Document:

Rights Agreement, dated as of January 11, 2008

 Exhibit 4.2 
 CNET NETWORKS, INC. 
 and 
 COMPUTERSHARE TRUST COMPANY, N.A., 
 as Rights Agent 
  

 Rights Agreement 
 Dated as of January 11, 2008 

 TABLE OF CONTENTS 
  

					
	 Section 1.
	  	Certain Definitions	  	1
			
	 Section 2.
	  	Appointment of Rights Agent	  	4
			
	 Section 3.
	  	Issue of Right Certificates.	  	5
			
	 Section 4.
	  	Form of Right Certificates	  	6
			
	 Section 5.
	  	Countersignature and Registration.	  	7
			
	 Section 6.
	  	Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates.	  	7
			
	 Section 7.
	  	Exercise of Rights; Purchase Price; Expiration Date of Rights.	  	8
			
	 Section 8.
	  	Cancellation and Destruction of Right Certificates	  	9
			
	 Section 9.
	  	Availability of Preferred Shares.	  	9
			
	 Section 10.
	  	Preferred Shares Record Date	  	10
			
	 Section 11.
	  	Adjustment of Purchase Price, Number of Shares or Number of Rights	  	10
			
	 Section 12.
	  	Certificate of Adjusted Purchase Price or Number of Shares	  	17
			
	 Section 13.
	  	Consolidation, Merger or Sale or Transfer of Assets or Earning Power	  	17
			
	 Section 14.
	  	Fractional Rights and Fractional Shares.	  	18
			
	 Section 15.
	  	Rights of Action	  	19
			
	 Section 16.
	  	Agreement of Right Holders	  	20
			
	 Section 17.
	  	Right Certificate Holder Not Deemed a Stockholder	  	20
			
	 Section 18.
	  	Concerning the Rights Agent	  	21
			
	 Section 19.
	  	Merger or Consolidation or Change of Name of Rights Agent.	  	21
			
	 Section 20.
	  	Duties of Rights Agent	  	22
			
	 Section 21.
	  	Change of Rights Agent	  	23
			
	 Section 22.
	  	Issuance of New Right Certificates	  	24
			
	 Section 23.
	  	Redemption.	  	24
			
	 Section 24.
	  	Exchange.	  	25

  

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	Section 25.	  	Notice of Certain Events	  	26
			
	Section 26.	  	Notices	  	27
			
	Section 27.	  	Supplements and Amendments	  	28
			
	Section 28.	  	Successors	  	28
			
	Section 29.	  	Determinations and Actions by the Board of Directors	  	28
			
	Section 30.	  	Benefits of this Rights Agreement	  	28
			
	Section 31.	  	Severability	  	28
			
	Section 32.	  	Governing Law	  	29
			
	Section 33.	  	Counterparts	  	29
			
	Section 34.	  	Descriptive Headings	  	29
			
	Section 35.	  	Force Majeure	  	29
			
	 Exhibit A -
	  	Form of Certificate of Designations of Series A Junior Participating Preferred Stock	  	
		
	 Exhibit B -
	  	Form of Right Certificate
		
	 Exhibit C -
	  	Summary of Rights to Purchase Preferred Shares

  

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 RIGHTS AGREEMENT 
 Rights Agreement, dated as of January 11, 2008, by and between CNET Networks, Inc., a Delaware corporation (the “Company”), and Computershare Trust Company, N.A., a federally chartered trust
company (the “Rights Agent”). 
 The Board of Directors of the Company has authorized and directed the issuance, and
declared a dividend, of one preferred share purchase right (a “Right”) for each Common Share outstanding as of the close of business on January 21, 2008 (the “Record Date”). Each Right represents the right to
purchase one one-thousandth of a Preferred Share, upon the terms and subject to the conditions set forth in the form of Certificate of Designations attached hereto as Exhibit A authorized by the Board of Directors of the Company on
January 11, 2008 upon the terms and subject to the conditions hereinafter set forth. The Board of Directors of the Company has further authorized and directed the issuance of one Right with respect to each Common Share that shall become
outstanding between the Record Date and the earliest of the Distribution Date, the Redemption Date and the Expiration Date. 
 Accordingly, in consideration
of the premises and the mutual agreements herein set forth, the parties hereby agree as follows: 
 Section 1. Certain
Definitions. For purposes of this Rights Agreement, the following terms have the meanings indicated: 
 (a) “Acquiring
Person” shall mean any Person who or which, together with its Affiliates and Associates, shall be the Beneficial Owner of 15% or more of the Common Shares then outstanding, but shall not include (i) the Company, any Subsidiary of the
Company, any employee benefit plan of the Company or of any Subsidiary of the Company, or any entity holding Common Shares for or pursuant to the terms of any such plan, (ii) any Person who or which becomes the Beneficial Owner of 15% or more
of the Common Shares then outstanding as the result of a reduction in the outstanding Common Shares resulting from acquisition of Common Shares by the Company approved by the Board of Directors, unless and until such Person becomes the Beneficial
Owner of any additional Common Shares, other than pursuant to a stock dividend or stock split, (iii) any Person who or which the Board of Directors of the Company determines, in good faith, became an Acquiring Person inadvertently, if such
Person divests as promptly as practicable a sufficient number of Common Shares so that such Person would no longer be an Acquiring Person, (iv) any Person who or which the Board of Directors of the Company determines, prior to the time such
Person would otherwise be an Acquiring Person, should be exempted from the definition of Acquiring Person, provided, however that the Board of Directors may make such exemption subject to such conditions, if any, which the Board of Directors
may determine or (v) any Person who or which would otherwise be deemed an “Acquiring Person” upon the adoption of this Agreement (herein referred to as a “Grandfathered Stockholder”), unless and until (A) such
Grandfathered Stockholder, or any Affiliate or Associate of such Grandfathered Stockholder, acquires Beneficial Ownership of any additional Common Shares after adoption of this Agreement (other than pursuant to a stock dividend or stock split), in
which case, such Person shall no longer be deemed a Grandfathered Stockholder and shall be deemed an “Acquiring Person.” 

 (b) “Affiliate” and “Associate” shall have the respective meanings
ascribed to such terms in Rule 12b-2 under the Exchange Act. 
 (c) A Person shall be deemed the “Beneficial Owner” of and
shall be deemed to “Beneficially Own” any securities: 
 (i) which such Person or any of such Person’s
Affiliates or Associates beneficially owns, directly or indirectly; 
 (ii) which such Person or any of such Person’s
Affiliates or Associates has (A) the right to acquire (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding (other than customary agreements with and between
underwriters and selling group members with respect to a bona fide public offering of securities), or upon the exercise of conversion rights, exchange rights, rights (other than these Rights), warrants or options, or otherwise, provided, however,
that a Person shall not be deemed the Beneficial Owner of, or to Beneficially Own, securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any of such Person’s Affiliates or Associates until such
tendered securities are accepted for purchase or exchange or (B) the right to vote pursuant to any agreement, arrangement or understanding, provided, however, that a Person shall not be deemed the Beneficial Owner of, or to Beneficially
Own, any security if the agreement, arrangement or understanding to vote such security (1) arises solely from a revocable proxy or consent given to such Person in response to a public proxy or consent solicitation made pursuant to, and in
accordance with, the applicable rules and regulations promulgated under the Exchange Act and (2) is not also then reportable on Schedule 13D under the Exchange Act (or any comparable or successor report); or 
 (iii) which are beneficially owned, directly or indirectly, by any other Person with which such Person or any of such Person’s
Affiliates or Associates has any agreement, arrangement or understanding (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities) for the purpose of
acquiring, holding, voting (except to the extent contemplated by the proviso to Section 1(c)(ii)(B)) or disposing of any securities of the Company; provided, however, that for purposes of determining Beneficial Ownership of
securities under this Rights Agreement, officers and directors of the Company solely by reason of their status as such shall not constitute a group (notwithstanding that they may be Associates of one another or may be deemed to constitute a group
for purposes of Section 13(d) of the Exchange Act) and shall not be deemed to own shares owned by another officer or director of the Company. 
  

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 (iv) Notwithstanding anything in this definition of Beneficial Ownership to the contrary,
the phrase “then outstanding,” when used with reference to a Person’s Beneficial Ownership of securities of the Company, shall mean the number of such securities then issued and outstanding together with the number of such securities
not then actually issued and outstanding which such Person would be deemed to Beneficially Own hereunder. 
 (d) “Business
Day” shall mean any day other than a Saturday, a Sunday, or a day on which banking institutions in New York are authorized or obligated by law or executive order to close. 
 (e) “Close of Business” on any given date shall mean 5:00 p.m., New York City time, on such date, provided, however, that, if
such date is not a Business Day, it shall mean 5:00 p.m., New York City time, on the next succeeding Business Day. 
 (f) “Common
Shares” shall mean the shares of common stock, par value $0.0001 per share, of the Company, except that “Common Shares” when used with reference to any Person other than the Company shall mean the capital stock (or equity
interest) with the greatest voting power of such other Person or, if such other Person is a Subsidiary of another Person, the Person or Persons which ultimately control such first-mentioned Person. 
 (g) “Company” shall have the meaning set forth in the preamble hereof. 
 (h) “Current per share market price” shall have the meaning set forth in Section 11(d) hereof. 
 (i) “Distribution Date” shall have the meaning set forth in Section 3(a) hereof. 
 (j) “Equivalent preferred shares” shall have the meaning set forth in Section 11(b) hereof. 
 (k) “Exchange Act” shall mean the Securities Exchange Act of 1934. 
 (l) “Exchange Ratio” shall have the meaning set forth in Section 24(a) hereof. 
 (m) “Expiration Date” shall mean the Close of Business on January 11, 2018. 
 (n) “NASDAQ” shall mean the National Association of Securities Dealers, Inc. Automated Quotations System. 
  

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 (o) “Person” shall mean any individual, firm, corporation, partnership or other entity,
and shall include any successor (by merger or otherwise) of such entity. 
 (p) “Preferred Shares” shall mean shares of
Series A Junior Participating Preferred Stock, par value $0.01 per share, of the Company having the rights and preferences set forth in the Company’s Restated Certificate of Incorporation. 
 (q) “Purchase Price” shall initially be $35 for each one one-thousandth of a Preferred Share purchasable pursuant to the exercise of a
Right, and shall be subject to adjustment from time to time as provided in Section 11 or 13 hereof. 
 (r) “Record
Date” shall have the meaning set forth in the second paragraph hereof. 
 (s) “Redemption Date” shall mean the time
at which the Rights are redeemed as provided in Section 23 hereof. 
 (t) “Redemption Price” shall have the
meaning set forth in Section 23(a) hereof. 
 (u) “Right” shall have the meaning set forth in the second
paragraph hereof. 
 (v) “Right Certificate” shall have the meaning set forth in Section 3(a) hereof.

 (w) “Rights Agent” shall have the meaning set forth in the preamble hereof. 
 (x) “Security” shall have the meaning set forth in Section 11(d)(i) hereof. 
 (y) “Stock Acquisition Date” shall mean the first date of public announcement (including, without limitation, by a filing under the
Exchange Act) by the Company or an Acquiring Person that an Acquiring Person has become such or such earlier date as a majority of the Board shall become aware of the existence of an Acquiring Person. 
 (z) “Subsidiary” of any Person shall mean any corporation or other entity of which a majority of the voting power of the voting equity
securities or equity interest is owned or otherwise controlled, directly or indirectly, by such Person. 
 (aa) “Trading
Day” shall have the meaning set forth in Section 11(d)(i) hereof. 
 Section 2. Appointment of Rights Agent.
The Company hereby appoints the Rights Agent to act as agent for the Company and the holders of the Rights 

  

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(who, in accordance with Section 3 hereof, shall prior to the Distribution Date also be the holders of the Common Shares) in accordance with the
terms and conditions hereof, and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint such co-Rights Agents as it may deem necessary or desirable, upon ten (10) days’ prior written notice to the
Rights Agent. The Rights Agent shall have no duty to supervise, and shall in no event be liable for, the acts or omissions of any such co-Rights Agent. 
 Section 3. Issue of Right Certificates. 
 (a) Until the earlier of (i) the Close of Business on the tenth (10th) Business Day following the Stock Acquisition Date or
(ii) the Close of Business on the tenth (10th) Business Day (or such later date, if any, as the Board may determine prior to such time as any
Person becomes an Acquiring Person) after the date that any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or of any Subsidiary of the Company or any entity holding Common Shares for or
pursuant to the terms of any such plan) commences, or of the first public announcement of the intention of any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or of any Subsidiary of the
Company or any entity holding Common Shares for or pursuant to the terms of any such plan) to commence, a tender or exchange offer the consummation of which would result in any Person becoming the Beneficial Owner of 15% or more of the outstanding
Common Shares, in each case, including any such date which is after the date of this Rights Agreement and prior to the issuance of the Rights (the earlier of such dates being herein referred to as the “Distribution Date”),
(A) the Rights will be evidenced (subject to the provisions of Section 3(c) hereof) by the certificates for Common Shares registered in the names of the holders thereof (which certificates shall also be deemed to be Right
Certificates) and not by separate Right Certificates and (B) the right to receive Right Certificates will be transferable only in connection with the transfer of Common Shares. As soon as practicable after the Distribution Date, the Company
will prepare and execute, the Rights Agent will countersign, and the Company will send or cause to be sent (and the Rights Agent will, if requested, send) by first-class, insured, postage-prepaid mail, to each record holder of Common Shares as of
the Close of Business on the Distribution Date, at the address of such holder shown on the records of the Company, a Right Certificate, in substantially the form of Exhibit B hereto (a “Right Certificate”), evidencing one
Right for each Common Share so held. As of the Distribution Date, the Rights will be evidenced solely by such Right Certificates. 
 (b) The Company will make available, as promptly as practicable following the Record Date, a Summary of Rights to Purchase Preferred Shares, in substantially the form of Exhibit C hereto, to any holder of Rights who may so request
from time to time prior to the Expiration Date. With respect to certificates for Common Shares outstanding as of the Record Date, until the Distribution Date, the Rights will be evidenced by such certificates and the registered holders of the Common
Shares shall also be the registered holders of the associated Rights. Until the Distribution Date (or the earlier of the Redemption Date or the Expiration Date), the surrender for transfer of any certificate for Common Shares in respect of which
Rights have been issued shall also constitute the transfer of the Rights associated with such Common Shares. 
  

