Document:

Exhibit 4.1

    
      

    

     

                                                                                            Exhibit
      4.1

     

     

     

    General
      Maritime Corporation

     

    and

     

    Mellon
      Investor Services LLC,

    as
      Rights
      Agent

    

    

    AMENDED
      AND RESTATED

    RIGHTS
      AGREEMENT

     

    Dated
      as
      of August 31, 2006

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

     

     

    TABLE
      OF
      CONTENTS 

                                                                                                        Page

    
      
         

      

    

    
      
        
          	
                  Section
                    1.

                	
                  Certain
                    Definitions

                	
                  1

                
	
                  Section
                    2.

                	
                  Appointment
                    of Rights Agent

                	
                  9

                
	
                  Section
                    3.

                	
                  Issuance
                    of Rights Certificates

                	
                  9

                
	
                  Section
                    4.

                	
                  Form
                    of Rights Certificates

                	
                  10

                
	
                  Section
                    5.

                	
                  Execution,
                    Countersignature and Registration

                	
                  11

                
	
                  Section
                    6.

                	
                  Transfer,
                    Division, Combination and Exchange of Rights Certificates; Mutilated,
                    Destroyed, Lost or Stolen Rights Certificates

                	
                  12

                
	
                  Section
                    7.

                	
                  Exercise
                    of Rights; Purchase Price; Expiration Date of Rights

                	
                  13

                
	
                  Section
                    8.

                	
                  Cancellation
                    and Destruction of Rights Certificates

                	
                  15

                
	
                  Section
                    9.

                	
                  Reservation
                    and Availability of Preferred Stock

                	
                  15

                
	
                  Section
                    10.

                	
                  Preferred
                    Stock Record Date

                	
                  17

                
	
                  Section
                    11.

                	
                  Adjustments
                    to Purchase Price, Number of Shares or Number of Rights

                	
                  17

                
	
                  Section
                    12.

                	
                  Certification
                    of Adjustments

                	
                  24

                
	
                  Section
                    13.

                	
                  Consolidation,
                    Merger or Sale or Transfer of Property, Assets or Earning
                    Power

                	
                  25

                
	
                  Section
                    14.

                	
                  Fractional
                    Rights and Fractional Shares

                	
                  28

                
	
                  Section
                    15.

                	
                  Rights
                    of Action

                	
                  29

                
	
                  Section
                    16.

                	
                  Agreement
                    of Rights Holders Concerning Transfer and Ownership of
                    Rights

                	
                  30

                
	
                  Section
                    17.

                	
                  Rights
                    Holder Not Deemed a Shareholder

                	
                  30

                
	
                  Section
                    18.

                	
                  Concerning
                    the Rights Agent

                	
                  31

                
	
                  Section
                    19.

                	
                  Merger
                    or Consolidation or Change of Name of Rights Agent

                	
                  31

                
	
                  Section
                    20.

                	
                  Duties
                    of Rights Agent

                	
                  32

                
	
                  Section
                    21.

                	
                  Change
                    of Rights Agent

                	
                  34

                
	
                  Section
                    22.

                	
                  Issuance
                    of New Rights Certificates

                	
                  35

                

        

         

         

         

        
          
            i

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

         

        
          	
                  Section
                    23.

                	
                  Redemption

                	
                  35

                
	
                  Section
                    24.

                	
                  Notice
                    of Certain Events

                	
                  36

                
	
                  Section
                    25.

                	
                  Notices

                	
                  37

                
	
                  Section
                    26.

                	
                  Amendments
                    and Supplements

                	
                  38

                
	
                  Section
                    27.

                	
                  Successors

                	
                  39

                
	
                  Section
                    28.

                	
                  Benefits
                    of this Agreement; Determinations and Actions by the Board of
                    Directors

                	
                  39

                
	
                  Section
                    29.

                	
                  Severability

                	
                  39

                
	
                  Section
                    30.

                	
                  Governing
                    Law

                	
                  39

                
	
                  Section
                    31.

                	
                  Counterparts

                	
                  40

                
	
                  Section
                    32.

                	
                  Descriptive
                    Headings

                	
                  40

                
	
                  Section
                    33.

                	
                  Grammatical
                    Construction

                	
                  40

                

        

      

    

                                           

     

    
      
        ii

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    AMENDED
      AND RESTATED RIGHTS AGREEMENT

     

    Amended
      and Restated Rights Agreement dated as of August 31, 2006, between General
      Maritime Corporation, a corporation organized under the laws of the Republic
      of
      the Marshall Islands (the “Company”), and Mellon Investor Services
      LLC.

     

    R E C I T A L S

     

    The
      Board
      of Directors of the Company has authorized and declared the payment of a
      dividend of one preferred share purchase right (the “Right”) for each share of
      Common Stock (as defined in Section 1) outstanding on the Record Date (as
      defined in Section 1) and has authorized the issuance of one Right for each
      share of Common Stock issued between the Record Date and the Distribution Date
      (as such terms are defined in Section 1), and, in certain cases, following
      the
      Distribution Date. Each Right represents, as of the Record Date, the right
      to
      purchase one one-hundredth of a share of Preferred Stock (as defined in Section
      1) upon the terms and subject to the conditions hereinafter set
      forth.

     

    In
      connection with the authorization of the issuance of the Rights, the Company
      and
      Mellon Investor Services LLC, as Rights Agent, entered into that certain Rights
      Agreement, dated as of December 5, 2005 (the “Original Rights
      Agreement”).

     

    On
      July
      24, 2006, the Board of Directors of the Company unanimously determined to amend
      and restate the Original Rights Agreement in its entirety.

     

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

     

    Section
      1.  Certain
      Definitions.
      For
      purposes of this Agreement, the following terms have the meanings
      indicated:

     

    (a)    (i)      
      “Acquiring
      Person” means any Person who or which, together with all Affiliates and
      Associates of such Person, is (or has previously been, at any time on or after
      the date of this Agreement, whether or not such Person(s) continues to be)
      the
      Beneficial Owner of 15% or more of the Outstanding Common Stock (as defined
      in
      this Section 1). However, “Acquiring Person” shall not include any Exempt
      Person.

     

    (ii)  A
      Person
      does not become an “Acquiring Person” solely as the result of (A) an acquisition
      of Common Stock by the Company or any of its Subsidiaries which, by reducing
      the
      number of shares outstanding, increases the proportionate number of shares
      Beneficially Owned by such Person to 15% or more of the Outstanding Common
      Stock; or (B) such Person becoming the Beneficial Owner of 15% or more of
      the Outstanding Common Stock solely as a result of an Exempt Event; provided,
      however, that if a Person becomes the Beneficial Owner of 15% or more of the
      Outstanding Common Stock solely by reason of such a share acquisition by the
      Company or the occurrence of such an Exempt Event and such Person shall, after
      becoming the Beneficial Owner of such Common Stock, become the Beneficial Owner
      of additional shares of Common Stock constituting 1% or more of the then
      Outstanding Common Stock by any means whatsoever (other than as a result of
      the
      subsequent occurrence of an Exempt Event, a stock dividend or a subdivision
      of
      the Common Stock into a larger number 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    of
      shares
      or a similar transaction), then such Person shall be deemed to be an “Acquiring
      Person”; or (C) the inadvertent acquisition of beneficial ownership of 15%
      or more of the Common Stock of the Company if the Board of Directors determines
      in good faith that such acquisition was inadvertent and such Person promptly
      divests itself of a sufficient number of shares of Common Stock so that such
      Person could no longer be an “Acquiring Person”; or (D) if such Person is an
      Institutional Investor, such Institutional Investor becoming the Beneficial
      Owner of 15% or more of the Outstanding Common Stock solely by reason of such
      Institutional Investor’s Regular Trading Activities; provided, however, that if
      an Institutional Investor becomes the Beneficial Owner of 20% or more of the
      then Outstanding Common Stock other than solely as the result of the events
      described in clause (B) or (C) of this Section 1(a)(ii) (and in the case of
      clause (C), such Institutional Investor promptly divests itself of a sufficient
      number of shares of Common Stock as that it is no longer the Beneficial Owner
      of
      20% or more of the then Outstanding Common Stock), then such Institutional
      Investor shall be deemed an “Acquiring Person;” or (E) such Person holds 15% or
      more of the Outstanding Common Stock as of the date hereof provided that if
      such
      Person becomes the Beneficial Owner of additional shares of Common Stock
      constituting 1% or more of the then Outstanding Common Stock by any means
      whatsoever (other than as a result of the subsequent occurrence of an Exempt
      Event, a stock dividend or a subdivision of the Common Stock into a larger
      number of shares or a similar transaction), then such Person shall be deemed
      to
      be an “Acquiring Person;” or (F) the acquisition of Common Stock in a Qualified
      Offer or following consummation of a Qualified Offer.

     

    (b)  “Affiliate”
      of a Person has the meaning given to such term in Rule 12b-2 of the General
      Rules and Regulations under the Exchange Act, as in effect on the date of this
      Agreement.

     

    (c)  “Associate”
      of a Person has the meaning given to such term in Rule 12b-2 of the General
      Rules and Regulations under the Exchange Act, as in effect on the date of this
      Agreement.

     

    (d)   Except
      as
      provided below, a Person is the “Beneficial Owner” of, and “Beneficially Owns,”
any securities:

     

    (i)  which
      such Person or any Affiliate or Associate of such Person Beneficially Owns,
      directly or indirectly;

     

    (ii)  which
      such Person or any Affiliate or Associate of such Person has, directly or
      indirectly, the right or obligation (whether or not then exercisable or
      effective) to acquire pursuant to any agreement, arrangement or understanding
      (whether or not in writing), or upon the exercise of conversion rights, exchange
      rights, rights (other than these Rights), warrants or options, or otherwise;
      provided, however, that a Person will not be deemed the Beneficial Owner of,
      or
      to Beneficially Own, securities tendered pursuant to a tender offer made by
      or
      on behalf of such Person or any Affiliate or Associate of such Person until
      such
      tendered securities are accepted for purchase or exchange; and provided further,
      that prior to the occurrence of a Triggering Event, a Person will not be deemed
      the Beneficial Owner of, or to Beneficially Own, securities obtainable upon
      exercise of the Rights;

     

     

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    (iii)  which
      such Person or any Affiliate or Associate of such Person has, directly or
      indirectly, the right (whether or not then exercisable or effective) to vote,
      or
      to direct the voting of, 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 pursuant
      to
      this clause (iii) if the agreement, arrangement or understanding to vote, or
      to
      direct the voting of, such security (A) arises solely from a revocable proxy
      or
      consent given in response to a public proxy or consent solicitation made
      pursuant to, and in accordance with, the Exchange Act and applicable rules
      and
      regulations thereunder and (B) is not also then reportable on Schedule 13D
      under
      the Exchange Act (or any comparable or successor schedule or
      report);

     

    (iv)  which
      such Person or any Affiliate or Associate of such Person has “beneficial
      ownership” of (as determined pursuant to Rule 13d-3 of the General Rules and
      Regulations under the Exchange Act or any comparable or successor provision);
      or

     

    (v)  which
      are
      Beneficially Owned, directly or indirectly, by any other Person or any Affiliate
      or Associate of such other Person with whom such Person or any Affiliate or
      Associate of such Person 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 subparagraph (iii) of
      this
      Section 1(d)) or disposing of any securities of the Company.

     

    Nothing
      in this Section 1(d) causes 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 40 days after the date of such
      acquisition.

     

    Notwithstanding
      anything in this Agreement to the contrary, for purposes of this Agreement,
      no
      Person is to be treated as the “Beneficial Owner” of, or to “beneficially own,”
any securities owned by any other Person that is an Exempt Person.

