Dated as of [_________], 2004

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                  Page
<S>                                                                                                               <C>
Section 1.    Certain Definitions ..............................................................................    1

Section 2.    Appointment of Rights Agent ......................................................................    7

Section 3.    Issuance of Rights Certificates. .................................................................    7

Section 4.    Form of Rights Certificates. .....................................................................    9

Section 5.    Countersignature and Registration. ...............................................................   10

Section 6.    Transfer, Split-Up, Combination and Exchange of Rights Certificates; Mutilated,
              Destroyed, Lost or Stolen Rights Certificates. ...................................................   10

Section 7.    Exercise of Rights; Purchase Price; Expiration Date of Rights. ...................................   11

Section 8.    Cancellation of Rights Certificates ..............................................................   13

Section 9.    Reservation and Availability of Capital Stock. ...................................................   13

Section 10.   Preferred Stock Record Date ......................................................................   15

Section 11.   Adjustment of Purchase Price, Number and Kind of Shares or Number of Rights ......................   15

Section 12.   Certificate of Adjusted Purchase Price or Number of Shares .......................................   23

Section 13.   Consolidation, Merger or Sale or Transfer of Assets Cash Flow or Earning Power. ..................   24

Section 14.   Fractional Rights and Fractional Shares. .........................................................   26

Section 15.   Rights of Action .................................................................................   27

Section 16.   Agreement of Rights Holders ......................................................................   28

Section 17.   Rights Certificate Holder Not Deemed a Stockholder ...............................................   28

Section 18.   Concerning the Rights Agent. .....................................................................   29

Section 19.   Merger or Consolidation or Change of Name of Rights Agent. .......................................   29

Section 20.   Duties of Rights Agent ...........................................................................   30
</TABLE>

                                       i

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<TABLE>
<S>                                                                                                                <C>
Section 21.   Change of Rights Agent ...........................................................................   32

Section 22.   Issuance of New Rights Certificates ..............................................................   33

Section 23.   Redemption and Termination. ......................................................................   33

Section 24.   Exchange. ........................................................................................   34

Section 25.   Notice of Certain Events. ........................................................................   35

Section 26.   Notices ..........................................................................................   36

Section 27.   Supplements and Amendments. ......................................................................   37

Section 28.   Successors .......................................................................................   37

Section 29.   Determinations and Actions by the Board of Directors, etc. .......................................   37

Section 30.   Benefits of this Agreement .......................................................................   38

Section 31.   Severability .....................................................................................   38

Section 32.   Governing Law ....................................................................................   38

Section 33.   Counterparts .....................................................................................   39

Section 34.   Descriptive Headings .............................................................................   39
</TABLE>

                                       ii

<PAGE>

                                    EXHIBITS

Exhibit A --   Form of Certificate of Designation, Preferences and Rights

Exhibit B --   Form of Rights Certificates

Exhibit C --   Form of Summary of Rights

                                      iii

<PAGE>

                                RIGHTS AGREEMENT

         RIGHTS AGREEMENT, dated as of [_______], 2004 (the "Agreement"),
between AngioDynamics, Inc., a Delaware corporation (the "Company"), and
[__________], a [_____] banking corporation (the "Rights Agent").

                               W I T N E S S E T H

         WHEREAS, on [_______], 2004 (the "Rights Dividend Declaration Date"),
the Board of Directors of the Company authorized and declared a dividend
distribution of one Right (as hereinafter defined) for each share of common
stock, par value $.01 per share, of the Company (the "Common Stock") outstanding
at the close of business on [______][__], 2004 (the "Record Date"),1 and has
authorized the issuance of one Right (as such number may hereinafter be adjusted
pursuant to the provisions of Section 11(p) hereof) for each share of Common
Stock of the Company issued between the Record Date (whether originally issued
or delivered from the Company's treasury) and the Distribution Date (as
hereinafter defined) each Right initially representing the right to purchase one
ten-thousandth of a share of Series A Junior Participating Preferred Stock of
the Company (the "Preferred Stock") having the rights, powers and preferences
set forth in the form of Certificate of Designation, Preferences and Rights
attached hereto as Exhibit A, upon the terms and subject to the conditions
hereinafter set forth (the "Rights");

         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 (x) any Person who or which,
together with all Affiliates and Associates of such Person, shall be the
Beneficial Owner of 15% or more of the shares of Common Stock then outstanding,
but shall not include:

                     (i)   the Company;

                     (ii)  any Subsidiary of the Company;

                     (iii) any employee benefit plan of the Company, or of any
     Subsidiary of the Company, or any Person or entity organized, appointed or
     established by the Company for or pursuant to the terms of any such plan;

_____________________
1   The appropriate timing of the initial distribution of the Rights will need
to be discussed in light of the Company's proposed initial public offering and
the related pro rata distribution of the Company's common stock to holders of
E-Z-EM, Inc. common stock (collectively, the "Spin-Off").

<PAGE>

                     (iv)  any Exempt Person;

                     (v)   any Person who is the Beneficial Owner of less than
     20% of the shares of Common Stock then outstanding and (x) is permitted,
     pursuant to Rule 13d-1 under the Exchange Act, to report such ownership on
     Schedule 13G (or any comparable or successor report) or (y) was permitted
     to report such ownership on Schedule 13G (or any comparable or successor
     report) and thereafter does not acquire additional shares of Common Stock
     (other than as a result of any stock split, stock dividend or similar
     transaction) subsequent to the time when such Person became ineligible to
     report such ownership on Schedule 13G (or any comparable or successor
     report);

                     (vi)  any Person who is the Beneficial Owner of less than
     20% of the shares of Common Stock then outstanding and has reported or is
     required to report such ownership on Schedule 13D under the Exchange Act
     (or any comparable or successor report) which Schedule 13D does not state
     any intention to or reserve the right to control or influence the
     management or policies of the Company or engage in any of the actions
     specified in Item 4 of such schedule (other than the disposition of the
     Common Stock) and, within 10 Business Days of being requested by the
     Company to advise it regarding the same, certifies to the Company that such
     Person acquired shares of Common Stock in excess of 14.9% inadvertently or
     without knowledge of the terms of the Rights and who or which, together
     with all Affiliates and Associates, thereafter does not acquire additional
     shares of Common Stock (other than as a result of any stock split, stock
     dividend or similar transaction) while the Beneficial Owner of 15% or more
     of the shares of Common Stock then outstanding; provided, however, that if
     the Person requested to so certify fails to do so within 10 Business Days,
     then such Person shall become an Acquiring Person immediately after such
     10-Business-Day period; or

                     (vii) any Person who becomes the Beneficial Owner of 15%
     (or 20% if clause (iv) of this Section 1(a) is applicable to such Person)
     or more of the shares of Common Stock then outstanding as a result of a
     reduction in the number of shares of Common Stock outstanding due to the
     repurchase of shares of Common Stock by the Company other than during a
     time when the rights are not redeemable, unless and until such Person,
     after becoming aware that such Person has become the Beneficial Owner of
     15% or more of the then outstanding shares of Common Stock, acquires
     beneficial ownership of additional shares of Common Stock representing 1%
     or more of the shares of Common Stock then outstanding; or

     (y) any Person who or which has entered into any agreement or arrangement
     with the Company or any Subsidiary of the Company providing for an
     Acquisition Transaction at a time when the Rights are not redeemable.

                                       2

<PAGE>

                  (b) "Acquisition Transaction" shall mean (x) a merger,
consolidation or similar transaction involving the Company or any of its
Subsidiaries as a result of which stockholders of the Company will no longer own
a majority of the outstanding shares of Common Stock of the Company or a
publicly traded entity which controls the Company or, if appropriate, the entity
into which the Company may be merged, consolidated or otherwise combined (based
solely on the shares of Common Stock received or retained by such stockholders,
in their capacity as stockholders of the Company, pursuant to such transaction),
(y) a purchase or other acquisition of all or a substantial portion of the
assets of the Company and its Subsidiaries, or (z) a purchase or other
acquisition of securities representing 15% or more of the shares of Common Stock
then outstanding.

                  (c) "Act" shall mean the Securities Act of 1933, as amended.

                  (d) "Affiliate" and "Associate" shall have the respective
meanings ascribed to such terms in Rule 12b-2 of the General Rules and
Regulations under the Exchange Act.

                  (e) A Person shall be deemed the "Beneficial Owner" of, and
shall be deemed to "beneficially own," any securities:

                      (i)  which such Person or any of such Person's Affiliates
     or Associates, directly or indirectly, has the right to acquire (whether
     such right is exercisable immediately or only after the passage of time)
     pursuant to any agreement, arrangement or understanding (whether or not in
     writing) or upon the exercise of conversion rights, exchange rights, other
     rights, warrants or options, or otherwise; provided, however, that a Person
     shall not be deemed the "Beneficial Owner" of, or to "beneficially own,"
     (A) securities tendered pursuant to a tender or exchange offer made by such
     Person or any of such Person's Affiliates or Associates until such tendered
     securities are accepted for purchase or exchange, (B) securities issuable
     upon exercise of Rights at any time prior to the occurrence of a Triggering
     Event (as hereinafter defined), or (C) 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 (as hereinafter defined) or
     pursuant to Section 3(a) or Section 22 hereof (the "Original Rights") or
     pursuant to Section 11(i) hereof in connection with an adjustment made with
     respect to any Original Rights;

                     (ii)  which such Person or any of such Person's Affiliates
     or Associates, directly or indirectly, has the right to vote or dispose of
     or has "beneficial ownership" of (as determined pursuant to Rule 13d-3 of
     the General Rules and Regulations under the Exchange Act), including
     pursuant to any agreement, arrangement or understanding, whether or not in
     writing; provided, however, that a Person shall not be

                                       3

<PAGE>

     deemed the "Beneficial Owner" of, or to "beneficially own," any security
     under this subparagraph (ii) as a result of an agreement, arrangement or
     understanding to vote such security if such agreement, arrangement or
     understanding: (A) arises solely from a revocable proxy given in response
     to a public proxy or consent solicitation made pursuant to, and in
     accordance with, the applicable provisions of the General Rules and
     Regulations under the Exchange Act, and (B) is not reportable by such
     Person on Schedule 13D under the Exchange Act (or any comparable or
     successor report); or

                      (iii) which are beneficially owned, directly or
     indirectly, by any other Person (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), for the purpose of acquiring, holding, voting (except pursuant to
     a revocable proxy as described in the proviso to subparagraph (ii) of this
     paragraph (e)) or disposing of any voting securities of the Company;
     provided, however, that nothing in this paragraph (e) shall cause a Person
     engaged in business as an underwriter of securities to be the "Beneficial
     Owner" of, or to "beneficially own," any securities acquired through such
     Person's participation in good faith in a firm commitment underwriting
     until the expiration of forty days after the date of such acquisition, and
     then only if such securities continue to be owned by such Person at such
     expiration of forty days.

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

                  (g) "Close of business" on any given date shall mean 5:00
P.M., New York City time, on such date; provided, however, that if such date is
not a Business Day, it shall mean 5:00 P.M., New York City time, on the next
succeeding Business Day.

                  (h) "Common Stock" shall mean the common stock, par value
$0.01 per share, of the Company, except that "Common Stock" when used with
reference to any Person other than the Company shall mean the capital stock of
such Person with the greatest voting power, or the equity securities or other
equity interest having power to control or direct the management, of such
Person.

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

                  (j) "Current Market Price" shall have the meaning set forth in
Section 11(d)(i) hereof.

                  (k) "Current Value" shall have the meaning set forth in
Section 11(a)(iii) hereof.

                                       4

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                  (l) "Distribution Date" shall have the meaning set forth in
Section 3(a) hereof.

                  (m) "Equivalent Preferred Stock" shall have the meaning set
forth in Section 11(b) hereof.

                  (n) "Exchange Act" shall mean the Securities Exchange Act of
1934, as amended.

                  (o) "Exchange Ratio" shall have the meaning set forth in
Section 24(a) hereof.

                  (p) "Exempt Person"2 shall mean any Person who was, together
with such Person's Affiliates and Associates, the Beneficial Owner of fifteen
percent (15%) or more of the then outstanding shares of Common Stock on
[_________ __], 2004, provided that after the date of this Agreement such
Person, together with such Person's Affiliates and Associates, does not (A)
become the Beneficial Owner of additional shares of Common Stock representing
one percent (1%) or more of the then outstanding shares of Common Stock, in
which case such Person shall no longer be deemed to be an Exempt Person for
purposes of this Agreement, or (B) decrease its percentage ownership below
fifteen percent (15%) of the then outstanding shares of Common Stock, in which
case such Person shall no longer be deemed to be an Exempt Person for purposes
of this Agreement.

                  (q) "Expiration Date" shall have the meaning set forth in
Section 7(a) hereof.

                  (r) "Final Expiration Date" shall have the meaning set forth
in Section 7(a) hereof.

                  (s) "Person" shall mean any individual, firm, corporation,
partnership or other entity.

                  (t) "Preferred Stock" shall mean shares of Series A Junior
Participating Preferred Stock, par value $0.01 per share, of the Company, and,
to the extent that there are not a sufficient number of shares of Series A
Junior Participating Preferred Stock authorized to permit the full exercise of
the Rights, any other series of preferred stock of the Company designated for
such purpose containing terms substantially similar to the terms of the Series A
Junior Participating Preferred Stock.

                  (u) "Principal Party" shall have the meaning set forth in
Section 13(b) hereof.

___________________
2 This definition will need to be adjusted, depending upon the implementation
date of the Rights Plan, to exempt from the operation of the Rights Plan E-Z-EM,
Inc. and/or any current holder of E-Z-EM common stock that will become a 15% or
greater holder of the Company's common stock as a result of the Spin-Off.

                                       5

<PAGE>

                  (v)  "Purchase Price" shall have the meaning set forth in
Section 4(a) hereof.

                  (w)  "Record Date" shall have the meaning set forth in the
preamble of this Agreement.

                  (x)  "Redemption Price" shall have the meaning set forth in
Section 23(a) hereof.

                  (y)  "Rights" shall have the meaning set forth in the preamble
of this Agreement.

                  (z)  "Rights Agent" shall have the meaning set forth in the
preamble of this Agreement.

                  (aa) "Rights Certificate" shall have the meaning set forth in
Section 3(a) hereof.

                  (bb) "Rights Dividend Declaration Date" shall have the meaning
set forth in the preamble of this Agreement.

                  (cc) "Section 11(a)(ii) Event" shall mean any event described
in Section 11(a)(ii) hereof.

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

                  (ee) "Spread" shall have the meaning set forth in Section
11(a)(iii) hereof.

                  (ff) "Stock Acquisition Date" shall mean the earlier of (i)
the first date of public announcement (which, for purposes of this definition,
shall include, without limitation, a report filed or amended pursuant to Section
13(d) under the Exchange Act) by the Company or an Acquiring Person that an
Acquiring Person has become such pursuant to clause (x) of the definition of
Acquiring Person, and (ii) the date that an Acquiring Person has become such
pursuant to clause (y) of the definition of Acquiring Person.

                  (gg) "Subsidiary" shall mean, with reference to any Person,
any corporation of which an amount of voting securities sufficient to elect at
least a majority of the directors of such corporation is beneficially owned,
directly or indirectly, by such Person, or otherwise controlled by such Person.

                  (hh) "Substitution Period" shall have the meaning set forth in
Section 11(a)(iii) hereof.

                  (ii) "Summary of Rights" shall have the meaning set forth in
Section 3(b) hereof.

                                       6

<PAGE>

                  (jj) "Trading Day" shall have the meaning set forth in Section
11(d)(i) hereof.

                  (kk) "Triggering Event" shall mean any Section 11(a)(ii) Event
or any Section 13 Event.

          Section 2.   Appointment of Rights Agent. The Company hereby appoints
the Rights Agent to act as agent for the Company in accordance with the terms
and conditions hereof, and the Rights Agent hereby accepts such appointment. The
Company may from time to time appoint such co-rights agents as it may deem
necessary or desirable upon ten (10) days' prior written notice to the Rights
Agent. The Rights Agent shall have no duty to supervise, and shall in no event
be liable for, the acts or omissions of any such co-rights agent.

          Section 3.   Issuance of Rights Certificates.

                  (a)  Until the earlier of (i) the close of business on the
tenth Business Day after the Stock Acquisition Date (or, if the tenth Business
Day after the Stock Acquisition Date occurs before the Record Date, the close of
business on the Record Date), or (ii) the close of business on the tenth
Business Day (or such later date as the Board shall determine) after the date
that a tender or exchange offer by any Person (other than the Company, any
Subsidiary of the Company, any employee benefit plan of the Company or of any
Subsidiary of the Company, or any Person or entity organized, appointed or
established by the Company for or pursuant to the terms of any such plan) is
first published or sent or given within the meaning of Rule 14d-2(a) of the
General Rules and Regulations under the Exchange Act, if upon consummation
thereof, such Person would become an Acquiring Person, (the earlier of (i) and
(ii) being herein referred to as the "Distribution Date"), (x) the Rights will
be evidenced (subject to the provisions of paragraphs (b) and (c) of this
Section 3) by the certificates for the Common Stock registered in the names of
the holders of the Common Stock (which certificates for Common Stock 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 (including a transfer to the Company). The
Company shall give the Rights Agent prompt written notice of the Distribution
Date. As soon as practicable after the Distribution Date and receipt of written
notice of the Distribution Date from the Company, the Rights Agent will send, at
the Company's expense, by first-class, insured, postage-prepaid mail, to each
record holder of the Common Stock as of the close of business on the
Distribution Date, at the address of such holder shown on the records of the
Company, one or more rights certificates, in substantially the form of Exhibit B
hereto (the "Rights Certificates"), evidencing one Right for each share of
Common Stock so held, subject to adjustment as provided herein. In the event
that an adjustment in the number of Rights per share of Common Stock has been
made pursuant to Section 11(p) hereof, at the time of distribution of the Rights
Certificates, the Company shall make the necessary and appropriate rounding
adjustments (in accordance with Section 14(a) hereof) so that Rights
Certificates representing only whole numbers of Rights are distributed and cash
is paid in lieu of any

                                       7

<PAGE>

fractional Rights. As of and after the Distribution Date, the Rights will be
evidenced solely by such Rights Certificates.

                  (b) The Company will make available, as promptly as
practicable following the Record Date, a copy of a Summary of Rights, in
substantially the form attached hereto as Exhibit C (the "Summary of Rights") to
any holder of Rights who may so request from time to time prior to the
Expiration Date. With respect to certificates for the Common Stock outstanding
as of the Record Date, or issued subsequent to the Record Date, unless and until
the Distribution Date shall occur, the Rights will be evidenced by such
certificates for the Common Stock and the registered holders of the Common Stock
shall also be the registered holders of the associated Rights. Until the earlier
of the Distribution Date or the Expiration Date, the transfer of any
certificates representing shares of Common Stock in respect of which Rights have
been issued shall also constitute the transfer of the Rights associated with
such shares of Common Stock.

                  (c) Rights shall be issued in respect of all shares of Common
Stock which are issued (whether originally issued or from the Company's
treasury) after the Record Date but prior to the earlier of the Distribution
Date or the Expiration Date. Certificates representing such shares of Common
Stock shall also be deemed to be certificates for Rights, and shall bear the
following legend if such certificates are issued after the Record Date but prior
to the earlier of the Distribution Date or the Expiration Date:

         This certificate also evidences and entitles the holder hereof to
         certain Rights as set forth in the Rights Agreement between
         AngioDynamics, Inc. (the "Company") and the Rights Agent thereunder
         (the "Rights Agent") dated as of [_______], 2004 (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
         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. The
         Rights Agent 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 set forth in the Rights Agreement, Rights issued to, or
         held by, any Person who is, was or becomes an Acquiring Person or any
         Affiliate or Associate thereof (as such terms are defined in the Rights
         Agreement), whether currently held by or on behalf of such Person or by
         any subsequent holder, may become null and void.

With respect to such certificates containing the foregoing legend, until the
earlier of (i) the Distribution Date or (ii) the Expiration Date, the Rights
associated with the Common Stock represented by such certificates shall be
evidenced by such certificates alone and registered holders of Common Stock
shall also be the registered holders of the associated Rights, and the transfer
of any of such certificates shall also constitute the transfer of the Rights
associated with the Common Stock represented by such certificates.

                                       8

<PAGE>

          Section 4.   Form of Rights Certificates.

                  (a)  The Rights Certificates (and the forms of election to
purchase and of assignment to be printed on the reverse thereof) shall each be
substantially in the form set forth in Exhibit B hereto and may have such marks
of identification or designation and such legends, summaries or endorsements
printed thereon as the Company may deem appropriate and as are not inconsistent
with the provisions of this Agreement, or as may be required to comply with any
applicable law or with any rule or regulation made pursuant thereto or with any
rule or regulation of any stock exchange on which the Rights may from time to
time be listed, or to conform to usage. Subject to the provisions of Section 11
and Section 22 hereof, the Rights Certificates, whenever distributed, shall be
dated as of the Record Date 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 (such exercise price
per one one-hundredth of a share, the "Purchase Price"), but the amount and type
of securities purchasable upon the exercise of each Right and the Purchase Price
thereof shall be subject to adjustment as provided herein.

                  (b)  Any Rights Certificate issued pursuant to Section 3(a),
Section 11(i) 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 such Associate or Affiliate)
who becomes a transferee after the Acquiring Person becomes such, or (iii) a
transferee of an Acquiring Person (or of any such Associate or Affiliate) who
becomes a transferee prior to or concurrently with the Acquiring Person becoming
such and receives such Rights pursuant to either (A) a transfer (whether or not
for consideration) from the Acquiring Person to holders of equity interests in
such Acquiring Person or to any Person with whom such Acquiring Person has any
continuing agreement, arrangement or understanding regarding the transferred
Rights or (B) a transfer which the Board of Directors of the Company has
determined is part of a plan, arrangement or understanding which has as a
primary purpose or effect the avoidance of Section 7(e) hereof, and any Rights
Certificate issued pursuant to Section 6 or Section 11 hereof upon transfer,
exchange, replacement or adjustment of any other Rights Certificate referred to
in this sentence, shall contain (to the extent feasible) the following legend:

         The Rights represented by this Rights Certificate are or were
         beneficially owned by a Person who was or became an Acquiring Person or
         an Affiliate or Associate of an Acquiring Person (as such terms are
         defined in the Rights Agreement). Accordingly, this Rights Certificate
         and the Rights represented hereby may become null and void in the
         circumstances specified in Section 7(e) of the Rights Agreement.

               The Company shall supply the Rights Agent with such legended
Right Certificates and shall instruct the Rights Agent accordingly.

                                       9

<PAGE>

          Section 5.  Countersignature and Registration.

                  (a) The Rights Certificates shall be executed on behalf of the
Company by its Chairman of the Board, its President or any Vice President,
either manually or by facsimile signature, and shall have affixed thereto the
Company's seal or a facsimile thereof which shall be attested by the Secretary
or an Assistant Secretary of the Company, either manually or by facsimile
signature. The Rights Certificates shall be countersigned by the Rights Agent,
either manually or by facsimile signature and shall not be valid for any purpose
unless so countersigned. In case any officer of the Company who shall have
signed any of the Rights Certificates shall cease to be such officer of the
Company before countersignature by the Rights Agent and issuance and delivery by
the Company, such Rights Certificates, nevertheless, may be countersigned by the
Rights Agent and issued and delivered by the Company with the same force and
effect as though the person who signed such Rights Certificates had not ceased
to be such officer of the Company; and any Rights Certificates may be signed on
behalf of the Company by any person who, at the actual date of the execution of
such Rights Certificate, shall be a proper officer of the Company to sign such
Rights Certificate, although at the date of the execution of this Rights
Agreement any such person was not such an officer.

                  (b) Following the Distribution Date, the Rights Agent will
keep, or cause to be kept, at its principal office or offices designated as the
appropriate place for surrender of Rights Certificates upon exercise or
transfer, books for registration and transfer of the Rights Certificates issued
hereunder. Such books shall show the names and addresses of the respective
holders of the Rights Certificates, the number of Rights evidenced on its face
by each of the Rights Certificates and the date of each of the Rights
Certificates.

          Section 6.  Transfer, Split-Up, Combination and Exchange of Rights
Certificates; Mutilated, Destroyed, Lost or Stolen Rights 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 Rights Certificate or Certificates (other than Rights Certificates
representing Rights that may have been exchanged pursuant to Section 24 hereof)
may be transferred, split up, combined or exchanged for another Rights
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, other securities, cash or other assets, as the
case may be) as the Rights Certificate or Certificates surrendered then entitles
such holder (or former holder in the case of a transfer) to purchase. Any
registered holder desiring to transfer, split up, combine or exchange any Rights
Certificate or Certificates shall make such request in writing delivered to the
Rights Agent, and shall surrender the Rights Certificate or Certificates to be
transferred, split up, combined or exchanged at the principal office or offices
of the Rights Agent designated for such purpose. Neither the Rights Agent nor
the Company shall be obligated to take any action whatsoever with respect to the
transfer of any such surrendered Rights Certificate until the registered holder
shall have completed and signed the certificate contained in the form of

                                       10

<PAGE>

assignment on the reverse side of such Rights 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
shall reasonably request. Thereupon the Rights Agent shall, subject to Section
4(b), Section 7(e), Section 14 and Section 24 hereof, countersign and deliver to
the Person entitled thereto a Rights Certificate or Rights Certificates, as the
case may be, as so requested. The Company may require payment by the holders of
Rights of a sum sufficient to cover any tax or governmental charge that may be
imposed in connection with any transfer, split up, combination or exchange of
Rights Certificates.

                  (b) Upon receipt by the Company and the Rights Agent of
evidence reasonably satisfactory to them of the loss, theft, destruction or
mutilation of a Rights Certificate, and, in case of loss, theft or destruction,
of indemnity or security reasonably 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 Rights
Certificate, if mutilated, the Company will execute and deliver a new Rights
Certificate of like tenor to the Rights Agent for countersignature and delivery
to the registered owner in lieu of the Rights Certificate so lost, stolen,
destroyed or mutilated.