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 (c) Rights shall be issued in respect of all Common Shares which are issued (whether originally issued or
from the Company’s treasury) after the Record Date but prior to the earliest of the Distribution Date, the Redemption Date or the Expiration Date. Certificates representing such Common Shares shall bear the following legend: 
 This certificate also evidences and entitles the holder hereof to certain rights as set forth in a Rights Agreement by and between CNET
Networks, Inc. (the “Company”) and the Rights Agent thereunder (the “Rights Agreement”), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal offices of the
Company. Under certain circumstances, as set forth in the Rights Agreement, such rights will be evidenced by separate certificates and will no longer be evidenced by this certificate. The Company will mail to the holder of this certificate a copy of
the Rights Agreement without charge after receipt of a written request therefor. Under certain circumstances, as set forth in the Rights Agreement, rights issued to any person who becomes an Acquiring Person (as defined in the rights agreement),
including such rights held by a subsequent holder, may become null and void. 
 With respect to such certificates containing the foregoing legend, until the
Distribution Date, the Rights associated with the Common Shares represented by such certificates shall be evidenced by such certificates alone, and the surrender for transfer of any such certificate shall also constitute the transfer of the Rights
associated with the Common Shares represented thereby. In the event that the Company purchases or acquires any Common Shares after the Record Date but prior to the Distribution Date, any Rights associated with such Common Shares shall be deemed
cancelled and retired so that the Company shall not be entitled to exercise any Rights associated with the Common Shares which are no longer outstanding. 
 Section 4. Form of Right Certificates. The Right Certificates (and the forms of election to purchase Preferred Shares and of assignment to be printed on the reverse thereof) shall be substantially the same
as Exhibit B hereto and may have such marks of identification or designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Rights
Agreement, or as may be required to comply with any applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange or automated quotation system on which the Rights may from time to time be
listed, or to conform to usage. Subject to the provisions of Sections 11 and 22 hereof, the Right Certificates shall entitle the holders thereof to 

  

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purchase such number of one one-thousandths of a Preferred Share as shall be set forth therein at the price per one one-thousandth of a Preferred Share set
forth therein, but the number of one one-thousandths of a Preferred Share and the Purchase Price shall be subject to adjustment as provided herein. 
 Section 5. Countersignature and Registration. 
 (a) The Right Certificates shall be executed on behalf of the Company by
its Chief Executive Officer, its President, any of its Vice Presidents or its Treasurer, either manually or by facsimile signature, shall have affixed thereto the Company’s seal or a facsimile thereof, and shall be attested by the Secretary or
an Assistant Secretary of the Company, either manually or by facsimile signature. The Right Certificates shall be countersigned by the Rights Agent, either manually or by facsimile signature, and shall not be valid for any purpose unless so
countersigned. In case any officer of the Company who shall have signed any of the Right Certificates shall cease to be such officer of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Right
Certificates, nevertheless, may be countersigned by the Rights Agent and issued and delivered by the Company with the same force and effect as though the Person who signed such Right Certificates had not ceased to be such officer of the Company; and
any Right Certificate may be signed on behalf of the Company by any Person who, at the actual date of the execution of such Right Certificate, shall be a proper officer of the Company to sign such Right Certificate although at the date of the
execution of this Rights Agreement any such Person was not such an officer. 
 (b) Following the Distribution Date, the Rights Agent will
keep or cause to be kept, at its principal office, books for registration and transfer of the Right Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Right Certificates, the number of
Rights evidenced on its face by each of the Right Certificates and the date of each of the Right Certificates. 
 Section 6.
Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates. 
 (a)
Subject to the provisions of Section 14 hereof, at any time after the Close of Business on the Distribution Date, and at or prior to the Close of Business on the earlier of the Redemption Date or the Expiration Date, any Right
Certificate or Right Certificates (other than Right Certificates representing Rights that have become void pursuant to Section 11(a)(ii) hereof or that have been exchanged pursuant to Section 24 hereof) may be transferred, split up,
combined or exchanged for another Right Certificate or Right Certificates entitling the registered holder to purchase a like number of one one-thousandths of a Preferred Share as the Right Certificate or Right Certificates surrendered then entitled
such holder to purchase. Any registered holder desiring to transfer, split up, combine or exchange any Right Certificate or Right Certificates shall make such request in writing delivered to the Rights Agent, and shall surrender the Right
Certificate or Right Certificates to be transferred, split up, combined or exchanged at the principal office of the Rights Agent. Thereupon the Rights Agent 

  

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shall, subject to Section 7(e), Section 14 and Section 24 hereof, countersign and deliver to the Person entitled thereto
a Right Certificate or Right Certificates, as the case may be, as so requested. The Company may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer, split up, combination or
exchange of Right Certificates. The Rights Agent shall have no duty or obligation to take any action under any section of this Rights Agreement which requires the payment by a Rights holder of applicable taxes and/or governmental charges unless and
until it is reasonably satisfied that all such taxes and/or governmental charges have been paid. 
 (b) Upon receipt by the Company and the
Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Right Certificate, and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to them, and, at the
Company’s request, reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and cancellation of the Right Certificate if mutilated, the Company will make and deliver
a new Right Certificate of like tenor to the Rights Agent for delivery to the registered holder in lieu of the Right Certificate so lost, stolen, destroyed or mutilated. 
 Section 7. Exercise of Rights; Purchase Price; Expiration Date of Rights. 
 (a) The registered
holder of any Right Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein), in whole or in part, at any time after the Distribution Date, upon surrender of the Right Certificate, with the form of election to
purchase on the reverse side thereof duly executed, to the Rights Agent at the principal office of the Rights Agent, together with payment of the Purchase Price for each one one-thousandth of a Preferred Share as to which the Rights are exercised,
at or prior to the earliest of (i) the Expiration Date, (ii) the Redemption Date or (iii) the time at which such Rights are exchanged as provided in Section 24 hereof. 
 (b) The Purchase Price shall be payable in lawful money of the United States of America in accordance with paragraph (c) below. 
 (c) Upon receipt of a Right Certificate representing exercisable Rights, with the form of election to purchase duly executed, accompanied by payment of
the Purchase Price for the shares to be purchased and an amount equal to any applicable transfer tax required to be paid by the holder of such Right Certificate in accordance with Section 9 hereof by certified check, cashier’s check
or money order payable to the order of the Company, the Rights Agent shall thereupon promptly (i) (A) requisition from any transfer agent of the Preferred Shares certificates for the number of Preferred Shares to be purchased and the
Company hereby irrevocably authorizes any such transfer agent to comply with all such requests or (B) requisition from the depositary agent depositary receipts representing such number of one one-thousandths of a Preferred Share as are to be
purchased (in which case certificates for the Preferred Shares represented by such receipts shall be deposited by the transfer agent of the Preferred Shares with such 

  

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depositary agent) and the Company hereby directs such depositary agent to comply with such request; (ii) when appropriate, requisition from the Company
the amount of cash to be paid in lieu of issuance of fractional shares in accordance with Section 14 hereof; (iii) promptly after receipt of such certificates or depositary receipts, cause the same to be delivered to or upon the
order of the registered holder of such Right Certificate, registered in such name or names as may be designated by such holder; and (iv) when appropriate, after receipt, promptly deliver such cash to or upon the order of the registered holder
of such Right Certificate. 
 (d) In case the registered holder of any Right Certificate shall exercise less than all the Rights evidenced
thereby, a new Right Certificate evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent to the registered holder of such Right Certificate or to such holder’s duly authorized assigns, subject to the
provisions of Section 14 hereof. 
 (e) Notwithstanding anything in this Rights Agreement to the contrary, neither the Rights
Agent nor the Company shall be obligated to undertake any action with respect to a registered holder upon the occurrence of any purported exercise as set forth in this Section 7 unless such registered holder shall, in addition to having
complied with the requirements of Section 7(a), have (i) duly and properly completed and signed the certificate contained in the form of election to purchase set forth on the reverse side of the Rights Certificate surrendered for
such exercise and (ii) provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company shall reasonably request. 
 Section 8. Cancellation and Destruction of Right Certificates. All Right Certificates surrendered for the purpose of exercise, transfer,
split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation or in cancelled form, or, if surrendered to the Rights Agent, shall be cancelled by it, and no Right
Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Rights Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel and
retire, any other Right Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall deliver all cancelled Right Certificates to the Company, or shall, at the written request of the Company,
destroy such cancelled Right Certificates, and, in such case, shall deliver a certificate of destruction thereof to the Company. 
 Section 9. Availability of Preferred Shares. 
 (a) The Company covenants and agrees that it will cause to be reserved
and kept available out of its authorized and unissued Preferred Shares or any Preferred Shares held in its treasury, the number of Preferred Shares that will be sufficient to permit the exercise in full of all outstanding Rights in accordance with
Section 7. The Company covenants and agrees that it will take all such action as may be necessary to ensure that all securities delivered upon exercise of Rights shall, at the time of delivery of the certificates for such securities
(subject to payment of the Purchase Price), be duly and validly authorized and issued and fully paid and nonassessable. 
  

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 (b) The Company further covenants and agrees that it will pay when due and payable any and all federal
and state transfer taxes and charges which may be payable in respect of the issuance or delivery of the Right Certificates or of any Preferred Shares upon the exercise of Rights. The Company shall not, however, be required to pay any transfer tax
which may be payable in respect of any transfer or delivery of Right Certificates to a Person other than, or the issuance or delivery of certificates or depositary receipts for the Preferred Shares in a name other than that of, the registered holder
of the Right Certificate evidencing Rights surrendered for exercise or to issue or to deliver any certificates or depositary receipts for Preferred Shares upon the exercise of any Rights until any such tax shall have been paid (any such tax being
payable by the holder of such Right Certificate at the time of surrender) or until it has been established to the Company’s reasonable satisfaction that no such tax is due. 
 (c) The Company will use its best efforts to ensure that any securities issued pursuant hereto are issued in compliance with all applicable laws.

 Section 10. Preferred Shares Record Date. Each Person in whose name any certificate for Preferred Shares is issued upon the
exercise of Rights shall for all purposes be deemed to have become the holder of record of the Preferred Shares represented thereby on, and such certificate shall be dated, the date upon which the Right Certificate evidencing such Rights was duly
surrendered and payment of the Purchase Price (and any applicable transfer taxes) was made; provided, however, that if the date of such surrender and payment is a date upon which the Preferred Shares transfer books of the Company are closed,
such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding Business Day on which the Preferred Shares transfer books of the Company are open. Prior to the exercise of the
Rights evidenced thereby, the holder of a Right Certificate shall not be entitled to any rights of a holder of Preferred Shares for which the Rights shall be exercisable, including, without limitation, the right to vote, to receive dividends or
other distributions or to exercise any preemptive rights, and shall not be entitled to receive any notice of any proceedings of the Company, except as provided herein. 
 Section 11. Adjustment of Purchase Price, Number of Shares or Number of Rights. The Purchase Price, the number of Preferred Shares covered by each Right and the number of Rights outstanding are subject to
adjustment from time to time as provided in this Section 11. 
 (a) (i) In the event the Company shall at any time
after the date of this Rights Agreement (A) declare a dividend on the Preferred Shares payable in Preferred Shares, (B) subdivide the outstanding Preferred Shares, (C) combine the outstanding Preferred Shares into a smaller number of
Preferred Shares or (D) issue any shares of its capital stock in a reclassification of the Preferred Shares (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving

  

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corporation), except as otherwise provided in this Section 11(a), the Purchase Price in effect at the time of the record date for such dividend
or of the effective date of such subdivision, combination or reclassification, and the number and kind of shares of capital stock issuable on such date, shall be proportionately adjusted so that the holder of any Right exercised after such time
shall be entitled to receive the aggregate number and kind of shares of capital stock which, if such Right had been exercised immediately prior to such date and at a time when the Preferred Shares transfer books of the Company were open, such holder
would have owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision, combination or reclassification; provided, however, that in no event shall the consideration to be paid upon the exercise of one Right
be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one Right. 
 (ii) Subject to Section 24 of this Rights Agreement, if at any time after the date of this Rights Agreement any Person becomes an Acquiring Person, each holder of a Right shall thereafter have a right to receive, upon exercise
thereof at a price equal to the then current Purchase Price multiplied by the number of one one-thousandths of a Preferred Share for which a Right is then exercisable, in accordance with the terms of this Rights Agreement and in lieu of Preferred
Shares, such number of Common Shares as shall equal the result obtained by (A) multiplying the then-current Purchase Price by the number of one one-thousandths of a Preferred Share for which a Right is then exercisable and dividing that product
by (B) 50% of the then current per share market price of the Company’s Common Shares (determined pursuant to Section 11(d) hereof) on the date of the occurrence of such event; provided, however, that if the transaction
that would otherwise give rise to the foregoing adjustment is also subject to the provisions of Section 13 hereof, then only the provisions of Section 13 hereof shall apply and no adjustment shall be made pursuant to this
Section 11(a)(ii). In the event that any Person shall become an Acquiring Person and the Rights shall then be outstanding, the Company shall not take any action that would eliminate or diminish the benefits intended to be afforded by the
Rights. Notwithstanding anything in this Agreement to the contrary, from and after the occurrence of such event, any Rights that are or were acquired or Beneficially Owned by any Acquiring Person (or any Associate or Affiliate of such Acquiring
Person) shall be void and any holder of such Rights shall thereafter have no right to exercise such Rights under any provision of this Rights Agreement. No Right Certificate shall be issued pursuant to Section 3 that represents Rights
Beneficially Owned by an Acquiring Person whose Rights would be void pursuant to the preceding sentence or any Associate or Affiliate thereof; no Right Certificate shall be issued at any time upon the transfer of any Rights to an Acquiring Person
whose Rights would be void pursuant to the preceding sentence or any Associate or Affiliate thereof or to any nominee of such Acquiring Person, Associate or Affiliate; and any Right Certificate delivered to the Rights Agent for transfer to an
Acquiring Person whose Rights would be void pursuant to the preceding sentence shall be cancelled. 
  

 11 

 (iii) If there shall not be sufficient Common Shares issued but not outstanding or
authorized but unissued to permit the exercise in full of the Rights in accordance with the foregoing subparagraph (ii), the Company shall take all such action as may be necessary to authorize additional Common Shares for issuance upon exercise of
the Rights. If the Company shall, after good faith effort, be unable to take all such action as may be necessary to authorize such additional Common Shares, the Company shall substitute, for each Common Share that would otherwise be issuable upon
exercise of a Right, a number of Preferred Shares or fraction thereof (or a security with substantially similar rights, privileges, preferences, voting power and economic rights) such that the current per share market price of one Preferred Share
(or such other security) multiplied by such number or fraction is equal to the current per share market price of one Common Share as of the date of issuance of such Preferred Shares or fraction thereof (or other security). 
 (b) In case the Company shall fix a record date for the issuance of rights, options or warrants to all holders of Preferred Shares entitling them (for a
period expiring within forty-five (45) calendar days after such record date) to subscribe for or purchase Preferred Shares (or shares having the same rights, privileges and preferences as the Preferred Shares (“equivalent preferred
shares”)) or securities convertible into Preferred Shares or equivalent preferred shares at a price per Preferred Share or equivalent preferred share (or having a conversion price per share, if a security convertible into Preferred Shares
or equivalent preferred shares) less than the then current per share market price of the Preferred Shares on such record date, the Purchase Price to be in effect after such record date shall be determined by multiplying the Purchase Price in effect
immediately prior to such record date by a fraction, the numerator of which shall be the number of Preferred Shares outstanding on such record date plus the number of Preferred Shares which the aggregate offering price of the total number of
Preferred Shares and/or equivalent preferred shares so to be offered (and/or the aggregate initial conversion price of the convertible securities so to be offered) would purchase at such current market price and the denominator of which shall be the
number of Preferred Shares outstanding on such record date plus the number of additional Preferred Shares and/or equivalent preferred shares to be offered for subscription or purchase (or into which the convertible securities so to be offered are
initially convertible); provided, however, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one
Right. In case such subscription price may be paid in a consideration part or all of which shall be in a form other than cash, the value of such consideration shall be as determined in good faith by the Board of Directors of the Company, whose
determination shall be described in a statement filed with the Rights Agent and shall be binding on the Rights Agent and the holders of the Rights. Preferred Shares owned by or held for the account of the Company shall not be deemed outstanding for
the purpose of any such computation. Such adjustment shall be made successively whenever such a record date is fixed; and in the event that such rights, options or warrants are not so issued, the Purchase Price shall be adjusted to be the Purchase
Price which would then be in effect if such record date had not been fixed. 
  