     

    (e)  “Board
      of
      Directors” means the Board of Directors of the Company, as the same is
      constituted from time to time, or if the Company ceases to exist as a result
      of
      a Business Combination or otherwise, the board of directors of the Company’s
      successor, if any.

     

    (f)  “Business
      Combination” has the meaning set forth in Section 13(a).

     

    (g)  “Business
      Day” means any day other than a Saturday, Sunday or a day on which banking
      institutions in the States of New York and New Jersey are authorized or
      obligated by law or executive order to close.

     

    (h)  “Close
      of
      Business” on any given date means 5:00 p.m., New York, New York time, on such
      date; provided, however, that if such date is not a Business Day it shall mean
      5:00 p.m., New York, New York time, on the next succeeding Business
      Day.

     

    (i)  “Common
      Stock” when used with respect to the Company and in any context applicable prior
      to a Business Combination means the common stock, par value $.01 per share,
      of
      the Company (as the same may be changed by reason of any combination,
      subdivision 

     

     

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    or
      reclassification of the Common Stock). “Common Stock” when used with reference
      to any Person (other than the Company prior to a Business Combination) means
      shares of capital stock of such Person (if such Person is a corporation) of
      any
      class or series, or units of equity interests in such Person (if such Person
      is
      not a corporation) of any class or series, the terms of which shares or units
      do
      not limit (as a fixed amount and not merely in proportional terms) the amount
      of
      dividends or income payable or distributable on such shares or units or the
      amount of property or assets distributable on such shares or units upon any
      voluntary or involuntary liquidation, dissolution or winding up of such Person
      and do not provide that such shares or units are subject to redemption at the
      option of such Person, or any shares of capital stock or units of equity
      interests into which the foregoing shall be reclassified or changed; provided,
      however, that if at any time there are more than one such class or series of
      capital stock of or equity interests in such Person, “Common Stock” of such
      Person will include all such classes and series substantially in the proportion
      of the total number of shares or other units of each such class or series
      outstanding at such time.

     

    (j)  “Current
      Market Price” per share of Common Stock, Preferred Stock or Equivalent Shares on
      any date is the average of the daily closing prices per share of such Common
      Stock, Preferred Stock or Equivalent Shares for the 30 consecutive Trading
      Days
      (as defined below in this Section 1(j)) ending on the last Trading Day
      immediately prior to such date for the purpose of any computation under this
      Agreement except computations made pursuant to Section 11(a)(iii), and for
      the
      10 consecutive Trading Days immediately following but not including such date
      for the purpose of any computation under Section 11(a)(iii); provided, however,
      that in the event that the Current Market Price per share of Common Stock,
      Preferred Stock or Equivalent Shares is determined during a period following
      the
      announcement by the issuer of such Common Stock, Preferred Stock or Equivalent
      Shares of (i) a dividend or distribution on such Common Stock, Preferred Stock
      or Equivalent Shares other than a regular quarterly cash dividend, or (ii)
      any
      subdivision, combination or reclassification of such Common Stock, Preferred
      Stock or Equivalent Shares, and prior to the expiration of 30 Trading Days
      after
      but not including the “ex-dividend” date for such dividend or distribution or
      the record date for such subdivision, combination or reclassification, then,
      and
      in each such case, the “Current Market Price” shall be appropriately adjusted to
      take into account such dividend, distribution, subdivision, combination or
      reclassification. The closing price for each Trading Day shall be the last
      sale
      price, regular way, 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, on such
      day,
      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 (“NYSE”) or, if the Common Stock, Preferred Stock or Equivalent
      Shares are not listed or admitted to trading on the NYSE, as reported in the
      principal consolidated transaction reporting system with respect to securities
      listed on the principal United States national securities exchange on which
      the
      Common Stock, Preferred Stock or Equivalent Shares are listed or admitted to
      trading or, if the Common Stock, Preferred Stock or Equivalent Shares are not
      listed or admitted to trading on any United States national securities exchange,
      the closing price quoted on the Nasdaq Stock Market or, if not so quoted, the
      average of the high bid and low asked prices in the over-the-counter market
      on
      such day, as reported by any National Association of Securities Dealers, Inc.
      quotations system or such other system then in use. If on any such day the
      Common Stock, Preferred Stock or Equivalent Shares are not quoted by any such
      system, the average of the closing bid and asked prices on such day as furnished
      by a professional market maker making a market in the Common 

     

     

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    Stock,
      Preferred Stock or Equivalent Shares selected by a majority of the Board of
      Directors shall be used (which selection shall be final, binding and conclusive
      for all purposes). If on such day no such market maker is making a market,
      the
      fair market value of such shares on such day as determined in good faith by
      a
      majority of the Board of Directors or the Board of Directors of the issuer
      of
      such Common Stock, Preferred Stock or Equivalent Shares must be used, which
      determination must be described in a statement filed with the Rights Agent
      and
      shall be final, binding and conclusive for all purposes. The term “Trading Day”
means a day on which the principal United States national securities exchange
      on
      which the Common Stock, Preferred Stock or Equivalent Shares are listed or
      admitted to trading is open for the transaction of business or, if the Common
      Stock, Preferred Stock of Equivalent Shares are not listed or admitted to
      trading on any United States national securities exchange, but are traded in
      the
      over-the-counter market and reported by Nasdaq, then any day for which Nasdaq
      reports the high bid and low asked prices in the over-the-counter market, or
      if
      the Common Stock, Preferred Stock or Equivalent Shares are not traded in the
      over-the-counter market and reported by Nasdaq, then a Business Day. If the
      Common Stock, Preferred Stock or Equivalent Shares have not been so listed
      or
      admitted to trading for 30 or more Trading Days or traded in the
      over-the-counter market and reported by Nasdaq for 30 or more Trading Days,
      “Current Market Price” per share means the fair market value per share as
      determined in good faith by a majority of the Board of Directors, whose
      determination must be described in a statement filed with the Rights Agent
      and
      shall be final, binding and conclusive for all purposes.

     

    (k)  “Distribution
      Date” means the earlier of (i) the tenth Business Day after the Stock
      Acquisition Date, (ii) the tenth Business Day after the Tender Offer Date and
      (iii) the first date on which a Business Combination is deemed to occur. The
      Board of Directors of the Company may, at its election, defer the date set
      forth
      in either of clauses (i) or (ii) of the preceding sentence to a specified later
      date or to an unspecified later date to be determined by a subsequent action
      or
      event and shall provide the Rights Agent with prompt written notice
      thereto.

     

    (l)  “Equivalent
      Shares” means any class or series of capital stock of the Company, other than
      the Preferred Stock, which is entitled to participate on a proportional basis
      with the Preferred Stock in dividends and other distributions, including
      distributions upon the liquidation, dissolution or winding up of the Company.
      In
      calculating the number of any class or series of Equivalent Shares for purposes
      of Section 11, the number of shares, or fractions of a share, of such class
      or
      series of capital stock that is entitled to the same dividend or distribution
      as
      a whole share of Preferred Stock shall be deemed to be one share.

     

    (m)  “Exchange
      Act” means the Securities Exchange Act of 1934, as amended, and any successor
      statute.

     

    (n)  “Exchange
      Date” means the time at which the Rights are exchanged pursuant to Section
      11(a)(iv).

     

    (o)  “Exempt
      Event” means with respect to any Person, the acquisition by such Person of
      Beneficial Ownership of Common Stock of the Company solely as a result of the
      occurrence of a Triggering Event and the effect of such Triggering Event on
      the
      last proviso of 

     

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    clause
      (ii) of the definition of Beneficial Owner, other than a Triggering Event in
      which such Person becomes an Acquiring Person.

     

    (p)  “Exempt
      Person” means (i) the Company, (ii) any Subsidiary of the Company, (iii)
      any employee benefit plan of the Company or of any Subsidiary of the Company,
      and (iv) any Person holding Common Stock for any such employee benefit plan
      or for employees of the Company or of any Subsidiary of the Company pursuant
      to
      the terms of any such employee benefit plan.

     

    (q)  “Expiration
      Date” means the Close of Business on December 5, 2010.

     

    (r)  “Institutional
      Investor” means a Person who is principally engaged in the business of managing
      investment funds for unaffiliated securities investors including, as part of
      such Person’s duties as agent for fully managed accounts, holding or exercising
      voting or dispositive power over shares of Common Stock.

     

    (s)  “Outstanding
      Common Stock” shall be determined in accordance with the last sentence of Rule
      13d-3(d)(1)(i) of the General Rules and Regulations under the Exchange Act
      (or
      any successor or comparable provision); provided, however, that any such
      calculation made for purposes of determining the particular percentage of
      outstanding shares of Common Stock of which any Person is the Beneficial Owner
      shall also include any such other securities not then actually issued and
      outstanding which such Person would be deemed to be the Beneficial Owner of,
      or
      to Beneficially Own, pursuant to Section 1(d).

     

    (t)  “Person”
      means any individual, firm, corporation, limited liability company, partnership,
      joint venture, association, trust, unincorporated organization or other entity,
      and shall include any “group” as that term is used in Rule 13d-5(b) of the
      General Rules and Regulations under the Exchange Act (or any successor
      provision).

     

    (u)  “Preferred
      Stock” means the Company’s Junior Participating Preferred Stock, par value $.01
      per share, having the rights and preferences set forth in the Certificate of
      Designation, Preferences and Rights of Series A Junior Participating Preferred
      Stock attached hereto as Exhibit A.

     

    (v)  “Principal
      Party” means (i) in the case of any Business Combination described in clause
      (i), (ii) or (iii) of the first sentence of Section 13(a), (A) the Person that
      is the issuer of any securities into which shares of Common Stock of the Company
      are converted or for which they are exchanged in such Business Combination
      or,
      if there is more than one such issuer, the issuer of the Common Stock which
      has
      the greatest aggregate market value or (B) if no securities are so issued,
      the
      Person that survives or results from such Business Combination or, if there
      is
      more than one such Person, the Person the Common Stock of which has the greatest
      aggregate market value; and (ii) in the case of any Business Combination
      described in clause (iv) of the first sentence in Section 13(a), the Person
      that
      receives the greatest portion of the property, assets or earning power
      transferred pursuant to such Business Combination or, if each Person that is
      a
      party to such Business Combination receives the same portion of the property,
      assets or earning power so transferred or if the Person receiving the greatest
      portion of the assets or earning power cannot reasonably be determined,
      whichever of such Persons is the issuer of the

     

     

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     Common
      Stock which has the greatest aggregate market value; provided, however, that
      in
      any such case, if the Common Stock of such Person is not at such time and has
      not been continuously over the preceding 12-month period registered under
      Section 12 of the Exchange Act and such Person is a direct or indirect
      Subsidiary of one or more other Persons, then (A) “Principal Party” refers to
      whichever of such other Persons has Common Stock that is and has been
      continuously over the preceding 12-month period registered under Section 12
      of
      the Exchange Act; (B) if the Common Stocks of two or more of such other Persons
      are and have been so registered, “Principal Party” refers to whichever of such
      other Persons is the issuer of the Common Stock which has the greatest aggregate
      market value; or (C) if the Common Stock of none of such other Persons has
      been
      so registered, “Principal Party” refers to whichever of such other Persons
      (other than an individual) is the Person which has the equity securities with
      the greatest aggregate market value. In case such Person is owned, directly
      or
      indirectly, by a joint venture formed by two or more Persons that are not owned,
      directly or indirectly, by the same Person, the rules set forth above apply
      to
      each of the chains of ownership having an interest in such joint venture as
      if
      such Person were a Subsidiary of both or all of such joint venturers and the
      Principal Parties in each such chain shall bear the obligations set forth in
      Section 13 in the same ratio as their direct or indirect interests in such
      Person bear to the total of such interests.

