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                                                                     EXHIBIT 4.2

                              AMENDED AND RESTATED

                                     BY-LAWS

                                       OF

                            TRIPLE CROWN MEDIA, INC.

                             AS OF DECEMBER 9, 2005

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

                                   ARTICLE I

                            Meetings of Stockholders

            Section 1.1. Annual Meetings. If required by applicable law, an
annual meeting of stockholders shall be held for the election of directors at
such date, time and place, if any, either within or without the State of
Delaware, as may be designated by resolution of the Board of Directors from time
to time. Any other proper business may be transacted at the annual meeting.

            Section 1.2. Special Meetings. Special meetings of stockholders for
any purpose or purposes may be called at any time by the Board of Directors, but
such special meetings may not be called by any other person or persons. Business
transacted at any special meeting of stockholders shall be limited to the
purposes stated in the notice.

            Section 1.3. Notice of Meetings. Whenever stockholders are required
or permitted to take any action at a meeting, a notice of the meeting shall be
given that shall state the place, if any, date and hour of the meeting and, in
the case of a special meeting, the purpose or purposes for which the meeting is
called. Unless otherwise provided by law, the certificate of incorporation or
these by-laws, the notice of any meeting shall be given not less than ten (10)
nor more than sixty (60) days before the date of the meeting to each stockholder
entitled to vote at such meeting. If mailed, such notice shall be deemed to be
given when deposited in the United States mail, postage prepaid, directed to the
stockholder at such stockholder's address as it appears on the records of the
corporation.

            Section 1.4. Adjournments. Any meeting of stockholders, annual or
special, may adjourn from time to time to reconvene at the same or some other
place, and notice need not be given of any such adjourned meeting if the time
and place thereof are announced at the meeting at which the adjournment is
taken. At the adjourned meeting the corporation may transact any business which
might have been transacted at the original meeting. If the adjournment is for
more than thirty (30) days or, if after the adjournment a new record date is
fixed for the adjourned meeting, notice of the adjourned meeting shall be given
to each stockholder of record entitled to vote at the meeting.

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            Section 1.5. Quorum. Except as otherwise provided by law, the
certificate of incorporation or these by-laws, at each meeting of stockholders
the presence in person or by proxy of the holders of a majority in voting power
of the outstanding shares of stock entitled to vote at the meeting shall be
necessary and sufficient to constitute a quorum. In the absence of a quorum, the
stockholders so present may, by a majority in voting power thereof, adjourn the
meeting from time to time in the manner provided in Section 1.4 of these by-laws
until a quorum shall attend. Shares of its own stock belonging to the
corporation or to another corporation, if a majority of the shares entitled to
vote in the election of directors of such other corporation is held, directly or
indirectly, by the corporation, shall neither be entitled to vote nor be counted
for quorum purposes; provided, however, that the foregoing shall not limit the
right of the corporation or any subsidiary of the corporation to vote stock,
including but not limited to its own stock, held by it in a fiduciary capacity.

            Section 1.6. Organization. Meetings of stockholders shall be
presided over by the Chairperson of the Board, if any, or in his or her absence
by the Vice Chairperson of the Board, if any, or in his or her absence by the
President, or in his or her absence by a Vice President, or in the absence of
the foregoing persons by a chairperson designated by the Board of Directors, or
in the absence of such designation by a chairperson chosen at the meeting. The
Secretary shall act as secretary of the meeting, but in his or her absence the
chairperson of the meeting may appoint any person to act as secretary of the
meeting.

            Section 1.7. Voting; Proxies. Except as otherwise provided by or
pursuant to the provisions of the certificate of incorporation, each stockholder
entitled to vote at any meeting of stockholders shall be entitled to one vote
for each share of stock held by such stockholder which has voting power upon the
matter in question. Each stockholder entitled to vote at a meeting of
stockholders or to express consent to corporate action in writing without a
meeting may authorize another person or persons to act for such stockholder by
proxy, but no such proxy shall be voted or acted upon after three years from its
date, unless the proxy provides for a longer period. A proxy shall be
irrevocable if it states that it is irrevocable and if, and only as long as, it
is coupled with an interest sufficient in law to support an irrevocable power. A
stockholder may revoke any proxy which is not irrevocable by attending the
meeting and voting in person or by delivering to the Secretary of the
corporation a revocation of the proxy or a new proxy bearing a later date.
Voting at meetings of stockholders need not be by written ballot. At all
meetings of stockholders for the election of directors at which a quorum is
present a plurality of the votes cast shall be sufficient to elect. All other
elections and questions presented to the stockholders at a meeting at which a
quorum is present shall, unless otherwise provided by the certificate of
incorporation, these by-laws, the rules or regulations of any stock exchange
applicable to the corporation, or applicable law or pursuant to any regulation
applicable to the corporation or its securities, be decided by the affirmative
vote of the holders of a majority in voting power of the shares of stock of the
corporation which are present in person or by proxy and entitled to vote
thereon.

            Section 1.8. Fixing Date for Determination of Stockholders of
Record. In order that the corporation may determine the stockholders entitled to
notice of or to vote at any meeting of stockholders or any adjournment thereof,
or to express consent to corporate action in writing without a meeting, or
entitled to receive payment of any dividend or other distribution or allotment
of any rights, or entitled to exercise any rights in respect of any change,
conversion or exchange of stock or for the purpose of any other lawful action,
the Board of Directors may fix a

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record date, which record date shall not precede the date upon which the
resolution fixing the record date is adopted by the Board of Directors, and
which record date: (1) in the case of determination of stockholders entitled to
vote at any meeting of stockholders or adjournment thereof, shall, unless
otherwise required by law, not be more than sixty (60) nor less than ten (10)
days before the date of such meeting; (2) in the case of determination of
stockholders entitled to express consent to corporate action in writing without
a meeting, shall not be more than ten (10) days from the date upon which the
resolution fixing the record date is adopted by the Board of Directors; and (3)
in the case of any other action, shall not be more than sixty (60) days prior to
such other action. If no record date is fixed: (1) the record date for
determining stockholders entitled to notice of or to vote at a meeting of
stockholders shall be at the close of business on the day next preceding the day
on which notice is given, or, if notice is waived, at the close of business on
the day next preceding the day on which the meeting is held; (2) the record date
for determining stockholders entitled to express consent to corporate action in
writing without a meeting, when no prior action of the Board of Directors is
required by law, shall be the first date on which a signed written consent
setting forth the action taken or proposed to be taken is delivered to the
corporation in accordance with applicable law, or, if prior action by the Board
of Directors is required by law, shall be at the close of business on the day on
which the Board of Directors adopts the resolution taking such prior action; and
(3) the record date for determining stockholders for any other purpose shall be
at the close of business on the day on which the Board of Directors adopts the
resolution relating thereto. A determination of stockholders of record entitled
to notice of or to vote at a meeting of stockholders shall apply to any
adjournment of the meeting; provided, however, that the Board of Directors may
fix a new record date for the adjourned meeting.