 12 

 (c) In case the Company shall fix a record date for the making of a distribution to all holders of the
Preferred Shares (including any such distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation) of evidences of indebtedness or assets (other than a regular quarterly cash dividend
or a dividend payable in Preferred Shares) or subscription rights or warrants (excluding those referred to in Section 11(b) hereof), the Purchase Price to be in effect after such record date shall be determined by multiplying the
Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the then current per share market price of the Preferred Shares on such record date, less the fair market value (as determined in good
faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent and shall be binding on the Rights Agent and holders of the Rights) of the portion of the assets or evidences of
indebtedness so to be distributed or of such subscription rights or warrants applicable to one Preferred Share and the denominator of which shall be such current per share market price of the Preferred Shares; provided, however, that in no
event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company to be issued upon exercise of one Right. Such adjustments shall be made successively whenever
such a record date is fixed; and in the event that such distribution is not so made, the Purchase Price shall again be adjusted to be the Purchase Price which would then be in effect if such record date had not been fixed. 
 (d) (i) For the purpose of any computation hereunder, the “current per share market price” of any security (a
“Security” for the purpose of this Section 11(d)(i)) on any date shall be deemed to be the average of the daily closing prices per share of such Security for the thirty (30) consecutive Trading Days immediately
prior to such date; provided, however, that in the event that the current per share market price of the Security is determined during a period following the announcement by the issuer of such Security of (A) a dividend or distribution on
such Security payable in shares of such Security or securities convertible into such shares, or (B) any subdivision, combination or reclassification of such Security and prior to the expiration of thirty (30) Trading Days after the
ex-dividend date for such dividend or distribution, or the record date for such subdivision, combination or reclassification, then, and in each such case, the current per share market price shall be appropriately adjusted to reflect the current
market price per share equivalent of such Security. The closing price for each day shall be the last sale price, regular way, recorded at or prior to 4:00 p.m., New York time or, in case no such sale takes place on such day, the average of the
closing bid and asked prices, regular way, reported at 4:00 p.m., New York time, in either case, as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the NASDAQ or, if the
Security is not listed or admitted to trading on the NASDAQ, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Security is listed or
admitted to trading or, if the Security is not listed or admitted to trading on any national securities exchange, the last quoted price at or prior to 4:00 p.m., New York time or, if not so quoted, the average of the high bid and low asked prices in

  

 13 

 
the over-the-counter market, as reported as of 4:00 p.m., New York time by the NASDAQ or such other system then in use, or, if on any such date the Security
is not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the Security selected by the Board of Directors of the Company. If on any such date no such market
maker is making a market in the Security, the fair value of the Security on such date as determined in good faith by the Board of Directors of the Company shall be used. The term “Trading Day” shall mean a day on which the principal
national securities exchange on which the Security is listed or admitted to trading is open for the transaction of business or, if the Security is not listed or admitted to trading on any national securities exchange, a Business Day. 
 (ii) For the purpose of any computation hereunder, the “current per share market price” of the Preferred Shares shall be
determined in accordance with the method set forth in Section 11(d)(i). If the Preferred Shares are not publicly traded, the “current per share market price” of the Preferred Shares shall be conclusively deemed to be the
current per share market price of the Common Shares as determined pursuant to Section 11(d)(i) (appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof), multiplied by one
thousand. If neither the Common Shares nor the Preferred Shares are publicly held or so listed or traded, “current per share market price” shall mean the fair value per share as determined in good faith by the Board of Directors of the
Company, whose determination shall be described in a statement filed with the Rights Agent. 
 (e) No adjustment in the Purchase Price shall
be required unless such adjustment would require an increase or decrease of at least 1% in the Purchase Price; provided, however, that any adjustments which by reason of this Section 11(e) are not required to be made shall be
carried forward and taken into account in any subsequent adjustment. All calculations under this Section 11 shall be made to the nearest cent or to the nearest one-millionth of a Preferred Share or one one-thousandth of any other share
or security as the case may be. Notwithstanding the first sentence of this Section 11(e), any adjustment required by this Section 11 shall be made no later than the earlier of (i) three years from the date of the
transaction which requires such adjustment or (ii) the date of the expiration of the right to exercise any Rights. 
 (f) If, as a
result of an adjustment made pursuant to Section 11(a) hereof, the holder of any Right thereafter exercised shall become entitled to receive any shares of capital stock of the Company other than Preferred Shares, thereafter the number of
such other shares so receivable upon exercise of any Right shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Shares contained in
Section 11(a) through (c), inclusive, and the provisions of Sections 7, 9, 10 and 13 with respect to the Preferred Shares shall apply on like terms to any such other shares. 
 (g) All Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price hereunder shall evidence the right to 

  

 14 

 
purchase, at the adjusted Purchase Price, the number of one one-thousandths of a Preferred Share purchasable from time to time hereunder upon exercise of the
Rights, all subject to further adjustment as provided herein. 
 (h) Unless the Company shall have exercised its election as provided in
Section 11(i), upon each adjustment of the Purchase Price as a result of the calculations made in Sections 11(b) and Section 11(c), each Right outstanding immediately prior to the making of such adjustment shall
thereafter evidence the right to purchase, at the adjusted Purchase Price, that number of one one-thousandths of a Preferred Share (calculated to the nearest one millionth of a Preferred Share) obtained by (i) multiplying (A) the number of
one one-thousandths of a share covered by a Right immediately prior to this adjustment by (B) the Purchase Price in effect immediately prior to such adjustment of the Purchase Price and (ii) dividing the product so obtained by the Purchase
Price in effect immediately after such adjustment of the Purchase Price. 
 (i) The Company may elect on or after the date of any adjustment
of the Purchase Price to adjust the number of Rights in substitution for any adjustment in the number of one one-thousandths of a Preferred Share purchasable upon the exercise of a Right. Each of the Rights outstanding after such adjustment of the
number of Rights shall be exercisable for the number of one one-thousandths of a Preferred Share for which a Right was exercisable immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights shall
become that number of Rights (calculated to the nearest one millionth) obtained by dividing the Purchase Price in effect immediately prior to adjustment of the Purchase Price by the Purchase Price in effect immediately after adjustment of the
Purchase Price. The Company shall make a public announcement of its election to adjust the number of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be made. This record date may be
the date on which the Purchase Price is adjusted or any day thereafter, but, if the Right Certificates have been issued, shall be at least 10 days later than the date of the public announcement. If Right Certificates have been issued, upon each
adjustment of the number of Rights pursuant to this Section 11(i), the Company shall, as promptly as practicable, cause to be distributed to holders of record of Right Certificates on such record date Right Certificates evidencing,
subject to Section 14 hereof, the additional Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall cause to be distributed to such holders of record in substitution and
replacement for the Right Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Company, new Right Certificates evidencing all the Rights to which such holders shall be entitled after such
adjustment. Right Certificates so to be distributed shall be issued, executed and countersigned in the manner provided for herein and shall be registered in the names of the holders of record of Right Certificates on the record date specified in the
public announcement. 
 (j) Irrespective of any adjustment or change in the Purchase Price or the number of one one-thousandths of a
Preferred Share issuable upon the exercise of the Rights, the Right Certificates theretofore and thereafter issued may continue to express the Purchase Price and the number of one one-thousandths of a Preferred Share which were expressed in the
initial Right Certificates issued hereunder, but, nevertheless, shall represent the Rights as so adjusted. 
  

 15 

 (k) Before taking any action that would cause an adjustment reducing the Purchase Price below one
one-thousandth of the then par value, if any, of the Preferred Shares issuable upon exercise of the Rights, the Company shall take any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and
legally issue fully paid and nonassessable Preferred Shares at such adjusted Purchase Price. 
 (l) In any case in which this
Section 11 shall require that an adjustment in the Purchase Price be made effective as of a record date for a specified event, the Company may elect to defer until the occurrence of such event the issuing to the holder of any Right
exercised after such record date of the Preferred Shares and other capital stock or securities of the Company, if any, issuable upon such exercise over and above the Preferred Shares and other capital stock or securities of the Company, if any,
issuable upon such exercise on the basis of the Purchase Price in effect prior to such adjustment; provided, however, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right
to receive such additional shares upon the occurrence of the event requiring such adjustment. 
 (m) Anything in this Section 11
to the contrary notwithstanding, the Company shall be entitled to make such reductions in the Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that, it, in its sole discretion,
shall determine to be advisable in order that any consolidation or subdivision of the Preferred Shares, issuance wholly for cash of any Preferred Shares at less than the current market price, issuance wholly for cash of Preferred Shares or
securities which by their terms are convertible into or exchangeable for Preferred Shares, dividends on Preferred Shares payable in Preferred Shares or issuance of rights, options or warrants referred to in Section 11(b) above, hereafter
made by the Company to holders of its Preferred Shares shall not be taxable to such stockholders. 
 (n) In the event that at any time after
the date of this Rights Agreement and prior to the Distribution Date, the Company shall (i) declare or pay any dividend on the Common Shares payable in Common Shares or (ii) effect a subdivision, combination or consolidation of the Common
Shares (by reclassification or otherwise than by payment of dividends in Common Shares) into a greater or lesser number of Common Shares, then in any such case (A) the number of one one-thousandths of a Preferred Share purchasable after such
event upon proper exercise of each Right shall be determined by multiplying the number of one one-thousandths of a Preferred Share so purchasable immediately prior to such event by a fraction, the numerator of which is the number of Common Shares
outstanding immediately before such event and the denominator of which is the number of Common Shares outstanding immediately after such event, and (B) each Common Share outstanding immediately after such event shall have issued with respect to
it that number of Rights which each Common Share outstanding immediately prior to such event had issued with respect to it. The 

  

 16 

 
adjustments provided for in this Section 11(n) shall be made successively whenever such a dividend is declared or paid or such a subdivision,
combination or consolidation is effected. 
 Section 12. Certificate of Adjusted Purchase Price or Number of Shares. Whenever an
adjustment is made as provided in Sections 11 or Section 13 hereof, the Company shall promptly (a) prepare a certificate setting forth such adjustment, and a brief statement of the facts accounting for such adjustment,
(b) file with the Rights Agent and with each transfer agent for the Common Shares or the Preferred Shares a copy of such certificate and (c) if a Distribution Date has occurred, mail a brief summary thereof to each holder of a Right
Certificate in accordance with Section 25 hereof. Notwithstanding the foregoing sentence, the failure of the Company to make such certification or give such notice shall not affect the validity of or the force or effect of the
requirement for such adjustment. Any adjustment to be made pursuant to Section 11 or Section 13 of this Rights Agreement shall be effective as of the date of the event giving rise to such adjustment. The Rights Agent shall be
fully protected in relying on any such certificate and on any adjustment therein contained and shall have no duty with respect to and shall not be deemed to have knowledge of any adjustment unless and until it shall have received such certificate.

 Section 13. Consolidation, Merger or Sale or Transfer of Assets or Earning Power. In the event, directly or indirectly, at any
time after a Person has become an Acquiring Person, (a) the Company shall consolidate with, or merge with and into, any other Person, (b) any Person shall consolidate with the Company, or merge with and into the Company and the Company
shall be the continuing or surviving corporation of such merger and, in connection with such merger, all or part of the Common Shares shall be changed into or exchanged for stock or other securities of any other Person (or the Company) or cash or
any other property or (c) the Company shall sell or otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise transfer), in one or more transactions, assets or earning power aggregating 50% or more of the assets or earning
power of the Company and its Subsidiaries (taken as a whole) to any other Person other than the Company or one or more of its wholly owned Subsidiaries, then, and in each such case, proper provision shall be made so that 
 (i) each holder of a Right (except as otherwise provided herein) shall thereafter have the right to receive, upon the exercise thereof at
a price equal to the then-current Purchase Price multiplied by the number of one one-thousandths of a Preferred Share for which a Right is then exercisable, in accordance with the terms of this Rights Agreement and in lieu of Preferred Shares, such
number of validly issued, fully paid, nonassessable and freely tradable Common Shares of such other Person (including the Company as successor thereto or as the surviving corporation) not subject to any liens, encumbrances, rights of first refusal
or other adverse claims, as shall equal the result obtained by (A) multiplying the then current Purchase Price by the number of one one-thousandths of a Preferred Share for which a Right is then exercisable and dividing that product by
(B) 50% of the then current per share market price of the Common Shares of such other Person (determined pursuant to Section 11(d) hereof) on the date of consummation of such consolidation, merger, sale or transfer; 
  

 17 

 (ii) the issuer of such Common Shares shall thereafter be liable for, and shall assume,
by virtue of such consolidation, merger, sale or transfer, all the obligations and duties of the Company pursuant to this Rights Agreement; 
 (iii) the term “Company” shall thereafter be deemed to refer to such issuer; and 
 (iv) such issuer shall take such steps (including, but not limited to, the reservation of a sufficient number of its Common Shares in accordance with Section 9 hereof) in connection with such consummation as may be necessary to
assure that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in relation to the Common Shares thereafter deliverable upon the exercise of the Rights. 
 The Company shall not consummate any such consolidation, merger, sale or transfer unless prior thereto the Company and such issuer shall have executed and delivered to the Rights Agent a supplemental agreement so
providing. The Company shall not enter into any transaction of the kind referred to in this Section 13 if at the time of such transaction there are any rights, warrants, instruments or securities outstanding or any agreements or
arrangements which, as a result of the consummation of such transaction, would eliminate or substantially diminish the benefits intended to be afforded by the Rights. The provisions of this Section 13 shall similarly apply to successive
mergers or consolidations or sales or other transfers. The provisions of Section 11(a)(ii) hereof shall be of no effect following the occurrence of any event described in clause (a), (b) or (c) above of this Section 13.

