Document:

<PAGE>
                                                                    Exhibit 4.01

                  This Subordinated Note is a Global Security within the meaning
of the Indenture hereinafter referred to and is registered in the name of the
Depository named below or a nominee of the Depository. This Subordinated Note is
not exchangeable for Subordinated Notes registered in the name of a Person other
than the Depository or its nominee except in the limited circumstances described
herein and in the Indenture, and no transfer of this Subordinated Note (other
than a transfer of this Subordinated Note as a whole by the Depository to a
nominee of the Depository or by a nominee of the Depository to the Depository or
another nominee of the Depository) may be registered except in the limited
circumstances described herein.

                  Unless this certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation (the
"Depository"), to the Company or its agent for registration of transfer,
exchange, or payment, and any certificate issued is registered in the name of
Cede & Co. or in such other name as is requested by an authorized representative
of the Depository (and any payment is made to Cede & Co. or to such other entity
as is requested by an authorized representative of the Depository), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

                  THE SUBORDINATED NOTES ARE NOT SAVINGS ACCOUNTS OR DEPOSITS
BUT ARE UNSECURED OBLIGATIONS OF CITIGROUP INC. THE SUBORDINATED NOTES ARE NOT
INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER FEDERAL AGENCY
OR INSTRUMENTALITY.

                                 CITIGROUP INC.
                  5.625% SUBORDINATED NOTES DUE AUGUST 27, 2012

<TABLE>
REGISTERED                                                            REGISTERED
<S>                                                                <C>

                                                                          CUSIP:
                                                                           ISIN:
                                                                    Common Code:

No. R-                                                                         $
</TABLE>

                  CITIGROUP INC., a Delaware corporation (the "Company", which
term includes any successor Person under the Indenture), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of $ __________ on August 27, 2012 and to pay interest thereon from and
including August 26, 2002 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually, on February 27 and
August 27 of each year, commencing February 27, 2003, at the rate of 5.625% per
annum, until the principal hereof is paid or made available for payment. The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Subordinated Note is registered at the close of business on the Record
Date for such interest, which shall be the February 15 and August 15 (whether or
not a Business Day) immediately preceding such Interest Payment Date.
<PAGE>
                  Any such interest not so punctually paid or duly provided for
will forthwith cease to be payable to the holder on such Record Date and may
either be paid to the Person in whose name this Subordinated Note is registered
at the close of business on a subsequent Record Date, such subsequent Record
Date to be not less than five days prior to the date of payment of such
defaulted interest, notice whereof shall be given to holders of Subordinated
Notes of this series not less than 15 days prior to such subsequent Record Date,
or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Subordinated Notes of this
series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in the Indenture.

                  Interest hereon will be calculated on the basis of a 360-day
year comprised of twelve 30-day months.

                  If either an Interest Payment Date or the Maturity of the
Subordinated Notes falls on a day that is not a Business Day, such Interest
Payment Date or Maturity will be the next succeeding Business Day. If a date for
payment of interest or principal on the Subordinated Notes falls on a day that
is not a business day in the place of payment, such payment will be made on the
next succeeding business day in such place of payment as if made on the date the
payment was due. No interest will accrue on any amounts payable for the period
from and after the due date for payment of such principal or interest.

                  For these purposes, "Business Day" means any day which is a
day on which commercial banks settle payments and are open for general business
in The City of New York.

                  Payment of the principal of and interest on this Subordinated
Note will be made at the office or agency of the Trustee maintained for that
purpose in The City of New York.

                  Reference is hereby made to the further provisions of this
Subordinated Note set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place.

                  Unless the certificate of authentication hereon has been
executed by the Trustee or by an authenticating agent on behalf of the Trustee
by manual signature, this Subordinated Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

                                       2
<PAGE>
                  IN WITNESS WHEREOF, the Company has caused this instrument to
be duly executed under its corporate seal.

Dated:  October 31, 2002

                                        CITIGROUP INC.

                                        By:_________________________________

                                        Title:  Assistant Treasurer

ATTEST:

By:___________________________
Assistant Secretary

                                       3
<PAGE>
                  This is one of the Subordinated Notes of the series issued
under the within-mentioned Indenture.

Dated:  October 31, 2002

                                        BANK ONE TRUST COMPANY, N.A.
                                        as Trustee

                                        By:_________________________________
                                          Name:
                                          Title:

                                    -or-

                                        CITIBANK, N.A.,
                                        as Authenticating Agent

                                        By:_________________________________
                                           Name:
                                           Title:

                                       4
<PAGE>
                  This Subordinated Note is one of a duly authorized issue of
Securities of the Company (the "Subordinated Notes"), issued and to be issued in
one or more series under the Indenture, dated as of April 12, 2001 (the
"Indenture"), between the Company and Bank One Trust Company, N.A., as Trustee
(the "Trustee", which term includes any successor trustee under the Indenture),
to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the holders of the
Subordinated Notes and of the terms upon which the Subordinated Notes are, and
are to be, authenticated and delivered. This Subordinated Note is one of the
series designated on the face hereof, initially issued in the aggregate
principal amount of $1,000,000,000 and increased to $1,500,000,000.