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

                  (a) Subject to Section 7(e) hereof, at any time after the
Distribution Date the registered holder of any Rights Certificate may exercise
the Rights evidenced thereby (except as otherwise provided herein including,
without limitation, the restrictions on exercisability set forth in Section
9(c), Section 11(a)(iii) and Section 23(a) hereof) in whole or in part upon
surrender of the Rights Certificate, with the form of election to purchase and
the certificate on the reverse side thereof duly executed, to the Rights Agent
at the principal office or offices of the Rights Agent designated for such
purpose, together with payment of the aggregate Purchase Price with respect to
the total number of one ten-thousandths of a share (or other securities, cash or
other assets, as the case may be) as to which such surrendered Rights are then
exercisable, at or prior to the earlier of (i) 5:00 P.M., New York City time, on
[______][__], 2014, or such later date as may be established by the Board of
Directors prior to the expiration of the Rights (such date, as it may be
extended by the Board, the ("Final Expiration Date"), or (ii) the time at which
the Rights are redeemed or exchanged as provided in Section 23 and Section 24
hereof (the earlier of (i) and (ii) being herein referred to as the "Expiration
Date").

                  (b) The Purchase Price for each one ten-thousandth of a share
of Preferred Stock pursuant to the exercise of a Right initially shall be
$[__].[__], shall be subject to adjustment from time to time as provided in
Section 11 and Section 13(a) hereof and shall be payable in accordance with
paragraph (c) below.

                  (c) Upon receipt of a Rights Certificate representing
exercisable Rights, with the form of election to purchase and the certificate
duly executed, accompanied by payment, with respect to each Right so exercised,
of the Purchase Price

                                       11

<PAGE>

per one ten-thousandth of a share of Preferred Stock (or other shares,
securities, cash or other assets, as the case may be) to be purchased as set
forth below and an amount equal to any applicable transfer tax, the Rights Agent
shall, subject to Section 20(k) hereof, thereupon promptly (i) (A) requisition
from any transfer agent of the shares of Preferred Stock (or make available, if
the Rights Agent is the transfer agent for such shares) certificates for the
total number of one ten-thousandths of a share of Preferred Stock to be
purchased and the Company hereby irrevocably authorizes its transfer agent to
comply with all such requests, or (B) if the Company shall have elected to
deposit the total number of shares of Preferred Stock issuable upon exercise of
the Rights hereunder with a depositary agent, requisition from the depositary
agent depositary receipts representing such number of one ten-thousandths of a
share of Preferred Stock as are to be purchased (in which case certificates for
the shares of Preferred Stock represented by such receipts shall be deposited by
the transfer agent with the depositary agent) and the Company will direct the
depositary agent to comply with such request, (ii) requisition from the Company
the amount of cash, if any, to be paid in lieu of 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 Rights Certificate, registered in such name or names
as may be designated by such holder, and (iv) after receipt thereof, deliver
such cash, if any, to or upon the order of the registered holder of such Rights
Certificate. The payment of the Purchase Price (as such amount may be reduced
pursuant to Section 11(a)(iii) hereof) shall be made in cash or by certified
bank check or bank draft payable to the order of the Company. In the event that
the Company is obligated to issue other securities (including Common Stock) of
the Company, pay cash and/or distribute other property pursuant to Section 11(a)
hereof, the Company will make all arrangements necessary so that such other
securities, cash and/or other property are available for distribution by the
Rights Agent, if and when appropriate. The Company reserves the right to require
prior to the occurrence of a Triggering Event that, upon any exercise of Rights,
a number of Rights be exercised so that only whole shares of Preferred Stock
would be issued.

                  (d) In case the registered holder of any Rights Certificate
shall exercise less than all the Rights evidenced thereby, a new Rights
Certificate evidencing the Rights remaining unexercised shall be issued by the
Rights Agent and delivered to, or upon the order of, the registered holder of
such Rights Certificate, registered in such name or names as may be designated
by such holder, 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, any
Rights beneficially owned by (i) an Acquiring Person or an Associate or
Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or
of any such Associate or Affiliate) who becomes a transferee after the Acquiring
Person becomes such, or (iii) a transferee of an Acquiring Person (or of any
such Associate or Affiliate) who becomes a transferee prior to or concurrently
with the Acquiring Person becoming such and receives such Rights pursuant to
either (A) a transfer (whether or not for consideration) from the Acquiring
Person 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

                                       12

<PAGE>

the transferred Rights or (B) a transfer which the Board of Directors of the
Company has determined is part of a plan, arrangement or understanding which has
as a primary purpose or effect the avoidance of this Section 7(e), shall become
null and void without any further action and no holder of such Rights shall have
any rights whatsoever with respect to such Rights, whether under any provision
of this Agreement or otherwise. The Company shall use all reasonable efforts to
insure that the provisions of this Section 7(e) and Section 4(b) hereof are
complied with, but shall have no liability to any holder of Rights Certificates
or any other Person as a result of its failure to make any determinations with
respect to an Acquiring Person or any of its Affiliates, Associates or
transferees hereunder.

                  (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 upon the occurrence of
any purported exercise as set forth in this Section 7 unless such registered
holder shall have (i) completed and signed the certificate contained in the form
of election to purchase set forth on the reverse side of the Rights 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 shall reasonably request.

          Section 8.  Cancellation of Rights Certificates. All Rights
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 cancelled form,
or, if surrendered to the Rights Agent, shall be cancelled by it, and no Rights
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 Rights Certificate purchased or acquired by the Company
otherwise than upon the exercise thereof. The Rights Agent shall deliver all
cancelled Rights Certificates to the Company.

          Section 9.  Reservation and Availability of Capital Stock.

                  (a) The Company covenants and agrees that it will cause to be
reserved and kept available out of its authorized and unissued shares of
Preferred Stock (and, following the occurrence of a Triggering Event, out of its
authorized and unissued shares of Common Stock and/or other securities or out of
its authorized and issued shares held in its treasury), the number of shares of
Preferred Stock (and, following the occurrence of a Triggering Event, Common
Stock and/or other securities) that, as provided in this Agreement including
Section 11(a)(iii) hereof, will be sufficient to permit the exercise in full of
all outstanding Rights.

                  (b) So long as the shares of Preferred Stock (and, following
the occurrence of a Triggering Event, Common Stock and/or other securities)
issuable and deliverable upon the exercise of the Rights may be listed on any
national securities exchange, the Company shall use its best efforts to cause,
from and after such time as the

                                       13

<PAGE>

Rights become exercisable, all shares reserved for such issuance to be listed on
such exchange upon official notice of issuance upon such exercise.

                  (c) The Company shall use its best efforts to (i) file, as
soon as practicable following the earliest date after the first 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, a registration statement under the 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 at all times meeting the requirements of the
Act) until the earlier of (A) the date as of which the Rights are no longer
exercisable for such securities, and (B) the date of the expiration of the
Rights. The Company will also take such action as may be appropriate under, or
to ensure compliance with, the securities or "blue sky" laws of the various
states in connection with the exercisability of the Rights. The Company may
temporarily suspend, for a period of time not to exceed ninety (90) days after
the date set forth in clause (i) of the first sentence of this Section 9(c), the
exercisability of the Rights in order to prepare and file such registration
statement and permit it to become effective. Upon any such suspension, the
Company shall issue a public announcement stating that the exercisability of the
Rights has been temporarily suspended, as well as a public announcement at such
time as the suspension has been rescinded, in each case with written notice to
the Rights Agent. In addition, if the Company shall determine that a
registration statement is required following the Distribution Date, the Company
may temporarily suspend the exercisability of the Rights until such time as a
registration statement has been declared effective. Notwithstanding any
provision of this Agreement to the contrary, the Rights shall not be exercisable
in any jurisdiction if the requisite qualification in such jurisdiction shall
not have been obtained, the exercise thereof shall not be permitted under
applicable law, or a registration statement shall not have been declared
effective.

                  (d) The Company covenants and agrees that it will take all
such action as may be necessary to ensure that all one ten-thousandths of a
share of Preferred Stock (and, following the occurrence of a Triggering Event,
Common Stock and/or other securities) delivered upon exercise of Rights shall,
at the time of delivery of the certificates for such shares (subject to payment
of the Purchase Price), be duly and validly authorized and issued and fully paid
and nonassessable.

                  (e) The Company further covenants and agrees that it will pay
when due and payable any and all federal and state transfer taxes and charges
which may be payable in respect of the issuance or delivery of the Rights
Certificates and of any certificates for a number of one ten-thousandths of a
share of Preferred Stock (or Common Stock and/or other securities, as the case
may be) upon the exercise of Rights. The Company shall not, however, be required
to pay any transfer tax which may be payable in respect of any transfer or
delivery of Rights Certificates to a Person other than, or the issuance or
delivery of a number of one ten-thousandths of a share of Preferred Stock (or
Common Stock and/or other securities, as the case may be) in respect of a name
other than that of the registered holder of the Rights Certificates evidencing
Rights

                                       14

<PAGE>

surrendered for exercise or to issue or deliver any certificates for a number of
one ten-thousandths of a share of Preferred Stock (or Common Stock and/or other
securities, as the case may be) in a name other than that of the registered
holder upon the exercise of any Rights until such tax shall have been paid (any
such tax being payable by the holder of such Rights Certificates at the time of
surrender) or until it has been established to the Company's satisfaction that
no such tax is due.

          Section 10. Preferred Stock Record Date. Each person in whose name
any certificate for a number of one ten-thousandths of a share of Preferred
Stock (or Common Stock and/or other securities, as the case may be) is issued
upon the exercise of Rights shall for all purposes be deemed to have become the
holder of record of such fractional shares of Preferred Stock (or Common Stock
and/or other securities, as the case may be) represented thereby on, and such
certificate shall be dated, the date upon which the Rights Certificate
evidencing such Rights was duly surrendered and payment of the Purchase Price
(and all applicable transfer taxes) was made; provided, however, that if the
date of such surrender and payment is a date upon which the Preferred Stock (or
Common Stock and/or other securities, as the case may be) transfer books of the
Company are closed, such Person shall be deemed to have become the record holder
of such shares (fractional or otherwise) on, and such certificate shall be
dated, the next succeeding Business Day on which the Preferred Stock (or Common
Stock and/or other securities, as the case may be) transfer books of the Company
are open. Prior to the exercise of the Rights evidenced thereby, the holder of a
Rights 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 Purchase Price, Number and Kind of Shares or
Number of Rights. The Purchase 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 any shares of its capital stock in a
     reclassification of the Preferred Stock (including any such
     reclassification in connection with a consolidation or merger in which the
     Company is the continuing or surviving corporation), except as otherwise
     provided in this Section 11(a) and Section 7(e) hereof, the Purchase Price
     in effect at the time of the record date for such dividend or of the
     effective date of such subdivision, combination or reclassification, and
     the number and kind of shares of Preferred Stock or capital stock, as the
     case may be, issuable on such date, shall be proportionately adjusted so
     that the holder of any Right exercised after such time shall be entitled to
     receive, upon payment of the

                                       15

<PAGE>

     Purchase Price then in effect, the aggregate number and kind of shares of
     Preferred Stock or capital stock, as the case may be, which, if such Right
     had been exercised immediately prior to such date and at a time when the
     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 or reclassification. If an event
     occurs which would require an adjustment under both this Section 11(a)(i)
     and Section 11(a)(ii) hereof, the adjustment provided for in this Section
     11(a)(i) shall be in addition to, and shall be made prior to, any
     adjustment required pursuant to Section 11(a)(ii) hereof.

                      (ii)  In the event any Person shall, at any time after the
     Rights Dividend Declaration Date, become an Acquiring Person, unless the
     event causing such Person to become an Acquiring Person is a transaction
     set forth in Section 13(a) hereof, or is an acquisition of shares of Common
     Stock pursuant to a tender offer or an exchange offer for all outstanding
     shares of Common Stock at a price and on terms determined by the Board of
     Directors, after receiving advice from one or more investment banking
     firms, to be (a) at a price which is fair to stockholders and not
     inadequate (taking into account all factors which such members of the Board
     deem relevant, including, without limitation, prices which could reasonably
     be achieved if the Company or its assets were sold on an orderly basis
     designed to realize maximum value) and (b) otherwise in the best interests
     of the Company and its stockholders (a "Qualified Offer"), then, promptly
     following the occurrence of such event, proper provision shall be made so
     that each holder of a Right (except as provided below and in Section 7(e)
     hereof) shall thereafter have the right to receive, upon exercise thereof
     at the then current Purchase 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
     Purchase 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, and (y) dividing that
     product (which, following such first occurrence, shall thereafter be
     referred to as the "Purchase Price" for each Right and for all purposes of
     this Agreement) by 50% of the Current Market Price (determined pursuant to
     Section 11(d) hereof) per share of Common Stock on the date of such first
     occurrence (such number of shares, the "Adjustment Shares").

                      (iii) In the event that the number of shares of Common
     Stock which is 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 shall (A) determine the value of the Adjustment
     Shares issuable upon the exercise of a Right

                                       16

<PAGE>

     (the "Current Value"), and (B) with respect to each Right (subject to
     Section 7(e) hereof), make adequate provision to substitute for the
     Adjustment Shares, upon the exercise of a Right and payment of the
     applicable Purchase Price, (1) cash, (2) a reduction in the Purchase Price,
     (3) Common Stock or other equity securities of the Company (including,
     without limitation, shares, or units of shares, of preferred stock, such as
     the Preferred Stock, which the Board has deemed to have essentially the
     same value or economic rights as shares of Common Stock (such shares of
     preferred stock being referred to as "Common Stock Equivalents")), (4) debt
     securities of the Company, (5) other assets, or (6) any combination of the
     foregoing, having an aggregate value equal to the Current Value (less the
     amount of any reduction in the Purchase Price), where such aggregate value
     has been determined by the Board based upon the advice of a nationally
     recognized investment banking firm selected by the Board; 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 Purchase Price, shares of Common Stock (to
     the extent available) and then, if necessary, cash, which shares and/or
     cash have an aggregate value equal to the Spread. For purposes of the
     preceding sentence, the term "Spread" shall mean the excess of (i) the
     Current Value over (ii) the Purchase Price. If the Board determines in good
     faith that it is likely that sufficient additional shares of Common Stock
     could be authorized for issuance upon exercise in full of the Rights, the
     thirty (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 shareholder approval for
     the authorization of such additional shares (such thirty (30) day period,
     as it may be extended, is herein called the "Substitution Period"). To the
     extent that the Company determines that action should be taken pursuant to
     the first and/or third sentences of this Section 11(a)(iii), the Company
     (1) shall provide, subject to Section 7(e) hereof, that such action shall
     apply uniformly to all outstanding Rights, and (2) may suspend the
     exercisability of the Rights until the expiration of the Substitution
     Period in order to seek such shareholder approval for such authorization of
     additional shares and/or to decide the appropriate form of distribution to
     be made pursuant to such first sentence and to determine the value thereof.
     In the event of any such suspension, the Company shall issue a public
     announcement stating that the exercisability of the Rights has been
     temporarily suspended, as well as a public announcement at such time as the
     suspension is no longer in effect. For purposes of this Section 11(a)(iii),
     the value of each Adjustment Share shall be the Current Market

                                       17

<PAGE>

     Price per share of the Common Stock on the Section 11(a)(ii) Trigger Date
     and the per share or per unit value of any Common Stock Equivalent shall be
     deemed to equal the Current Market Price per share of the Common Stock on
     such date.

                  (b) In case the Company shall fix a record date for the
issuance of rights, options or warrants to all holders of Preferred Stock
entitling them to subscribe for or purchase (for a period expiring within
forty-five (45) calendar days after such record date) Preferred Stock (or shares
having the same rights, privileges and preferences as the shares of Preferred
Stock ("Equivalent Preferred Stock")) or securities convertible into Preferred
Stock or Equivalent Preferred Stock at a price per share of Preferred Stock or
per share of Equivalent Preferred Stock (or having a conversion price per share,
if a security convertible into Preferred Stock or Equivalent Preferred Stock)
less than the Current Market Price (as determined pursuant to Section 11(d)
hereof) per share of Preferred Stock on such record date, the Purchase Price to
be in effect after such record date shall be determined by multiplying the
Purchase Price in effect immediately prior to such 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 Equivalent Preferred Stock so to be offered (and/or the aggregate
initial conversion price of the convertible securities so to be offered) would
purchase at such Current Market Price, and the denominator of which shall be the
number of shares of Preferred Stock outstanding on such record date, plus the
number of additional shares of Preferred Stock and/or Equivalent Preferred Stock
to be offered for subscription or purchase (or into which the convertible
securities so to be offered are initially convertible). In case such
subscription price may be paid by delivery of consideration, part or all of
which may be in a form other than cash, the value of such consideration shall be
as determined in good faith by the Board of Directors of the Company, whose
determination shall be described in a statement filed with the Rights Agent and
shall be binding on the Rights Agent and the holders of the Rights. Shares of
Preferred Stock owned by or held for the account of the Company shall not be
deemed outstanding for the purpose of any such computation. Such adjustment
shall be made successively whenever such a record date is fixed, and in the
event that such rights or warrants are not so issued, the Purchase Price shall
be adjusted to be the Purchase Price which would then be in effect if such
record date had not been fixed.

                  (c) In case the Company shall fix a record date for a
distribution to all holders of Preferred Stock (including any such distribution
made in connection with a consolidation or merger in which the Company is the
continuing corporation), cash (other than a regular quarterly cash dividend out
of the earnings or retained earnings of the Company), assets (other than a
dividend payable in Preferred Stock, but including any dividend payable in stock
other than Preferred Stock) or evidences of indebtedness, or of subscription
rights or warrants (excluding those referred to in Section 11(b) hereof), the
Purchase Price to be in effect after such record date shall be determined by
multiplying the Purchase Price in effect immediately prior to such record date
by a fraction, the numerator of which shall be the Current Market Price (as
determined pursuant to Section 11(d) hereof) per share of Preferred Stock on
such record date, less the fair market value

                                       18

<PAGE>

(as determined in good faith by the Board of Directors of the Company, whose
determination shall be described in a statement filed with the Rights Agent) of
the portion of the cash, assets or evidences of indebtedness so to be
distributed or of such subscription rights or warrants applicable to a share of
Preferred Stock, and the denominator of which shall be such Current Market Price
(as determined pursuant to Section 11(d) hereof) per share of Preferred Stock.
Such adjustments shall be made successively whenever such a record date is
fixed, and in the event that such distribution is not so made, the Purchase
Price shall be adjusted to be the Purchase Price which would have been in effect
if such record date had not been fixed.

                  (d) (i) For the purpose of any computation hereunder, other
     than computations made pursuant to Section 11(a)(iii) hereof, the "Current
     Market Price" per share of Common Stock on any date shall be deemed to be
     the average of the daily closing prices per share of such Common Stock for
     the thirty (30) consecutive Trading Days immediately prior to such date,
     and for purposes of computations made pursuant to Section 11(a)(iii)
     hereof, the Current Market Price per share of Common Stock on any date
     shall be deemed to be the average of the daily closing prices per share of
     such Common Stock for the ten (10) consecutive Trading Days immediately
     following such date; provided, however, that in the event that the Current
     Market Price per share of the Common Stock is determined during a period
     following the announcement by the issuer of such Common Stock of (A) a
     dividend or distribution on such Common Stock payable in shares of such
     Common Stock or securities convertible into shares of such Common Stock
     (other than the Rights), or (B) any subdivision, combination or
     reclassification of such Common Stock, and the ex-dividend date for such
     dividend or distribution, or the record date for such subdivision,
     combination or reclassification shall not have occurred prior to the
     commencement of the requisite thirty (30) Trading Day or ten (10) Trading
     Day period, as set forth above, then, and in each such case, the Current
     Market Price shall be properly adjusted to take into account ex-dividend
     trading. The closing price for each day shall be the last quoted price
     reported by the National Association of Securities Dealers Automated
     Quotation System ("NASDAQ") or such other system then in use or, if on any
     such date the shares of Common Stock are not quoted by any such
     organization, the last sale price, regular way, or, in case no such sale
     takes place on such day, the average of the closing bid and asked prices,
     regular way, in either case as reported in the principal consolidated
     transaction reporting system with respect to securities listed or admitted
     to trading on the New York Stock Exchange or, if the shares of Common Stock
     are not listed or admitted to trading on the New York Stock Exchange, as
     reported in the principal consolidated transaction reporting system with
     respect to securities listed on the principal national securities exchange
     on which the shares of Common Stock are listed or admitted to trading or,
     if the shares of Common Stock are not quoted or listed or admitted to
     trading on any national securities exchange, the average of the high bid
     and low asked prices in the over-the-counter

                                       19

<PAGE>

     market, as reported by NASDAQ or such other system then in use, or, if on
     any such date the shares of Common Stock are not quoted by any such
     organization, the average of the closing bid and asked prices as furnished
     by a professional market maker making a market in the Common Stock selected
     by the Board. If on any such date no market maker is making a market in the
     Common Stock, the fair value of such shares on such date as determined in
     good faith by the Board shall be used. The term "Trading Day" shall mean a
     day on which the principal national securities exchange on which the shares
     of Common Stock are listed or admitted to trading is open for the
     transaction of business or, if the shares of Common Stock are not listed or
     admitted to trading on any national securities exchange, a Business Day. If
     the Common Stock is not publicly held or not so listed or traded, Current
     Market Price per share shall mean the fair value per share as determined in
     good faith by the Board, whose determination shall be described in a
     statement filed with the Rights Agent and shall be conclusive for all
     purposes.

                      (ii)  For the purpose of any computation hereunder, the
     Current Market Price per share of Preferred Stock shall be determined in
     the same manner as set forth above for the Common Stock in clause (i) of
     this Section 11(d) (other than the last sentence thereof). If the Current
     Market Price per share of Preferred Stock cannot be determined in the
     manner provided above or if the Preferred Stock is not publicly held or
     listed or traded in a manner described in clause (i) of this Section 11(d),
     the Current Market Price per share of Preferred Stock shall be conclusively
     deemed to be an amount equal to 10,000 (as such number may be appropriately
     adjusted for such events as stock splits, stock dividends and
     recapitalizations with respect to the Common Stock occurring after the date
     of this Agreement) multiplied by the Current Market Price per share of the
     Common Stock. If neither the Common Stock nor the Preferred Stock is
     publicly held or so listed or traded, Current Market Price per share of the
     Preferred Stock shall mean the fair value per share as determined in good
     faith by the Board, whose determination shall be described in a statement
     filed with the Rights Agent and shall be conclusive for all purposes.

                  (e) Anything herein to the contrary notwithstanding, no
adjustment in the Purchase Price shall be required unless such adjustment would
require an increase or decrease of at least one percent (1%) in the Purchase
Price; provided, however, that any adjustments which by reason of this Section
11(e) are not required to be made shall be carried forward and taken into
account in any subsequent adjustment. All calculations under this Section 11
shall be made to the nearest cent or to the nearest ten-thousandth of a share of
Common Stock or other share or hundred-millionth of a share of Preferred Stock,
as the case may be. Notwithstanding the first sentence of this Section 11(e),
any adjustment required by this Section 11 shall be made no later than the
earlier of (i) three (3) years from the date of the transaction which mandates
such adjustment, or (ii) the Expiration Date.

                                       20

<PAGE>

                  (f) If as a result of an adjustment made pursuant to Section
11(a)(ii) or Section 13(a) hereof, the holder of any Right thereafter exercised
shall become entitled to receive any shares of capital stock other than
Preferred Stock, thereafter the number of such other shares so receivable upon
exercise of any Right and the Purchase Price thereof shall be subject to
adjustment from time to time in a manner and on terms as nearly equivalent as
practicable to the provisions with respect to the Preferred Stock contained in
Sections 11(a), (b), (c), (e), (g), (h), (i), (j), (k) and (m), 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 Purchase Price hereunder shall evidence the right to
purchase, at the adjusted Purchase Price, the number of one ten-thousandths of a
share of Preferred Stock 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 Purchase Price as a
result of the calculations made in Sections 11(b) and (c), each Right
outstanding immediately prior to the making of such adjustment shall thereafter
evidence the right to purchase, at the adjusted Purchase Price, that number of
one ten-thousandths of a share of Preferred Stock (calculated to the nearest
hundred-millionth) obtained by (i) multiplying (x) the number of one
ten-thousandths of a share covered by a Right immediately prior to this
adjustment, by (y) the Purchase Price in effect immediately prior to such
adjustment of the Purchase Price, and (ii) dividing the product so obtained by
the Purchase Price in effect immediately after such adjustment of the Purchase
Price.

                  (i) The Company may elect on or after the date of any
adjustment of the Purchase Price to adjust the number of Rights, in lieu of any
adjustment in the number of one ten-thousandths of a share 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 millionth) obtained by dividing the Purchase
Price in effect immediately prior to adjustment of the Purchase Price by the
Purchase Price in effect immediately after adjustment of the Purchase Price. The
Company shall make a public announcement of its election to adjust the number of
Rights, indicating the record date for the adjustment, and, if known at the
time, the amount of the adjustment to be made. This record date may be the date
on which the Purchase Price is adjusted or any day thereafter, but, if the
Rights Certificates have been issued, shall be at least ten (10) days later than
the date of the public announcement. If Rights 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 Rights Certificates on such record date Rights 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

                                       21

<PAGE>

of record in substitution and replacement for the Rights Certificates held by
such holders prior to the date of adjustment, and upon surrender thereof, if
required by the Company, new Rights Certificates evidencing all the Rights to
which such holders shall be entitled after such adjustment. Rights Certificates
so to be distributed shall be issued, executed and countersigned in the manner
provided for herein (and may bear, at the option of the Company, the adjusted
Purchase Price) and shall be registered in the names of the holders of record of
Rights Certificates on the record date specified in the public announcement.

                  (j) Irrespective of any adjustment or change in the Purchase
Price or the number of one ten-thousandths of a share of Preferred Stock
issuable upon the exercise of the Rights, the Rights Certificates theretofore
and thereafter issued may continue to express the Purchase Price per one
ten-thousandth of a share and the number of one ten-thousandth of a share which
were expressed in the initial Rights Certificates issued hereunder.

                  (k) Before taking any action that would cause an adjustment
reducing the Purchase 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 such number of one ten-thousandths of
a share of Preferred Stock at such adjusted Purchase Price.

                  (l) In any case in which this Section 11 shall require that an
adjustment in the Purchase Price be made effective as of a record date for a
specified event, the Company may elect to defer until the occurrence of such
event the issuance to the holder of any Right exercised after such record date
the number of one ten-thousandths of a share of Preferred Stock and 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 Purchase Price in effect prior to such adjustment;
provided, however, that the Company shall deliver to such holder a due bill or
other appropriate instrument evidencing such holder's right to receive such
additional shares (fractional or otherwise) or securities upon the occurrence of
the event requiring such adjustment.

