Document:

EX-10.1

CONTRACT FOR THE PURCHASE AND

SALE OF PROPERTY

THIS AGREEMENT, made as of the _21st  day of _September   ,
2004, by and among GLATFELTER PULP WOOD COMPANY, formerly known as The Glatfelter Pulp Wood
Company, a Maryland corporation (hereinafter referred to as “Seller”), and THE CONSERVATION FUND, A
Non-Profit Corporation (hereinafter referred to as “TCF”) and STEWART TITLE GUARANTY COMPANY
(hereinafter referred to as “Escrow Agent”).

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WITNESSED, WHEREAS, Seller is the owner of the Property (as hereinafter defined); and has
determined that it wishes to sell same to TCF, and TCF desires to purchase the Property.

NOW, THEREFORE, the parties have agreed and do hereby agree as follows:

1. Agreement of Purchase. Subject to the provisions of this Agreement, and for the
consideration herein stated, Seller agrees to sell to TCF and TCF agrees to buy from Seller all of
the following described property (collectively, the “Property”):

(a) fee simple interest in and to those certain tracts or parcels of land in Sussex County,
Delaware, containing approximately 1,981.16 acres, all of which tracts or parcels are more fully
described in Exhibit A attached hereto, together with all buildings, structures and other
improvements located thereon, all tenements, hereditaments, easements, appurtenances and privileges
thereto belonging, all trees, timber, sand, gravel, oil, minerals and crops now located thereon or
thereunder (said land, together with said buildings, structures, improvements, tenements,
hereditaments, easements, appurtenances, privileges, trees, timber, sand, gravel, oil, minerals and
crops being hereinafter referred to as the “Real Property”);

(b) prior to the Closing, the Seller shall send to the tenants of all leases, subleases,
contracts, licenses and permits encumbering the Property, which are more fully described on Exhibit
B, (collectively the “Leases”), by certified mail return receipt, notices indicating that the
Leases shall terminate on December 31, 2004 (the “Termination Notices”). The Termination Notices
shall comply with any and all requirements set forth in the Leases or required by law, shall
require that the tenants under the Leases vacate the Property and remove all personalty and
possessions belonging to the tenants on or before December 31, 2004 and require the tenants to
repair any damage caused to the Property by the tenants. At least fifteen (15) days prior to the
Closing, the Seller shall provide TCF or its assignees with copies of the Termination Notices for
each of the Leases, together with copies of the signed receipts evidencing proper delivery and
receipt by the tenants under each of the Leases. The Seller agrees to indemnify, protect and hold
harmless TCF or its assignees, from any liability, claims of liability or damages suffered as the
result of a defective Termination Notice or a wrongful holding over by any tenants under the
Leases. At Closing, the Seller and the Purchaser shall execute an assignment of all of Seller’s
right, title and interest in and to the Leases, unless a Lease is objected to by TCF during the
Inspection Period (as hereinafter defined).

(c) all of Seller’s non-proprietary files and records relating to the Real Property (excluding
any financial records) (the “Books and Records”).

The parties agree that if any portion of the Real Property is deleted or taken pursuant to
either of paragraphs 5(b)(ii), 7, 8(a) or 8(c) below, then the term “Real Property” shall no longer
include such deleted portion.

2. Purchase Price; Earnest Money.

(a) Subject to adjustment as provided in paragraphs 4, 5(b)(ii), 7, 8(b), 8(c) and 11 hereof,
the purchase price for the Property (the “Purchase Price”) shall be Eighteen Million Two Hundred
and Fifty Thousand and No/100 Dollars ($18,250,000.00). TCF shall pay the Purchase Price at
Closing by wire transfer of immediately available funds.

(b) Within five (5) business days after the Effective Date of this Agreement, TCF will deliver
to the Escrow Agent the sum of $235,000 (said sum, together with all interest earned thereon, is
referred to herein as the “Earnest Money”), which sum shall be held by Escrow Agent in an interest
bearing account and shall be disbursed in accordance with the further provisions of this Agreement.
At Closing, Escrow Agent shall return the Earnest Money to TCF.

3. Closing.

(a) The execution and delivery of the documents and instruments for the consummation of the
purchase and sale of the Property pursuant hereto (herein referred to as the “Closing”) will take
place on or before December 1, 2004 at the offices of local Delaware counsel for TCF (and/or its
assigns under this Agreement), or from escrow.

(b) At the Closing, Seller will execute and deliver to TCF one special warranty deed conveying
to TCF all of the parcels constituting the Property (or one deed for each party taking title to all
or a portion of the Property as an assignee or designee of TCF’s, as described below in Section
5(a)), free and clear of all liens and encumbrances, except those matters of record as of the date
of this Agreement and not otherwise objected to by TCF during the Inspection Period (as hereinafter
defined), (ii) an affidavit as to the non-foreign status of Seller, (iii) an owner’s affidavit in
form satisfactory to TCF’s Title Company, (iv) such assignments and other documents as are
necessary to assign unto TCF any rights to have the Real Property assessed as forest or
agricultural land for purposes of real property taxes, (v) such other deeds, assignments,
certificates, affidavits and instruments as may be reasonably necessary or desirable to consummate
the purchase and sale contemplated hereby and for TCF or its assignees to obtain the issuance of
the title insurance policy insuring TCF’s fee simple title to the Real Property as of the date of
the Closing, (vi) closing and settlement statements, (vii) the lease Termination Notices and signed
receipts, as described above in Section 1(b), and (viii) an assignment of the applicable Leases,
not otherwise raised as an objection during the Inspection Period (as hereinafter defined) (the
“Assignment of Leases”). There shall not be a pro-ration of rents provided all Termination Notices
are properly sent and received indicating that the Leases terminate on December 31, 2004.

(c) At the Closing, TCF will execute and deliver to the Seller (i) such assignment,
certificates, affidavits and instruments as may be reasonably necessary or desirable to consummate
the purchase and sale contemplated hereby, including the Assignment of Leases, and (ii) closing and
settlement statements.

(d) The parties agree to do such other acts and execute and deliver such other documents and
instruments as are reasonably necessary or desirable for the consummation of the transactions
contemplated hereby.

(e) All of the foregoing documents shall be in form and content reasonably satisfactory to
Seller and TCF.

4. Acreage Verification. TCF shall have the right in its sole and absolute
discretion, at any time prior to Closing to independently verify the number of acres contained
within any or all parcels of land comprising the Real Property. In the event TCF determines by a
boundary survey prepared and sealed by a Delaware licensed surveyor (the “Survey”), that the
acreage for any parcel comprising a portion of the Real Property is less than the acreage
attributed to that parcel as set forth in Exhibit A, the Purchase Price shall be reduced by an
amount equal to the product of (a) the difference between the acreage attributed to that parcel, as
set forth in the schedule attached hereto as Exhibit A minus the number of acres contained within
that parcel of the Real Property as verified by the Survey multiplied by (b) per acre value
allocated to that parcel in the Schedule attached hereto as Exhibit A. In the event TCF
determines by the Survey, that the acreage for any parcel comprising a portion of the Real Property
is more than the acreage attributed to that parcel, as set forth in the Schedule attached hereto as
Exhibit A, the Purchase Price shall be increased by an amount equal to the product of (a) the
difference between the number of acres contained within that parcel of the Real Property as
verified by the Survey minus the acreage attributed for that parcel as set forth in the Schedule
attached hereto as Exhibit A multiplied by (b) per acre value allocated to that parcel as set forth
in the Schedule attached hereto as Exhibit A, provided however, that if the Purchase Price is
increased by more than $250,000 the Seller may elect to readjust the Purchase Price so as not to
exceed $18,500,000. If the Seller does not elect to maintain the $250,000 cap on the Purchase
Price increase, then TCF may elect to terminate this Agreement, in which event the Earnest Money
shall be returned to TCF and neither party shall have any further rights or obligations hereunder.

5. Title.

(a) Seller agrees to convey to TCF or to one or more assignees or designees selected in
writing by TCF prior to Closing, good and marketable fee simple title to the Real Property at the
Closing by special warranty deed, subject only to those matters set forth above in Paragraph 3 (b).
The Seller acknowledges and agrees that at Closing portions of the Property may be conveyed direct
from Seller to one more assignees or designees selected in writing in advance by TCF.

(b) TCF and the Permitted Assignees shall have the right to obtain, at their sole cost and
expense, a commitment for an owner’s policy or policies of title insurance issued by a title
company of TCF’s choosing (the “Title Company”) having an insured amount equal to the Purchase
Price (the “Title Commitment”). TCF and the Permitted Assignees will have from the date of this
Agreement until November 1, 2004 (as the same may be extended pursuant to paragraph 6 below, the
“Inspection Period”) to examine the title to the Real Property and furnish to Seller, via TCF,
written notice of any objections to Seller’s title to the Real Property. Notwithstanding the
foregoing, TCF agrees, without prejudicing its rights to raise objections until the expiration of
the Inspection Period, that TCF will use reasonable efforts to advise the Seller of defects when
TCF determines a defect exists. Upon full execution of this Agreement, Seller will make available
to TCF, its contractors, agents and representatives copies of all documents, agreements, title
commitments, reports and policies, environmental assessments and reports, maps and surveys, and any
other documentation or information in Seller’s possession that relate to the Real Property. TCF
shall also have the right to object to any title exceptions created or suffered between the date of
the Title Commitment and the date of the Closing. Any title objections raised by TCF shall be
provided on or before the expiration of the Inspection Period by written notice to Seller
accompanied with a copy of that portion of the Title Commitment and all supplemental title
documents evidencing and describing the nature of the title objection. Seller will have the right,
but not the obligation, to cure or remove at or prior to the Closing all objections to Seller’s
title to the Real Property. In the event that TCF fails to give notice to Seller on or before the
expiration of the Inspection Period of TCF’s objection to any exception to Seller’s title to the
Real Property as revealed in the Title Commitment, then such exception will be deemed to be a
“Permitted Encumbrance”. In the event that TCF gives such notice of objection to any such
exception and Seller fails or elects not to cure or remove such exception at or prior to the
Closing, TCF, at its sole option, may elect either of the following:

(i) waive the objection and proceed to Closing; or

(ii) subject to the conditions set forth in Section 5(d) below, delete the portion of
the Real Property subject to any such uncured or unremoved exception from the Real Property
conveyed by Seller at Closing, and the Purchase Price will be reduced by an amount equal to
the product of the number of acres contained within such deleted portion multiplied by the
per acre value allocated to the parcel of Real Property from which the deleted portion of
the Real Property is derived, as set forth in the Schedule attached hereto as Exhibit A.

(c) So long as this contract remains in force, Seller will not enter into any new lease,
modify or renew any existing lease or encumber or convey all or part of the Real Property or any
interest therein (including timber rights), or enter into any agreement granting to any person any
right with respect to the Real Property or any portion thereof, without the prior written consent
of TCF.

(d) The parties acknowledge that the deletion by TCF from the transaction of any real property
pursuant to Paragraphs 5(b) or 7 hereof (the “Excluded Acres”) may require a subdivision of such
Excluded Acres from certain other tracts TCF intends to acquire at Closing. Seller shall retain at
Closing such Excluded Acres and the least amount of acreage contiguous with such Excluded Acres as
is necessary to create a legal parcel for which no subdivision is required (the “Additional Acres”)
and subject to the provisions of Paragraph 5(d), the Purchase Price will be reduced on account of
Seller’s retention of the Additional Acres by an amount equal to the product of the number of acres
contained within the Additional Acres multiplied by the quotient of the Purchase Price divided by
the acreage contained in the Real Property as determined in accordance with Paragraph 4 above.

6. Inspection. TCF will have from the date of this Agreement until the expiration of
the Inspection Period (November 1, 2004) to inspect the Real Property and, among other things, to
perform timber cruises, environmental evaluations, establish and confirm for valuation purposes the
level and scope of the development potential (including wetland delineations), review Leases,
obtain appraisals and establish values, and verify compliance with applicable laws, ordinances and
regulations. TCF and its agents, representatives, employees, engineers and contractors will have
the right to enter upon the Real Property upon prior telephonic notice to Seller through its
authorized representative, Thomas V. Bosley (telephone: 717-225-4711 ext. 2577), to inspect,
examine, survey and make test borings, soil bearing tests, timber cruises and other engineering
tests or surveys which it may deem necessary or advisable. Within ten (10) days of Seller’s
request and prior to entry onto the Real Property, TCF shall deliver to Seller certificates of
commercial general liability insurance with coverage amounts not less than $1,000,000 on an
occurrence basis showing Seller as an additional insured thereunder. TCF hereby agrees to return
the Real Property to substantially the same condition that existed prior to Purchaser’s activities.
TCF further agrees to indemnify and hold Seller harmless for any and all cost and expense
resulting from claims or damages caused by said inspections, examinations and tests, except for
claims arising from negligence or misconduct of the Seller and its employees, agents and
contractors. Upon full execution of this Agreement, Seller will make available to TCF, its agents,
contractors and representatives, at Seller’s offices all non-privileged, non-proprietary materials
relating to the Real Property in the possession of Seller or its agents or attorneys, including
without limitation, maps, charts, existing surveys, timber cruises, previous deeds, leases,
reports, timber type maps, timber inventories, soil maps, growth and yield information, and harvest
schedules relating to the Real Property. In the event TCF, after using commercially reasonable
efforts, is not able to complete its due diligence inspections of the Property prior to the
expiration of the Inspection Period, TCF shall have the right, upon written notice to Seller
delivered prior to the expiration of the Inspection Period to extend the Inspection Period for an
additional ten (10) days. In the event TCF or the Permitted Assignees in their sole and absolute
discretion are not satisfied for any reason whatsoever with the Property or the viability of
proceeding with the Closing of this transaction, then TCF may terminate this Agreement by
delivering written notice to Seller at any time prior to the expiration of the Inspection Period,
whereupon Escrow Agent shall release fifty percent (50%) of the Earnest Money to TCF and fifty
percent (50%) of the Earnest Money to the Seller, and no party will have any further rights, duties
or obligations under this Agreement other than those which expressly survive a termination hereof.
In such event, TCF shall promptly deliver to Seller, without representation or warranty, copies of
all title materials, environmental reports and other third party reports (other than any appraisal
or cruise results) obtained by TCF in connection with its inspections or investigations of the
Property. Notwithstanding the foregoing, TCF agrees, without prejudicing its rights to raise
objections until the expiration of the Inspection Period, that TCF will use reasonable efforts to
advise the Seller of defects when TCF determines a defect exists.