                  The Company covenants and agrees that the indebtedness
evidenced by the Subordinated Notes is subordinate and junior in right of
payment to all Senior Indebtedness (as defined in the Indenture) to the extent
provided in the Indenture, and each holder of Subordinated Notes, by his or her
acceptance thereof, likewise covenants and agrees to the subordination provided
in the Indenture (including Article Fourteen thereof) and shall be bound by the
provisions thereof.

                  In the event that the Company shall default in the payment of
any principal of (or premium, if any) or interest on any Senior Indebtedness
when the same becomes due and payable after any applicable grace period, whether
at maturity or at a date fixed for prepayment or by declaration or otherwise,
then, unless and until such default shall have been cured or waived or shall
have ceased to exist, no direct or indirect payment (in cash, property,
securities, by set-off or otherwise) shall be made or agreed to be made on
account of the principal of, or premium, if any, or interest on the indebtedness
evidenced by the Subordinated Notes, or in respect of any redemption, retirement
or other acquisition of any of the Subordinated Notes, except that holders of
Subordinated Notes may receive and retain (x) securities of the Company or any
other corporation provided for by a plan of reorganization or readjustment the
payment of which is subordinate, at least to the extent provided in these
subordination provisions with respect to the indebtedness evidenced by the
Subordinated Notes, to the payment of all Senior Indebtedness at the time
outstanding and to any securities issued in respect thereof under any such plan
of reorganization or readjustment and (y) payments made from a defeasance trust
created pursuant to Article Eleven of the Indenture.

                  In the event of:

                  (i) any insolvency, bankruptcy, receivership, liquidation,
         reorganization, readjustment, composition or other similar proceeding
         relating to the Company, its creditors or its property,

                  (ii) any proceeding for liquidation, dissolution or other
         winding up of the Company, voluntary or involuntary, whether or not
         involving insolvency or bankruptcy proceedings,

                                       5
<PAGE>
                  (iii) any assignment by the Company for the benefit of
         creditors, or

                  (iv) any other marshalling of the assets of the Company,

all Senior Indebtedness (including any interest thereon accruing after the
commencement of any such proceedings) shall first be paid in full before any
payment or distribution, whether in cash, securities or other property, shall be
made to any Holder of any of the Subordinated Notes on account thereof (except
as provided in the next sentence). Any payment or distribution, whether in cash,
securities or other property (other than (x) securities of the Company or any
other corporation provided for by a plan of reorganization or readjustment the
payment of which is subordinate, at least to the extent provided in these
subordination provisions with respect to the indebtedness evidenced by the
Subordinated Notes, to the payment of all Senior Indebtedness at the time
outstanding and to any securities issued in respect thereof under any such plan
of reorganization or readjustment and (y) payments made from a defeasance trust
created pursuant to Article Eleven of the Indenture), which would otherwise (but
for these subordination provisions) be payable or deliverable in respect of the
Subordinated Notes shall be paid or delivered directly to the holders of Senior
Indebtedness in accordance with the priorities then existing among such holders
until all Senior Indebtedness (including any interest thereon accruing after the
commencement of any such proceedings) shall have been paid in full.

         If an event of default (as defined in the Indenture) with respect to
Subordinated Notes of this series shall occur and be continuing, the principal
of the Subordinated Notes of this series may be declared due and payable in the
manner and with the effect provided in the Indenture.

         The Indenture contains provisions for defeasance at any time of the
entire indebtedness of this Subordinated Note upon compliance by the Company
with certain conditions set forth in Article Eleven thereof, which provisions
apply to this Subordinated Note.

                  The Indenture contains provisions permitting the Company and
the Trustee, without the consent of the holders of Securities, to establish,
among other things, the form and terms of any series of Securities issuable
thereunder by one or more supplemental indentures, and, with the consent of the
holders of not less than a majority of the principal amount of Securities at the
time Outstanding which are affected thereby, to modify the Indenture or any
supplemental indenture or the rights of the holders of Securities of such series
to be affected, provided that no such modification shall, without the consent of
the holder of each Outstanding Security so affected, (x) change the Stated
Maturity of the principal of, or any installment of principal of or interest on,
any Security, or reduce the principal amount thereof or the rate of interest
thereon or any premium thereon, or change any place of payment where, or the
coin or currency in which any Security or any premium or interest thereon is
payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof (or, in the case of redemption
on or after the Redemption Date) or modify the provisions of the Indenture with
respect to the subordination of the Securities in a manner adverse to the
Securityholders or (y) reduce the aforesaid percentage in principal amount of
the Outstanding Securities of any series, the consent of the holders of which is
required for any supplemental indenture, or the consent of whose holders is
required for any waiver provided for in the

                                       6
<PAGE>
Indenture, or (z) modify certain other provisions of the Indenture, as set forth
in Section 13.02 of the Indenture.

