Document:

Registration Rights Agreement

 

Exhibit 4.4

REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is made and entered into as of
December 22, 2004, by and between IVAX Corporation, a Florida corporation (the “Company”)
and UBS Securities LLC (the “Initial Purchaser”) pursuant to that certain Purchase
Agreement, dated as of December 17, 2004 (the “Purchase Agreement”) between the Company and
the Initial Purchaser.

     In order to induce the Initial Purchaser to enter into the Purchase Agreement, the Company has
agreed to provide the registration rights set forth in this Agreement. The execution of this
Agreement is a condition to the closing under the Purchase Agreement.

     The Company agrees with the Initial Purchaser (i) for its benefit as Initial Purchaser and
(ii) for the benefit of the beneficial owners (including the Initial Purchaser) from time to time
of the Notes (as defined herein) and the beneficial owners from time to time of the Underlying
Common Stock (as defined herein) issued upon conversion of the Notes (each of the foregoing a
“Holder” and together the “Holders”), as follows:

     Section 1. Definitions. Capitalized terms used herein without definition shall have their
respective meanings set forth in the Purchase Agreement. As used in this Agreement, the following
terms shall have the following meanings:

     “Additional Interest Amount” has the meaning set forth in Section 2(e) hereof.

     “Additional Interest Accrual Period” has the meaning set forth in Section 2(e) hereof.

     “Additional Interest Payment Date” means each interest payment date under the
Indenture in the case of Notes, and each June 15 and December 15 in the case of the Underlying
Common Stock.

     “Affiliate” means with respect to any specified person, an “affiliate,” as defined in
Rule 144, of such person.

     “Amendment Effectiveness Deadline Date” has the meaning set forth in Section 2(d)
hereof.

     “Applicable Conversion Price” means, as of any date of determination, $1,000 divided
by the Conversion Rate then in effect as of the date of determination or, if no Notes are then
outstanding, the Conversion Rate that would be in effect were Notes then outstanding.

 

 

     “Business Day” means each day on which the American Stock Exchange is open for
trading.

     “Common Stock” means the shares of common stock, par value $0.10 per share, of the
Company and any other shares of capital stock as may constitute “Common Stock” for purposes
of the Indenture, including the Underlying Common Stock.

     “Conversion Rate” has the meaning assigned to such term in the Indenture.

     “Effectiveness Deadline Date” has the meaning set forth in Section 2 hereof.

     “Effectiveness Period” means a period (subject to extension pursuant to Section 3(i)
hereof ) commencing on the Issue Date and ending on the earlier of (1) the first date on which all
Registrable Securities covered by the Shelf Registration Statement have been sold pursuant to the
Shelf Registration Statement, (2) the date on which all Registrable Securities held by
non-affiliates are eligible to be sold in the absence of any registration, (3) the date on which
there cease to be outstanding any Registrable Securities, and (4) two years after the Issue Date.

     “Event” has the meaning set forth in Section 2(e) hereof.

     “Event Date” has the meaning set forth in Section 2(e) hereof.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the SEC promulgated thereunder.

     “Filing Deadline Date” has the meaning set forth in Section 2 hereof.

     “Holder” has the meaning set forth in the third paragraph of this Agreement.

     “Indenture” means the Indenture, dated as of December ___, 2004, between the Company
and U.S. Bank National Association, as trustee, pursuant to which the Notes are being issued.

     “Initial Purchaser” has the meaning set forth in the preamble hereto.

     “Initial Shelf Registration Statement” has the meaning set forth in Section 2 hereof.

     “Issue Date” means the first date of original issuance of any Notes.

     “Material Event” has the meaning set forth in Section 3(i) hereof.

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     “Notes” means the ___% Convertible Senior Notes due 2024 of the Company to be purchased
pursuant to the Purchase Agreement.

     “Notice and Questionnaire” means a written notice and questionnaire delivered to the
Company containing substantially the information called for by the Selling Securityholder Notice
and Questionnaire attached as Annex A to the Offering Memorandum dated December ___, 2004, relating
to the Notes.

     “Notice Holder” means, on any date, any Holder that has delivered a Notice and
Questionnaire to the Company on or prior to such date, so long as all of their Registrable
Securities that have been registered for resale pursuant to a Notice and Questionnaire have not
been sold in accordance with a Shelf Registration Statement.

     “Prospectus” means the prospectus included in any Shelf Registration Statement
(including, without limitation, a prospectus that discloses information previously omitted from a
prospectus filed as part of an effective registration statement in reliance upon Rule 415
promulgated under the Securities Act), as amended or supplemented by any amendment or prospectus
supplement, including post-effective amendments, and all materials incorporated by reference or
explicitly deemed to be incorporated by reference in such Prospectus.

     “Purchase Agreement” has the meaning set forth in the preamble hereof.

     “Record Holder” means (i) with respect to any Additional interest Payment Date
relating to any Notes as to which any such Additional Interest Amount has accrued, the holder of
record of such Notes on the record date with respect to the interest payment date under the
Indenture on which such Additional Interest Payment Date shall occur and (ii) with respect to any
Additional Interest Payment Date relating to the Underlying Common Stock as to which any such
Additional Interest Amount has accrued, the registered holder of such Underlying Common Stock
fifteen (15) days prior to such Additional Interest Payment Date.

     “Registrable Securities” means the Notes until such Notes have been converted into the
Underlying Common Stock and, at all times the Underlying Common Stock and any securities into or
for which such Underlying Common Stock has been converted, and any security issued with respect
thereto upon any stock dividend, split or similar event until, in the case of any such security,
the earliest of (x) the date on which such security has been effectively registered under the
Securities Act and disposed of, whether or not in accordance with the Shelf Registration Statement
and (y) the date on which such Note or Underlying Common Stock is sold to the public pursuant to
Rule 144 under the Securities Act or is salable pursuant to Rule 144(k) under the Securities Act
and (z) the date on which such Note or the Underlying Common Stock ceases to be outstanding.

     “Registration Expenses” has the meaning set forth in Section 5 hereof.

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     “Registration Statement” means any registration statement of the Company that covers
any of the Registrable Securities pursuant to the provisions of this Agreement including the
Prospectus, amendments and supplements to such registration statement, including post-effective
amendments, all exhibits, and all materials incorporated by reference or explicitly deemed to be
incorporated by reference in such registration statement.

     “Rule 144” means Rule 144 under the Securities Act, as such Rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the SEC.

     “Rule 144A” means Rule 144A under the Securities Act, as such Rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the SEC.

     “SEC” means the Securities and Exchange Commission.

     “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated by the SEC thereunder.

     “Shelf Registration Statement” has the meaning set forth in Section 2 hereof.

     “Subsequent Shelf Registration Statement” has the meaning set forth in Section 2(b)
hereof.

     “Suspension Notice” has the meaning set forth in Section 3(i) hereof.

     “Suspension Period” has the meaning set forth in Section 3(i) hereof.

     “TIA” means the Trust Indenture Act of 1939, as amended.

     “Trustee” means U.S. Bank National Association, the Trustee under the Indenture.

     “Underlying Common Stock” means the Common Stock into which the Notes are convertible
or issued upon any such conversion.