            Section 1.9. List of Stockholders Entitled to Vote. The corporation
shall make available, at least ten (10) days before every meeting of
stockholders, a complete list of the stockholders entitled to vote at the
meeting, arranged in alphabetical order, and showing the address of each
stockholder and the number of shares registered in the name of each stockholder.
Such list shall be open to the examination of any stockholder, for any purpose
germane to the meeting at least ten (10) days prior to the meeting (i) on a
reasonably accessible electronic network, provided that the information required
to gain access to such list is provided with the notice of meeting or (ii)
during ordinary business hours at the principal place of business of the
corporation. The list of stockholders must also be open to examination at the
meeting as required by applicable law.

            Section 1.10. Inspectors of Election. The corporation may, and shall
if required by law, in advance of any meeting of stockholders, appoint one or
more inspectors of election, who may be employees of the corporation, to act at
the meeting or any adjournment thereof and to make a written report thereof. The
corporation may designate one or more persons as alternate inspectors to replace
any inspector who fails to act. In the event that no inspector so appointed or
designated is able to act at a meeting of stockholders, the person presiding at
the meeting shall appoint one or more inspectors to act at the meeting. Each
inspector, before entering upon the discharge of his or her duties, shall take
and sign an oath to execute faithfully the duties of inspector with strict
impartiality and according to the best of his or her ability. The inspector or
inspectors so appointed or designated shall (i) ascertain the number of shares
of capital stock of the corporation outstanding and the voting power of each
such share, (ii) determine the shares of capital stock of the corporation
represented at the meeting and the validity of proxies and ballots, (iii) count
all votes and ballots, (iv) determine and retain for a

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reasonable period a record of the disposition of any challenges made to any
determination by the inspectors, and (v) certify their determination of the
number of shares of capital stock of the corporation represented at the meeting
and such inspectors' count of all votes and ballots. Such certification and
report shall specify such other information as may be required by law. In
determining the validity and counting of proxies and ballots cast at any meeting
of stockholders of the corporation, the inspectors may consider such information
as is permitted by applicable law. No person who is a candidate for an office at
an election may serve as an inspector at such election.

            Section 1.11. Conduct of Meetings. The date and time of the opening
and the closing of the polls for each matter upon which the stockholders will
vote at a meeting shall be announced at the meeting by the person presiding over
the meeting. The Board of Directors may adopt by resolution such rules and
regulations for the conduct of the meeting of stockholders as it shall deem
appropriate. Except to the extent inconsistent with such rules and regulations
as adopted by the Board of Directors, the person presiding over any meeting of
stockholders shall have the right and authority to convene and to adjourn the
meeting, to prescribe such rules, regulations and procedures and to do all such
acts as, in the judgment of such presiding person, are appropriate for the
proper conduct of the meeting. Such rules, regulations or procedures, whether
adopted by the Board of Directors or prescribed by the presiding person of the
meeting, may include, without limitation, the following: (i) the establishment
of an agenda or order of business for the meeting; (ii) rules and procedures for
maintaining order at the meeting and the safety of those present; (iii)
limitations on attendance at or participation in the meeting to stockholders of
record of the corporation, their duly authorized and constituted proxies or such
other persons as the presiding person of the meeting shall determine; (iv)
restrictions on entry to the meeting after the time fixed for the commencement
thereof; and (v) limitations on the time allotted to questions or comments by
participants. The presiding person at any meeting of stockholders, in addition
to making any other determinations that may be appropriate to the conduct of the
meeting, shall, if the facts warrant, determine and declare to the meeting that
a matter or business was not properly brought before the meeting and if such
presiding person should so determine, such presiding person shall so declare to
the meeting and any such matter or business not properly brought before the
meeting shall not be transacted or considered. Unless and to the extent
determined by the Board of Directors or the person presiding over the meeting,
meetings of stockholders shall not be required to be held in accordance with the
rules of parliamentary procedure.

            Section 1.12. Nomination of Directors. Only persons who are
nominated in accordance with the following procedures shall be eligible for
election as directors. Nominations of persons for election as directors may be
made at a meeting of stockholders only (i) by or at the direction of the Board
of Directors, (ii) by any person or persons authorized to do so by the Board of
Directors or (iii) by any stockholder of the corporation entitled to vote for
the election of directors at the meeting who complies with the notice procedures
set forth in this Section 1.12. Such nomination, other than those made by or at
the direction of the Board of Directors or by persons authorized by the Board of
Directors, shall be made pursuant to timely notice in writing to the Secretary
of the corporation. Such stockholder's notice to the Secretary of a proposed
nomination shall set forth, as to each person whom the stockholder proposes to
nominate for election or re-election as a director, (i) the name, age, business
address and residence address of the person (including such person's written
consent to being named in the proxy statement as a nominee and to serving as a
director if elected), (ii) the principal occupation or employment of

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the person, (iii) the class and number of shares of capital stock of the
corporation which are beneficially owned by the person, and (iv) any other
information relating to the person that is required to be disclosed in
solicitations for proxies for election of directors pursuant to Regulation 14A
under the Securities Exchange Act of 1934, as now or hereafter amended; such
notice shall further set forth, as to the stockholder giving the notice, (i) the
name and record address of such stockholder and (ii) the number of shares of the
corporation which are beneficially owned by such stockholder. The corporation
may require any proposed nominee to furnish such other information as may
reasonably be required by the corporation to determine the eligibility of such
proposed nominee to serve as director. No person shall be eligible for election
as a director of the corporation unless nominated in accordance with the
procedures set forth herein and unless qualified under the other provisions of
these bylaws. If the Chairperson of the meeting determines that a nomination was
not made in accordance with the foregoing procedure, the Chairperson shall so
declare to the meeting and the defective nomination shall be disregarded. To be
timely, a stockholder's notice of nomination must be delivered to, or mailed and
received at, the principal executive offices of the corporation, not less than
90 days nor more than 120 days prior to the meeting; provided, however, that in
the event that less than 105 days' notice or prior public disclosure of the date
of the meeting is given or made to stockholders, notice by the stockholder to be
timely must be so received not later than the close of business on the 15th day
following the day on which such notice of the date of the meeting was mailed or
such public disclosure was made, whichever first occurs.

            Section 1.13. Other Business. To be properly brought before any
annual or special meeting of stockholders, business must be either (i) specified
in the notice of meeting (or any supplement thereto) given by or at the
direction of the Board of Directors, (ii) otherwise properly brought before the
meeting by or at the direction of the Board of Directors, or (iii) otherwise
properly brought before the meeting by a stockholder. In addition to any other
applicable requirements, for business to be properly brought before a meeting by
a stockholder, the stockholder must have given timely notice thereof in writing
to the Secretary of the corporation. A stockholder's notice to the Secretary
shall set forth with respect to each matter the stockholder proposes to bring
before the meeting (i) a brief description of the business desired to be brought
before the meeting and the reasons for conducting such business at the meeting,
(ii) the name and record address of the stockholder proposing such business,
(iii) the number of shares of the corporation which are beneficially owned by
the stockholder, and (iv) any material interest of the stockholder in such
business. Notwithstanding anything in these bylaws to the contrary, no business
shall be conducted at any meeting of stockholders except in accordance with the
procedures set forth in this Section 1.13, provided, however, that nothing in
this Section 1.13 shall be deemed to preclude discussion by any stockholder of
any business properly brought before the meeting. If the Chairperson of the
meeting determines that such business was not properly brought before the
meeting in accordance with the foregoing procedure, the Chairperson shall so
declare to the meeting, any such business not properly brought before the
meeting shall not be transacted. To be timely, a stockholder's notice of other
business must be delivered to, or mailed and received at, the principal
executive offices of the corporation, not less than 90 days nor more than 120
days prior to the meeting; provided, however, that in the event that less than
105 days' notice or prior public disclosure of the date of the meeting is given
or made to stockholders, notice by the stockholder to be timely must be so
received not later than the close of business on the 15th day following the day
on which such notice of the date of the meeting was mailed or such public
disclosure was made, whichever first occurs.