                  No reference herein to the Indenture and no provision of this
Subordinated Note or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of and
interest on this Subordinated Note at the times, place and rate, and in the coin
or currency, herein prescribed.

                  This Subordinated Note is a Global Security registered in the
name of a nominee of the Depository. This Subordinated Note is exchangeable for
Subordinated Notes registered in the name of a person other than the Depository
or its nominee only in the limited circumstances hereinafter described. Unless
and until it is exchanged in whole or in part for definitive Subordinated Notes
in certificated form, this Subordinated Note may not be transferred except as a
whole by the Depository to a nominee of the Depository or by a nominee of the
Depository to the Depository or another nominee of the Depository.

                  The Subordinated Notes represented by this Global Security are
exchangeable for definitive Subordinated Notes in certificated form of like
tenor as such Subordinated Notes in denominations of $1,000 and integral
multiples thereof only if (i) the Depository notifies the Company that it is
unwilling or unable to continue as Depository for the Subordinated Notes or (ii)
the Depository ceases to be a clearing agency registered under the Securities
Exchange Act of 1934, as amended, or (iii) the Company in its sole discretion
decides to allow the Subordinated Notes to be exchanged for definitive
Subordinated Notes in registered form. Any Subordinated Notes that are
exchangeable pursuant to the preceding sentence are exchangeable for
certificated Subordinated Notes issuable in authorized denominations and
registered in such names as the Depository shall direct. As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of
definitive Subordinated Notes in certificated form is registrable in the
register maintained by the Company in The City of New York for such purpose,
upon surrender of the definitive Subordinated Note for registration of transfer
at the office or agency of the registrar, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the
registrar duly executed by, the holder thereof or his attorney duly authorized
in writing, and thereupon one or more new Subordinated Notes of this series and
of like tenor, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees. Subject to
the foregoing, this Subordinated Note is not exchangeable, except for a Global
Security or Global Securities of this issue of the same principal amount to be
registered in the name of the Depository or its nominee.

                  No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

                  Prior to due presentment of this Subordinated Note for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Subordinated Note is
registered as the owner hereof for all purposes, whether or

                                       7
<PAGE>
not this Subordinated Note be overdue, and neither the Company, the Trustee nor
any such agent shall be affected by notice to the contrary.

         The Company will pay additional amounts ("Additional Amounts") to the
beneficial owner of any Subordinated Note that is a non-United States person in
order to ensure that every net payment on such Subordinated Note will not be
less, due to payment of U.S. withholding tax, than the amount then due and
payable. For this purpose, a "net payment" on a Subordinated Note means a
payment by the Company or a paying agent, including payment of principal and
interest, after deduction for any present or future tax, assessment or other
governmental charge of the United States. These Additional Amounts will
constitute additional interest on the Subordinated Note.

         The Company will not be required to pay Additional Amounts, however, in
any of the circumstances described in items (1) through (13) below.

         (1)      Additional Amounts will not be payable if a payment on a
                  Subordinated Note is reduced as a result of any tax,
                  assessment or other governmental charge that is imposed or
                  withheld solely by reason of the beneficial owner:

                  (a)      having a relationship with the United States as a
                           citizen, resident or otherwise;

                  (b)      having had such a relationship in the past or

                  (c)      being considered as having had such a relationship.

         (2)      Additional Amounts will not be payable if a payment on a
                  Subordinated Note is reduced as a result of any tax,
                  assessment or other governmental charge that is imposed or
                  withheld solely by reason of the beneficial owner:

                  (a)      being treated as present in or engaged in a trade or
                           business in the United States;

                  (b)      being treated as having been present in or engaged in
                           a trade or business in the United States in the past
                           or

                  (c)      having or having had a permanent establishment in the
                           United States.

         (3)      Additional Amounts will not be payable if a payment on a
                  Subordinated Note is reduced as a result of any tax,
                  assessment or other governmental charge that is imposed or
                  withheld solely by reason of the beneficial owner being or
                  having been, any of the following (as these terms are defined
                  in the Internal Revenue Code of 1986, as amended):

                  (a)      personal holding company;

                  (b)      foreign personal holding company;

                  (c)      foreign private foundation or other foreign
                           tax-exempt organization;

                  (d)      passive foreign investment company;

                  (e)      controlled foreign corporation or

                                       8
<PAGE>
                  (f)      corporation which has accumulated earnings to avoid
                           United States federal income tax.