     Section 2. Shelf Registration. (a) The Company shall prepare and file or cause to be prepared
and filed with the SEC, by the date (the “Filing Deadline Date”) that is ninety (90) days
after the Issue Date, a Registration Statement for an offering to be made on a delayed or
continuous basis pursuant to Rule 415 of the Securities Act (a “Shelf Registration
Statement”) registering the resale from time to time by Holders thereof of all of the
Registrable Securities identified by such Holders in their Notice and Questionnaire (the
“Initial Shelf Registration Statement”). The Initial Shelf Registration Statement shall be
on Form S-1 or S-3 or another appropriate form permitting registration of such Registrable
Securities for resale by such Holders in accordance with the reasonable methods of

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distribution indicated in their Notice and Questionnaire, and set forth in the Initial Shelf
Registration Statement (provided, however, that in no event will such methods of distribution take
the form of an underwritten offering of Registrable Securities without the Company’s prior written
consent, which the Company may withhold in its sole discretion). The Company shall use its
reasonable best efforts to cause the Initial Shelf Registration Statement to be declared effective
under the Securities Act as promptly as is practicable but in any event by the date (the
“Effectiveness Deadline Date”) that is one hundred eighty (180) days after the Issue Date,
and to keep the Initial Shelf Registration Statement (or any Subsequent Shelf Registration
Statement) continuously effective under the Securities Act until the expiration of the
Effectiveness Period (except to the extent contemplated by Section 3(i)). At the time the Initial
Shelf Registration Statement is declared effective, each Holder that became a Notice Holder on or
prior to the date that is five (5) Business Days prior to such time of effectiveness shall be named
as a selling securityholder in the Initial Shelf Registration Statement and the related Prospectus
in such a manner as to permit such Holder to deliver such Prospectus to purchasers of Registrable
Securities in accordance with applicable law, assuming the accuracy of the information in such
Notice Holder’s Notice and Questionnaire.

     (b) If the Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement
ceases to be effective for any reason at any time during the Effectiveness Period (except to the
extent contemplated by Section 3(i)), the Company shall use its reasonable best efforts to obtain
the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall
within thirty (30) days of such cessation of effectiveness amend the Shelf Registration Statement
in a manner reasonably expected to obtain the withdrawal of the order suspending the effectiveness
thereof, or file an additional Shelf Registration Statement covering all of the securities that as
of the date of such filing are Registrable Securities (or, if registration of Registrable
Securities not held by Notice Holders is not permitted by the rules and regulations of the SEC,
then registering all Registrable Securities held by Notice Holders as of such date) (a
“Subsequent Shelf Registration Statement”). If a Subsequent Shelf Registration Statement is
filed, the Company shall use its reasonable best efforts to cause the Subsequent Shelf Registration
Statement to become effective as promptly as is practicable after such filing and to keep such
Shelf Registration Statement (or Subsequent Shelf Registration Statement) continuously effective
until the end of the Effectiveness Period (except to the extent permitted under Section 3(i)).

     (c) The Company shall supplement and amend the Shelf Registration Statement if required by the
rules, regulations or instructions applicable to the registration form used by the Company for such
Shelf Registration Statement, if required by the Securities Act or as reasonably requested by the
Initial Purchaser or by the Trustee on behalf of the Holders of the Registrable Securities covered
by such Shelf Registration Statement.

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     (d) Each Holder of Registrable Securities agrees that if such Holder wishes to sell
Registrable Securities pursuant to a Shelf Registration Statement and related Prospectus, it will
do so only in accordance with this Section 2(d) and Section 3(i). Each Holder of Registrable
Securities wishing to sell Registrable Securities pursuant to a Shelf Registration Statement and
related Prospectus agrees to deliver a completed and executed Notice and Questionnaire to the
Company prior to any attempted or actual distribution of Registrable Securities under a Shelf
Registration Statement; provided that Holders of Registrable Securities shall have at least
fifteen (15) Business Days from the date on which the Notice and Questionnaire is first sent to
such Holders by the Company to complete and return the Notice and Questionnaire to the Company.
From and after the date the Initial Shelf Registration Statement is declared effective, the Company
shall, as promptly as practicable after the date a Notice and Questionnaire is delivered, and in
any event within the later of (x) five (5) Business Days after such date or (y) five (5) Business
Days after the expiration of any Suspension Period (1) in effect when the Notice and Questionnaire
is delivered or (2) put into effect within five (5) Business Days of such delivery date, (i) if
required by applicable law, file with the SEC a post-effective amendment to the Shelf Registration
Statement or, if permitted by applicable law, prepare and file a supplement to the related
Prospectus or a supplement or amendment to any document incorporated therein by reference or file
any other required document so that the Holder delivering such Notice and Questionnaire is named as
a selling securityholder in the Shelf Registration Statement and the related Prospectus in such a
manner as to permit such Holder to deliver such Prospectus to purchasers of the Registrable
Securities in accordance with the Securities Act provided, however, that (i) any
supplement to a Prospectus filed pursuant to this Section 2(d) shall be filed within five (5)
Business Days after receipt of the related Notice and Questionnaire (provided, that with respect to
any Notice and Questionnaire received by the Company after the date that is thirty (30) days after
the date the Initial Shelf Registration Statement becomes effective under the Securities Act, the
Company shall not be required to file more than one (1) such supplement during any twenty (20) day
period) and (ii) if a post-effective amendment or a Subsequent Shelf Registration Statement is
required by the rules and regulations of the SEC in order to permit resales by Notice Holders who
were not named as selling securityholders in the Initial Shelf Registration Statement as of the
time it became effective under the Securities Act, the Company shall not be required to file more
than one (1) post-effective amendment or Subsequent Shelf Registration Statement for such purpose
in any three (3) month period, and, if the Company shall file a post-effective amendment to the
Shelf Registration Statement, use its reasonable best efforts to cause such post-effective
amendment to be declared effective under the Securities Act as promptly as is practicable, but in
any event by the date (the “Amendment Effectiveness Deadline Date”) that is thirty (30)
days after the date such post-effective amendment is required by this clause to be filed; (ii)
provide such Holder such number of copies of any documents filed pursuant to Section 2(d)(i) as
such Holder may reasonably request; and (iii) notify such Holder named as a selling security holder
in the

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applicable Prospectus as promptly as practicable after the effectiveness under the Securities
Act of any post-effective amendment filed pursuant to Section 2(d) (i); provided that if
such Notice and Questionnaire is delivered during a Suspension Period, or a Suspension Period is
put into effect within five (5) Business Days after such delivery date, the Company shall so inform
the Holder delivering such Notice and Questionnaire and shall take the actions set forth in clauses
(i), (ii) and (iii) above within five (5) Business Days after expiration of the Suspension Period
in accordance with Section 3(i); provided further that if under applicable law, the
Company has more than one option as to the type or manner of making any such filing, the Company
shall make the required filing or filings in the manner or of a type that is reasonably expected to
result in the earliest availability of the Prospectus for effecting resales of Registrable
Securities. Notwithstanding anything contained herein to the contrary, the Company shall be under
no obligation to name any Holder that is not a Notice Holder as a selling securityholder in any
Shelf Registration Statement or related Prospectus; provided, however, that any
Holder that becomes a Notice Holder pursuant to the provisions of this Section 2(d) (whether or not
such Holder was a Notice Holder at the time the Shelf Registration Statement was declared
effective) shall be named as a selling securityholder in the Shelf Registration Statement or
related Prospectus in accordance with the requirements of this Section 2(d).

     (e) The parties hereto agree that the Holders of Registrable Securities will suffer damages,
and that it would not be feasible to ascertain the extent of such damages with precision, if (i)
the Initial Shelf Registration Statement has not been filed on or prior to the Filing Deadline
Date, (ii) the Initial Shelf Registration Statement has not been declared effective under the
Securities Act on or prior to the Effectiveness Deadline Date or (iii) the Initial Shelf
Registration Statement is filed and declared effective but shall thereafter cease to be effective
(without being succeeded by an additional registration statement declared effective under the
Securities Act on the same day) or usable for the offer and sale of Registrable Securities in the
manner provided for in the applicable Prospectus for a period of time (including any Suspension
Period) which shall exceed thirty (30) days in the aggregate in any three (3) month period or sixty
(60) days in the aggregate in any twelve (12) month period (each of the events of a type described
in any of the foregoing clauses (i) through (iii) are individually referred to herein as an
“Event,” and the Filing Deadline Date in the case of clause (i), the Effectiveness Deadline
Date in the case of clause (ii), the date on which the duration of the ineffectiveness or
unusability of the Initial Shelf Registration Statement in any period exceeds the number of days
permitted by clause (iii) hereof in the case of clause (iii), being referred to herein as an
“Event Date”). Events shall be deemed to continue until the following dates with respect to
the respective types of Events: (A) the date the Initial Shelf Registration Statement is filed in
the case of an Event of the type described in clause (i), (B) the date the Initial Shelf
Registration Statement is declared effective under the Securities Act in the case of an Event of
the type described in clause (ii), and (C) the date the Initial Shelf Registration Statement
becomes effective or usable again in the case of an Event of the type described in clause (iii).