     

    (w)  “Purchase
      Price” with respect to each Right is initially $175.00 per one one-hundredth of
      a share of Preferred Stock, shall be subject to adjustment from time to time
      as
      provided in Sections 11 and 13, and shall be payable in lawful money of the
      United States of America in cash or by certified check or bank draft payable
      to
      the order of the Company.

     

    (x)  “Qualified
      Offer” means an offer to purchase Common Stock that satisfies each of the
      following conditions: (i) the Person making the offer shall have publicly
      announced a tender offer, or a bona fide intention to conduct a tender offer,
      for all outstanding shares of Common Stock; (ii) the consideration offered
      shall
      be all cash, and such consideration shall be equal for all holders of Common
      Stock; (iii) the offer shall be subject to the non-waivable condition that
      the
      Person making the offer will beneficially own a majority of the outstanding
      shares of Common Stock upon consummation of the offer and shall provide that
      the
      Person making the offer irrevocably commits that, if the offer is consummated,
      holders who do not tender their shares in the offer will receive the offer
      consideration in a merger to be completed as promptly as practicable following
      consummation of the offer; (iv) the Person making the offer shall indicate
      the
      source of financing for the offer and that such financing is unconditionally
      available to consummate the offer; (v) the Person making the offer shall have
      made a filing under Section 14A or 14(d) of the Exchange Act setting forth
      the
      information in clauses (i), (ii), (iii) and (iv) above; (vi) the Person making
      the offer is not an Acquiring Person at the time the offer is first made and
      shall not have become an Acquiring Person; and (vii) holders of at least 75%
      of
      the outstanding Common Stock shall have stated in a writing delivered to the
      Secretary of the Company that the offer should be deemed a Qualified Offer
      under
      this Agreement.

     

    (y)  “Record
      Date” means the Close of Business on December 7, 2005.

     

    (z)  “Redemption
      Date” means the time at which the Rights are scheduled to be redeemed as
      provided in Section 23.

     

    (aa)  “Redemption
      Price” has the meaning given to such term in Section 23.

     

     

    7

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (bb)  “Regular
      Trading Activities” means trading activities undertaken in the Institutional
      Investor’s normal course of business and not for the purpose of exercising,
      either alone or in concert with any other Person, power to direct or cause
      the
      direction of the management and policies of the Company.

     

    (cc)  “Rights
      Agent” means (i) Mellon Investor Services LLC, (ii) its successor or replacement
      as provided in Sections 19 and 21 hereof or (iii) any co-Rights Agent appointed
      by the Company pursuant to Section 2 hereof.

     

    (dd)  “Securities
      Act” means the Securities Act of 1933, as amended, and any successor
      statute.

     

    (ee)  “Stock
      Acquisition Date” means the first date (including, without limitation, any such
      date which is on or after the date of this Agreement and prior to the issuance
      of the Rights) of public disclosure by the Company, an Acquiring Person or
      otherwise that a Person has become an Acquiring Person.

     

    (ff)  “Subsidiary”
      has the meaning given to such term in Rule 12b-2 of the General Rules and
      Regulations under the Exchange Act, as in effect on the date of this
      Agreement.

     

    (gg)  “Tender
      Offer Date” means the date of commencement or public disclosure of an intention
      to commence (including any such commencement or public disclosure which occurs
      on or after the date of this Agreement and prior to the issuance of the Rights)
      a tender offer by a Person if, after acquiring the maximum number of securities
      sought pursuant to such offer, such Person, or any Affiliate or Associate of
      such Person, would be an Acquiring Person.

     

    (hh)  “Triggering
      Event” occurs when a Person becomes an Acquiring Person.

     

     

     

     

     

     

    8

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Section
      2.  Appointment
      of Rights Agent.
      The
      Company hereby appoints the Rights Agent to act as agent for the Company in
      accordance with the terms and conditions hereof, and the Rights Agent hereby
      accepts such appointment. The Company may from time to time appoint such
      co-Rights Agents as it may deem necessary or desirable, upon ten (10) days’
prior written notice to the Rights Agent. The Rights Agent shall have no duty
      to
      supervise, and shall in no event be liable for, the acts or omissions of any
      such co-Rights Agents.

     

    Section
      3.  Issuance
      of Rights Certificates.

     

    (a)  Until
      the
      Distribution Date: (i) the Rights shall be issued in respect of and shall be
      evidenced by the certificates representing the shares of Common Stock issued
      and
      outstanding on the Record Date and shares of Common Stock issued or which become
      outstanding after the Record Date and prior to the earliest of the Distribution
      Date, the Redemption Date, the Exchange Date and the Expiration Date (which
      certificates for Common Stock shall be deemed to also be certificates evidencing
      the Rights), and not by separate certificates; (ii) the registered holders
      of
      such shares of Common Stock shall also be the registered holders of the Rights
      associated with such shares; and (iii) the Rights shall be transferable only
      in
      connection with the transfer of shares of Common Stock and the surrender for
      transfer of any certificate for such shares of Common Stock shall also
      constitute the surrender for transfer of the Rights associated with the shares
      of Common Stock represented thereby. As soon as practicable after the Company
      has notified the Rights Agent of the occurrence of the Distribution Date, the
      Company will prepare and execute, and the Company will deliver to the Rights
      Agent to be countersigned, which the Rights Agent shall do, and the Company
      shall send or cause to be sent (and the Rights Agent will, if so requested
      by
      written notice, and provided with a shareholder list and all other relevant
      information which the Rights Agent may request, 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, as shown by the records of the Company,
      at
      the address of such holder shown on such records, one or more certificates
      evidencing the Rights (“Rights Certificates”), in substantially the form of
      Exhibit B hereto, evidencing one Right (as adjusted from time to time pursuant
      to this Agreement) for each share of Common Stock so held. From and after the
      Distribution Date, the Rights will be evidenced solely by such Rights
      Certificates. In the event that an adjustment in the number of Rights per share
      of Common Stock has been made pursuant to Section 11(o), at the time of
      distribution of the Rights Certificates, the Company may make the necessary
      and
      appropriate adjustments (in accordance with Section 14(a)) so that Rights
      Certificates representing only whole numbers of Rights are distributed and
      cash
      is paid in lieu of any fractional Rights. The
      Company shall promptly notify the Rights Agent in writing upon the occurrence
      of
      the Distribution Date. Until such notice is received by the Rights Agent, the
      Rights Agent may presume conclusively for all purposes that the Distribution
      Date has not occurred.

     

    (b)  On
      the
      Record Date, or as soon as practicable thereafter, the Company will send a
      copy
      of a Summary of Rights to Purchase Preferred Stock, in substantially the form
      of
      Exhibit C hereto (the “Summary of Rights”), by first-class, postage-prepaid
      mail, to each record holder of Common Stock as of the close of business on
      the
      Record Date (other than any Acquiring Person or any Associate or Affiliate
      of
      any Acquiring Person), at the address of such holder shown on the records of
      the
      Company. With respect to certificates for Common Stock outstanding as of the
      Record Date, until the Distribution Date, the Rights will be evidenced by

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    such
      certificates registered in the names of the holders thereof together with the
      Summary of Rights. Until the Distribution Date (or the earlier of the Redemption
      Date and the Expiration Date), the surrender for transfer of any certificate
      for
      Common Stock outstanding on the Record Date, with or without a copy of the
      Summary of Rights, shall also constitute the transfer of the Rights associated
      with the Common Stock represented thereby.

     

    (c)  Rights
      shall be issued in respect of all shares of Common Stock which are issued or
      sold by the Company after the Record Date but prior to the earliest of the
      Distribution Date, the Redemption Date, the Exchange Date or the Expiration
      Date. In addition, in connection with the issuance or sale of Common Stock
      by
      the Company following the Distribution Date and prior to the earliest of the
      Redemption Date, the Exchange Date or the Expiration Date, the Company shall,
      with respect to Common Stock so issued or sold pursuant to (i) the exercise
      of
      stock options issued prior to the Distribution Date or under any employee plan
      or arrangement created prior to the Distribution Date, or (ii) upon the
      exercise, conversion or exchange of securities issued by the Company prior
      to
      the Distribution Date, issue Rights and Rights Certificates representing the
      appropriate number of Rights in connection with such issuance or sale; provided,
      however, that (x) no such Rights and Rights Certificates 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 Certificates would be issued; and
      (y)
      no such Rights and Rights Certificates shall be issued, if, and to the extent
      that, appropriate adjustment shall otherwise have been made in lieu of the
      issuance thereof. Certificates issued after the Record Date representing shares
      of Common Stock outstanding on the Record Date or shares of Common Stock issued
      after the Record Date but prior to the earliest of the Distribution Date, the
      Redemption Date, the Exchange Date and the Expiration Date shall have impressed,
      printed, written on or otherwise affixed to them a legend substantially in
      the
      following form:

     

    This
      certificate also evidences and entitles the holder hereof to certain Rights
      as
      set forth in a Rights Agreement between General Maritime Corporation and Mellon
      Investor Services LLC, as Rights Agent, dated as of August 31, 2006, as may
      be
      amended from time to time (the “Rights Agreement”), the terms of which are
      hereby incorporated herein by reference and a copy of which is on file at the
      principal executive offices of General Maritime Corporation. 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. General Maritime Corporation will mail to the holder of this
      certificate a copy of the Rights Agreement without charge after receipt of
      a
      written request therefor. Under certain circumstances, as set forth in the
      Rights Agreement, Rights that were, are or become beneficially owned by
      Acquiring Persons or their Associates or Affiliates (as such terms are defined
      in the Rights Agreement) may become null and void and the holder of any of
      such
      Rights (including any subsequent holder) shall not have any right to exercise
      such Rights.

     

    Section
      4.  Form
      of Rights Certificates.

     

     

    10

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (a)  The
      Rights Certificates (and the form of election to purchase shares and the form
      of
      assignment to be printed on the reverse thereof) shall be in substantially
      the
      form of Exhibit B hereto and may have such marks of identification or
      designation and such legends, summaries or endorsements printed thereon as
      the
      Company may deem appropriate (but which do not affect the rights, duties or
      obligations of the Rights Agent as set forth in this Agreement) and as are
      not
      inconsistent with the provisions of this Agreement, or as may be required to
      comply with any 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 any securities association on whose interdealer quotation
      system the Rights may be from time to time authorized for quotation, or to
      conform to usage. Subject to the provisions of this Agreement, the Rights
      Certificates, whenever issued, shall be dated as of the Distribution Date,
      and
      on their face shall entitle the holders thereof to purchase such number of
      shares of Preferred Stock as shall be set forth therein at the Purchase Price
      set forth therein, but the number and kind of such securities and the Purchase
      Price shall be subject to adjustment as provided in this Agreement.