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                                   ARTICLE II

                               Board of Directors

            Section 2.1. Number; Qualifications. The Board of Directors shall
consist of one or more members, the number thereof to be determined from time to
time by resolution of the Board of Directors. Directors need not be
stockholders.

            Section 2.2. Election; Resignation; Vacancies. The Board of
Directors shall initially consist of the persons named as directors in the
certificate of incorporation or elected by the incorporator of the corporation,
and each director so elected shall hold office until the first annual meeting of
stockholders or until his or her successor is duly elected and qualified. At the
first annual meeting of stockholders and at each annual meeting thereafter, the
stockholders shall elect directors each of whom shall hold office for a term of
one year or until his or her successor is duly elected and qualified, subject to
such director's earlier death, resignation, disqualification or removal. Any
director may resign at any time upon notice to the corporation. Unless otherwise
provided by law or the certificate of incorporation, any newly created
directorship or any vacancy occurring in the Board of Directors for any cause
may be filled by a majority of the remaining members of the Board of Directors,
although such majority is less than a quorum, or by a plurality of the votes
cast at a meeting of stockholders, and each director so elected shall hold
office until the expiration of the term of office of the director whom he or she
has replaced or until his or her successor is elected and qualified.

            Section 2.3. Regular Meetings. Regular meetings of the Board of
Directors may be held at such places within or without the State of Delaware and
at such times as the Board of Directors may from time to time determine.

            Section 2.4. Special Meetings. Special meetings of the Board of
Directors may be held at any time or place within or without the State of
Delaware whenever called by the President, any Vice President, the Secretary, or
by any member of the Board of Directors. Notice of a special meeting of the
Board of Directors shall be given by the person or persons calling the meeting
at least twenty-four hours before the special meeting.

            Section 2.5. Telephonic Meetings Permitted. Members of the Board of
Directors, or any committee designated by the Board of Directors, may
participate in a meeting thereof by means of conference telephone or other
communications equipment by means of which all persons participating in the
meeting can hear each other, and participation in a meeting pursuant to this
by-law shall constitute presence in person at such meeting.

            Section 2.6. Quorum; Vote Required for Action. At all meetings of
the Board of Directors the directors entitled to cast a majority of the votes of
the whole Board of Directors shall constitute a quorum for the transaction of
business. Except in cases in which the certificate of incorporation, these
by-laws or applicable law otherwise provides, a majority of the votes entitled
to be cast by the directors present at a meeting at which a quorum is present
shall be the act of the Board of Directors.

            Section 2.7. Organization. Meetings of the Board of Directors shall
be presided over by the Chairperson of the Board, if any, or in his or her
absence by the Vice Chairperson of

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the Board, if any, or in his or her absence by the President, or in their
absence by a chairperson chosen at the meeting. The Secretary shall act as
secretary of the meeting, but in his or her absence the chairperson of the
meeting may appoint any person to act as secretary of the meeting.

            Section 2.8. Action by Unanimous Consent of Directors. Unless
otherwise restricted by the certificate of incorporation or these by-laws, any
action required or permitted to be taken at any meeting of the Board of
Directors, or of any committee thereof, may be taken without a meeting if all
members of the Board of Directors or such committee, as the case may be, consent
thereto in writing or by electronic transmission and the writing or writings or
electronic transmissions are filed with the minutes of proceedings of the board
or committee in accordance with applicable law.

                                  ARTICLE III

                                   Committees

            Section 3.1. Committees. The Board of Directors may designate one or
more committees, each committee to consist of one or more of the directors of
the corporation. The Board of Directors may designate one or more directors as
alternate members of any committee, who may replace any absent or disqualified
member at any meeting of the committee. In the absence or disqualification of a
member of the committee, the member or members thereof present at any meeting
and not disqualified from voting, whether or not he, she or they constitute a
quorum, may unanimously appoint another member of the Board of Directors to act
at the meeting in place of any such absent or disqualified member. Any such
committee, to the extent permitted by law and to the extent provided in the
resolution of the Board of Directors, shall have and may exercise all the powers
and authority of the Board of Directors in the management of the business and
affairs of the corporation, and may authorize the seal of the corporation to be
affixed to all papers which may require it.

            Section 3.2. Committee Rules. Unless the Board of Directors
otherwise provides, each committee designated by the Board of Directors may
make, alter and repeal rules for the conduct of its business. In the absence of
such rules each committee shall conduct its business in the same manner as the
Board of Directors conducts its business pursuant to Article II of these
by-laws.

                                   ARTICLE IV

                                    Officers

            Section 4.1. Executive Officers; Election; Qualifications; Term of
Office; Resignation; Removal; Vacancies. The Board of Directors shall elect a
President and Secretary, and it may, if it so determines, choose a Chairperson
of the Board and a Vice Chairperson of the Board from among its members. The
Board of Directors may also choose one or more Vice Presidents, one or more
Assistant Secretaries, a Treasurer and one or more Assistant Treasurers and such
other officers as it shall from time to time deem necessary or desirable. Each
such officer shall hold office until the first meeting of the Board of Directors
after the annual meeting of stockholders next succeeding his or her election,
and until his or her successor is elected and

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qualified or until his or her earlier resignation or removal. Any officer may
resign at any time upon written notice to the corporation. The Board of
Directors may remove any officer with or without cause at any time, but such
removal shall be without prejudice to the contractual rights of such officer, if
any, with the corporation. Any number of offices may be held by the same person.
Any vacancy occurring in any office of the corporation by death, resignation,
removal or otherwise may be filled for the unexpired portion of the term by the
Board of Directors at any regular or special meeting.

            Section 4.2. Powers and Duties of Executive Officers. The officers
of the corporation shall have such powers and duties in the management of the
corporation as may be prescribed in a resolution by the Board of Directors and,
to the extent not so provided, as generally pertain to their respective offices,
subject to the control of the Board of Directors. The Board of Directors may
require any officer, agent or employee to give security for the faithful
performance of his or her duties.