7. Environmental Audit. TCF will have the right at any time before the expiration of
the Inspection Period to perform or cause to be performed, at TCF’s expense, a non-invasive
environmental audit or assessment of the Real Property. In the event that such audit or assessment
reveals that (i) any portion of the Real Property has ever been used as a landfill to receive solid
wastes; (ii) has been affected by or contains any underground storage tank or storage facility;
(iii) has ever been used for dumping, discharge, treatment, storage of hazardous wastes or
hazardous substances; or (iv) is in violation of any law, ordinance, notice requirement, rule or
regulation because of its environmental and/or ecological condition or (v) located within five
hundred (500) yards of a parcel of land that is in violation of any environmental law, ordinance,
rule or regulation (in each instance, an “Environmental Defect”), TCF shall promptly notify Seller
in writing of the existence of the Environmental Defect, on or before the expiration of the
Inspection Period, which notice shall contain a copy of that portion of the environmental audit,
assessment or report forming the basis for TCF’s objection. If the Seller is unable or unwilling to
remediate the Environmental Defect to TCF’s reasonable satisfaction prior to Closing, TCF may
delete that tract of the Real Property impacted by the Environmental Defect from the Real Property
to be conveyed by Seller to TCF or its assigns or designees, in which case the Purchase Price shall
be reduced by an amount equal to the product of the number of acres contained within such deleted
tract multiplied by the per acre value allocated to the parcel of Real Property from which the
deleted tract of the Real Property is derived, as set forth in the Schedule attached hereto as
Exhibit A. Within five days of receipt of notice of an Environmental Defect, the Seller may at its
election, adjourn the Closing until the date which is twenty (20) days after the scheduled Closing
Date to allow the parties adequate time to properly document and complete the remediation or
resolution of the Environmental Defect.

8. Condition of Property; Damage; Condemnation.

(a) Seller agrees that at the Closing the Property will be in substantially the same condition
as exists on the date hereof, subject to condemnation and casualties beyond Seller’s control, and
that Seller shall neither use nor consent to any use of the Property for any purpose or in any
manner that is inconsistent with the Purchaser’s acquisition or intended use of the Property as a
conservation area. This covenant expressly precludes the harvest of any timber and mining
activities on the Real Property.

(b) If at any time prior to the Closing, the Real Property or any material part thereof
(including, but not limited to, any timber or trees which are included as part of the Property) is
destroyed or damaged by fire or other casualty, then TCF shall purchase the Property, whereupon the
Purchase Price will be reduced as mutually agreed by Seller and TCF, or, in the event such parties
are unable to agree within fifteen (15) days after TCF’s receipt of notice of the occurrence of
such damage or destruction, the Purchase Price will be adjusted by an amount established by a panel
of independent forestry consultants: one selected by the Seller; one selected by TCF; and the
third selected by the other two independent forestry consultants. TCF’s option under this
paragraph 8(b) will be exercisable at any time on or before fifteen (15) days after TCF’s receipt
of notice of the occurrence of such damage or destruction and the date of Closing will be extended
to the extent necessary to permit the exercise of such option by TCF and the determination of the
Purchase Price reduction. For purposes of this paragraph 8(b), a “material” part of the Property
shall mean damage to the Property prior to Closing having an aggregate value, in TCF’s good faith
estimate, equal to or exceeding $125,000.

(c) If at any time prior to the Closing, any action or proceeding is filed or threatened under
which the Real Property or any part thereof may be taken pursuant to any law, ordinance or
regulation by condemnation or the right of eminent domain, then TCF shall purchase the Real
Property pursuant to this Agreement, notwithstanding such action or proceeding, and receive a
credit against the Purchase Price in the amount of all proceeds of any awards paid to Seller with
respect to the Real Property, or if such amounts have not been paid to Seller as of the Closing,
Seller shall assign all of its rights to any such proceeds or awards.

9. Warranties and Representations.

(a) Seller hereby warrants and represents to TCF for the benefit of TCF and its successors and
assigns as follows:

(i) Seller owns good and marketable fee simple title to the Real Property, and
will convey such title at the Closing by special warranty deed subject only to the
Permitted Encumbrances.

(ii) Attached hereto as Exhibit B and hereby made a part hereof is a
true and accurate summary of all leases, timber service agreements, licenses,
permits, contracts and agreements affecting the Real Property; the Leases remain in
full force and effect, and have not been modified or amended, and except that
Termination Notices may have been provided pursuant to paragraph 3(b) herein, or as
set forth on Exhibit B. To Seller’s actual knowledge neither party thereto is in
default in the observance or performance of any of its duties or obligations
thereunder.

(iii) There are no outstanding mineral leases affecting the Real Property and,
to Seller’s actual knowledge there are no current commercial mining activities
occurring on the Real Property and no mining permits are currently issued and
outstanding with respect to the Real Property or any portion thereof.

(iv) There is no pending or, to Seller’s actual knowledge, threatened action or
proceeding (including, but not limited to, any condemnation or eminent domain action
or proceeding) before any court, governmental agency or arbitrator which may
adversely affect Seller’s ability to perform this Agreement or which may affect the
Real Property.

(v) To Seller’s actual knowledge, the Real Property is in compliance with all
statutes, ordinances, rules, regulations, orders and requirements of all federal,
state and local authorities and any other governmental entity having jurisdiction
over the Real Property; and Seller has not received any notice from any such
governmental entity of any violation of any of the aforesaid statutes, ordinances,
rules, regulations, orders and requirements.

(vi) Seller has or will have at Closing the full capacity, power and authority
to enter into this Agreement and fully perform its obligations hereunder.

(vii) This Agreement and the performance hereof by Seller will not contravene
any law or contractual restriction binding on Seller.

(viii) Seller has the full right, power, and authority to enter into and
perform this Agreement; and no consent, approval, order or authorization of any
court or other governmental entity is required to be obtained by Seller in
connection with the execution and delivery of this Agreement or the performance
hereof by Seller.

(ix) This Agreement has been duly executed and delivered by Seller and is
enforceable against Seller in accordance with its terms subject to applicable
bankruptcy, insolvency and other similar laws affecting the enforceability of
creditors’ rights generally and the discretion of the courts with respect to
equitable remedies.

(x) No portion of the Real Property has ever been used by Seller or by any
third party with the affirmative consent of Seller as a land fill or as a dump to
receive garbage, refuse, or waste, whether or not hazardous, and neither Seller, nor
to Seller’s actual knowledge, without the benefit or obligation of independent
investigation, has any third party stored, handled, installed or disposed of
Hazardous Waste (as hereinafter defined), in, on or about the Real Property. For
purposes of this warranty, the term “Hazardous Waste” means any such materials,
waste, contaminates, petroleum, crude oil or any fraction thereof or other
substances as defined by cumulative reference to the following sources as amended
from time to time: (i) the Resource Conservation and Recovery Act of 1976, 42 USC
§6901 et. seq. (RCRA); (ii) the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, 42 USC §9601 et.
seq. (CERCLA); (iii) the Hazardous Materials Transportation Act, 49 USC
§1801, et. seq.; (iv) applicable laws of the State of Delaware; and
(v) any federal, state or local regulations, rules or orders issued or promulgated
under or pursuant to any of the foregoing or otherwise by any department, agency or
other administrative, regulatory or judicial body. To Seller’s actual knowledge
there are no underground storage tanks situated in the Property nor have such tanks
been previously situated thereon.

(xi) The Property does not constitute an asset of an employee benefit plan
affiliated with Seller, as defined in Section 3(3) of ERISA.

(xii) No party other than Seller has any right to conduct timbering operations
on the Real Property or any right, title or interest in and to any timber located on
the Real Property.

(xiii) To Seller’s actual knowledge, the present use of the Real Property does
not pose a danger to any Endangered Species, Critical Habitat or Habitat that would
expose TCF to any liability under any applicable federal, state or local laws. For
purposes of this warranty, the terms “Endangered Species”, “Critical Habitat” and
“Habitat” mean any such animal, vegetation, flora, fauna, other wildlife, ecosystem
or geographic region as defined by cumulative reference to the following sources as
amended from time to time: (i) the Endangered Species Act of 1973, 16 USC §1531,
et seq.; (ii) the applicable law of the State of Delaware, and (iii) any
federal, state or local regulations, rules, or orders issued or promulgated under or
pursuant to any of the foregoing or otherwise by any department, agency or other
administrative, regulatory or judicial body.

(xiv) Seller hereby certifies that the sale of the Property does not represent
a transfer of all or substantially all of the assets of Seller.

Except for the foregoing representations and warranties, the Property is being conveyed
hereunder as-is, where-is, without any representations or warranties, express or implied. All
warranties and representations will be true as of the date of this Agreement and, as of the date of
the Closing. The foregoing representations and warranties shall survive the Closing for a period
of twelve (12) months from and after the Closing Date.

(b) Seller hereby agrees to indemnify and hold harmless TCF and its successors and assigns
from and against any liability, cost, damage, loss, claim, expense or cause of action (including
but not limited to reasonable attorneys’ fees and court costs) incurred by or filed against TCF as
a direct result of any breach of any of the warranties or representations by Seller contained in
this paragraph 9. The foregoing indemnity shall survive the Closing for a period of twelve (12)
months after the Closing Date; provided, however, such indemnity shall continue with respect to any
breach of warranty or representation by Seller for which TCF has asserted a claim against Seller
during such twelve (12) month period.

(c) TCF hereby warrants and represents to Seller as follows:

(i) TCF is a non-profit corporation organized in accordance with Section
501(c)(3) of the Internal Revenue Code and is existing and in good standing under
the laws of the State of Maryland;

(ii) TCF has the full right, power and authority to enter into this Agreement; and
no consent, approval, order or authorization is required to be obtained by TCF in
connection with the execution and delivery of this Agreement or the performance
hereof by TCF; and

(iii) This Agreement has been duly executed by TCF and constitutes the valid and
binding obligation of TCF, enforceable against TCF in accordance with its terms,
subject to applicable bankruptcy, insolvency and other similar laws affecting the
enforceability of creditors’ rights generally and the discretion of the courts with
respect to equitable remedies.

10. Brokerage Commission. Seller and TCF each warrant and represent to the other that
neither has incurred any liability for any brokerage fee or commission in connection with the
execution and delivery of this Agreement or the consummation of the transactions contemplated
hereby. Seller and TCF each agree to indemnify and hold harmless the other from any and all
damage, loss, liability, expense and claim (including but not limited to attorneys’ fees and court
costs) arising with respect to any such fee or commission which may be suffered by the indemnified
party by reason of any action or agreement of the indemnifying party.

11. Taxes; Expenses.

(a) Ad valorem real property taxes on the Real Property, special assessments, utility charges
(if any) and all rental payments with respect to the Leases will be prorated as of the date of
Closing. If actual tax bills for the calendar year of Closing are not available, said taxes will
be prorated based on tax bills for the previous calendar year and the parties hereto agree to cause
a reproration of said taxes upon the receipt of tax bills for the calendar year of Closing. Seller
will pay all timber taxes, severance taxes and any other taxes imposed with respect to timbering
operations on the Real Property prior to the date of Closing and all income and/or capital gains
taxes attributable to the sale of the Real Property, if any. Seller shall be responsible for any
“roll back” taxes or similar taxes that relate to periods prior to the Closing and arise as a
direct result of the consummation of the transactions contemplated hereunder. TCF shall be
responsible for any “roll back” taxes or similar taxes imposed due to a change in the use of the
Real Property by TCF after the Closing. TCF acknowledges receipt of the notification and
Application for Forest Land Tax Exemption attached hereto as Exhibit “C”.

(b) TCF will pay the cost of TCF’s inspection of the Real Property, the costs of the title
examination and preparation of the Title Commitment, the title insurance premium with respect to
any owner’s policy of title insurance obtained by TCF and recording fees in connection with the
recordation of the deeds delivered at Closing. TCF will also pay one-half of all transfer taxes
and/or recordation taxes imposed in connection with the recordation of the deeds delivered at
Closing.

(c) Seller will provide for and pay the costs associated with the preparation of Seller’s
special warranty deeds and will pay one-half of all transfer taxes in connection with the transfer
of the Property and/or recordation taxes and the recordation of the deeds delivered at Closing.
Seller shall pay all other taxes assessed in connection with the transfer of the Property.

(d) Each party will pay its respective costs and expenses of legal representation.

12. Conditions. Unless waived by TCF, the obligations of TCF under this Agreement are
expressly made subject to the fulfillment in all respects of the following conditions precedent:

(i) the truth and accuracy in all material respects as of the date of the
Closing of each and every warranty and representation herein made by Seller;

(ii) Seller’s timely performance of and compliance with each and every term,
condition, agreement, restriction and obligation to be performed and complied with
by Seller under this Agreement; and

(iii) TCF’s receipt at Closing of an owner’s policy of title insurance in the
amount of the Purchase Price and otherwise in form and substance reasonably
satisfactory to TCF.

In the event any of the above conditions are not satisfied on or before Closing, TCF will have
the right, exercisable at TCF’s sole election, to cancel this Agreement whereupon Escrow Agent
shall return the Earnest Money to TCF and neither party hereto will have any further rights or
obligations hereunder. Notwithstanding the foregoing if TCF is otherwise unable for any other
reason to raise by the Closing the Purchase Price for acquisition of the Real Property as
contemplated herein or otherwise fails to proceed to Closing after all contingencies have expired
or been removed, this Agreement shall be terminated, the Earnest Money Deposit shall be paid by the
Escrow Agent to the Seller and neither party hereto will have any further rights or obligation
hereunder.

13. Default; Remedies; Escrow Agent.

(a) If the purchase and sale of the Real Property is not consummated because of a breach by
TCF in the performance or observance by TCF of any of its material covenants or obligations under
this Agreement, then Escrow Agent shall pay the Earnest Money to Seller as full liquidated damages
(the parties hereto acknowledging that Seller’s damages as a result of such default are not capable
of exact ascertainment and that said liquidated damages are fair and reasonable), said remedy being
Seller’s sole and exclusive remedy hereunder on account of any default by TCF, whereupon this
Agreement will terminate and neither party will have any further rights, duties or obligations
hereunder, other than those which expressly survive a termination hereof.

(b) If the purchase and sale of the Property contemplated hereby is not consummated because of
a breach by Seller in the performance or observance by Seller of any of its material covenants or
obligations under this Agreement, then TCF shall be entitled either to damages in an amount equal
to TCF’s actual out of pocket expenses incurred in connection with the transactions contemplated by
this Agreement, which amount shall not exceed $100,000, or seek specific performance of this
Agreement.

(c) The duties of Escrow Agent will be as follows:

(i) During the term of this Agreement, Escrow Agent will hold the Earnest
Money, upon the delivery by TCF to Escrow Agent of the same, in an interest bearing
account approved by TCF and will deliver the Earnest Money in accordance with the
terms and provisions of this Agreement.

(ii) If this Agreement is terminated without the mutual written agreement of
Seller and TCF, or if Escrow Agent is unable to determine at any time to whom the
Earnest Money should be delivered, or if a dispute develops between Seller and TCF
concerning to whom the Earnest Money should be delivered, then in any such event,
Escrow Agent will request joint written instructions from Seller and TCF and will
deliver the Earnest Money in accordance with such joint written instructions. In
the event that such written instructions are not received by Escrow Agent within ten
(10) days after Escrow Agent has served a written request for instructions upon
Seller and TCF, Escrow Agent will have the right to pay the Earnest Money into a
court of competent jurisdiction and interplead Seller and TCF in respect thereof,
and thereafter Escrow Agent will be discharged of any obligations in connection with
this Agreement.

(iii) If costs or expenses are incurred by Escrow Agent because of litigation
or a dispute between Seller and TCF arising out of the holding of the Earnest Money
in escrow, Seller and TCF will each pay Escrow Agent one-half of such reasonable and
direct costs and expenses. Except for such costs and expenses, no fee or charge
will be due or payable to Escrow Agent for its services as escrow holder.

(iv) By joining herein, Escrow Agent undertakes only to perform the duties and
obligations imposed upon it under the terms of this contract and expressly does not
undertake to perform any of the other covenants, terms and provisions incumbent upon
Seller and TCF hereunder.