     

    (b)  Notwithstanding
      any other provision of this Agreement, (i) any Rights Certificate issued
      pursuant to this Agreement that represents Rights Beneficially Owned or formerly
      Beneficially Owned, on or after the Distribution Date, by a Person known by
      the
      Company to be: (A) an Acquiring Person or an Associate or Affiliate of an
      Acquiring Person; (B) a direct or indirect transferee of an Acquiring Person
      (or
      of an Associate or Affiliate of such Acquiring Person) who becomes or becomes
      entitled to be a transferee after the Acquiring Person becomes such; or (C)
      a
      direct or indirect transferee of an Acquiring Person (or of an Associate or
      Affiliate of such Acquiring Person) who becomes or becomes entitled to be a
      transferee prior to or concurrently with the Acquiring Person becoming such
      and
      receives such Rights pursuant to either (x) a direct or indirect transfer
      (whether or not for consideration) from the Acquiring Person (or from an
      Associate or Affiliate of such Acquiring Person) to holders of equity interests
      in such Acquiring Person (or to holders of equity interests in an Associate
      or
      Affiliate of such Acquiring Person) or to any Person with whom such Acquiring
      Person (or an Associate or Affiliate of such Acquiring Person) has any
      continuing agreement, arrangement or understanding regarding the transferred
      Rights, or (y) a direct or indirect transfer which a majority of the Board
      of
      Directors has determined is part of a plan, arrangement or understanding which
      has as a primary purpose or effect the avoidance of Section 7(e); or (ii) any
      Rights Certificate issued pursuant to this Agreement upon transfer, exchange,
      replacement or adjustment of any other Rights Certificate Beneficially Owned
      by
      a Person referred to in this Section 4(b), shall contain, provided that the
      Company has notified the Rights Agent that this Section 4(b) applies and 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 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 the
      Rights Agreement.

     

    Section
      5.  Execution,
      Countersignature and Registration.

     

     

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    (a)  Each
      Rights Certificate shall be executed on behalf of the Company by the Company’s
      Chairman of the Board, Chief Executive Officer, 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 Company’s
      Secretary or an Assistant Secretary, either manually or by facsimile signature.
      Each Rights Certificate shall be countersigned by the Rights Agent either
      manually or, if permitted by the Company, by facsimile signature and shall
      not
      be valid for any purpose unless so countersigned. In case any officer of the
      Company who shall have signed a Rights Certificate shall cease to be such
      officer of the Company before countersignature by the Rights Agent and issuance
      and delivery by the Company, such Rights Certificate nevertheless may be
      countersigned by the Rights Agent and issued and delivered with the same force
      and effect as though the Person who signed such Rights Certificate had not
      ceased to be such officer of the Company; and any Rights Certificate 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
      Agreement any such Person was not such an officer.

     

    (b)  Following
      the Distribution Date and receipt by the Rights Agent of (i) written notice
      of
      the Distribution Date pursuant to Section 3(a) hereof, and (ii) a shareholder
      list and all relevant information requested by the Rights Agent pursuant to
      Section 3(a) hereof, the Rights Agent shall keep or cause to be kept, at its
      office designated for such purposes, 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 by each Rights Certificate, and the certificate number and
      the
      date of issuance of each Rights Certificate.

     

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

     

    (a)  Subject
      to the provisions of Section 14, at any time after the Close of Business on
      the
      Distribution Date and at or prior to the Close of Business on the earliest
      of
      the Redemption Date, the Exchange Date or the Expiration Date, any Rights
      Certificate or Rights Certificates may be transferred, divided, combined or
      exchanged for another Rights Certificate or Rights Certificates, entitling
      the
      registered holder to purchase a like number of shares of Preferred Stock (or,
      following a Triggering Event or a Business Combination, other securities, cash
      or other property, as the case may be) as the Rights Certificate or Rights
      Certificates surrendered entitled such holder to purchase immediately prior
      to
      such surrender. Any registered holder desiring to transfer, divide, combine
      or
      exchange any Rights Certificate shall make such request in writing delivered
      to
      the Rights Agent, and shall surrender the Rights Certificate or Rights
      Certificates to be transferred, divided, combined or exchanged at the designated
      office of the Rights Agent. Thereupon the Rights Agent shall countersign and
      deliver to the Person entitled thereto a Rights Certificate or Rights
      Certificates, as the case may be, as so requested. As a condition to such
      transfer, division, combination or exchange, the Company may require payment
      by
      the surrendering holder of a sum sufficient to cover any tax or charge that
      may
      be imposed in connection therewith. 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
      duly completed and executed the form of assignment on the reverse side of such
      Rights Certificate and shall have provided such additional 

     

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    evidence
      of the identity of the Beneficial Owner (or such former or proposed Beneficial
      Owner) thereof or such Beneficial Owner’s Affiliates or Associates as the
      Company or the Rights Agent shall reasonably request. The
      Rights Agent shall have no duty or obligation to take any action under any
      Section of this Agreement which requires the payment by a Rights holder of
      applicable taxes and/or charges unless and until it is satisfied that all such
      taxes and/or charges have been paid.

     

    (b)  Upon
      receipt by the Company and the Rights Agent of evidence reasonably satisfactory
      to them of the loss, theft, destruction or mutilation of a 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
      make and deliver a new Rights Certificate of like tenor to the Rights Agent
      for
      countersignature by the Rights Agent 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)  Each
      Right shall entitle (except as otherwise provided in this Agreement) the
      registered holder thereof, upon the exercise thereof as provided in this
      Agreement, to purchase, for the Purchase Price, at any time after the
      Distribution Date and prior to the earliest of the Expiration Date, the Exchange
      Date or the Redemption Date, one one-hundredth (1/100) of a share of Preferred
      Stock (or other securities, cash or other property or assets, as the case may
      be, as provided herein), subject to adjustment from time to time as provided
      in
      Sections 11 and 13.

     

    (b)  The
      registered holder of any Rights Certificate may exercise the Rights evidenced
      thereby (except as otherwise provided in this Agreement) in whole or in part
      (except that no fraction of a Right may be exercised) at any time after the
      Distribution Date and prior to the earliest of the Expiration Date, the Exchange
      Date or the Redemption Date, by surrendering the Rights Certificate, with the
      form of election to purchase on the reverse side thereof duly executed, to
      the
      Rights Agent at the designated office of the Rights Agent, together with payment
      of the Purchase Price for each one one-hundredth of a share of Preferred Stock
      (or other securities, cash or other property or assets, as the case may be,
      as
      provided herein) as to which the Rights are exercised.

     

    (c)  Upon
      receipt of a Rights Certificate representing exercisable Rights, with the form
      of election to purchase duly executed, accompanied by payment of the Purchase
      Price for each one one-hundredth of a share of Preferred Stock (or other
      securities, cash or other property or assets, as the case may be, as provided
      herein) to be purchased and an amount in cash, certified bank check or bank
      draft payable to the order of the Company equal to any applicable tax or charge
      required to be paid by the surrendering holder pursuant to Section 9(d), the
      Rights Agent shall, subject to the provisions of this Agreement, thereupon
      promptly (i)(A) requisition from any transfer agent for the Preferred Stock
      (or
      make available, if the Rights Agent is the transfer agent for the Preferred
      Stock) certificates for the total number of one one-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 

     

     

    13

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    elected
      to deposit the total number of shares of Preferred Stock issuable upon exercise
      of the Rights with a depositary agent, requisition from the depositary agent
      depositary receipts representing such number of one one-hundredths of a share
      of
      Preferred Stock as are to be purchased (in which case certificates for the
      Preferred Stock represented by such receipts shall be deposited by the transfer
      agent with the depositary agent) and the Company shall direct the depositary
      agent to comply with such request; (ii) 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 (iii) if appropriate, requisition
      from
      the Company the amount of cash to be paid in lieu of issuance of fractional
      shares in accordance with Section 14 and, promptly after receipt thereof, cause
      the same to be delivered to or upon the order of the registered holder of such
      Rights Certificate. In the event that the Company is obligated to issue other
      securities (including shares of Common Stock) of the Company, pay cash and/or
      distribute other property pursuant to this Agreement, 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 necessary to
      comply with this Agreement.

     

    (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 or to his duly authorized assigns, subject to the provisions of
      Sections 6 and 14.

     

    (e)  Notwithstanding
      anything in this Agreement to the contrary, any Rights that are or were formerly
      Beneficially Owned on or after the Distribution Date by (i) an Acquiring Person
      or any Associate or Affiliate of an Acquiring Person; (ii) a direct or indirect
      transferee of an Acquiring Person (or of an Associate or Affiliate of such
      Acquiring Person) who becomes, or becomes entitled to be, a transferee after
      the
      Acquiring Person becomes such; or (iii) a direct or indirect transferee of
      an
      Acquiring Person (or of an Associate or Affiliate of such Acquiring Person)
      who
      becomes, or becomes entitled to be, a transferee prior to or concurrently with
      the Acquiring Person becoming such and receives such Rights pursuant to either
      (A) a direct or indirect transfer (whether or not for consideration) from the
      Acquiring Person (or from an Associate or Affiliate of such Acquiring Person)
      to
      holders of equity interests in such Acquiring Person (or to holders of equity
      interests in any Associate or Affiliate of such Acquiring Person) or to any
      Person with whom the Acquiring Person (or an Associate or Affiliate of such
      Acquiring Person) has any continuing agreement, arrangement or understanding
      regarding the transferred Rights, and (B) a direct or indirect transfer which
      a
      majority of the Board of Directors of the Company determines is part of a plan,
      arrangement or understanding which has as a primary purpose or effect the
      avoidance of this Section 7(e), shall, from and after the first occurrence
      of a
      Triggering Event and without any further action, be null and void and no holder
      of such Rights shall have any rights whatsoever with respect to such Rights
      whether under this Agreement or otherwise; provided, however, that, in the
      case
      of transferees described in clause (ii) or clause (iii) of this Section 7(e),
      any Rights beneficially owned by such transferee shall be null and void only
      if
      and to the extent such Rights were formerly beneficially owned by a Person
      who
      was, at the time such Person beneficially owned such Rights, or who later
      became, an Acquiring Person or an Affiliate or Associate of such Acquiring
      Person. The Company shall promptly notify the Rights Agent in writing when
      this
      Section 7(e) applies and shall use all 

     

     

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    reasonable
      efforts to ensure that the provisions of this Section 7(e) and of Section 4(b)
      are complied with but neither the Company nor the Rights Agent shall have
      liability to any holder of a Rights Certificate or to any other Person as a
      result of the Company’s failure to make, or any delay in making (including any
      such failure or delay by the Board of Directors of the Company), any
      determinations with respect to an Acquiring Person or its Affiliates, Associates
      or transferees under this Section 7(e) or any other provision of this
      Agreement.

     

    (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 the
      registered holder of a Rights Certificate upon the occurrence of any purported
      exercise as set forth in this Section 7 unless such registered holder shall
      have
      (i) duly and properly completed and signed the certificate contained in the
      form
      of election to purchase set forth on the reverse side of the Rights Certificate
      surrendered for such exercise, and (ii) provided such additional evidence of
      the
      identity of the Beneficial Owner (or former or proposed Beneficial Owner)
      thereof or the Affiliates or Associates of such Beneficial Owner (or former
      or
      proposed Beneficial Owner) as the Company or the Rights Agent shall reasonably
      request.

     

    Section
      8.  Cancellation
      and Destruction of Rights Certificates.
      All
      Rights Certificates surrendered for the purpose of exercise, transfer, division,
      combination or exchange shall, if surrendered to the Company or to any of its
      agents, be delivered to the Rights Agent for cancellation or in canceled form,
      or, if surrendered to the Rights Agent, shall be canceled by it, and no Rights
      Certificates shall be issued in lieu therefor except as expressly permitted
      by
      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
      canceled Rights Certificates to the Company, or shall, at the written request
      of
      the Company, destroy such canceled Rights Certificates, and in such case shall
      deliver a certificate of destruction thereof to the Company.

     

    Section
      9.  Reservation
      and Availability of Preferred Stock.