            Section 4.3. Appointing Attorneys and Agents; Voting Securities of
Other Entities. Unless otherwise provided by resolution adopted by the Board of
Directors, the Chairperson of the Board, the President or any Vice President may
from time to time appoint an attorney or attorneys or agent or agents of the
corporation, in the name and on behalf of the corporation, to cast the votes
which the corporation may be entitled to cast as the holder of stock or other
securities in any other corporation or other entity, any of whose stock or other
securities may be held by the corporation, at meetings of the holders of the
stock or other securities of such other corporation or other entity, or to
consent in writing, in the name of the corporation as such holder, to any action
by such other corporation or other entity, and may instruct the person or
persons so appointed as to the manner of casting such votes or giving such
consents, and may execute or cause to be executed in the name and on behalf of
the corporation and under its corporate seal or otherwise, all such written
proxies or other instruments as he or she may deem necessary or proper. Any of
the rights set forth in this Section 4.3 which may be delegated to an attorney
or agent may also be exercised directly by the Chairperson of the Board, the
President or the Vice President.

                                    ARTICLE V

                                      Stock

            Section 5.1. Certificates. Some or all of any or all classes or
series of stock may be uncertificated shares. The Board of Directors may provide
by resolution or resolutions that some or all of any or all classes or series of
stock shall be uncertificated shares. Every holder of certificated stock shall
be entitled to have a certificate signed by or in the name of the corporation by
the Chairperson or Vice Chairperson of the Board of Directors, if any, or the
President or a Vice President, and by the Treasurer or an Assistant Treasurer,
or the Secretary or an Assistant Secretary, of the corporation certifying the
number of shares owned by such holder in the corporation. Any of or all the
signatures on the certificate may be a facsimile. In case any officer, transfer
agent or registrar who has signed or whose facsimile signature has been placed
upon a certificate shall have ceased to be such officer, transfer agent, or
registrar before such certificate is issued, it may be issued by the corporation
with the same effect as if such person were such officer, transfer agent, or
registrar at the date of issue.

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            Section 5.2. Lost, Stolen or Destroyed Stock Certificates; Issuance
of New Certificates. The corporation may issue a new certificate of stock in the
place of any certificate theretofore issued by it, alleged to have been lost,
stolen or destroyed, and the corporation may require the owner of the lost,
stolen or destroyed certificate, or such owner's legal representative, to give
the corporation a bond sufficient to indemnify it against any claim that may be
made against it on account of the alleged loss, theft or destruction of any such
certificate or the issuance of such new certificate.

                                   ARTICLE VI

                                 Indemnification

            Section 6.1. Right to Indemnification. The corporation shall
indemnify and hold harmless, to the fullest extent permitted by applicable law
as it presently exists or may hereafter be amended, any person (a "Covered
Person") who was or is made or is threatened to be made a party or is otherwise
involved in any action, suit or proceeding, whether civil, criminal,
administrative or investigative (a "proceeding"), by reason of the fact that he
or she, or a person for whom he or she is the legal representative, is or was a
director or officer of the corporation or, while a director or officer of the
corporation, is or was serving at the request of the corporation as a director,
officer, employee or agent of another corporation or of a partnership, joint
venture, trust, enterprise or nonprofit entity, including service with respect
to employee benefit plans, against all liability and loss suffered and expenses
(including attorneys' fees) reasonably incurred by such Covered Person. The
Board of Directors of the corporation, at its sole discretion, may expand the
definition of "Covered Person" to include, without limitation, an employee or
agent of the corporation. Notwithstanding the foregoing, except as otherwise
provided in Section 6.3, the corporation shall be required to indemnify a
Covered Person in connection with a proceeding (or part thereof) commenced by
such Covered Person only if the commencement of such proceeding (or part
thereof) by the Covered Person was authorized in the specific case by the Board
of Directors of the corporation.

            Section 6.2. Prepayment of Expenses. The corporation shall to the
fullest extent not prohibited by applicable law pay the expenses (including
attorneys' fees) incurred by a Covered Person in defending any proceeding in
advance of its final disposition, provided, however, that, to the extent
required by law, such payment of expenses in advance of the final disposition of
the proceeding shall be made only upon receipt of an undertaking by the Covered
Person to repay all amounts advanced if it should be ultimately determined that
the Covered Person is not entitled to be indemnified under this Article VI or
otherwise.

            Section 6.3. Claims. If a claim for indemnification (following the
final disposition of such action, suit or proceeding) or advancement of expenses
under this Article VI is not paid in full within thirty days after a written
claim therefor by the Covered Person has been received by the corporation, the
Covered Person may file suit to recover the unpaid amount of such claim and, if
successful in whole or in part, shall be entitled to be paid the expense of
prosecuting such claim. In any such action the corporation shall have the burden
of proving that the Covered Person is not entitled to the requested
indemnification or advancement of expenses under applicable law.

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            Section 6.4. Nonexclusivity of Rights. The rights conferred on any
Covered Person by this Article VI shall not be exclusive of any other rights
which such Covered Person may have or hereafter acquire under any statute,
provision of the certificate of incorporation, these by-laws, agreement, vote of
stockholders or disinterested directors or otherwise.

            Section 6.5. Other Sources. The corporation's obligation, if any, to
indemnify or to advance expenses to any Covered Person who was or is serving at
its request as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust, enterprise or nonprofit entity shall be
reduced by any amount such Covered Person may collect as indemnification or
advancement of expenses from such other corporation, partnership, joint venture,
trust, enterprise or non-profit enterprise.

            Section 6.6. Amendment or Repeal. Any repeal or modification of the
foregoing provisions of this Article VI shall not adversely affect any right or
protection hereunder of any Covered Person in respect of any act or omission
occurring prior to the time of such repeal or modification.

            Section 6.7. Other Indemnification and Prepayment of Expenses. This
Article VI shall not limit the right of the corporation, to the extent and in
the manner permitted by law, to indemnify and to advance expenses to persons
other than Covered Persons when and as authorized by appropriate corporate
action.

                                  ARTICLE VII

                                  Miscellaneous

            Section 7.1. Fiscal Year. The fiscal year of the corporation shall
be determined by resolution of the Board of Directors.

            Section 7.2. Seal. The corporate seal shall have the name of the
corporation inscribed thereon and shall be in such form as may be approved from
time to time by the Board of Directors.

            Section 7.3. Manner of Notice. Except as otherwise provided herein
or permitted by applicable law, notices to directors and stockholders shall be
in writing and delivered personally or mailed to the directors or stockholders
at their addresses appearing on the books of the corporation. Notice to
directors may be given by telecopier, telephone or other means of electronic
transmission.

            Section 7.4. Waiver of Notice of Meetings of Stockholders, Directors
and Committees. Any waiver of notice, given by the person entitled to notice,
whether before or after the time stated therein, shall be deemed equivalent to
notice. Attendance of a person at a meeting shall constitute a waiver of notice
of such meeting, except when the person attends a meeting for the express
purpose of objecting, at the beginning of the meeting, to the transaction of any
business because the meeting is not lawfully called or convened. Neither the
business to be transacted at nor the purpose of any regular or special meeting
of the stockholders, directors, or members of a committee of directors need be
specified in a waiver of notice.

                                       10
<PAGE>

            Section 7.5. Form of Records. Any records maintained by the
corporation in the regular course of its business, including its stock ledger,
books of account, and minute books, may be kept on, or by means of, or be in the
form of, any information storage device or method, provided that the records so
kept can be converted into clearly legible paper form within a reasonable time.