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     Accordingly, commencing on (and including) any Event Date and ending on (but excluding) the
next date on which there are no Events that have occurred and are continuing (a “Additional
Interest Accrual Period”), the Company agrees to pay, as liquidated damages and not as a
penalty, an amount (the “Additional Interest Amount”) at the rate described below, payable
periodically on each Additional Interest Payment Date to Record Holders of Notes that are
Registrable Securities, to the extent of, for each such Additional Interest Payment Date, accrued
and unpaid Additional Interest Amount to (but excluding) such Additional Interest Payment Date (or,
if the Additional Interest Accrual Period shall have ended prior to such Additional Interest
Payment Date, the date of the end of the Additional Interest Accrual Period); provided that
any Additional Interest Amount accrued with respect to any Note or portion thereof called for
redemption on a redemption date or converted into Underlying Common Stock on a conversion date
prior to the Additional Interest Payment Date, shall, in any such event, be paid instead to the
Holder who submitted such Note or portion thereof for redemption or conversion on the applicable
redemption date or conversion date, as the case may be, on such date (or promptly following the
conversion date, in the case of conversion). The Additional Interest Amount shall accrue at a rate
per annum equal to one-quarter of one percent (0.25%) for the first 90-day period from the Event
Date, and thereafter at a rate per annum equal to one-half of one percent (0.5%) of the principal
amount of such Notes determined as of the Business Day immediately preceding the next Additional
Interest Payment Date. Notwithstanding the foregoing, no Additional Interest Amounts shall accrue
as to any Registrable Security from and after the earlier of (x) the date such security is no
longer a Registrable Security and (y) expiration of the Effectiveness Period. The rate of accrual
of the Additional Interest Amount with respect to any period shall not exceed the rate provided for
in this paragraph notwithstanding the occurrence of multiple concurrent Events. Following the cure
of all Events requiring the payment by the Company of Additional Interest Amounts to the Holders of
Registrable Securities pursuant to this Section, the accrual of Additional Interest Amounts shall
cease (without in any way limiting the effect of any subsequent Event requiring the payment of
Additional Interest Amount by the Company).

     The Trustee shall be entitled, on behalf of Holders of Notes, to seek any available remedy for
the enforcement of this Agreement, including for the payment of any Additional Interest Amount.
Notwithstanding the foregoing, the parties agree that the sole and exclusive damages payable for a
violation of the terms of this Agreement with respect to which Additional Interest damages are
expressly provided shall be such Additional Interest.

     All of the Company’s obligations set forth in this Section 2(e) that are outstanding with
respect to any Registrable Security at the time such security ceases to be a Registrable Security
shall survive until such time as all such obligations with respect to such security have been
satisfied in full (notwithstanding termination of this Agreement pursuant to Section 8(k)).

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     The parties hereto agree that the Additional Interest provided for in this Section 2(e)
constitutes a reasonable estimate of the damages that may be incurred by Holders of Registrable
Securities by reason of the failure of the Shelf Registration Statement to be filed or declared
effective or available for effecting resales of Registrable Securities in accordance with the
provisions hereof.

     Section 3. Registration Procedures. In connection with the registration obligations of the
Company under Section 2 hereof, the Company shall:

     (a) Prepare and file with the SEC a Shelf Registration Statement or Shelf Registration
Statements on Form S-1 or S-3 or any other appropriate form under the Securities Act available for
the sale of the Registrable Securities by the Holders thereof in accordance with the method or
methods of distribution thereof described in the Notice and Questionnaire, and use its reasonable
best efforts to cause each such Shelf Registration Statement to become effective and remain
effective as provided herein; provided that before filing any Shelf Registration Statement
or Prospectus or any amendments or supplements thereto with the SEC, the Company shall furnish to
the Initial Purchaser and counsel for the Initial Purchaser copies of all such documents proposed
to be filed and use its best efforts to reflect in each such document when so filed with the SEC
such comments as the such counsel reasonably shall propose within three (3) Business Days of the
delivery of such copies to the Initial Purchaser and such counsel.

     (b) Prepare and file with the SEC such amendments and post-effective amendments to each Shelf
Registration Statement as may be necessary to keep such Shelf Registration Statement continuously
effective until the expiration of the Effectiveness Period (except as contemplated by Section
3(i)); cause the related Prospectus to be supplemented by any required Prospectus supplement, and
as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under
the Securities Act; and use its reasonable best efforts to comply with the provisions of the
Securities Act applicable to it with respect to the disposition of all securities covered by such
Shelf Registration Statement during the Effectiveness Period in accordance with the intended
methods of disposition by the sellers thereof set forth in such Shelf Registration Statement as so
amended or such Prospectus as so supplemented.

     (c) As promptly as practicable give notice to the Notice Holders, the Initial Purchaser and
counsel for the Initial Purchaser (i) when any Prospectus, Prospectus supplement, Shelf
Registration Statement or post-effective amendment to a Shelf Registration Statement has been filed
with the SEC and, with respect to a Shelf Registration Statement or any post-effective amendment,
when the same has been declared effective, (ii) of any request, following the effectiveness of the
Initial Shelf Registration Statement under the Securities Act, by the SEC or any other federal or
state governmental authority for amendments or supplements to any Shelf Registration Statement or
related Prospectus or for additional information, (iii) of the issuance by the SEC or any other
federal or state governmental authority of any stop order suspending the effectiveness of any

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Shelf Registration Statement or the initiation or threatening of any proceedings for that
purpose, (iv) of the receipt by the Company of any notification with respect to the suspension of
the qualification or exemption from qualification of any of the Registrable Securities for sale in
any jurisdiction or the initiation or threatening of any proceeding for such purpose, (v) after the
effective date of any Shelf Registration Statement filed pursuant to this Agreement of the
occurrence of (but not the nature of or details concerning) a Material Event and (vi) of the
determination by the Company that a post-effective amendment to a Shelf Registration Statement will
be filed with the SEC, which notice may, at the discretion of the Company (or as required pursuant
to Section 3(i)), state that it constitutes a Suspension Notice, in which event the provisions of
Section 3(i) shall apply.

     (d) Use its reasonable best efforts to prevent the issuance of, and, if issued, to obtain the
withdrawal of any order suspending the effectiveness of a Shelf Registration Statement or the
lifting of any suspension of the qualification (or exemption from qualification) of any of the
Registrable Securities for sale in any jurisdiction in which they have been qualified for sale, in
either case at the earliest possible time, and provide prompt notice to each Notice Holder and the
Initial Purchaser of the withdrawal or lifting of any such order.

     (e) If requested by the Initial Purchaser or any Notice Holder, as promptly as practicable
incorporate in a Prospectus supplement or post-effective amendment to a Shelf Registration
Statement such information as the Initial Purchaser, such Notice Holder or counsel for the Initial
Purchaser shall determine to be required to be included therein by applicable law and make any
required filings of such Prospectus supplement or such post-effective amendment; provided
that the Company shall not be required to take any actions under this Section 3(e) unless the
Company receives the written opinion of counsel for the Company, that such actions are not in
compliance with applicable law.

     (f) Upon request, as promptly as practicable furnish to each Notice Holder, counsel for the
Initial Purchaser and the Initial Purchaser, without charge, at least one (1) conformed copy of the
Shelf Registration Statement and any amendment thereto, including financial statements but
excluding schedules, all documents incorporated or deemed to be incorporated therein by reference
and all exhibits (unless requested in writing to the Company by such Notice Holder, such counsel or
the Initial Purchaser).