         (4)      Additional Amounts will not be payable if a payment on a
                  Subordinated Note is reduced as a result of any tax,
                  assessment or other governmental charge that is imposed or
                  withheld solely by reason of the beneficial owner owning or
                  having owned, actually or constructively, 10 percent or more
                  of the total combined voting power of all classes of stock of
                  the Company entitled to vote or by reason of the beneficial
                  owner being a a bank that has invested in a Subordinated Note
                  as an extension of credit in the ordinary course of its trade
                  or business.

For purposes of items (1) through (4) above, "beneficial owner" means a
fiduciary, settlor, beneficiary, member or shareholder of the holder if the
holder is an estate, trust, partnership, limited liability company, corporation
or other entity, or a person holding a power over an estate or trust
administered by a fiduciary holder.

         (5)      Additional Amounts will not be payable to any beneficial owner
                  of a Subordinated Note that is a:

                  (a)      fiduciary;
                  (b)      partnership;
                  (c)      limited liability company or
                  (d)      other fiscally transparent entity

                  or that is not the sole beneficial owner of the Subordinated
                  Note, or any portion of the Subordinated Note. However, this
                  exception to the obligation to pay Additional Amounts will
                  only apply to the extent that a beneficiary or settlor in
                  relation to the fiduciary, or a beneficial owner or member of
                  the partnership, limited liability company or other fiscally
                  transparent entity, would not have been entitled to the
                  payment of an Additional Amount had the beneficiary, settlor,
                  beneficial owner or member received directly its beneficial or
                  distributive share of the payment.

         (6)      Additional Amounts will not be payable if a payment on a
                  Subordinated Note is reduced as a result of any tax,
                  assessment or other governmental charge that is imposed or
                  withheld solely by reason of the failure of the beneficial
                  owner or any other person to comply with applicable
                  certification, identification, documentation or other
                  information reporting requirements. This exception to the
                  obligation to pay Additional Amounts will only apply if
                  compliance with such reporting requirements is required by
                  statute or regulation of the United States or by an applicable
                  income tax treaty to which the United States is a party as a
                  precondition to exemption from such tax, assessment or other
                  governmental charge.

         (7)      Additional Amounts will not be payable if a payment on a
                  Subordinated Note is reduced as a result of any tax,
                  assessment or other governmental charge that is

                                       9
<PAGE>
                  collected or imposed by any method other than by withholding
                  from a payment on a Subordinated Note by the Company or a
                  paying agent.

         (8)      Additional Amounts will not be payable if a payment on a
                  Subordinated Note is reduced as a result of any tax,
                  assessment or other governmental charge that is imposed or
                  withheld by reason of a change in law, regulation, or
                  administrative or judicial interpretation that becomes
                  effective more than 15 days after the payment becomes due or
                  is duly provided for, whichever occurs later.

         (9)      Additional Amounts will not be payable if a payment on a
                  Subordinated Note is reduced as a result of any tax,
                  assessment or other governmental charge that is imposed or
                  withheld by reason of the presentation by the beneficial owner
                  of a Subordinated Note for payment more than 30 days after the
                  date on which such payment becomes due or is duly provided
                  for, whichever occurs later.

         (10)     Additional Amounts will not be payable if a payment on a
                  Subordinated Note is reduced as a result of any:

                  (a)      estate tax;
                  (b)      inheritance tax;
                  (c)      gift tax;
                  (d)      sales tax;
                  (e)      excise tax;
                  (f)      transfer tax;
                  (g)      wealth tax;
                  (h)      personal property tax or
                  (i)      any similar tax, assessment or other governmental
                           charge.

         (11)     Additional Amounts will not be payable if a payment on a
                  Subordinated Note is reduced as a result of any tax,
                  assessment, or other governmental charge required to be
                  withheld by any paying agent from a payment of principal or
                  interest on a Subordinated Note if such payment can be made
                  without such withholding by any other paying agent.

         (12)     Additional amounts will not be payable if a payment on a
                  Subordinated Note is reduced as a result of any tax,
                  assessment or other governmental charge that is required to be
                  made pursuant to any European Union directive on the taxation
                  of savings income or any law implementing or complying with,
                  or introduced to conform to, any such directive.

         (13)     Additional Amounts will not be payable if a payment on a
                  Subordinated Note is reduced as a result of any combination of
                  items (1) through (12) above.

                                       10
<PAGE>
         Except as specifically provided herein, the Company will not be
required to make any payment of any tax, assessment or other governmental charge
imposed by any government or a political subdivision or taxing authority of such
government.

         As used in this Subordinated Note, "United States person" means:

         (a)      any individual who is a citizen or resident of the United
                  States;

         (b)      any corporation, partnership or other entity created or
                  organized in or under the laws of the United States;

         (c)      any estate if the income of such estate falls within the
                  federal income tax jurisdiction of the United States
                  regardless of the source of such income and

         (d)      any trust if a United States court is able to exercise primary
                  supervision over its administration and one or more United
                  States persons have the authority to control all of the
                  substantial decisions of the trust.