(b) TCF and Seller hereby agree and acknowledge that Escrow Agent assumes no liability in
connection herewith except for gross negligence or willful misconduct; that Escrow Agent will never
be responsible for the validity, correctness or genuineness of any document or notice referred to
under this Agreement; and that Escrow Agent may seek advice from its own counsel and will be fully
protected in any action taken by it in good faith in accordance with the opinion of its counsel.

14. Assignment. Prior to Closing, TCF will have the right to assign its rights and
obligations under this Agreement, in whole or in part, subject to the prior written approval of the
Seller, which shall not be unreasonably withheld. Notwithstanding the foregoing, TCF may assign
its rights and obligations under this Agreement, in whole or in part to the State of Delaware or
The Heartwood Forestland Fund IV, Limited Partnership (the “Permitted Assignees”), without the need
for further approval by the Seller. Upon such assignment TCF will be relieved of liability
hereunder, provided the Earnest Money Deposit is either retained in escrow with the Escrow Agent,
or replaced by an equivalent amount paid by the assignee to the Escrow Agent. Contemporaneously
with the Closing, TCF shall have the right to assign the provisions of this Agreement which survive
the Closing, in whole or in part, to the ultimate title holders of the Property including, without
limitation, an entity of the State of Delaware or The Heartwood Forestland Group Limited
Partnership, provided that the ultimate title holders assume said provisions which survive Closing.

15. No Waiver. No action or failure to act by any party hereto will constitute a
waiver of any right or duty afforded to such party under this Agreement, nor will any such action
or failure to act constitute an approval of or acquiescence in any breach of this Agreement except
as may be specifically agreed in writing.

16. Governing Law. This Agreement will be governed by the laws of the State of
Delaware.

17. Notice. Any and all notices, elections and communications required or permitted
by this Agreement will be made or given in writing and will be delivered in person, sent by
facsimile with confirmed electronic receipt, sent by reputable overnight courier or sent by postage
prepaid United States mail, certified or registered, return receipt requested, to the other parties
at the addresses set forth below, or such other address or facsimile as may be furnished by notice
in accordance with this paragraph. The date of notice given by personal delivery will be the date
of such delivery. The effective date of notice by overnight courier or mail will be the date such
notice is mailed.

	 	 	 	 	 
	Seller:
	 	Glatfelter Pulp Wood Company

	 
	 	Attn: Vice President and General Manager

	 
	 	228 S. Main Street
	 
	 	Spring Grove, PA  17362

	 
	 	Fax: (717) 225-2850

	 
	 	With copies to:

	 
	 	Glatfelter

	 
	 	Attn:  Legal Department

	 
	 	96 South George Street, Suite 500
	 
	 	York, PA  17401-1434

	 
	 	Fax:  (717) 846-2419

	TCF:
	 	The Conservation Fund

	 
	 	584 Bellerive Drive
	 
	 	Suite 3-D

	 
	 	Annapolis, Maryland  21401

	 
	 	Attention:  Jodi R. O’Day

	 
	 	Fax:  (410) 757-0370

	with a copy to:
	 	The Conservation Fund
	 
	 	1800 North Kent Street
	 
	 	Suite 1120

	 
	 	Arlington, Virginia  22209-2156

	 
	 	Attention:  Richard Erdmann

	 
	 	Fax:  (703) 525-4610

	Escrow Agent:
	 	Stewart Title Guaranty Company
	 
	 	Suite 200, 5901-B Peachtree Dunwoody Road

	 
	 	Atlanta, Georgia  30328

	 
	 	Attention:  Kevin Wood

	 
	 	Phone:  770-395-0690

	 
	 	Fax:  770-395-7770

18. Entire Agreement. This Agreement contains the entire agreement among the parties
hereto with respect to the subject matter hereof and cannot be amended or supplemented except by a
written agreement signed by all parties.

19. Captions. The captions of paragraphs in this Agreement are for convenience and
reference only and are not part of the substance hereof.

20. Severability. In the event that any one or more of the provisions, paragraphs,
words, clauses, phrases or sentences contained in this Agreement, or the application thereof in any
circumstance is held invalid, illegal or unenforceable in any respect for any reason, the validity,
legality and enforceability of any such provision, paragraph, word, clause, phrase or sentence in
every other respect and of the remaining provisions, paragraphs, words, clauses, phrases or
sentences of this contract, will not be in any way impaired, it being the intention of the parties
that this contract will be enforceable to the fullest extent permitted by law.

21. Duplicate Originals. This Agreement shall be executed in duplicate originals,
both of which will be construed as original documents.

22. Binding Effect. This Agreement will bind the parties hereto and their respective
heirs, legal representatives, successors and assigns.

23. Time of Essence. Time is of the essence of this Agreement.

24. Survival. With the exception of the indemnity set forth in paragraph 9(b), the
indemnities set forth herein will survive the Closing or any termination of this Agreement
indefinitely. The warranties and representations set forth herein will survive the Closing for a
period of twelve (12) months.

25. Waivers of Application of Title 42 U.S.C.A. Section 4601 and/or Just Compensation
Under Applicable State Statutes. Purchaser may assign this Agreement and its rights as
Purchaser hereunder including the Earnest Money by written assignment to a governmental agency or
entity which assumes the obligations of Purchaser hereunder. In addition, recognizing that this
Agreement is made in order to procure lands for public ownership and that condemnation will not be
used in any way as part of this transaction or in securing the Property, Seller hereby knowingly
waives any potential right to receive compensation for the Property consistent with the
requirements of either (i) Title II and Title III of the Uniform Relocation Assistance and Real
Property Acquisition Policies Act of 1970, Title 42 U.S.C.A. Section 4601, et seq. (Public
Law 91-646, as amended) including those provisions relating to incidental expenses incurred by
Seller and/or (ii) applicable state statutes and regulations. Seller makes this waiver knowing
that a governmental agency or entity may ultimately own the Property and/or that a governmental
agency or entity may be an assignee of this Agreement.

26. Saturdays, Sundays, Holidays. If the final date of any time period of limitation
set out in any provision of this agreement falls on a Saturday, Sunday or a legal holiday under the
laws of the state in which the Property is situated, then the time of such period shall be extended
to the next day which is not a Saturday, Sunday or legal holiday.

27. Effective Date. The effective date of this Agreement will be the date all parties
hereto have executed this contract.

28. Incorporation of Exhibits. All exhibits referred to herein are hereby
incorporated in this Agreement by this reference.

29. Counterparts. This Agreement may be executed in counterparts, all of which shall
constitute one agreement which shall be binding on all of the parties, notwithstanding that all of
the parties are not signatory to the original or the same counterpart.

30. Statutory Notice. Pursuant to 25 Del.C. §313, the following Notice is required,
to be incorporated within all contracts for the sale of unimproved real estate located in the State
of Delaware:

If the property being purchased hereunder is an unimproved parcel of land, Purchaser
should consult with the appropriate public authorities to ascertain whether central
sewerage and water facilities are available, or, if not, whether the property will
be approved by appropriate public authorities for the installation of a well and
private sewerage disposal system. If central sewerage and water facilities are not
available, then this Agreement is contingent upon: (1) a satisfactory site
evaluation which will allow the least costly, including installation and recurring
maintenance costs, approved on-site disposal system in accordance with regulations
promulgated by the Department of Natural Resources and Environmental Control that is
acceptable to Purchaser; (2) availability of a water supply; (3) that the lot shall
conform with the local zoning ordinance; or this Agreement will become null and void
and all deposits will be returned to the Purchaser. The Purchaser will request the
site evaluation on or before November 1, 2004.

To the extent that anything in the above statutory provision is contrary to the Inspection
provisions referenced in paragraph 6 of this Agreement, the language contained in paragraph 6 shall
prevail. TCF hereby waives the above statutory contingencies numbered one (1) through three (3) if
central sewerage and water facilities are not available above,

without negating any rights reserved to it in paragraph 6 of this Agreement.

IN WITNESS WHEREOF, this contract has been duly executed, sealed and delivered by the parties
hereto the day and year first above written.

SELLER:

GLATFELTER PULP WOOD COMPANY

By:  /s/ Thomas  V. Bosley

	 	 	 	Name: Thomas V. Bosley

Title: Vice President  and General Manager

TCF:

THE CONSERVATION FUND, A NON-PROFIT CORPORATION

	 	 	 
	By: /s/

	 	Jodi R. O’Day
	 

	 	 
	Name: Jodi R. O’Day

	 	

	 
	 	 
	 

	 
	 	 
	Title:

	 	Vice President and Regional Counsel
	 

	 	 
	 
	 	 

1

	 	 	 	ESCROW AGENT

STEWART TITLE GUARANTY COMPANY

By:_/s/ Kevin W. Wood   

	 	 	 	Name: Kevin W. Wood    

Title: Vice President/Counsel   

2

3

4

5

6EX-4.1

Exhibit 4.1

AMENDED AND RESTATED RIGHTS AGREEMENT

THE WILLIAMS COMPANIES, INC.

and

EQUISERVE TRUST COMPANY, N.A.

Rights Agent

Dated as of September 21, 2004

1

TABLE OF CONTENTS

Section 1. Certain Definitions............................................................ 1

	 	 	 	 	 	 	 	 	 
	Section 2.
	 	Appointment of Rights Agent ..............................................                                 
	 	 	6	 
	Section 3.
	 	Issue of Rights Certificates..................................................                               
	 	 	6	 
	Section 4.
	 	Form of Rights Certificates.................................................                                 
	 	 	8	 
	Section 5.
	 	Countersignature and Registration.........................................                             
	 	 	9	 
	Section 6.
	 	Transfer, Split Up, Combination and Exchange of Rights Certificates;
	 	 	 	 
	 
	 	Mutilated, Destroyed, Lost or Stolen Rights Certificates...............                
	 	 	9	 
	Section 7.
	 	Exercise of Rights; Purchase Price; Expiration Date of Rights........            
	 	 	10	 
	Section 8.
	 	Cancellation and Destruction of Rights Certificates.....................                 
	 	 	12	 
	Section 9.
	 	Reservation and Availability of Capital Stock...........................                       
	 	 	13	 
	Section 10.
	 	Preferred Stock Record Date...............................................                                 
	 	 	14	 
	Section 11.
	 	Adjustment of Purchase Price; Number and Kind of Shares or Number
	 	 	 	 
	 
	 	Of Rights......................................................................                                            
	 	 	14	 
	Section 12.
	 	Certificate of Adjusted Purchase Price or Number of Shares..........               
	 	 	20	 

Section 13. Consolidation, Merger or Sale or Transfer of Assets or Earning Power 21

	 	 	 	 	 	 	 	 	 
	Section 14.
	 	Fractional Rights and Fractional Shares...................................                    
	 	 	24	 
	Section 15.
	 	Rights of Action..............................................................                                  
	 	 	24	 
	Section 16.
	 	Agreement of Rights Holders..............................................                             
	 	 	25	 
	Section 17.
	 	Rights Certificate Holder Not Deemed a Stockholder..................              
	 	 	25	 
	Section 18.
	 	Concerning the Rights Agent..............................................                             
	 	 	26	 
	Section 19.
	 	Merger or Consolidation or Change of Name of Rights Agent.......            
	 	 	26	 
	Section 20.
	 	Duties of Rights Agent.....................................................                               
	 	 	27	 
	Section 21.
	 	Change of Rights Agent...................................................                                 
	 	 	29	 
	Section 22.
	 	Issuance of New Rights Certificates.....................................                        
	 	 	29	 
	Section 23.
	 	Redemption, Exchange of Rights and Termination....................                  
	 	 	30	 
	Section 24.
	 	Notice of Certain Events...................................................                             
	 	 	31	 
	Section 25.
	 	Notices.......................................................................                                        
	 	 	32	 
	Section 26.
	 	Supplements and Amendments...........................................                               
	 	 	33	 
	Section 27.
	 	Successors...................................................................                                       
	 	 	33	 
	Section 28.
	 	Determinations and Actions by the Board, etc. ........................                  
	 	 	33	 
	Section 29.
	 	Benefits of this Agreement................................................                              
	 	 	34	 
	Section 30.
	 	Severability..................................................................                                      
	 	 	34	 
	Section 31.
	 	Governing Law..............................................................                                     
	 	 	34	 
	Section 32.
	 	Counterparts.................................................................                                     
	 	 	34	 
	Section 33.
	 	Descriptive Headings......................................................                                  
	 	 	34	 
	Section 34.
	 	Certain Covenants..........................................................                                   
	 	 	35	 

2

AMENDED AND RESTATED RIGHTS AGREEMENT

AMENDED AND RESTATED RIGHTS AGREEMENT, dated as of September 21, 2004 (the “Agreement”),
between The Williams Companies, Inc., a Delaware corporation (the “Company”), and EquiServe Trust
Company, N.A., a national banking association (the “Rights Agent”).

W I T N E S S E T H

WHEREAS, the Company entered into a Rights Agreement, dated as of February 6, 1996, as
amended, with First Chicago Trust Company of New York, as Rights Agent, which Rights Agreement
shall expire on February 6, 2006;

WHEREAS, on January 21, 1996 (the “Rights Dividend Declaration Date”), the Board of
Directors (the “Board”) of the Company authorized and declared a dividend distribution of
one Right for each share of common stock, par value $1 per share, of the Company outstanding at the
close of business on February 6, 1996 (the “Record Date”), and has authorized the issuance
of one Right (as such number may hereinafter be adjusted pursuant to the provisions of Section
11(o) hereof) for each share of Common Stock of the Company issued between the Record Date
(whether originally issued or delivered from the Company’s treasury) and the earliest of the
Distribution Date (as such term is defined in Section 3 hereof), or the Expiration Date (as
such terms are hereinafter defined) each Right initially representing the right to purchase one
two-hundredth of a share of Series A Junior Participating Preferred Stock of the Company having the
rights, powers and preferences set forth in the Company’s Restated Certificate of Incorporation
(the “Certificate of Incorporation”), upon the terms and subject to the conditions
hereinafter set forth (the “Rights”);

WHEREAS, the parties now desire to amend and restate the Rights Agreement;

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth,
the parties hereby agree as follows:

Section 1. Certain Definitions.