     

    (a)  The
      Company covenants and agrees that it will cause to be reserved and kept
      available at all times out of its authorized and unissued shares of Preferred
      Stock or its authorized and issued shares of Preferred Stock held in its
      treasury (and, following the occurrence of a Triggering Event or a Business
      Combination, out of its authorized and unissued shares of Common Stock and/or
      other securities or out of its authorized and issued shares of Common Stock
      and/or other securities held in its treasury) free from preemptive rights or
      any
      right of first refusal, a sufficient number of shares of Preferred Stock (and,
      following the occurrence of a Triggering Event or a Business Combination, shares
      of Common Stock and/or other securities) to permit the exercise in full of
      all
      Rights from time to time outstanding.

     

    (b)  The
      Company further covenants and agrees, so long as the Preferred Stock (and,
      following the occurrence of a Triggering Event or a Business Combination, shares
      of Common Stock and/or other securities) issuable upon the exercise of Rights
      may be listed on any United States national securities exchange or quoted on
      any
      automated quotation system, to use its reasonable best efforts to cause, from
      and after the time that the Rights become exercisable, 

     

     

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    all
      such
      shares and/or other securities reserved for such issuance to be listed on such
      exchange or quoted on such automated quotation system upon official notice
      of
      issuance upon such exercise.

     

    (c)  The
      Company further covenants and agrees that it will take all such action as may
      be
      necessary to ensure that all shares of Preferred Stock (and, following the
      occurrence of a Triggering Event or a Business Combination, shares of Common
      Stock and/or other securities) delivered upon the exercise of Rights shall,
      at
      the time of delivery of the certificates for such shares and/or such other
      securities (subject to payment of the Purchase Price), be duly and validly
      authorized and issued, fully paid, nonassessable, freely tradeable, not subject
      to liens or encumbrances, and free of preemptive rights, rights of first refusal
      or any other restrictions or limitations on the transfer or ownership thereof,
      of any kind or nature whatsoever.

     

    (d)  The
      Company further covenants and agrees that it will pay when due and payable
      any
      and all taxes and charges which may be payable in respect of the original
      issuance or delivery of the Rights Certificates or of any certificates for
      shares 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 (i) pay any tax or charge which may be payable in respect of any transfer
      involved in the issuance or delivery of any Rights Certificates or the issuance
      or delivery of any certificates for shares of Preferred Stock (or Common Stock
      and/or other securities as the case may be) to a Person other than, or in a
      name
      other than that of, the registered holder of the Rights Certificate evidencing
      Rights surrendered for exercise; or (ii) transfer or deliver any Rights
      Certificate or issue or deliver any certificates for shares of Preferred Stock
      (or Common Stock and/or other securities as the case may be) upon the exercise
      of any Rights until any such tax or charge shall have been paid (any such tax
      or
      charge 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 or charge is due.

     

    (e)  The
      Company shall use its reasonable best efforts (i) as soon as practicable
      following the Distribution Date (provided the consideration to be delivered
      by
      the Company upon exercise of the Rights has been determined in accordance with
      Section 11(a)(iii)), to prepare and file a registration statement on an
      appropriate form under the Securities Act with respect to the securities
      purchasable upon exercise of the Rights; (ii) to cause such registration
      statement to become effective as soon as practicable after such filing; and
      (iii) to cause such registration statement to remain effective (with a
      prospectus at all times meeting the requirements of the Securities Act) until
      the earlier of (A) the date as of which Rights are no longer exercisable for
      such securities or (B) the Expiration Date. The Company shall also use its
      reasonable best efforts to take such action as may be necessary or appropriate
      under, or to ensure compliance with, the securities or “blue sky” laws of the
      various states in connection with the exercise of the Rights. The Company may
      temporarily suspend, for a period of time not to exceed 90 days after the date
      set forth in clause (i) of this Section 9(e), 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 make a public
      announcement stating that the exercisability of the Rights has been temporarily
      suspended (with prompt written notice thereof to the Rights Agent), as well
      as a
      public announcement at such time as the suspension is no longer in effect (with
      prompt written notice thereof to the Rights Agent). The Company shall notify
      the
      Rights Agent whenever it makes a public announcement pursuant to this Section
      9(e), and send the Rights Agent a copy of the announcement. Notwithstanding
      any
      provision of this

     

     

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    Agreement
      to the contrary, the Rights shall not be exercisable in any jurisdiction unless
      the requisite qualification in such jurisdiction shall have been obtained and
      until a registration statement has been declared effective under the Securities
      Act.

     

    Section
      10.  Preferred
      Stock Record Date.
      Each
      Person in whose name any certificate for shares 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 the 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 any applicable taxes or charges) 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 (or Common Stock and/or such other
      securities, as the case may be) 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.

     

    Section
      11.  Adjustments
      to Purchase Price, Number of Shares or Number of Rights.
      The
      Purchase Price, the number and kind of securities, cash and other property
      obtainable upon exercise of each Right and the number of Rights outstanding
      shall be subject to adjustment from time to time as provided in this Section
      11.

     

    (a)  (i)    In
      the
      event the Company shall at any time on or after the date of this Agreement
      (A)
      pay a dividend or make a distribution on the outstanding shares of Preferred
      Stock payable in shares of Preferred Stock, (B) subdivide (by a stock split
      or
      otherwise) the outstanding Preferred Stock into a larger number of shares,
      (C)
      combine (by a reverse stock split or otherwise) the outstanding Preferred Stock
      into a smaller number of shares, or (D) issue any securities in a
      reclassification of the Preferred Stock (including any such reclassification
      in
      connection with a consolidation or merger in which the Company is the surviving
      corporation), except as otherwise provided in this Section 11(a), then in each
      such event the Purchase Price and the Redemption Price set forth in Section
      23,
      as each is in effect at the time of the record date for such dividend or
      distribution, or of the effective date of such subdivision, combination or
      reclassification, and the number and kind of shares of capital stock or
      interests therein issuable on such date, shall be proportionately adjusted
      so
      that the holder of any Right exercised after such time shall be entitled to
      receive the aggregate number and kind of shares of capital stock or interests
      therein which, if such Right had been exercised immediately prior to such date
      and at a time when the Preferred Stock transfer books of the Company were open,
      such holder would have owned upon such exercise and been entitled to receive
      by
      virtue of such dividend, subdivision, combination or reclassification. If an
      event occurs which would require an adjustment under both this Section 11(a)(i)
      and Section 11(a)(ii), the adjustment provided for in this Section 11(a)(i)
      shall be in addition to, and shall be made prior to, any adjustment required
      pursuant to Section 11(a)(ii).

     

    (ii)  Upon
      the
      first occurrence of a Triggering Event, proper provision shall be made so that
      each holder of a Right, except as otherwise provided in this Agreement, shall
      have the right to receive following the later to occur of the Stock Acquisition
      Date and the 

     

     

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    Distribution
      Date, and the Company shall issue, upon exercise thereof at a price equal to
      the
      then-current Purchase Price multiplied by the number of one one-hundredths
      of a
      share of Preferred Stock for which a Right is then exercisable in accordance
      with the terms of this Agreement, in lieu of the number of one one-hundredths
      of
      a share of Preferred Stock or other securities receivable upon exercise of
      a
      Right prior to the occurrence of the Triggering Event, such number of shares
      of
      Common Stock of the Company as shall equal the result obtained by (x)
      multiplying the then-current Purchase Price by the number of one-hundredths
      of a
      share of Preferred Stock or other securities for which a Right was then
      exercisable (without giving effect to such Triggering Event) and (y) dividing
      that product by 50% of the Current Market Price per share of Common Stock on
      the
      date of the occurrence of the Triggering Event (such number of shares being
      referred to as the “Adjustment Shares”); provided, however, that if the
      transaction or event that would otherwise give rise to the foregoing adjustment
      is also subject to the provisions of Section 13, then only the provisions of
      Section 13 shall apply and no adjustment shall be made pursuant to this Section
      11(a)(ii). Upon the occurrence of such Triggering Event, the Purchase Price
      required to be paid in order to exercise a Right shall be unchanged, and the
      Purchase Price shall be appropriately adjusted to reflect, and shall thereafter
      mean, the amount required to be paid per share of Common Stock upon exercise
      of
      a Right.

     

    (iii)  In
      lieu
      of issuing shares of Common Stock in accordance with Section 11(a)(ii), the
      Company may, if a majority of the Board of Directors of the Company determines
      that such action is necessary or appropriate and not contrary to the interests
      of holders of Rights, elect to, and, if the number of shares of Common Stock
      which are authorized by the Company’s certificate of incorporation, but which
      are not outstanding or reserved for issuance for purposes other than upon
      exercise of the Rights, are not sufficient to permit the exercise in full of
      the
      Rights in accordance with Section 11(a)(ii), the Company shall take all such
      action as may be necessary to authorize, issue or pay, upon the exercise of
      Rights, cash (including by way of a reduction of the Purchase Price), debt
      securities, property, assets or other equity securities of the Company
      (including, without limitation, shares or units of shares of preferred stock)
      which the Board of Directors of the Company has determined (which determination
      shall be final, binding and conclusive for all purposes) to have essentially
      the
      same value or economic rights as shares of Common Stock (such equity securities
      referred to herein as “Common Stock Equivalents), or any combination of the
      foregoing, having an aggregate value equal to the value of the Adjustment Shares
      which otherwise would have been issuable pursuant to Section 11(a)(ii), which
      aggregate value shall be determined by a majority of the Board of Directors
      (which determination shall be final, binding and conclusive for all purposes).
      If a majority of the Board of Directors determines to issue or deliver any
      equity securities (other than Common Stock or Common Stock Equivalents), debt
      securities and/or other property or assets pursuant to this Section 11(a)(iii),
      the value of such securities and/or property or assets shall be determined
      by a
      majority of the Board of Directors of the Company based upon the advice of
      a
      nationally recognized investment banking firm selected by a majority of the
      Board of Directors of the Company (which determination shall be final, binding
      and conclusive for all purposes). If the Company is required to make adequate
      provision to deliver value pursuant to the first sentence of this Section
      11(a)(iii) and the Company shall not have made such adequate provision to
      deliver value within ninety (90) days following the later to occur of the Stock
      Acquisition Date and the Distribution Date (the “Substitution Period”), then
      notwithstanding any provision of Section 11(a)(ii) or this Section 11(a)(iii)
      to
      the contrary, the Company shall be obligated to deliver, upon the surrender
      for
      exercise of a Right and without requiring payment of the Purchase 

     

     

    18

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Price,
      shares of Common Stock (to the extent available) and then, if necessary, cash,
      which shares and/or cash have an aggregate value equal to the excess of the
      value of the Adjustment Shares over the Purchase Price. If both Common Stock
      and
      cash are to be delivered pursuant to the preceding sentence, amounts of both
      Common Stock and cash shall be delivered upon surrender of each Right in a
      ratio
      of Common Stock to cash that bears the same ratio as the total value of all
      Common Stock to be delivered (as determined pursuant to this Section 11(a)(iii))
      bears to the total value of all cash to be delivered; provided, however, that
      the Company may adjust such ratio to avoid issuing any fractional shares of
      Common Stock so long as the method of adjustment is applied consistently to
      each
      holder of Rights entitled to receive value with respect thereto pursuant to
      this
      Section 11(a)(iii). To the extent that the Company determines that some action
      is to be taken pursuant to the first and/or third sentences of this Section
      11(a)(iii), the Company may suspend the exercisability of the Rights but in
      no
      event to a time later than the expiration of the Substitution Period. In the
      event of 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. For purposes of this Section 11(a)(iii), the value of each Adjustment
      Share shall be the Current Market Price per share of the Common Stock on the
      Stock Acquisition Date and the per share or per unit value of any Common Stock
      Equivalent shall be deemed to equal the Current Market Price per share of the
      Common Stock on such date.