         Additionally, "non-United States person" means a person who is not a
United States person, and "United States" means the United States of America,
including the States of the United States of America and the District of
Columbia, but excluding its territories and possessions.

         Except as provided below, the Subordinated Notes may not be redeemed
prior to maturity.

         (1)      The Company may, at its option, redeem the Subordinated Notes
                  if:

                  (a)      the Company becomes or will become obligated to pay
                           Additional Amounts as described above;

                  (b)      the obligation to pay Additional Amounts arises as a
                           result of any change in the laws, regulations or
                           rulings of the United States, or an official position
                           regarding the application or interpretation of such
                           laws, regulations or rulings, which change is
                           announced or becomes effective on or after August
                           19, 2002 and

                  (c)      the Company determines, in its business judgment,
                           that the obligation to pay such Additional Amounts
                           cannot be avoided by the use of reasonable measures
                           available to it, other than substituting the obligor
                           under the Subordinated Notes or taking any action
                           that would entail a material cost to the Company.

         (2)      The Company may also redeem the Subordinated Notes, at its
                  option, if:

                  (a)      any act is taken by a taxing authority of the United
                           States on or after August 19, 2002, whether or not
                           such act is taken in relation to the Company or any
                           affiliate, that results in a substantial probability
                           that the Company will or may be required to pay
                           Additional Amounts as described above;

                  (b)      the Company determines, in its business judgment,
                           that the obligation to pay such Additional Amounts
                           cannot be avoided by the use of reasonable measures
                           available to it, other than substituting the obligor
                           under the

                                       11
<PAGE>
                           Subordinated Notes or taking any action that would
                           entail a material cost to the Company and

                  (c)      the Company receives an opinion of independent
                           counsel to the effect that an act taken by a taxing
                           authority of the United States results in a
                           substantial probability that the Company will or may
                           be required to pay the Additional Amounts described
                           above, and delivers to the Trustee a certificate,
                           signed by a duly authorized officer, stating that
                           based on such opinion the Company is entitled to
                           redeem the Subordinated Notes pursuant to their
                           terms.

Any redemption of the Subordinated Notes as set forth in clauses (1) or (2)
above shall be in whole, and not in part, and will be made at a redemption price
equal to 100% of the principal amount of the Subordinated Notes Outstanding plus
accrued interest thereon to the date of redemption. Holders shall be given not
less than 30 days nor more than 60 days prior notice by the Trustee of the date
fixed for such redemption.

         All terms used in this Subordinated Note which are defined in the
Indenture shall have the meanings assigned to them in the Indenture. The
Subordinated Notes are governed by the laws of the State of New York.

                                       12EX-4.1: AMENDMENT NO. 1 TO RIGHTS AGREEMENT

 

Exhibit 4.1

AMENDMENT NO. 1

to

RIGHTS AGREEMENT

         AMENDMENT
NO. 1 dated as of October 25, 2002 (this “Amendment”) between
AETNA INC., a Pennsylvania corporation formerly known as Aetna U.S. Healthcare
Inc. (the “Company”), and EQUISERVE, N.A. (the
“Rights Agent”).

         WHEREAS, the Company and the Rights Agent have previously entered into
that certain Rights Agreement dated as of December 13, 2000 (the “Rights
Agreement”); and

         WHEREAS, the Board of Directors of the Company has determined that it is
in the best interests of the Company and its shareholders to amend the Rights
Agreement as hereinafter set forth and has duly approved this Amendment and
authorized its execution and delivery.

         NOW, THEREFORE, the parties hereto agree as follows:

         1.     All capitalized terms used herein, unless otherwise defined herein,
shall have the meanings given to them in the Rights Agreement, and each
reference in the Rights Agreement to “this Agreement”, “hereof”, “herein”,
“hereunder” or “hereby” and each other similar reference shall be deemed to
refer to the Rights Agreement as amended hereby.

         2.     Section 1 of the Rights Agreement is hereby amended by amending and
restating the definition of “Final Expiration Date” to read in its entirety as
follows:

         “Final
Expiration Date” means the Close of business on
October 31, 2002.

         3.     Exhibit B to the Rights Agreement is hereby amended by amending and
restating such Exhibit to read in its entirety as set forth in Attachment 1
hereto.

         4.     Exhibit C to the Rights Agreement is hereby amended by amending and
restating such Exhibit to read in its entirety as set forth in Attachment 2
hereto.

         5.     This Amendment shall be deemed to be a contract made under the laws of
the Commonwealth of Pennsylvania and for all purposes shall be governed by and
construed in accordance with the laws of such Commonwealth applicable to
contracts to be made and performed entirely within such Commonwealth.