For purposes of this Agreement, the following terms have the meanings indicated:

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

(i) the Company;

(ii) any Subsidiary of the Company;

(iii) any employee benefit plan of the Company or of any Subsidiary of the Company;

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

(v) any such Person who has reported or is required to report such ownership (but who
is the Beneficial Owner of less than 20% of the shares of Common Stock outstanding) on
Schedule 13G under the Exchange Act (or any comparable or successor report) or on Schedule
13D under the Exchange Act (or any comparable or successor report) which Schedule 13D does
not state any intention to or reserve the right to control or influence the management or
policies of the Company or engage in any of the actions specified in Item 4 of such Schedule
(other than the disposition of the Common Stock) and, within 10 Business Days of being
requested by the Company to advise it regarding the same, certifies to the Company that such
Person acquired Beneficial Ownership of shares of Common Stock in excess of 14.9%
inadvertently or without knowledge of the terms of the Rights and who, together with all
Affiliates and Associates, thereafter does not acquire Beneficial Ownership of additional
 shares of Common Stock equal to 1% of the then outstanding Common Stock of the Company while
the Beneficial Owner of 15% or more of the shares of Common Stock then outstanding;
provided, however, that if the Person requested to so certify fails to do so within
10 Business Days, then such Person shall become an Acquiring Person immediately after such
10 Business Day Period;

(vi) any Person that is the Beneficial Owner of 15% or more of the shares of Common
Stock then outstanding solely as the result of the operation of subsection (iii) of the
definition of “Beneficial Owner” and “beneficially own” if and during such period as the
Board shall have determined that the operation of such clause should be waived in the best
interests of the Company and its stockholders;

(vii) any Person that would not otherwise be an Acquiring Person but for a reduction in
the number of outstanding shares of Common Stock resulting from a stock repurchase program
or other similar plan of the Company or from a self tender offer of the Company, which plan
or tender offer commenced on or after the date hereof; provided, however, that the
term “Acquiring Person” shall include such Person from and after the first date upon which
(A) such Person, since the date of the commencement of such plan or tender offer, shall have
acquired Beneficial Ownership of, in the aggregate, a number of shares of Common Stock of
the Company equal to 1% or more of the Common Stock of the Company then outstanding and (B)
such Person, together with all Affiliates and Associates of such Person, shall beneficially
own 15% or more of the Common Stock of the Company then outstanding; or

(viii) any Person that is the Beneficial Owner of 15% or more of the outstanding shares
of Common Stock of the Company as of the date hereof and thereafter has continued to be the
Beneficial Owner of at least 15% of the shares of Common Stock of the Company then
outstanding; provided, however, that the term Acquiring Person shall include such Person
from and after the first date upon which (A) such Person, since the date hereof, shall have
acquired, without the prior approval of the Board, Beneficial Ownership of additional shares
of Common Stock equal to 1% of the then outstanding Common Stock of the Company and (B) such
Person, together with all Affiliates and Associates of such Person, shall beneficially own
more than 15% or more of the shares of Common Stock of the Company then outstanding.

In calculating the percentage of the outstanding shares of Common Stock that are beneficially owned
by a Person for purposes of this definition, shares of Common Stock that are beneficially owned by
such Person shall be deemed outstanding, and shares of Common Stock that are not beneficially owned
by such Person and that are subject to issuance upon the exercise of conversion of outstanding
conversion rights, exchange rights, rights, warrants or options shall not be deemed outstanding.
Any determination made by the Board as to whether any Person is or is not an Acquiring Person shall
be conclusive and binding upon all holders of Rights.

(b) "Affiliate” and “Associate” shall have the respective meanings ascribed to
such terms in Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of
1934, as amended and in effect on the date of this Agreement (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, directly or
indirectly, has the right to acquire (whether such right is exercisable immediately or only
after the passage of time) pursuant to any agreement, arrangement or understanding (whether
or not in writing) or upon the exercise of conversion rights, exchange rights, rights,
warrants or options, or otherwise; provided, however, that a Person shall not be deemed the
“Beneficial Owner” of, or to “beneficially own,” (A) securities tendered pursuant to a
tender or exchange offer made by such Person or any of such Person’s Affiliates or
Associates until such tendered securities are accepted for purchase or exchange, or (B)
securities issuable upon exercise of Rights at any time prior to the occurrence of a
Triggering Event, or (C) securities issuable upon exercise of Rights from and after the
occurrence of a Triggering Event which Rights were acquired by such Person or any of such
Person’s Affiliates or Associates prior to the Distribution Date or pursuant to Section
3(a) or Section 22 hereof (the “Original Rights”) or pursuant to
Section 11(a)(i) hereof in connection with an adjustment made with respect to any
Original Rights;

(ii) which such Person or any of such Person’s Affiliates or Associates, directly or
indirectly, has the right to vote or dispose of or has beneficial ownership of (as
determined pursuant to Rule 13d-3 of the General Rules and Regulations under the Exchange
Act), including pursuant to any agreement, arrangement or understanding, whether or not in
writing; provided, however, that a Person shall not be deemed the “Beneficial Owner” of, or
to “beneficially own,” any security under this subparagraph (ii) as a result of an
agreement, arrangement or understanding to vote such security if such agreement, arrangement
or understanding: (A) arises solely from a revocable proxy given in response to a public
proxy or consent solicitation made pursuant to, and in accordance with, the applicable
provisions of the General Rules and Regulations under the Exchange Act, and (B) is not also
then reportable by such Person on Schedule 13D under the Exchange Act (or any comparable or
successor report);

(iii) which are beneficially owned, directly or indirectly, by any other Person (or any
Affiliate or Associate thereof) with which such Person (or any of such Person’s Affiliates
or Associates) has any agreement, arrangement or understanding (whether or not in writing),
for the purpose of acquiring, holding, voting (except pursuant to a revocable proxy as
described in the proviso to subparagraph (ii) of this paragraph (c)) or disposing of any
voting securities of the Company; or

(iv) that, on any day on or after the Distribution Date, evidence Rights that prior to
such date were represented by certificates for shares of Common Stock that such Person
beneficially owns on such day;

provided, however, that nothing in this paragraph (c) shall cause a person engaged in
business as an underwriter of securities to be the “Beneficial Owner” of, or to “beneficially own,”
any securities acquired through such person’s participation in good faith in a firm commitment
underwriting until the expiration of forty days after the date of such acquisition.

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

(e) "Close of business” on any given date shall mean 5:00 P.M., Eastern Standard time,
on such date; provided, however, that if such date is not a Business Day it shall mean 5:00 P.M.,
Eastern Standard Time, on the next succeeding Business Day.

(f) "Common Stock” shall mean the common stock, par value $1 per share, of the
Company, except that “Common Stock” when used with reference to any Person other than the Company
shall mean the capital stock of such Person with the greatest voting power, or the equity
securities or other equity interest having power to control or direct the management, of such
Person.

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

(h) "Preferred Stock” shall mean shares of Series A Junior Participating Preferred
Stock, par value $1 per share, of the Company, and, to the extent that there are not a sufficient
number of shares of Series A Junior Participating Preferred Stock authorized to permit the full
exercise of the Rights, any other series of Preferred Stock of the Company designated for such
purpose containing terms substantially similar to the terms of the Series A Junior Participating
Preferred Stock.

(i) "Redemption Date” shall mean the date of the action of the Board authorizing and
directing the redemption of the Rights pursuant to Section 23(a) hereof or the exchange of
the Rights pursuant to Section 23(c) hereof.

(j) "Rights Expiration Date” shall mean the tenth anniversary of this Amended and
Restated Rights Agreement, except if there has been a Distribution Date, then it shall mean the
tenth anniversary of the Distribution Date.

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

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

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

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

(o) “Triggering Event” shall mean any Section 11(a)(ii) Event or any Section 13 Event.

(p) The following terms shall have the meaning specified in the indicated Section or Sections
of this Agreement:

	 	 	 	 	 	 	 	 	 
	Defined Term
	 	 	 	 	 	Section

	 
	 	 	 	 
	Act
	 	 	 	 	 	 	9	(c)
	Adjustment Shares
	 	 	 	 	 	11(a)(ii)
	Agreement
	 	 	 	 	 	Recitals

	Board
	 	 	 	 	 	Recitals

	Certificate of Incorporation

	 	Recitals
	Closing Price
	 	 	 	 	 	 	11	(d)(i)
	Common Stock Equivalents
	 	 	 	 	 	11(a)(iii)
	Company
	 	 	 	 	 	Recitals, 13(a)

	Co-Rights Agent
	 	 	 	 	 	 	2	 
	Current Market Price
	 	 	 	 	 	 	11	(d)
	Distribution Date
	 	 	 	 	 	 	3	(a)
	Equivalent Preferred Stock
	 	 	 	 	 	 	11	(b)
	Exchange Act
	 	 	 	 	 	 	1	 
	Expiration Date
	 	 	 	 	 	 	7	(a)
	Principal Party
	 	 	 	 	 	 	13	(b)
	Purchase Price
	 	 	 	 	 	 	4(a), 13	(a)
	Record Date
	 	 	 	 	 	Recitals

	Redemption Price
	 	 	 	 	 	 	23	(a)
	Rights
	 	 	 	 	 	Recitals

	Rights Agent
	 	 	 	 	 	Recitals

	Rights Certificates
	 	 	 	 	 	 	3	(a)
	Rights Dividend Declaration Date

	 	Recitals
	Trading Days
	 	 	 	 	 	 	11	(d)(i)
	Unavailable Adjustment Shares

	 	11(a)(iii)
	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 (who, in accordance with Section 3 hereof, shall prior to the Distribution
Date also be the holders of the Common Stock) 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 in no event be
liable for, the acts or omissions of any such co-Rights Agent.

Section 3. Issue of Rights Certificates.

(a) Until the earliest of (i) the date of the first Section 11(a)(ii) Event or the date of the
first Section 13 Event, or (ii) the close of business on the tenth Business Day (or such later date
as the Board shall determine) after the date that a tender or exchange offer by any Person (other
than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or of any
Subsidiary of the Company, or any Person organized, appointed or established by the Company for or
pursuant to the terms of any such plan) is first published or sent or given within the meaning of
Rule 14d-2(a) of the General Rules and Regulations under the Exchange Act, if upon consummation
thereof, such Person would be the Beneficial Owner of 15% or more of the shares of Common Stock
then outstanding (the earliest of (i) and (ii) being herein referred to as the “Distribution
Date”), provided, however, that the Board shall ultimately determine in its sole discretion
whether a Distribution Date has occurred, (x) the Rights will be evidenced (subject to the
provisions of paragraph (b) of this Section 3) by the certificates for the Common Stock
registered in the names of the holders of the Common Stock (which certificates for Common Stock
shall be deemed also to be certificates for Rights) and not by separate certificates, and (y) the
Rights will be transferable only in connection with the transfer of the underlying shares of Common
Stock (including a transfer to the Company). As soon as practicable after the Distribution Date,
the Rights Agent will send by first-class, insured, postage prepaid mail, to each record holder of
the Common Stock as of the close of business on the Distribution Date, at the address of such
holder shown on the records of the Company, one or more right certificates, in substantially the
form of Exhibit A hereto (the “Rights Certificates”), evidencing one Right for each share
of Common Stock so held, subject to adjustment as provided herein. In the event that an adjustment
in the number of Rights per share of Common Stock has been made pursuant to Section 11(o)
hereof, at the time of distribution of the Rights Certificates, the Company shall make the
necessary and appropriate rounding adjustments (in accordance with Section 14(a) hereof) so
that Rights Certificates representing only whole numbers of Rights are distributed and cash is paid
in lieu of any fractional Rights. As of and after the Distribution Date, the Rights will be
evidenced solely by such Rights Certificates.

(b) With respect to certificates for the Common Stock outstanding as of the Record Date, until
the Distribution Date, the Rights will be evidenced by such certificates for the Common Stock and
the registered holders of the Common Stock shall also be the registered holders of the associated
Rights. Until the earlier of the Distribution Date or the Expiration Date (as such term is defined
in Section 7 hereof), the transfer of any certificates representing shares of Common Stock
in respect of which Rights have been issued shall also constitute the transfer of the Rights
associated with such shares of Common Stock.

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

This certificate also evidences and entitles the holder hereof to certain
Rights as set forth in the Amended and Restated Rights Agreement between The
Williams Companies, Inc. (the “Company”) and EquiServe Trust Company, N.A.
(the “Rights Agent”), dated as of September 21, 2004, (the “Rights
Agreement”), the terms of which are hereby incorporated herein by reference
and a copy of which is on file at the principal offices of The Williams
Companies, Inc. 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 Williams Companies, Inc.
will mail to the holder of this certificate a copy of the Rights Agreement,
as in effect on the date of mailing, without charge promptly after receipt
of a written request therefor. Under certain circumstances set forth in the
Rights Agreement, Rights issued to, or held by, any Person who is, was or
becomes an Acquiring Person, or any Affiliate or Associate thereof (as such
terms are defined in the Rights Agreement), whether currently held by or on
behalf of such Person or by any subsequent holder, may become null and void.

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

(d) Certificates for shares of Common Stock issued at any time on or after the Distribution
Date and prior to the Expiration Date shall have impressed on, printed on, written on or otherwise
affixed to them the following legend:

This certificate does not represent any Right issued pursuant to the terms of the
Amended and Restated Right Agreement dated as of September 21, 2004 by and between
the Williams Companies, Inc. and EquiServe Trust Company, N.A., as Rights Agent.

Section 4. Form of Rights Certificates.

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

(b) Any Rights Certificate issued pursuant to Section 3(a) or Section 22
hereof that represents Rights beneficially owned by: (i) an Acquiring Person, or any Associate or
Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such
Associate or Affiliate) who becomes a transferee after the Acquiring Person becomes such, or (iii)
a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a
transferee prior to or concurrently with the Acquiring Person becoming such and receives such
Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring
Person to holders of equity interests in such Acquiring Person or to any Person with whom such
Acquiring Person has any continuing agreement, arrangement or understanding regarding the
transferred Rights or (B) a transfer which the Board has determined is part of a plan, arrangement
or understanding which has as a primary purpose or effect avoidance of Section 7(e) hereof,
and any Rights Certificate issued pursuant to Section 6 or Section 11 hereof upon
transfer, exchange, replacement or adjustment of any other Rights Certificate referred to in this
sentence, shall contain (to the extent feasible) the following legend:

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

Section 5. Countersignature and Registration.

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

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

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

(a) Subject to the provisions of Section 4(b), Section 7(e) and Section
14 hereof, at any time after the close of business on the Distribution Date, and at or prior to
the close of business on the Expiration Date, any Rights Certificate or Certificates may be
transferred, split up, combined or exchanged for another Rights Certificate or Certificates,
entitling the registered holder to purchase a like number of one two-hundredths of a share of
Preferred Stock (or, following a Triggering Event, Common Stock, other securities, cash or other
assets, as the case may be) as the Rights Certificate or Certificates surrendered then entitled
such holder (or former holder in the case of a transfer) to purchase. Any registered holder
desiring to transfer, split up, combine or exchange any Rights Certificate or Certificates shall
make such request in writing delivered to the Rights Agent, and shall surrender the Rights
Certificate or Certificates to be transferred, split up, combined or exchanged at the principal
office or offices of the Rights Agent designated for such purpose. Neither the Rights Agent nor
the Company shall be obligated to take any action whatsoever with respect to the transfer of any
such surrendered Rights Certificate until the registered holder shall have completed and signed the
certificate contained in the form of assignment on the reverse side of such Rights Certificate and
shall have provided such additional evidence of the identity of the Beneficial Owner (or former
Beneficial Owner) or Affiliates or Associates thereof as the Company shall reasonably request.
Thereupon the Rights Agent shall, subject to Section 4(b), Section 7(e) and
Section 14 hereof, countersign and deliver to the Person entitled thereto a Rights
Certificate or Rights Certificates, as the case may be, as so requested. The Company may require
payment of a sum sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer, split up, combination or exchange of Rights Certificates.