     (g) During the Effectiveness Period, deliver to each Notice Holder, counsel for the Initial
Purchaser and the Initial Purchaser, in connection with any sale of Registrable Securities pursuant
to a Shelf Registration Statement, without charge, as many copies of the Prospectus or Prospectuses
relating to such Registrable Securities (including each preliminary prospectus) and any amendment
or supplement thereto as such Notice Holder and the Initial Purchaser may reasonably request; and
the Company hereby consents (except during such periods that a Suspension Notice is outstanding and
has not been revoked) to the

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use of such Prospectus or each amendment or supplement thereto by each Notice Holder, in
connection with any offering and sale of the Registrable Securities covered by such Prospectus or
any amendment or supplement thereto in the manner set forth therein.

     (h) Prior to any public offering of the Registrable Securities pursuant to the Shelf
Registration Statement, use its reasonable best efforts to register or qualify or cooperate with
the Notice Holders in connection with the registration or qualification (or exemption from such
registration or qualification) of such Registrable Securities for offer and sale under the
securities or Blue Sky laws of such jurisdictions within the United States as any Notice Holder
reasonably requests in writing (which request may be included in the Notice and Questionnaire);
prior to any public offering of the Registrable Securities pursuant to the Shelf Registration
Statement, use its reasonable best efforts to keep each such registration or qualification (or
exemption therefrom) effective during the Effectiveness Period in connection with such Notice
Holder’s offer and sale of Registrable Securities pursuant to such registration or qualification
(or exemption therefrom) and do any and all other acts or things reasonably necessary or advisable
to enable the disposition in such jurisdictions of such Registrable Securities in the manner set
forth in the relevant Shelf Registration Statement and the related Prospectus; provided
that the Company will not be required to (i) qualify as a foreign corporation or as a dealer in
securities in any jurisdiction where it would not otherwise be required to qualify but for this
Agreement or (ii) take any action that would subject it to general service of process in suits or
to taxation in any such jurisdiction where it is not then so subject.

     (i) Upon (A) the issuance by the SEC of a stop order suspending the effectiveness of the Shelf
Registration Statement or the initiation of proceedings with respect to the Shelf Registration
Statement under Section 8(d) or 8(e) of the Securities Act, (B) the occurrence of any event or the
existence of any fact as a result of which any Shelf Registration Statement shall contain any
untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein not misleading, or any Prospectus shall contain
any untrue statement of a material fact or omit to state any material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not
misleading, or (C) the occurrence or existence of any pending corporate development (a
“Material Event”) that, in the reasonable discretion of the Company, makes it appropriate
to suspend the availability of the Shelf Registration Statement and the related Prospectus, (i) in
the case of clause (B) or (C) above, subject to the next sentence, as promptly as practicable,
prepare and file, if necessary pursuant to applicable law, a post-effective amendment to such Shelf
Registration Statement or a supplement to the related Prospectus or any document incorporated
therein by reference or file any other required document that would be incorporated by reference
into such Shelf Registration Statement and Prospectus so that such Shelf Registration Statement
does not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make

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the statements therein not misleading, and such Prospectus does not contain any untrue
statement of a material fact or omit to state any material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading
(it being understood that the Company may rely on information provided by each Notice Holder with
respect to such Notice Holder), as thereafter delivered to the purchasers of the Registrable
Securities being sold thereunder, and, in the case of a post-effective amendment to a Shelf
Registration Statement, subject to the next sentence, use its reasonable best efforts to cause it
to be declared effective as promptly as is practicable, and (ii) give notice to the Notice Holders
and counsel for the Initial Purchaser that the availability of the Shelf Registration Statement is
suspended (a “Suspension Notice”) and, upon receipt of any Suspension Notice, each Notice
Holder agrees not to sell any Registrable Securities pursuant to such Shelf Registration Statement
until such Notice Holder’s receipt of copies of the supplemented or amended Prospectus provided for
in clause (i) above, or until it is advised in writing by the Company that the Prospectus may be
used, and has received copies of any additional or supplemental filings that are incorporated or
deemed incorporated by reference in such Prospectus. The Company will use its reasonable best
efforts to ensure that the use of the Prospectus may be resumed (x) in the case of clause (A)
above, as promptly as is practicable, (y) in the case of clause (B) above, as soon as, in the
reasonable judgment of the Company, the Shelf Registration Statement does not contain any untrue
statement of a material fact or omits to state any material fact required to be stated therein or
necessary to make the statements therein not misleading and the Prospectus does not contain any
untrue statement of a material fact or omits to state any material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not
misleading, and (z) in the case of clause (C) above, as soon as, in the reasonable discretion of
the Company, such suspension is no longer appropriate. The period during which the availability of
the Shelf Registration Statement and any Prospectus may be suspended (the “Suspension
Period”) without the Company incurring any obligation to pay liquidated damages pursuant to
Section 2(e) shall not exceed thirty (30) days in any three (3) month period and sixty (60) days in
any twelve (12) month period. The Effectiveness Period shall be extended by the number of days
from and including the date of the giving of the Suspension Notice to and including the date on
which the Notice Holder received copies of the supplemented or amended Prospectus provided in
clause (i) above, or the date on which it is advised in writing by the Company that the Prospectus
may be used, and has received copies of any additional or supplemental filings that are
incorporated or deemed incorporated by reference in such Prospectus.

     (j) Make available for inspection during normal business hours by representatives for the
Notice Holders of such Registrable Securities, and any broker-dealers, attorneys and accountants
retained by such Notice Holders, all relevant financial and other records and pertinent corporate
documents and properties of the Company and its subsidiaries, and cause the appropriate officers,
directors and employees of the Company and its subsidiaries to make available for

12

 

inspection during normal business hours all relevant information reasonably requested by such
representatives for the Notice Holders, or any such broker-dealers, attorneys or accountants in
connection with such disposition, in each case as is customary for similar “due diligence”
examinations; provided, however, that (i) such persons shall first agree in writing
with the Company that any information that is reasonably and in good faith designated by the
Company in writing as confidential at the time of delivery of such information shall be kept
confidential by such persons and shall be used solely for the purposes of exercising rights under
this Agreement, unless (A) disclosure of such information is required by court or administrative
order or is necessary to respond to inquiries of regulatory authorities, (B) disclosure of such
information is required by law (including any disclosure requirements pursuant to federal
securities laws in connection with the filing of any Shelf Registration Statement or the use of any
Prospectus referred to in this Agreement), (C) such information becomes generally available to the
public other than as a result of a disclosure or failure to safeguard by any such person or (D)
such information becomes available to any such person from a source other than the Company and such
source is not bound by a confidentiality agreement or is not otherwise under a duty of trust to the
Company, and (ii) that the foregoing inspection and information gathering shall, to the greatest
extent possible, be coordinated on behalf of all the Notice Holders and the other parties entitled
thereto by the one firm of counsel referred to in Section 5.

     (k) Comply with all applicable rules and regulations of the SEC to the extent and so long as
they are applicable to the shelf Registration Statement and make generally available to its
securityholders earning statements (which need not be audited) satisfying the provisions of Section
11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the
Securities Act) no later than 45 days after the end of any 12-month period (or 90 days after the
end of any 12-month period if such period is a fiscal year) commencing on the first day of the
first fiscal quarter of the Company commencing after the effective date of a Shelf Registration
Statement, which statements shall cover said 12-month periods.

     (l) Cooperate with each Notice Holder to the extent reasonably necessary to facilitate the
timely preparation and delivery of certificates representing Registrable Securities sold pursuant
to a Shelf Registration Statement (except to the extent that such Registrable Securities are then
represented by a global security), which certificates shall not bear any restrictive legends, and
cause such Registrable Securities to be in such denominations as are permitted by the Indenture and
registered in such names as such Notice Holder may request in writing at least two (2) Business
Days prior to any sale of such Registrable Securities.