         6.     This Amendment may be executed in any number of counterparts and each
of such counterparts shall for all purposes be deemed to be an original, and
all such counterparts shall together constitute one and the same instrument.

1

 

         7.     Except as expressly amended hereby, the Rights Agreement shall remain
in full force and effect.

	 	 	 
	 	 	
AETNA INC.
	 	 	 
	 	 	
By: /s/ William J. Casazza

      ____________________________
	 	 	
      Name: William J. Casazza
	 	 	
      Title: Vice President
	 	 	 
	 	 	
EQUISERVE, N.A.
	 	 	 
	 	 	
By: /s/ Collin Ekeoqu

      ____________________________
	 	 	
      Name: Collin Ekeoqu
	 	 	
      Title: Director

2

 

ATTACHMENT 1

EXHIBIT B

(Form of Right Certificate)

Certificate No. R- __________________Rights

NOT EXERCISABLE AFTER OCTOBER 31, 2002, OR EARLIER IF REDEEMED. THE RIGHTS ARE
SUBJECT TO REDEMPTION, AT THE OPTION OF THE COMPANY, AT $0.01 PER RIGHT ON THE
TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES SPECIFIED
IN THE RIGHTS AGREEMENT, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR AN
AFFILIATE OR AN ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN
THE RIGHTS AGREEMENT) MAY BECOME NULL AND VOID.

Right Certificate

AETNA INC.

(formerly known as Aetna U.S. Healthcare 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 December 13, 2000, as amended (the “Rights
Agreement”) between Aetna Inc. (formerly known as Aetna U.S. Healthcare Inc.),
a Pennsylvania corporation (the “Company”), and EquiServe Trust Company, N.A.
(the “Rights Agent”), to purchase from the Company at any time after the
Distribution Date (as such term is defined in the Rights Agreement) and prior
to 5:00 P.M. (Eastern time) on October 31, 2002 at the principal office of the
Rights Agent or its successor as Rights Agent, one one-hundredth of a fully
paid and nonassessable share of the Class A Voting Preferred Stock, par value
$.01 per share (the “Preferred Shares”), of the Company, at a purchase price of
$139 per one one-hundredth of a Preferred Share (the “Purchase Price”), upon
presentation and surrender of this Right Certificate with the Form of Election
to Purchase and related Certificate duly executed. The number of Rights
evidenced by this Right Certificate (and the number of Preferred Shares which
may be purchased upon exercise thereof) set forth above, and the Purchase Price
per one

B-1

 

one-hundredth of a Preferred Share set forth above, are the number and
Purchase Price as of December 13, 2000. No Right is exercisable at any time
prior to the Distribution Date (as such term is defined in the Rights
Agreement).

         As provided in the Rights Agreement, the Purchase Price and the number and
kind of securities which may be purchased upon the exercise of the Rights
evidenced by this Right Certificate are subject to modification and adjustment
upon the happening of certain events, and the Rights are subject to amendment,
redemption and certain other events.

         This Right Certificate is subject to all of the terms, provisions and
conditions of the Rights Agreement, which terms, provisions and conditions are
hereby incorporated herein by reference and made a part hereof and to which
Rights Agreement reference is hereby made for a full description of the rights,
limitations of rights, obligations, duties and immunities hereunder of the
Rights Agent, the Company and the holders of the Right Certificates. Copies of
the Rights Agreement are on file at the above-mentioned office of the Rights
Agent.

         Pursuant to the Rights Agreement, from and after the later of the
Distribution Date and the first occurrence of a Section 11(a)(ii) Event (as
such term is defined in the Rights Agreement), (i) any Rights that are or were
acquired or beneficially owned by any Acquiring Person (or any Affiliate or
Associate of such Acquiring Person, or any transferee of any such Person) shall
be void and any holder of such Rights shall thereafter have no right to
exercise such Rights under any provision of the Rights Agreement, (ii) no Right
Certificate shall be issued pursuant to the Rights Agreement that represents
Rights beneficially owned by any Acquiring Person or any Affiliate or Associate
thereof, (iii) no Right Certificate shall be issued at any time upon the
transfer of any Rights to an Acquiring Person or any Affiliate or Associate
thereof or to any nominee of such Acquiring Person or Affiliate or Associate
thereof, and (iv) any Right Certificate delivered to the Rights Agent for
transfer to an Acquiring Person or any Affiliate or Associate thereof shall be
canceled.

         This Right Certificate, with or without other Right Certificates, upon
surrender at the principal office of the Rights Agent, may be transferred,
split up, combined or exchanged for another Right Certificate or Right
Certificates entitling the holder to purchase a like aggregate number of
Preferred Shares (or other securities, as the case may be) as the Right
Certificate or Right Certificates surrendered shall have entitled such holder
to purchase. If this Right Certificate shall be exercised in part, the holder
shall be entitled to receive upon surrender hereof another Right Certificate or
Right Certificates for the number of whole Rights not exercised.