                  (m) Anything in this Section 11 to the contrary
notwithstanding, the Company shall be entitled to make such reductions in the
Purchase Price, in addition to those adjustments expressly required by this
Section 11, as and to the extent that in their good faith judgment the Board of
Directors of the Company shall determine to be advisable in order that any (i)
consolidation or subdivision of the Preferred Stock, (ii) issuance wholly for
cash of any shares of Preferred Stock at less than the Current Market Price,
(iii) 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, (iv) stock dividends or (v) issuance of rights, options or warrants
referred to in this Section 11, hereafter made by the Company to holders of its
Preferred Stock shall not be taxable to such stockholders.

                                       22

<PAGE>

                  (n) The Company covenants and agrees that it shall not, at any
time after the Distribution Date, (i) consolidate with any other Person (other
than a Subsidiary of the Company in a transaction which complies with Section
11(o) hereof), (ii) merge with or into any other Person (other than a Subsidiary
of the Company in a transaction which complies with Section 11(o) hereof), or
(iii) sell or transfer (or permit any Subsidiary to sell or transfer), in one
transaction, or a series of related transactions, assets, cash flow or earning
power aggregating more than 50% of the assets or earning power of the Company
and its Subsidiaries (taken as a whole) to any other Person or Persons (other
than the Company and/or any of its Subsidiaries in one or more transactions each
of which complies with Section 11(o) hereof), if (x) at the time of or
immediately after such consolidation, merger or sale there are any rights,
warrants or other instruments or securities outstanding or agreements in effect
which would substantially diminish or otherwise eliminate the benefits intended
to be afforded by the Rights or (y) prior to, simultaneously with or immediately
after such consolidation, merger or sale, the shareholders of the Person who
constitutes, or would constitute, the "Principal Party" for purposes of Section
13(a) hereof shall have received a distribution of Rights previously owned by
such Person or any of its Affiliates and Associates.

                  (o) The Company covenants and agrees that, after the
Distribution Date, it will not, except as permitted by Section 23 or Section 26
hereof, take (or permit any Subsidiary to take) any action if at the time such
action is taken it is reasonably foreseeable that such action will diminish
substantially or otherwise eliminate the benefits intended to be afforded by the
Rights.

                  (p) Anything in this Agreement to the contrary
notwithstanding, in the event that the Company shall at any time after the
Rights Dividend Declaration Date and prior to the Distribution Date (i) declare
a dividend on the outstanding shares of Common Stock payable in shares of Common
Stock, (ii) subdivide the outstanding shares of Common Stock, or (iii) combine
the outstanding shares of Common Stock into a smaller number of shares, the
number of Rights associated with each share of Common Stock then outstanding, or
issued or delivered thereafter but prior to the Distribution Date, shall be
proportionately adjusted so that the number of Rights thereafter associated with
each share of Common Stock following any such event shall equal the result
obtained by multiplying the number of Rights associated with each share of
Common Stock immediately prior to such event by a fraction the numerator which
shall be the total number of shares of Common Stock outstanding immediately
prior to the occurrence of the event and the denominator of which shall be the
total number of shares of Common Stock outstanding immediately following the
occurrence of such event.

          Section 12. Certificate of Adjusted Purchase Price or Number of
Shares. Whenever an adjustment is made as provided in Section 11 and Section 13
hereof, the Company shall (a) promptly prepare a certificate setting forth such
adjustment and a brief statement of the facts accounting for such adjustment,
(b) promptly file with the Rights Agent, and with each transfer agent for the
Preferred Stock and the Common Stock, a copy of such certificate and (c) if a
Distribution Date has occurred, mail a brief summary thereof to each holder of a
Rights Certificate (or, if prior to the Distribution Date, to each holder of a
Certificate representing shares of Common Stock) in accordance with Section

                                       23

<PAGE>

25 hereof. The Rights Agent shall be fully protected in relying on any such
certificate and on any adjustment therein contained and shall not be deemed to
have knowledge of such adjustment unless and until it shall have received such
certificate.

          Section 13. Consolidation, Merger or Sale or Transfer of Assets Cash
Flow 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 complies with Section 11(o) 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
complies with Section 11(o) hereof) shall consolidate with, or merge with or
into, the Company, and the Company shall be the continuing or surviving
corporation of such consolidation or merger and, in connection with such
consolidation or merger, all or part of the outstanding shares of Common Stock
shall be changed into or exchanged for stock or other securities of any other
Person or cash or any other property, or (z) the Company shall sell or otherwise
transfer (or one or more of its Subsidiaries shall sell or otherwise transfer),
in one transaction or a series of related transactions, assets, cash flow or
earning power aggregating more than 50% of the assets, cash flow or earning
power of the Company and its Subsidiaries (taken as a whole) to any Person or
Persons (other than the Company or any Subsidiary of the Company in one or more
transactions each of which complies with Section 11(o) 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 thereafter have the
right to receive, upon the exercise thereof at the then current Purchase Price
in accordance with the terms of this Agreement, such number of validly
authorized and issued, fully paid, non-assessable and freely tradeable shares of
Common Stock of the Principal Party (as such term is hereinafter defined), not
subject to any liens, encumbrances, rights of first refusal or other adverse
claims, as shall be equal to the result obtained by (1) multiplying the then
current Purchase Price by the number of 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 (or, if a Section 11(a)(ii) Event has occurred
prior to the first occurrence of a Section 13 Event, multiplying the number of
such one ten-thousandths of a share for which a Right was exercisable
immediately prior to the first occurrence of a Section 11(a)(ii) Event by the
Purchase Price in effect immediately prior to such first occurrence of a Section
11(a)(ii) Event), and (2) dividing that product (which, following the first
occurrence of a Section 13 Event, shall be referred to as the "Purchase Price"
for each Right and for all purposes of this Agreement) by 50% of the Current
Market Price (determined pursuant to Section 11(d)(i) hereof) per share of the
Common Stock of such Principal Party on the date of consummation of such Section
13 Event; (ii) such Principal Party shall thereafter be liable for, and shall
assume, by virtue of such Section 13 Event, all the obligations and duties of
the Company pursuant to this 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 only to such
Principal Party following the first occurrence of a Section 13 Event; (iv) such
Principal Party shall take such steps (including, but not limited to, the
reservation of a sufficient

                                       24

<PAGE>

number of shares of its Common Stock) in connection with the consummation of any
such transaction as may be necessary to assure that the provisions hereof shall
thereafter be applicable, as nearly as reasonably may be, in relation to its
shares of Common Stock thereafter deliverable upon the exercise of the Rights;
and (v) the provisions of Section 11(a)(ii) hereof shall be of no effect
following the first occurrence of any Section 13 Event.

                  (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, and if no securities are so
     issued, the Person that is the other party to such merger or consolidation;
     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, cash flow or earning power
     transferred pursuant to such transaction or transactions; provided,
     however, that in any such case, (1) if the Common Stock of such Person is
     not at such time and has not been continuously over the preceding twelve
     (12) month period registered under Section 12 of the Exchange Act, and such
     Person is a direct or indirect Subsidiary of another Person the Common
     Stock of which is and has been so registered, "Principal Party" shall refer
     to such other Person; and (2) in case such Person is a Subsidiary, directly
     or indirectly, of more than one Person, the Common Stock of two or more of
     which are and have been so registered, "Principal Party" shall refer to
     whichever of such Persons is the issuer of the Common Stock having the
     greatest aggregate market value.

                  (c) The Company shall not consummate any such consolidation,
merger, sale or transfer unless 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 unless prior thereto the Company and such Principal
Party shall have executed and delivered to the Rights Agent a supplemental
agreement providing for the terms set forth in paragraphs (a) and (b) of this
Section 13 and further providing that, as soon as practicable after the date of
any consolidation, merger or sale of assets mentioned in paragraph (a) of this
Section 13, the Principal Party will

                      (i)   prepare and file a registration statement under the
     Act, with respect to the Rights and the securities purchasable upon
     exercise of the Rights on an appropriate form, and will use its best
     efforts to cause such registration statement to (A) become effective as
     soon as practicable after such filing and (B) remain effective (with a
     prospectus at

                                       25

<PAGE>

     all times meeting the requirements of the Act) until the Expiration Date;
     and

                  (ii)  take all such other action as may be necessary to enable
     the Principal Party to issue the securities purchasable upon exercise of
     the Rights, including but not limited to the registration or qualification
     of such securities under all requisite securities laws of jurisdictions of
     the various states and the listing of such securities on such exchanges and
     trading markets as may be necessary or appropriate; and

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

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

          Section 14. Fractional Rights and Fractional Shares.

                  (a) The Company shall not be required to issue fractions of
Rights, except prior to the Distribution Date as provided in Section 11(p)
hereof, or to distribute Rights Certificates which evidence fractional Rights.
In lieu of such fractional Rights, the Company shall pay to the registered
holders of the Rights Certificates with regard to which such fractional Rights
would otherwise be issuable, an amount in cash equal to the same fraction of the
current market value of a whole Right. For purposes of this Section 14(a), the
current market value of a whole Right shall be the closing price of the Rights
for the Trading Day immediately prior to the date on which such fractional
Rights would have been otherwise issuable. The closing price of the Rights for
any day shall be the last quoted price as reported by NASDAQ or such other
system then in use or, if on any such date the Rights are not quoted by any such
organization, the last sale price, regular way, or, in case no such sale takes
place on such day, the average of the closing bid and asked prices, regular way,
in either case as reported in the principal consolidated transaction reporting
system with respect to securities listed or admitted to trading on the New York
Stock Exchange or, if the Rights are not listed or admitted to trading on the
New York Stock Exchange, as reported in the principal consolidated transaction
reporting system with respect to securities listed on the principal national
securities exchange on which the Rights are listed or admitted to trading, or if
the Rights are not listed or admitted to trading on any national securities
exchange, the average of the high bid and low asked prices in the
over-the-counter market, as reported by NASDAQ or such other system then in use
or, if on any such date the Rights are not quoted by any such organization, the
average of the closing bid and asked prices as furnished by a professional
market maker making a market in the Rights, selected by the Board of Directors
of the Company. If on any such date no such market maker is making

                                       26

<PAGE>

a market in the Rights, the fair value of the Rights on such date as determined
in good faith by the Board of Directors of the Company shall be used.

                  (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 Rights Certificates at the time
such Rights are exercised as herein provided an amount in cash equal to the same
fraction of the current market value of one ten-thousandth of a share of
Preferred Stock. For purposes of this Section 14(b), the current market value of
one ten-thousandth of a share of Preferred Stock shall be one ten-thousandth of
the closing price of a share of Preferred Stock (as determined pursuant to
Section 11(d)(ii) hereof) for the Trading Day immediately prior to the date of
such exercise.

                  (c) Following the occurrence of a Triggering Event, the
Company shall not be required to issue fractions of shares of Common Stock upon
exercise of the Rights or to distribute certificates which evidence fractional
shares of Common Stock. In lieu of fractional shares of Common Stock, the
Company may pay to the registered holders of Rights Certificates at the time
such Rights are exercised as herein provided an amount in cash equal to the same
fraction of the current market value of one (1) share of Common Stock. For
purposes of this Section 14(c), the current market value of one share of Common
Stock shall be the closing price per share of Common Stock (as determined
pursuant to Section 11(d)(i) hereof) on the Trading Day immediately prior to the
date of such exercise.

                  (d) 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.

          Section 15. Rights of Action. All rights of action in respect of this
Agreement are vested in the respective registered holders of the Rights
Certificates (and, prior to the Distribution Date, the registered holders of the
Common Stock); and any registered holder of any Rights Certificate (or, prior to
the Distribution Date, of the Common Stock), without the consent of the Rights
Agent or of the holder of any other Rights Certificate (or, prior to the
Distribution Date, of the Common Stock), may, in his own behalf and for his own
benefit, enforce, and may institute and maintain any suit, action or proceeding
against the Company to enforce, or otherwise act in respect of, his right to
exercise the Rights evidenced by such Rights Certificate in the manner provided
in such Rights Certificate and in this Agreement. Without limiting the foregoing
or any remedies available to the holders of Rights, it is specifically
acknowledged that the holders of Rights would not have an adequate remedy at law
for any breach of this Agreement and shall be entitled to specific performance
of the obligations hereunder and injunctive relief against actual or threatened
violations of the obligations hereunder of any Person subject to this Agreement.

                                       27

<PAGE>

          Section 16. Agreement of Rights Holders.  Every holder of a Right by
accepting the same consents and agrees with the Company and the Rights Agent and
with every other holder of a Right that:

                  (a) prior to the Distribution Date, the Rights will be
transferable only in connection with the transfer of Common Stock;

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

                  (c) subject to Section 6(a) and Section 7(f) hereof, the
Company and the Rights Agent may deem and treat the person in whose name a
Rights Certificate (or, prior to the Distribution Date, the associated Common
Stock certificate) is registered as the absolute owner thereof and of the Rights
evidenced thereby (notwithstanding any notations of ownership or writing on the
Rights Certificates or the associated Common Stock certificate made by anyone
other than the Company or the Rights Agent) for all purposes whatsoever, and
neither the Company nor the Rights Agent, subject to the last sentence of
Section 7(e) hereof, shall be required to be affected by any notice to the
contrary; and

                  (d) notwithstanding anything in this Agreement to the
contrary, neither the Company nor the Rights Agent shall have any liability to
any holder of a Right or other Person as a result of its inability to perform
any of its obligations under this Agreement by reason of any preliminary or
permanent injunction or other order, decree or ruling issued by a court of
competent jurisdiction or by a governmental, regulatory or administrative agency
or commission, or any statute, rule, regulation or executive order promulgated
or enacted by any governmental authority, prohibiting or otherwise restraining
performance of such obligation; provided, however, the Company must use its best
efforts to have any such order, decree or ruling lifted or otherwise overturned
as soon as possible.

         Section 17. Rights Certificate Holder Not Deemed a Stockholder. No
holder, as such, of any Rights Certificate shall be entitled to vote, receive
dividends or be deemed for any purpose the holder of the number of one
ten-thousandths of a share 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 Rights
Certificate be construed to confer upon the holder of any Rights 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 Rights Certificate
shall have been exercised in accordance with the provisions hereof.

                                       28

<PAGE>

          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 counsel fees and
disbursements and other disbursements incurred in the 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, or expense, incurred without
gross negligence, bad faith or willful misconduct on the part of the Rights
Agent, for anything done or omitted by the Rights Agent in connection with the
acceptance and administration of this Agreement, including the costs and
expenses of defending against any claim (whether asserted by the Company, a
holder of Rights, or any other Person) of liability in the premises. The
provisions of this Section 18(a) shall survive the expiration of the Rights and
the termination of this Agreement.

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

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

                  (a) Any corporation into which the Rights Agent or any
successor Rights Agent may be merged or with which it may be consolidated, or
any corporation resulting from any merger or consolidation to which the Rights
Agent or any successor Rights Agent shall be a party, or any corporation
succeeding to all or substantially all the corporate trust, stock transfer or
other shareholder 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; but only if such corporation would be eligible for
appointment as a successor Rights Agent under the provisions of Section 21
hereof. In case at the time such successor Rights Agent shall succeed to the
agency created by this Agreement, any of the Rights Certificates shall have been
countersigned but not delivered, any such successor Rights Agent may adopt the
countersignature of a predecessor Rights Agent and deliver such Rights
Certificates so countersigned; and in case at that time any of the Rights
Certificates shall not have been countersigned, any successor Rights Agent may
countersign such Rights Certificates either in the name of the predecessor or in
the name of the successor Rights Agent; and in all such cases such Rights
Certificates shall have the full force provided in the Rights Certificates and
in this Agreement.

                                       29

<PAGE>

                  (b) In case at any time the name of the Rights Agent shall be
changed and at such time any of the Rights Certificates shall have been
countersigned but not delivered, the Rights Agent may adopt the countersignature
under its prior name and deliver Rights Certificates so countersigned; and in
case at that time any of the Rights Certificates shall not have been
countersigned, the Rights Agent may countersign such Rights Certificates either
in its prior name or in its changed name; and in all such cases such Rights
Certificates shall have the full force provided in the Rights Certificates and
in this Agreement.

          Section 20. Duties of Rights Agent. The Rights Agent undertakes the
duties and obligations imposed by this Agreement upon the following terms and
conditions, by all of which the Company and the holders of Rights Certificates,
by their acceptance thereof, shall be bound:

                  (a) The Rights Agent may consult with legal counsel (who may
be legal counsel for the Company), and the opinion of such counsel shall be full
and complete authorization and protection to the Rights Agent as to any action
taken or omitted by it in good faith and in accordance with such opinion.

                  (b) Whenever in the performance of its duties under this
Agreement the Rights Agent shall deem it necessary or desirable that any fact or
matter (including, without limitation, the identity of any Acquiring Person and
the determination of Current Market Price) be proved or established by the
Company prior to taking or suffering any action hereunder, such fact or matter
(unless other evidence in respect thereof be herein specifically prescribed) may
be deemed to be conclusively proved and established by a certificate signed by
the Chairman of the Board, the President, any Vice President, the Treasurer, any
Assistant Treasurer, the Secretary or any Assistant Secretary of the Company and
delivered to the Rights Agent; and such certificate shall be full authorization
to the Rights Agent for any action taken or suffered in good faith by it under
the provisions of this Agreement in reliance upon such certificate.

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

                  (d) The Rights Agent shall not be liable for or by reason of
any of the statements of fact or recitals contained in this Agreement or in the
Rights Certificates or be required to verify the same (except as to its
countersignature on such Rights Certificates), but all such statements and
recitals are and shall be deemed to have been made by the Company only.

                  (e) The Rights Agent shall not be under any responsibility in
respect of the validity of this Agreement or the execution and delivery hereof
(except the due execution hereof by the Rights Agent) or in respect of the
validity or execution of any Rights Certificate (except its countersignature
thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Rights Certificate;
nor shall it be responsible for any adjustment required under the

                                       30

<PAGE>

provisions of Section 11, Section 13 or Section 24 hereof or responsible for the
manner, method or amount of any such adjustment or the ascertaining of the
existence of facts that would require any such adjustment (except with respect
to the exercise of Rights evidenced by Rights Certificates after actual notice
of any such adjustment); nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of any shares
of Common Stock or Preferred Stock to be issued pursuant to this Agreement or
any Rights Certificate or as to whether any shares of Common Stock 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 the provisions of this Agreement.

                  (g) The Rights Agent is hereby authorized and directed to
accept instructions with respect to the performance of its duties hereunder from
the Chairman of the Board, the President, any Vice President, the Secretary, any
Assistant Secretary, the Treasurer or any Assistant Treasurer of the Company,
and to apply to such officers for advice or instructions in connection with its
duties, and it shall not be liable for any action taken or suffered to be taken
by it in good faith in accordance with instructions of any such officer or for
any delay in acting while waiting for those instructions. 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 or omitted by
the Rights Agent under this Agreement and the date on and/or after which such
action shall be taken or such omission shall be effective. The Rights Agent
shall not be liable for any action taken by, or omission of, the Rights Agent in
accordance with a proposal included in such application on or after the date
specified in such application (which date shall not be less than three Business
Days after the date any officer of the Company actually receives such
application, unless any such officer shall have consented in writing to any
earlier date) unless prior to taking any such action (or the effective date in
the case of an omission), the Right Agent shall have received written
instructions in response to such application specifying the action to be taken
or omitted.

                  (h) The Rights Agent and any stockholder, director, officer or
employee of the Rights Agent may buy, sell or deal in any of the Rights or other
securities of the Company or become pecuniarily interested in any transaction in
which the Company may be interested, or contract with or lend money to the
Company or otherwise act as fully and freely as though it were not Rights Agent
under this Agreement. Nothing herein shall preclude the Rights Agent from acting
in any other capacity for the Company or for any other legal entity.

                  (i) The Rights Agent may execute and exercise any of the
rights or powers hereby vested in it or perform any duty hereunder either itself
or by or through its attorneys or agents as reasonably approved by the Company,
and the Rights Agent shall not be answerable or accountable for any act,
default, neglect or misconduct of any

                                       31

<PAGE>

such attorneys or agents or for any loss to the Company resulting from any such
act, default, neglect or misconduct; provided, however, reasonable care was
exercised in the selection thereof.

                  (j) No provision of this Agreement shall require the Rights
Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder or in the exercise of its
rights if there shall be reasonable grounds for believing that repayment of such
funds or adequate indemnification against such risk or liability is not
reasonably assured to it.

                  (k) If, with respect to any Rights 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 completed or indicates an affirmative response to clause 1 and/or 2
thereof, the Rights Agent shall not take any further action with respect to such
requested exercise or transfer without first consulting with the Company.

          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, and to each
transfer agent of the Common Stock and Preferred Stock, by registered or
certified mail, and, if such resignation occurs after the Distribution Date, to
the registered holders of the Rights Certificates by first-class mail. The
Company may remove the Rights Agent or any successor Rights Agent upon thirty
(30) days' notice in writing, mailed to the Rights Agent or successor Rights
Agent, as the case may be, and to each transfer agent of the Common Stock and
Preferred Stock, by registered or certified mail, and, if such removal occurs
after the Distribution Date, to the holders of the Rights Certificates by
first-class mail. If the Rights Agent shall resign or be removed or shall
otherwise become incapable of acting, the Company shall appoint a successor to
the Rights Agent. If the Company shall fail to make such appointment within a
period of 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 Rights Certificate (who shall,
with such notice, submit his Rights Certificate for inspection by the Company),
then the Rights Agent or any registered holder of any Rights 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 legal business
entity organized and doing business under the laws of the United States or of
the State of New York or of any other state of the United States, in good
standing, having an office in the State of New York, which is authorized under
such laws to exercise corporate trust, stock transfer or shareholder services
powers and which has at the time of its appointment as Rights Agent a combined
capital and surplus of at least $50,000,000 or (b) an affiliate of a legal
business entity 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,

                                       32

<PAGE>

conveyance, act or deed necessary for the purpose. Not later than the effective
date of any such appointment, the Company shall file notice thereof in writing
with the predecessor Rights Agent and each transfer agent of the Common Stock
and the Preferred Stock, and, if such appointment occurs after the Distribution
Date, mail a notice thereof in writing to the registered holders of the Rights
Certificates. Failure to give any notice provided for in this Section 21,
however, or any defect therein, shall not affect the legality or validity of the
resignation or removal of the Rights Agent or the appointment of the successor
Rights Agent, as the case may be.

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

          Section 23. Redemption and Termination.

                  (a) The Board of Directors of the Company may, at its option,
at any time prior to the earlier of (i) the close of business on the tenth
Business Day following the Stock Acquisition Date (or, if the Stock Acquisition
Date shall have occurred prior to the Record Date, the close of business on the
tenth Business Day following the Record Date), or (ii) the Final Expiration
Date, redeem all but not less than all of the then outstanding Rights at a
redemption price of $0.001 per Right, as such amount may be appropriately
adjusted to reflect any stock split, stock dividend or similar transaction
occurring after the date hereof (such redemption price being hereinafter
referred to as the "Redemption Price"). The aggregate Redemption Price otherwise
payable to a holder of Rights shall be rounded to the nearest $0.01, provided,
however, if such aggregate redemption price is less than $0.01, such holder will
be entitled to receive $0.01 upon the redemption of such Rights. Notwithstanding
anything contained in this Agreement to the contrary, the Rights shall not be
exercisable after the first occurrence of a Section 11(a)(ii) Event until such
time as the Company's right of redemption hereunder

                                       33

<PAGE>

has expired. The Company may, at its option, pay the Redemption Price in cash,
shares of Common Stock (based on the Current Market Price, as defined in Section
11(d)(i) hereof, of the Common Stock at the time of redemption) or any other
form of consideration deemed appropriate by the Board of Directors.

                  (b) Immediately upon the action of the Board of Directors of
the Company ordering the redemption of the Rights, evidence of which shall have
been filed with 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 as described in Section 23(a) hereof. Promptly after the
action of the Board of Directors ordering the redemption of the Rights, the
Company shall give notice of such redemption to the Rights Agent and the holders
of the then outstanding Rights by mailing such notice to all such holders at
each holder's last address as it appears upon the registry books of the Rights
Agent or, prior to the Distribution Date, on the registry books of the transfer
agent for the Common Stock. 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.

                  (c) 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 and other
than in connection with the purchase or repurchase by any of them of Common
Stock prior to the Distribution Date.

          Section 24. Exchange.

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

                  (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 shall terminate and the only right thereafter of a
holder of such Rights shall be to receive that number of shares of Common Stock
equal to the number of such Rights held by such holder multiplied by the
Exchange Ratio. The Company shall promptly give public notice of any such
exchange; provided, however, that the failure to give, or any

                                       34

<PAGE>

defect in, such notice shall not affect the validity of such exchange. 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 exchange will state the method by which the exchange of the Common Stock for
Rights will be effected and, in the event of any partial exchange, the number of
Rights which will be exchanged. Any partial exchange shall be effected pro rata
based on the number of Rights (other than Rights which have become void pursuant
to the provisions of Section 7(e) hereof) held by each holder of Rights.

                  (c) In any exchange pursuant to this Section 24, the Company,
at its option, may substitute Preferred Stock (or Equivalent Preferred Stock, as
such term is defined in paragraph (b) of Section 11 hereof) for Common Stock
exchangeable for Rights, at the initial rate of one ten-thousandth of a share of
Preferred Stock (or Equivalent Preferred Stock) for each share of Common Stock,
as appropriately adjusted to reflect stock splits, stock dividends and other
similar transactions after the date hereof.

                  (d) In the event that there shall not be sufficient shares of
Common Stock 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 for issuance upon exchange of the Rights.

                  (e) The Company shall not be required to issue fractions of
shares of Common Stock or to distribute certificates which evidence fractional
shares of Common Stock. In lieu of such fractional shares of Common Stock, there
shall be paid to the registered holders of the Rights Certificates with regard
to which such fractional shares of Common Stock would otherwise be issuable, an
amount in cash equal to the same fraction of the current market value of a whole
share of Common Stock. For the purposes of this subsection (e), the current
market value of a whole share of Common Stock shall be the closing price of a
share of Common Stock (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.

          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 quarterly 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 any other Person (other than a Subsidiary of the Company in
a transaction which

                                       35

<PAGE>

complies with Section 11(o) hereof), or to effect any sale or other transfer (or
to permit one or more of its Subsidiaries to effect any sale or other transfer),
in one transaction or a series of related transactions, of more than 50% of the
assets, cash flow 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 Section
11(o) hereof), or (v) to effect the liquidation, dissolution or winding up of
the Company, then, in each such case, the Company shall give to each holder of a
Rights Certificate and to the Rights Agent, to the extent feasible and 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 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 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 to the date of the taking of such proposed action
or the date of participation therein by the holders of the shares of Preferred
Stock, whichever shall be the earlier.