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

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

(a) Subject to Section 7(e) hereof, the registered holder of any Rights Certificate
may exercise the Rights evidenced thereby (except as otherwise provided herein including, without
limitation, the restrictions on exercisability set forth in Section 9(c), Section
11(a)(iii) and Section 23(a) hereof) in whole or in part at any time after the
Distribution Date upon surrender of the Rights Certificate, with the form of election to purchase
and the certificate on the reverse side thereof duly executed, to the Rights Agent at the principal
office or offices of the Rights Agent designated for such purpose, together with payment of the
aggregate Purchase Price with respect to the total number of one two-hundredths of a share of
Preferred Stock (or, following a Triggering Event, Common Stock, other securities, cash or other
assets, as the case may be) as to which such surrendered Rights are then exercisable, at or prior
to the earlier of (i) the close of business on the Rights Expiration Date, or (ii) the time at
which the Rights are redeemed as provided in Section 23 hereof (the earlier of (i) and (ii)
being herein referred to as the “Expiration Date”).

(b) The Purchase Price for each one two- hundredth of a share of Preferred Stock pursuant to
the exercise of a Right shall initially be $50.00, and shall be subject to adjustment from time to
time as provided in Sections 11 and 13(a) hereof and shall be payable in accordance
with paragraph (c) below.

(c) Upon receipt of a Rights Certificate representing exercisable Rights, with the form of
election to purchase and the certificate duly executed, accompanied by payment, with respect to
each Right so exercised, of the Purchase Price per one two-hundredth of a share of Preferred Stock
(or other shares, securities, cash or other assets, as the case may be) to be purchased as set
forth below and an amount equal to any applicable transfer tax, the Rights Agent shall, subject to
Section 20(k) hereof, thereupon promptly (i) (A) requisition from any transfer agent of the
shares of Preferred Stock (or make available, if the Rights Agent is the transfer agent for such
shares) certificates for the total number of one two-hundredths of a share of Preferred Stock to be
purchased and the Company hereby irrevocably authorizes its transfer agent to comply with all such
requests, or (B) if the Company shall have elected to deposit the total number of shares of
Preferred Stock issuable upon exercise of the Rights hereunder with a depositary agent, requisition
from the depositary agent depositary receipts representing such number of one two-hundredths of a
share of Preferred Stock as are to be purchased (in which case certificates for the shares of
Preferred Stock represented by such receipts shall be deposited by the transfer agent with the
depositary agent) and the Company will direct the depositary agent to comply with such request,
(ii) requisition from the Company the amount of cash, if any, to be paid in lieu of fractional
shares in accordance with Section 14 hereof, (iii) after receipt of such certificates or
depositary receipts, cause the same to be delivered to or upon the order of the registered holder
of such Rights Certificate, registered in such name or names as may be designated by such holder,
and (iv) after receipt thereof, deliver such cash, if any, to or upon the order of the registered
holder of such Rights Certificate. The payment of the Purchase Price (as such amount may be
reduced pursuant to Section 11(a)(iii) hereof) shall be made in cash or by certified bank
check, bank draft or money order payable to the order of the Company. In the event that the
Company is obligated to issue other securities (including Common Stock) of the Company, pay cash
and/or distribute other property pursuant to Section 11(a) hereof, the Company will make
all arrangements necessary so that such other securities, cash and/or other property are available
for distribution by the Rights Agent, if and when appropriate. The Company reserves the right to
require prior to the occurrence of a Triggering Event that, upon any exercise of Rights, a number
of Rights be exercised so that only whole shares of Preferred Stock would be issued.

(d) In case the registered holder of any Rights Certificate shall exercise less than all the
Rights evidenced thereby, a new Rights Certificate evidencing Rights equivalent to the Rights
remaining unexercised shall be issued by the Rights Agent and delivered to, or upon the order of,
the registered holder of such Rights Certificate, registered in such name or names as may be
designated by such holder, subject to the provisions of Section 14 hereof.

(e) Notwithstanding anything in this Agreement to the contrary, from and after the first
occurrence of a Section 11(a)(ii) Event, any Rights beneficially owned by (i) an Acquiring
Person, or an Associate or Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring
Person (or of any such Associate or Affiliate) who becomes a transferee after the Acquiring Person
becomes such, or (iii) a transferee of an Acquiring Person (or of any such Associate or Affiliate)
who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and
receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from the
Acquiring Person to holders of equity interests in such Acquiring Person or to any Person with whom
the Acquiring Person has any continuing agreement, arrangement or understanding regarding the
transferred Rights or (B) a transfer which the Board has determined is part of a plan, arrangement
or understanding which has as a primary purpose or effect the avoidance of this Section
7(e), shall become null and void without any further action and no holder of such Rights shall
have any rights whatsoever with respect to such Rights, whether under any provision of this
Agreement or otherwise. The Company shall use all reasonable efforts to insure that the provisions
of this Section 7(e) and Section 4(b) hereof are complied with, but shall have no
liability to any holder of Rights Certificates or any other Person as a result of its failure to
make any determinations with respect to an Acquiring Person or any of their respective Affiliates,
Associates or transferees hereunder.

(f) Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent nor
the Company shall be obligated to undertake any action with respect to a registered holder upon the
occurrence of any purported exercise as set forth in this Section 7 unless such registered
holder shall have (i) completed and signed the certificate contained in the form of election to
purchase set forth on the reverse side of the Rights Certificate surrendered for such exercise, and
(ii) provided such additional evidence of the identity of the Beneficial Owner (or former
Beneficial Owner) or Affiliates or Associates thereof as the Company shall reasonably request.

(g) Until the Distribution Date, no Right may be exercised.

(h) Prior to the Distribution Date, if the Board shall have determined that such action
adequately protects the interests of the holders of Rights, the Company may, in its discretion,
substitute for all or any portion of the Preferred Stock that would otherwise be issuable after the
Close of business on the Distribution Date and upon the exercise of each Right and payment of the
Purchase Price: (i) cash, (ii) other equity securities of the Company, (iii) debt securities of the
Company, (iv) other property or (v) any combination of the foregoing, in each case having an
aggregate Current Market Price equal to the aggregate Current Market Price of the Preferred Stock
for which substitution is made. Subject to Section 7(e) hereof, in the event that the
Company takes any action pursuant to this Section 7(h), such action shall apply uniformly
to all outstanding Rights.

(i) Notwithstanding the foregoing provisions of this Section 7, the exercisability of
the Rights shall be suspended for such period as shall reasonably be necessary for the Company to
register and qualify the Preferred Stock and/or Common Stock or other securities to be issued
pursuant to the exercise of the Rights under the Act (as such term is defined in Section 9
hereof) and any applicable securities law of any jurisdiction; provided, however, that nothing
contained in this Section 7 shall relieve the Company of its obligations under Section
9(c) hereof.

(j) Neither the Company nor the Rights Agent shall have any liability to any holder of Rights
or any other Person as a result of the Company’s failure to make any determination under this
Section 7 or any other section with respect to an Acquiring Person or an Affiliate or
Associate of an Acquiring Person.

Section 8. Cancellation and Destruction of Rights Certificates.

All Rights Certificates surrendered for the purpose of exercise, transfer, split up,
combination or exchange shall, if surrendered to the Company or any of its agents, be delivered to
the Rights Agent for cancellation or in cancelled form, or, if surrendered to the Rights Agent,
shall be cancelled by it, and no Rights Certificates shall be issued in lieu thereof except as
expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the
Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel and retire, any
other Rights Certificate purchased or acquired by the Company otherwise than upon the exercise
thereof. The Rights Agent shall deliver all cancelled Rights Certificates to the Company, or
shall, at the written request of the Company, destroy or cause to be destroyed, such cancelled
Rights Certificates, and in such case shall deliver a certificate of destruction thereof to the
Company.

Section 9. Reservation and Availability of Capital Stock.

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

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

(c) The Company shall use its best efforts to (i) file, as soon as practicable following the
earliest date after the first occurrence of a Section 11(a)(ii) Event on which the consideration to
be delivered by the Company upon exercise of the Rights has been determined in accordance with
Section 11(a)(iii) hereof, a registration statement under the Securities Act of 1933 (the
"Act”), with respect to the securities purchasable upon exercise of the Rights on an
appropriate form, (ii) cause such registration statement to become effective as soon as practicable
after such filing, and (iii) cause such registration statement to remain effective (with a
prospectus at all times meeting the requirements of the Act) until the Expiration Date. The
Company will also take such action as may be appropriate under, or to ensure compliance with, the
securities or “blue sky” laws of the various states in connection with the exercisability of the
Rights. The Company may temporarily suspend, for a period of time not to exceed ninety (90) days
after the date set forth in clause (i) of the first sentence of this Section 9(c), the
exercisability of the Rights in order to prepare and file such registration statement and permit it
to become effective. Upon any such suspension, the Company shall issue a public announcement
stating that the exercisability of the Rights has been temporarily suspended, as well as a public
announcement at such time as the suspension is no longer in effect. In addition, if the Company
shall determine that a registration statement is required following the Distribution Date, the
Company may temporarily suspend the exercisability of the Rights until such time as a registration
statement has been declared effective. Notwithstanding any provision of this Agreement to the
contrary, the Rights shall not be exercisable in any jurisdiction if the requisite qualification in
such jurisdiction shall not have been obtained, the exercise thereof shall not be permitted under
applicable law or a registration statement shall not have been declared effective.

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

(e) The Company further covenants and agrees that it will pay when due and payable any and all
federal and state transfer taxes and charges which may be payable in respect of the issuance or
delivery of the Rights Certificates and of any certificates for a number of one two-hundredths of a
share of Preferred Stock (or Common Stock and/or other securities, as the case may be) upon the
exercise of Rights. The Company shall not, however, be required to pay any transfer tax which may
be payable in respect of any transfer or delivery of Rights Certificates to a Person other than, or
the issuance or delivery of a number of one two-hundredths of a share of Preferred Stock (or Common
Stock and/or other securities, as the case may be) in respect of a name other than that of, the
registered holder of the Rights Certificates evidencing Rights surrendered for exercise or to issue
or deliver any certificates for a number of one two-hundredths of a share of Preferred Stock (or
Common Stock and/or other securities, as the case may be) in a name other than that of the
registered holder upon the exercise of any Rights until such tax shall have been paid (any such tax
being payable by the holder of such Rights Certificate at the time of surrender) or until it has
been established to the Company’s satisfaction that no such tax is due.

Section 10. Preferred Stock Record Date.

Each person in whose name any certificate for a number of one two-hundredths of a share of
Preferred Stock (or Common Stock and/or other securities, as the case may be) is issued upon the
exercise of Rights shall for all purposes be deemed to have become the holder of record of such
fractional shares of Preferred Stock (or Common Stock and/or other securities, as the case may be)
represented thereby on, and such certificate shall be dated, the date upon which the Rights
Certificate evidencing such Rights was duly surrendered and payment of the Purchase Price (and all
applicable transfer taxes) was made; provided, however, that if the date of such surrender and
payment is a date upon which the Preferred Stock (or Common Stock and/or other securities, as the
case may be) transfer books of the Company are closed, such Person shall be deemed to have become
the record holder of such shares (fractional or otherwise) on, and such certificate shall be dated,
the next succeeding Business Day on which the Preferred Stock (or Common Stock and/or other
securities, as the case may be) transfer books of the Company are open. Prior to the exercise of
the Rights evidenced thereby, the holder of a Rights Certificate shall not be entitled to any
rights of a stockholder of the Company with respect to shares for which the Rights shall be
exercisable, including, without limitation, the right to vote, to receive dividends or other
distributions or to exercise any preemptive rights, and shall not be entitled to receive any notice
of any proceedings of the Company, except as provided herein.

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

The Purchase Price, the number and kind of securities that may be purchased upon exercise of a
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 that the Company shall at any time after the Close of business on the
Record Date and prior to the Close of business on the Expiration Date (A) declare or pay any
dividend on the Preferred Stock payable in Preferred Stock, (B) subdivide the outstanding Preferred
Stock, (C) combine the outstanding shares of Preferred Stock into a smaller number of shares of
Preferred Stock or (D) issue Preferred Stock or other securities of the Company (other than those
issuances for which an adjustment is required under Section 11(b) hereof) in a
reclassification of the Preferred Stock (including any such reclassification in connection with a
consolidation or merger in which the Company is the continuing or surviving corporation) or in a
reorganization of the Company, except as otherwise provided in this Section 11(a) and
Section 7(e) hereof, then, and upon each such event, the number and kind of Preferred Stock
or other securities issuable upon the exercise of a Right on the date of such event shall be
proportionately adjusted so that the holder of any Right exercised on or after such date shall be
entitled to receive, upon the exercise thereof and payment of the Purchase Price, the aggregate
number and kind of Preferred Stock or other securities or other property, as the case may be, that,
if such Right had been exercised immediately prior to such date and at a time when such Right was
exercisable and the transfer books of the Company were open, such holder would have owned upon such
exercise and would have been entitled to receive by virtue of such dividend, subdivision,
combination or reclassification. If an event occurs that would require an adjustment under both
this Section 11(a)(i) and Section 11(a)(ii) hereof, the adjustment provided for in
this Section 11(a)(i) shall be in addition to, and shall be made prior to, any adjustment
required under Section 11(a)(ii) hereof.

(ii) In the event that a Stock Acquisition Date shall have occurred, and the Expiration Date
shall not have occurred prior to the tenth Business Day following such event (a “Section
11(a)(ii) Event”), then, and upon each such Section 11(a)(ii) Event, proper provision shall be
made so that, except as provided in Section 7(e) hereof, each holder of a Right shall
thereafter have the right to receive, upon the exercise thereof in accordance with the terms of
this Agreement and payment of the then current Purchase Price, the number of shares of Common Stock
of the Company as equals the result obtained by (A) multiplying the then current Purchase Price by
the then number of one two-hundredths of a share of Preferred Stock for which a Right was
exercisable immediately prior to such Section 11(a)(ii) Event (or, if the Distribution Date shall
not have occurred prior to the date of such Section 11(a)(ii) Event, the number of one
two-hundredths of a share of Preferred Stock for which a Right would have been exercisable if the
Distribution Date had occurred on the Business Day immediately preceding the date of such Section
11(a)(ii) Event), and (B) dividing that product (which, following such first occurrence, shall
thereafter be referred to as the “Purchase Price” for each Right and for all purposes of
this Agreement) by 50% of the Current Market Price (determined pursuant to Section 11(d)
hereof) of a share of Common Stock on the date of occurrence of the relevant Section 11(a)(ii)
Event (such number of shares being hereinafter referred to as the “Adjustment Shares”).
Successive adjustments shall be made pursuant to this paragraph each time a Section 11(a)(ii) Event
occurs.

(iii) In the event that on the date of a Section 11(a)(ii) Event the aggregate number of
shares of Common Stock that are authorized by the Company’s Certificate of Incorporation, as
amended from time to time, but not outstanding or reserved for issuance for purposes other than
upon exercise of the Rights is less than the aggregate number of Adjustment Shares thereafter
issuable upon the exercise in full of the Rights in accordance with Section 11(a)(ii)
hereof (the excess of such number of Adjustment Shares over and above such number of shares of
Common Stock being hereinafter referred to as the “Unavailable Adjustment Shares”), then,
and upon each such event, the Company shall substitute for the pro rata portion of the Unavailable
Adjustment Shares that would otherwise be issuable thereafter upon the exercise of each Right and
payment of the Purchase Price (A) cash, (B) other equity securities of the Company (including,
without limitation, shares of preferred stock of the Company or units of such shares having the
same Current Market Price as one share of Common Stock (a “Common Stock Equivalent”)), (C)
debt securities of the Company, (D) other property or (E) any combination of the foregoing, in each
case having an aggregate Current Market Price equal to the aggregate Current Market Price of the
Unavailable Adjustment Shares for which substitution is made. Subject to Section 7(e)
hereof, in the event that the Company takes any action pursuant to this Section 11(a)(iii),
such action shall apply uniformly to all outstanding Rights.