 Section 14. Fractional Rights and Fractional Shares. 
 (a) The Company shall not be required to issue fractions of Rights or to distribute Right Certificates which evidence fractional Rights. In lieu of such
fractional Rights, there shall be paid to the registered holders of the Right Certificates with regard to which such fractional Rights would otherwise be issuable, an amount in cash equal to the same fraction of the current market value of a whole
Right. For the purposes of this Section 14(a), the current market value of a whole Right shall be the closing price of the Rights for the Trading Day immediately prior to the date on which such fractional Rights would have been otherwise
issuable. The closing price for any day shall be the last sale price, regular way reported at or prior to 4:00 p.m., New York time, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way
reported at or prior to 4:00 p.m., New York time, in either case, as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the NASDAQ or, if the Rights are not listed or
admitted to trading on the NASDAQ, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Rights are listed or admitted to trading or, if
the Rights are not 

  

 18 

 
listed or admitted to trading on any national securities exchange, the last quoted price reported at or prior to 4:00 p.m., New York time, or, if not so
quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported at or prior to 4:00 p.m., New York time, by NASDAQ or such other system then in use or, if on any such date the Rights are not quoted by any such
organization, the average of the closing bid and asked prices reported at or prior to 4:00 p.m., New York time as furnished by a professional market maker making a market in the Rights selected by the Board of Directors of the Company. If on any
such date no such market maker is making a market in the Rights, the fair value of the Rights on such date as determined in good faith by the Board of Directors of the Company shall be used. 
 (b) The Company shall not be required to issue fractions of Preferred Shares (other than fractions which are integral multiples of one one-thousandth of
a Preferred Share) upon exercise of the Rights or to distribute certificates which evidence fractional Preferred Shares (other than fractions which are integral multiples of one one-thousandth of a Preferred Share). Fractions of Preferred Shares in
integral multiples of one one-thousandth of a Preferred Share may, at the election of the Company, be evidenced by depositary receipts, pursuant to an appropriate agreement between the Company and a depositary selected by it; provided that such
agreement shall provide that the holders of such depositary receipts shall have all the rights, privileges and preferences to which they are entitled as Beneficial Owners of the Preferred Shares represented by such depositary receipts. In lieu of
fractional Preferred Shares that are not integral multiples of one one-thousandth of a Preferred Share, the Company shall pay to the registered holders of Right Certificates at the time such Rights are exercised as herein provided an amount in cash
equal to the same fraction of the current market value of one Preferred Share. For the purposes of this Section 14(b), the current market value of a Preferred Share shall be the closing price of a Preferred Share (as determined pursuant
to the second sentence of Section 11(d)(i) hereof) for the Trading Day immediately prior to the date of such exercise. 
 (c) The
Company shall not be required to issue fractions of Common Shares or to distribute certificates which evidence fractional Common Shares. In lieu of such fractional Common Shares, the Company shall pay to the registered holder of the Right
Certificates at the time such Rights are exercised as herein provided an amount of cash equal to the same fraction of the current market value of a whole Common Share. For the purpose of this Section 14(c), the current market value of a
Common Share (as defined pursuant to Section 11(d)(i) hereof) for the Trading Day immediately prior to the date of such exercise. 
 (d) The holder of a Right by the acceptance of the Right expressly waives such holder’s right to receive any fractional Rights or any fractional shares upon exercise of a Right (except as expressly provided above). 
 Section 15. Rights of Action. All rights of action in respect of this Rights Agreement, except the rights of action given to the Rights Agent
under Section 18 hereof, are vested in the respective registered holders of the Right Certificates (and, prior to the Distribution Date, the registered holders of the Common Shares); and any 

  

 19 

 
registered holder of any Right Certificate (or, prior to the Distribution Date, of the Common Shares), without the consent of the Rights Agent or of the
holder of any other Right Certificate (or, prior to the Distribution Date, of the Common Shares), may, in such holder’s own behalf and for such holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding
against the Company to enforce, or otherwise act in respect of, such holder’s right to exercise the Rights evidenced by such Right Certificate in the manner provided in such Right Certificate and in this Rights Agreement. Without limiting the
foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Rights Agreement and will be entitled to specific performance of
the obligations under, and injunctive relief against actual or threatened violations of the obligations of any Person subject to, this Rights Agreement. 
 Section 16. Agreement of Right Holders. Every holder of a Right, by accepting the same, consents and agrees with the Company and the Rights Agent and with every other holder of a Right that: 
 (a) prior to the Distribution Date, the Rights will be transferable only in connection with the transfer of the Common Shares; 
 (b) after the Distribution Date, the Right Certificates are transferable only on the registry books of the Rights Agent if surrendered at the principal
office of the Rights Agent, duly endorsed or accompanied by a proper instrument of transfer; and 
 (c) the Company and the Rights Agent may
deem and treat the Person in whose name the Right Certificate (or, prior to the Distribution Date, the associated Common Shares certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any
notations of ownership or writing on the Right Certificate or the associated Common Shares certificate made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent shall be
affected by any notice to the contrary. 
 Section 17. Right Certificate Holder Not Deemed a Stockholder. No holder, as such, of
any Right Certificate shall be entitled to vote, receive dividends or be deemed for any purpose the holder of the Preferred Shares or any other securities of the Company which may at any time be issuable on the exercise of the Rights represented
thereby, nor shall anything contained herein or in any Right Certificate be construed to confer upon the holder of any Right Certificate, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors
or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in Section 25
hereof), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such Right Certificate shall have been exercised in accordance with the provisions hereof. 
  

 20 

 Section 18. Concerning the Rights Agent 
 (a) The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and, from time to time, on demand of
the Rights Agent, its reasonable expenses and counsel fees and other disbursements incurred in the administration and execution of this Rights Agreement and the exercise and performance of its duties hereunder. The Company also agrees to indemnify
the Rights Agent for, and to hold it harmless against, any loss, liability or expense incurred without gross negligence, bad faith or willful misconduct on the part of the Rights Agent, for anything done or omitted by the Rights Agent in connection
with the acceptance and administration of this Rights Agreement, including the costs and expenses of defending against any claim of liability in the premises. 
 (b) The Rights Agent shall be protected and shall incur no liability for, or in respect of any action taken, suffered or omitted by it in connection with, its administration of this Rights Agreement in reliance upon
any Right Certificate or certificate for the Preferred Shares or Common Shares or for other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate,
statement, or other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the proper Person or Persons, or otherwise upon the advice of counsel as set forth in
Section 20 hereof. 
 Section 19. Merger or Consolidation or Change of Name of Rights Agent. 
 (a) Any corporation into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any corporation
resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any corporation succeeding to the stock transfer or corporate trust powers of the Rights Agent or any successor Rights Agent,
shall be the successor to the Rights Agent under this Rights Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided that such corporation would be eligible for appointment as a
successor Rights Agent under the provisions of Section 21 hereof. In case at the time such successor Rights Agent shall succeed to the agency created by this Rights Agreement, any of the Right Certificates shall have been countersigned
but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Right Certificates so countersigned; and, in case at that time any of the Right Certificates shall not have been
countersigned, any successor Rights Agent may countersign such Right Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent; and in all such cases such Right Certificates shall have the full
force provided in the Right Certificates and in this Rights Agreement. 
 (b) In case at any time the name of the Rights Agent shall be
changed and at such time any of the Right Certificates shall have been countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Right Certificates so countersigned; and in case at that time
any of the Right Certificates shall not have been countersigned, the Rights Agent may countersign such 

  

 21 

 
Right Certificates either in its prior name or in its changed name; and in all such cases such Right Certificates shall have the full force provided in the
Right Certificates and in this Rights Agreement. 
 Section 20. Duties of Rights Agent. The Rights Agent undertakes the duties
and obligations imposed by this Rights Agreement upon the following terms and conditions, by all of which the Company and the holders of Right Certificates, by their acceptance thereof, shall be bound: 
 (a) The Rights Agent may consult with legal counsel (who may be legal counsel for the Company), and the opinion of such counsel shall be full and complete
authorization and protection to the Rights Agent as to any action taken or omitted by it in good faith and in accordance with such opinion. 
 (b) Whenever in the performance of its duties under this Rights Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action
hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by any one of the Chief Executive Officer, the President, any
Vice President, the Treasurer or the Secretary of the Company and delivered to the Rights Agent; and such certificate shall be full authorization to the Rights Agent for any action taken or suffered in good faith by it under the provisions of this
Rights Agreement in reliance upon such certificate. 
 (c) The Rights Agent shall be liable hereunder to the Company and any other Person
only for its own gross negligence, bad faith or willful misconduct. 
 (d) The Rights Agent shall not be liable for or by reason of any of
the statements of fact or recitals contained in this Rights Agreement or in the Right Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall be deemed to have been
made by the Company only. 
 (e) The Rights Agent shall not be under any responsibility in respect of the validity of this Rights Agreement
or the execution and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Right Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the
Company of any covenant or condition contained in this Rights Agreement or in any Right Certificate; nor shall it be responsible for any change in the exercisability of the Rights (including the Rights becoming void pursuant to
Section 11(a)(ii) hereof) or any adjustment in the terms of the Rights (including the manner, method or amount thereof) provided for in Section 3, 11, 13, 23 or 24, or the ascertaining of the
existence of facts that would require any such change or adjustment (except with respect to the exercise of Rights evidenced by Right Certificates after actual notice that such change or adjustment is required); nor shall it by any act hereunder be
deemed to make any representation or warranty as to the authorization or reservation of 

  

 22 

 
any Preferred Shares to be issued pursuant to this Rights Agreement or any Right Certificate or as to whether any Preferred Shares will, when issued, be
validly authorized and issued, fully paid and nonassessable. 
 (f) The Company agrees that it will perform, execute, acknowledge and deliver
or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of
this Rights Agreement. 
 (g) The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of
its duties hereunder from any one of the Chief Executive Officer, the President, any Vice President, the Secretary or the Treasurer of the Company, and to apply to such officers for advice or instructions in connection with its duties, and it shall
not be liable for any action taken or suffered by it in good faith in accordance with instructions of any such officer or for any delay in acting while waiting for those instructions. 
 (h) The Rights Agent and any stockholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights or other
securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Rights Agent under this
Rights Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other legal entity. 
 (i) The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable
for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct, provided reasonable care was exercised in the selection and continued employment
thereof. 
 Section 21. Change of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged from
its duties under this Rights Agreement upon 30-days’ notice in writing mailed to the Company and to each transfer agent of the Common Shares or Preferred Shares by registered or certified mail, and to the holders of the Right Certificates by
first-class mail. In the event the transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed to have resigned automatically and be discharged from its duties under this Agreement as
of the effective date of such termination, and the Company shall be responsible for sending any required notice. The Company may remove the Rights Agent or any successor Rights Agent upon 30-days’ notice in writing, mailed to the Rights Agent
or successor Rights Agent, as the case may be, and to each transfer agent of the Common Shares or Preferred Shares by registered or certified mail, and to the holders of the Right Certificates by first-class mail. If the Rights Agent shall resign or
be 

  

 23 

 
removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Rights Agent. If the Company shall fail to make such
appointment within a period of 30 days after giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Right Certificate (who or
which shall, with such notice, submit such holder’s Right Certificate for inspection by the Company), then the registered holder of any Right Certificate may apply to any court of competent jurisdiction for the appointment of a new Rights
Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be a corporation or trust company organized and doing business under the laws of the United States or of any state of the United States, in good standing,
which is authorized under such laws to exercise corporate trust or stock transfer powers and is subject to supervision or examination by federal or state authority and which has at the time of its appointment as Rights Agent, including its
Affiliates, a combined capital and surplus of at least $50 million). After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without
further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the
purpose. Not later than the effective date of any such appointment, the Company shall file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Shares or Preferred Shares, and mail a notice thereof in
writing to the registered holders of the Right Certificates. Failure to give any notice provided for in this Section 21, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the
Rights Agent or the appointment of the successor Rights Agent, as the case may be. 
 Section 22. Issuance of New Right
Certificates. Notwithstanding any of the provisions of this Rights Agreement or of the Rights to the contrary, the Company may, at its option, issue new Right Certificates evidencing Rights in such form as may be approved by the Board of
Directors of the Company to reflect any adjustment or change in the Purchase Price and the number or kind or class of shares or other securities or property purchasable under the Right Certificates made in accordance with the provisions of this
Rights Agreement. 
 Section 23. Redemption. 
 (a) The Board of Directors of the Company may, at its option, at any time prior to the Distribution Date, redeem all but not less than all the then outstanding Rights at a redemption price of $0.01 per Right,
appropriately adjusted to reflect any stock split, stock combination, stock dividend or similar transaction occurring after the date hereof (such redemption price being hereinafter referred to as the “Redemption Price”). The
redemption of the Rights by the Board of Directors of the Company may be made effective at such time, on such basis and with such conditions as the Board of Directors of the Company, in its sole discretion, may establish. Notwithstanding anything to
the contrary in this Agreement, the Rights shall not be exercisable after the first occurrence of the event described in Section 11(a)(ii) until such 

  

 24 

 
time as the Company’s right of redemption hereunder has expired. The Company may, at its option, pay the Redemption Price in cash, Common Shares (based
on the current market price at the time of redemption) or any other form of consideration deemed appropriate by the Board of Directors. 
 (b) Immediately upon the action of the Board of Directors of the Company ordering the redemption of the Rights pursuant to paragraph (a) of this Section 23, and without any further action and without any notice, the right
to exercise the Rights will terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price. The Company shall promptly give public notice of any such redemption; provided, however, that the failure
to give, or any defect in, any such notice shall not affect the validity of such redemption. Within 10 days after such action of the Board of Directors of the Company ordering the redemption of the Rights, the Company shall mail a notice of
redemption to all the holders of the then outstanding Rights at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent for the Common Shares.
Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption will state the method by which the payment of the Redemption Price will be made. Neither
the Company nor any of its Affiliates or Associates may redeem, acquire or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section 23 or in Section 24 hereof, and other
than in connection with the purchase of Common Shares prior to the Distribution Date. 
 Section 24. Exchange. 
 (a) The Board of Directors of the Company may, at its option, at any time after any Person becomes an Acquiring Person, exchange all or part of the then
outstanding and exercisable Rights (which shall not include Rights that have become void pursuant to the provisions of Section 11(a)(ii) hereof) for Common Shares at an exchange ratio of one Common Share per Right, appropriately adjusted
to reflect any adjustment in the number of Rights pursuant to Section 11(i) (such exchange ratio being hereinafter referred to as the “Exchange Ratio”). Notwithstanding the foregoing, the Board of Directors of the
Company shall not be empowered to effect such exchange at any time after any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or any such Subsidiary, or any entity holding Common Shares for or
pursuant to the terms of any such plan), together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more of the Common Shares then outstanding. 
 (b) Immediately upon the action of the Board of Directors of the Company ordering the exchange of any Rights pursuant to paragraph (a) of this
Section 24 and without any further action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of Common Shares equal to the
number of such Rights held by such holder multiplied by the Exchange Ratio. The Company shall promptly give public notice of any such exchange; provided, however, that the failure to give, or any defect in, 

  

 25 

 
such notice shall not affect the validity of such exchange. The Company promptly shall mail a notice of any such exchange to all of the holders of such
Rights at their last addresses as they appear upon the registry books of the Rights Agent. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of exchange
will state the method by which the exchange of the Common Shares for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange shall be effected pro rata based on the number
of Rights (other than Rights which have become void pursuant to the provisions of Section 11(a)(ii) hereof) held by each holder of Rights. 
 (c) In the event that there shall not be sufficient Common Shares issued but not outstanding or authorized but unissued to permit any exchange of Rights as contemplated in accordance with this Section 24,
the Company shall take all such action as may be necessary to authorize additional Common Shares for issuance upon exchange of the Rights. In the event the Company shall, after good faith effort, be unable to take all such action as may be necessary
to authorize such additional Common Shares, the Company shall substitute, for each Common Share that would otherwise be issuable upon exchange of a Right, a number of Preferred Shares or fraction thereof (or a security with substantially similar
rights, privileges, preferences, voting power and economic rights) such that the current per share market price of one Preferred Share (or other such security) multiplied by such number or fraction is equal to the current per share market price of
one Common Share as of the date of issuance of such Preferred Shares or fraction thereof (or other such security). 
 (d) The Company shall
not be required to issue fractions of Common Shares or to distribute certificates which evidence fractional Common Shares. In lieu of such fractional Common Shares, the Company shall pay to the registered holders of the Right Certificates with
regard to which such fractional Common Shares would otherwise be issuable an amount in cash equal to the same fraction of the current market value of a whole Common Share. For the purposes of this paragraph (d), the current market value of a whole
Common Share shall be the closing price of a Common Share (as determined pursuant to the second sentence of Section 11(d)(i) hereof) for the Trading Day immediately prior to the date of exchange pursuant to this Section 24.