            Section 7.6. Amendment of By-Laws. These by-laws may be altered,
amended or repealed, and new by-laws made, by the Board of Directors, but the
stockholders may make additional by-laws and may alter and repeal any by-laws
whether adopted by them or otherwise.

                                       11<PAGE>

                                                                     EXHIBIT 4.4

                                 BR Holding Inc
                               Filing Type: REGST
                                Description: S-4
                              Filing Date: 08/09/99

Exhibit 10.1

                              BULL RUN CORPORATION

              AMENDED AND RESTATED 1994 LONG TERM INCENTIVE PLAN

1. Purpose

         The purpose of the Bull Run Corporation Amended and Restated 1994 Long
Term Incentive Plan (the "Plan") is to encourage and enable employees of, or
consultants or advisors to, Bull Run Corporation (the "Company") or a parent or
subsidiary thereof, to acquire a proprietary interest in the Company through the
ownership of common stock, par value $.01 per share (the "Common Stock"), of the
Company. Such ownership will provide such persons with a more direct stake in
the future welfare of the Company and encourage them to remain with the Company
or a parent or subsidiary of the Company. It is also expected that the Plan will
encourage qualified persons to seek and accept employment or other association
with the Company or a parent or subsidiary of the Company. Pursuant to the Plan,
such persons may be granted stock options, restricted stock awards, and stock
appreciation rights (collectively, "Plan Awards"). Consultants and advisors
entitled to receive Plan Awards are hereinafter collectively referred to as
"Associates," and the relationship of the Associates to the Company or to a
subsidiary or parent of the Company is herein referred to as "association with"
the Company.

         As used herein, the term "parent" or "subsidiary" shall mean any
present or future corporation which is or would be a "parent corporation" or
"subsidiary corporation" of the Company as such terms are defined in Section 424
of the Internal Revenue Code of 1986, as amended (the "Code") (determined as if
the Company were the employer corporation).

2. Administration of the Plan

         The Plan shall be administered by a committee (the "Committee") as
appointed from time to time by the Board of Directors of the Company (the
"Board"), which committee shall consist of not less than two members of the
Board who shall be "disinterested persons" as such term is defined in Rule
16(b)-3(c)(2) promulgated under the Securities Exchange Act of 1934, as amended
(the "1934 Act"). No person while a member of the Committee or any other
committee of the Board administering the Plan shall be eligible to receive a
Plan Award.

         In administering the Plan, the Committee shall follow any general
guidelines not inconsistent with the Plan established by the Board and may adopt
rules and regulations for carrying out the Plan. The Committee may consult with
counsel, who may be counsel to the Company, and shall not incur any liability
for any action taken in good faith in reliance upon the advice of counsel. The
interpretations and decisions made by the Committee with regard to any question
arising under the Plan shall be final and conclusive on all persons
participating or eligible to participate in the Plan. Subject to the provisions
of the Plan and any guidelines established by the Board, the Committee

                                        1
<PAGE>

from time to time shall determine the terms and conditions of all Plan Awards,
including, but not limited to, the persons (the "Participants") to whom, and the
time or times at which, Plan Awards shall be granted, the number of shares
subject to each Plan Award, the number of options which shall be treated as
incentive stock options (as described in Section 422 of the Code), the duration
of each option, the specific restrictions applicable to restricted stock awards
and other Plan Awards, any performance criteria in order to determine the extent
to which a Plan Award has been earned, and other terms and provisions of each
Plan Award.

         It is the intent of the Company that this Plan and all Plan Awards
satisfy, and be interpreted in a manner that will satisfy, the applicable
requirements of Rule 16b-3 promulgated under the 1934 Act, so that Participants
who are or may be, with respect to their ownership of Common Stock, directly or
indirectly (including by virtue of any other person being required to report
ownership of securities owned by a Participant) subject to Section 16 of the
1934 Act ("Insiders") will be entitled to the benefits of such Rule 16b-3, or
other exemptive rules under such Section 16, and will not be subjected to
liability thereunder. If any provision of this Plan or of any Plan Award would
otherwise frustrate or conflict with the intent expressed in this Section 2,
that provision, to the extent possible, shall be interpreted and deemed amended
so as to avoid such conflict. To the extent of any remaining irreconcilable
conflict with such intent, such provision shall be deemed void as applicable to
Insiders.

3. Shares of Stock Subject to the Plan

         The aggregate number of shares that may be issued or transferred
pursuant to Plan Awards shall not exceed 3,500,000 shares of Common Stock,
subject to adjustment as provided in Section 9. Such shares of Common Stock
available under the Plan may be authorized and unissued shares or previously
issued shares acquired or to be acquired by the Company and held in treasury.
Any shares subject to a Plan Award which for any reason terminates, expires, or
is forfeited without the delivery to the holder of the Plan Award of shares of
Common Stock or other consideration may again be subject to a new Plan Award. If
an option or related stock appreciation right is exercised for shares of Common
Stock, the shares covered by such option shall not thereafter be available for
grant pursuant to the Plan. Any shares of Common Stock that are used by a
participant as full or partial payment of withholding or other taxes or of the
purchase price of shares of Common Stock acquired on the exercise of an option
shall be counted against the limit set forth in the first sentence of this
Section 3 and shall not thereafter be available for Plan Awards, except that
such shares shall be available for Plan Awards to persons who are not Insiders.

4. Eligibility

         Plan Awards may be granted to employees who are employed by, and
Associates who are associated with, the Company of a parent or subsidiary of the
Company. Solely with respect to Plan Awards to employees that are intended to be
performance based compensation not subject to the $1 million deduction limit
under Section 162(m) of the Code, options to purchase no more than 750,000
shares of Common Stock may be granted under the Plan to each employee, subject
to adjustment as provided in Section 9, for each calendar year during the entire
term of the Plan. To the extent that shares of Common Stock or other Plan Awards
are not issued or granted in a particular calendar year

                                        2
<PAGE>

to an individual, such shares of Common Stock or other Awards shall be available
for grant to such individual in any subsequent calendar year during the term of
the Plan.

5. Granting of Plan Awards

         All Plan Awards shall be granted within 10 years from August 30, 1994,
the date of the adoption of the Plan by the favorable vote of a majority of the
Board. The date of the grant of any Plan Award shall be the date on which the
Committee authorizes the grant of such Plan Award.

6. Options

         Options shall be evidenced by stock option agreements in such form, not
inconsistent with the Plan, as the Committee shall approve from time to time,
which agreements need not be identical, and shall be subject to the following
terms and conditions and such other terms and conditions as the Committee may
prescribe:

                  (a) Option Price. The exercise price of each stock option
         shall be such price as shall be fixed by the Committee, but not less
         than the par value of the Common Stock and, in the case of an incentive
         stock option, shall not be less than the Fair Market Value (as defined
         below). In the case of an incentive stock option granted to a
         Participant owning more than 10% of the total combined voting power of
         all classes of stock of the Company or of any parent or subsidiary of
         the Company (a "10% Shareholder"), actually or constructively under
         Section 424(d) of the Code, the exercise price shall not be less than
         110% of the Fair Market Value of the Common Stock subject to the option
         at the date of its grant.