     

    (iv)  A
      majority of the Board of Directors of the Company may, at its option, at any
      time and from time to time after the later to occur of the Stock Acquisition
      Date and the Distribution Date, cause the Company to exchange, for all or part
      of the then-outstanding and exercisable Rights (which shall not include Rights
      that have become null and void pursuant to the provisions of Section 7(e)),
      shares of Common Stock or Common Stock Equivalents at an exchange ratio of
      one
      share of Common Stock per Right, appropriately adjusted to reflect any stock
      split, stock dividend or similar transaction occurring on or after the date
      of
      this Agreement (such exchange ratio being hereinafter referred to as the
“Exchange Ratio”). Any partial exchange shall be effected on a pro rata basis
      based on the number of Rights (other than Rights which have become null and
      void
      pursuant to the provisions of Section 7(e)) held by each holder of Rights.
      Notwithstanding the foregoing, the Board of Directors shall not be empowered
      to
      effect such exchange at any time after any Person (other than an Exempt Person),
      together with all Affiliates and Associates of such Person, becomes the
      Beneficial Owner of 50% or more of the Outstanding Common Stock.

     

    Immediately
      upon the action of a majority of the Board of Directors of the Company ordering
      the exchange of any Rights pursuant to this Section 11(a)(iv) 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 and/or Common Stock Equivalents
      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 and, in addition, the Company shall promptly mail a notice of any
      such
      exchange to all of the holders of such Rights in accordance with Section 25;
      provided, however, that the failure to give, any delay in giving or any defect
      in, such notice shall not affect the validity of such exchange. Each such notice
      of exchange will state the method by which the exchange of the Common Stock
      or
      Common Stock Equivalents for Rights will be effected and, in the event of any
      partial exchange, the number of Rights which will be exchanged. In the event
      

     

     

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    that
      the
      number of shares of Common Stock which is authorized but not outstanding or
      reserved for issuance for a purpose other than exercise of the Rights is not
      sufficient to permit any exchange of Rights as contemplated in accordance with
      this Section 11(a)(iv), the Board of Directors of the Company shall take all
      such action within its power as may be necessary to authorize additional shares
      of Common Stock for issuance upon exchange of the Rights. The Company shall
      not
      be required to issue fractions of shares of Common Stock or Common Stock
      Equivalents or to distribute certificates which evidence fractional shares
      of
      Common Stock or Common Stock Equivalents. In lieu of such fractional shares
      of
      Common Stock or Common Stock Equivalents, the Company shall pay to the
      registered holders of the Rights Certificates with regard to which such
      fractional shares of Common Stock or Common Stock Equivalents would otherwise
      be
      issuable an amount in cash equal to the product derived by multiplying (x)
      the
      subject fraction, by (y) the last sale price of the Company’s Common Stock on
      the fifth Trading Day following the public announcement of the exchange by
      the
      Company, or, in case no such sale takes place on such day, the average of the
      closing bid and asked prices on such day, in either case on a when issued basis
      (taking into account the exchange), as reported in the principal consolidated
      transaction reporting system with respect to securities listed or admitted
      to
      trading on the NYSE (or, if the Company’s Common Stock is not so listed or
      traded, then as determined in the manner provided under the definition of
“Current Market Price,” adjusted to take into account the exchange). For the
      purposes of this Section 11(a)(iv), the value of any Common Stock Equivalent
      on
      any date shall be the same as the value of the Common Stock, as determined
      pursuant to the previous sentence, on such date.

     

    (b)  If
      the
      Company shall at any time on or after the date of this Agreement fix a record
      date for the issuance of rights, options or warrants to holders of Preferred
      Stock entitling them (for a period expiring within 45 calendar days after such
      record date) to subscribe for or purchase Preferred Stock or Equivalent Shares
      (or securities convertible into or exchangeable for Preferred Stock or
      Equivalent Shares) at a price per share of Preferred Stock or Equivalent Shares
      (or, in the case of a convertible or exchangeable security, having a conversion
      or exchange price per share of Preferred Stock or Equivalent Shares) less than
      the Current Market Price per share of Preferred Stock on such record date,
      the
      Purchase Price to be in effect after such record date shall be determined by
      multiplying the Purchase Price in effect immediately prior to such record date
      by a fraction, the numerator of which shall be the number of shares of Preferred
      Stock and Equivalent Shares (if any) outstanding on such record date, plus
      the
      number of shares of Preferred Stock or Equivalent Shares, as the case may be,
      which the aggregate exercise, conversion and/or exchange price for the total
      number of shares of Preferred Stock or Equivalent Shares, as the case may be,
      which are obtainable upon exercise, conversion and/or exchange of such rights,
      options, warrants or convertible or exchangeable securities would purchase
      at
      such Current Market Price, and the denominator of which shall be the number
      of
      shares of Preferred Stock and Equivalent Shares (if any) outstanding on such
      record date, plus the number of additional shares of Preferred Stock or
      Equivalent Shares, as the case may be, which may be obtained upon exercise,
      conversion and/or exchange of such rights, options, warrants or convertible
      or
      exchangeable securities. In case such subscription price may be paid in a
      consideration part or all of which shall be in a form other than cash, the
      value
      of such consideration shall be as determined in good faith by a majority of
      the
      Board of Directors of the Company, whose determination shall be described in
      a
      written statement filed with the Rights Agent and shall be final, binding and
      conclusive for all purposes. Preferred Stock and Equivalent Shares owned by
      or
      held for the account of the Company or any Subsidiary of the 

     

     

    20

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Company
      shall not be deemed outstanding for the purpose of any such computation. Such
      adjustment shall be made successively whenever such a record date is fixed;
      and
      in the event that such rights, options or warrants are not issued following
      such
      adjustment, the Purchase Price shall be readjusted to be the Purchase Price
      that
      would have been in effect if such record date had not been fixed.

     

    (c)  In
      case
      the Company shall at any time on or after the date of this Agreement fix a
      record date for the making of a distribution to holders of Preferred Stock
      (including any such distribution made in connection with a reclassification
      of
      the Preferred Stock or a consolidation or merger in which the Company is the
      surviving corporation) of securities (other than Preferred Stock and rights,
      options, warrants or convertible or exchangeable securities referred to in
      Section 11(b)), cash (other than a regular periodic cash dividend at an annual
      rate not in excess of: (x) 125% of the annual rate of the regular cash dividend
      paid on the Preferred Stock during the immediately preceding fiscal year (or,
      if
      the Preferred Stock was not outstanding during such preceding fiscal year,
      then
      125% of the annual rate of the regular cash dividend paid on the Common Stock
      during such year), or (y) in the event that a regular cash dividend was not
      paid
      on the Preferred Stock (or Common Stock) during such preceding fiscal year,
      5%
      of the Current Market Value of the Preferred Stock on the date such regular
      cash
      dividend was first declared), property, evidences of indebtedness, or assets,
      the Purchase Price to be in effect after such record date shall be determined
      by
      multiplying the Purchase Price in effect immediately prior to such record date
      by a fraction, the numerator of which shall be the Current Market Price per
      share of Preferred Stock on such record date, less the fair market value (as
      determined in good faith by a majority of the Board of Directors of the Company,
      whose determination shall be described in a written statement filed with the
      Rights Agent and shall be final, binding and conclusive for all purposes) of
      the
      portion of such securities, cash, property, evidences of indebtedness or assets
      to be so distributed in respect of one share of Preferred Stock, and the
      denominator of which shall be such Current Market Price per share of Preferred
      Stock on such record date. Such adjustments shall be made successively whenever
      such a record date is fixed; and in the event that such distribution is not
      made
      following such adjustment, the Purchase Price shall be readjusted to be the
      Purchase Price that would have been in effect if such record date had not been
      fixed.

     

    (d)  Except
      as
      provided below, no adjustment in the Purchase Price shall be required unless
      such adjustment would require an increase or decrease of at least 1% in the
      Purchase Price; provided, however, that any adjustments which by reason of
      this
      Section 11(d) are not required to be made shall be carried forward and taken
      into account in any subsequent adjustment. All calculations under this Section
      11 shall be made to the nearest cent, to the nearest one hundred-thousandth
      of a
      share of Common Stock, or to the nearest one hundred-thousandths of a share
      of
      Preferred Stock. Notwithstanding the first sentence of this Section 11(d),
      any
      adjustment required by this Section 11 shall be made no later than the earlier
      of (i) three years from the date of the transaction which requires such
      adjustment and (ii) the Expiration Date.

     

    (e)  If,
      as a
      result of an adjustment made pursuant to Section 11(a) or Section 13(a), the
      holder of any Right thereafter exercised shall become entitled to receive any
      securities of the Company other than shares of Preferred Stock, thereafter
      the
      Purchase Price and the number of such other securities so receivable upon
      exercise of any Right shall be subject to 

     

     

    21

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    adjustment
      from time to time in a manner and on terms as nearly equivalent as practicable
      to the provisions with respect to the shares of Preferred Stock contained in
      this Section 11 and the provisions of Sections 7, 9, 10, 12, 13, 14 and 24
      with
      respect to the shares of Preferred Stock shall apply on like terms to any such
      other securities.

     

    (f)  All
      Rights originally issued by the Company subsequent to any adjustment made to
      the
      Purchase Price hereunder shall evidence the right to purchase, at the adjusted
      Purchase Price, the number of shares of Preferred Stock or other securities,
      cash or other property purchasable from time to time hereunder upon exercise
      of
      the Rights, all subject to further adjustment as provided in this
      Agreement.

     

    (g)  Unless
      the Company shall have exercised its election as provided in Section 11(h),
      upon
      each adjustment of the Purchase Price as a result of any calculation made
      pursuant to Sections 11(a)(i), 11(b) and 11(c), each Right outstanding
      immediately prior to the making of such adjustment shall thereafter evidence
      the
      right to purchase, at the adjusted Purchase Price, that number of one
      one-hundredths of a share of Preferred Stock (calculated to the nearest one
      hundred-thousandths of a share of Preferred Stock) obtained by (i) multiplying
      the number of one one-hundredths of a share of Preferred Stock covered by a
      Right immediately prior to adjustment pursuant to this Section 11(g) by the
      Purchase Price in effect immediately prior to such adjustment of the Purchase
      Price and (ii) dividing the product so obtained by the Purchase Price in effect
      immediately after such adjustment of the Purchase Price.

     

    (h)  The
      Company may elect, on or after the date of any adjustment of the Purchase Price
      or any adjustment to the number of shares of Preferred Stock for which a Right
      may be exercised, to adjust the number of Rights, in lieu of an adjustment
      in
      the number of one one-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 one-hundredths
      of a share of Preferred Stock for which a Right was exercisable immediately
      prior to such adjustment. Each Right outstanding prior to such adjustment of
      the
      number of Rights shall become that number of Rights (calculated to the nearest
      one hundred-thousandth) obtained by dividing the Purchase Price in effect
      immediately prior to such adjustment by the Purchase Price in effect immediately
      after such adjustment. The Company shall make a public announcement of its
      election to adjust the number of Rights (with prompt written notice thereof
      to
      the Rights Agent), indicating the record date for the adjustment, and, if known
      at the time, the amount of the adjustment to be made. This record date may
      be
      the date on which the Purchase Price is adjusted or any day thereafter, but,
      if
      the Rights Certificates have been issued, shall be at least 10 days after the
      date of the public announcement. If Rights Certificates have been issued, upon
      each adjustment of the number of Rights pursuant to this Section 11(h) the
      Company shall, as promptly as practicable, cause to be distributed to holders
      of
      record of Rights Certificates on such record date a new Rights Certificate
      evidencing, subject to Section 14, the additional Rights to which such holders
      shall be entitled as a result of such adjustment, or, at the option of the
      Company, shall cause to be distributed to such holders of record, in
      substitution and replacement for the Rights Certificates held by such holders
      prior to the date of adjustment and upon surrender thereof (if required by
      the
      Company), new Rights Certificates evidencing all the Rights to which such
      holders shall be entitled after such adjustment. Rights Certificates to be
      so
      distributed shall be issued, executed and countersigned in the manner provided
      for in this Agreement (and may bear, at the option of the Company,
      the

     

     

    22

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     adjusted
      Purchase Price) and shall be registered in the names of the holders of record
      of
      Rights Certificates on the record date specified in the public
      announcement.