 Section 25. Notice of Certain Events 
 (a) In case the Company, at any time after the Distribution Date, shall propose (i) to pay any dividend payable in stock of any class to the holders of its Preferred Shares or to make any other distribution to
the holders of its Preferred Shares (other than a regular quarterly cash dividend), (ii) to offer to the holders of its Preferred Shares rights or warrants to subscribe for or to purchase any additional Preferred Shares or shares of stock of
any class or any other securities, rights or options, (iii) to effect any reclassification of its Preferred Shares (other than a reclassification involving only the subdivision of outstanding Preferred Shares), (iv) to effect any
consolidation or merger into or with, or to effect any sale or other transfer (or to permit one or more of its Subsidiaries to effect any sale or other transfer), in one or more 

  

 26 

 
transactions, of 50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to, any other Person, (v) to effect
the liquidation, dissolution or winding up of the Company, or (vi) to declare or pay any dividend on the Common Shares payable in Common Shares or to effect a subdivision, combination or consolidation of the Common Shares (by reclassification
or otherwise than by payment of dividends in Common Shares), then, in each such case, the Company shall give to each holder of a Right Certificate, in accordance with Section 26 hereof, a notice of such proposed action, which shall
specify the record date for the purposes of such stock dividend, or distribution of rights or warrants, or the date on which such reclassification, consolidation, merger, sale, transfer, liquidation, dissolution, or winding up is to take place and
the date of participation therein by the holders of the Common Shares and/or Preferred Shares, if any such date is to be fixed, and such notice shall be so given in the case of any action covered by clause (i) or (ii) above at least ten
(10) days prior to the record date for determining holders of the Preferred Shares for purposes of such action, and in the case of any such other action, at least ten (10) days prior to the date of the taking of such proposed action or the
date of participation therein by the holders of the Common Shares and/or Preferred Shares, whichever shall be the earlier. 
 (b) In case the
event set forth in Section 11(a)(ii) hereof shall occur, then the Company shall as soon as practicable thereafter give to each holder of a Right Certificate, in accordance with Section 26 hereof, a notice of the occurrence of
such event, which notice shall describe such event and the consequences of such event to holders of Rights under Section 11(a)(ii) hereof. 
 Section 26. Notices. Notices or demands authorized by this Rights Agreement to be given or made by the Rights Agent or by the holder of any Right Certificate to or on the Company shall be sufficiently
given or made if sent by first-class mail, postage prepaid, addressed (until another address is filed in writing with the Rights Agent) as follows: 
  

			
	CNET Networks, Inc.
	235 Second Street
	San Francisco, California 94105
	Attention:	  	Office of Chief Executive Officer
		  	Office of Chief Financial Officer

 Subject to the provisions of Section 21 hereof, any notice or demand authorized by
this Rights Agreement to be given or made by the Company or by the holder of any Right Certificate to or on the Rights Agent shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until another address is filed
in writing with the Company) as follows: 
 Computershare Trust Company, N.A. 
 2 North LaSalle Street 
 Chicago, Illinois
60602 
 Attention: Client Services 
  

 27 

 Notices or demands authorized by this Rights Agreement to be given or made by the Company or the Rights
Agent to the holder of any Right Certificate shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Company. 
 Section 27. Supplements and Amendments. The Board of Directors of the Company may from time to time supplement or amend this Rights Agreement
without the approval of any holders of Right Certificates in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, or to make any other
provisions with respect to the Rights which the Board of Directors of the Company may deem necessary or desirable, any such supplement or amendment to be evidenced by a writing signed by the Company and the Rights Agent, provided, however,
from and after the Distribution Date, this Rights Agreement shall not be amended in any manner which would adversely affect the interests of the holders of Rights (other than an Acquiring Person or Affiliate or Associate thereof). 
 Section 28. Successors. All the covenants and provisions of this Rights Agreement by or for the benefit of the Company or the Rights Agent
shall bind and inure to the benefit of their respective successors and assigns hereunder. 
 Section 29. Determinations and Actions
by the Board of Directors. Except as otherwise specifically provided herein, the Board of Directors shall have the exclusive power and authority to administer this Agreement and to exercise all rights and powers specifically granted to the Board
of Directors or to the Company hereunder, or as may be necessary or advisable in the administration of this Agreement, including, without limitation, the right and power (i) to interpret the provisions of this Agreement, and (ii) to make
all determinations deemed necessary or advisable for the administration of this Agreement. All such actions, calculations, interpretations and determinations (including, for purposes of clause (y) below, all omissions with respect to the
foregoing) which are done or made by the Board of Directors shall (x) be final, conclusive and binding on the Company, the Rights Agent, the holders of the Rights and all other parties, and (y) not subject the Board of Directors or any
member thereof to any liability to the holders of the Rights. 
 Section 30. Benefits of this Rights Agreement. Nothing in this
Rights Agreement shall be construed to give to any Person, other than the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Shares) any legal or equitable right, remedy or
claim under this Rights Agreement; but this Rights Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Shares).

 Section 31. Severability. If any term, provision, covenant or restriction of this Rights Agreement is held by a court of
competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Rights Agreement shall remain in full force and effect and shall in no way be affected,
impaired or invalidated. 
  

 28 

 Section 32. Governing Law. This Rights Agreement and each Right Certificate issued hereunder
shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such
State. 
 Section 33. Counterparts. This Rights Agreement may be executed in any number of counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
 Section 34. Descriptive Headings. Descriptive headings of the several Sections of this Rights Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any
of the provisions hereof. 
 Section 35. Force Majeure. Notwithstanding anything to the contrary contained herein, the Rights
Agent shall not be liable for any delays or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or
malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest. 
  

 29 

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

			
	CNET NETWORKS, INC.
		
	By:	 	 /s/ Andy Sherman

	Name:	 	Andy Sherman
	Title:	 	Senior Vice President, General Counsel and Corporate Secretary
	
	COMPUTERSHARE TRUST COMPANY, N.A.

		
	By:	 	 /s/ Robert A. Buckley Jr.

	Name:	 	Robert A. Buckley Jr.
	Title:	 	 Senior Vice President
 Computershare Trust Company N.A.

 Exhibit A 
 FORM OF 
 CERTIFICATE OF DESIGNATIONS 
 of 
 SERIES A JUNIOR PARTICIPATING 
 PREFERRED STOCK 
 of 
 CNET NETWORKS, INC. 
 (Pursuant to
Section 151 of the 
 Delaware General Corporation Law) 
  

 CNET Networks, Inc., a corporation
organized and existing under the General Corporation Law of the State of Delaware (hereinafter called the “Corporation”), DOES HEREBY CERTIFY that pursuant to the authority vested in the Board of Directors of the Corporation
(hereinafter called the “Board of Directors” or the “Board”) by the Restated Certificate of Incorporation of the Corporation, and in accordance with the provisions of Section 151 of the General Corporation Law
of the State of Delaware, the Board of Directors on January 11, 2008 adopted a resolution providing for the authorization of a series of preferred stock, as follows: 
 RESOLVED, that pursuant to the authority granted to and vested in the Board of Directors of the Corporation in accordance with the provisions of the Restated Certificate of Incorporation, the Board of Directors hereby
creates a series of preferred stock, par value $0.01 per share (the “Series A Junior Participating Preferred Stock”), of the Corporation and hereby states the designation and number of shares, and fixes the relative rights,
preferences, and limitations thereof as follows: 
 Section 1. Designation and Amount. The shares of such series shall be
designated as “Series A Junior Participating Preferred Stock” and the number of shares constituting the Series A Junior Participating Preferred Stock shall be 1,000,000. Such number of shares may be increased or decreased by
resolution of the Board of Directors; provided, that no decrease shall reduce the number of shares of Series A Junior Participating Preferred Stock to a number less than the number of shares then outstanding plus the number of shares reserved
for issuance upon the exercise of outstanding options, rights or warrants or upon the conversion of any outstanding securities issued by the Corporation convertible into Series A Junior Participating Preferred Stock. 
 Section 2. Dividends and Distributions. Subject to the rights of the holders of any shares of any series of preferred stock (or any similar
stock) ranking prior and superior to the Series A Junior Participating Preferred Stock with respect to 

  

 A-1 

 
dividends, the holders of shares of Series A Junior Participating Preferred Stock, in preference to the holders of common stock, par value $0.0001 per share
(the “Common Stock”), of the Corporation, and of any other junior stock, shall be entitled to receive, when, as and if declared by the Board of Directors out of funds legally available for the purpose, quarterly dividends payable in
cash on the first day of March, June, September and December in each year (each such date being referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment Date after the first
issuance of a share or fraction of a share of Series A Junior Participating Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the greater of (a) $10.00 or (b) subject to the provision for adjustment hereinafter
set forth, one thousand (1,000) times the aggregate per share amount of all cash dividends, and one thousand (1,000) times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions, other than a
dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date or, with respect
to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A Junior Participating Preferred Stock. In the event the Corporation shall at any time declare or pay any dividend on the Common
Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or
lesser number of shares of Common Stock, then in each such case the amount to which holders of shares of Series A Junior Participating Preferred Stock were entitled immediately prior to such event under clause (b) of the preceding sentence
shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event. 
 The Corporation shall declare a dividend or distribution on the Series A Junior Participating
Preferred Stock as provided in the first paragraph of this section immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock); provided that, in the event no dividend or
distribution shall have been declared on the Common Stock during the period between any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date, a dividend of $10.00 per share on the Series A Junior Participating
Preferred Stock shall nevertheless be payable on such subsequent Quarterly Dividend Payment Date. 
 Dividends shall begin to accrue and be
cumulative on outstanding shares of Series A Junior Participating Preferred Stock from the Quarterly Dividend Payment Date next preceding the date of issue of such shares, unless the date of issue of such shares is prior to the record date for the
first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the
determination of holders of shares of Series A Junior Participating Preferred Stock entitled to receive a quarterly dividend and before such Quarterly 

  

 A-2 

 
Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued
but unpaid dividends shall not bear interest. Dividends paid on the shares of Series A Junior Participating Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated
pro rata on a share-by-share basis among all such shares at the time outstanding. The Board of Directors may fix a record date for the determination of holders of shares of Series A Junior Participating Preferred Stock entitled to receive payment of
a dividend or distribution declared thereon, which record date shall be not more than 60 days prior to the date fixed for the payment thereof. 
 Section 3. Voting Rights. The holders of shares of Series A Junior Participating Preferred Stock shall have the following voting rights: 
 Subject to the provision for adjustment hereinafter set forth, each share of Series A Junior Participating Preferred Stock shall entitle the holder thereof to one thousand votes on all matters submitted to a vote of
the stockholders of the Corporation. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares
of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the number of votes per share to which holders of shares of
Series A Junior Participating Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying such number by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such
event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 
 Except
as otherwise provided herein, in any other Certificate of Designations creating a series of preferred stock or any similar stock, or by law, the holders of shares of Series A Junior Participating Preferred Stock and the holders of shares of Common
Stock and any other capital stock of the Corporation having general voting rights shall vote together as one class on all matters submitted to a vote of stockholders of the Corporation. 
 Except as set forth herein, or as otherwise provided by law, holders of Series A Junior Participating Preferred Stock shall have no special voting rights
and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking any corporate action. 
 Section 4. Certain Restrictions. Whenever quarterly dividends or other dividends or distributions payable on the Series A Junior Participating Preferred Stock as provided in Section 2 are in arrears,
thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series A Junior Participating Preferred Stock outstanding shall have been paid in full, the Corporation shall not: 
  

 A-3 

 (i) declare or pay dividends, or make any other distributions, on any shares of stock
ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Junior Participating Preferred Stock; 
 (ii) declare or pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Junior Participating
Preferred Stock, except dividends paid ratably on the Series A Junior Participating Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all such shares are
then entitled; 
 (iii) redeem or purchase or otherwise acquire for consideration shares of any stock ranking junior (either
as to dividends or upon liquidation, dissolution or winding up) to the Series A Junior Participating Preferred Stock, provided that the Corporation may at any time redeem, purchase or otherwise acquire shares of any such junior stock in exchange for
shares of any stock of the Corporation ranking junior (as to dividends and upon dissolution, liquidation and winding up) to the Series A Junior Participating Preferred Stock; or 
 (iv) redeem or purchase or otherwise acquire for consideration any shares of Series A Junior Participating Preferred Stock, or any shares
of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Junior Participating Preferred Stock, except in accordance with a purchase offer made in writing or by publication (as determined
by the Board of Directors) to all holders of such shares upon such terms as the Board of Directors, after consideration of the respective annual dividend rates and other relative rights and preferences of the respective series and classes, shall
determine in good faith will result in fair and equitable treatment among the respective series or classes. 
 The Corporation shall not
permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares of stock of the Company unless the Corporation could, under this Section 4, purchase or otherwise acquire such shares at such time and in
such manner. 
 Section 5. Reacquired Shares. Any shares of Series A Junior Participating Preferred Stock purchased or otherwise
acquired by the Company in any manner whatsoever shall be retired and cancelled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued shares of preferred stock and may be reissued as
part of a new series of preferred stock subject to the conditions and restrictions on issuance set forth herein, in the Restated Certificate of Incorporation, or in any other Certificate of Designations creating a series of preferred stock or any
similar stock or as otherwise required by law. 
 Section 6. Liquidation, Dissolution or Winding Up. Upon any liquidation,
dissolution or winding up of the Corporation, no distribution shall be made 

  

 A-4 

 
(1) to the holders of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Junior
Participating Preferred Stock unless, prior thereto, the holders of shares of Series A Junior Participating Preferred Stock shall have received $1,000 per share, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether
or not declared, to the date of such payment, provided that the holders of shares of Series A Junior Participating Preferred Stock shall be entitled to receive an aggregate amount per share, subject to the provision for adjustment hereinafter set
forth, equal to one thousand (1,000) times the aggregate amount to be distributed per share to holders of shares of Common Stock, or (2) to the holders of shares of stock ranking on a parity (either as to dividends or upon liquidation,
dissolution or winding up) with the Series A Junior Participating Preferred Stock, except distributions made ratably on the Series A Junior Participating Preferred Stock and all such parity stock in proportion to the total amounts to which the
holders of all such shares are entitled upon such liquidation, dissolution or winding up. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or
combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the
aggregate amount to which holders of shares of Series A Junior Participating Preferred Stock were entitled immediately prior to such event under the proviso in clause (1) of the preceding sentence shall be adjusted by multiplying such amount by
a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

 Section 7. Consolidation, Merger, etc. In case the Corporation shall enter into any consolidation, merger, combination or
other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case each share of Series A Junior Participating Preferred Stock shall at the same
time be similarly exchanged or changed into an amount per share, subject to the provision for adjustment hereinafter set forth, equal to 1,000 times the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the
case may be, into which or for which each share of Common Stock is changed or exchanged. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or
combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the
amount set forth in the preceding sentence with respect to the exchange or change of shares of Series A Junior Participating Preferred Stock shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares
of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 
  

 A-5 

 Section 8. No Redemption. The shares of Series A Junior Participating Preferred Stock shall
not be redeemable. 
 Section 9. Rank. The Series A Junior Participating Preferred Stock shall rank, with respect to the payment
of dividends and the distribution of assets, junior to all series of any other class of the Corporation’s preferred stock. 
 Section 10. Amendment. The Restated Certificate of Incorporation, of the Corporation shall not be amended in any manner which would materially alter or change the powers, preferences or special rights of the Series A Junior
Participating Preferred Stock so as to affect them adversely without the affirmative vote of the holders of at least a majority of the outstanding shares of Series A Junior Participating Preferred Stock, voting together as a single class.