                  (b) In case any of the events set forth in Section 11(a)(ii)
hereof shall occur, then, in any such case, (i) the Company shall as soon as
practicable thereafter give to each holder of a Rights Certificate and to the
Rights Agent, to the extent feasible and 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,
and (ii) all references in the preceding paragraph to Preferred Stock shall be
deemed thereafter to refer to Common Stock and/or, if appropriate, other
securities.

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

          AngioDynamics, Inc.
          [_____________________]
          [_____________________]
          Attention:  [_________]

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

                                       36

<PAGE>

          [_____________________]
          [_____________________]
          [_____________________]
          Attention:  [_________]

          Notices or demands authorized by this Agreement to be given or made by
the Company or the Rights Agent to the holder of any Rights Certificate (or, if
prior to the Distribution Date, to the holder of certificates representing
shares of Common Stock) shall be sufficiently given or made if sent by
first-class mail, postage prepaid, addressed to such holder at the address of
such holder as shown on the registry books of the Company.

          Section 27. Supplements and Amendments.

                  (a) Prior to the Distribution Date, and subject to the
provisions of Section 27(b) hereof, the Company and the Rights Agent shall, if
the Company so directs, supplement or amend any provision of this Agreement
without the approval of any holders of certificates representing shares of
Common Stock. From and after the Distribution Date, and subject to the
provisions of Section 27(b) hereof, the Company and the Rights Agent shall, if
the Company so directs, supplement or amend this Agreement without the approval
of any holders of Rights 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
hereunder in any manner which the Company may deem necessary or desirable and
which shall not adversely affect the interests of the holders of Rights
Certificates (other than an Acquiring Person or an Affiliate or Associate of an
Acquiring Person). 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. Prior to the Distribution Date, the interests of
the holders of Rights shall be deemed coincident with the interests of the
holders of Common Stock.

                  (b) Notwithstanding anything herein to the contrary, no
supplement or amendment shall be made to this Agreement at a time when the
Rights are not redeemable, except as contemplated by clause (i) or (ii) of
Section 27(a) hereof.

          Section 28. Successors. All the covenants and provisions of this
Agreement by or for the benefit of the Company or the Rights Agent shall bind
and inure to the benefit of their respective successors and assigns hereunder.

          Section 29. Determinations and Actions by the Board of Directors, etc.
For all purposes of this Agreement, any calculation of the number of shares of
Common Stock or any other class of capital stock outstanding at any particular
time, including for purposes of determining the particular percentage of such
outstanding shares of Common Stock of which any Person is the Beneficial Owner,
shall be made in accordance with the last sentence of Rule 13d-3(d)(1)(i) of the
General Rules and Regulations under the

                                       37

<PAGE>

Exchange Act. 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 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 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
in good faith, shall (x) be final, conclusive and binding on the Company, the
Rights Agent, the holders of the Rights and all other parties, and (y) not
subject the Board, or any of the directors on the Board to any liability to the
holders of the Rights.

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

          Section 31. Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction or
other authority to be invalid, void or unenforceable, the remainder of the
terms, provisions, covenants and restrictions of this Agreement shall remain in
full force and effect and shall in no way be affected, impaired or invalidated;
provided, 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 this Agreement would adversely affect the purpose or
effect of this Agreement, the right of redemption set forth in Section 23 hereof
shall be reinstated and shall not expire until the close of business on the
tenth Business Day following the date of such determination by the Board of
Directors. Without limiting the foregoing, if any provision requiring a specific
group of directors to act is held to by any court of competent jurisdiction or
other authority to be invalid, void or unenforceable, such determination shall
then be made by the Board of Directors of the Company in accordance with
applicable law and the Company's Amended and Restated Certificate of
Incorporation and By-laws.

          Section 32. Governing Law. This Agreement, each Right and each Rights
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 made
and to be performed entirely within such State, provided, however, that the
rights and obligations of the Rights Agent shall be governed by and construed in
accordance with the laws of the State of New York. The parties hereto hereby
waive the right to a jury trial in any action arising out of this Agreement. Any
dispute arising out of this Agreement shall be litigated in the

                                       38

<PAGE>

borough of Manhattan, New York City, New York, and the parties hereby submit to
the jurisdiction of such courts and acknowledge that such courts are a
convenient forum.

          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.

          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.

                                       39

<PAGE>

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

                                           ANGIODYNAMICS, INC.

                                           By___________________________________
                                             Name:
                                             Title:

                                           [__________]

                                           By___________________________________
                                             Name:
                                             Title:

                                       40

<PAGE>

                                                                       Exhibit A

                                     FORM OF

                   CERTIFICATE OF DESIGNATION, PREFERENCES AND

                       RIGHTS OF SERIES A PREFERRED STOCK

                                       of

                               ANGIODYNAMICS, INC.

             Pursuant to Section 151 of the General Corporation Law

                            of the State of Delaware

          The undersigned officers of AngioDynamics, Inc., a corporation
organized and existing under the General Corporation Law of the State of
Delaware, in accordance with the provisions of Section 103 thereof, DO HEREBY
CERTIFY:

          That pursuant to the authority conferred upon the Board of Directors
by the Amended and Restated Certificate of Incorporation of said Corporation,
said Board of Directors on [______] [__], 2004, adopted the following resolution
creating a series of 4,500 shares of Preferred Stock designated as Series A
Junior Participating Preferred Stock:

          RESOLVED, that pursuant to the authority vested in the Board of
Directors of this Corporation in accordance with the provisions of its Amended
and Restated Certificate of Incorporation, a series of Preferred Stock of the
Corporation be and it hereby is created, and that the designation and amount
thereof and the voting powers, preferences and relative, participating, optional
and other special rights of the shares of such series, and the qualifications,
limitations or restrictions thereof are as follows:

          Section 1. Designation and Amount. The shares of such series shall be
designated as "Series A Junior Participating Preferred Stock" and the number of
shares constituting such series shall be 4,500.

<PAGE>

          Section 2. Dividends and Distributions.

          (A) The holders of shares of Series A Junior Participating 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 fifteenth day of February, May, August and November of
each year (each such date being referred to herein as a "Quarterly Dividend
Payment Date"), commencing on the first Quarterly Dividend Payment Date after
the first issuance of a share or fraction of a share of Series A Junior
Participating Preferred Stock, in an amount per share (rounded to the nearest
cent) equal to the greater of (a) $100.00 and (b) subject to the provision 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,
par value $0.01 per share, of the Corporation (the "Common Stock") since the
immediately preceding Quarterly Dividend Payment Date, or, with respect to the
first Quarterly Dividend Payment Date, since the first issuance of any share or
fraction of a share of Series A Junior Participating Preferred Stock. In the
event the Corporation shall at any time after [______][__], 2004 (the "Rights
Declaration Date") (i) declare any dividend on Common Stock payable in shares of
Common Stock, (ii) subdivide the outstanding Common Stock, or (iii) combine the
outstanding Common Stock into a smaller number of shares, then in each such case
the amount to which holders of shares of Series A Junior Participating Preferred
Stock were entitled immediately prior to such event under clause (b) of the
preceding sentence shall be adjusted by multiplying such amount by a fraction
the numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of
shares of Common Stock that were outstanding immediately prior to such event.

          (B) The Corporation shall declare a dividend or distribution on the
Series A Junior Participating Preferred Stock as provided in Paragraph (A) above
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 $100.00 per share on
the Series A Junior Participating Preferred Stock shall nevertheless be payable
on such subsequent Quarterly Dividend Payment Date.

          (C) Dividends shall begin to accrue and be cumulative on outstanding
shares of Series A Junior Participating Preferred Stock from the Quarterly
Dividend Payment Date next preceding the date of issue of such shares of Series
A Junior Participating 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 Participating Preferred Stock entitled to

                                       2

<PAGE>

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 Junior Participating
Preferred Stock in an amount less than the total amount of such dividends at the
time accrued and payable on such shares shall be allocated pro rata on a
share-by-share basis among all such shares at the time outstanding. The Board of
Directors may fix a record date for the determination of holders of shares of
Series A Junior Participating Preferred Stock entitled to receive payment of a
dividend or distribution declared thereon, which record date shall be no more
than 30 days prior to the date fixed for the payment thereof.

          Section 3. Voting Rights. The holders of shares of Series A Junior
Participating Preferred Stock shall have the following voting rights:

          (A) Subject to the provision for adjustment hereinafter set forth,
each share of Series A Junior Participating Preferred Stock shall entitle the
holder thereof to 10,000 votes on all matters submitted to a vote of the
stockholders of the Corporation. In the event the Corporation shall at any time
after the Rights Declaration Date (i) declare any dividend on Common Stock
payable in shares of Common Stock, (ii) subdivide the outstanding Common Stock,
or (iii) combine the outstanding Common Stock into a smaller number of shares,
then in each such case the number of votes per share to which holders of shares
of Series A Junior Participating Preferred Stock were entitled immediately prior
to such event shall be adjusted by multiplying such number by a fraction the
numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of
shares of Common Stock that were outstanding immediately prior to such event.

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

              (C) (i) If at any time dividends on any Series A Junior
     Participating Preferred Stock shall be in arrears in an amount equal to six
     (6) quarterly dividends thereon, the occurrence of such contingency shall
     mark the beginning of a period (herein called a "default period") which
     shall extend until such time when all accrued and unpaid dividends for all
     previous quarterly dividend periods and for the current quarterly dividend
     period on all shares of Series A Junior Participating Preferred Stock then
     outstanding shall have been declared and paid or set apart for payment.
     During each default period, all holders of Preferred Stock (including
     holders of the Series A Junior Participating Preferred Stock) with
     dividends in arrears in an amount equal to six (6) quarterly dividends
     thereon, voting as a class, irrespective of series, shall have the right to
     elect two (2) directors.

                                       3

<PAGE>

              (ii) During any default period, such voting right of the holders
     of Series A Junior Participating Preferred Stock may be exercised initially
     at a special meeting called pursuant to subparagraph (iii) of this Section
     3(C) or at any annual meeting of stockholders, and thereafter at annual
     meetings of stockholders, provided that such voting right shall not be
     exercised unless the holders of ten percent (10%) in number of shares of
     Preferred Stock outstanding shall be present in person or by proxy. The
     absence of a quorum of the holders of Common Stock shall not affect the
     exercise by the holders of Preferred Stock of such voting right. At any
     meeting at which the holders of Preferred Stock shall exercise such voting
     right initially during an existing default period, they shall have the
     right, voting as a class, to elect directors to fill such vacancies, if
     any, in the Board of Directors as may then exist up to two (2) directors
     or, if such right is exercised at an annual meeting, to elect two (2)
     directors. If the number which may be so elected at any special meeting
     does not amount to the required number, the holders of the Preferred Stock
     shall have the right to make such increase in the number of directors as
     shall be necessary to permit the election by them of the required number.
     After the holders of the Preferred Stock shall have exercised their right
     to elect directors in any default period and during the continuance of such
     period, the number of directors shall not be increased or decreased except
     by vote of the holders of Preferred Stock as herein provided or pursuant to
     the rights of any equity securities ranking senior to or pari passu with
     the Series A Junior Participating Preferred Stock.

              (iii) Unless the holders of Preferred Stock shall, during an
     existing default period, have previously exercised their right to elect
     directors, the Board of Directors may order, or any stockholder or
     stockholders owning in the aggregate not less than ten percent (10%) of the
     total number of shares of Preferred Stock outstanding, irrespective of
     series, may request, the calling of a special meeting of the holders of
     Preferred Stock, which meeting shall thereupon be called by the President,
     a Vice-President or the Secretary of the Corporation. Notice of such
     meeting and of any annual meeting at which holders of Preferred Stock are
     entitled to vote pursuant to this Paragraph (C)(iii) shall be given to each
     holder of record of Preferred Stock by mailing a copy of such notice to him
     at his last address as the same appears on the books of the Corporation.
     Such meeting shall be called for a time not earlier than 20 days and not
     later than 60 days after such order or request or in default of the calling
     of such meeting within 60 days after such order or request, such meeting
     may be called on similar notice by any stockholder or stockholders owning
     in the aggregate not less than ten percent (10%) of the total number of
     shares of Preferred Stock outstanding. Notwithstanding the provisions of
     this Paragraph (C)(iii), no such special meeting shall be called during the
     period within 60 days immediately preceding the date fixed for the next
     annual meeting of the stockholders.

                                       4

<PAGE>

              (iv) In any default period, the holders of Common Stock, and other
     classes of stock of the Corporation if applicable, shall continue to be
     entitled to elect the whole number of directors until the holders of
     Preferred Stock shall have exercised their right to elect two (2) directors
     voting as a class, after the exercise of which right (x) the directors so
     elected by the holders of Preferred Stock shall continue in office until
     their successors shall have been elected by such holders or until the
     expiration of the default period, and (y) any vacancy in the Board of
     Directors may (except as provided in Paragraph (C)(ii) of this Section 3)
     be filled by vote of a majority of the remaining directors theretofore
     elected by the holders of the class of stock which elected the director
     whose office shall have become vacant. References in this Paragraph (C) to
     directors elected by the holders of a particular class of stock shall
     include directors elected by such directors to fill vacancies as provided
     in clause (y) of the foregoing sentence.

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

          (D) Except as set forth herein, holders of Series A Junior
Participating 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 quarterly dividends or other dividends or distributions
payable on the Series A Junior Participating 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 Junior
Participating 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 Junior Participating Preferred Stock;

                                       5

<PAGE>

          (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 Junior Participating
Preferred Stock, except dividends paid ratably on the Series A Junior
Participating 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) redeem or 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 Junior Participating 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 Junior Participating
Preferred Stock; or

          (iv) purchase or otherwise acquire for consideration any shares of
Series A Junior Participating Preferred Stock, or any shares of stock ranking on
a parity with the Series A Junior Participating 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 Paragraph (A) of this Section 4,
purchase or otherwise acquire such shares at such time and in such manner.

          Section 5. Reacquired Shares. Any shares of Series A Junior
Participating Preferred Stock purchased or otherwise acquired by the Corporation
in any manner whatsoever shall be retired and cancelled promptly after the
acquisition thereof. All such shares shall upon their cancellation become
authorized but unissued shares of Preferred Stock 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. (A) Upon any
liquidation (voluntary or otherwise), dissolution or winding up of the
Corporation, no distribution shall be made to the holders of shares of stock
ranking junior (either as to dividends or upon liquidation, dissolution or
winding up) to the Series A Junior Participating Preferred Stock unless, prior
thereto, the holders of shares of Series A Junior Participating Preferred Stock
shall have received an amount equal to $100.00 per share of Series A
Participating Preferred Stock, plus an amount equal to accrued and unpaid
dividends and distributions thereon, whether or not declared, to the date of
such payment (the "Series A Liquidation Preference"). Following the payment of
the full amount of the Series A Liquidation Preference, no additional
distributions shall be made

                                       6

<PAGE>

to the holders of shares of Series A Junior Participating Preferred Stock
unless, prior thereto, the holders of shares of Common Stock shall have received
an amount per share (the "Common Adjustment") equal to the quotient obtained by
dividing (i) the Series A Liquidation Preference by (ii) 10,000 (as
appropriately adjusted as set forth in subparagraph (C) below to reflect such
events as stock splits, stock dividends and recapitalizations with respect to
the Common Stock) (such number in clause (ii), the "Adjustment Number").
Following the payment of the full amount of the Series A Liquidation Preference
and the Common Adjustment in respect of all outstanding shares of Series A
Junior Participating Preferred Stock and Common Stock, respectively, holders of
Series A Junior Participating Preferred Stock and holders of shares of Common
Stock shall receive their ratable and proportionate share of the remaining
assets to be distributed in the ratio of the Adjustment Number to 1 with respect
to such Preferred Stock and Common Stock, on a per share basis, respectively.

          (B) 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 series of preferred stock, if any,
which rank on a parity with the Series A Junior Participating Preferred Stock,
then such remaining assets shall be distributed ratably to the holders of such
parity shares in proportion to their respective liquidation preferences. In the
event, however, that there are not sufficient assets available to permit payment
in full of the Common Adjustment, then such remaining assets shall be
distributed ratably to the holders of Common Stock.

          (C) In the event the Corporation shall at any time after the Rights
Declaration Date (i) declare any dividend on Common Stock payable in shares of
Common Stock, (ii) subdivide the outstanding Common Stock, or (iii) combine the
outstanding Common Stock into a smaller number of shares, then in each such case
the Adjustment Number in effect immediately prior to such event shall be
adjusted by multiplying such Adjustment Number by a fraction the numerator of
which is the number of shares of Common Stock outstanding immediately after such
event and the denominator of which is the number of shares of Common Stock that
were outstanding immediately prior to such event.

          Section 7. Consolidation, Merger, etc. In case the Corporation shall
enter into any consolidation, merger, combination or other transaction in which
the 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 the shares of
Series A Junior Participating 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. In the event the Corporation shall at any time after the Rights
Declaration Date (i) declare any dividend on Common Stock payable in shares of
Common Stock, (ii) subdivide the outstanding Common Stock, or (iii) combine the
outstanding Common Stock into a smaller number of shares, 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 Junior Participating Preferred Stock shall be
adjusted by multiplying

                                       7

<PAGE>

such amount by a fraction the numerator of which is the number of shares of
Common Stock outstanding immediately after such event and the denominator of
which is the number of shares of Common Stock that were outstanding immediately
prior to such event.

          Section 8. No Redemption. The shares of Series A Junior Participating
Preferred Stock shall not be redeemable.

          Section 9. Ranking. The Series A Junior Participating Preferred Stock
shall rank junior to all other series of the Corporation's Preferred Stock as to
the payment of dividends and the distribution of assets, unless the terms of any
such series shall provide otherwise.

          Section 10. Amendment. At any time when any shares of Series A Junior
Participating Preferred Stock are outstanding, neither the Amended and Restated
Certificate of Incorporation of the Corporation nor this Certificate of
Designation shall be amended in any manner which would materially alter or
change the powers, preferences or special rights of the Series A Junior
Participating Preferred Stock so as to affect them adversely without the
affirmative vote of the holders of a majority or more of the outstanding shares
of Series A Junior Participating Preferred Stock, voting separately as a class.

          Section 11. Fractional Shares. Series A Junior Participating Preferred
Stock may be issued in fractions of a share which shall entitle the holder, in
proportion to such holder's fractional shares, to exercise voting rights,
receive dividends, participate in distributions and to have the benefit of all
other rights of holders of Series A Junior Participating Preferred Stock.

                                       8

<PAGE>

          IN WITNESS WHEREOF, we have executed and subscribed this Certificate
and do affirm the foregoing as true under the penalties of perjury this [___]
day of [_______], 2004.

                                                     By:____________________
                                                        Name:
                                                        Title:

                                       9

<PAGE>

                                                                       Exhibit B

                          [Form of Rights Certificate]

Certificate No. R-                                               ________ Rights

NOT EXERCISABLE AFTER [______][__], 2014 OR EARLIER IF REDEEMED BY THE COMPANY.
THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE COMPANY, AT $0.001
PER RIGHT ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN
CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON (AS SUCH TERM IS
DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY
BECOME NULL AND VOID. [THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR
WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN
AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE
RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS
REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN
SECTION 7(e) OF SUCH AGREEMENT.]/3/

                               Rights Certificate

                               AngioDynamics, Inc.

           This certifies that ______________________, or registered assigns, is
the registered owner of the number of Rights set forth above, each of which
entitles the owner thereof, subject to the terms, provisions and conditions of
the Rights Agreement, dated as of [_______] [__], 2004 (the "Rights Agreement"),
between AngioDynamics, Inc., a Delaware corporation (the "Company"), and
[__________], a [_____] banking corporation (the "Rights Agent"), to purchase
from the Company at any time prior to 5:00 P.M. (New York City time) on
[______][__], 2014 (unless such date is extended prior thereto by the Board of
Directors) 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 Series A Junior Participating Preferred Stock (the
"Preferred

____________________
3 The portion of the legend in brackets shall be inserted only if applicable and
shall replace the preceding sentence.

<PAGE>

Stock") of the Company, at a purchase price of $[__].[__] per one ten-thousandth
of a share (the "Purchase Price"), upon presentation and surrender of this
Rights Certificate with the Form of Election to Purchase and related Certificate
duly executed. The number of Rights evidenced by this Rights Certificate (and
the number of shares which may be purchased upon exercise thereof) set forth
above, and the Purchase Price per share set forth above, are the number and
Purchase Price as of [______][__], 2004, based on the Preferred Stock as
constituted at such date. The Company reserves the right to require prior to the
occurrence of a Triggering Event (as such term is defined in the Rights
Agreement) that a number of Rights be exercised so that only whole shares of
Preferred Stock will be issued.

           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 Rights
Certificate are beneficially owned by (i) an Acquiring Person or an Affiliate or
Associate of any such Acquiring Person (as such terms are defined in the Rights
Agreement), (ii) a transferee of any such Acquiring Person, Associate or
Affiliate, 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.

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

           This Rights 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 Rights 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 above-mentioned office of the
Rights Agent and are also available upon written request to the Rights Agent.

           This Rights Certificate, with or without other Rights Certificates,
upon surrender at the principal office or offices of the Rights Agent designated
for such purpose, may be exchanged for another Rights Certificate or Rights
Certificates of like tenor and date evidencing Rights entitling the holder to
purchase a like aggregate number of one ten-thousandths of a share of Preferred
Stock as the Rights evidenced by the Rights Certificate or Rights Certificates
surrendered shall have entitled such holder to purchase. If this Rights
Certificate shall be exercised in part, the holder shall be entitled to receive
upon surrender hereof another Rights Certificate or Rights Certificates for the
number of whole Rights not exercised.

                                       2

<PAGE>

           Subject to the provisions of the Rights Agreement, the Rights
evidenced by this Certificate may be redeemed by the Company at its option at a
redemption price of $0.001 per Right at any time prior to the earlier of the
close of business on (i) the tenth Business Day following the Stock Acquisition
Date (as such time period may be extended pursuant to the Rights Agreement), and
(ii) the Final Expiration Date. The aggregate redemption price otherwise payable
to a beneficial holder of Rights shall be rounded to the nearest $0.01,
provided, however, if such aggregate redemption price is less than $0.01, such
holder will be entitled to receive $0.01 upon the redemption of such Rights. In
addition, under certain circumstances following the Stock Acquisition Date, the
Rights may be exchanged, in whole or in part, for shares of the Common Stock, or
shares of preferred stock of the Company having essentially the same value or
economic rights as such shares. Immediately upon the action of the Board of
Directors of the Company authorizing any such exchange, and without any further
action or any notice, the Rights (other than Rights which are not subject to
such exchange) will terminate and the Rights will only enable holders to receive
the shares issuable upon such exchange.

           No fractional shares of Preferred Stock will be issued 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), but
in lieu thereof a cash payment will be made, as provided in the Rights
Agreement. The Company, at its election, may require that a number of Rights be
exercised so that only whole shares of Preferred Stock would be issued.

           No holder of this Rights Certificate shall be entitled to vote or
receive dividends or be deemed for any purpose the holder of shares of Preferred
Stock or of any other securities of the Company which may at any time be
issuable on the exercise hereof, nor shall anything contained in the Rights
Agreement or herein be construed to confer upon the holder hereof, as such, any
of the rights of a 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 consent to or withhold consent from 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 Rights Certificate shall have been exercised as provided in
the Rights Agreement.

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

                                       3

<PAGE>

           WITNESS the facsimile signature of the proper officers of the Company
and its corporate seal.

ATTEST:                             AngioDynamics, Inc.

By:_____________________________    By:_____________________________
Name:  [__________________]         Name:  [__________________]
Title: [__________________]         Title: [__________________]

Countersigned:

[__________]

By:_____________________________    Date of countersignature: [____][__], 200[_]
   Authorized Signatory

                                       4

<PAGE>

                  [Form of Reverse Side of Rights Certificate]

                               FORM OF ASSIGNMENT

                (To be executed by the registered holder if such
               holder desires to transfer the Rights Certificate.)

            FOR VALUE RECEIVED _________________________________________________
hereby sells, assigns and transfers unto _______________________________________

                  (Please print name and address of transferee)

this Rights Certificate, together with all right, title and interest therein,
and does hereby irrevocably constitute and appoint __________________ Attorney,
to transfer the within Rights 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) this Rights Certificate [ ] is [ ] is not being sold, assigned
and transferred by or on behalf of a Person who is or was an Acquiring Person or
an Affiliate or Associate of any such Acquiring Person (as such terms are
defined pursuant to the Rights Agreement);

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

<PAGE>

Dated: _______________, __
                                                 _______________________________
                                                 Signature

Signature Guaranteed:

                                     NOTICE

           The signature to the foregoing Assignment and Certificate must
correspond to the name as written upon the face of this Rights Certificate in
every particular, without alteration or enlargement or any change whatsoever.

<PAGE>

                          FORM OF ELECTION TO PURCHASE

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

To:  AngioDynamics, Inc.:

           The undersigned hereby irrevocably elects to exercise __________
Rights represented by this Rights 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 and delivered to:

Please insert social security
or other identifying number

________________________________________________________________________________
                         (Please print name and address)

________________________________________________________________________________

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

Please insert social security
or other identifying number

________________________________________________________________________________
                         (Please print name and address)

________________________________________________________________________________

________________________________________________________________________________

Dated:  _______________,__

                                                 _______________________________
                                                 Signature

Signature Guaranteed:

<PAGE>

                                   Certificate

           The undersigned hereby certifies by checking the appropriate boxes
that:

           (1) the Rights evidenced by this Rights Certificate [ ] are [ ] are
not being exercised by or on behalf of a Person who is or was an Acquiring
Person or an Affiliate or Associate of any such Acquiring Person (as such terms
are defined pursuant to the Rights Agreement);

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

Dated: ________, _____     ________________________________________________
                                     Signature
Signature Guaranteed:

<PAGE>

                                     NOTICE

           The signature to the foregoing Election to Purchase and Certificate
must correspond to the name as written upon the face of this Rights Certificate
in every particular, without alteration or enlargement or any change whatsoever.