     

    (i)  Irrespective
      of any adjustment or change in the Purchase Price or the number or kind of
      shares issuable upon the exercise of the Rights, the Rights Certificates
      theretofore and thereafter issued may continue to express the Purchase Price
      per
      one one-hundredth of a share of Preferred Stock and the number of shares of
      Preferred Stock which were expressed in the initial Rights Certificates issued
      hereunder.

     

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

     

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

     

    (l)  Anything
      in this Section 11 to the contrary notwithstanding, the Company shall be
      entitled to make such reductions in the Purchase Price, in addition to those
      adjustments expressly required by this Section 11, as and to the extent that
      the
      Board of Directors of the Company in its sole discretion shall determine to
      be
      advisable in order that any combination or subdivision of the Preferred Stock,
      issuance wholly for cash of any Preferred Stock at less than the Current Market
      Price per share of Preferred Stock, issuance wholly for cash of Preferred Stock
      or securities which by their terms are convertible into or exchangeable or
      exercisable for Preferred Stock, stock dividends or issuance of rights, options
      or warrants referred to in this Section 11, hereafter made by the Company to
      holders of its Preferred Stock, shall not be taxable to such
      shareholders.

     

    (m)  The
      Company covenants and agrees that it shall not, at any time after the
      Distribution Date, (i) consolidate with, (ii) merge with or into, or (iii)
      directly or indirectly sell, lease or otherwise transfer or dispose of (in
      one
      transaction or a series of related transactions) property, assets or earning
      power aggregating more than 50% of the property, assets or earning power of
      the
      Company and its Subsidiaries taken as a whole, to any other Person if (A) at
      the
      time of or immediately after such consolidation, merger, sale, lease, transfer
      or disposition there are any rights, warrants, securities or other instruments
      outstanding or agreements in effect which would substantially diminish or
      otherwise eliminate the benefits intended to be afforded 

     

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    by
      the
      Rights; (B) prior to, simultaneously with or immediately after such
      consolidation, merger, sale, lease, transfer or disposition the shareholders
      (or
      equity holders) of the Person who constitutes, or would constitute, the
      Principal Party for purposes of Section 13(a) hereof or any of its Affiliates
      or
      Associates shall have received a distribution of Rights; or (C) the form or
      nature of organization of the Principal Party would preclude or limit the
      exercisability of the Rights. The Company shall not consummate any such
      consolidation, merger, sale, lease, transfer or disposition unless prior thereto
      the Company and such other Person shall have executed and delivered to the
      Rights Agent a supplemental agreement evidencing compliance with this Section
      11(m).

     

    (n)  The
      Company covenants and agrees that, after the later to occur of the Stock
      Acquisition Date and the Distribution Date, it will not, except as permitted
      by
      Section 11(a)(iv), 26 or 29(b), 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, directly or indirectly, diminish or otherwise eliminate the
      benefits intended to be afforded by the Rights.

     

    (o)  Anything
      in this Agreement to the contrary notwithstanding, if the Company shall at
      any
      time prior to the Distribution Date (i) pay a dividend or make a distribution
      on
      the outstanding shares of Common Stock payable in shares of Common Stock, (ii)
      subdivide the outstanding Common Stock into a larger number of shares, (iii)
      combine (by a reverse stock split or otherwise) the outstanding Common Stock
      into a smaller number of shares, or (iv) issue any securities in a
      reclassification of the Common Stock (including any such reclassification in
      connection with a consolidation or merger in which the Company is the surviving
      corporation), then the number of Rights associated with each share of Common
      Stock or (in a reclassification) each security then outstanding, or issued
      or
      delivered thereafter but prior to the Distribution Date, and the Purchase Price
      under, and the number of one one-hundredths of a share of Preferred Stock
      issuable in respect of, the Rights, shall be proportionately adjusted, so that
      following such event one Right (with the Purchase Price and the number of one
      one-hundredths of a share of Preferred Stock proportionately adjusted
      thereunder) shall thereafter be associated with each share of Common Stock
      or
      (in a reclassification) each security then outstanding, or issued or delivered
      thereafter but prior to the Distribution Date. For example, if the Company
      effects a two-for-one stock split of the Common Stock at a time when each Right
      (if it becomes exercisable) would entitle the holder to purchase one
      one-hundredth of a share of Preferred Stock for a Purchase Price of $”$100”,
      then following such stock split each previous Right would be split into two
      current Rights and thereafter each such current Right, upon becoming
      exercisable, would (subject to further adjustment) entitle the holder to
      purchase one one-hundredth of a share of Preferred Stock at a Purchase Price
      of
      1/2 x $”$50”.

     

    Section
      12.  Certification
      of Adjustments.
      Whenever an adjustment is made or
      any
      event affecting the Rights or their exercisability (including, without
      limitation, an event which causes Rights to become null and void)
      occurs
      as
      provided in Section 11 or 13, the Company shall (a) promptly prepare a
      certificate setting forth such adjustment and a brief statement of the facts
      and
      calculations accounting for such adjustment or describing such event, (b)
      promptly file with the Rights Agent and with each transfer agent for the
      Preferred Stock a copy of such certificate, and (c) mail or cause the Rights
      Agent to mail a brief summary thereof to each holder of a Rights Certificate
      (or, if no Rights Certificates have been issued, to each holder of a certificate
      representing shares of Common Stock) in accordance with Section 25.

     

     

    24

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Notwithstanding
      the foregoing sentence, the failure of the Company to give such notice shall
      not
      affect the validity of or the force or effect of or the requirement for such
      adjustment. Any adjustment to be made pursuant to Section 11 or 13 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 or
      statement contained
      therein and shall have
      no
      duty or liability with respect to and shall not
      be
      deemed to have knowledge of such adjustment or
      event
unless
      and until it shall have received such certificate.

     

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

     

    (a)  A
      “Business Combination” shall be deemed to occur in the event that, on or
      following a Triggering Event, (i) the Company shall, directly or indirectly,
      consolidate with, or merge with and into, any other Person (other than a
      Subsidiary of the Company in a transaction that complies with Section 11(m)
      and
      Section 11(n)) in a transaction in which the Company is not the continuing,
      resulting or surviving corporation of such merger or consolidation; (ii) any
      Person (other than a Subsidiary of the Company in a transaction that complies
      with Section 11(m) and Section 11(n)) shall, directly or indirectly, consolidate
      with the Company, or shall merge with and into the Company, in a transaction
      in
      which the Company is the continuing, resulting or surviving corporation of
      such
      merger or consolidation and, in connection with such merger or consolidation,
      all or part of the Common Stock shall be changed (including, without limitation,
      any conversion into or exchange for securities of the Company or of any other
      Person, cash or any other property); (iii) the Company shall, directly or
      indirectly, effect a share exchange in which all or part of the Common Stock
      shall be changed (including, without limitation, any conversion into or exchange
      for securities of any other Person, cash or any other property); or (iv) the
      Company shall, directly or indirectly, sell, lease, exchange, mortgage, pledge
      (other than pledges in the ordinary course of the Company’s financing
      activities) or otherwise transfer or dispose of (or one or more of its
      Subsidiaries shall directly or indirectly sell, lease, exchange, mortgage,
      pledge (other than pledges in the ordinary course of the Company’s financing
      activities) or otherwise transfer or dispose of), in one transaction or a series
      of related transactions, property, assets or earning power aggregating more
      than
      50% of the property, assets or earning power of the Company and its Subsidiaries
      (taken as a whole) to any other Person (other than the Company or any of its
      Subsidiaries in one or more transactions each and all of which comply with
      Section 11(m) and Section 11(n)).

     

    In
      the
      event of a Business Combination, proper provision shall be made so that each
      holder of a Right (except as otherwise provided in this Agreement) shall
      thereafter have the right to receive, upon the exercise thereof at a price
      equal
      to the Purchase Price immediately prior to the first occurrence of a Triggering
      Event multiplied by the number of one one-hundredths of a share of Preferred
      Stock for which a Right was exercisable immediately prior to the first
      occurrence of a Triggering Event (without giving effect to the Triggering Event)
      in accordance with the terms of this Agreement, such number of shares of Common
      Stock of the Principal Party as shall be equal to the result obtained by (x)
      multiplying the Purchase Price immediately prior to the first occurrence of
      a
      Triggering Event by the number of one one-hundredths of a share of Preferred
      Stock for which a Right was exercisable immediately prior to the first
      occurrence of a Triggering Event (without giving effect to the Triggering
      Event), and (y) dividing that product by 50% of the Current Market Price per
      share of the Common Stock of 

     

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    such
      Principal Party immediately prior to the consummation of such Business
      Combination. All shares of Common Stock of any Person for which any Right may
      be
      exercised after consummation of a Business Combination as provided in this
      Section 13(a) shall, when issued upon exercise thereof in accordance with this
      Agreement, be duly and validly authorized and issued, fully paid, nonassessable,
      freely tradeable, not subject to liens or encumbrances, and free of preemptive
      rights, rights of first refusal or any other restrictions or limitations on
      the
      transfer or ownership thereof of any kind or nature whatsoever.

     

    (b)  After
      consummation of any Business Combination, (i) the Principal Party shall be
      liable for, and shall assume, by virtue of such Business Combination and without
      the necessity of any further act, all the obligations and duties of the Company
      pursuant to this Agreement, (ii) the term “Company” as used in this Agreement
      shall thereafter be deemed to refer to such Principal Party, and (iii) such
      Principal Party shall take all steps (including, but not limited to, the
      reservation of a sufficient number of shares of its Common Stock in accordance
      with Section 9) in connection with such Business Combination as is necessary
      to
      ensure that the provisions of this Agreement shall thereafter be applicable,
      as
      nearly equivalent as practicable, in relation to the shares of its Common Stock
      thereafter deliverable upon the exercise of the Rights.

     

    (c)  The
      Company shall not consummate any Business Combination unless prior thereto
      (i)
      the Principal Party shall have a sufficient number of authorized shares of
      its
      Common Stock which have not been issued or reserved for issuance (other than
      shares reserved for issuance pursuant to this Agreement to the holders of
      Rights) to permit the exercise in full of the Rights in accordance with this
      Section 13; (ii) the Company and such Principal Party shall have executed and
      delivered to the Rights Agent a supplemental agreement providing for the
      fulfillment of the Principal Party’s obligations and the terms as set forth in
      paragraphs (a) and (b) of this Section 13 and further providing that, as soon
      as
      practicable on or after the date of such Business Combination, the Principal
      Party, at its own expense, shall (A) prepare and file, if necessary, a
      registration statement on an appropriate form under the Securities Act with
      respect to the Rights and the securities purchasable upon exercise of the
      Rights; (B) use its reasonable best efforts to cause such registration statement
      to become effective as soon as practicable after such filing and remain
      effective (with a prospectus at all times meeting the requirements of the
      Securities Act) until the Expiration Date; (C) 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 (or any successor form) under the Exchange Act; (D) use its
      reasonable best efforts to qualify or register the Rights and the securities
      purchasable upon exercise of the Rights under the state securities or “blue sky”
laws of such jurisdictions as may be necessary or appropriate; (E) use its
      reasonable best efforts to list the Rights and the securities purchasable upon
      exercise of the Rights on a United States national securities exchange; and
      (F)
      obtain waivers of any rights of first refusal or preemptive rights in respect
      of
      the Common Stock of the Principal Party subject to purchase upon exercise of
      outstanding Rights; (iii) the Company and the Principal Party shall have
      furnished to the Rights Agent an opinion of independent counsel stating that
      such supplemental agreement is a legal, valid and binding agreement of the
      Principal Party enforceable against the Principal Party in accordance with
      its
      terms; and (iv) the Company and the Principal Party shall have filed with the
      Rights Agent a certificate of a nationally recognized firm of independent
      accountants setting forth the number of shares of Common Stock of such issuer
      which may be purchased upon the exercise of each Right after the consummation
      of
      such Business Combination.