 IN WITNESS WHEREOF, this Certificate of Designations is executed on behalf of the
Company by its Senior Vice President, General Counsel and Corporate Secretary this 11th day of January 2008. 
  

			
	CNET NETWORKS, INC.
		
	By:	 	  

  

 A-6 

 Exhibit B 
 Form of Right Certificate 
 Certificate No. R- 
                      Rights 
 NOT EXERCISABLE AFTER JANUARY 11, 2018 OR EARLIER IF REDEMPTION OR EXCHANGE OCCURS. THE RIGHTS ARE SUBJECT TO REDEMPTION AT $0.01 PER RIGHT AND TO EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. 

Rights Certificate 
 CNET Networks, Inc.

 This certifies that             , or registered assigns, is the
registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to the terms, provisions and conditions of the Rights Agreement, dated as of January 11, 2008 (the “Rights Agreement”),
between CNET Networks, Inc., a Delaware corporation (the “Company”), and Computershare Trust Company, N.A. (the “Rights Agent”), to purchase from the Company at any time after the Distribution Date (as such term is
defined in the Rights Agreement) and prior to 5:00 p.m., New York time, on January 11, 2018 at the principal office of the Rights Agent, or at the office of its successor as Rights Agent, one one-thousandth of a fully paid non-assessable share
of Series A Junior Participating Preferred Stock of the Company, par value $0.01 per share (the “Preferred Shares”), at a purchase price of $             per one
one-thousandth of a Preferred Share (the “Purchase Price”), upon presentation and surrender of this Right Certificate with the Form of Election to Purchase duly executed. The number of Rights evidenced by this Right Certificate (and
the number of one one-thousandths of a Preferred Share which may be purchased upon exercise hereof) set forth above, and the Purchase Price set forth above, are the number and Purchase Price as of
                 , 20    , based on the Preferred Shares as constituted at such date. As provided in the Rights Agreement, the
Purchase Price and the number of one one-thousandths of a Preferred Share which may be purchased upon the exercise of the Rights evidenced by this Right Certificate are subject to modification and adjustment upon the happening of certain events.

 This Right Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and
conditions are hereby incorporated herein by reference and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the
Rights Agent, the Company and the holders of the Right Certificates. Copies of the Rights Agreement are on file at the principal executive offices of the Company and the offices of the Rights Agent. 
 This Right Certificate, with or without other Right Certificates, upon surrender at the principal office of the Rights Agent, may be exchanged for
another Right Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate number of Preferred Shares as the Rights evidenced 

  

 B-1 

 
by the Right Certificate or Right Certificates surrendered shall have entitled such holder to purchase. If this Right Certificate shall be exercised in part,
the holder shall be entitled to receive upon surrender hereof another Right Certificate or Right Certificates for the number of whole Rights not exercised. 
 Subject to the provisions of the Rights Agreement, the Rights evidenced by this Right Certificate (i) may be redeemed by the Company at a redemption price of $0.01 per Right or (ii) may be exchanged, in
whole or in part, for Preferred Shares or shares of the Company’s Common Stock, par value $0.0001 per share. 
 No fractional Preferred
Shares will be issued upon the exercise of any Right or Rights evidenced hereby (other than fractions which are integral multiples of one one-thousandth of a Preferred Share, which may, at the election of the Company, be evidenced by depositary
receipts), but in, lieu thereof, a cash payment will be made, as provided in the Rights Agreement. 
 No holder of this Right Certificate
shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the Preferred Shares or of any other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the
Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting
thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise,
until the Right or Rights evidenced by this Right Certificate shall have been exercised as provided in the Rights Agreement. 
 This Right
Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Rights Agent. 
  

 B-2 

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

Dated as of                  , 20    .

  

			
	CNET NETWORKS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	COUNTERSIGNED:
		
	By:	 	  

	Name	 	
	Title:	 	

  

 B-3 

 [Form of Reverse Side of Right Certificate] 
 FORM OF ASSIGNMENT 
 (To be executed by the
registered holder if such 
 holder desires to transfer the Right Certificate.) 
 FOR VALUE RECEIVED 
 ___________________________________________________________ 
 hereby sells, assigns and transfers unto                           
                                        
                                        
                                        
       
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (Please print name and
address of transferee) 
 this Right Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint
                     Attorney, to transfer the within Right Certificate on the books of the within-named Company, with full power of
substitution. 
  

			
	Dated:	 	  

		
	Signature:	 	  

 Signature Guaranteed: 
 Signatures must be guaranteed by an eligible guarantor institution (a bank, stockbroker, savings and loan association or credit union with membership in an approved signature guarantee medallion program) pursuant to
Rule 17Ad-15 of the Securities Exchange Act of 1934. 
 The undersigned hereby certifies that the Rights evidenced by this Right Certificate
are not beneficially owned by an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement). 
  

			
	Dated:	 	  

		
	Signature:	 	  

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

 B-4 

 FORM OF ELECTION TO PURCHASE 
 (To be executed if holder desires to exercise Rights 
 represented by the Right Certificate.) 
 To:                      
 The undersigned hereby irrevocably elects to exercise
                     Rights represented by this Right Certificate to purchase the Preferred Shares issuable upon the exercise of such Rights
and requests that certificates for such Preferred Shares be issued in the name of: 
 Please insert social security 
 or other identifying number:                               
                                        
                                        
                                        
                   
  

	
	  

	(Please print name and address)
	
	  

 If such number of Rights shall not be all the Rights evidenced by this Right Certificate, a new Right Certificate
for the balance remaining of such Rights shall be registered in the name of and delivered to: 
 Please insert social security 
 or other identifying number:
                                        
                                        
                                        
             
  

	
	  

	(Please print name and address)
	
	  

  

			
	Dated:	 	  

		
	Signature:	 	  

 Signature Guaranteed: 
 Signatures must be guaranteed by an eligible guarantor institution (a bank, stockbroker, savings and loan association or credit union with membership in an approved signature guarantee medallion program) pursuant to
Rule 17Ad-15 of the Securities Act of 1934. 
  

 B-5 

 The undersigned hereby certifies that the Rights evidenced by this Right Certificate are not beneficially
owned by an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement). 
  

			
	Dated:	 	  

		
	Signature:	 	  

 The signature in the Form of Assignment or Form of Election to Purchase, as the case may be, must
conform to the name as written upon the face of this Right Certificate in every particular, without alteration or enlargement or any change whatsoever. 
 In the event the certification set forth above in the Form of Assignment or the Form of Election to Purchase, as the case may be, is not completed, the Company and the Rights Agent will deem the beneficial owner of
the Rights evidenced by this Right Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) and such Assignment or Election to Purchase will not be honored. 
  

 B-6 

 Exhibit C 
 SUMMARY OF RIGHTS TO PURCHASE 
 PREFERRED SHARES 
 On January 11, 2008, the Board of Directors of CNET Networks, Inc. (the “Company”) authorized and declared the issuance of one
preferred share purchase right (a “Right”) for each share of common stock, par value $0.0001 per share (the “Common Shares”), of the Company outstanding as of the close of business on January 21, 2008 (the
“Record Date”). Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.01 per share (the “Preferred
Shares”), of the Company at a price of $35 per one one-thousandth of a Preferred Share (the “Purchase Price”), subject to adjustment. The description and terms of the Rights are set forth in a Rights Agreement (the
“Rights Agreement”) between the Company and Computershare Trust Company, N.A., as Rights Agent (the “Rights Agent”). 
 Distribution Date; Exercisability 
 Initially, the Rights will be attached to all Common Share certificates and no separate
Rights certificates will be issued. Separate certificates evidencing the Rights (“Right Certificates”) will be mailed to holders of record of the Common Shares as of the close of business on the earlier to occur of (i) the
tenth business day following a public announcement that a person or group of affiliated or associated persons (an “Acquiring Person”) has acquired beneficial ownership of 15% or more of the outstanding Common Shares or (ii) the
tenth business day (or such later date as the Board of Directors of the Company may determine prior to such time as any person becomes an Acquiring Person) following the commencement of, or announcement of an intention to make, a tender offer or
exchange offer the consummation of which would result in the beneficial ownership by a person or group of 15% or more of the outstanding Common Shares (the earlier of such dates being the “Distribution Date”). 
 The Rights Agreement provides that, until the Distribution Date (or earlier redemption or expiration of the Rights), (i) the Rights will be
transferred with and only with the Common Shares, (ii) new Common Share certificates issued after the Record Date upon transfer or new issuance of Common Shares will contain a notation incorporating the Rights Agreement by reference and
(iii) the surrender for transfer of any certificates for Common Shares outstanding as of the Record Date will also constitute the transfer of the Rights associated with the Common Shares represented by such certificate. 
 The Rights are not exercisable until the Distribution Date. The Rights will expire on January 11, 2018 (the “Expiration Date”),
unless the Expiration Date is amended or unless the Rights are earlier redeemed or exchanged by the Company, in each case, as described below. 
 Flip-In

 If a person or group becomes an Acquiring Person at any time after the date of the Rights Agreement (with certain limited exceptions),
each holder of a Right will thereafter have the right to receive, upon exercise, Common Shares (or, in certain 

  

 C-1 

 
circumstances, Preferred Shares or other similar securities of the Company) having a value equal to two times the exercise price of the Right.
Notwithstanding any of the foregoing, following the existence of an Acquiring Person, all Rights that are, or (under certain circumstances specified in the Rights Agreement) were, beneficially owned by any Acquiring Person will be null and void.

 For example, at an exercise price of $35 per Right, each Right not owned by an Acquiring Person following an event set forth in the
preceding paragraph would entitle its holder to purchase $70 worth of Common Shares (or other consideration, as noted above). Assuming a value of $17.50 per Common Share at such time, the holder of each valid Right would be entitled to purchase four
Common Shares for $35. 
 Flip-Over 
 In
the event that the Company is acquired in a merger or other business combination transaction or 50% or more of its consolidated assets or earning power are sold after a person or group has become an Acquiring Person, proper provision will be made so
that each holder of a Right will thereafter have the right to receive, upon the exercise thereof at the then current exercise price of the Right, that number of shares of common stock of the acquiring company which at the time of such transaction
will have a market value of two times the exercise price of the Right. 
 Exchange 
 At any time after any person or group becomes an Acquiring Person and prior to the acquisition by such person or group of 50% or more of the outstanding
Common Shares, the Board of Directors of the Company may exchange the Rights (other than Rights owned by such person or group which will have become void), in whole or in part, at an exchange ratio of one Common Share, or one one-thousandth of a
Preferred Share (or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences and privileges), per Right (subject to adjustment). 
 Redemption 
 At any time prior to the Distribution Date, the Board of Directors of the Company may
redeem the Rights, in whole but not in part, at a price of $0.01 per Right (the “Redemption Price”). The redemption of the Rights may be made effective at such time on such basis with such conditions as the Board of Directors, in
its sole discretion, may establish. Immediately upon any redemption of the Rights, the right to exercise the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price. Notwithstanding anything in the
Rights Agreement, the “flip-in” provision (described above) would not be triggered until the Board of Directors’ right of redemption described in this paragraph has expired. 
  

 C-2 

 Amendment 
 The terms of the Rights may be amended by the Board of Directors of the Company without the consent of the holders of the Rights, except that from and after the Distribution Date no such amendment may adversely affect the interests of the
holders of the Rights (other than the Acquiring Person). 
 Adjustment 
 The number of outstanding Rights and the number of one one-thousandths of a Preferred Share issuable upon exercise of each Right are subject to adjustment under certain circumstances. 
 Preferred Stock 
 Because of the nature of the
Preferred Shares’ dividend, liquidation and voting rights, the value of the one one-thousandth interest in a Preferred Share purchasable upon exercise of each Right should approximate the value of one Common Share. 
 Rights of Holders 
 Until a Right is exercised, the
holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation, the right to vote or to receive dividends. 
 Further Information 
 A copy of the Rights Agreement will be attached as an Exhibit to a Current Report on Form 8-K to be
filed with the Securities and Exchange Commission on January 14, 2008. A copy of the Rights Agreement is available free of charge from the Company. This summary description of the Rights does not purport to be complete and is qualified in its
entirety by reference to the Rights Agreement, which is hereby incorporated herein by reference. 
  