<PAGE>

                                                                       Exhibit C

                          SUMMARY OF RIGHTS TO PURCHASE
                                 PREFERRED STOCK

           On [_______] [__], 2004, the Board of Directors of AngioDynamics,
Inc. (the "Company") declared a dividend distribution of one Right for each
outstanding share of Company Common Stock to stockholders of record at the close
of business on [______][__], 2004 (the "Record Date"). Each Right entitles the
registered holder to purchase from the Company a unit consisting of one
ten-thousandth of a share (a "Unit") of Series A Junior Participating Preferred
Stock, par value $0.01 per share (the "Series A Preferred Stock") at a Purchase
Price of $[__].[__] per Unit, subject to adjustment. The description and terms
of the Rights are set forth in a Rights Agreement (the "Rights Agreement")
between the Company and [__________], as Rights Agent.

           Initially, the Rights will be attached to all Common Stock
certificates representing shares then outstanding, and no separate Rights
Certificates will be distributed. Subject to certain exceptions specified in the
Rights Agreement, the Rights will separate from the Common Stock and a
Distribution Date will occur upon the earlier of (i) 10 business days following
a public announcement that a person or group of affiliated or associated persons
(an "Acquiring Person") has acquired beneficial ownership of 15% or more of the
outstanding shares of Common Stock (20%, in the case of certain institutional
investors) other than as a result of repurchases of stock by the Company or
certain inadvertent actions by institutional or certain other stockholders or
the date a Person has entered into an agreement or arrangement with the Company
or any Subsidiary of the Company providing for an Acquisition Transaction (the
"Stock Acquisition Date") or (ii) 10 business days (or such later date as the
Board shall determine) following the commencement of a tender offer or exchange
offer that would result in a person or group becoming an Acquiring Person. An
Acquisition Transaction is defined in the Rights Agreement as (x) a merger,
consolidation or similar transaction involving the Company or any of its
Subsidiaries as a result of which stockholders of the Company will no longer own
a majority of the outstanding shares of Common Stock of the Company or a
publicly traded entity which controls the Company or, if appropriate, the entity
into which the Company may be merged, consolidated or otherwise combined (based
solely on the shares of Common Stock received or retained by such stockholders,
in their capacity as stockholders of the Company, pursuant to such transaction),
(y) a purchase or other acquisition of all or a substantial portion of the
assets of the Company and its Subsidiaries, or (z) a purchase or other
acquisition of securities representing 15% or more of the shares of Common Stock
then outstanding. Until the Distribution Date, (i) the Rights will be evidenced
by the Common Stock certificates and will be transferred with and only with such
Common Stock certificates, (ii) new Common Stock certificates issued after the
Record Date will contain a notation incorporating the Rights Agreement by
reference and (iii) the surrender for transfer of any certificates for Common
Stock outstanding will also constitute the transfer of the Rights associated
with the Common Stock represented by such certificate. Pursuant to the Rights
Agreement, the Company

<PAGE>

reserves the right to require prior to the occurrence of a Triggering Event (as
defined below) that, upon any exercise of Rights, a number of Rights be
exercised so that only whole shares of Preferred Stock will be issued.

           The Rights are not exercisable until the Distribution Date and will
expire at 5:00 P.M. (New York City time) on [______][__], 2014, unless such date
is extended or the Rights are earlier redeemed or exchanged by the Company as
described below.

           As soon as practicable after the Distribution Date, Rights
Certificates will be mailed to holders of record of the Common Stock as of the
close of business on the Distribution Date and, thereafter, the separate Rights
Certificates alone will represent the Rights. Except as otherwise determined by
the Board of Directors, only shares of Common Stock issued prior to the
Distribution Date will be issued with Rights.

           In the event that a Person becomes an Acquiring Person, except
pursuant to an offer for all outstanding shares of Common Stock which the
independent directors determine to be fair and not inadequate and to otherwise
be in the best interests of the Company and its stockholders, after receiving
advice from one or more investment banking firms (a "Qualified Offer"), each
holder of a Right will thereafter have the right to receive, upon exercise,
Common Stock (or, in certain circumstances, cash, property or other securities
of the Company) having a value equal to two times the exercise price of the
Right. Notwithstanding any of the foregoing, following the occurrence of the
event set forth in this paragraph, all Rights that are, or (under certain
circumstances specified in the Rights Agreement) were, beneficially owned by any
Acquiring Person will be null and void. However, Rights are not exercisable
following the occurrence of the event set forth above until such time as the
Rights are no longer redeemable by the Company as set forth below.

           For example, at an exercise price of $75.00 per Right, each Right not
owned by an Acquiring Person (or by certain related parties) following an event
set forth in the preceding paragraph would entitle its holder to purchase
$150.00 worth of Common Stock (or other consideration, as noted above) for
$75.00. Assuming that the Common Stock had a per share value of $25.00 at such
time, the holder of each valid Right would be entitled to purchase 6 shares of
Common Stock for $75.00.

           In the event that, at any time following the Stock Acquisition Date,
(i) the Company engages in a merger or other business combination transaction in
which the Company is not the surviving corporation, (ii) the Company engages in
a merger or other business combination transaction in which the Company is the
surviving corporation and the Common Stock of the Company is changed or
exchanged, or (iii) 50% or more of the Company's assets, cash flow or earning
power is sold or transferred, each holder of a Right (except Rights which have
previously been voided as set forth above) shall thereafter have the right to
receive, upon exercise, common stock of the acquiring company having a value
equal to two times the exercise price of the Right. The events set forth in this
paragraph and in the second preceding paragraph are referred to as the
"Triggering Events."

                                       2

<PAGE>

           At any time after a person becomes an Acquiring Person and prior to
the acquisition by such person or group of fifty percent (50%) or more of the
outstanding Common Stock, the Board may exchange the Rights (other than Rights
owned by such person or group which have become void), in whole or in part, at
an exchange ratio of one share of Common Stock, or one ten-thousandth of a share
of Preferred Stock (or of a share of a class or series of the Company's
preferred stock having equivalent rights, preferences and privileges), per Right
(subject to adjustment).

           The Purchase Price payable, and the number of Units of Preferred
Stock or other securities or property issuable, upon exercise of the Rights are
subject to adjustment from time to time to prevent dilution (i) in the event of
a stock dividend on, or a subdivision, combination or reclassification of, the
Preferred Stock, (ii) if holders of the Preferred Stock are granted certain
rights or warrants to subscribe for Preferred Stock or convertible securities at
less than the current market price of the Preferred Stock, or (iii) upon the
distribution to holders of the Preferred Stock of evidences of indebtedness or
assets (excluding regular quarterly cash dividends) or of subscription rights or
warrants (other than those referred to above).

           With certain exceptions, no adjustment in the Purchase Price will be
required until cumulative adjustments amount to at least 1% of the Purchase
Price. No fractional Units will be issued and, in lieu thereof, an adjustment in
cash will be made based on the market price of the Preferred Stock on the last
trading date prior to the date of exercise.

           At any time until ten business days following the Stock Acquisition
Date, the Company may redeem the Rights in whole, but not in part, at a price of
$0.001 per Right (payable in cash, Common Stock or other consideration deemed
appropriate by the Board of Directors). The aggregate redemption price otherwise
payable to a beneficial holder of Rights shall be rounded to the nearest $0.01,
provided, however, if such aggregate redemption price is less than $0.01, such
holder will be entitled to receive $0.01 upon the redemption of such Rights.
Immediately upon the action of the Board of Directors ordering redemption of the
Rights, the Rights will terminate and the only right of the holders of Rights
will be to receive the redemption price.

           Until a Right is exercised, the holder thereof, as such, will have no
rights as a stockholder of the Company, including, without limitation, the right
to vote or to receive dividends. While the distribution of the Rights will not
be taxable to stockholders or to the Company, stockholders may, depending upon
the circumstances, recognize taxable income in the event that the Rights become
exercisable for Common Stock (or other consideration) of the Company or for
common stock of the acquiring company or in the event of the redemption of the
Rights as set forth above.

           Any of the provisions of the Rights Agreement may be amended by the
Board of Directors of the Company prior to the Distribution Date. After the
Distribution Date, the provisions of the Rights Agreement may be amended by the
Board in order to cure any ambiguity, to make changes which do not adversely
affect the interests of holders of Rights, or to shorten or lengthen any time
period under the Rights Agreement.

                                       3

<PAGE>

The foregoing notwithstanding, no amendment may be made to the Rights Agreement
at a time when the Rights are not redeemable, except to cure any ambiguity or
correct or supplement any provision contained in the Rights Agreement which may
be defective or inconsistent with any other provision therein.

           A copy of the Rights Agreement has been filed with the Securities and
Exchange Commission as an Exhibit to the Company's Registration Statement on
Form S-1. A copy of the Rights Agreement is available free of charge from the
Rights Agent. This summary description of the Rights does not purport to be
complete and is qualified in its entirety by reference to the Rights Agreement,
which is incorporated herein by reference.

                                       4<PAGE>

                                                                    Exhibit 10.3

                                     FORM OF

                  MASTER SEPARATION AND DISTRIBUTION AGREEMENT
                                     BETWEEN

                                  E-Z-EM, INC.

                                       AND

                               ANGIODYNAMICS INC.

<PAGE>

                  MASTER SEPARATION AND DISTRIBUTION AGREEMENT

       THIS MASTER SEPARATION AND DISTRIBUTION AGREEMENT (this "Agreement") is
entered into as of ___________________ _____, 2004, between E-Z-EM, Inc., a
Delaware corporation ("E-Z-EM"), and AngioDynamics, Inc., a Delaware corporation
("AngioDynamics"). Capitalized terms used herein and not otherwise defined shall
have the meanings ascribed to such terms in Section 10 hereof.

                                    RECITALS

       WHEREAS, the Board of Directors of E-Z-EM (the "E-Z-EM Board") has
determined that it is appropriate and desirable for E-Z-EM to separate
AngioDynamics from the E-Z-EM Group in a manner that would permit E-Z-EM to
divest its entire ownership interest in AngioDynamics through a pro-rata
distribution of all of the outstanding shares of common stock, par value $0.01
per share, of AngioDynamics (the "AngioDynamics Common Stock") to the holders of
common stock, par value $0.10 per share, of E-Z-EM (the "E-Z-EM Common Stock"),
pursuant to the terms and subject to the conditions of this Agreement (the
"Distribution");

       WHEREAS, the Distribution is intended to qualify as a tax-free
transaction to E-Z-EM and its shareholders pursuant to Sections 355 and
368(a)(1)(D) of the Internal Revenue Code of 1986, as amended (the "Code");

       WHEREAS, AngioDynamics has filed a registration statement on Form S-1
(Registration No. 333-113329) (the "IPO Registration Statement") with the
Securities and Exchange Commission (the "Commission"), pursuant to which
AngioDynamics has registered AngioDynamics Common Stock for AngioDynamics'
initial public offering (the "Offering");

       WHEREAS, the parties intend in this Agreement, including the Exhibits
hereto, to set forth the principal arrangements between them regarding the
Distribution;

       NOW, THEREFORE, in consideration of the foregoing and the covenants and
agreements set forth below, the parties hereto agree as follows:

1.     CERTAIN ACTIONS AT OR PRIOR TO THE DISTRIBUTION DATE

       1.1   Treatment of Intercompany Accounts. Prior to or contemporaneously
with the Commission declaring effective the IPO Registration Statement, E-Z-EM
shall cause all of the intercompany indebtedness owing by AngioDynamics to
E-Z-EM, less three million dollars ($3,000,000), to be "capitalized" by making
an in-kind contribution to AngioDynamics of its rights in such obligations or
otherwise treating such obligations in the manner reasonably requested by
AngioDynamics in order to minimize or eliminate any adverse income tax effects
upon AngioDynamics. Upon the receipt by AngioDynamics of proceeds of the
Offering, AngioDynamics shall promptly (but in no event after two (2) Business
Days after receipt of same) deliver to E-Z-EM in same day funds the sum of three
million dollars ($3,000,000) as payment in full and satisfaction of the
remaining intercompany indebtedness owing to E-Z-EM by AngioDynamics.

       1.2   Documents to Be Delivered By E-Z-EM and AngioDynamics. On or prior
to the date on which the Commission declares effective the IPO Registration
Statement, E-Z-EM will execute and deliver (and where applicable cause other
members of the E-Z-EM Group to execute and deliver) to AngioDynamics, and
AngioDynamics will execute and deliver to E-Z-EM (and/or to the appropriate
member of the E-Z-EM Group), each of the following agreements (collectively,
together with all agreements and documents contemplated by this Agreement, the
"Ancillary Agreements"):

             1.2.1  Tax Allocation and Indemnification Agreement substantially
                    in the form attached hereto as Exhibit A (the "Tax
                    Agreement");

                                       1

<PAGE>

             1.2.2  a Corporate Agreement substantially in the form attached
                    hereto as Exhibit B (the "Corporate Agreement") and

             1.2.3  such other agreements, documents or instruments as the
                    parties may agree are necessary or desirable in order to
                    achieve the purposes hereof.

2      THE DISTRIBUTION

       2.1   The Distribution.

             2.1.1  Cooperation. AngioDynamics shall cooperate with E-Z-EM to
                    accomplish the Distribution and shall, at E-Z-EM's
                    direction, promptly take any and all actions necessary or
                    desirable to effect the Distribution. E-Z-EM may select any
                    investment bank or manager in connection with the
                    Distribution, as well as any financial printer, solicitation
                    and/or exchange agent and financial, legal, accounting and
                    other advisors for E-Z-EM; provided that nothing herein
                    shall prohibit AngioDynamics from engaging (at its own
                    expense) its own financial, legal, accounting and other
                    advisors in connection with the Distribution. AngioDynamics
                    and E-Z-EM, as the case may be, will provide to the
                    distribution or exchange agent to be appointed by E-Z-EM
                    (the "Distribution Agent") all share certificates and any
                    stockholder and other information required in order to
                    complete the Distribution.

             2.1.2  Distribution Mechanics. Unless E-Z-EM and AngioDynamics
                    shall mutually agree on another method of effecting the
                    Distribution:

                    2.1.2.1 Subject to Sections 2.3, 2.4 and 2.6, on or prior to
                    the Payment Date, E-Z-EM will deliver to the Distribution
                    Agent for the benefit of holders of E-Z-EM Common Stock on
                    the Record Date, a single stock certificate, endorsed by
                    E-Z-EM in blank, representing all of the outstanding shares
                    of AngioDynamics Common Stock then owned by E-Z-EM, and
                    shall cause the transfer agent for the E-Z-EM Common Stock
                    to instruct the Distribution Agent to distribute on the
                    Payment Date the appropriate number of such shares of
                    AngioDynamics Common Stock to each such holder or designated
                    transferee or transferees of such holder of E-Z-EM Common
                    Stock. The Distribution shall be deemed binding on E-Z-EM at
                    11:59 pm New York Time on the Distribution Date.

                    2.1.2.2 Subject to Sections 2.3, 2.4 and 2.6, each holder of
                    E-Z-EM Common Stock on the Record Date (or such holder's
                    designated transferee or transferees) will be entitled to
                    receive in the pro-rata distribution a number of shares of
                    AngioDynamics Common Stock equal to the number of shares of
                    E-Z-EM Common Stock held by such holder on the Record Date
                    multiplied by the distribution ratio determined by the
                    E-Z-EM Board on the Distribution Date.

2.2    Actions In Connection with the Distribution.

             2.2.1  Registration under the Exchange Act. In connection with the
                    Offering, AngioDynamics shall have filed a registration on
                    Form 8-A under the Exchange Act (the "Exchange Act
                    Registration Statement"), together with such amendments and
                    supplements thereto as may have been necessary to cause the
                    same to become effective and as may otherwise be required by
                    the Commission or federal, state or foreign securities Laws.
                    AngioDynamics and E-Z-EM shall coordinate the mailing to the
                    holders of E-Z-EM Common Stock, at such time on or prior to
                    the Distribution Date as E-Z-EM shall determine, such
                    information concerning the Distribution and related matters
                    as may be required under applicable federal securities laws,
                    as well as any other information concerning AngioDynamics,
                    its business, operations and

                                       2

<PAGE>

                    management, the Distribution and such other matters as
                    E-Z-EM shall reasonably determine are necessary
                    (collectively, the "Information Package").

             2.2.2  Other Documentation. E-Z-EM and AngioDynamics shall also
                    cooperate in preparing, filing with the Commission and
                    causing to become effective registration statements or
                    amendments thereto (including registration statements on
                    Form S-8) that are required to reflect the establishment of,
                    or amendments to, any employee benefit, stock option and
                    other plans necessary or appropriate in connection with the
                    Distribution or other transactions contemplated by this
                    Agreement and the Ancillary Agreements.

             2.2.3  Blue Sky. Upon receiving a reasonable request from E-Z-EM to
                    do so, AngioDynamics shall take all such actions (if any) as
                    may be necessary or appropriate under the securities (or
                    "blue sky") laws of the United States (and any comparable
                    Laws under any foreign jurisdiction) in connection with the
                    Distribution.

             2.2.4  Nasdaq Listing. Promptly after receiving a request to do so
                    from E-Z-EM, AngioDynamics shall prepare and file, and shall
                    use its reasonable commercial efforts to have approved and
                    made effective (to the extent not included in the initial
                    application by AngioDynamics in connection with the
                    Offering), an application for the listing on Nasdaq of the
                    AngioDynamics Common Stock to be distributed in the
                    Distribution, subject to official notice of distribution.

             2.2.5  Conditions. AngioDynamics shall take all reasonable steps
                    necessary and appropriate to cause the conditions set forth
                    in Section 2.4 to be satisfied and to effect the
                    Distribution, or any portion thereof, on the terms, in the
                    manner and on the Distribution Date.

       2.3   Sole Discretion of E-Z-EM. E-Z-EM shall, in its sole and absolute
             discretion, determine the date of the consummation of the
             Distribution and all terms of the Distribution, including, without
             limitation, the distribution ratio and the form, structure and
             terms of any transaction(s) to effect the Distribution and the
             timing of and conditions to the consummation thereof. In addition,
             E-Z-EM may at any time and from time to time until the completion
             of the Distribution decide to abandon the Distribution or modify or
             change the terms of the Distribution, including, without
             limitation, by accelerating or delaying the timing of the
             completion of all or part of the Distribution.

       2.4   Conditions To Distribution. Subject to Section 2.3, the following
             are conditions to the consummation of any part of the Distribution.
             The conditions are for the sole benefit of E-Z-EM and shall not
             give rise to or create any duty on the part of E-Z-EM or the E-Z-EM
             Board to waive or not waive any such condition.

             2.4.1  Effective Exchange Act Registration Statement; Periodic
                    Filings. The Exchange Act Registration Statement shall have
                    remained effective under the Exchange Act and AngioDynamics
                    shall be current with its periodic filings under the
                    Exchange Act. There shall be no stop order with respect to
                    any prospectus or registration statement filed by
                    AngioDynamics, nor any stop trading order in effect relating
                    to the AngioDynamics Common Stock.

             2.4.2  Blue Sky Laws. The actions and filings, if any, with regard
                    to state securities and blue sky laws of the United States
                    (and any comparable Laws under any foreign jurisdictions)
                    described in Section 2.2.3 shall have been taken and, where
                    applicable, have become effective or been accepted.

             2.4.3  Nasdaq Listing. The AngioDynamics Common Stock to be
                    delivered in the Distribution shall have been approved for
                    listing on Nasdaq, subject to official notice of issuance.

                                       3

<PAGE>

             2.4.4  IRS Ruling/Tax Opinion. If the Distribution has not taken
                    place on or prior to February 5, 2005, then E-Z-EM shall
                    have received an opinion from its tax counsel to the effect
                    that the Distribution qualifies as a tax-free spin-off both
                    to E-Z-EM and the holders of E-Z-EM Common Stock who receive
                    AngioDynamics Common Stock in the Distribution (resulting in
                    no recognition of gain or loss or other realization of
                    income).

             2.4.5  Charter and Bylaws. AngioDynamics' Amended and Restated
                    Certificate of Incorporation and Amended and Restated Bylaws
                    in substantially the forms in effect on the closing of the
                    Offering shall remain in effect.

             2.4.6  Ancillary Agreements. Each of the Ancillary Agreements shall
                    have been duly executed and delivered by the parties thereto
                    and shall be in full force and effect.

             2.4.7  Payment of Intercompany Indebtedness to E-Z-EM. E-Z-EM shall
                    have received the three million dollar ($3,000,000) payment
                    required under (and at the time set forth in) Section 1.1
                    hereof.

             2.4.8  Governmental Approvals. Any material Governmental Approvals
                    necessary to consummate the Distribution or any portion
                    thereof shall have been obtained and be in full force and
                    effect.

             2.4.9  No Legal Restraints. No order, injunction or decree issued
                    by any court or agency of competent jurisdiction or other
                    legal restraint or prohibition preventing the consummation
                    of all or any portion of the Distribution shall be in
                    effect, and no other event outside the control of E-Z-EM
                    shall have occurred or failed to occur that prevents the
                    consummation of all or any portion of the Distribution.

             2.4.10 No Inadvisable Event. In addition to, and not in lieu of the
                    provisions of Section 2.3, the E-Z-EM Board shall have
                    approved the Distribution and shall have not determined that
                    any events or developments shall have occurred that make it
                    inadvisable to effect the Distribution.

       2.5   E-Z-EM agrees that if, after the Offering, the E-Z-EM Board decides
             not to complete the Distribution or waives a material condition to
             the Distribution set forth in Section 2.4, E-Z-EM will issue a
             press release to disclose the change in intent or waiver, as
             applicable, or file a report on Form 8-K with the Commission.

       2.6   Fractional Shares. No certificates representing fractional shares
             of AngioDynamics Common Stock will be distributed in the
             Distribution. Instead, on the Payment Date, E-Z-EM shall direct the
             Distribution Agent (i) to determine, based on the Distribution
             ratio, the amount of the fractional share of AngioDynamics Common
             Stock allocable to each holder of record or beneficial owner of
             E-Z-EM Common Stock and to aggregate all such fractional shares
             into whole shares; (ii) to sell the resulting number of whole
             shares, at the direction of E-Z-EM, in open market transactions or
             otherwise, at the then prevailing trading prices, and (iii) to
             cause to be distributed to each such holder or for the benefit of
             each such beneficial owner to which a fractional share shall be
             allocable such holder or owner's ratable share of the proceeds of
             such sale, after making appropriate deductions for any amount
             required to be withheld for United States federal income tax
             purposes and to repay expenses reasonably incurred by the
             Distribution Agent, including all brokerage charges, commissions
             and transfer taxes, in connection with such sale. E-Z-EM and the
             Distribution Agent shall use their reasonable commercial efforts to
             aggregate the shares of E-Z-EM Common Stock that may be held by any
             beneficial owner thereof through more than one account in
             determining the fractional share allocable to such beneficial
             owner.

                                       4

<PAGE>

3    COVENANTS AND OTHER MATTERS

      3.1 Release of E-Z-EM from Credit Support Arrangements. Each party
          acknowledges that, to the best of its knowledge, E-Z-EM has not
          provided or issued, for the benefit of AngioDynamics, any guarantee,
          letter of credit, keepwell or support agreement or other credit
          support document, instrument or other similar arrangement (the "Credit
          Support Arrangements"), other than Credit Support Arrangements that
          have been released or waived, or terminate in accordance with their
          respective terms upon the completion of the Offering. In the event
          that the parties become aware of pre-Offering Credit Support
          Arrangements in the future, AngioDynamics (i) shall use all
          commercially reasonable efforts to cause the obligations of members of
          the E-Z-EM Group to be unconditionally released as of the Payment Date
          or as promptly as practicable thereafter, (ii) shall execute and
          deliver any and all such instruments of substitution and such other
          instruments or agreements as shall be necessary in connection with the
          discharge by AngioDynamics of its obligations under this sentence, and
          (iii) shall not modify or renew, or amend the terms of any agreement,
          instrument or obligation underlying any of the Credit Support
          Arrangements in any manner that could increase, extend or give rise to
          liability of a member of the E-Z-EM Group under any such Credit
          Support Arrangements.

      3.2 Further Assurances and Agreements. In addition to the actions
          specifically provided for elsewhere in this Agreement and the
          Ancillary Agreements, each of E-Z-EM and AngioDynamics shall use its
          reasonable efforts, prior to, on and after the Distribution Date, to
          take, or cause to be taken, all actions, and do, or cause to be done,
          all things, and agree to execute, or cause to be executed, by the
          appropriate parties and deliver, as appropriate, such other
          agreements, instruments and other documents, as such action, thing,
          agreement, instrument or other document may be necessary or desirable
          in order to consummate and make effective the transactions
          contemplated by this Agreement and the Ancillary Agreements.

      3.3 Further Filings by E-Z-EM at the U.S. Patent and Trademark Office.
          Each of E-Z-EM (on behalf of the applicable members of the E-Z-EM
          Group), as transferor, and AngioDynamics, without further
          consideration, agrees (i) to execute and deliver (and E-Z-EM will
          cause any applicable E-Z-EM Group member to execute and deliver) such
          instruments of transfer, conveyance, assignment, substitution and
          confirmation, and to cause same to be filed and/or recorded with the
          U.S. Patent and Trademark Office prior to the date that is three
          months after the completion of the Offering so as to fully effect the
          contributions and transfers to AngioDynamics by E-Z-EM pursuant to
          that certain Contribution Agreement dated as of June 1, 1996 (the
          "Contribution Agreement") and (ii) to take such action as
          AngioDynamics may reasonably deem necessary or desirable in order more
          effectively to transfer, convey and assign to AngioDynamics and
          confirm AngioDynamics' title to all of the assets, rights and other
          things of value contemplated to be transferred or allocated to it
          pursuant to the Contribution Agreement.

      3.4 Manufacturing Arrangements. AngioDynamics agrees that it will continue
          to manufacture the products currently being manufactured for E-Z-EM at
          the respective prices currently charged for such products. E-Z-EM
          agrees to use all commercially reasonable efforts to engage a new
          manufacturer for such products (or comparable products) on or prior to
          December 31, 2004, and AngioDynamics agrees to assist and cooperate
          (at E-Z-EM's expense) with E-Z-EM's change in manufacturer for the
          aforementioned products. If the change in manufacturer for the
          products has not occurred by December 31, 2004, then E-Z-EM and
          AngioDynamics hereby agree that the prices for such products shall be
          increased so as to result in AngioDynamics achieving a gross margin of
          50% on each such product. Ordering quantities shall be at the sole
          discretion of E-Z-EM; however, unless E-Z-EM orders lesser amounts of
          such products, AngioDynamics shall manufacture for E-Z-EM an amount of
          such products sufficient to sell to E-Z-EM an amount of such products
          consistent with (but subject to normal yearly variances) the amount
          sold to E-Z-EM in calendar 2003. The obligations of AngioDynamics
          hereunder shall terminate upon the earlier of either (i) 60 days after
          E-Z-EM gives notice to AngioDynamics that E-Z-EM no longer requires
          such manufacturing services or (ii) in the absence of a mutual
          agreement to the contrary, December 31, 2005.