(b) In the event that the Company shall, at any time after the Close of business on the Record
Date and prior to the Close of business on the earlier of the Redemption Date or the Rights
Expiration Date, fix a record date for the issuance of rights, options or warrants to all holders
of Preferred Stock entitling such holders initially to subscribe for or purchase Preferred Stock
(or shares having the same rights, privileges and preferences as the Preferred Stock
(“Equivalent Preferred Stock”)) or securities convertible into Preferred Stock or
equivalent preferred stock, at a price per Preferred Stock or Equivalent Preferred Stock (or having
a conversion price per share, if a security convertible into Preferred Stock or Equivalent
Preferred Stock) less than the Current Market Price per share of Preferred Stock on such record
date, then, and upon each such event, 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 equal to the sum of the number of shares of
Preferred Stock outstanding on such record date plus the number of shares of Preferred Stock that
the aggregate offering price of the total number of shares of Preferred Stock and/or Equivalent
Preferred Stock to be so offered (and/or the aggregate initial conversion price of the convertible
securities to be so offered) would purchase at such Current Market Price, and the denominator of
which shall be equal to the number of shares of Preferred Stock outstanding on such record date
plus the number of additional shares of Preferred Stock and/or Equivalent Preferred Stock to be
offered for subscription or purchase (or into which the convertible securities to be so offered are
initially convertible); provided, however, that if such rights, options or warrants are not
exercisable immediately upon issuance but become exercisable only upon the occurrence of a
specified event or the passage of a specified period of time, then the adjustment to the Purchase
Price shall be made and become effective only upon the occurrence of such event or such passage of
time, and such adjustment shall be made as if the record date for the issuance of such rights,
options or warrants had been the Business Day immediately preceding the date upon which such
rights, options or warrants became exercisable. Preferred Stock owned by or held for the account
of the Company shall not be deemed outstanding for the purpose of any such computation. Such
adjustment to the Purchase Price shall be made successively whenever such a record date is fixed,
and in the event that such rights or warrants are not so issued, the Purchase Price shall be
adjusted to be the Purchase Price that would then be in effect if such record date had not been
fixed.

(c) In the event that the Company shall, at any time after the Close of business on the Record
Date and prior to the Close of business on the earlier of the Redemption Date or the Rights
Expiration Date, fix a record date for the making of a distribution of assets to all holders of the
Preferred Stock (including any such distribution made in connection with a consolidation or merger
in which the Company is the surviving corporation, other than a distribution for which an
adjustment is required under Section 11(a)(i) or (b) hereof or a regular quarterly
cash dividend), then 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 equal to the excess of the Current Market Price per share of
Preferred Stock on such record date over and above the fair market value of the portion of the
securities or assets to be so distributed with respect to one share of Preferred Stock, and the
denominator of which shall be equal to such Current Market Price per share of Preferred Stock.
Such adjustments shall be made successively whenever such a record date is fixed, and in the event
that such a distribution is not so made, the Purchase Price shall be adjusted to be the Purchase
Price that would then be in effect if such record date had not been fixed.

(d)(i) “Current Market Price” per share of a stock or unit of any other security on
any date shall mean the average of the daily Closing Prices of such stock or other security for the
30 consecutive Trading Days through and including the Trading Day immediately preceding the date in
question; provided, however, that if any event shall have caused the Closing Price on any
Trading Day during such 30-day period not to be fully comparable with the Closing Price on the date
in question (or, if no Closing Price is available on the date in question, on the Trading Day
immediately preceding the date in question), then each such non-comparable Closing Price so used
shall be appropriately adjusted by the Board in order to make the Closing Price on each Trading Day
during the period used for the determination of the Current Market Price fully comparable with the
Closing Price on such date in question (or, if applicable, the immediately preceding Trading Day).
"Current Market Price” per share of any stock or unit of such other security that is not
publicly held or so listed or traded, and “Current Market Price” of any other property,
shall mean the fair value per share of such stock or unit of such other security, or the fair value
of such other property, respectively, as determined in good faith by the Board based upon such
appraisals or valuation reports of such independent experts as the Board shall in good faith
determine appropriate, which determination shall be described in a statement filed by the Company
with the Rights Agent. “Closing Price” of a stock or other security on any day shall be
the last sale price, regular way, per share of such stock or unit of such other security on such
day or, in case no such sale takes place on such day, the average of the closing bid and asked
prices, regular way, in either case as reported in the principal consolidated transaction reporting
system with respect to securities listed or admitted to trading on the New York Stock Exchange or,
if such stock or other security is not listed or admitted to trading on the New York Stock
Exchange, as reported in the principal consolidated transaction reporting system with respect to
securities listed on the principal national securities exchange on which such stock or other
security is listed or admitted to trading or, if such stock or other security is not listed or
admitted to trading on any national securities exchange, the last quoted price or, if not so
quoted, the average of the high bid and low asked prices in the over-the-counter market, as
reported on the Nasdaq National Market or such other system then in use or, if on any such date
such stock or other security is not quoted by any such organization, the average of the closing bid
and asked prices as determined in good faith by the Board. “Trading Day” shall mean, as to
any stock or other security, a day on which the principal national securities exchange on which
such stock or other security is listed or admitted to trading is open for the transaction of
business or, if such stock or other security is not listed or admitted to trading on any national
securities exchange, a Business Day.

(ii) For the purpose of any computation under this Section 11, if the Preferred Stock
is not publicly held or traded, the “Current Market Price” per share of Preferred Stock
conclusively shall be deemed to be the Current Market Price per share of Common Stock multiplied by
200 (as such number may be appropriately adjusted for such events as stock splits, stock dividends
and recapitalizations with respect to the Common Stock occurring after the date of this Agreement).

(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 then current Purchase Price; provided,
however, that any adjustments that are not required to be made by reason of this
Section 11(e) shall be cumulated 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-thousandth of a share of Common Stock or other share or one-millionth of a share of Preferred
Stock, as the case may be.

(f) If, as a result of an adjustment made pursuant to Section 11(a) hereof, the holder
of any Right shall be entitled to receive any securities of the Company other than Preferred Stock
upon exercise of such Right, and if an event occurs in respect of such securities that, if it were
to occur in respect of Preferred Stock, would require an adjustment under this Section 11
in respect of Preferred Stock, then the number of such other securities so receivable upon exercise
of each 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 Preferred Stock contained in this
Section 11, and the other provisions of this Agreement with respect to Preferred Stock
shall apply on like terms to any such other securities.

(g) All Rights originally issued by the Company subsequent to any adjustment made to the
Purchase Price hereunder shall represent the right to purchase, at the adjusted Purchase Price, the
number of one two-hundredths of a share of Preferred Stock purchasable from time to time hereunder
upon exercise of the Rights, all subject to further adjustment as provided herein.

(h) Unless the Company shall have exercised its election as provided in Section 11(i)
below, upon each adjustment of the Purchase Price as a result of the calculations made in
Sections 11(b) and (c) hereof, each Right outstanding immediately prior to the
making of such adjustment shall thereafter represent the right to purchase, at the adjusted
Purchase Price, that number of one two-hundredths of a share of Preferred Stock (calculated to the
nearest one-millionth of a share of Preferred Stock) obtained by multiplying (i) the number of one
two-hundredths of a share of Preferred Stock purchasable upon the exercise of one Right immediately
prior to such adjustment of the Purchase Price by (ii) the Purchase Price in effect immediately
prior to such adjustment, and dividing the product so obtained by the Purchase Price in effect
immediately after such adjustment.

(i) The Company may elect, on or after the date of any adjustment of the Purchase Price, to
adjust the number of Rights instead of making any adjustment in the number of one two-hundredths of
a share of Preferred Stock 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 two-hundredths of a share of Preferred Stock for which a Right was exercisable immediately
prior to such adjustment. Each Right held of record prior to such adjustment of the number of
Rights shall become that number of Rights (calculated to the nearest one one-thousandth of a Right)
obtained by dividing the Purchase Price in effect immediately prior to the adjustment of the
Purchase Price by the Purchase Price in effect immediately after such adjustment of the Purchase
Price. The Company shall promptly notify the Rights Agent in writing of any such election and
shall make a public announcement of its election to adjust the number of Rights pursuant to this
Section 11(i), indicating the record date for the adjustment and, if known at the time, the
amount of the adjustment to be made. Such record date may be the date on which the Purchase Price
is adjusted or any day thereafter, but, if separate Right Certificates have been issued, it shall
be at least ten days after the date of such public announcement. If separate 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 Right Certificates representing the
additional Rights to which such holders are entitled as a result of such adjustment to be
distributed, subject to Section 14 hereof, to holders of record of Right Certificates on
such record date or, at the option of the Company, cause new Right Certificates representing all
the Rights to which such holders are entitled after such adjustment 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 such adjustment, and upon surrender thereof if required by the Company. Right
Certificates to be so distributed shall be issued, executed and countersigned in the manner
provided for herein (and may bear, at the option of the Company, the adjusted Purchase Price) and
shall be registered in the names of the holders of record of 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
two-hundredths of a share of Preferred Stock issuable upon the exercise of one Right, the Right
Certificates theretofore and thereafter issued may continue to express the Purchase Price per one
two-hundredth of a share of Preferred Stock and the number of shares of Preferred Stock issuable
upon the exercise of one Right that were expressed in the initial Right Certificates issued
hereunder.

(k) Before taking any action that would cause an adjustment reducing the Purchase Price below
the then par value, if any, of the Preferred Stock issuable upon exercise of the Rights, the
Company shall take any corporate action that may, in the advice or opinion of its counsel, be
necessary in order that the Company may validly and legally issue fully paid and nonassessable one
two-hundredths of a share of Preferred Stock at such adjusted Purchase Price.

(l) In any case in which this Section 11 shall require that an adjustment in the
Purchase Price be made effective as of a record date for a specified event, the Company may elect
to defer (with prompt written notice thereof to the Rights Agent), until the occurrence of such
event, the issuance to the holder of any Right exercised after such record date of the number of
one two-hundredths of a share of Preferred Stock and other capital stock or securities of the
Company, if any, issuable upon such exercise over and above the number of one two-hundredths of a
share of Preferred Stock and other capital stock or securities of the Company, if any, issuable
upon such exercise on the basis of the Purchase Price in effect prior to such adjustment;
provided, however, that the Company shall deliver to such holder a due bill or other
appropriate instrument representing such holder’s right to receive such additional shares upon the
occurrence of the event requiring such adjustment.

(m) Notwithstanding anything to the contrary in this Section 11, the Company shall be
entitled to make such further adjustments in the number of one two-hundredths of a share of
Preferred Stock that may be purchased upon exercise of one Right, and such further adjustments in
the Purchase Price, in addition to those adjustments expressly required by this Section 11,
as and to the extent that the Company in its sole discretion shall determine to be advisable in
order that any (i) consolidation or subdivision of the Preferred Stock, (ii) issuance wholly for
cash of any Preferred Stock at less than the Current Market Price thereof, (iii) issuance wholly
for cash of Preferred Stock or securities that by their terms are convertible into or exchangeable
for Preferred Stock, (iv) dividends on Preferred Stock payable in Preferred Stock or (v) issuance
of rights, options or warrants referred to in Section 11(b) hereof, hereafter made by the
Company to holders of its Preferred Stock shall not be taxable to such stockholders.

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

(o) In the event that the Company shall, at any time after the Close of business on the Rights
Dividend Declaration Date and prior to the Distribution Date, either (A) pay any dividend on the
Common Stock payable in shares of Common Stock, (B) subdivide the outstanding shares of Common
Stock, (C) combine the outstanding shares of Common Stock into a smaller number of shares or (D)
issue shares of Common Stock in a reclassification of the Common Stock (including any such
reclassification in connection with a consolidation or merger in which the Company is the
continuing or surviving corporation), then, and upon each such event, the Purchase Price to be in
effect after such event shall be determined by multiplying the Purchase Price in effect immediately
prior to such event by a fraction, the numerator of which shall be the number of shares of Common
Stock outstanding immediately prior to such event and the denominator of which shall be the number
of shares of Common Stock outstanding immediately after such event. Successive adjustments shall
be made pursuant to this Section 11(o) each time such a dividend is paid or such a
subdivision, combination or reclassification is effected. If an event occurs that would require an
adjustment under both this Section 11(o) and Section 11(a)(ii) hereof, the
adjustment provided for in this Section 11(o) shall be in addition to, and shall be made
prior to, any adjustment required pursuant to Section 11(a)(ii) hereof.

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

Whenever an adjustment is made as provided in Section 11 and Section 13
hereof, the Company shall (a) promptly prepare a certificate setting forth such adjustment and a
brief statement of the facts accounting for such adjustment, (b) promptly file with the Rights
Agent, and with each transfer agent for the Preferred Stock and the Common Stock, a copy of such
certificate, and (c) mail a brief summary thereof to each holder of a Rights Certificate (or, if
prior to the Distribution Date, to each holder of a certificate representing shares of Common
Stock) in accordance with Section 25 hereof. Notwithstanding the foregoing sentence, the
failure of the Company to make such certification or to give such notice shall not affect the
validity or the force and effect of such adjustment. Any adjustment to be made pursuant to
Sections 11 or 13 hereof 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 not be obligated or responsible for calculating
any adjustment nor shall it be deemed to have any duty with respect to or any knowledge of such an
adjustment unless and until it shall have received such certificate.