                  (b) Medium and Time of Payment. Shares of Common Stock
         purchased pursuant to the exercise of an option shall at the time of
         purchase be paid for in full in cash, or with shares of Common Stock,
         or a combination of cash and Common Stock to be valued at the Fair
         Market Value thereof on the date of such exercise. Upon receipt of
         payment and such documentation as the Company may deem necessary to
         establish compliance with the Securities Act of 1933, as amended (the
         "1933 Act"), the Company shall, without stock transfer tax to the
         optionee or other person entitled to exercise the option, deliver to
         the person exercising the option a certificate or certificates for such
         shares. It shall be a condition to the performance of the Company's
         obligation to issue or transfer Common Stock upon exercise of an option
         or options that the optionee pay, or make provision satisfactory to the
         Company for the payment of, any taxes (other than stock transfer taxes)
         which the Company is obligated to collect with respect to the issue or
         transfer of Common Stock upon such exercise, including any Federal,
         state, or local withholding taxes. At the discretion of the Committee,
         or as may be provided in the option agreement evidencing any option,
         such taxes may be, or may be required to be, paid in cash or by tender
         of the option holder or withholding by the Company of the number of
         shares of Common Stock whose Fair Market Value equals the amount
         required to be withheld. At the discretion of the Committee, such taxes
         may be paid by the Company.

                                        3
<PAGE>

                  (c) Waiting and Exercise Period. The waiting period and time
         for exercising an option shall be prescribed by the Committee in each
         particular case; provided, however, that (i) no option may be exercised
         after 10 years from the date it is granted and (ii) in the case of an
         incentive stock option granted to a 10% Shareholder, such option, by
         its terms, shall be exercisable only within five years from the date of
         grant.

                  (d) Reload Options. The Committee shall have the authority
         (but not any obligation) to include within any option agreement a
         provision entitling the optionee to a further option (a "Reload
         Option") if the optionee exercises the option evidenced by the option
         agreement, in whole or in part, by surrendering other shares of Common
         Stock in accordance with the Plan and the terms and conditions of the
         option agreement. Any such Reload Option shall not be an incentive
         stock option, shall be for a number of shares of Common Stock equal to
         the number of surrendered shares, shall be exercisable at a price equal
         to the Fair Market Value of the Common Stock on the date of exercise of
         such original option, shall become exercisable if the shares purchased
         by the optionee pursuant to the option agreement are held for a minimum
         period of time established by the Committee, and shall be subject to
         such other terms and conditions as the Committee may determine.

                  (e) Fair Market Value. The "Fair Market Value" per share of
         the Common Stock on any date shall be the "closing price" on the
         trading day immediately preceding the date in question, where the
         "closing price" on any day is (i) the last reported sales price regular
         way or, in case no such reported sale takes place on such day, the
         closing bid price regular way, in either case on the principal national
         securities exchange (including, for purposes hereof, the NASDAQ
         National Market System) on which the Common Stock is listed or admitted
         to trading, (ii) if on such date the Common Stock is not listed or
         admitted to trading on any national securities exchange, the highest
         reported bid price for the Common Stock as furnished by the National
         Association of Securities Dealers, Inc. through NASDAQ or a similar
         organization if NASDAQ is no longer reporting such information, or
         (iii) if on such date the Common Stock is not listed or admitted to
         trading on any national securities exchange and is not quoted by NASDAQ
         or any similar organization, the Fair Market Value of a share of Common
         Stock on such date, as determined in good faith by the Committee in a
         manner consistent with the requirements of the Code, whose
         determination shall be conclusive absent manifest error, shall be used.

7. Restricted Stock Awards

         Restricted stock awards shall be evidenced by agreements in such form,
not inconsistent with the Plan, as the Committee shall approve from time to
time, which agreements need not be identical, and shall be subject to the
following terms and conditions and such other terms and conditions as the
Committee may prescribe:

                  (a) Forfeiture Period. The period and time during, and the
         conditions and restrictions under, which a restricted stock award is
         subject to forfeiture (the "Restriction Period") shall be prescribed by
         the Committee in each particular case, subject to the provisions of
         Section 12.

                                        4
<PAGE>

                  (b) Restrictive Legend and Stock Power. Each certificate
         evidencing shares of Common Stock subject to a restricted stock award
         shall bear an appropriate legend referring to the terms, conditions,
         and restrictions applicable to such restricted stock award. The
         Committee may prescribe that the certificates evidencing such shares be
         held in escrow by a bank or other institution, or that the Company may
         itself hold such shares in escrow, until the restrictions thereon shall
         have lapsed and may require, as a condition of any restricted stock
         award, that the recipient shall have delivered a stock power endorsed
         in blank relating to the shares of Common Stock subject to the
         restricted stock award. Upon the termination of the Restriction Period
         with respect to any shares of Common Stock subject to a restricted
         stock award, the certificate evidencing such shares will be delivered
         out of escrow, subject to the satisfaction by the recipient of
         applicable Federal and state securities laws and withholding tax
         requirements, including any Federal, state, or local withholding taxes.
         At the discretion of the Committee, or as may be provided in the
         agreement evidencing any option, such taxes may be paid, or may be
         required to be paid, in cash or by tender of the holder of restricted
         stock or withholding by the Company of the number of shares of Common
         Stock whose Fair Market Value equals the amount required to be
         withheld. At the discretion of the Committee, such taxes may be paid by
         the Company.

8. Stock Appreciation Rights

         Stock appreciation rights shall be evidenced by agreements (which, in
the case of stock appreciation rights related to a stock option, may be included
as part of the agreement evidencing such option) in such form, not inconsistent
with the Plan, as the Committee shall approve from time to time, which
agreements need not be identical, and shall be subject to the following terms
and conditions and such other terms and conditions as the Committee may
prescribe:

                  (a) Definition. A stock appreciation right means a right
         granted pursuant to the Plan to receive, upon the exercise of such
         right, up to the excess of (i) the Fair Market Value of one share of
         Common Stock on the date of exercise or at any time during a specified
         period before the date of exercise over (ii) the Fair Market Value of
         one share of Common Stock on the date of grant. Any payment by the
         Company in respect of such right may be made in cash, shares of Common
         Stock, other property, or any combination thereof, as the Committee, in
         its sole discretion, shall determine or as shall be provided in the
         agreement evidencing such stock appreciation right.

                  (b) Grant and Termination. Stock appreciation rights may be
         granted either alone or in addition to other Plan Awards granted under
         the Plan and may, but need not, relate to a specific stock option
         granted under the Plan. The provisions of stock appreciation rights
         need not be the same with respect to each Participant. Any stock
         appreciation right related to a stock option may be granted at the same
         time such stock option is granted or at any time thereafter before
         exercise or expiration of such stock option. In the case of any stock
         appreciation right related to any stock option, the stock appreciation
         right or applicable portion thereof shall terminate and no longer be
         exercisable upon the termination or exercise of the related stock
         option or portion thereof, except that a stock appreciation right
         granted with respect to less than the full number of shares of Common
         Stock covered by a related

                                        5
<PAGE>

         stock option shall only be reduced when the exercise or termination of
         the related stock option exceeds the number of shares not covered by
         the stock appreciation right. Any stock option related to any stock
         appreciation right shall no longer be exercisable to the extent the
         related stock appreciation right has been exercised.