                                       5

<PAGE>

          3.4.1  Upon any termination of the above described manufacturing
                 arrangements by E-Z-EM, E-Z-EM agrees to purchase any finished
                 materials at the agreed upon prices therefor and to acquire
                 from AngioDynamics, at AngioDynamics' cost, such raw materials
                 and components of final products as AngioDynamics was
                 reasonably required to maintain in inventory or as supplies to
                 meet the reasonably anticipated demand by E-Z-EM for
                 AngioDynamics' completed products. AngioDynamics will continue
                 to fulfill E-Z-EM's orders until the effective date of the
                 termination.

          3.4.2  E-Z-EM's unperformed payment obligations and AngioDynamics
                 unperformed manufacturing obligations under the arrangements in
                 this Section 3.4 shall survive the termination of the
                 above-described manufacturing arrangements.

          3.4.3  AngioDynamics shall be liable to E-Z-EM, and shall indemnify
                 and hold E-Z-EM harmless from and against any Claims to the
                 extent caused by the negligence, gross negligence or willful
                 misconduct of AngioDynamics (or those performing the
                 manufacturing services on behalf of AngioDynamics) in
                 performing its obligations under this Section 3.4. E-Z-EM shall
                 be liable to AngioDynamics, and shall indemnify and hold
                 AngioDynamics harmless from and against any Claims to the
                 extent caused by E-Z-EM's modifications, if any, to the
                 products manufactured by AngioDynamics, or uses beyond those
                 contemplated for the products or product defects that resulted
                 from product specifications provided by E-Z-EM to
                 AngioDynamics.

          3.4.4  Nothing set forth herein shall require E-Z-EM to engage
                 AngioDynamics' to manufacture for any products. E-Z-EM agrees
                 that its obligation to acquire inventory and supplies as set
                 forth in Section 3.4.1 includes inventory and supplies existing
                 on the date hereof to be used by AngioDynamics on the
                 production of products for E-Z-EM.

     3.5  Distribution Arrangements. The parties agree that, if negotiations are
          not completed before the Offering, they will continue to negotiate
          (or, in the case of E-Z-EM, will cause its United Kingdom and Canadian
          subsidiaries to negotiate) in good faith the terms of distribution
          agreements relating to AngioDynamics' products in the United Kingdom
          and Canada. Although subject to the terms of definitive agreements,
          the parties agree that (in the absence of an agreement to the
          contrary) each such agreement will be for three years on an exclusive
          basis, and shall such other terms and conditions as AngioDynamics has
          typically agreed to in contracts with unrelated parties. Furthermore,
          effective May 31, 2004, the parties acknowledge that no E-Z-EM
          subsidiary is continuing as a distributor of AngioDynamics' products
          in Belgium, The Netherlands and Luxembourg.

     3.6  Confidentiality and Agreement for the Exchange of Information.

          3.6.1  Confidentiality.

                 1.6.1.1 Except as set forth below and in any Ancillary
                 Agreement with respect to the matters specified therein, upon
                 the completion of the Offering, each of AngioDynamics and
                 E-Z-EM agree that it shall not, except with the prior written
                 consent of the other, at any time within six years of the
                 closing of the Offering, directly or indirectly, disclose,
                 divulge, reveal, report, publish, transfer or use, for any
                 purpose whatsoever, any Confidential Information.
                 Notwithstanding the foregoing, each Party may disclose
                 Confidential Information to its directors, officers,
                 shareholders and employees, but only on a bona fide "need to
                 know" basis, and only if the relevant other person(s) or
                 entity(ies) agree to be bound by this Agreement. Each party
                 shall be responsible for the breach by any such other person of
                 his or her confidentiality obligations to the same extent as if
                 such breach was made by such party. Without limiting the
                 foregoing obligations, each party agrees to use all reasonable
                 precautions (including taking legal action if

                                       6

<PAGE>

                 necessary or appropriate) to prevent the unauthorized
                 disclosure of the Confidential Information, which precautions
                 shall in no event be less than such party's treatment of its
                 own Confidential Information of a similar nature.

                 3.6.1.2 Disclosure of Confidential Information shall not be
                 prohibited if such disclosure is directly pursuant to the
                 disclosure obligations under the NASD Rules, the rules and
                 regulations of the American Stock Exchange, the Securities Act
                 and/or the Exchange Act, or a valid and existing order of a
                 court or other governmental body or agency of competent
                 jurisdiction; provided in each case, however, that, if
                 practicable in light of filing or other notification
                 requirements under the applicable regulatory scheme, (i) each
                 party shall first have given prompt notice to the other of any
                 such possible or prospective order (or proceeding pursuant to
                 which any such order may result), (ii) the other Party shall
                 have been afforded a reasonable opportunity to review such
                 disclosure and to prevent or limit any such disclosure and
                 (iii) each party shall use its best efforts to prevent or limit
                 any such disclosure by means of a protective order or a request
                 for confidential treatment.

          3.6.2  Provision of Information. Each of E-Z-EM (on behalf of the
                 E-Z-EM Group) and AngioDynamics agrees to provide, or cause to
                 be provided, to the other, as soon as reasonably practicable
                 after written request therefor, any Information in the
                 possession or under the control of the other that the
                 requesting party requests (i) to comply with reporting,
                 disclosure, filing or other requirements imposed on the
                 requesting party (including under applicable securities or tax
                 Laws) by a Governmental Authority having jurisdiction over the
                 requesting party, (ii) for use in connection with any other
                 judicial, regulatory, administrative, tax or other proceeding
                 or in order to satisfy audit, accounting, claims, regulatory,
                 litigation, tax or other similar requirements, in each case
                 other than claims or allegations that one party to this
                 Agreement has against the other, (iii) subject to the foregoing
                 clause (ii) above, to comply with its obligations under this
                 Agreement or any Ancillary Agreement, or (iv) in connection
                 with the ongoing businesses of E-Z-EM or AngioDynamics as it
                 relates to the conduct of such businesses prior to the Payment
                 Date, as the case may be; provided, however, that in the event
                 that any party determines that any such provision of
                 Information could be commercially detrimental, violate any Law
                 or agreement, or waive any attorney-client privilege, the
                 parties shall take all reasonable measures to permit the
                 compliance with such obligations in a manner that avoids any
                 such harm or consequence.

          3.6.3  Internal Accounting Controls. In addition to the accounting and
                 audit-related provisions in the Corporate Agreement, after the
                 Distribution Date, each of E-Z-EM (on behalf of the E-Z-EM
                 Group) and AngioDynamics shall maintain in effect, at its own
                 cost and expense, adequate systems and controls for its
                 business, to the extent necessary to enable the other to
                 satisfy their respective reporting, accounting, audit and other
                 obligations.

          3.6.4  Ownership of Information. Any Information owned by E-Z-EM (or
                 any member of the E-Z-EM Group) or AngioDynamics that is
                 provided to AngioDynamics or E-Z-EM, as applicable, pursuant to
                 this Section 3.6 shall be deemed to remain the property of the
                 party providing such Information. Unless specifically set forth
                 herein, nothing contained in this Agreement shall be construed
                 as granting or conferring rights of license or otherwise in any
                 such Information.

          3.6.5  Record Retention. To facilitate the possible exchange of
                 Information pursuant to this Section 3.6 and other provisions
                 of this Agreement after the Distribution Date, each party
                 agrees to use its reasonable commercial efforts to retain all
                 Information in its respective possession or control on the
                 Distribution Date substantially in accordance with its policies
                 as in effect on the Distribution Date. AngioDynamics shall not
                 amend its record retention policies (or establish such policies
                 for a Subsidiary that is different from that of AngioDynamics
                 on the date hereof) prior to the Distribution Date without the
                 consent of E-Z-EM. AngioDynamics

                                       7

<PAGE>

                 shall retain, in a manner allowing for reasonable access,
                 Information constituting audit work papers and work papers from
                 internal audits, in each case relating to periods prior to the
                 Distribution Date for at least six years thereafter. Except as
                 set forth in any Ancillary Agreement, at any time after the
                 Distribution Date, each party may amend its respective record
                 retention policies at such party's discretion, but in the case
                 of AngioDynamics, subject to the immediately preceding
                 sentence; provided, however, that if a party desires to effect
                 the amendment within three (3) years after the Distribution
                 Date, the amending party must give thirty (30) days prior
                 written notice of such change in the policy to the other party
                 to this Agreement. No party will destroy, or permit any of its
                 present or future Subsidiaries to destroy, any Information that
                 exists on the Distribution Date (other than Information that is
                 permitted to be destroyed under the current record retention
                 policy of such party) without first using its reasonable
                 commercial efforts to notify the other party of the proposed
                 destruction and giving the other party the opportunity to take
                 possession of such Information prior to such destruction.

          3.6.6  Limitation of Liability. No party shall have any liability to
                 any other party in the event that any Information exchanged or
                 provided pursuant to this Section 3.6 is found to be
                 inaccurate, in the absence of willful misconduct by the party
                 providing such Information. No party shall have any liability
                 to any other party if any Information is destroyed or lost
                 after reasonable commercial efforts by such party to comply
                 with the provisions of Section 3.6.5.

          3.6.7  Other Agreements Providing For Exchange of Information. With
                 respect to the specific issues covered by the Ancillary
                 Agreements, the rights and obligations granted under this
                 Section 3.6 are subject to the more specific limitations,
                 qualifications or additional provisions, if any, on the
                 sharing, exchange or confidential treatment of Information set
                 forth in the applicable Ancillary Agreement.

          3.6.8  Production of Witnesses; Records; Cooperation. After the
                 Distribution Date, each of E-Z-EM (on behalf of the E-Z-EM
                 Group) and AngioDynamics agrees to use reasonable commercial
                 efforts to make available to the other, upon written request,
                 their former, current and future officers, employees, other
                 personnel and agents as witnesses and any books, records or
                 other documents within its control or which it otherwise has
                 the ability to make available, to the extent that any such
                 person (giving consideration to business demands of such
                 officers, employees, other personnel and agents) or books,
                 records or other documents may reasonably be required in
                 connection with any legal, regulatory, administrative or other
                 proceeding in which the requesting party may from time to time
                 be involved, regardless of whether such legal, regulatory,
                 administrative or other proceeding is a matter with respect to
                 which indemnification may be sought hereunder. The requesting
                 party shall bear all reasonable costs and expenses of the other
                 party in connection with the latter party's compliance with the
                 foregoing requests.

     3.7  Expenses. Except as otherwise provided in this Agreement and/or the
          Ancillary Agreements, all out-of-pocket costs and expenses of the
          parties in connection with the Distribution shall be the
          responsibility of E-Z-EM.

     3.8  Governmental Approvals. The parties acknowledge that certain of the
          transactions contemplated by this Agreement and the Ancillary
          Agreements may be subject to certain conditions established by
          applicable regulations, orders, and approvals of Governmental
          Authorities ("Existing Authority"). The parties intend to implement
          this Agreement, the Ancillary Agreements and the transactions
          contemplated hereby and thereby consistent with and to the extent
          permitted by applicable Existing Authority and to cooperate toward
          obtaining and maintaining in effect such Governmental Approvals as may
          be required in order to implement this Agreement and each of the
          Ancillary Agreements as fully as possible in accordance with their
          respective terms. To the extent that any of the transactions
          contemplated by this Agreement or any Ancillary Agreement require any
          Governmental Approvals, the parties will use their reasonable
          commercial efforts to obtain any such Governmental Approvals.

                                       8

<PAGE>

     3.9  Non-Competition.

          3.9.1  Except as permitted under Sections 3.9.2 and 3.9.3, for a
                 period of five years from the completion of the Offering, (i)
                 AngioDynamics shall not engage in any activities or lines of
                 business included within the E-Z-EM Business and (ii) E-Z-EM
                 shall not engage in any activities or lines of business
                 included within the AngioDynamics Business. (For purposes of
                 this Section 3.9, the business of the other party is
                 hereinafter referred to as "Prohibited Activities" of a party.)
                 Solely as between AngioDynamics and E-Z-EM, to the maximum
                 extent permitted under Section 122(17) of the Delaware General
                 Corporation Law, each of AngioDynamics and E-Z-EM hereby
                 renounces an interest or expectancy in being offered an
                 opportunity to participate in business opportunities that are
                 Prohibited Activities during the above-referenced five-year
                 period.

          3.9.2  Notwithstanding anything in this Agreement to the contrary,
                 E-Z-EM and, subject to Articles 1 and 6 of the Corporate
                 Agreement, AngioDynamics shall be permitted to make
                 acquisitions of and investments in any entity engaged in
                 Prohibited Activities; provided, that, the aggregate of all
                 Prohibited Activities will have represented in such entity's
                 most recently completed fiscal year not more than 20% of the
                 consolidated revenues or net income of such entity being
                 acquired or in which the investment is being made.

          3.9.3  Notwithstanding anything in this Agreement to the contrary,
                 this Section 3.9 shall not apply to (i) any Person (an
                 "Acquiror") who becomes an Affiliate of AngioDynamics or
                 E-Z-EM, as applicable, after the completion of the Offering as
                 a result of an acquisition of Equity Securities, or (ii) any
                 Person who was an Affiliate of such Acquiror prior to such
                 acquisition. Nothing herein shall be deemed as limiting the
                 restrictions on issuances of Equity Securities under the
                 Corporate Agreement or any other Ancillary Agreement.

     3.10 Use of Other Party's Name and Marks. AngioDynamics acknowledges that
          E-Z-EM shall own all rights in the "E-Z-EM" name and logo and related
          tradenames and marks, and E-Z-EM acknowledges that AngioDynamics shall
          own all rights in the name "AngioDynamics" and AngioDynamics's logo
          and related tradenames and marks. Subject to the final sentence of
          this Section 3.10, within thirty (30) days following the Distribution
          Date, each party shall (x) cease, and shall cause each of its
          Subsidiaries, if any, to cease, to all use of the other parties name
          or any variation thereof as part of its corporate or organizational
          name, including by causing all licenses, certifications and
          authorizations issued to its respective personnel, the name of which
          includes or included the name of the other party or any variation
          thereof, to be reissued or amended, to the extent necessary, to remove
          from such licenses, certifications and authorizations any references
          to the other party's name or any variation thereof in the names of the
          holders thereof that may be reflected on such licenses, certifications
          and authorizations (or any related documentation). Subject to the
          final sentence of this Section 3.10, within sixty (60) days following
          the Distribution Date, each party shall cease, and shall cause all of
          its personnel and Subsidiaries, if any, to cease all other use of the
          other party's name and any variation thereof (including in the URL of
          any website, unless the other party consents thereto in writing), and
          the other party's logo and related tradenames and marks. A party may
          use such names, logos and marks of the other during such 60-day period
          only to the extent (if any) that it is not practical to change or
          replace any existing signs, letterheads, business cards, invoices or
          other business forms, telephone directory listings or promotional
          material, provided that each party shall maintain, and shall cause its
          respective personnel and Subsidiaries, if any, to maintain the same
          standards of quality with respect to such names, logos and marks as
          previously exercised. Notwithstanding anything in this Section 3.10 to
          the contrary, AngioDynamics and AngioDynamics personnel may continue,
          up to and including the later of (i) December 31, 2004 or (ii) six
          months after the Payment Date, to distribute in

                                       9

<PAGE>

          the ordinary course of business promotional materials that contain
          references to the "E-Z-EM" name, logos, and related tradenames and
          marks.

4    OPTION PLANS

     4.1  E-Z-EM Option Plans. Prior to the Payment Date, E-Z-EM will take all
          action necessary and appropriate to effect amendments to the E-Z-EM
          Option Plans such that (i) the Distribution will not be deemed a
          "termination" of the employment of any AngioDynamics Employee for the
          purposes of such Plans, and (ii) following the Distribution,
          termination of employment of any AngioDynamics Employee for the
          purposes of such Plans will be determined by reference to employment
          by AngioDynamics or any of its Subsidiaries. Following the
          Distribution, E-Z-EM shall continue the E-Z-EM Option Plans, as so
          amended, and shall continue to reserve those shares of E-Z-EM Common
          Stock already reserved for issuance thereunder.

     4.2  Existing AngioDynamics Option Plans. Prior to the completion of the
          Offering, AngioDynamics shall take all action necessary and
          appropriate to present to E-Z-EM all, if any, of AngioDynamics' stock
          option plans that have not yet been approved by E-Z-EM, in its
          capacity as the sold stockholder of AngioDynamics, and E-Z-EM hereby
          agrees to approve same. The provisions of clauses (i) and (ii) of
          Section 4.1 shall apply to AngioDynamics mutatis mutandis.
          AngioDynamics hereby agrees to continue to reserve at least those
          shares of AngioDynamics Common Stock already reserved for issuance
          thereunder.

     4.3  AngioDynamics Adjustment Plans. Prior to the completion of the
          Offering, AngioDynamics shall take, or cause to be taken, all action
          necessary and appropriate (i) to ratify the adoption of all necessary
          AngioDynamics Adjustment Plans, and (ii) to present the AngioDynamics
          Adjustment Plans to E-Z-EM, as the sole stockholder of AngioDynamics,
          for approval. To the extent authorized by E-Z-EM prior to the
          completion of the Offering, AngioDynamics shall reserve for issuance
          under each AngioDynamics Adjustment Plan such number of shares of
          AngioDynamics Common Stock necessary to grant Options pursuant to
          Section 4.4.2 hereof. Any shares reserved for issuance under an
          AngioDynamics Adjustment Plan that are not used to grant AngioDynamics
          Options under Section 4.4.2 will not be available for future awards
          thereunder.

     4.4  Treatment of Existing E-Z-EM Options. After the Distribution Date and
          prior to the Payment Date, each Existing E-Z-EM Option will be
          converted into an Adjusted E-Z-EM Option and will entitle the grantee
          to receive a grant of a AngioDynamics Option, as follows:

          4.4.1  Following the Payment Date, each Existing E-Z-EM Option will
                 survive as an Adjusted E-Z-EM Option in accordance with the
                 terms of the Existing Option and the terms of (i) the relevant
                 non-plan grant, or (ii) E-Z-EM Option Plan, as amended pursuant
                 to Section 4.1 hereof, as the case may be, except that the
                 exercise price of, and number of shares of E-Z-EM Common Stock
                 subject to the Adjusted E-Z-EM Option will be determined as
                 provided in Section 4.6 hereof. E-Z-EM shall use all
                 commercially reasonable efforts to enter into new option
                 agreements with each grantee of an Adjusted E-Z-EM Option,
                 reflecting the modifications required by this Section 4.

          4.4.2  After the Distribution Date and prior to the Payment Date,
                 AngioDynamics shall grant, to each grantee of an Existing
                 E-Z-EM Option, an AngioDynamics Option, under the appropriate
                 AngioDynamics Adjustment Plan, Existing AngioDynamics Option
                 Plan or pursuant to a non-plan grant, as the case may be, which
                 option will be subject to the same terms and conditions of the
                 Existing E-Z-EM Option, except that (i) the option will be
                 exercisable to purchase shares of AngioDynamics Common Stock
                 and the exercise price of, and number of shares of
                 AngioDynamics Common Stock subject to, the AngioDynamics
                 Options shall be determined as provided in Section 4.5 below,
                 and (ii) the vesting and lapsing thereof shall be adjusted as
                 set forth in Section 4.6 below. AngioDynamics shall use all

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<PAGE>

           commercially reasonable efforts to enter into new option agreements
           with each grantee of an option to acquire AngioDynamics Common Stock
           under this Section 4.4.2, which agreements will reflect the
           modifications required by this Section 4.

4.5  Adjustment and Setting of Number of Shares and Exercise Prices.

     4.5.1 The number of shares of E-Z-EM Common Stock subject to each Adjusted
           E-Z-EM Option will equal the number of shares of E-Z-EM Common Stock
           subject to the Existing E-Z-EM Option that survives as the applicable
           Adjusted E-Z-EM Option. Subject to Section 4.5.2, AngioDynamics and
           E-Z-EM agree to establish (y) the ratio of the exercise price of the
           AngioDynamics Options to the market price of the AngioDynamics Common
           Stock equal to (z) the ratio of the exercise price of the Adjusted
           E-Z-EM Options to the market price of the E-Z-EM Common Stock. In no
           event will options to purchase any fractional shares of E-Z-EM Common
           Stock or AngioDynamics Common Stock be issued, nor will any cash be
           paid in lieu thereof. Options will be issued for whole shares only,
           determined by rounding down.

     4.5.2 The number of shares of E-Z-EM Common Stock and AngioDynamics Common
           Stock subject to options and the adjusted exercise price of each
           Adjusted E-Z-EM Option and of the related AngioDynamics Option shall
           be determined in such a manner so that the aggregate "intrinsic
           value" of the Adjusted E-Z-EM Option and the AngioDynamics Option
           together will equal the intrinsic value of the Existing E-Z-EM Stock
           Option to which such options relate. For the purposes of this Section
           4.5.2, "intrinsic value" means:

           4.5.2.1 with respect to each Existing E-Z-EM Stock Option, the
           difference between the exercise price and the last reported sale
           price of E-Z-EM Common Stock on the last date on which E-Z-EM Common
           Stock trades as though E-Z-EM still owns AngioDynamics (i.e., the
           last date on which E-Z-EM trades on an "on dividend" basis), as
           reported by the American Stock Exchange, multiplied by the number of
           shares of E-Z-EM Common Stock covered by such option;

           4.5.2.2 with respect to each Adjusted E-Z-EM Option, the difference
           between the exercise price and the average of the last reported sales
           prices of E-Z-EM Common Stock on the date immediately after the
           Payment Date, as reported by the American Stock Exchange, multiplied
           by the number of shares of E-Z-EM Common Stock covered by such
           option; and

           4.5.2.3 with respect to each AngioDynamics Option granted pursuant to
           Section 4.4.2, the difference between the exercise price and the
           average of the last reported sales prices of AngioDynamics Common
           Stock on date immediately after the Payment Date, as reported by the
           Nasdaq National Market, multiplied by the number of shares of
           AngioDynamics Common Stock covered by such option.

4.6  Vesting and Lapsing of AngioDynamics Options. The AngioDynamics Options
     granted under Section 4.4.2 will vest and become exercisable in accordance
     with the terms of the Existing E-Z-EM Options to which they relate, but
     will expire on the earlier of (i) the date on which the Existing E-Z-EM
     Option would have expired (subject to Section 4.1) or (ii) the date
     calculated as follows:

     4.6.1 For officers and directors of AngioDynamics,

           4.6.1.1 One-half of the AngioDynamics Options will expire upon the
           later of (i) 12 months after one-half of the options become
           exercisable in full and (ii) 12 months after expiration of the
           180-day lock-up period described in the "Underwriting" section of the
           IPO Registration Statement.

                                       11

<PAGE>

                4.6.1.2 The remaining one-half of the options will expire upon
                the later of (i) 24 months after the remaining one-half of the
                options become exercisable in full and (ii) 24 months after
                expiration of the 180-day lock-up period described in Section
                4.6.1.1.

          4.6.2 For all other options recipients,

                4.6.2.1 One-half of their options will expire upon the later of
                (i) 12 months after one-half of the options become exercisable
                in full and (ii) 12 months from the Payment Date.

                4.6.2.2 The remaining one-half of their options will expire upon
                the later of (i) 24 months after the remaining one-half of the
                options become exercisable in full and (ii) 24 months from the
                Payment Date.

     4.7  Employment Taxes. Upon the exercise of AngioDynamics Options granted
          under any AngioDynamics Adjustment Plan, AngioDynamics, as agent for
          E-Z-EM, shall collect and timely remit to E-Z-EM the employee's share
          of all required employment taxes (including federal and state income
          taxes required to be withheld and the employee's share of FICA taxes)
          relating to such exercises, and shall otherwise cooperate in such
          fashion, provide such information and take such action as E-Z-EM may
          request to assure that proper and timely employment tax remittance and
          reporting is made by E-Z-EM with respect to such exercises and to
          establish E-Z-EM's entitlement to deduct on its income tax returns the
          compensation expense arising from such exercises, pursuant to Treas.
          Reg. ss. 1.83-6. Provided that AngioDynamics fulfills its obligations
          under this Section 4.7, AngioDynamics shall be entitled to receive and
          retain the aggregate exercise price payable to AngioDynamics upon such
          exercises.

     4.8  Communication Regarding Termination Of Employment and Effect on
          Outstanding Options. E-Z-EM shall promptly notify AngioDynamics of the
          termination of employment of any E-Z-EM Employee holding AngioDynamics
          Options. AngioDynamics shall promptly notify E-Z-EM of the termination
          of employment of any AngioDynamics Employee holding an E-Z-EM Option.
          Such notices with respect to termination shall specify the date of
          termination, the reason for termination (e.g. for cause, without
          cause, upon a change of control, etc.), whether the termination is
          with or without written consent and the effect that such termination
          has on any outstanding grant or award of options.

     4.9  Determination of Consent to Termination of Employment Plans. Each
          party agrees that the giving or withholding of consent to the
          termination of employment of any E-Z-EM Employee or AngioDynamics
          Employee, as the case may be, shall be as determined by the party
          employing such person and stated in the notice of termination as
          required by Section 4.8 hereof.

5    BENEFIT PLANS

     5.1  Benefit Matters Generally.

          5.1.1 Subject to the other terms and conditions of this Section 5
                (including without limitation the termination provisions of
                Section 5.9), after the Offering, E-Z-EM shall maintain and
                administer the existing E-Z-EM Plans through the earlier of (i)
                the Payment Date and (ii) the next anniversary date of the
                applicable E-Z-EM Plan.