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

(a) In the event (a “Section 13 Event”) that, at any time following the Stock
Acquisition Date and prior to the earlier of the Redemption Date or the Rights Expiration Date, (x)
the Company shall consolidate with, or merge with and into, any other Person (other than a
Subsidiary of the Company in a transaction which complies with Section 11(n) hereof), and
the Company shall not be the continuing or surviving corporation of such consolidation or merger,
(y) any Person (other than a Subsidiary of the Company in a transaction which complies with
Section 11(n) hereof) shall consolidate with, or merge with or into, the Company, and the
Company shall be the continuing or surviving corporation of such consolidation or merger and, in
connection with such consolidation or merger, all or part of the outstanding shares of Common Stock
shall be changed into or exchanged for stock or other securities of any other Person or cash or any
other property, or (z) the Company shall sell or otherwise transfer (or one or more of its
Subsidiaries shall sell or otherwise transfer), in one transaction or a series of related
transactions, assets, cash flow or earning power aggregating more than 50% of the assets, cash flow
or earning power of the Company and its Subsidiaries (taken as a whole) to any Person or Persons
(other than the Company or any Subsidiary of the Company in one or more transactions each of which
complies with Section 11(n) hereof), then, and in each such case, proper provision shall be
made so that:

(i) each holder of a Right, except as provided in Section 7(e) hereof, shall
thereafter have the right to receive, upon the exercise thereof at the then current Purchase
Price in accordance with the terms of this Agreement, such number of validly authorized and
issued, fully paid, non-assessable and freely tradeable shares of Common Stock of the
Principal Party (as such term is hereinafter defined), not subject to any liens,
encumbrances, rights of first refusal or other adverse claims, as shall be equal to a
fraction, the numerator of which is:

(A) if a Section 11(a)(ii) Event has not occurred prior to such Section 13
Event, the product of the then current Purchase Price multiplied by the number of
one two- hundredths of a share of Preferred Stock for which a Right is exercisable
immediately prior to the first occurrence of a Section 13 Event (or, if the
Distribution Date shall not have occurred prior to the date of such Section 13
Event, the number of one two-hundredths of a share of Preferred Stock that would
have been so purchasable if the Distribution Date had occurred on the Business Day
immediately preceding the date of such Section 13 Event); or

(B) if a Section 11(a)(ii) Event has occurred prior to the first occurrence of
a Section 13 Event, the product of the Purchase Price in effect immediately prior to
such Section 11(a)(ii) Event multiplied by the number of such one two-hundredths of
a share for which a Right was exercisable immediately prior to the first occurrence
of a Section 11(a)(ii) Event (or, if the Distribution Date shall not have occurred
prior to the date of such Section 11(a)(ii) Event, the number of one two-hundredths
of a share of Preferred Stock that would have been so purchasable if the
Distribution Date had occurred on the Business Day immediately preceding the date of
such Section 11(a)(ii) Event),

and the denominator of which is 50% of the current market price (determined pursuant to
Section 11(d)(i) hereof) per share of Common Stock of such Principal Party on the
date of consummation of such Section 13 Event;

(ii) such Principal Party shall thereafter be liable for, and shall assume, by virtue
of such Section 13 Event, all the obligations and duties of the Company pursuant to this
Agreement;

(iii) the term “Company” shall thereafter be deemed to refer to such Principal
Party, it being specifically intended that the provisions of Section 11 hereof shall
apply only to such Principal Party following the first occurrence of a Section 13 Event;

(iv) such Principal Party shall take such steps (including, but not limited to, the
reservation of a sufficient number of shares of its Common Stock) in connection with the
consummation of any such transaction as may be necessary to assure that the provisions
hereof shall thereafter be applicable, as nearly as reasonably may be, in relation to its
 shares of Common Stock thereafter deliverable upon the exercise of the Rights; and

(v) the provisions of Section 11(a)(ii) hereof shall be of no effect following
the first occurrence of any Section 13 Event.

(b) “Principal Party” shall mean

(i) in the case of any transaction described in clause (x) or (y) of the first sentence
of Section 13(a), the Person that is the issuer of any securities into which shares
of Common Stock of the Company are converted in such merger or consolidation, and if no
securities are so issued, the Person that is the other party to such merger or
consolidation; and

(ii) in the case of any transaction described in clause (z) of the first sentence of
Section 13(a), the Person that is the party receiving the greatest portion of the
assets or earning power transferred pursuant to such transaction or transactions;

provided, however, that in any such case, (1) if the Common Stock of such Person is not at such
time and has not been continuously over the preceding twelve (12) month period registered under
Section 12 of the Exchange Act, and such Person is a direct or indirect Subsidiary of another
Person the Common Stock of which is and has been so registered, “Principal Party” shall
refer to such other Person; and (2) in case such Person is a Subsidiary, directly or indirectly, of
more than one Person, the Common Stocks of two or more of which are and have been so registered,
"Principal Party” shall refer to whichever of such Persons is the issuer of the Common
Stock having the greatest aggregate market value.

(c) The Company shall not consummate any such consolidation, merger, sale or transfer unless
the Principal Party shall have a sufficient number of authorized shares of its Common Stock which
have not been issued or reserved for issuance to permit the exercise in full of the Rights in
accordance with this Section 13 and unless prior thereto the Company and such Principal
Party shall have executed and delivered to the Rights Agent a supplemental agreement confirming
that such Principal Party will assume this Agreement in accordance with the terms set forth in
paragraphs (a) and (b) of this Section 13, that all rights of first refusal or preemptive
rights in respect of the issuance of shares of Common Stock of such Principal Party upon exercise
of outstanding Rights have been waived, that such Section 13 Event shall not result in a default by
such Surviving Person under this Agreement, and further providing that, as soon as practicable
after the date of any consolidation, merger or sale of assets mentioned in paragraph (a) of this
Section 13, the Principal Party will

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

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

(iii) use its best efforts to list (or continue the listing of) the Rights and the Common
Stock of the Principal Party purchasable upon exercise of the Rights on a national securities
exchange, or use its best efforts to cause the Rights and such Common Stock to meet the eligibility
requirements for quotation on the Nasdaq Stock Market.

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

(d) Notwithstanding the foregoing, if the Section 13 Event is the sale or transfer in one or
more transactions of assets or earning power aggregating more than 50% of the assets or earning
power of the Company and its Subsidiaries (taken as a whole), but less than 100% thereof, then each
Person acquiring all or a portion thereof shall assume the obligations of the Company as to a
fraction of each of the Rights equal to the fraction of the assets of the Company and its
Subsidiaries (taken as a whole) acquired by such Person, and the obligations of the Company as to
the remaining fraction of each of the Rights shall continue to be the obligations of the Company.

Section 14. Fractional Rights and Fractional Shares.

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

(b) The Company shall not be required to issue fractions of shares of Preferred Stock (other
than fractions which are integral multiples of one two-hundredth of a share of Preferred Stock)
upon exercise of the Rights or to distribute certificates which evidence fractional shares of
Preferred Stock (other than fractions which are integral multiples of one two-hundredth of a share
of Preferred Stock). In lieu of fractional shares of Preferred Stock that are not integral
multiples of one two-hundredth of a share of Preferred Stock, the Company may pay to the registered
holders of Rights Certificates at the time such Rights are exercised as herein provided an amount
in cash equal to the same fraction of the current market value of one two-hundredth of a share of
Preferred Stock. For purposes of this Section 14(b), the current market value of one
two-hundredth of a share of Preferred Stock shall be one two-hundredth of the closing price of a
share of Preferred Stock (as determined pursuant to Section 11(d)(ii) hereof) for the
Trading Day immediately prior to the date of such exercise.

(c) The holder of a Right by the acceptance of the Rights expressly waives his or her right to
receive any fractional Rights or any fractional shares upon exercise of a Right, except as
permitted by this Section 14.

Section 15. Rights of Action.

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

Section 16. Agreement of Rights Holders.

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

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

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

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

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

Section 17. Rights Certificate Holder Not Deemed a Stockholder.

No holder, as such, of any Rights Certificate shall be entitled to vote, receive dividends or
be deemed for any purpose the holder of the number of one two-hundredths of a share of Preferred
Stock or any other securities of the Company which may at any time be issuable on the exercise of
the Rights represented thereby, nor shall anything contained herein or in any Rights Certificate be
construed to confer upon the holder of any Rights Certificate, as such, any of the rights of a
stockholder of the Company or any right to vote for the election of directors or upon any matter
submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate
action, or to receive notice of meetings or other actions affecting stockholders (except as
provided in Section 24 hereof), or to receive dividends or subscription rights, or
otherwise, until the Right or Rights evidenced by such Rights Certificate shall have been exercised
in accordance with the provisions hereof.

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 disbursements and other disbursements incurred in the administration
and execution of this Agreement and the exercise and performance of its duties hereunder. The
Company also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss,
liability, or expense, incurred without gross negligence, bad faith or willful misconduct on the
part of the Rights Agent, for anything done or omitted by the Rights Agent in connection with the
acceptance and administration of this Agreement, including the costs and expenses of defending
against any claim 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 Agreement in
reliance upon any Rights Certificate or certificate for Common Stock or for other securities of the
Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter,
notice, 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.

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 corporate trust, stock transfer or shareholder services business of the Rights
Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this
Agreement without the execution or filing of any paper or any further act on the part of any of the
parties hereto; provided, however, 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 Agreement, any of the Rights
Certificates shall have been countersigned but not delivered, any such successor Rights Agent may
adopt the countersignature of a predecessor Rights Agent and deliver such Rights Certificates so
countersigned; and in case at that time any of the Rights Certificates shall not have been
countersigned, any successor Rights Agent may countersign such Rights Certificates either in the
name of the predecessor or in the name of the successor Rights Agent; and in all such cases such
Rights Certificates shall have the full force provided in the Rights Certificates and in this
Agreement.

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

Section 20. Duties of Rights Agent.

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

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

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

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

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

(e) The Rights Agent shall not be under any responsibility in respect of the validity of this
Agreement or the execution and delivery hereof (except the due execution hereof by the Rights
Agent) or in respect of the validity or execution of any Rights Certificate (except its
countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Rights Certificate; nor shall it be
responsible for any adjustment required under the provisions of Section 11 or Section
13 hereof or responsible for the manner, method or amount of any such adjustment or the
ascertaining of the existence of facts that would require any such adjustment (except with respect
to the exercise of Rights evidenced by Rights Certificates after actual notice of any such
adjustment); nor shall it by any act hereunder be deemed to make any representation or warranty as
to the authorization or reservation of any shares of Common Stock or Preferred Stock to be issued
pursuant to this Agreement or any Rights Certificate or as to whether any shares of Common Stock or
Preferred Stock will, when so issued, be validly authorized and issued, fully paid and
nonassessable.

(f) The Company agrees that it will perform, execute, acknowledge and deliver or cause to be
performed, executed, acknowledged and delivered all such further and other acts, instruments and
assurances as may reasonably be required by the Rights Agent for the carrying out or performing by
the Rights Agent of the provisions of this Agreement.

(g) The Rights Agent is hereby authorized and directed to accept instructions with respect to
the performance of its duties hereunder from the Chairman of the Board, the President, any Vice
President, the Secretary, any Assistant Secretary, the Treasurer or any Assistant Treasurer of the
Company, and to apply to such officers for advice or instructions in connection with its duties,
and it shall not be liable for any action taken or suffered to be taken by it in good faith in
accordance with instructions of any such officer.

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

(i) The Rights Agent may execute and exercise any of the rights or powers hereby vested in it
or perform any duty hereunder either itself or by or through its attorneys or agents, 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, however, reasonable care was exercised in the selection and
continued employment thereof.

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

(k) If, with respect to any Right Certificate surrendered to the Rights Agent for exercise or
transfer, the certificate attached to the form of assignment or form of election to purchase, as
the case may be, has either not been completed or indicates an affirmative response to clause 1
and/or 2 thereof, the Rights Agent shall not take any further action with respect to such requested
exercise of transfer without first consulting with the Company.

(l) The Rights Agent shall not be liable for failure to perform any duties except as
specifically set forth herein and no implied covenants or obligations shall be read into this
Agreement against the Rights Agent whose duties and obligations are ministerial and shall be
determined solely by the express provisions hereof.

Section 21. Change of Rights Agent.

The Rights Agent or any successor Rights Agent may resign and be discharged from its duties
under this Agreement upon thirty (30) days’ notice in writing mailed to the Company, and to each
transfer agent of the Common Stock and Preferred Stock, by registered or certified mail, and to the
holders of the Rights Certificates by first-class mail. The Company may remove the Rights Agent or
any successor Rights Agent upon thirty (30) days’ notice in writing, mailed to the Rights Agent or
successor Rights Agent, as the case may be, and to each transfer agent of the Common Stock and
Preferred Stock, by registered or certified mail, and to the holders of the Rights 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 resign automatically on the
effective date of such termination; and any required notice will be sent by the Company.If the
Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Company
shall appoint a successor to the Rights Agent. If the Company shall fail to make such appointment
within a period of thirty (30) days after giving notice of such removal or after it has been
notified in writing of such resignation or incapacity by the resigning or incapacitated Rights
Agent or by the holder of a Rights Certificate (who shall, with such notice, submit his Rights
Certificate for inspection by the Company), then any registered holder of any Rights 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
organized and doing business under the laws of the United States or of the State of New York (or of
any other state of the United States so long as such corporation is authorized to do business as a
banking institution in the State of New York), in good standing, which is authorized under such
laws to exercise stock transfer or corporate trust powers and is subject to supervision or
examination by federal or state authority and which, at the time of its appointment as Rights
Agent, has, or is an affiliate of a corporation which has, a combined capital and surplus of at
least $100,000,000. 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 Stock and the Preferred Stock, and mail a notice
thereof in writing to the registered holders of the Rights Certificates. Failure to give any
notice provided for in this Section 21, however, or any defect therein, shall not affect
the legality or validity of the resignation or removal of the Rights Agent or the appointment of
the successor Rights Agent, as the case may be.

Section 22. Issuance of New Rights Certificates.

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

Section 23. Redemption, Exchange of Rights and Termination.

(a) The Board of the Company may, at its option, at any time prior to the earliest of (i) the
date of the first Section 11(a)(ii) Event, (ii) the date of the first Section 13 Event, or (iii)
the Rights Expiration Date, redeem all but not less than all the then outstanding Rights at a
redemption price of $0.01 per Right, as such amount may be appropriately adjusted to reflect any
stock split, stock dividend or similar transaction occurring after the date hereof (such redemption
price being hereinafter referred to as the “Redemption Price”). The Company may, at its
option, pay the Redemption Price in cash, shares of Common Stock (based on the Current Market
Price, as defined in Section 11(d)(i) hereof, of the Common Stock at the time of
redemption) or any other form of consideration deemed appropriate by the Board.

(b) Immediately upon the action of the Board ordering the redemption of the Rights, evidence
of which shall have been filed with the Rights Agent and without any further action and without any
notice, the right to exercise the Rights will terminate and the only right thereafter of the
holders of Rights shall be to receive the Redemption Price for each Right so held. Within ten
Business Days after the action of the Board ordering the redemption of the Rights, the Company
shall give notice of such redemption to the Rights Agent and the holders of the then outstanding
Rights by mailing such notice to all such holders at each holder’s last address as it appears upon
the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of
the transfer agent for the Common Stock; provided, however, that neither the
failure to give any such notice nor any defect therein shall affect the legality or validity of
such redemption. 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, directly or indirectly, redeem, acquire or purchase for value any
Rights in any manner other than that specifically set forth in this Section 23, or in
connection with the purchase of Common Shares prior to the earlier of the date of the first Section
11(a)(ii) Event or the date of the first Section 13 Event. The Company may, at its option, pay the
Redemption Price in cash, Common Stock, Preferred Stock, other equity securities of the Company,
debt securities of the Company, other property or any combination of the foregoing, in each case
having an aggregate Current Market Price on the Redemption Date equal to the Redemption Price.

(c) (i) The Board may, at its option, at any time after any Person becomes an Acquiring
Person, exchange all or part of the then outstanding and exercisable Rights (which shall not
include Rights that have become void pursuant to the provisions of Section 7(e) hereof) for
Common Stock, one two-hundredths of a share of Preferred Stock, debt securities of the Company,
cash, other equity securities of the Company, other property, or any combination of the foregoing,
in each case having an aggregate Current Market Price equal to the result obtained by (i)
multiplying the Current Market Price per share of Common Stock on the record date for such exchange
by the number of shares of Common Stock for which a Right is exercisable on such record date and
(ii) subtracting from such product the Purchase Price on such Record Date (the “Exchange
Ratio”).