                  (c) Number of Rights. If any agreement evidencing a stock
         appreciation right which does not relate to any option shall provide
         that such stock appreciation right may be settled only in cash (a
         "cash-only right"), the number of shares of Common Stock to which such
         cash-only right relates shall not be deducted from the limit set forth
         in Section 3; provided that the number of cash-only rights which may be
         issued in any fiscal year of the Company shall not exceed 10,000 shares
         of Common Stock. Except with respect to cash-only rights, the
         Committee, for purposes of determining compliance with the limit set
         forth in Section 3, shall estimate the number of shares of Common Stock
         expected to be issued on settlement of any stock appreciation right,
         taking into account any intention of the Committee to require
         settlement in cash.

                  (d) Exercise by Insiders. No stock appreciation right may be
         exercised by an Insider unless such exercise is exempt from Section
         16(b) of the 1934 Act pursuant to Rule 16b-3 promulgated thereunder or
         otherwise.

9. Adjustments upon Changes in Capitalization

                  (a) If dividends payable in Common Stock during any fiscal
         year of the Company exceed in the aggregate 5% of the shares of Common
         Stock issued and outstanding at the beginning of such fiscal year, or
         if there is during any fiscal year of the Company one or more splits,
         subdivisions, or combinations of shares of Common Stock resulting in an
         increase or decrease by more than 5% of the shares of Common Stock
         outstanding at the beginning of the year, the number of shares of
         Common Stock available under the Plan shall be increased or decreased
         proportionately, as the case may be, the number of shares of Common
         Stock subject to stock appreciation rights and the related Fair Market
         Value thereof as of the date of grant shall be increased or decreased
         proportionately, as the case may be, and the exercise price and number
         of shares of Common Stock deliverable upon the exercise thereafter of
         any options theretofore granted shall be increased or decreased
         proportionately, as the case may be, without change in the aggregate
         purchase price. Common Stock dividends, splits, subdivisions, or
         combinations during any fiscal year which do not exceed in the
         aggregate 5% of the shares of Common Stock issued and outstanding at
         the beginning of such year shall be ignored for purposes of the Plan.
         All adjustments shall be made as of the day such action necessitating
         such adjustment becomes effective.

                  (b) In the case of any change or reclassification of the
         Common Stock, including by reason of any merger, consolidation, or sale
         of all or substantially all of the assets of the Company, and including
         a change into a right to receive cash or other property, but excluding
         a change or reclassification provided for in Section 9(a), (i) the
         holder of each option shall thereafter be entitled, upon exercise of
         such option in accordance with its terms, to receive the kind and
         amount of securities, property, or cash, or any combination thereof,
         receivable

                                        6
<PAGE>

         upon such change or reclassification by a holder of the number of
         shares of Common Stock for which such option might have been exercised
         (without regard to any waiting or vesting period) immediately prior to
         such change or reclassification and (ii) the holder of each stock
         appreciation right shall be entitled to receive, upon exercise thereof,
         the excess, if any, of the fair market value (determined in a manner
         consistent with the definition of Fair Market Value in Section 6(e)) of
         the securities, property, or cash, or combination thereof, receivable
         upon such change or reclassification by a holder of one share of Common
         Stock over the grant price of such stock appreciation right.

                  (c) If the Committee shall determine that any event not
         specifically provided for in Sections 9(a) and (b) affects the shares
         of Common Stock such that an adjustment is determined by the Committee
         to be appropriate to prevent dilution or enlargement of Participants'
         rights under the Plan, then the Committee shall, in such manner as it
         may deem equitable, adjust any or all of (i) the number and kind of
         shares which may thereafter be issued in connection with Plan Awards;
         (ii) the number and kind of shares issued or issuable in respect of
         outstanding Plan Awards; and (iii) the exercise price, grant price, or
         purchase price relating to any Plan Award or, if deemed appropriate,
         make provision for a cash payment with respect to any outstanding Plan
         Award; provided, however, in each case, that, with respect to incentive
         stock options, no such adjustment shall be authorized to the extent
         that such adjustment would cause the Plan to violate Section 422(b)(2)
         of the Code or any successor provision thereto.

10. Effectiveness, Termination, and Amendment of the Plan

                  (a) The Plan shall become effective August 30, 1994, the date
         of its adoption by the favorable vote of a majority of the Board,
         subject, however, to approval by shareholders of the Company within 12
         months next following such adoption by the Board. If such approval is
         not obtained, the Plan and any and all Plan Awards granted during such
         interim period shall terminate and be of no further force or effect.
         The Plan shall, in all events, terminate on August 29, 2004, or on such
         earlier date as the Board may determine, except that the Plan will
         remain in effect with respect to Plan Awards outstanding as of such
         termination date. Any option or stock appreciation right outstanding at
         the termination date shall remain outstanding until it has either
         expired or has been exercised. Any restricted stock award outstanding
         at the termination date shall remain subject to the terms of the Plan
         until the restrictions thereon shall have lapsed.

                  (b) The Board shall have the right to amend, suspend, or
         terminate the Plan at any time; provided, however, that (i) no such
         action shall affect or in any way impair the rights of a Participant
         under any Plan Award theretofore granted; (ii) unless first duly
         approved by the shareholders of the Company entitled to vote thereon at
         a meeting duly called and held for such purpose, except as provided in
         Section 10, or by a consent of shareholders, no amendment or change
         shall be made in the Plan: (A) increasing the total number of shares of
         Common Stock which may be issued or transferred under the Plan; (B)
         extending the period during which Plan Awards may be granted or
         exercised; or (C) changing the designation of persons eligible to
         receive Plan Awards.

                                        7
<PAGE>

11. Death, Retirement, and Termination of Employment

                  (a) General. An option or stock appreciation right which has
         not theretofore expired shall terminate on the date of the termination
         for cause (as hereinafter defined) or 12 months after the date of the
         termination for any reason, other than for cause, death, or Retirement
         (as defined in Section 11 (b)), of the holder's employment or
         association with the Company or a parent or subsidiary of the Company
         (including by reason of any event as a result of which a parent or
         subsidiary ceases to be such), subject to the condition that no option
         or stock appreciation right granted in connection with an option may be
         exercised in whole or in part after the expiration date of the option
         or more than 10 years after the date of grant of such option or stock
         appreciation right. "Cause" shall mean that the Committee shall have
         determined that any of the following events has occurred: (i) an act of
         fraud, embezzlement, misappropriation, or theft committed by a
         Participant in the course of his employment by or association with the
         Company or any intentional or grossly negligent misconduct of a
         Participant which injures the business or reputation of the Company;
         (ii) a Participant's willful failure or refusal to perform the
         customary duties and responsibilities of his position with the Company;
         (iii) a Participant's breach of fiduciary duty, or the making of a
         false representation, to the Company; (iv) the conviction by a
         Participant of a felony or a crime involving moral turpitude; or (v)
         the commission by a Participant of a public or notorious act which
         subjects the Company to public disrespect, scandal, or ridicule and
         which adversely affects the value of the services to the Company of
         such Participant.