     (m) Provide a CUSIP number for all Registrable Securities covered by each Shelf Registration
Statement not later than the effective date of such Shelf Registration Statement and provide the
Trustee and the transfer agent for the

13

 

Common Stock with certificates for the Registrable Securities that are in a form eligible for
deposit with The Depository Trust Company.

     (n) Cooperate and assist in any filings required to be made with the National Association of
Securities Dealers, Inc. by the Initial Purchaser or any Notice Holder.

     (o) Enter into such customary agreements consistent with this agreement and take all such
other necessary actions in connection therewith (including those requested by the holders of a
majority of the Registrable Securities being sold) in order to expedite or facilitate disposition
of such Registrable Securities; provided that the Company shall not be required pursuant to this
paragraph (o) to (i) qualify as a foreign corporation or as a dealer in securities in any
jurisdiction where it would not otherwise be required to qualify but for this Agreement or (ii)
take any action that would subject it to general service of process in suits or to taxation in any
such jurisdiction where it is not then so subject.

     (p) Cause the Indenture to be qualified under the TIA not later than the effective date of any
Shelf Registration Statement; and in connection therewith, cooperate with the Trustee to effect
such changes to the Indenture as may be required for the Indenture to be so qualified in accordance
with the terms of the TIA and execute, and use its reasonable best efforts to cause the Trustee to
execute, all documents as may be required to effect such changes, and all other forms and documents
required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner.

     Section 4. Holder’s Obligations. Each Holder agrees, by acquisition of the Registrable
Securities, that no Holder of Registrable Securities shall be entitled to sell any of such
Registrable Securities pursuant to a Shelf Registration Statement or to receive a Prospectus
relating thereto, unless such Holder has furnished the Company with a Notice and Questionnaire as
required pursuant to Section 2(d) hereof (including the information required to be included in such
Notice and Questionnaire) and the information set forth in the next sentence. Each Notice Holder
agrees promptly to furnish to the Company all information required to be disclosed in order to make
the information previously furnished to the Company by such Notice Holder not misleading and any
other information regarding such Notice Holder and the distribution of such Registrable Securities
as the Company may from time to time reasonably request. Any sale of any Registrable Securities by
any Holder shall constitute a representation and warranty by such Holder that the information
relating to such Holder and its plan of distribution is as set forth in the Prospectus delivered by
such Holder in connection with such disposition, that such Prospectus does not as of the time of
such sale contain any untrue statement of a material fact relating to or provided by such Holder or
its plan of distribution and that such Prospectus does not as of the time of such sale omit to
state any material fact relating to or provided by such Holder or its plan of distribution
necessary in order to make the statements in such

14

 

Prospectus, in the light of the circumstances under which they were made, not misleading.
Each Holder and the Initial Purchaser agree to keep the receipt of any Suspension Notice and the
contents thereof confidential except as required by law.

     Section 5. Registration Expenses. The Company shall bear all fees and expenses incurred in
connection with the performance by the Company of its obligations under Section 2 and 3 of this
Agreement whether or not any of the Shelf Registration Statements are declared effective. Such fees
and expenses (“Registration Expenses”) shall include, without limitation, (i) all
registration and filing fees (including, without limitation, fees and expenses (x) with respect to
filings required to be made by the Company with the National Association of Securities Dealers,
Inc. and (y) of compliance by the Company with federal and state securities or Blue Sky laws
(including, without limitation, reasonable fees and expenses in connection with Blue Sky
qualifications of the Registrable Securities under the laws of such jurisdictions as the Notice
Holders of a majority of the Registrable Securities being sold pursuant to a Shelf Registration
Statement may reasonably designate), (ii) printing expenses (including, without limitation,
expenses of printing certificates for Registrable Securities in a form eligible for deposit with
The Depository Trust Company), (iii) duplication and mailing expenses relating to copies of any
Shelf Registration Statement or Prospectus delivered to any Notice Holders hereunder, (iv) fees and
disbursements of counsel for the Company, (v) fees and disbursements of the Trustee and its counsel
and of the registrar and transfer agent for the Common Stock and (vi) Securities Act liability
insurance obtained by the Company in its sole discretion. In addition, the Company shall pay the
internal expenses of the Company (including, without limitation, all salaries and expenses of
officers and employees performing legal or accounting duties), the expense of any annual audit, the
fees and expenses incurred in connection with the listing by the Company of the Registrable
Securities on any securities exchange on which similar securities of the Company are then listed
and the fees and expenses of any person, including special experts, retained by the Company.
Except as provided above, each Holder shall pay all expenses and fees relating to such Holder’s
disposition to Registrable Securities including without limitation, all brokerage fees and
commissions, all transfer and the fees and expenses of any advisors or counsel the Holder engages.

     Section 6. Indemnification; Contribution.

     (a) The Company agrees to indemnify, defend and hold harmless each Holder and each person who
controls any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act (each, a “Holder Indemnified Party”), from and against any loss, damage,
expense, liability or claim (including the reasonable cost of investigation) which such Holder
Indemnified Party may incur under the Securities Act, the Exchange Act or otherwise, insofar as
such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement
or alleged untrue statement of a material fact contained in any Shelf Registration Statement or
Prospectus or in any amendment

15

 

or supplement thereto or in any preliminary prospectus, or arises out of or is based upon any
omission or alleged omission to state a material fact required to be stated in any Shelf
Registration Statement or in any amendment or supplement thereto or necessary to make the
statements therein not misleading, or arises out of or is based upon any omission or alleged
omission to state a material fact necessary in order to make the statements made in any Prospectus
or in any amendment or supplement thereto or in any preliminary prospectus, in the light of the
circumstances under which they were made, not misleading, except insofar as any such loss, damage,
expense, liability or claim arises out of or is based upon any untrue statement or omission or
alleged untrue statement or omission of a material fact contained in, or omitted from, and in
conformity with information furnished in writing by or on behalf of any Holder to the Company
expressly for use therein, provided, however, that the Company shall not be
required to provide any indemnify pursuant to this Section 6(a) in any such case insofar as any
such loss, damage, expense, liability, claim or action arises out of or is based upon any untrue
statement or omission or alleged untrue statement or omission of a material fact contained in, or
omitted from, and in conformity with written information pertaining to the Initial Purchaser or
Holder furnished by or on behalf of the Initial Purchaser or Holder to the Company expressly for
use in, any Shelf Registration Statement or any Prospectus, including information provided by such
Holder in a Notice and Questionnaire; provided further that, with respect to any
untrue statement or omission or alleged untrue statement or omission made in any preliminary
prospectus relating to a Shelf Registration Statement, the indemnity agreement contained in this
subsection (a) shall not inure to the benefit of any Holder from whom the person asserting any such
losses, damages, expenses, liabilities, claims or actions purchased such Registrable Securities, to
the extent that a prospectus relating to such Registrable Securities was required to be delivered
by such Holder under the Securities Act in connection with such purchase and any such loss, damage,
expense, liability, claim or action of such Holder results from the fact that there was not sent or
given to such person, at or prior to the written confirmation of the sale of such Registrable
Securities to such person, a copy of the final prospectus if the Company had previously furnished
copies thereof to such Holder; provided further, that this indemnity agreement will
not apply to any loss, damage, expense, liability or claim arising from an offer or sale, occurring
during a Suspension Period, of Registrable Securities by a Notice Holder to whom the Company
theretofore provided a Suspension Notice in accordance with Section 3(i).