          5.1.2 E-Z-EM and AngioDynamics acknowledge and agree that
                AngioDynamics has previously established its own medical, dental
                and short-term disability Plans separate and apart from any
                Employee Welfare Plans of E-Z-EM, and that AngioDynamics is
                solely responsible for the funding, administration and all other
                matters related thereto (which shall be unaffected by this
                Agreement). Additionally, each party is responsible for the
                funding of E-Z-EM Plans for its own Employees prior to the
                termination of E-Z-EM's obligations to maintain such

                                       12

<PAGE>

                E-Z-EM Plans under this Section 5. AngioDynamics hereby agrees
                to use all reasonable commercial efforts to establish, prior to
                the Payment Date, AngioDynamics' Employee Welfare Plans and
                business insurance policies separate and apart from any
                applicable E-Z-EM "master policy" and other E-Z-EM Plans;
                provided, however, that AngioDynamics shall obtain its own
                directors and officers insurance prior to the completion of the
                Offering and E-Z-EM's obligations with respect thereto shall
                terminate upon the completion of the Offering. Furthermore, and
                regardless of when the Payment Date occurs (if at all), after
                the termination of E-Z-EM's obligations to maintain a particular
                E-Z-EM Plan, each party shall fund and maintain its own separate
                corresponding Plan. Accordingly, any Claims or Proceedings by or
                on behalf of Employees or any federal, state or local government
                agency for alleged underfunding of, or failure to make payments
                to, health and welfare funds based on acts or omissions will be
                the sole responsibility of each party as to its own Employees
                and the responsible party will indemnify, defend, and hold
                harmless the other from any such Claims.

          5.1.3 Effective immediately prior to the termination of E-Z-EM's
                obligations under this Section 5 with respect to a particular
                Plan, AngioDynamics hereby assumes (i) the complete
                responsibility for providing coverage under Employee Welfare
                Plans to the AngioDynamics Employees and administering such
                Employee Welfare Plans, and (ii) the associated liabilities and
                accrued obligations of and relating to all AngioDynamics
                Employees (and their eligible dependents and beneficiaries under
                the terms of the aforementioned Plans) who participate in the
                AngioDynamics Employee Welfare Plans. Nothing contained in the
                preceding sentence limits the obligations of AngioDynamics to
                make the contributions and other payments to E-Z-EM required
                under the balance of this Section 5.

          5.1.4 Refunds. In the event that subsequent to the date on which
                AngioDynamics is covered under its own Employee Welfare Plans
                (the "AngioDynamics Plan Commencement Date"), refunds are
                received from, or additional premium adjustments become payable
                to, carriers providing health or medical insurance where such
                amounts are the result of actual experience differing from that
                used to compute premiums for any periods prior to the
                AngioDynamics Plan Commencement Date, such refunds or
                obligations will be shared between E-Z-EM and AngioDynamics
                based on the relative percentages of AngioDynamics employees and
                E-Z-EM employees to the total of all such employees based on the
                average number of employees during the period to which the
                refund or obligation relates.

          5.1.5 Service Credits. If Service Credits for all or any AngioDynamics
                Employees are reflected in, or determined by reference to, the
                E-Z-EM payroll system records, then for purposes of determining
                Service Credits under any Plans, AngioDynamics shall credit each
                AngioDynamics Employee with such Employee's Service Credits and
                original hire date as may be reflected in the E-Z-EM payroll
                system records as of the Payment Date. Such Service Credits and
                hire date shall continue to be maintained as described herein
                for as long as the Employee is not terminated. Subject to the
                provisions of ERISA, AngioDynamics may, in its sole discretion,
                make such decisions as it deems appropriate with respect to
                determining Service Credits for AngioDynamics Employees whose
                employment with AngioDynamics is terminated following the
                Payment Date but who are subsequently re-employed by
                AngioDynamics.

          5.1.6 Preservation Of Right To Amend Or Terminate Plans. Except as
                otherwise expressly provided herein, no provision of this
                Agreement, including, without limitation, the agreement of
                E-Z-EM or AngioDynamics to make a contribution or payment to or
                under any Plan for any period, shall be construed as a
                limitation on the right of E-Z-EM or AngioDynamics to amend such
                Plan or terminate its participation therein. No provision of
                this Agreement shall be construed to create any additional
                rights in any Employee, or dependent or beneficiary of such
                Employee, under a Plan. AngioDynamics may request changes in the
                applicable terms

                                       13

<PAGE>

                of the E-Z-EM Plans; however, the approval of changes in the
                terms of any of the E-Z-EM Plans shall be in the sole discretion
                of E-Z-EM, and may be withheld for any or no reason.

     5.2  Benefit Services.

          5.2.1 For so long as E-Z-EM is required to maintain the E-Z-EM Plans
                under Section 5.1.1, E-Z-EM agrees to provide the same Benefits
                Services (as defined in Section 5.2.2) to and in respect of the
                officers, directors and employees and agents of AngioDynamics
                under the Welfare Benefit Plans that were provided prior to the
                date hereof.

          5.2.2 The parties acknowledge that the costs, if any, payable by
                AngioDynamics for Intercompany Services relating to
                administering the life insurance policy, travel life insurance
                policy, long-term disability policy and workers compensation
                policy under E-Z-EM's "master policy" (such subset of
                Intercompany Services are collectively referred to as the
                "Benefits Services") are covered in Section 8.1 and Exhibit C as
                accounting administration services. The parties agree that all
                fees payable to insurers for such policies shall continue to be
                invoiced directly from the relevant insurer(s) to AngioDynamics
                as is the practice on the date hereof, and that any deductions
                from payroll to pay for such policies shall be administered by
                AngioDynamics.

          5.2.3 E-Z-EM and AngioDynamics agree to cooperate fully with each
                other in the administration and coordination of regulatory and
                administrative requirements associated with the E-Z-EM Plans and
                any successor Plans adopted by AngioDynamics. Such coordination,
                upon request, will include (but is not limited to) the
                following: sharing payroll data for determination of highly
                compensated associates, providing census information (including
                accrued benefits) for purposes of running discrimination tests,
                providing actuarial reports for purposes of determining the
                funded status of any plan, review and coordination of insurance
                and other independent third party contracts, and providing for
                review of all summary plan descriptions, requests for
                determination letters, insurance contracts, Forms 5500,
                financial statement disclosure and plan documents.

     5.3  Invoicing and Settlement of Funding and Related Costs.

          5.3.1 After the date the Offering is completed, E-Z-EM will invoice or
                notify AngioDynamics on a monthly basis of the out of pocket
                costs, fees, funding contributions and policy premiums incurred
                in connection with maintaining and funding, as applicable, the
                E-Z-EM Plans (other than those paid directly by AngioDynamics,
                as set forth in the first sentence of Section 5.2.2). Such
                notice shall be consistent with the notices used in connection
                with costs incurred on behalf of AngioDynamics or other E-Z-EM
                Subsidiaries on the date hereof (except as otherwise agreed),
                which reflect the "cross-charges" among E-Z-EM and its
                Subsidiaries. In connection with the invoicing and notices
                described in this Section 5.3.1, E-Z-EM will provide to
                AngioDynamics a reasonable level of billing data and detail.
                Within 30 days of receipt of any such invoice from E-Z-EM (each,
                a "Plan Payment Date"), AngioDynamics shall pay E-Z-EM the
                respective amount set forth therein.

          5.3.2 Except as otherwise agreed by the parties, AngioDynamics shall
                take such action as is necessary to fund all medical, retirement
                and other benefit claims payable to or on behalf of
                AngioDynamics personnel and their dependents to the extent not
                covered by third party insurance. Benefit claims processing
                activities performed by E-Z-EM or its subcontractors shall be
                coordinated to facilitate payments. Following prior written
                notice of not less than 15 business days, E-Z-EM shall be
                relieved of any obligation to deliver Benefit Services under
                this Section 5 at any time when AngioDynamics fails to fund the
                payment of a properly presented claim, unless AngioDynamics
                should deliver the required funds within such 15 day period.

                                       14

<PAGE>

     5.4  401(k) Retirement Plan. On or prior to the Payment Date, AngioDynamics
          shall cause all (if any) references to E-Z-EM to be removed from
          AngioDynamics' 401(k) Plan and shall cause the 401(k) Plans to be
          completely independent. Without limiting the foregoing sentence,
          AngioDynamics shall take such actions as are reasonably necessary to
          exclude E-Z-EM (because of a deemed "control group" or otherwise) from
          the testing or analysis of AngioDynamics' 401(k) Plan.

     5.5  Delegation. AngioDynamics hereby delegates to E-Z-EM final, binding
          and exclusive authority, responsibility, and discretion to interpret
          and construe the provisions of any E-Z-EM-administered Employee
          Welfare Plan in which AngioDynamics is participating under this
          Agreement (being those set forth in the first sentence of Section
          5.2.2). E-Z-EM may further delegate such authority to plan
          administrators to:

          5.5.1 provide administrative and other services;

          5.5.2 reach factually supported conclusions consistent with the terms
                of the Employee Welfare Plans;

          5.5.3 make a full and fair review of each claim denial and decision
                related to the provision of benefits provided or arranged for
                under the Employee Welfare Plans, pursuant to the requirements
                of ERISA, if within sixty days after the receipt of the notice
                of denial, a claimant requests in writing a review for
                reconsideration of such decisions. Any such administrator shall
                notify the claimant in writing of its decision on review, and
                such notice shall satisfy all ERISA requirements relating
                thereto; and

          5.5.4 notify the claimant in writing of its decision to review.

     5.6  Limitation of Liability. AngioDynamics agrees that none of E-Z-EM or
          any E-Z-EM Indemnified Person shall have any liability, whether direct
          or indirect, in contract or tort or otherwise, to AngioDynamics for or
          in connection with the payment of the out-of-pocket costs, fees,
          funding contributions and policy premiums required hereunder, except
          for damages which have resulted from the gross negligence or willful
          misconduct of E-Z-EM or such Indemnified Person in connection with any
          such actions or inactions.

     5.7  Reports. E-Z-EM shall provide or shall cause to be provided to
          AngioDynamics data or reports requested by AngioDynamics relating to
          (i) benefits paid to or on behalf of AngioDynamics personnel under the
          E-Z-EM Plans, including but not limited to financial statements,
          claims history, and census information, and (ii) other information
          relating to the E-Z-EM Plans that is required to satisfy any reporting
          or disclosure requirements of ERISA or the Code. E-Z-EM will provide
          such information within a reasonable period of time after it is
          requested. The costs for reports which are prepared by E-Z-EM or on
          behalf of E-Z-EM generally for its business shall be billed as part of
          the amounts payable under this Section 5.

     5.8  Notice. Unless otherwise agreed in writing by the parties,
          AngioDynamics agrees to provide E-Z-EM with at least one month prior
          written notice of any material change in the eligible AngioDynamics
          personnel covered by the E-Z-EM Plans. Notwithstanding the preceding
          sentence, if AngioDynamics provides E-Z-EM with less than one month
          notice of any such change and E-Z-EM is nonetheless able, with
          reasonable efforts, to effectuate such change with such shorter
          notice, then E-Z-EM shall implement the requested change.

                                       15

<PAGE>

     5.9  Term and Termination.

          5.9.1  The obligations of the parties under this Section 5 may be
                 terminated by AngioDynamics upon giving E-Z-EM at least 60 days
                 prior written notice. E-Z-EM shall deliver to AngioDynamics
                 upon receipt of same (or as soon thereafter as practicable) any
                 refunds or rebates received allocable to the AngioDynamics
                 Employees for periods in which AngioDynamics participated in a
                 Plan, in connection with the reduction in coverage under the
                 E-Z-EM Plans.

          5.9.2  Subject to Section 5.3.2, E-Z-EM may terminate AngioDynamics
                 participation in an E-Z-EM Plan at any time if (i)
                 AngioDynamics shall have failed to perform any of its material
                 obligations under this Agreement relating to such E-Z-EM Plan,
                 (ii) E-Z-EM has notified AngioDynamics in writing of such
                 failure, and (iii) such failure shall have continued for a
                 period of 30 days after receipt of AngioDynamics of notice of
                 such failure. E-Z-EM agrees that after a failure by
                 AngioDynamics to perform its obligations under this Section 5
                 and prior to exercising its termination rights under this
                 Section 5, E-Z-EM will consult for a reasonable period with
                 AngioDynamics in advance of such termination as to its
                 implementation.

          5.9.3  Effect of Termination. Other than as required by law, upon
                 termination of the agreements under this Section 5 in
                 accordance with its terms or the unilateral termination thereof
                 by a party hereto, E-Z-EM will have no further obligation to
                 include AngioDynamics or any of its personnel under the E-Z-EM
                 Plans and AngioDynamics will have no obligation to pay any fees
                 relating the E-Z-EM Plans or make any other payments hereunder;
                 provided that notwithstanding such termination, but subject to
                 the second sentence of Section 5.9.1, AngioDynamics shall
                 remain liable to E-Z-EM for (i) out of pocket costs, fees,
                 funding contributions and policy premiums incurred prior to the
                 effective date of the termination, and (ii) administrative and
                 program costs relating to benefits paid after but incurred
                 prior to the termination of the obligations under this Section
                 5.

6    INDEMNIFICATION

     6.1  Indemnification by AngioDynamics. AngioDynamics shall indemnify and
          hold harmless E-Z-EM and its officers, directors, stockholders,
          employees or other representatives (for each party, each such Person
          is sometimes referred to as an "Indemnified Person") from and against
          any losses, claims, damages or liabilities, joint and/or several (or
          actions in respect thereof) (collectively, "Claims"), to which E-Z-EM
          or such Indemnified Person may become subject arising out of or due to
          any of the following:

          6.1.1  the failure of AngioDynamics to pay, perform or discharge in
                 due course the liabilities, if any, assumed by AngioDynamics in
                 connection with the Distribution or the separation from E-Z-EM;

          6.1.2  the failure of AngioDynamics to comply with the terms of this
                 Agreement or any of the Ancillary Agreements,

          6.1.3  without limiting Section 6.1.2 above, the tax ramifications set
                 forth in (i) through (iv) below (collectively, the "Adverse
                 Tax Results"), if suffered by E-Z-EM and its stockholders,
                 resulting primarily from action or inaction by AngioDynamics,
                 its transfer agent(s) or any other agent or representative of
                 AngioDynamics, to the extent E-Z-EM or its stockholders are
                 adversely affected: (i) a gain being recognized (or an amount
                 being included in the income of) the stockholders of E-Z-EM
                 upon the receipt of AngioDynamics Common Stock in the
                 Distribution; (ii) a gain or loss being recognized to E-Z-EM
                 upon the completion of the Distribution; (iii) the failure of
                 the basis of the AngioDynamics Common Stock and the E-Z-

                                       16

<PAGE>

                 EM Common Stock in the hands of the stockholders of E-Z-EM
                 after the Distribution to be, in each instance, the same as the
                 aggregate basis of the E-Z-EM stockholders in the E-Z-EM Common
                 Stock immediately before the Distribution (allocated in
                 proportion to the fair market value of each), and/or (iv) the
                 failure of the holding period of the AngioDynamics Common Stock
                 received by the stockholders of E-Z-EM as a result of the
                 Distribution to include the holding period of the E-Z-EM Common
                 Stock with respect to which the AngioDynamics Common Stock was
                 received, provided that such E-Z-EM Common Stock is held as a
                 capital asset on the date of the Distribution. Bases for
                 AngioDynamics becoming obligated to indemnify and hold harmless
                 the applicable Indemnified Persons include, without limitation,
                 if (within the prescribed period under the Code) (y) a
                 sufficient number of shares of AngioDynamics Common Stock is
                 held by new stockholders such that there is a change in
                 ownership of 50% or greater in either the voting power or value
                 of AngioDynamics Common Stock (which may include changes in
                 ownership occurring as a result of the Offering) under the
                 Code, or (y) E-Z-EM's share ownership in AngioDynamics
                 decreases below 80.0% and such decrease results in one of the
                 Adverse Tax Results. E-Z-EM acknowledges that changes in the
                 ownership of E-Z-EM Common Stock that cause such Adverse Tax
                 Results shall not be events for which AngioDynamics shall be
                 required to indemnify E-Z-EM or any Person deriving rights
                 through E-Z-EM;

          6.1.4  any investigating, preparing, pursuing or defending any
                 Proceeding (as defined in Section 6.4) or investigation arising
                 out of or in connection with the funding and other payment
                 obligations of AngioDynamics under Section 5; provided that
                 AngioDynamics will not be responsible for any damages of E-Z-EM
                 or any E-Z-EM Indemnified Person that have resulted from his or
                 its gross negligence or willful misconduct in connection
                 therewith;

          6.1.5  any pre-Offering Credit Support Arrangements;

          6.1.6  the business operations of AngioDynamics prior to the
                 Distribution in which E-Z-EM is a defendant solely because
                 E-Z-EM was the sole stockholder of AngioDynamics;

          6.1.7  without duplication of Section 6.1.4, any Claims for which
                 AngioDynamics is responsible under Section 7.3;

          6.1.8  Claims with respect to Intercompany Services provided under
                 Section 8.1, to the extent that such Claims result from or are
                 attributable to the gross negligence or willful misconduct of
                 AngioDynamics;

          6.1.9  Claims under Section 3.4, to the permitted limited therein;

          6.1.10 any untrue statement of a material fact or material omission
                 the IPO Registration Statement or any similar document relating
                 to the Offering or the Distribution, other than information
                 relating to E-Z-EM in the IPO Registration Statement; and

          6.1.11 any taxes, interest, fines, or penalties assessed by any
                 Governmental Authority against E-Z-EM, plus any fees and
                 expenses incurred by E-Z-EM in connection with any such
                 assessment, as a result of AngioDynamic's failure to discharge
                 its obligations under Section 4.7.

     6.2  Indemnification by E-Z-EM. E-Z-EM shall indemnify and hold harmless
          AngioDynamics and its "Indemnified Persons" from and against any and
          all Claims suffered by AngioDynamics or such Indemnified Person
          arising out of or due to any of the following:

                                       17

<PAGE>

          6.2.1  E-Z-EM's failure to pay, perform or discharge in due course
                 E-Z-EM's liabilities that are not assumed by AngioDynamics in
                 connection with the Distribution or the separation from
                 AngioDynamics;

          6.2.2  any investigating, preparing, pursuing or defending any Claim
                 or Proceeding arising out the gross negligence or willful
                 misconduct of E-Z-EM or any E-Z-EM Indemnified Person with
                 respect to its obligations under Section 5;

          6.2.3  the occurrence of any Adverse Tax Results (as defined in
                 Section 6.1.3 above) with respect to AngioDynamics or
                 AngioDynamics' stockholders as a result of the action or
                 inaction of E-Z-EM, including by way of example (i) transfers
                 of E-Z-EM Common Stock and (ii) plans or agreements to which
                 E-Z-EM is a party (other than the Distribution and plans and
                 agreements to which AngioDynamics is a party) for the transfers
                 of E-Z-EM Common Stock or AngioDynamics Common Stock;

          6.2.4  any Claims for which E-Z-EM is responsible under Section 7.3;

          6.2.5  Claims with respect to Intercompany Services provided under
                 Section 8.1, to the extent that such Claims result from or are
                 attributable to the gross negligence or willful misconduct of
                 E-Z-EM;

          6.2.6  E-Z-EM's failure to comply with the terms of this Agreement or
                 any of the other Ancillary Agreements; and

          6.2.7  any taxes, interest, fines, or penalties assessed by any
                 Governmental Authority against AngioDynamics, plus any fees and
                 expenses incurred by AngioDynamics in connection with any such
                 assessment, as a result of the discharge by AngioDynamics of
                 its obligations under Section 4.7.

     6.3  Limitations upon Indemnification Provisions in this Agreement.

          6.3.1  The indemnification obligations in Sections 6.1 and 6.2 are
                 subject to the more specific indemnification obligations set
                 forth in the Ancillary Agreements, including by way of example
                 only Article 4 of the Corporate Agreement. To the extent that
                 any indemnification obligation set forth herein is covered by
                 or inconsistent with more specific provisions of one of the
                 Ancillary Agreements, the indemnification obligations set forth
                 in such Ancillary Agreement shall govern and this Agreement
                 shall be interpreted so as to be consistent with the applicable
                 Ancillary Agreement.

          6.3.2  All indemnification amounts will be reduced by any insurance
                 proceeds and other offsetting amounts actually recovered by the
                 party entitled to indemnification.

     6.4  Procedure for Indemnification. Promptly after receipt by any
          Indemnified Person under Section 6.1 or Section 6.2 hereof of notice
          of the commencement of any action, claim or proceeding (each, a
          "Proceeding"), such Indemnified Person shall, if a Claim in respect
          thereof is sought against an AngioDynamics or E-Z-EM, respectively
          (for purposes of this Section 6.4, an "Indemnitor"), notify such
          Indemnitor in writing of the commencement thereof, but any omission or
          delay in notifying the Indemnitor shall not relieve it from any
          liability which it may have to any Indemnified Person except to the
          extent of any actual prejudice. In case any such action shall be
          brought against any Indemnified Person, it shall notify an Indemnitor
          of the commencement thereof, such Indemnitor shall be entitled to
          participate therein and, to the extent that it shall wish, jointly
          with any other Indemnitor similarly notified, to assume the defense
          thereof, with counsel reasonably satisfactory to such Indemnified
          Person, and, after notice from the Indemnitor to such Indemnified
          Person of its election so to assume the defense thereof, such
          Indemnitor shall not be liable to such Indemnified Person under this

                                       18

<PAGE>

          Section 6 for any legal expenses of other counsel or any other
          expenses, in each case subsequently incurred by such Indemnified
          Person, in connection with the defense thereof. No Indemnitor shall,
          without the prior written consent of the applicable Indemnified
          Person, effect the settlement or compromise of, or consent to the
          entry of any judgment with respect to, any pending or threatened
          Proceeding in respect of which indemnification may be sought hereunder
          (whether or not the Indemnified Person is an actual or potential party
          to such action or claim) unless such settlement, compromise or
          judgment (i) includes an unconditional release of the Indemnified
          Person from all Claims arising out of such Proceeding and (ii) does
          not include a statement as to, or an admission of, fault, culpability
          or a failure to act, by or on behalf of any Indemnified Person.
          Notwithstanding the foregoing, an Indemnified Person shall have the
          right to employ separate counsel reasonably acceptable to the
          Indemnitor in any such proceeding and to participate in (but not
          control, other than with respect to (3) below) the defense thereof,
          but the fees and expenses of such counsel shall be at the expense of
          such Indemnified Person unless (1) the Indemnitor has agreed to pay
          such fees and expenses; (2) the Indemnitor shall have failed after
          notice to assume the defense of such Proceeding; or (3) the named
          parties to any such Proceeding (including any impleaded parties)
          include both such Indemnified Person and the Indemnitor, and a
          conflict of interest may reasonably be expected to exist if such
          counsel represents such Indemnified Person and the Indemnitor. In the
          case of clause (3), the Indemnified Person shall have the right to
          control the Indemnified Person's defense and, for each of clauses
          (1)-(3), if such Indemnified Person notifies the Indemnitor in writing
          that it elects to employ separate counsel, the reasonable fees and
          expenses of such counsel shall be at the expense of the Indemnitor;
          provided, however, that the Indemnitor shall not, in connection with
          any one such Proceeding or separate but substantially similar or
          related Proceedings in the same jurisdiction, arising out of the same
          general allegations or circumstances, be liable for the reasonable
          fees and expenses of more than one separate firm of attorneys
          (together with appropriate local counsel) at any time for all such
          Indemnified Persons. An Indemnitor shall not be liable for any
          settlement of an action effected without its written consent.

7    EMPLOYMENT MATTERS

Notwithstanding any other provision of this Agreement or any Ancillary Agreement
to the contrary, E-Z-EM and AngioDynamics acknowledge and agree that:

     7.1  Separate Employers. After the Payment Date, E-Z-EM and AngioDynamics
          will be separate and independent employers for all purposes. Except as
          otherwise provided in this Agreement or in any Ancillary Agreement and
          without in any way limiting Sections 4.1 and 4.2, the preceding
          sentence shall not, of itself, constitute a severance or a termination
          of employment under any Plan (including severance agreements)
          maintained by E-Z-EM or AngioDynamics, and to the maximum extent
          permitted by applicable law, no severance, separation or termination
          shall be deemed to occur by reason of the Distribution.

     7.2  Employment Policies And Practices. Further to Section 5.1.6, E-Z-EM
          and AngioDynamics may adopt, continue, modify or terminate such
          employment policies, compensation practices, Employee Welfare Plans,
          and other plans or policies of any kind or description, as each may
          determine, in its sole discretion, are necessary and appropriate.

     7.3  Claims.

          7.3.1  This Section 7.3 is intended to allocate all liabilities for
                 employment-related claims involving E-Z-EM or AngioDynamics
                 including, but not limited to, claims against either or both
                 E-Z-EM and AngioDynamics and their respective officers,
                 directors, agents and employees, or against or by their
                 respective employee benefit plans and plan administrators and
                 fiduciaries, except to the extent covered under Section 5 of
                 this Agreement.

                                       19

<PAGE>

          7.3.2  An employment-related claim shall include any actual or
                 threatened lawsuit, arbitration, ERISA claim, or federal, state
                 or local judicial or administrative proceeding of whatever kind
                 involving a demand by or on behalf of or relating to E-Z-EM
                 Employees or AngioDynamics Employees, or by or relating to any
                 federal, state or local government agency alleging liability
                 against E-Z-EM or AngioDynamics, or (except to the extent
                 covered by Section 5 of this Agreement) against any employee
                 health, welfare, deferred compensation or other benefit plan
                 and/or their respective officers, directors, agents, employees,
                 administrators, trustees and fiduciaries.

          7.3.3  The duty of a party to indemnify, defend and hold harmless the
                 other party under this Section 7.3 shall include such duties,
                 and be subject to such procedures, as set forth in Section 6 of
                 this Agreement, as modified in this Section 7.3.

          7.3.4  With respect to pre-Distribution claims:

                 7.3.4.1 E-Z-EM shall indemnify, defend and hold harmless
                 AngioDynamics from any employment-related claims of an E-Z-EM
                 Employee arising from acts occurring before the Payment Date.

                 7.3.4.2 AngioDynamics shall indemnify, defend and hold harmless
                 E-Z-EM from any employment-related claims of a AngioDynamics
                 Employee arising from acts before the Payment Date.

          7.3.5  Where employment-related claims alleging or involving joint and
                 several liability asserted against E-Z-EM and AngioDynamics are
                 not separately traceable to liabilities relating to E-Z-EM
                 Employees or AngioDynamics Employees, any liability shall be
                 appointed between E-Z-EM and AngioDynamics in accordance with
                 the percentage that each party's Employees represents of the
                 combined total number of Employees of both parties, as
                 described below. The percentage of the liability assumed by
                 E-Z-EM shall equal the ratio of (i) the total number of E-Z-EM
                 Employees on the Distribution Date to (ii) the combined total
                 number of E-Z-EM Employees and AngioDynamics Employees on such
                 date. The percentage of the liability assumed by AngioDynamics
                 shall equal the ratio of (i) the total number of AngioDynamics
                 Employees on the Distribution Date, to (ii) the combined total
                 number of E-Z-EM Employees and AngioDynamics Employees on such
                 date. Each party will indemnify, defend and hold harmless the
                 other to the extent of the indemnifying party's apportioned
                 percentage determined in accordance herewith.