                  (b) Retirement, Disability, and Non-Qualified Options. With
         respect to non-qualified options and stock appreciation rights, upon
         the termination of employment or association due to retirement with the
         consent of the Committee or Disability (as hereinafter defined)
         (collectively, "Retirement"), the holder of such option or stock
         appreciation right may, during a period (the "Retirement Period") which
         is the lesser of (i) up to 10 years after the date of grant of such
         option or stock appreciation right, such period to be set on a case by
         case basis by the Committee, and (ii) three years from the date of such
         termination, exercise such stock appreciation right or purchase some or
         all of the shares covered by such non-qualified stock option which was
         exercisable under the Plan immediately prior to such termination.
         "Disability" shall have the meaning provided in Section 22(e)(3) of the
         Code.

                  (c) Retirement and Incentive Options. With respect to
         incentive stock options, upon the termination of the employment of any
         such employee due to Retirement, the employee may, within three months
         after the date of such termination (12 months in the case of
         Disability), purchase some or all of the shares covered by an incentive
         stock option which was exercisable under the Plan immediately prior to
         such termination and shares not purchased within three months (12
         months in the case of Disability) after the date of termination due to
         Retirement under such incentive stock option may be purchased during
         the Retirement Period but will be non-qualified stock option stock and
         not incentive stock option stock; provided, however, that, prior to
         such purchase, the option will remain subject to the provisions of the
         Plan governing incentive stock options.

                                        8
<PAGE>

                  (d) Death. Upon the death of any holder of any option or stock
         appreciation right while in active service or of the death of any
         disabled or retired person within the periods referenced in Sections
         11(b) and (c), the person or persons to whom such holder's rights under
         an option or stock appreciation right are transferred by will or the
         laws of descent and distribution may, within 12 months after the date
         of such person's death, exercise such stock appreciation right or
         purchase some or all of the shares to which such person was entitled
         pursuant to the exercise of an option under the Plan on the date of his
         death.

                  (e) Leaves of Absence. Leaves of absence pursuant to Section
         13(d) shall not be deemed terminations or interruptions of employment
         or other association.

12. Acceleration of Vesting

                  (a) An option or restricted stock award shall automatically be
         vested and immediately exercisable in full and any restrictions
         contained in any restricted stock award shall automatically terminate
         upon the occurrence of any of the following events:

                           (i) any person within the meaning of Sections 13(d)
                  and 14(d) of the 1934 Act, other than the Company or any of
                  its subsidiaries, has become the beneficial owner, within the
                  meaning of Rule 13d-3 under the 1934 Act, of 30 percent or
                  more of the combined voting power of the Company's then
                  outstanding voting securities, unless such ownership by such
                  person has been approved by the Board immediately prior to the
                  acquisition of such securities by such person;

                           (ii) the first day on which shares of Common Stock
                  are purchased pursuant to a tender offer or exchange offer,
                  unless such offer is made by the Company or unless such offer
                  has been approved or not opposed by the Board; or

                           (iii) the shareholders of the Company have approved
                  an agreement to merge or consolidate with or into another
                  corporation (and the Company is not the survivor of such
                  merger or consolidation) or an agreement to sell or otherwise
                  dispose of all or substantially all of the Company's assets
                  (including a plan of liquidation), unless the Board has
                  resolved that options or restricted stock awards shall not
                  automatically vest and restrictions in restricted stock awards
                  shall not automatically terminate.

                  (b) The Committee shall have the authority at any time or from
         time to time to accelerate the vesting of any individual option or
         restricted stock award and to permit any stock option not therefore
         exercisable to become immediately exercisable and to permit the
         immediate termination of any restrictions contained in any restricted
         stock award.

13. Miscellaneous Provisions

                  (a) Rights as an Employee. Nothing in the Plan, the grant or
         holding of a Plan Award, or in any agreement entered into pursuant to
         the Plan shall confer on any Participant any right to continue in the
         employ of or other association with the Company or any parent

                                        9
<PAGE>

         or subsidiary of the Company or interfere in any way with the right of
         the Company or any parent or subsidiary of the Company to terminate
         such employment or other association of a Participant at any time.

                  (b) Rights as a Shareholder. Except as provided in Section
         13(c), a holder of a restricted stock award shall have all of the
         rights of a shareholder with respect to all of the shares of Common
         Stock subject to the restricted stock award, including, without
         limitation, the right to vote such shares and to receive dividends in
         cash or other property or other distributions or rights in respect of
         such shares. A holder of a Plan Award (other than a restricted stock
         award) shall have no rights as a shareholder with respect to any shares
         of Common Stock issuable or transferable upon exercise thereof until
         the date a stock certificate is issued to him for such shares, and,
         except as otherwise expressly provided in the Plan, no adjustment shall
         be made for dividends or other rights for which the record date is
         prior to the date such stock certificate is issued.

                  (c) Non-Assignability of Plan Awards. No Plan Award shall be
         assignable or transferable by the recipient, except (i) by will or by
         the laws of descent and distribution or (ii) in the case of Plan Awards
         other than incentive stock options, pursuant to a qualified domestic
         relations order (as defined in the Code or the Employee Retirement
         Income Security Act or the rules thereunder), provided that such
         restriction on the transfer or assignment of a restricted stock award
         shall expire upon the date of expiration of the related Restriction
         Period. During the lifetime of a recipient (or transferee pursuant to
         Section 14(c)(ii)), Plan Awards shall be exercisable only by him or his
         personal representative or guardian. No Plan Award or interest therein
         may be pledged, attached, or otherwise encumbered other than in favor
         of the Company.

                  (d) Leave of Absence. In the case of a Participant on an
         approved leave of absence, the Committee may, if it determines that to
         do so would be in the best interests of the Company, provide in a
         specific case for continuation of Plan Awards during such leave of
         absence, such continuation to be on such terms and conditions as the
         Committee determines to be appropriate, except that in no event shall
         an option or stock appreciation right be exercisable after 10 years
         from the date it is granted.

                  (e) Other Restrictions. Each Plan Award shall be subject to
         the requirement that, if at any time the Board or the Committee shall
         determine, in its discretion, that the listing, registration, or
         qualification of the shares of Common Stock issuable or transferable
         upon exercise thereof upon any securities exchange or under any state
         or Federal law, or the consent or approval of any governmental
         regulatory body is necessary or desirable as a condition of, or in
         connection with, the granting of such Plan Award or the issue,
         transfer, or purchase of shares thereunder, such Plan Award may not be
         exercised in whole or in part unless such listing, registration,
         qualification, consent, or approval shall have been effected or
         obtained free of any conditions not acceptable to the Board. The
         Company shall not be obligated to sell or issue any shares of Common
         Stock in any manner in contravention of the 1933 Act or any state
         securities law.

                                       10

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