     (b) Each Holder, severally and not jointly, agrees to indemnify, defend and hold harmless the
Company, its directors, officers and any person who controls the Company within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act (each, a “Company
Indemnified Party”) from and against any loss, damage, expense, liability or claim (including
the reasonable cost of investigation) which such Company Indemnified Party may incur under the
Securities Act, the Exchange Act or otherwise, insofar as such loss, damage, expense, liability or
claim (i) arises out of or is based upon any untrue statement or alleged untrue statement of a
material fact contained in information furnished

16

 

in writing by or on behalf of such Holder to the Company expressly for use in any Shelf
Registration Statement or Prospectus or in any amendment or supplement thereto or in any
preliminary prospectus, or arises out of or is based upon any omission or alleged omission to state
a material fact required to be stated in any Shelf Registration Statement or in any amendment or
supplement thereto or necessary to make the statements therein not misleading, or arises out of or
is based upon any omission or alleged omission to state a material fact necessary in order to make
the statements in any Prospectus or in any amendment or supplement thereto or in any preliminary
prospectus, in the light of the circumstances under which they were made, not misleading, in
connection with such information, (ii) arises out of or is based upon a sale of Registrable
Securities during a Suspension Period by a Notice Holder to whom the Company theretofore provided a
Suspension Notice in accordance with Section 3(i), or (iii) arises out of or is based upon a sale
of Registrable Securities by a Notice Holder without delivery of the most recent applicable
Prospectus provided to such Holder by the Company pursuant to Section 3(g) or Section 2(d); and,
subject to the limitation set forth immediately preceding this clause, each Holder shall reimburse,
as incurred, the Company for any legal or other expenses reasonably incurred by the Company or any
Company Indemnified Party in connection with investigating or defending any loss, damage, expense,
liability, claim or action in respect thereof. This indemnity agreement will be in addition to any
liability which such Holder may otherwise have to the Company or any of its controlling persons.
In no event shall the liability of any selling Holder of Registrable Securities hereunder be
greater in amount than the dollar amount of the proceeds received by such Holder upon the sale of
the Registrable Securities pursuant to the Shelf Registration Statement giving rise to such
indemnification obligation.

     (c) If any action, suit or proceeding (each, a “Proceeding”) is brought against any
person in respect of which indemnity may be sought pursuant to either subsection (a) or (b) of this
Section 6, such person (the “Indemnified Party”) shall promptly notify the person against
whom such indemnity may be sought (the “Indemnifying Party”) in writing of the institution
of such Proceeding and the Indemnifying Party shall assume the defense of such Proceeding;
provided, however, that the omission to notify such Indemnifying Party shall not
relieve such Indemnifying Party from any liability which it may have to such Indemnified Party or
otherwise except to the extent that the Indemnifying Party is prejudiced thereby. Such Indemnified
Party shall have the right to employ its own counsel in any such case, but the fees and expenses of
such counsel shall be at the expense of such Indemnified Party unless the employment of such
counsel shall have been authorized in writing by such Indemnifying Party in connection with the
defense of such Proceeding or such Indemnifying Party shall not have employed counsel to have
charge of the defense of such Proceeding within 30 days of the receipt of notice thereof or such
Indemnified Party shall have reasonably concluded upon the written advice of counsel that there may
be one or more defenses available to it that are different from, additional to or in conflict with
those available to such Indemnifying Party (in which case such Indemnifying Party shall not have
the right to direct that portion of the defense of such Proceeding on behalf of the

17

 

Indemnified Party, but such Indemnifying Party may employ counsel and participate in the
defense thereof but the fees and expenses of such counsel shall be at the expense of such
Indemnifying Party), in any of which events such reasonable fees and expenses shall be borne by
such Indemnifying Party and paid as incurred (it being understood, however, that such Indemnifying
Party shall not be liable for the expenses of more than one separate counsel in any one Proceeding
or series of related Proceedings together with reasonably necessary local counsel representing the
Indemnified Parties who are parties to such action). An Indemnifying Party shall not be liable for
any settlement of such Proceeding effected without the written consent of such Indemnifying Party,
but if settled with the written consent of such Indemnifying Party, such Indemnifying Party agrees
to indemnify and hold harmless an Indemnified Party from and against any loss or liability by
reason of such settlement. Notwithstanding the foregoing sentence, if at any time an Indemnified
Party shall have requested an Indemnifying Party to reimburse such Indemnified Party for fees and
expenses of counsel as contemplated by the second sentence of this paragraph, then such
Indemnifying Party agrees that it shall be liable for any settlement of any Proceeding effected
without its written consent if (i) such settlement is entered into more than 60 Business Days after
receipt by such Indemnifying Party of the aforesaid request, (ii) such Indemnifying Party shall not
have reimbursed such Indemnified Party in accordance with such request prior to the date of such
settlement and (iii) such Indemnified Party shall have given such Indemnifying Party at least 30
days’ prior notice of its intention to settle. No Indemnifying Party shall, without the prior
written consent of any Indemnified Party, effect any settlement of any pending or threatened
Proceeding in respect of which such Indemnified Party is or could have been a party and indemnity
could have been sought hereunder by such Indemnified Party, unless such settlement includes an
unconditional release of such Indemnified Party from all liability on claims that are the subject
matter of such Proceeding and does not include an admission of fault, culpability or a failure to
act, by or on behalf of such Indemnified Party.

     (d) If the indemnification provided for in this Section 6 is unavailable to an Indemnified
Party under subsections (a) and (b) of this Section 6 in respect of any losses, damages, expenses,
liabilities or claims referred to therein, then each applicable Indemnifying Party, in lieu of
indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such losses, damages, expenses, liabilities or claims (i) in such
proportion as is appropriate to reflect the relative benefits received by the Company on the one
hand and the Holders on the other hand from the offering of the Registrable Securities or (ii) if
the allocation provided by clause (i) above is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i) above but
also the relative fault of the Company on the one hand and of the Holders on the other in
connection with the statements or omissions which resulted in such losses, damages, expenses,
liabilities or claims, as well as any other relevant equitable considerations. The relative fault
of the Company on the one hand and of the Holders on the other shall be determined by reference to,
among other things,

18

 

whether the untrue statement or alleged untrue statement of a material fact or omission or
alleged omission relates to information supplied by the Company or by the Holders and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. The amount paid or payable by a party as a result of the losses, damages,
expenses, liabilities and claims referred to above shall be deemed to include any reasonable legal
or other fees or expenses reasonably incurred by such party in connection with investigating or
defending any Proceeding.

     (e) The Company and the Holders agree that it would not be just and equitable if contribution
pursuant to this Section 6 were determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred to in subsection
(d) above. Notwithstanding the provisions of this Section 6, no Holder shall be required to
contribute any amount in excess of the amount by which the total price at which the Registrable
Securities sold by it were offered to the public exceeds the amount of any damages which it has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. The Holders’ respective obligations to contribute pursuant
to this Section 6 are several in proportion to the respective amount of Registrable Securities they
have sold pursuant to a Shelf Registration Statement, and not joint. The remedies provided for in
this Section 6 are not exclusive and shall not limit any rights or remedies which may otherwise be
available to any Indemnified Party at law or in equity.

     (f) The indemnity and contribution provisions contained in this Section 6 shall remain
operative and in full force and effect regardless of (i) any termination of this Agreement, (ii)
any investigation made by or on behalf of any Holder or any person controlling any Holder, or the
Company, or the Company’s officers or directors or any person controlling the Company and (iii) the
sale of any Registrable Security by any Holder.

     Section 7. Information Requirements. (a) The Company covenants that, if at any time before
the end of the Effectiveness Period it is not subject to the reporting requirements of the Exchange
Act, it will cooperate with any Holder of Registrable Securities and take such further action as
any Holder of Registrable Securities may reasonably request in writing (including, without
limitation, making such representations as any such Holder may reasonably request), all to the
extent required from time to time to enable such Holder to sell Registrable Securities without
registration under the Securities Act within the limitation of the exemptions provided by Rule 144,
Rule 144A, Regulation S and Regulation D under the Securities Act and customarily taken in
connection with sales pursuant to such exemptions. Upon the written request of any Holder of
Registrable Securities, the Company shall deliver to such Holder a written statement as to whether
it has complied with such filing requirements, unless such a statement

19

 

has been included in the Company’s most recent report filed with the SEC pursuant to Section
13 or Section 15(d) of Exchange Act. Notwithstanding the foregoing, nothing in this Section 7 shall
be deemed to require the Company to register any of its securities (other than the Common Stock)
under any section of the Exchange Act.