 C-3Amended and Restated Forbearance Agreement & Amendment No.4 to Credit Agreement

 Exhibit 10.1 
 EXECUTION VERSION 
 AMENDED AND RESTATED FORBEARANCE AGREEMENT AND AMENDMENT NO. 4 TO 

 CREDIT AGREEMENT 
 THIS
AMENDED AND RESTATED FORBEARANCE AGREEMENT AND AMENDMENT NO. 4 TO CREDIT AGREEMENT (as the same may from time to time be amended, restated or otherwise modified, this “Agreement”) is made as of January 11, 2008, and entered
into by and among AMERICAN DENTAL PARTNERS, INC., a Delaware corporation (the “Borrower”), the Subsidiary Guarantors (as defined in the Credit Agreement referred to below), the lending institutions party to the Credit Agreement, as
hereinafter defined (the “Lenders”), and KEYBANK NATIONAL ASSOCIATION, a national banking association, as a Lender and as administrative agent for the Lenders (the “Administrative Agent”). 
 RECITALS 
 WHEREAS, the Borrower, the
Administrative Agent and the Lenders are parties to that certain Amended and Restated Credit Agreement, dated as of February 22, 2005, which provides, among other things, for revolving loans, letters of credit and other financial
accommodations, all upon certain terms and conditions stated therein (as amended and as the same may be further amended, restated or otherwise modified from time to time, the “Credit Agreement”); 
 WHEREAS, the Borrower, the Administrative Agent and the Lenders are parties to that certain Forbearance Agreement, dated as of December 18, 2007
(the “Original Forbearance Agreement”); 
 WHEREAS, the Borrower and PDHC, Ltd. (“PDHC”), a Subsidiary of
the Borrower, have entered into the Settlement Agreement, dated as of December 26, 2007, an executed copy of which is attached hereto as Exhibit A (the “Settlement Agreement”), among the Borrower, PDHC, PDG, P.A.
(“PDG”) and Dental Specialists of Minnesota, P.A. (with PDG, collectively, the “Plaintiff”), and Northland Dental Partners, PLLC, fka James Ludke, D.D.S., PLLC, in connection with the civil actions captioned PDG,
P.A. and Dental Specialists of Minnesota P.A. vs. PDHC, Ltd. and PDHC, Ltd. vs. PDG, P.A. and Dental Specialists of Minnesota, P.A. vs. PDHC, Ltd. and American Dental Partners, Inc. (collectively, the “Civil Action”)
filed with the District Court of Minnesota, Fourth Judicial District (the “Court”), in which the jury in the Civil Action returned a verdict for the Plaintiff against PDHC and the Borrower awarding the Plaintiff $88,290,647 in
compensatory damages on December 12, 2007 and awarding the Plaintiff $42,250,000 in punitive damages on December 13, 2007; 
 WHEREAS, certain Events of Default exist under the Credit Agreement and, as a result of such Events of Default, the Lenders have the right, among other things, to exercise any remedies available to the Lenders under the Credit Agreement;

 WHEREAS, notwithstanding the existence of such Events of Default, the Borrower has requested that the Lenders, among other things,
temporarily continue to make Loans available under the Credit Agreement and continue to forbear from exercising their rights under the Credit Agreement and the other Credit Documents, in each case until February 29, 2008, consent to the
Settlement Agreement and permanently amend the Credit Agreement in certain respects; and 
 WHEREAS, the Lenders are willing to temporarily
continue to make Loans available and forbear from exercising such rights on the terms and conditions set forth in this Agreement; 
 NOW,
THEREFORE, in consideration of the foregoing, the parties agree as follows: 
  

 1 

 ARTICLE I. AMENDMENTS TO CREDIT AGREEMENT 
 Section 1.1 Amendment to Schedule I. Schedule I to the Credit Agreement is hereby amended and restated in its entirety as set forth at
Exhibit B hereto. 
 Section 1.2 Amendment to Section 1.1. Section 1.1 of the Credit Agreement is hereby amended
to add the following new definitions in the appropriate alphabetical order: 
 ““Amendment No. 4 Effective
Date” shall mean the date upon which the conditions specified in Section 4.1 of Forbearance Agreement and Amendment No. 4 are satisfied.”” 
 ““Forbearance Agreement and Amendment No. 4” shall mean Amended and Restated Forbearance Agreement and
Amendment No. 4 to Credit Agreement, dated January 11, 2008, by and among the Borrower, the Subsidiary Guarantors, the Lenders and the Administrative Agent.”” 
 Section 1.3 Amendment to Section 1.1. Section 1.1 of the Credit Agreement is hereby amended to amend and restate the definition of
“Total Commitment” in its entirety as follows: 
 ““Total Commitment” shall mean the aggregate
amount of the Commitments of the Lenders, as such commitment may be decreased or increased pursuant to the terms of this Agreement. The amount of the Total Commitment on the Amendment No. 4 Effective Date is $75,000,000. The Commitment of each
Lender on the Amendment No. 4 Effective Date shall be as set forth on Schedule I.”” 
 ARTICLE II. CONSENT 

Section 2.1. Settlement Agreement. The Administrative Agent and each Lender hereby consent to the execution by the Borrower and PDHC of
the Settlement Agreement and consent to the terms and provisions thereof; provided, however, that the agreements, documents and instruments to be entered into to effectuate the transfer of the Settlement Assets (as defined below) (the
“Transfer Documents”) shall be in form and substance reasonably satisfactory to the Administrative Agent. 
 Section 2.2 Release of Collateral. Pursuant to the Settlement Agreement, the Borrower and PDHC have agreed to transfer the operating assets owned by PDHC and currently located at the PDG Offices (as defined in the Settlement
Agreement) (collectively, the “Settlement Assets”) to PDG, all of which Settlement Assets constitute Collateral. Upon the transfer of the Settlement Assets by the Borrower and PDHC to PDG in accordance with the terms of the
Settlement Agreement, and so long as (i) the condition set forth in Section 3.5(h) of this Agreement has been satisfied, (ii) the Transfer Documents are in form and substance reasonably satisfactory to the Administrative Agent, and
(iii) the Civil Action has been dismissed with prejudice by the Court, the Administrative Agent’s and the Lenders’ security interest in and Liens on the Settlement Assets shall be automatically released and terminated. The
Administrative Agent agrees to promptly file UCC financing statement amendments (collectively, the “UCC Amendments”) to evidence the release of the security interest in and Lien on the Settlement Assets and will provide to
the Borrower a copy of the acknowledgments of the filing of such UCC Amendments promptly upon receipt by the Administrative Agent. The Administrative Agent agrees to execute such other agreements, documents and instruments as the Borrower may
reasonably request to effectuate the release described in this Section 2.2. 
  

 2 

 ARTICLE III. FORBEARANCE 
 Section 3.1. Outstanding Indebtedness. The Borrower acknowledges and confirms (a) that Exhibit C hereto sets forth, as of the
date hereof, the aggregate principal amount of all outstanding Loans and the issued and outstanding Letters of Credit, and (b) that such amounts are not subject to any defense, counterclaim, recoupment or offset of any kind. 
 Section 3.2. Defaults. The Borrower acknowledges that as of the date hereof, the Administrative Agent and the Lenders have notified the
Borrower that, and the Borrower acknowledges that, the Borrower has failed to comply with the provisions of the Credit Agreement as set forth in Exhibit D hereto (collectively, the “Credit Agreement Defaults”).

 Section 3.3. Continuing Defaults. With respect to each of the Credit Agreement Defaults, the Borrower acknowledges that
(a) such Credit Agreement Defaults are continuing and have not been waived by virtue of any previous actions (or failure to act) by the Administrative Agent or the Lenders through any course of conduct or course of dealing or otherwise and
(b) as a result of the existence of such Credit Agreement Defaults, the Lenders, pursuant to the terms and conditions of the Credit Agreement and the other Credit Documents, have the right to, among other things, (i) terminate the
Commitments and any obligations of the Lenders to make any further Loans or issue any Letters of Credit, (ii) accelerate the maturity of all of the Obligations, and (iii) exercise any or all rights and remedies available to them pursuant
to the Credit Documents, applicable law or otherwise. 
 Section 3.4. Original Forbearance Agreement. The Borrower, the
Administrative Agent and the Lenders each acknowledge that this Agreement replaces in its entirety the Original Forbearance Agreement, and that the Original Forbearance Agreement shall be of no further force and effect. 
 Section 3.5 Forbearance and Forbearance Period. The Administrative Agent and the Lenders, by executing this Agreement and upon the
satisfaction of the conditions set forth in Section 4.1 hereof, hereby agree to forbear from exercising their rights and remedies that exist by virtue of the Credit Agreement Defaults, and hereby agree that notwithstanding the existence of the
Credit Agreement Defaults, the Lenders shall continue to make Loans under the Credit Agreement, for the period from December 14, 2007 through February 29, 2008 (the “Forbearance Period”), on the conditions that:

 (a) after giving effect to the terms of this Agreement, other than the Credit Agreement Defaults, no other Default or Event
of Default shall exist under the Credit Agreement or any Credit Document; 
 (b) during the Forbearance Period, other than the
Credit Agreement Defaults, no other Default or Event of Default shall occur under the Credit Agreement and no default or event of default shall occur under this Agreement; 
 (c) the Borrower shall not request, and the Letter of Credit Issuer shall not be obligated to issue or renew, any Letters of Credit in
excess of $4,000,000 in the aggregate for all Letters of Credit; 
 (d)(i) the Borrower shall only be permitted to request
Borrowings of Base Rate Loans and Eurodollar Loans with an Interest Period of one month (any Loan made on or after the date hereof shall be referred to as an “Interim Loan”), provided that any Eurodollar Loan outstanding on
the date hereof may be continued with an Interest Period of one, two or three months, (ii) the sum of (x) Letter of Credit Outstandings and (y) the aggregate principal amount 

  

 3 

 
of all Loans outstanding (including, without limitation, Interim Loans) shall not exceed $61,424,000 and (iii) the use of proceeds of Interim Loans by
the Borrower or any Subsidiary shall be solely for the use and operation of their business in the ordinary course consistent with past practice and shall not be used to pay the Consideration or any part thereof for any Acquisition; 
 (e) at the time of each Interim Loan and after giving effect thereto, (i) there shall exist no Default or Event of Default (other
than the Credit Agreement Defaults) and (ii) all representations and warranties of the Credit Parties contained herein or in the other Credit Documents (other than the representation and warranty set forth in Section 7.9 of the Credit
Agreement solely as a result of the Credit Agreement Defaults) shall be true and correct in all material respects with the same effect as though such representations and warranties had been made on and as of the date of such Interim Loan, except to
the extent that such representations and warranties expressly relate to an earlier specified date, in which case such representations and warranties shall have been true and correct in all material respects as of the date when made; 
 (f) the Borrower and each Subsidiary Guarantor shall comply with all of the terms and provisions of this Agreement (and the failure to so
comply shall constitute an Event of Default under the Credit Agreement); 
 (g) the Amended and Restated Forbearance
Agreement, dated the date hereof, among the Borrower, the subsidiary guarantors signatory thereto, the lenders signatory thereto and KBCM Bridge LLC, as a lender and as administrative agent, and entered into in connection with the Term Loan
Agreement (the “Term Loan Forbearance Agreement”), shall not have been terminated; and 
 (h) the Settlement
Agreement shall not have been amended or otherwise modified without the Administrative Agent’s and the Lenders’ written consent and shall not fail to be in full force and effect in all respects, and the Borrower and PDHC shall not have
breached their respective obligations thereunder. 
 Section 3.6. End of Forbearance Period. The Borrower acknowledges and agrees
that upon the failure of the Borrower to satisfy any of the foregoing conditions at any time, the Forbearance Period shall automatically terminate without notice to the Borrower of any kind. The Borrower hereby waives any such notice. Upon
termination of the Forbearance Period, the Administrative Agent and the Lenders shall be permitted to exercise any and all rights and remedies that exist with respect to the Credit Agreement Defaults and any other Default or Event of Default that
may then exist. 
 Section 3.7. Default Interest. The Lenders agree that, notwithstanding the existence of the Credit Agreement
Defaults and anything in Section 2.5(c) of the Credit Agreement to the contrary, the default rate of interest set forth in Section 2.5(c) shall not accrue on the outstanding principal amount of the Loans during the Forbearance Period.

 Section 3.8. Interest on Loans. 
 (a) Base Rate Loans. Notwithstanding Section 2.5(a) of the Credit Agreement, from the date hereof through the date that the Credit Agreement Defaults are no longer in existence, any Loan that is a Base
Rate Loan shall bear interest at a fluctuating rate per annum that shall be equal to the Base Rate in effect from time to time plus 175.00 basis points. 
  

 4 

 (b) Eurodollar Loans. Notwithstanding Section 2.5(b) of the Credit Agreement, from the date
hereof through the date that the Credit Agreement Defaults are no longer in existence, any Loan that is a Eurodollar Loan shall bear interest at a rate per annum that shall be equal to the relevant Adjusted Eurodollar Rate for each such Eurodollar
Loan for such one month Interest Period plus 250.00 basis points. 
 Section 3.9 Commitment Fees. Notwithstanding
Section 4.1(a) of the Credit Agreement, from the date hereof through the date that the Credit Agreement Defaults are no longer in existence, the Applicable Commitment Fee Rate shall be 37.50 basis points. 
 ARTICLE V. MISCELLANEOUS 
 Section 4.1. Conditions Precedent. The effectiveness of this Agreement is subject to the satisfaction of the following conditions precedent: 
 (a) Agreement Executed. This Agreement shall have been executed by the Borrower, each Subsidiary Guarantor, the Administrative Agent and each Lender, and counterparts hereof as so executed shall have been
delivered to the Administrative Agent. 
 (b) Replacement Notes. To the extent requested by a Lender, the Borrower shall have executed
and delivered to such Lender a replacement Note reflecting the new amount of such Lender’s Commitment. 
 (c) Term Loan Forbearance
Agreement. The Borrower shall have delivered to the Administrative Agent an executed copy of the Term Loan Forbearance Agreement 
 (d)
Other Conditions. The Borrower shall have satisfied such other conditions or delivered such other items as the Administrative Agent or any Lender shall reasonably request. 
 Section 4.2. Representations and Warranties. The Borrower and each Subsidiary Guarantor hereby represents and warrants to Administrative
Agent that (a) the Borrower and each Subsidiary Guarantor has the legal power and authority to execute and deliver this Agreement; (b) the officers of the Borrower and each Subsidiary Guarantor executing this Agreement have been duly
authorized to execute and deliver the same and bind the Borrower and each Subsidiary Guarantor with respect to the provisions hereof; (c) the execution and delivery hereof by the Borrower and each Subsidiary Guarantor and the performance and
observance by the Borrower and each Subsidiary Guarantor of the provisions hereof do not violate or conflict with the organizational documents, operating agreement or bylaws, as applicable, of the Borrower and each Subsidiary Guarantor or any law
applicable to the Borrower or any Subsidiary Guarantor or result in a breach of any provision of or constitute a default under any other agreement, instrument or document binding upon or enforceable against the Borrower or any Subsidiary Guarantor;
(d) except with respect to the Credit Agreement Defaults, no Default or Event of Default exists under the Credit Agreement, nor will any occur immediately after the execution and delivery of this Agreement or by the performance or observance of
any provision hereof; (e) the Borrower and each Subsidiary Guarantor are not aware of any claim or offset against, or defense or counterclaim to, the Borrower’s and each Subsidiary Guarantor’s obligations or liabilities under the
Credit Agreement or any Credit Document; (f) this Agreement and each document executed by the Borrower and each Subsidiary Guarantor in connection herewith constitute valid and binding obligations of the Borrower and each Subsidiary Guarantor
in every respect, enforceable in accordance with their terms; and (g) the Borrower and each Subsidiary Guarantor have not received a notice of default of any kind from any material account debtor and no material account debtor has asserted any
right of set-off, deduction or counterclaim with respect to any account. 
  