         Subject to the provisions of the Rights Agreement, the Rights evidenced by
this Certificate may be redeemed by the Company at its option at a redemption
price of $0.01 per Right.

B-2

 

         No fractional Preferred Shares will be issued upon the exercise of any
Right or Rights evidenced hereby. Fractions of Preferred Shares in integral
multiples of one one-hundredth of a Preferred Share may, at the election of the
Company, be evidenced by depositary receipts. In lieu of issuing fractional
Preferred Shares, the Company may make a cash payment, as provided in the
Rights Agreement, or take such other action permissible under applicable law as
the Company’s Board of Directors deems appropriate.

         No holder of this Right Certificate, as such, shall be entitled to vote or
receive dividends or be deemed for any Purpose the holder of the Preferred
Shares or of any other securities of the Company which may at any time be
issuable on the exercise of the Right or Rights represented hereby, nor shall
anything contained herein or in the Rights Agreement be construed to confer
upon the holder hereof, as such, any of the rights of a shareholder of the
Company or any right to vote for the election of directors or upon any matter
submitted to shareholders at any meeting thereof, or to give or withhold
consent to any corporate action, or to receive notice of meetings or other
actions affecting shareholders (except as provided in the Rights Agreement), or
to receive dividends or subscription rights, or otherwise, until the Right or
Rights evidenced by this Right Certificate shall have been exercised as
provided in the Rights Agreement.

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

B-3

 

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

	 	 	 
	Dated as of ______________________	 	 
	
	
	
	

	 	 	
AETNA INC.
	
	
	
	

	
	
	
	

	
	
	
	

	 	 	
By: ______________________________
	
	
	
	

	 	 	
      Title:
	
	
	
	

	 	 	 
	
	
	
	

	Countersigned:	 	 
	
	
	
	

	 	 	 
	
	
	
	

	EQUISERVE TRUST COMPANY, N.A.

  as Rights Agent	 	 
	
	
	
	

	 	 	 
	
	
	
	

	By:______________________________	 	 
	Authorized Signature	 	 

B-4

 

Form of Reverse Side of Right Certificate

FORM OF ASSIGNMENT

(To be executed if the registered holder

desires to transfer the Right Certificate.)

FOR VALUE RECEIVED _________________________________________________________________________________

hereby sells, assigns and transfers unto _____________________________________________________________________

 

(Please print name and address of transferee)

 

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

	 	 	 
	Dated: ________________________, ________	 	 
	
	
	
	

	
	
	
	

	
	
	
	

	 	 	
____________________________________

Signature
	
	
	
	

	
	
	
	

	
	
	
	

	Signature Guaranteed:	 	 

B-5

 

CERTIFICATE

         The undersigned hereby certifies by checking the appropriate boxes that:

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

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

	 	 	 
	Dated:  ________________________, ________	 	
____________________________________
	
	
	
	

	 	 	
Signature

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

B-6

 

FORM OF ELECTION TO PURCHASE

(To be executed if the registered holder desires to exercise Rights

represented by the Right Certificate.)

To:      AETNA INC. (formerly known as Aetna U.S. Healthcare Inc.)

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

Please insert social security

or other identifying number

 

(Please print name and address)

 

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

Please insert social security

or other identifying number

 

(Please print name and address)

 

	 	 	 
	Dated: ________________________, ________	 	 
	
	
	
	

	
	
	
	

	
	
	
	

	 	 	
____________________________________

Signature
	
	
	
	

	
	
	
	

	
	
	
	

	Signature Guaranteed:	 	 

B-7

 

CERTIFICATE

         The undersigned hereby certifies by checking the appropriate boxes that:

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

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

	 	 	 
	Dated:  ________________________, ________	 	
____________________________________
	
	
	
	

	 	 	
Signature

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

B-8

 

ATTACHMENT 2

EXHIBIT C

AS SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS ISSUED OR TRANSFERRED TO, OR HELD
BY, ANY PERSON WHO IS, WAS OR BECOMES AN ACQUIRING PERSON OR AN AFFILIATE OR
ASSOCIATE THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT), WHETHER
CURRENTLY HELD BY OR ON BEHALF OF SUCH PERSON OR BY ANY SUBSEQUENT HOLDER, MAY
BE NULL AND VOID.

SUMMARY OF RIGHTS

AETNA INC.

(formerly known as Aetna U.S. Healthcare Inc.)

SHAREHOLDER RIGHTS PLAN

Summary of Terms

	 	 	 
	New Rights Plan	 	
The Board of Directors has adopted a new Rights Agreement
between the Company and EquiServe Trust Company, N.A.
	