          7.3.6  Employment related claims arising from acts occurring on and
                 after the Payment Date and not relating to, arising from, or in
                 connection with the Distribution will be the sole
                 responsibility of E-Z-EM as to E-Z-EM Employees and of
                 AngioDynamics as to AngioDynamics Employees and each will
                 indemnify, defend, and hold harmless the other from
                 employment-related claims of the other company.

8    SERVICES AGREEMENT

     8.1  Intercompany Services and Intercompany Charges. Legal, professional,
          administrative, clerical, consulting and/or support services (the
          "Intercompany Services") provided to one party by personnel of the
          other party, upon the request of the first party or when such services
          are otherwise required by this Agreement, shall be charged to the
          party receiving such services on terms that reflect arm's length
          negotiation (the "Intercompany Charges").

          8.1.1  The parties acknowledge and agree that the Intercompany
                 Services and the Intercompany Charges are expected to be those
                 set forth on Exhibit C, but that Exhibit C is neither binding
                 (except where the Intercompany Charges are set forth as a fixed
                 percentage) nor reflective of

                                       20

<PAGE>

                 additional services (or their cost) that may be provided as
                 mutually agreed by the persons named or described therein.

          8.1.2  With respect to the amounts on Exhibit C relating to payments
                 to Howard Stern, AngioDynamics hereby assumes E-Z-EM's payment
                 obligations under E-Z-EM's agreement with Howard Stern dated as
                 of January 1, 2002, to the extent set forth on Exhibit C, and
                 only from the date hereof through December 2004, as indicated
                 in the right-most column of Exhibit C.

     8.2  Payment. E-Z-EM and AngioDynamics agree to pay the amount invoiced by
          the other (absent manifest error) for the Intercompany Services within
          ten (10) days of the end of the month in which the respective
          Intercompany Services are provided. With respect to those Intercompany
          Costs that are ascertainable in advance or remain relatively constant,
          such as contributions for the respective salaries and benefits set
          forth on Exhibit C, the parties agree to negotiate in good faith a
          more frequent payment schedule if requested by the party who employs
          or has engaged the personnel providing such Intercompany Services.

     8.3  Termination. The obligation to perform the Intercompany Services shall
          terminate on December 31, 2004; provided that (i) in the case of a
          payment default, the party providing the applicable Intercompany
          Services may terminate providing same upon 15 days prior written
          notice (unless such payment default is cured within such 15-day
          period) and (ii) nothing set forth in this Section 8 shall require
          either party use or pay for Intercompany Services from the other. The
          payment obligations under Section 8.2 and the applicable
          indemnification obligations under Section 6 shall survive any
          termination of the obligations under this Section 8.

     8.4  Return of Property. Upon the termination of the parties' obligations
          under this Section 8, each party shall return to the other any and all
          items of the other's property, if any, utilized in performing the
          services contemplated above.

     8.5  Limitation on Applicability. This Section 8 shall not apply to (i)
          manufacturing or production services provided by AngioDynamics to
          E-Z-EM, which shall be governed by Section 3.4 of this Agreement, (ii)
          Benefit Services (which shall be governed by Section 5), (iii) tax
          allocations and any related services covered in the Tax Agreement, and
          (iv) any other services specifically covered in another provision of
          this Agreement or an Ancillary Agreement.

9    MISCELLANEOUS

     9.1  Entire Agreement. This Agreement, the Ancillary Agreements and the
          Exhibits and Schedules referenced or attached hereto and thereto,
          constitute the entire agreement between the parties with respect to
          the subject matter hereof and thereof and shall supersede all prior
          written and oral and all contemporaneous oral agreements and
          understandings, negotiations, discussions, writings, commitments and
          conversations with respect to the subject matter hereof and thereof,
          and there are no agreements or understandings between the parties
          other than those set forth or referred to herein or therein.

     9.2  Governing Law; Consent to Jurisdiction. This Agreement shall be
          governed by and construed in accordance with the laws of the State of
          New York (without giving effect to any conflict of laws principles).
          The parties hereto unconditionally and irrevocably agree and consent
          to the exclusive jurisdiction of the United States District Court and
          the courts of the State of New York located in the County of New York,
          State of New York, and waive any objection with respect thereto, for
          the purpose of any action, suit or proceeding arising out of or
          relating to this Agreement or the transactions contemplated hereby and
          further agree not to commence any such action, suit or proceeding
          except in any such court. Each party irrevocably waives any objections
          or immunities to jurisdiction to which it may otherwise be entitled or
          become entitled (including sovereign immunity,

                                       21

<PAGE>

          immunity to pre-judgment attachment, post-judgment attachment and
          execution) in any legal suit, action or proceeding against it arising
          out of or relating to this Agreement or the transactions contemplated
          hereby which is instituted in any such court.

     9.3  Termination. Notwithstanding the specific termination provisions in
          any Section hereof, this Agreement and all Ancillary Agreements may be
          terminated at any time prior to the sale of shares of AngioDynamics
          Common Stock to the underwriters in the Offering by and in the sole
          discretion of E-Z-EM without the approval of either AngioDynamics or
          the stockholders of E-Z-EM. Thereafter, this Agreement may only be
          terminated in a written agreement executed by AngioDynamics and
          E-Z-EM, although portions of this Agreement may be terminated
          unilaterally as specifically provided in such sections. In the event
          of termination pursuant to this Section 9.3, no party shall have any
          liability of any kind to the other party or any other Person, except
          to the extent agreed herein, in the Ancillary Agreements or otherwise
          by the parties.

     9.4  Notices. All notices and other communications required or permitted to
          be given by either party pursuant to the terms of this Agreement shall
          be in writing to and shall be deemed to have been duly given when
          delivered in person, by express or overnight mail delivery by a
          nationally recognized courier (delivery charges prepaid), or by
          registered or certified mail (postage prepaid, return receipt
          requested), as follows:

          if to E-Z-EM:

                 1111 Marcus Avenue, Suite LL-26
                 Lake Success, NY 11042
                 Attention:  General Counsel

          if to AngioDynamics:

                 603 Queensbury Avenue
                 Queensbury, New York 12804
                 Attention:  Chief Executive Officer

          or to such other address as the party to whom notice is given may have
          previously furnished to the other in writing in the manner set forth
          above. All notices and other communication shall be deemed to have
          been given and received on the date of actual delivery.

     9.5  Counterparts. This Agreement and each Ancillary Agreement, may be
          executed in counterparts, each of which shall be deemed to be an
          original but all of which shall constitute one and the same agreement,
          and shall become effective when one or more counterparts have been
          signed by each of the parties and delivered to the other party.

     9.6  Binding Effect; Assignment; Third-Party Beneficiaries. AngioDynamics
          may not, directly or indirectly, in whole or in part, whether by
          operation of Law or otherwise, assign or transfer this Agreement or
          its rights hereunder, without E-Z-EM's prior written consent and,
          except as otherwise permitted hereby, any attempted assignment,
          transfer or delegation without such prior written consent shall be
          voidable at the sole option of E-Z-EM. Nothing in this Agreement shall
          restrict any transfer of this Agreement by E-Z-EM, whether by
          operation of Law or otherwise, in connection with a transfer of
          AngioDynamics Common Stock in a non-public transaction; otherwise, the
          prior written consent of AngioDynamics shall be required. Without
          limiting the foregoing, this Agreement shall be binding upon and inure
          to the benefit of the parties hereto and their permitted successors
          and assigns. Except for Indemnified Persons (who are intended third
          party beneficiaries of this Agreement, but solely to the extent set
          forth in Section 6) and as otherwise expressly provided herein, this
          Agreement shall be binding upon and inure solely to the benefit of
          each party hereto and its legal representatives and successors and
          assigns and nothing in this Agreement, express or implied, is intended
          to confer

                                       22

<PAGE>

          upon any other Person any rights or remedies of any nature whatsoever
          under or by reason of this Agreement.

     9.7  Severability. If any term or other provision of this Agreement is
          determined by a court or administrative agency of competent
          jurisdiction or arbitrator in any binding arbitration, to be invalid,
          illegal or incapable of being enforced by any rule of Law or public
          policy, all other conditions and provisions of this Agreement will
          nevertheless remain in full force and effect so long as the economic
          or legal substance of the transactions contemplated hereby is not
          affected in any manner materially adverse to any party hereto. Upon
          such determination that any term or other provision is invalid,
          illegal or incapable of being enforced, the parties hereto shall
          negotiate in good faith to modify this Agreement so as to effect the
          original intent of the parties hereto as closely as possible in an
          acceptable manner to the end that transactions contemplated hereby are
          fulfilled to the fullest extent possible.

     9.8  Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or
          delay on the part of either party hereto in the exercise of any right
          hereunder shall impair such right or be construed to be a waiver of,
          or acquiescence in, any breach of any representation, warranty or
          agreement herein, nor shall any single or partial exercise of any such
          right preclude other or further exercise thereof or of any other
          right. All rights and remedies existing under this Agreement or the
          Exhibits attached hereto (and under the Ancillary Agreements and the
          Schedules and Exhibits thereto) are cumulative to, and not exclusive
          of, any rights or remedies otherwise available.

     9.9  Amendment. This Agreement may not be amended by any custom of trade,
          course of dealing or otherwise, except by an instrument in writing
          signed on behalf of each of the parties to such agreement.

     9.10 Authority. Each of the parties hereto represents to the other that (a)
          it has the requisite corporate power and authority to execute, deliver
          and perform this Agreement and each Ancillary Agreement, (b) the
          execution, delivery and performance by it of this Agreement and each
          Ancillary Agreement have been duly authorized by all necessary
          corporate or other actions, (c) it has duly and validly executed and
          delivered this Agreement and each Ancillary Agreement, and (d) this
          Agreement and each Ancillary Agreement is a legal, valid and binding
          obligation, enforceable against it in accordance with its terms
          subject to applicable bankruptcy, insolvency, reorganization,
          moratorium or other similar Laws affecting creditors' rights generally
          and general equity principles.

     9.11 Conflicting Agreements. In the event of conflict between this
          Agreement and any Ancillary Agreement or other agreement executed in
          connection herewith, the provisions of this Agreement shall prevail.
          However, to the extent that any Ancillary Agreement addresses an issue
          more specifically than such issue is addressed herein, the terms of
          such Ancillary Agreement shall prevail to the extent they are not in
          conflict with this Agreement.

     9.12 Specific Performance and Other Equitable Rights. Each of the parties
          hereto recognizes and acknowledges that a breach by a party or by any
          assignee thereof of any covenants or other commitments contained in
          this Agreement will cause the other party to sustain injury for which
          it would not have an adequate remedy at law for money damages.
          Therefore, each of the parties hereto agrees that in the event of any
          such breach, the aggrieved party shall be entitled to the remedy of
          injunctive and other equitable relief in addition to any other remedy
          to which it may be entitled, at law or in equity, and the parties
          hereto further agree to waive any requirement for the securing or
          posting of any bond in connection with the obtaining of any such
          injunctive or other equitable relief.

     9.13 Attorney-Client Privilege. The provisions herein requiring either
          party to this Agreement to cooperate shall not be deemed to be a
          waiver of the attorney/client privilege for either party or shall it
          require either party to waive its attorney/client privilege.

                                       23

<PAGE>

     9.14 Independent Status. The relationship of AngioDynamics and E-Z-EM
          hereunder with respect to manufacturing (Section 3.4), distribution
          (Section 3.5) and other services hereunder (including without
          limitation Section 8) shall be that of independent contractors.
          Nothing in this Agreement with respect to services is intended to, or
          shall be construed to constitute E-Z-EM or any of E-Z-EM's employees,
          salepersons or agents, an agent, employee or partner of AngioDynamics
          (and vice-versa), except to the extent an agent for purposes of sales
          and marketing purposes.

10   DEFINITIONS

     10.1 Interpretation. The headings contained in this Agreement, in any
          Exhibit or Schedule hereto and in the table of contents to this
          Agreement are for reference purposes only and shall not affect in any
          way the meaning or interpretation of this Agreement. Any capitalized
          term used in any Schedule or Exhibit but not otherwise defined therein
          shall have the meaning assigned to such term in this Agreement. When a
          reference is made in this Agreement to a Section, Exhibit or Schedule,
          such reference shall be to a Section of, or an Exhibit or Schedule to,
          this Agreement unless otherwise indicated. Any reference in this
          Agreement to another agreement or instrument shall be deemed to
          include such agreement or instrument as it may be amended, modified,
          restated and/or supplemented from time to time. References in this
          Agreement to any legislation (including for purposes of (i) below
          rules and regulations) shall be deemed to include, unless the context
          indicates to the contrary, (i) any amendments or supplemental or
          substitute legislation from time to time, and (ii) any "rules or
          regulations" promulgated under such legislation. References to the
          plural shall also be deemed to be a reference to the singular, and
          vice-versa, as the context may dictate.

     10.2 As used herein, the following terms have the respective definitions
          set forth below:

          "401(k) Retirement Plan" means a defined contribution plan maintained
          pursuant to Section 401(k) or 401(a) of the Code for Employees and
          their beneficiaries.

          "Acquiror" has the meaning set forth in Section 3.9.3

          "Adjusted E-Z-EM Option" means an Existing E-Z-EM Option adjusted in
          the manner set forth in Section 4.

          "Affiliate" or "Affiliates" as applied to any Person, means any other
          Person directly or indirectly controlling, controlled by, or under
          common control with that Person. For the purposes of this definition,
          "control" (including with correlative meanings, the terms
          "controlling," "controlled by" and "under common control with"), as
          applied to any Person, means the possession, directly or indirectly,
          of the power to direct or cause the direction of the management and
          policies of that Person, whether through the ownership of voting
          securities, by contract or otherwise.

          "Ancillary Agreements" has the meaning set forth in Section 1.2
          hereof.

          "AngioDynamics Adjustment Plans" means, collectively, any (i) non-plan
          grants and/or (ii) stock option plans (which shall be deemed to
          include "mirror plans" and AngioDynamics 2004 Stock and Incentive
          Award Plan) to be adopted by AngioDynamics in furtherance of Section
          4.3 hereof, to enable AngioDynamics to grant options to purchase
          AngioDynamics Common Stock to the holders of Existing E-Z-EM Options
          granted under the E-Z-EM Option Plans. For greater certainty, each
          AngioDynamics Adjustment Plan will "mirror" the material provisions of
          the corresponding E-Z-EM Option Plan or related Existing E-Z-EM
          Option, except that each AngioDynamics Adjustment Plan will provide
          that: (i) the Distribution will not be deemed a "termination" of the
          employment of any E-Z-EM Employee for the purposes of the Plan, (ii)
          following the Distribution, termination of employment of any E-Z-EM
          Employee for the purposes of the Plan will be determined by reference
          to employment by E-Z-EM or any of its subsidiaries, and (iii) the
          expiration date of such option shall be modified as set forth in
          Section 4.6 hereof.

                                       24

<PAGE>

          "AngioDynamics Business" means the business of AngioDynamics as
          conducted consistent with practices in place prior to the Distribution
          Date and as expected to be conducted in the future (as described in
          the IPO Registration Statement).

          "AngioDynamics Option" means an option to acquire AngioDynamics Common
          Stock granted under any currently existing Plans of AngioDynamics, the
          AngioDynamics Adjustment Plans or any non-plan grant.

          "AngioDynamics Plan Commencement Date" has the meaning set forth in
          Section 5.1.4.

          "Benefits Services" has the meaning ascribed thereto in Section 5.2.2.

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

          "Code" has the meaning set forth in the Recitals hereof.

          "Commission" has the meaning set forth in the Recitals hereof.

          "Confidential Information" shall mean:

               (a) all information concerning a party and its business
          constituting a trade secret, except for such information as is
          described below, whether or not reduced to writing, marked as
          confidential, patentable or protectible by copyright, patent or
          trademark, that the other Party receives or receives access to,
          directly or indirectly, including, without limitation:

                   (i) financial information relating to a Party;

                   (ii) application, operating system, data base, communication
          and other computer software, whether now or hereafter existing, all
          modifications, enhancements and versions and all options available
          with respect thereto, and all future products developed or derived
          therefrom;

                   (iii) source and object codes, flowcharts, algorithms, coding
          sheets, routines, sub-routines, compilers, assemblers, design concepts
          and related documentation and manuals;

                   (iv) processes, marketing techniques and arrangements,
          mailing lists, purchasing information, pricing policies, quoting
          procedures, customer and prospect names and requirements, employee,
          customer, supplier and distributor data and other materials or
          information relating to the party's business and activities and the
          manner in which the party does business;

                   (v) discoveries, concepts, and ideas including, without
          limitation, the nature and results of research and development
          activities, processes, formulas, formulations, protocols, inventions,
          computer-related equipment or technology, techniques, data,
          "know-how", designs, drawings, prototypes, diagrams, schematics,
          descriptions, trade secrets, records, proposals, reports and methods
          and specifications;

                   (vi) any other materials or information related to the
          business or activities of the party that are not generally known to
          others engaged in similar businesses or activities; and

                   (vii) all ideas that are derived from or relate to the other
          party's access to or knowledge of any of the above enumerated
          materials and information.

               (b) For purposes of this Agreement, the term "Confidential
          Information" shall not include information that is disclosed pursuant
          to the order of a court or Governmental Authority having competent
          jurisdiction, or that becomes publicly available without breach of
          either (i) this Agreement or (ii) any other agreement or instrument to
          which the applicable party is a party or a beneficiary; provided,
          however, that each party hereby acknowledges and agrees that if it
          shall seek to disclose, divulge, reveal, report, publish, transfer or
          use, for any purpose whatsoever, any Confidential Information, it
          shall bear the burden of proving that any such information has become
          publicly available without any such breach.

                                       25

<PAGE>

          "Credit Support Arrangements " has the meaning set forth in Section
          3.1 hereof.

          "Distribution" has the meaning set forth in the Recitals hereof.

          "Distribution Agent" has the meaning set forth in Section 2.1.1
          hereof.

          "Distribution Date" means the date as so determined by E-Z-EM in its
          sole and absolute discretion in accordance with Section 2 hereof on
          which the Distribution is declared (which date shall not necessarily
          be the same as the Payment Date).

          "E-Z-EM Board" has the meaning set forth in the Recitals hereof.

          "E-Z-EM Business" means the development, manufacture, and marketing of
          medical products used by radiologists, gastroenterologists and speech
          language pathologists for diagnostic imaging of diseases and disorders
          of the GI tract, as well as manufacturing barium sulfate suspensions,
          defense decontaminants, mining of barium sulfate, and acting as
          distributors for E-Z-EM's gastrointestinal products, but in no case
          may the E-Z-EM Business include any such activities if related to the
          AngioDynamics Business.

          "E-Z-EM Common Stock" has the meaning set forth in the Recitals
          hereof.

          "E-Z-EM Group" means E-Z-EM and each Subsidiary and Affiliate of
          E-Z-EM immediately after the Distribution Date and each Person that
          becomes a Subsidiary or an Affiliate of E-Z-EM (other than
          AngioDynamics and its Subsidiaries, if any) after the Distribution
          Date.

          "E-Z-EM Option Plans" means the stock option plans currently in effect
          for E-Z-EM.

          "E-Z-EM Plans" means (i) with the exceptions of the AngioDynamics
          Plans referred to in the first sentence of Section 5.1.2, every plan,
          policy, arrangement, contract or agreement providing compensation or
          benefits for any group of Employees or for any individual Employee or
          the dependents or beneficiaries of any such Employee, including
          without limitation Employee Welfare Plans, whether formal or informal
          or written or unwritten, and including, without limitation, any means,
          whether or not legally required, pursuant to which any benefit is
          provided by an employer to any Employee or the beneficiaries of any
          such Employee, and (ii) to the extent the context does not indicate to
          the contrary, other insurance policies currently in effect insuring
          E-Z-EM and AngioDynamics and their employees, directors and officers,
          including without limitation (A) directors and officers insurance and
          any other "fiduciary"-based insurance policies, (B) product liability
          insurance, (C) property (real or personal) insurance, and (D)
          business, casualty, general and/or umbrella liability insurance
          policies. The term "Plan" as used in this Agreement does not include
          any contract, agreement or understanding entered into by E-Z-EM or
          AngioDynamics relating to settlement of actual or potential
          employee-related litigation claims.

          "Employee" means an individual who, on the Payment Date, is identified
          as being in any of the following categories.

          E-Z-EM Categories of Employees (which shall for all purposes exclude
          AngioDynamics Employees):

               (i) E-Z-EM Terminee. Any individual formerly employed in the
               E-Z-EM Business whose employment was terminated prior to the
               Payment Date.

               (ii) E-Z-EM Employee. Any individual who is an Employee of E-Z-EM
               on the Payment Date.

                                       26

<PAGE>

          AngioDynamics Categories of Employees:

               (i) AngioDynamics Terminee. Any individual formerly employed in
               the AngioDynamics Business whose employment was terminated prior
               to the Payment Date.

               (ii) AngioDynamics Employee. Any individual who is an Employee of
               AngioDynamics on the Payment Date.

          "Employee Welfare Plans" means any Plan that provides medical, health,
          disability, accident, life insurance, death, dental or any other
          welfare benefit, including, without limitation, any post-employment
          benefit.

          "Equity Securities" means all classes of equity securities of
          AngioDynamics, and any options, instruments or other securities of
          AngioDynamics or any other issuer exercisable for, convertible into or
          exchangeable for AngioDynamics' equity securities.

          "ERISA" means the Employee Retirement Income Security Act of 1974.

          "Exchange Act" means the Securities and Exchange Act of 1934.

          "Exchange Act Registration Statement" shall have the meaning set forth
          in Section 2.2.1.

          "Existing Authority" has the meaning set forth in Section 3.8 hereof.

          "Existing E-Z-EM Stock Option" means each unexercised option to
          purchase E-Z-EM Common Stock outstanding as of the Record Date, issued
          pursuant to any of the E-Z-EM Option Plans or non-plan grant.

          "Governmental Approvals" means any notices, reports or other filings
          to be made, or any consents, registrations, approvals, permits or
          authorizations to be obtained from, any Governmental Authority.

          "Governmental Authority" shall mean any federal, state, local, foreign
          or international court, government, department, commission, board,
          bureau, agency, official or other regulatory, administrative or
          governmental authority.

          "Indemnified Person" has the meaning set forth in Section 6.1.

          "Information" means information, whether or not patentable or
          copyrightable, in written, oral, electronic or other tangible or
          intangible forms, stored in any medium, including studies, reports,
          records, books, audit work papers, work papers from internal audits,
          contracts, instruments, surveys, discoveries, ideas, concepts,
          know-how, techniques, designs, specifications, drawings, blueprints,
          diagrams, models, prototypes, samples, flow charts, data, computer
          data, disks, diskettes, tapes, computer programs or other software,
          marketing plans, customer names, communications by or to attorneys
          (including attorney-client privileged communications), memos and other
          materials prepared by attorneys or under their direction (including
          attorney work product), and other technical, financial, employee or
          business information or data.

          "Information Package" has the meaning set forth in Section 2.2.1
          hereof.

          "Intercompany Services" and "Intercompany Charges" shall have the
          meaning set forth in Section 8.1.

          "Law" means any applicable federal, state, local or foreign law,
          statute, ordinance, directive, rule, regulation, judgment, order,
          injunction, decree, arbitration award, agency requirement, license or
          permit of any Governmental Authority.

                                       27

<PAGE>

          "IPO Registration Statement" has the meaning set forth in the Recitals
          hereof.

          "Nasdaq" means the Nasdaq National Market of the Nasdaq Stock Market,
          Inc.

          "Payment Date" means the date of the delivery date of the
          AngioDynamics Common Stock distributed in the Distribution.

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

          "Plan Payment Date" has the meaning ascribed thereto in Section 5.3.1.

          "Prohibited Activities" has the meaning set forth in Section 3.9.1
          hereof.

          "Record Date" means the close of business on the date to be determined
          by the E-Z-EM Board as the record date for determining the
          shareholders of E-Z-EM entitled to receive shares of AngioDynamics
          Common Stock pursuant to a pro-rata distribution of shares of
          AngioDynamics Common Stock as part of the Distribution.

          "Service Credit" means the period taken into account under any Plan
          for purposes of determining length of service or plan participation to
          satisfy eligibility, vesting, benefit accrual and similar requirements
          under such Plan.

          "Subsidiary" means with respect to any specified Person, corporation,
          limited liability company, partnership or other legal entity of which
          such Person or its Subsidiaries owns, directly or indirectly, more
          than 50% of the stock or other equity interest entitled to vote on the
          election of the members of the board of directors or similar governing
          body.

          "Tax Agreement" has the meaning set forth in Section 1.2.1 hereof.

              [The remainder of this page intentionally left blank]

                                       28

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have signed this Distribution
Agreement effective as of the date first set forth above.

E-Z-EM, INC                                     ANGIODYNAMICS, INC.

By: ____________________________                By: ____________________________
Name:  Anthony Lombardo                         Name:   Eamonn Hobbs
       President and Chief                              President and Chief
       Executive Officer                                Executive Officer

                                       29

<PAGE>

                                    EXHIBIT C

                 Intercompany Services and Intercompany Charges

<TABLE>
<CAPTION>
                                                         MONTHLY (EST.)    Termination
                                                         --------------    -----------
<S>                                     <C>              <C>               <C>
E-Z-EM CHARGES TO
ANGIODYNAMICS                                 %               $
-------------

Financial Consulting Services                20%            4,600          Fiscal year end - May 29, 2004
Accounting - Salary plus benefits                           1,300          Fiscal year end - May 29, 2004
Howard S. Stern - Consulting                 35%            7,300          December 31, 2004
Howard S. Stern - Expenses                   35%            2,300          December 31, 2004
Foreign Sales Management                     45%            6,300          December 31, 2004
In-house Legal                               40%            8,400          Fiscal year end - May 29, 2004
                                                          -------
                                                          $30,200

Commissions (Foreign Sales of               100%                           December 31, 2004
AngioDynamics Products)

Miscellaneous Invoices                                   (de minimis)

ANGIODYNAMICS

(NON-MANUFACTURING)
CHARGES TO E-Z-EM
-------------------

Miscellaneous Invoices                                   (de minimis)
</TABLE>

                                        30

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