     (b) The Company shall file the reports required to be filed by it under the Exchange Act and
shall comply with all other requirements set forth in the instructions to Form S-1 or Form S-3, as
the case may be, in order to allow the Company to be eligible to file registration statements on
Form S-1 or Form S-3.

     Section 8. Miscellaneous.

     (a) No Conflicting Agreements. The Company is not, as of the date hereof, a party to, nor
shall it, on or after the date of this Agreement, enter into, any agreement with respect to its
securities that conflicts with the rights granted to the Holders of Registrable Securities in this
Agreement. The Company represents and warrants that the rights granted to the Holders of
Registrable Securities hereunder do not in any way conflict with the rights granted to the holders
of the Company’s securities under any other agreements.

     (b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this
sentence, may not be amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, unless the Company has obtained the written consent of
Holders of a majority of the then outstanding Underlying Common Stock constituting Registrable
Securities (with Holders of Notes deemed to be the Holders, for purposes of this Section, of the
number of outstanding shares of Underlying Common Stock into which such Notes are or would be
convertible as of the date on which such consent is requested). Notwithstanding the foregoing, a
waiver or consent to depart from the provisions hereof with respect to a matter that relates
exclusively to the rights of Holders of Registrable Securities whose securities are being sold
pursuant to a Shelf Registration Statement and that does not directly or indirectly affect the
rights of other Holders of Registrable Securities may be given by Holders of at least a majority of
the Registrable Securities being sold by such Holders pursuant to such Shelf Registration
Statement; provided that the provisions of this sentence may not be amended, modified, or
supplemented except in accordance with the provisions of the immediately preceding sentence. Each
Holder of Registrable Securities outstanding at the time of any such amendment, modification,
supplement, waiver or consent or thereafter shall be bound by any such amendment, modification,
supplement, waiver or consent effected pursuant to this Section 8(b), whether or not any notice,
writing or marking indicating such amendment, modification, supplement, waiver or consent appears
on the Registrable Securities or is delivered to such Holder.

20

 

     (c) Notices. All notices and other communications provided for or permitted hereunder shall be
made in writing by hand delivery, by telecopier, by courier guaranteeing overnight delivery or by
first-class mail, return receipt requested, and shall be deemed given (i) when made, if made by
hand delivery, (ii) upon confirmation, if made by telecopier, (iii) one (1) Business Day after
being deposited with such courier, if made by overnight courier or (iv) on the date indicated on
the notice of receipt, if made by first-class mail, to the parties as follows:

     (x) if to a Holder of Registrable Securities, at the most current address given by such Holder
to the Company in a Notice and Questionnaire or any amendment thereto;

     (y) if to the Company, to:

		
	           	IVAX Corporation

4400 Biscayne Boulevard

Miami, Florida 33137

Attention: General Counsel

Telecopy No.: (305) 575-6049

with a copy to

Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A.

150 West Flagler Street

Suite 2200

Miami, Florida 33130

Attention: Alison W. Miller, Esq.

Telecopy No.: (305) 789-3395

     (z) if to the Initial Purchaser, to:

		
	           	UBS Securities LLC

299 Park Avenue

New York, New York 10171

Attention: Syndicate Department

Telecopy No.: (212) 821-4998

with a copy to (for informational purposes only):

UBS Securities LLC

299 Park Avenue

New York, New York 10171

Attention: Legal Department

Telecopy No.: (212) 821-4042

21

 

or to such other address as such person may have furnished to the other persons identified in
this Section 8(c) in writing in accordance herewith.

     (d) Approval of Holders. Whenever the consent or approval of Holders of a specified percentage
of Registrable Securities is required hereunder, Registrable Securities held by the Company or its
affiliates (as such term is defined in Rule 405 under the Securities Act) (other than the Initial
Purchaser or subsequent Holders of Registrable Securities if such subsequent Holders are deemed to
be such affiliates solely by reason of their holdings of such Registrable Securities) shall not be
counted in determining whether such consent or approval was given by the Holders of such required
percentage.

     (e) Successors and Assigns. Any person who purchases any Registrable Securities from the
Initial Purchaser or any Holder shall be deemed, for purposes of this Agreement, to be an assignee
of the Initial Purchaser or such Holder, as the case may be. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the parties and shall inure to
the benefit of and be binding upon each Holder of any Registrable Securities.

     (f) Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be
original and all of which taken together shall constitute one and the same agreement.

     (g) Headings. The headings in this Agreement are for convenience of reference only and shall
not limit or otherwise affect the meaning hereof.

     (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF.

     (i) Severability. If any term, provision, covenant or restriction of this Agreement is held
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants
and restrictions set forth herein shall remain in full force and effect and shall in no way be
affected, impaired or invalidated thereby, and the parties hereto shall use its best efforts to
find and employ an alternative means to achieve the same or substantially the same result as that
contemplated by such term, provision, covenant or restriction, it being intended that all of the
rights and privileges of the parties shall be enforceable to the fullest extent permitted by law.

     (j) Entire Agreement. This Agreement is intended by the parties as a final expression of their
agreement and is intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained herein and the
registration rights granted by the Company with respect to the Registrable Securities. Except as
provided in the

22

 

Purchase Agreement, there are no restrictions, promises, warranties or undertakings, other
than those set forth or referred to herein, with respect to the registration rights granted by the
Company with respect to the Registrable Securities. This Agreement supersedes all prior agreements
and undertakings among the parties with respect to such registration rights. No party hereto shall
have any rights, duties or obligations other than those specifically set forth in this Agreement.

     (k) Termination. This Agreement and the obligations of the parties hereunder shall terminate
upon the end of the Effectiveness Period, except for any liabilities or obligations under Section
4, 5 or 6 hereof and the obligations to make payments of and provide for liquidated damages under
Section 2(e) hereof to the extent such damages accrue prior to the end of the Effectiveness Period,
each of which shall remain in effect in accordance with its terms.

23

 

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above.

	 	 	 	 	 
	 	IVAX CORPORATION

 	 
	 	By:  	Steven D. Rubin
 	 
	 	 	Name:  	Steven D. Rubin 	 
	 	 	Title:  	Senior Vice President and General Counsel 	 
	 

Confirmed and accepted as of the date

first above written

UBS SECURITIES LLC

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ David Gately
 	 
	 	Name:  	David Gately 	 
	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Michael Mirsky
 	 
	 	Name:  	Michael Mirsky 	 
	 	Title:  	Associate Director 	 
	 

24<PAGE>

                                                                    EXHIBIT 4.14

                               AMENDMENT NO. 10 TO
                      AMENDED AND RESTATED CREDIT AGREEMENT

   This Amendment No. 10 to Amended and Restated Credit Agreement (this
"AMENDMENT"), dated as of February 4, 2005 but effective as of December 31,
2004, is entered into by and between SIFCO INDUSTRIES, INC. (the "BORROWER") and
NATIONAL CITY BANK (the "BANK") for the purposes amending and supplementing the
documents and instruments referred to below.

                                   WITNESSETH:

   WHEREAS, Borrower and Bank are parties to an Amended and Restated Credit
Agreement made as of April 30, 2002, as amended from time to time (as amended,
the "CREDIT AGREEMENT" providing for $6,000,000 of revolving credits; all terms
used in the Credit Agreement being used herein with the same meaning); and

   WHEREAS, Borrower and Bank desire to further amend certain provisions of the
Credit Agreement to, among other things, (a) amend and/or waive certain
financial covenants applicable thereto, and (b) supplement certain of the
covenants therein;

   NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
and agreements contained herein and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties agree
as follows:

SECTION I - AMENDMENTS TO CREDIT AGREEMENT

      A.    Subsection 2B.16 of the Credit Agreement is hereby amended in its
            entirety to read as follows:

            2B.16 BORROWING BASE - (i) Borrower and Bank agree that the granting
            of Subject Loans shall be subject to a Borrowing Base (defined
            below) pursuant to a borrowing base report, to be in form and
            substance satisfactory to Bank, and submitted to Bank on a monthly
            basis, along with a receivables and payables report, by the 20th day
            of each month. No Subject Loan shall be made if, after giving effect
            thereto, the aggregate unpaid principal balance of the Subject Loans
            would exceed the lesser of the amount of the Subject Commitment then
            in effect or the amount of the Borrowing Base then in effect.