(ii) Immediately upon the action of the Board ordering the exchange of any Rights pursuant to
paragraph (c)(i) of this Section 23 and without any further action and without any notice,
the right to exercise such Rights shall terminate and the only right thereafter of a holder of such
Rights shall be to receive that number of shares of Common Stock equal to the number of such Rights
held by such holder multiplied by the Exchange Ratio. The Company shall promptly give public
notice of any such exchange; provided, however, that the failure to give, or any defect in, such
notice shall not affect the validity of such exchange. The Company, within ten Business Days,
shall mail a notice of any such exchange to all of the holders of such Rights at their last
addresses as they appear upon the registry books of the Rights Agent. Any notice which is mailed in
the manner herein provided shall be deemed given, whether or not the holder receives the notice.
Each such notice of exchange will state the method by which the exchange of the Common Stock for
Rights will be effected and, in the event of any partial exchange, the number of Rights which will
be exchanged. Any partial exchange shall be effected pro rata based on the number of Rights (other
than Rights which have become void pursuant to the provisions of Section 7(e) hereof) held
by each holder of Rights.

Section 24. Notice of Certain Events.

(a) In case the Company shall propose, at any time after the Distribution Date, (i) to pay any
dividend payable in stock of any class to the holders of Preferred Stock or to make any other
distribution to the holders of Preferred Stock (other than a regular quarterly cash dividend out of
earnings or retained earnings of the Company), or (ii) to offer to the holders of Preferred Stock
rights or warrants to subscribe for or to purchase any additional shares of Preferred Stock or
shares of stock of any class or any other securities, rights or options, or (iii) to effect any
reclassification of its Preferred Stock (other than a reclassification involving only the
subdivision of outstanding shares of Preferred Stock), or (iv) to effect any consolidation or
merger into or with any other Person (other than a Subsidiary of the Company in a transaction which
complies with Section 11(n) hereof), or to effect any sale or other transfer (or to permit
one or more of its Subsidiaries to effect any sale or other transfer), in one transaction or a
series of related transactions, of more than 50% of the assets, cash flow or earning power of the
Company and its Subsidiaries (taken as a whole) to any other Person or Persons (other than the
Company and/or any of its Subsidiaries in one or more transactions each of which complies with
Section 11(n) hereof), or (v) to effect the liquidation, dissolution or winding up of the
Company, then, in each such case, the Company shall give to each holder of a Rights Certificate, to
the extent feasible and in accordance with Section 25 hereof, a notice of such proposed
action, which shall specify the record date for the purposes of such stock dividend, distribution
of rights or warrants, or the date on which such reclassification, consolidation, merger, sale,
transfer, liquidation, dissolution, or winding up is to take place and the date of participation
therein by the holders of the shares of Preferred Stock, if any such date is to be fixed, and such
notice shall be so given in the case of any action covered by clause (i) or (ii) above at least
twenty (20) days prior to the record date for determining holders of the shares of Preferred Stock
for purposes of such action, and in the case of any such other action, at least twenty (20) days
prior to the date of the taking of such proposed action or the date of participation therein by the
holders of the shares of Preferred Stock whichever shall be the earlier; provided, however,
that neither the failure to give the notice required by this Section 24 nor any defect
therein shall affect the legality or validity of the action taken by the Company or the vote upon
any such action.

(b) In case any of the events set forth in Section 11(a)(ii) or Section 13
hereof shall occur, then, in any such case, (i) the Company shall as soon as practicable thereafter
give to each holder of a Rights Certificate, to the extent feasible and in accordance with
Section 25 hereof, a notice of the occurrence of such event, which shall specify the event
and the consequences of the event to holders of Rights under Section 11(a)(ii) hereof, and
(ii) all references in the preceding paragraph to Preferred Stock shall be deemed thereafter to
refer to Common Stock and/or, if appropriate, other securities.

Section 25. Notices.

Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by
the holder of any Rights Certificate to or on the Company shall be sufficiently given or made if
sent by telecopier (with receipt confirmed) or by first-class mail, postage prepaid, addressed
(until another address is filed in writing with the Rights Agent) as follows:

The Williams Companies, Inc.

One Williams Center

Tulsa, Oklahoma 74172

Attention: Corporate Secretary

Telecopier: (918) 573-4503

Subject to the provisions of Section 21, any notice or demand authorized by this Agreement
to be given or made by the Company or by the holder of any Rights Certificate to or on the Rights
Agent shall be sufficiently given or made if sent by telecopier (with receipt confirmed) or by
first-class mail, postage prepaid, addressed (until another address is filed in writing with the
Company) as follows:

EquiServe Trust Company, N.A.

250 Royall Street

Canton, MA 02021

Attention: Client Administration

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

Section 26. Supplements and Amendments.

(a) The Board may from time to time supplement or amend any provision of this Agreement in any
manner without the approval of any holders of Rights, whether or not such supplement or amendment
is adverse to any holder of Rights, and further may direct the Rights Agent to so supplement or
amend such provision, and the Rights Agent shall so supplement or amend such provision;
provided, however, that from and after the earliest of (i) the date of the first Section
11(a)(ii) Event or (ii) the date of the first Section 13 Event, this Agreement shall not be
supplemented or amended in any manner that would materially and adversely affect the Rights Agent
or any holder of outstanding Rights other than an Acquiring Person or a Principal Party.

(b) Upon the delivery of a certificate from an appropriate officer of the Company which states
that the proposed supplement or amendment is in compliance with the terms of this Section
26, the Rights Agent shall execute such supplement or amendment. Notwithstanding anything in
this Agreement to the contrary, no supplement or amendment that changes the rights, obligations,
liabilities and duties of the Rights Agent under this Agreement in any manner adverse to the Rights
Agent will be effective against the Rights Agent without the consent and execution of such
supplement or amendment by the Rights Agent.

Section 27. Successors.

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

Section 28. Determinations and Actions by the Board, etc.

For all purposes of this Agreement, any calculation of the number of shares of Common Stock
outstanding at any particular time, including for purposes of determining the particular percentage
of such outstanding shares of Common Stock of which any Person is the Beneficial Owner, shall be
made in accordance with the last sentence of Rule 13d-3(d)(1)(i) of the General Rules and
Regulations under the Exchange Act. The Board shall have the exclusive power and authority to
administer this Agreement and to exercise all rights and powers specifically granted to the Board
or to the Company, or as may be necessary or advisable in the administration of this Agreement,
including, without limitation, the right and power to (i) interpret the provisions of this
Agreement, and (ii) make all determinations deemed necessary or advisable for the administration of
this Agreement (including a determination to redeem or not redeem the Rights or to amend the
Agreement). All such actions, calculations, interpretations and determinations (including, for
purposes of clause (y) below, all omissions with respect to the foregoing) which are done or made
by the Board in good faith, shall (x) be final, conclusive and binding on the Company, the Rights
Agent, the holders of the Rights and all other parties, and (y) not subject the Board to any
liability to the holders of the Rights.

Section 29. Benefits of this Agreement.

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

Section 30. Severability.

If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of
the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and
effect and shall in no way be affected, impaired or invalidated; provided, however, that
notwithstanding anything in this Agreement to the contrary, if any such term, provision, covenant
or restriction is held by such court or authority to be invalid, void or unenforceable and the
Board determines in its good faith judgment that severing the invalid language from this Agreement
would adversely affect the purpose or effect of this Agreement, the right of redemption set forth
in Section 23 hereof shall be reinstated and shall not expire until the close of business
on the tenth day following the date of such determination by the Board.

Section 31. Governing Law.

This Agreement, each Right and each Rights Certificate issued hereunder shall be deemed to be
a contract made under the laws of the State of Delaware and for all purposes shall be governed by
and construed in accordance with the laws of such State applicable to contracts made and to be
performed entirely within such State.

Section 32. Counterparts.

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

Section 33. Descriptive Headings.

Descriptive headings of the several Sections of this Agreement are inserted for convenience
only and shall not control or affect the meaning or construction of any of the provisions hereof.

Section 34. Certain Covenants.

Subject to Section 26 hereof and the other provisions of this Agreement, from and
after the earlier of the date of the first Section 11(a)(ii) Event or the date of the first Section
13 Event and prior to the earlier of the Redemption Date or the Rights Expiration Date, the Company
shall not (a) issue or sell, or permit any Subsidiary to issue or sell, to an Acquiring Person or a
Principal Party, or any Affiliate or Associate of an Acquiring Person or a Principal Party, or any
Person holding Common Stock of the Company that are Beneficially owned by an Acquiring Person or a
Principal Party, (i) any rights, options, warrants or convertible securities on terms similar to,
or that materially adversely affect the value of, the Rights or (ii) Preferred Stock, Common Stock
or shares of any other class of capital stock, if such sale is intended to or would materially
adversely affect the value of the Rights, or (b) take any other action that is intended to or would
materially adversely affect the value of the Rights.

Section 35. Force Majeure.

Notwithstanding anything to the contrary contained herein, 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.

3

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
their respective corporate seals to be hereunto affixed and attested, all as of the day and year
first above written.

	 	 	 
	Attest:The Williams Companies, Inc.

	 	

	 
	 	 
	By /s/ Brian K. Shore

	 	By: /s/ James J. Bender
	 

	 	 
	Name: Brian K. Shore

Title: Secretary

	 	Name: James J. Bender

Title: Senior Vice President and

General Counsel
	 
	 	 
	Attest:EquiServe Trust Company, N.A.

By /s/ Robbin A. Mayo

	 	

By: /s/ Amilja Regan
	 

	 	 
	Name: Robbin A. Mayo

	 	Name: Amilja Regan

Title: Senior Account Manager Title: Senior Account Manager

4

Exhibit A

	 	 	 
	[Form of Rights Certificate]

	 	Certificate No. R-

   Rights

NOT EXERCISABLE AFTER    OR EARLIER IF REDEEMED BY THE COMPANY. THE RIGHTS ARE SUBJECT TO
REDEMPTION, AT THE OPTION OF THE COMPANY, AT $0.01 PER RIGHT ON THE TERMS SET FORTH IN THE AMENDED
AND RESTATED RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN
ACQUIRING PERSON (AS SUCH TERM IS DEFINED IN THE AMENDED AND RESTATED RIGHTS AGREEMENT) AND ANY
SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID. [THE RIGHTS REPRESENTED BY THIS RIGHTS
CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN
AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE AMENDED AND
RESTATED RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY
MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF SUCH
AGREEMENT.]1

Rights Certificate

The Williams Companies, 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 Amended and Restated Rights Agreement, dated as of September 21, 2004 (the
“Rights Agreement”), between The Williams Companies, Inc., a Delaware corporation (the “Company”),
and EquiServe Trust Company, N.A. (the “Rights Agent”), to purchase from the Company at any time
prior to 5:00 P.M. (Eastern Standard Time) on    at the office or offices of the Rights
Agent designated for such purpose, or its successors as Rights Agent, one two-hundredth of a fully
paid, non-assessable share of Series A Junior Participating Preferred Stock (the “Preferred Stock”)
of the Company, at a purchase price of $50.00 per one two-hundredth of a share (the “Purchase
Price”), upon presentation and surrender of this Rights Certificate with the Form of Election to
Purchase and related Certificate duly executed. The number of Rights evidenced by this Rights
Certificate (and the number of shares which may be purchased upon exercise thereof) set forth
above, and the Purchase Price per share set forth above, are the number and Purchase Price as of
September 21, 2004 based on the Preferred Stock as constituted at such date. The Company reserves
the right to require prior to the occurrence of

   

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

a Triggering Event (as such term is defined in the Rights Agreement) that a number of Rights be
exercised so that only whole shares of Preferred Stock will be issued.

Upon the occurrence of a Section 11(a)(ii) Event (as such term is defined in the Rights
Agreement), if the Rights evidenced by this Rights Certificate are beneficially owned by (i) an
Acquiring Person or an Affiliate or Associate of any such Acquiring Person (as such terms are
defined in the Rights Agreement), (ii) a transferee of any such Acquiring Person, Associate or
Affiliate, or (iii) under certain circumstances specified in the Rights Agreement, a transferee of
a person who, after such transfer, became an Acquiring Person, or an Affiliate or Associate of an
Acquiring Person, such Rights shall become null and void and no holder hereof shall have any right
with respect to such Rights from and after the occurrence of such Section 11(a)(ii) Event.

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

This Rights Certificate is subject to all of the terms, provisions and conditions of the
Rights Agreement, which terms, provisions and conditions are hereby incorporated herein by
reference and made a part hereof and to which Rights Agreement reference is hereby made for a full
description of the rights, limitations of rights, obligations, duties and immunities hereunder of
the Rights Agent, the Company and the holders of the Rights Certificates, which limitations of
rights include the temporary suspension of the exercisability of such Rights under the specific
circumstances set forth in the Rights Agreement. Copies of the Rights Agreement are on file at the
above-mentioned office of the Rights Agent and are also available upon written request to the
Company.

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

Subject to the provisions of the Rights Agreement, the Rights evidenced by this Certificate
may be redeemed by the Company at its option at a redemption price of $0.01 per Right at any time
prior to the earlier of the close of business on (i) the tenth day following the Stock Acquisition
Date (as such time period may be extended pursuant to the Rights Agreement), and (ii) the Rights
Expiration Date. In addition, the Rights may be exchanged, in whole or in part, for shares of the
Common Stock, or shares of preferred stock of the Company having essentially the same value or
economic rights as such shares. Immediately upon the action of the Board of Directors of the
Company authorizing any such exchange, and without any further action or any notice, the Rights
(other than Rights which are not subject to such exchange) will terminate and the Rights will only
enable holders to receive the shares issuable upon such exchange.

No fractional shares of Preferred Stock will be issued upon the exercise of any Right or
Rights evidenced hereby (other than fractions which are integral multiples of one two-hundredth of
a share of Preferred Stock, which may, at the election of the Company, be evidenced by depositary
receipts), but in lieu thereof a cash payment will be made, as provided in the Rights Agreement.

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

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

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

Dated as of    ,

	 	 	 
	ATTEST:The Williams Companies, Inc.

   

Secretary

	 	

By:    

Title:

Countersigned:

EquiServe Trust Company, N.A.

By   

Authorized Signature

5

[Form of Reverse Side of Rights Certificate]

FORM OF ASSIGNMENT

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

FOR VALUE RECEIVED    

hereby sells, assigns and transfer unto    

(Please print name and address of transferee)

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

Dated:    ,    

Signature

Signature Guaranteed:

Certificate

The undersigned hereby certifies by checking the appropriate boxes that:

(1) this Rights Certificate is [ ] is not [ ] being sold, assigned and transferred by or on
behalf of a Person who is or was an Acquiring Person, or an Affiliate or Associate of an Acquiring
Person (as such terms are defined pursuant to the Amended and Restated Rights Agreement);

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

Dated:    ,    

Signature

Signature Guaranteed:

6

NOTICE

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

7

FORM OF ELECTION TO PURCHASE (To be executed if holder desires to exercise Rights represented
by the Rights Certificate.)

To: The Williams Companies, Inc.:

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

Please insert social security or other identifying number

(Please print name and address)

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

	 	 	 
	Please insert social security or other identifying number

	 
	 	 
	(Please print name and address)

Dated:    ,    

	 	

   

Signature

Signature Guaranteed:

Certificate

The undersigned hereby certifies by checking the appropriate boxes that:

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

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

Dated:    ,    

Signature

Signature Guaranteed:

8

NOTICE

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

9

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