	
	
	

	
	
	
	

	
	
	
	

	Form of Security	 	
The Board has declared a dividend of one preferred stock
purchase right for each outstanding share of the
Company’s Common Stock, payable to holders of record as
of 5:01 P.M. (Eastern time) on December 13, 2000 (each a
“Right” and collectively, the “Rights”)

C-1

 

	 	 	 
	
	
	
	

	Transfer	 	
Prior to the Distribution Date1, generally will be
evidenced by the certificates for or ownership statement
representing an interest in the Common Stock and will be
transferred with the Common Stock, and the registered
holders of the Common Stock will be deemed to be the
registered holders of the Rights.
	
	
	
	

	
	
	
	

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

	
	
	
	

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

	
	
	
	

	 	 	
After the Distribution Date, prior to the
occurrence of an event described below under
“Flip-In” and “Flip-Over”, each Right will be
exercisable to purchase, for $139 (the “Purchase
Price”), one one-hundredth of a share of Class A
Voting Preferred Stock, $.01 par value per share,
of the Company.
	
	
	
	

	
	
	
	

	Flip-In	 	
Subject to certain exceptions, if any person or group (an
“Acquiring Person”) becomes the beneficial owner of 15% or
more of the Company’s Common Stock, then each Right (other
than Rights beneficially owned by the Acquiring Person and
certain affiliated persons) will entitle the holder to
purchase, for the Purchase Price, a number of shares of
the Company’s Common Stock having a market value of twice
the Purchase Price.

	 	 	1 Distribution Date generally means the earlier of:

         (1) the 10th day after public announcement that any person or group has
become the beneficial owner of 15% or more of the Company’s Common Stock; and

         (2) the 10th business day after the date of the commencement of a tender or
exchange offer by any person which would, if consummated, result in such person
becoming the beneficial owner of 15% or more of the Company’s Common Stock.

C-2

 

	 	 	 
	Flip-Over	 	
If, after any person has become an Acquiring Person, (1)
the Company is involved in a merger or other business
combination in which the Company is not the surviving
corporation or its Common Stock is exchanged for other
securities or assets or (2) the Company and/or one or more
of its subsidiaries sell or otherwise transfer assets or
earning power aggregating more than 50% of the assets or
earning power of the Company and its subsidiaries, taken
as a whole, then each Right will entitle the holder to
purchase, for the Purchase Price, a number of shares of
common stock of the other party to such business
combination or sale (or in certain circumstances, an
affiliate) having a market value of twice the Purchase
Price.
	
	
	
	

	
	
	
	

	Exchange	 	
At any time after any person has become an Acquiring
Person (but before any person becomes the beneficial owner
of 50% or more of the Company’s Common Stock), the Board
may exchange all or part of the Rights (other than the
Rights beneficially owned by the Acquiring Person and
certain affiliated persons) for shares of the Company’s
Common Stock at an exchange ratio of one share of Common
Stock per Right.
	
	
	
	

	
	
	
	

	Redemption	 	
The Board may redeem all of the Rights at a price of $0.01
per Right at any time prior to the time that any person
becomes an Acquiring Person.
	
	
	
	

	
	
	
	

	Periodic Review	 	
A committee of independent directors will review the
Rights Agreement at least once every three years and
recommend to the Company’s Board whether the Plan should
be amended or the Rights redeemed.
	
	
	
	

	
	
	
	

	Expiration	 	
The Rights will expire on October 31, 2002, unless earlier
exchanged or redeemed.
	
	
	
	

	
	
	
	

	Amendments	 	
For so long as the Rights are redeemable, the Rights
Agreement may be amended in any respect.

C-3

 

	 	 	 
	
	
	
	

	 	 	
At any time after the Rights are no longer
redeemable, the Rights Agreement may not be
amended in any respect that would adversely affect
the Rights holders (other than any Acquiring
Person and certain affiliated persons) or cause
the Rights again to become redeemable.
	
	
	
	

	
	
	
	

	Voting Rights	 	
A holder of Rights only has no rights as a
shareholder of the Company, including the right to
vote and to receive dividends.
	
	
	
	

	
	
	
	

	Antidilution Provisions	 	
The Rights Agreement includes standard
antidilution provisions designed to protect the
efficacy of the Rights.
	
	
	
	

	
	
	
	

	Taxes	 	
While the dividend of the Rights will not be
taxable to shareholders or to the Company,
shareholders or the Company may, depending upon
the circumstances, recognize taxable income in the
event that the Rights become exercisable as set
forth above.

A copy of the Rights Agreement has been filed with the Securities and Exchange
Commission as an Exhibit to a Registration Statement on Form 10. A copy of the
Rights Agreement is available free of charge from the Company. This summary
description of the Rights does not purport to be complete and is qualified in
its entirety by reference to the Rights Agreement, as amended from time to
time, the complete terms of which are hereby incorporated by reference.

C-4

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