            (ii) The borrowing base ("Borrowing Base") shall be an amount equal
            to eighty percent (80%) of eligible accounts receivable of Borrower
            and the Domestic Subsidiaries plus fifty percent (50%) of eligible
            finished goods inventory of Borrower and the Domestic Subsidiaries.

      B.    Subsection 3B.01 of the Credit Agreement is hereby deleted in its
            entirety and replaced with the following subsections 3B.01 and
            3B.02:

            3B.01 TANGIBLE NET WORTH - Borrower shall not suffer or permit the
            Tangible Net Worth of the Reporting Group, as of the end of any
            month, to be less than the required minimum amount. The required
            minimum amount shall be $27,000,000 effective as of the date of this
            Amendment. The required minimum amount shall increase as of the last
            day of each fiscal year of Borrower, commencing with fiscal year
            ending September 30, 2005, by an amount equal to 50% of the
            consolidated Net Income of the Reporting Group for such fiscal year
            as measured by Borrower's annual audited financial statements for
            such fiscal year. If Net Income is less than $0 for any fiscal year,
            the required minimum amount shall not be reduced as of the end of
            that fiscal year.

            3B.02 FIXED CHARGE COVERAGE - If the aggregate outstanding principal
            amount of the Subject Loans exceeds $2,500,000.00 during any fiscal
            quarter of Borrower, Borrower shall not, as of the end of such
            quarter, suffer or permit the ratio of the aggregate of

                  (a) the Domestic Group's Net Income for the Fixed Charge
                  Coverage Measurement Period, plus

                  (b) the Domestic Group's interest expense for that period,
                  plus

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<PAGE>

                  (c) the Domestic Group's federal, state, and local income tax
                  expense, if any, for that period, plus

                  (d) the Domestic Group's depreciation and amortization charges
                  for that period,

            to the aggregate of

                  (i) the Domestic Group's interest expense for the Fixed Charge
                  Coverage Measurement Period, plus

                  (ii) the Domestic Group's federal, state and local income
                  taxes, if any, actually paid for that period, plus

                  (iii) an amount equal to the aggregate of all scheduled
                  principal payments made on Indebtedness for Borrowed Money by
                  members of the Domestic Group during that period, plus

                  (iv) the Domestic Group's aggregate investments (net after
                  trade-ins, sales or liquidations, if any) in fixed or capital
                  assets and leasehold improvements during that period, plus

                  (v) all Distributions paid by members of the Domestic Group
                  during that period

            to be less than 1.0 to 1.0. Each "FIXED CHARGE COVERAGE MEASUREMENT
            PERIOD" shall be a period of four (4) consecutive quarter-annual
            fiscal periods of Borrower ending on the last day of any
            quarter-annual fiscal period during which the aggregate outstanding
            principal amount of the Subject Loans exceeds $2,500,000.00; except
            that the period ending on March 31, 2005 shall consist of the one
            quarter-annual period ending on that date, the period ending on June
            30, 2005 shall consist of the two consecutive quarter-annual periods
            ending on that date and the period ending on September 30, 2005
            shall consist of the three consecutive quarter-annual periods ending
            on that date.

      C.    The following new definitions are hereby added to section 9 of the
            Credit Agreement:

            "DISTRIBUTION" means a payment made, liability incurred, or other
            consideration given by any member of the Domestic Group (other than
            any stock dividend or stock split payable solely in capital stock of
            that member of the Domestic Group) for the purchase, acquisition,
            redemption or retirement of any capital stock of that entity or as a
            dividend, return of capital, or other distribution in respect of the
            capital stock of that member of the Domestic Group.

            "DOMESTIC GROUP" means Borrower and all of its Domestic
            Subsidiaries.

            "DOMESTIC SUBSIDIARY" means any Subsidiary of Borrower which is
            organized under the laws of any state or commonwealth of the United
            States of America.

            "GAAP" means generally accepted accounting principles applied in a
            manner consistent with those used in preparation of the most recent
            annual financial statements delivered to Bank under the Credit
            Agreement.

            "INDEBTEDNESS FOR BORROWED MONEY" means all indebtedness for
            borrowed money, purchase money indebtedness and with respect to
            capitalized lease obligations, including each renewal or extension,
            if any, in whole or in part.

            "NET INCOME" means net income as determined in accordance with GAAP,
            after taxes, if any, and after extraordinary items, but without
            giving effect to any gain resulting from any reappraisal or write-up
            of any asset.

            "REPORTING GROUP" means Borrower and all Subsidiaries of Borrower.

            "SUBSIDIARY" means a corporation or other business entity if shares
            constituting a majority of its outstanding capital stock (or other
            form of ownership) or constituting a majority of the voting power in
            any election of directors (or shares constituting both majorities)
            are (or upon the exercise of any outstanding warrants, options or
            other rights would be) owned directly or indirectly at the time in
            question by the corporation in question or another Subsidiary of
            that corporation or any combination of the foregoing.

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<PAGE>

            "TANGIBLE NET WORTH" means the excess (as determined in accordance
            with GAAP) of the net book value (after deducting all applicable
            valuation reserves and without consideration to any re-appraisal or
            write-up of assets) of all of the Reporting Group's tangible assets
            (i.e., all assets other than intangibles such as patents, costs of
            businesses over net assets acquired, goodwill, and treasury shares)
            over the Reporting Group's Debt.

SECTION II - REPRESENTATIONS AND WARRANTIES

   Borrower hereby represents and warrants to Bank, to the best of Borrower's
knowledge, that

      A.    None of the representations and warranties made in the Credit
            Agreement or any Related Writing, (collectively, the "Loan
            Documents") has ceased to be true and complete in any material
            respect as of the date hereof; and

      B.    As of the date hereof no "Default" has occurred that is continuing
            under the Loan Documents.

SECTION III - ACKNOWLEDGMENTS CONCERNING OUTSTANDING LOANS

   Borrower acknowledges and agrees that, as of the date hereof, all of
Borrower's outstanding loan obligations to Bank are owed without any offset,
deduction, defense, claim or counterclaim of any nature whatsoever. Borrower
authorizes Bank to share all credit and financial information relating to
Borrower with each of Bank's parent company and with any subsidiary or affiliate
company of such Bank or of such Bank's parent company.

SECTION IV - REFERENCES

   On and after the effective date of this Amendment, each reference in the
Credit Agreement to "this Agreement", "hereunder", "hereof", or words of like
import referring to the Credit Agreement shall mean and refer to the Credit
Agreement as amended hereby. The Loan Documents, as amended by this Amendment,
are and shall continue to be in full force and effect and are hereby ratified
and confirmed in all respects. The execution, delivery and effectiveness of this
Amendment shall not operate as a waiver of any right, power or remedy of Bank
under the Loan Documents or constitute a waiver of any provision of the Loan
Documents except as specifically set forth herein.

SECTION V - COUNTERPARTS AND GOVERNING LAW

   This Amendment may be executed in any number of counterparts, each
counterpart to be executed by one or more of the parties but, when taken
together, all counterparts shall constitute one agreement. This Amendment, and
the respective rights and obligations of the parties hereto, shall be construed
in accordance with and governed by Ohio law.

   IN WITNESS WHEREOF, the Borrower and the Bank have caused this Amendment to
be executed by their authorized officers as of the date and year first above
written.

SIFCO INDUSTRIES, INC.                           NATIONAL CITY BANK

/s/  Remigijus H. Belzinskas                     /s/  Denise A. Jakubovic
----------------------------                     ------------------------

Name: Remigijus H. Belzinskas                    Name: Denise A. Jakubovic

Title: Corporate Controller                      Title: Assistant Vice President

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