 5 

 Section 4.3. Release. The Borrower and each Subsidiary Guarantor hereby waive and release the
Administrative Agent and the Lenders and their respective directors, officers, employees, agents, attorneys, affiliates and subsidiaries from any and all claims, offsets, defenses and counterclaims that the Borrower or any Subsidiary Guarantor may
have as of the date of this Agreement, such waiver and release being with full knowledge and understanding of the circumstances and effect thereof and after having consulted legal counsel with respect thereto. 
 Section 4.4. Credit Documents Unaffected. Except as herein otherwise specifically provided, all provisions of the Credit Agreement and the
Credit Documents shall remain in full force and effect and be unaffected hereby. 
 Section 4.5. Subsidiary Guarantor
Acknowledgement. Each of the Subsidiary Guarantors (collectively, the “Guarantors”), by signing this Agreement: 
 (a)
consents and agrees to and acknowledges the terms of this Agreement; 
 (b) acknowledges and agrees that all of the Credit Documents to which
such Guarantor is a party or otherwise bound shall continue in full force and effect and that all of such Guarantor’s obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness
of this Agreement; 
 (c) represents and warrants to the Administrative Agent and the Lenders that all representations and warranties made by
such Guarantor and contained in this Agreement or any other Credit Document to which it is a party are true and correct in all material respects on and as of the date of this Agreement to the same extent as though made on and as of such date, except
to the extent that any thereof expressly relate to an earlier date and other than the representation and warranty set forth in Section 7.9 of the Credit Agreement solely as a result of the Credit Agreement Defaults; and 
 (d) acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in this Agreement, such Guarantor is not required by
the terms of the Credit Agreement or any other Credit Document to which such Guarantor is a party to consent to the terms of this Agreement and (ii) nothing in the Credit Agreement, this Agreement or any other Credit Document shall be deemed to
require the consent of such Guarantor to any future amendments or modifications to the Credit Agreement. 
 Section 4.6. No Other
Promises or Inducements. There are no promises or inducements that have been made to any party hereto to cause such party to enter into this Agreement other than those that are set forth in this Agreement. This Agreement has been entered into by
the Borrower and each Guarantor freely, voluntarily, with full knowledge, and without duress, and, in executing this Agreement, neither the Borrower nor any Guarantor is relying on any other representations, either written or oral, express or
implied, made to the Borrower or any Guarantor by Administrative Agent. The Borrower and each Guarantor agrees that the consideration received by the Borrower under this Agreement has been actual and adequate. 
 Section 4.7. No Course of Dealing. The Borrower acknowledges and agrees that (a) this Agreement is not intended to, nor shall it,
establish any course of dealing among the Borrower, the Administrative Agent and the Lenders that is inconsistent with the express terms of the Credit Agreement or any other Credit Document, (b) notwithstanding any course of dealing among the
Borrower, the Administrative Agent and the Lenders prior to the date hereof, except as set forth herein, the Lenders shall not be obligated to make any Loan, except in accordance with the terms and conditions of this 

  

 6 

 
Agreement and the Credit Agreement, and (c) except with respect to the limited forbearance granted herein specifically relating to the Credit Agreement
Defaults, Administrative Agent shall not be under any obligation to forbear from exercising any of its rights or remedies upon the occurrence of any Default or Event of Default. 
 Section 4.8. No Waiver. The Borrower acknowledges and agrees that (a) this Agreement shall not operate as a waiver of any right, power
or remedy of the Administrative Agent or the Lenders under the Credit Agreement or any Credit Document, nor shall it constitute a continuing waiver at any time, (b) the Lenders shall not have any obligation to extend the term of the Forbearance
Period, and (c) nothing herein shall be deemed to constitute a waiver of any Default or Event of Default, including the Credit Agreement Defaults, and nothing herein shall in any way prejudice the rights and remedies of the Administrative Agent
or the Lenders under the Credit Agreement, any Credit Document or applicable law. In addition, the Administrative Agent shall have the right to waive any condition or conditions set forth in this Agreement, the Credit Agreement or any Credit
Document, in its sole discretion, and any such waiver shall not prejudice, waive or reduce any other right or remedy that the Administrative Agent may have against the Borrower. 
 Section 4.9. Survival. All representations, warranties, covenants, agreements, releases and waivers made by or on behalf of the Borrower
under this Agreement shall survive and continue after the expiration or termination of the Forbearance Period. 
 Section 4.10. No
Waiver of Rights. No waiver shall be deemed to be made by any party hereunder of any of its rights hereunder unless the same shall be in writing signed on behalf of such party. 
 Section 4.11 Governing Law. This Agreement shall be construed according to the laws of the State of Ohio, without regard to conflicts of law
principles. 
 Section 4.12. Entire Agreement. This Agreement sets forth the entire agreement and understanding among the parties
as to the subject matter hereof and merges and supersedes all prior discussions, agreements, and undertakings of every kind and nature among them with respect to the subject matter hereof. 
 Section 4.13. Counterparts. This Agreement may be executed in any number of counterparts, and by the parties hereto on the same or separate
counterparts and by facsimile signature, and each such counterpart, when executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Agreement. 
 Section 4.14. Severability Of Provisions; Captions; Attachments. Wherever possible each provision of this Agreement shall be interpreted in
such manner as to be effective and valid under applicable law. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. The several captions to Sections and subsections herein are inserted for convenience only
and shall be ignored in interpreting the provisions of this Agreement. Each schedule or exhibit attached to this Agreement shall be incorporated herein and shall be deemed to be a part hereof. 
 Section 4.15. JURY TRIAL WAIVER. EACH OF THE UNDERSIGNED, TO THE EXTENT PERMITTED BY LAW, HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE
IN RESOLVING ANY DISPUTE WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, AMONG THEM, OR ANY OF THEM, ARISING OUT OF, IN CONNECTION WITH, RELATED TO OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AGREEMENT OR ANY
DOCUMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO. 
  

 7 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date referenced in the
first paragraph of this Agreement. 
  

			
	THE ADMINISTRATIVE AGENT AND THE LENDERS:
	
	KEYBANK NATIONAL ASSOCIATION,
as a Lender, a Letter of Credit Issuer and
Administrative Agent
		
	By:	 	 /s/ J.T. Taylor

	Name:	 	J.T. Taylor
	Title:	 	Senior Vice President
	
	TDBANKNORTH, N.A.
		
	By:	 	 /s/ Jeffrey R. Westling

	Name:	 	Jeffrey R. Westling
	Title:	 	Senior Vice President
	
	RBS CITIZENS N.A.
		
	By:	 	 /s/ Michael Ouiellet

	Name:	 	Michael Ouiellet
	Title:	 	Senior Vice President
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ Peter M. Killea

	Name:	 	Peter M. Killea
	Title:	 	Vice President
	
	BORROWER:
	
	AMERICAN DENTAL PARTNERS, INC.
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President, Planning and Investment

			
	THE SUBSIDIARY GUARANTORS:
	
	 ADP OF NEW YORK, LLC,
 a Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	AMERICAN DENTAL PARTNERS
OF ALABAMA, LLC, a Subsidiary Guarantor
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	AMERICAN DENTAL PARTNERS
OF CALIFORNIA, INC., a Subsidiary Guarantor
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	AMERICAN DENTAL PARTNERS
OF LOUISIANA, LLC, a Subsidiary Guarantor
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	AMERICAN DENTAL PARTNERS
OF MARYLAND, LLC, a Subsidiary Guarantor
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	AMERICAN DENTAL PARTNERS
OF MICHIGAN, LLC, a Subsidiary Guarantor
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President

			
	AMERICAN DENTAL PARTNERS
OF MISSOURI, LLC, a Subsidiary Guarantor
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	AMERICAN DENTAL PARTNERS
OF NORTH CAROLINA, LLC, a Subsidiary
Guarantor
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	AMERICAN DENTAL PARTNERS
OF OKLAHOMA, LLC, a Subsidiary Guarantor
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	AMERICAN DENTAL PARTNERS
OF PENNSYLVANIA, LLC, a Subsidiary
Guarantor
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	AMERICAN DENTAL PARTNERS
OF TENNESSEE, LLC, a Subsidiary Guarantor
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President

			
	AMERICAN DENTAL PARTNERS
OF VIRGINIA, LLC, a Subsidiary Guarantor
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	AMERICAN DENTAL PROFESSIONAL
SERVICES, LLC, a Subsidiary Guarantor
		
	By:	 	 /s/ Breht T. Feigh

	Name:	 	Breht T. Feigh
	Title:	 	Vice President
	
	APPLE PARK ASSOCIATES, INC.,
a Subsidiary Guarantor
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	AMERICAN DENTAL PARTNERS OF
ARIZONA, LLC, a Subsidiary Guarantor
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	AMERICAN DENTAL PARTNERS OF
WISCONSIN, LLC,
a Subsidiary Guarantor
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President

			
	PDHC, LTD., a Subsidiary Guarantor
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	TEXAS DENTAL MANAGEMENT, INC.,
a Subsidiary Guarantor
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	TEXAS DENTAL PARTNERS, LP,
a Subsidiary Guarantor
	
	By: TEXAS DENTAL MANAGEMENT, INC.,
as its General Partner
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	VOSS DENTAL LAB, INC., a Subsidiary Guarantor
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	ADP-CFK, LLC, a Subsidiary Guarantor
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President

			
	 CARE FOR KIDS — USA, LLC, a Subsidiary
 Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 CARE FOR KIDS OF ARIZONA, LLC, a
 Subsidiary
Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 AMERICAN DENTAL PARTNERS OF
 MINNESOTA, LLC,
a Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 METROPOLITAN DENTAL HOLDINGS, INC.,
 a
Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 METROPOLITAN DENTAL MANAGEMENT,
 INC., a
Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President

 Exhibit A 
 Settlement Agreement 

 Exhibit B 
 Schedule I 
 Lenders and Commitments 
  

								
	 Lender
	  	Commitment	  	 Notice Address

	KeyBank National Association	  	$	23,076,924	  	 KeyCenter
 127 Public Square
 Cleveland, Ohio 44114
 Fax: (216) 689-8329

		  			  	Attention:	 	KCIB Healthcare Group
			
	TDBanknorth, N.A.	  	$	17,307,692	  	 7 New England Executive Park
 10th Floor
 Burlington, MA 01803
 Fax: (781) 229-5663

		  			  	Attention:	 	Jeffrey R. Westling
			
	RBS Citizens N.A.	  	$	17,307,692	  	 28 State Street
 Boston, MA
02109
 Fax: (617) 263-0439

		  			  	Attention:	 	Michael Ouellet,
		  			  		 	Senior Vice President
			
	JPMorgan Chase Bank, N.A.	  	$	17,307,692	  	 2 Corporate Drive, Floor 7
 Shelton,
CT 06484-6238
 Fax: (203) 944-8495

		  			  	Attention:	 	Peter Killea,
		  			  		 	Vice President
				
	 Total:
	  	$	75,000,000	  		 	

 Exhibit C 
 Outstanding Indebtedness 
  

				
	 Loans
	  	$	 40,450,000
	 Letters of Credit
	  	$	1,974,000
		  	 	 
	 total:
	  	$	42,424,000

 Exhibit D 
 Credit Agreement Defaults 
 1. An Event of Default under Section 10.1(b) of the Credit Agreement
as a result of the representation and warranty set forth in Section 7.9 failing to be true and correct on the date of the Borrowing that was requested and made on December 13, 2007 due to the Civil Action. 
 2. An Event of Default under Section 10.1(e) of the Credit Agreement with respect to the Term Loan Agreement. 

 Execution Version 
 LETTER AGREEMENT 
 January 11, 2008 
 Reference is made to (a) the Amended and Restated Credit Agreement, dated as of February 22, 2005 (as amended and as the same may from time to
time be further amended, restated or otherwise modified, the “Credit Agreement”), among American Dental Partners, Inc., a Delaware corporation (the “Borrower”), the lenders party thereto from time to time
(collectively, the “Lenders” and, individually, each a “Lender”) and KeyBank National Association, a national banking association, as a Lender, a Letter of Credit Issuer, the lead arranger and the administrative
agent (the “Administrative Agent”) and (b) the Forbearance Agreement, dated as of December 18, 2007 (the “Forbearance Agreement”) as amended by Amendment No. 1 to Forbearance Agreement and Amendment
No. 4 to Credit Agreement, dated as of the date hereof (the “Amendment”), among the Borrower, the Lenders and the Administrative Agent. Capitalized terms used in this side letter (this “Letter”) but not
otherwise defined herein shall have the meanings given such terms in the Credit Agreement, the Forbearance Agreement or the Amendment, as applicable. 
 As a material inducement to the Administrative Agent and the Lenders entering into the Amendment, until such time as the Administrative Agent and the Required Lenders otherwise consent, the Borrower agrees, and agrees
to cause the Subsidiary Guarantors, to cooperate with the Administrative Agent, the Lenders and a consultant hired by Jones Day on behalf of the Administrative Agent and the Lenders (the “Consultant”) to perform the tasks and
functions set forth on Schedule A hereto and shall allow the Consultant access to the Credit Parties’ books and records for the purpose of performing such tasks and functions. The Administrative Agent and the Lenders shall retain the
Consultant no later than the earlier of (a) January 25, 2008 and (b) the date that the Credit Agreement is further amended or amended and restated after the date hereof. All of the costs and expenses of the Consultant shall be paid
for by the Borrower. 
 This Letter is a Credit Document pursuant to the Credit Agreement. 
 This Letter shall be governed by, and construed in accordance with, the laws of the State of Ohio. 
 [Signature pages follow.] 

 This Letter may be executed in any number of counterparts, by different parties hereto in separate
counterparts and by facsimile signature, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. 
  

			
	Very truly yours,
	
	KEYBANK NATIONAL ASSOCIATION, as the Administrative Agent
		
	By:	 	 /s/ J.T. Taylor

	Name:	 	J.T. Taylor
	Title:	 	SVP
	
	AMERICAN DENTAL PARTNERS, as the Borrower
		
	By:	 	 /s/ Breht T. Feigh

	Name:	 	Breht T. Feigh
	Title:	 	EVP, CFO & Treasurer

 Schedule A 
  

	1.	Review and validate Consolidated EBITDA for the fiscal year ended December 31, 2007 

  

	2.	Review and validate the projected balance sheet, income statement and cash flows for the fiscal years ending December 31, 2008 and December 31, 2009

  

	3.	Review and analyze the projected Consolidated Capital Expenditures and the proposed acquisitions for the fiscal year of 2008 

  

	4.	Any other financial review and analysis reasonably requested by the Administrative Agent and reasonably acceptable to the Borrower

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