     

     

    26

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (d)  The
      provisions of this Section 13 shall similarly apply to successive Business
      Combinations. In the event a Business Combination shall be consummated at any
      time after the occurrence of a Triggering Event, the Rights which have not
      theretofore been exercised shall thereafter be exercisable for the consideration
      and in the manner described in Section 13(a). Following a Business Combination,
      the provisions of Section 11(a)(ii) shall be of no effect.

     

    (e)  Notwithstanding
      any other provision of this Agreement to the contrary, no adjustment to the
      number of shares of Preferred Stock (or fractions of a share) or other
      securities, cash or other property for which a Right is exercisable or the
      number of Rights outstanding or associated with each share of Common Stock
      or
      any similar or other adjustment shall be made or be effective if such adjustment
      would have the effect of reducing or limiting the benefits the holders of the
      Rights would have had absent such adjustment, including, without limitation,
      the
      benefits under Sections 11 and 13, unless the terms of this Agreement are
      amended so as to preserve such benefits.

     

    (f)  The
      Company covenants and agrees that it shall not effect any Business Combination
      if at the time of, or immediately after such Business Combination, there are
      any
      rights, options, warrants or other instruments outstanding which would diminish
      or otherwise eliminate the benefits intended to be afforded by the
      Rights.

     

    (g)  Without
      limiting the generality of this Section 13, in the event the nature of the
      organization of any Principal Party shall preclude or limit the acquisition
      of
      Common Stock of such Principal Party upon exercise of the Rights as required
      by
      Section 13(a) as a result of a Business Combination, it shall be a condition
      to
      such Business Combination that such Principal Party shall take such steps
      (including, but not limited to, a reorganization) as may be necessary to ensure
      that the benefits intended to be derived under this Section 13 upon the exercise
      of the Rights are assured to the holders thereof.

     

    (h)  In
      addition to, and without limiting, any other provision of this Section 13,
      in
      case the Principal Party which is to be a party to a transaction referred to
      in
      this Section 13 has provision in any of its authorized securities or in its
      certificate of incorporation or by-laws or other instrument governing its
      corporate affairs (or equivalent documents for a non-corporate Person), which
      provision would have the effect of (i) causing such Principal Party to issue
      (other than to holders of Rights pursuant to this Section 13), in connection
      with, or as a consequence of, the consummation of a transaction referred to
      in
      this Section 13, Common Stock of such Principal Party at less than the then
      Current Market Price per share or securities exercisable for, or convertible
      into, Common Stock of such Principal Party at less than such then Current Market
      Price, or (ii) providing for any special payment, tax, charge or similar
      provisions in connection with the issuance of the Common Stock of such Principal
      Party pursuant to the provisions of this Section 13, then, in such event, the
      Company hereby agrees with each holder of Rights that it shall not consummate
      any such transaction unless prior thereto the Company and such Principal Party
      shall have executed and delivered to the Rights Agent a supplemental agreement
      providing that the provision in question of such Principal Party shall have
      been
      cancelled, waived or amended, or that the authorized securities shall be
      redeemed, so that the applicable provision will have no effect in connection
      with, or as a consequence of, the consummation of the proposed
      transaction.

     

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    Section
      14.  Fractional
      Rights and Fractional Shares.

     

    (a)  The
      Company shall not be required to issue fractional Rights or to distribute Rights
      Certificates which evidence fractional Rights. In lieu of such fractional
      Rights, the Company may at its option pay to the registered holders of the
      Rights Certificates with respect to which such fractional Rights would otherwise
      be issuable an amount in cash equal to the same fraction of the current market
      value of a whole Right. For the purposes of this Section 14(a), the current
      market value of a whole Right shall be the closing price of a Right for the
      Trading Day immediately prior to the date on which such fractional Rights
      otherwise would have been issuable. The closing price for any Trading Day shall
      be the last sale price, regular way, 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,
      on such day, in either case as reported in the principal consolidated
      transaction reporting system with respect to securities listed or admitted
      to
      trading on the NYSE or, if the Rights are not listed or admitted to trading
      on
      the NYSE, as reported in the principal consolidated transaction reporting system
      with respect to securities listed on the principal United States 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 United States national
      securities exchange, the closing price quoted on the Nasdaq Stock Market or,
      if
      not so quoted, the average of the high bid and low asked prices in the
      over-the-counter market on such day, as reported by any National Association
      of
      Securities Dealers, Inc. quotations system or such other system then in use
      or,
      if on such day the Rights are not quoted by any such system, the average of
      the
      closing bid and asked prices on such day as furnished by a professional market
      maker making a market in the Rights selected by a majority of the Board of
      Directors of the Company (which selection shall be final, binding and conclusive
      for all purposes). If on such day no such market maker is making a market in
      the
      Rights, the current market value of the Rights on such day shall be determined
      in good faith by a majority of the Board of Directors of the Company, whose
      determination shall be described in a statement filed with the Rights Agent
      and
      shall be final, binding and conclusive for all purposes.

     

    (b)  The
      Company shall not be required to issue fractions of shares of Preferred Stock
      (other than fractions which are integral multiples of one one-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 one-hundredth of a share of
      Preferred Stock). Fractions of shares of Preferred Stock may, at the election
      of
      the Company, be evidenced by depositary receipts pursuant to an appropriate
      agreement between the Company and a depositary selected by it, provided that
      such agreement shall provide that the holders of such depositary receipts shall
      have all the rights, privileges and preferences to which they are entitled
      as
      beneficial owners of the Preferred Stock. In lieu of fractional shares of
      Preferred Stock that are not integral multiples of one one-hundredth of a share
      of Preferred Stock, the Company may at its option (i) issue scrip or warrants
      in
      registered form (either represented by a certificate or uncertificated) or
      in
      bearer form (represented by a certificate) which shall entitle the holder to
      receive a full one one-hundredth of a share of Preferred Stock upon the
      surrender of such scrip or warrants aggregating a full one one-hundredth of
      a
      share of Preferred Stock, or (ii) pay to the registered holders of Rights
      Certificates at the time such Rights Certificates are exercised as provided
      in
      this Agreement an amount in cash equal to the same fraction of the current
      market value of a share of Preferred Stock. For purposes of this Section 14(b),
      the current market value of a share of Preferred Stock 

     

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    shall
      be
      the closing price of a share of Preferred Stock (as determined pursuant to
      the
      second sentence of the definition of “Current Market Price” in Section 1) for
      the Trading Day immediately prior to the date of such exercise.

     

    (c)  The
      Company shall not be required to issue fractions of shares of Common Stock
      or
      Common Stock Equivalents or to distribute certificates which evidence fractional
      shares of Common Stock or Common Stock Equivalents. In lieu of such fractional
      shares of Common Stock or Common Stock Equivalents, the Company shall pay to
      the
      registered holders of the Rights Certificates with regard to which such
      fractional shares of Common Stock or Common Stock Equivalents would otherwise
      be
      issuable an amount in cash equal to the product derived by multiplying (x)
      the
      subject fraction, by (y) Current Market Price of the Company’s Common
      Stock.

     

    (d)  The
      holder of a Right by his acceptance thereof expressly waives any right to
      receive any fractional Rights or any fractional shares upon exercise of a Right
      (except as otherwise provided in this Agreement).

     

    (e)  Whenever
      a payment for fractional Rights or fractional shares is to be made by the Rights
      Agent, the Company shall (i) promptly prepare and deliver to the Rights Agent
      a
      certificate setting forth in reasonable detail the facts related to such
      payments and the prices and/or formulas utilized in calculating such payments,
      and (ii) provide sufficient monies to the Rights Agent in the form of fully
      collected funds to make such payments. The Rights Agent shall be fully protected
      in relying upon such a certificate and shall have no duty with respect to,
      and
      shall not be deemed to have knowledge of any payment for fractional Rights
      or
      fractional shares under any Section of this Agreement relating to the payment
      of
      fractional Rights or fractional shares unless and until the Rights Agent shall
      have received such a certificate and sufficient monies.

     

    Section
      15.  Rights
      of Action.
      

     

    (a)  Except
      as
      otherwise provided, 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, any registered holders of associated Common Stock);
      and
      any registered holder of any Rights Certificate (or, prior to the Distribution
      Date, any share of associated Common Stock), without the consent of the Rights
      Agent or of the holder of any other Right, may, on his own behalf and for his
      own benefit, enforce, and may institute and maintain any suit, action or
      proceeding against the Company or any Principal Party to enforce, or otherwise
      act in respect of, his rights pursuant to 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 will be entitled, without posting any bond, to specific
      performance of the obligations under, and injunctive relief against any actual
      or threatened violation of the obligations of any Person subject to, this
      Agreement.

     

    (b)  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 

     

     

    29

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    preliminary
      or permanent injunction or other order, judgment, decree or ruling (whether
      interlocutory or final) issued by a court or by a governmental, regulatory,
      self-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, that the Company shall use all reasonable efforts to have
      any
      such injunction, order, judgment, decree or ruling lifted or otherwise
      overturned as soon as reasonably practicable.

     

    Section
      16.  Agreement
      of Rights Holders Concerning Transfer and Ownership of Rights.
      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 will be transferable on the registry
      books of the Rights Agent only if surrendered at the designated office of the
      Rights Agent, duly endorsed or accompanied by a proper instrument of
      transfer;

     

    (c)  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 Certificate or the associated Common Stock certificate made by anyone
      other than the Company, the transfer agent for the Common Stock or the Rights
      Agent) for all purposes whatsoever, and neither the Company nor the Rights
      Agent
      shall be affected by any notice to the contrary; 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,
      judgment 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 reasonable best efforts to have
      any
      such order, decree, judgment or ruling lifted or otherwise overturned as soon
      as
      possible.

     

    Section
      17.  Rights
      Holder Not Deemed a Shareholder.
      No
      holder, as such, of any Rights Certificate shall be entitled to vote or to
      receive dividends or distributions or shall be deemed for any purpose the holder
      of Preferred Stock or any other securities, cash or other property which may
      at
      any time be issuable on the exercise of the Rights represented thereby, nor
      shall anything contained in this Agreement or in any Rights Certificate be
      construed to confer upon the holder of any Rights Certificate, as such, any
      of
      the rights of a shareholder of the Company, including, without limitation,
      any
      right (i) to vote for the election of directors or upon any matter submitted
      to
      shareholders at any meeting thereof, (ii) to give or withhold consent to any
      corporate action, (iii) to receive notice of meetings or other actions affecting
      shareholders (except as provided in Section 24), (iv) to receive dividends,
      distributions or subscription rights,

     

     

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     or
      (v) to institute, as a holder of Preferred Stock or other securities issuable
      on
      exercise of the Rights represented by any Rights Certificate, any derivative
      action on behalf of the Company, or otherwise,
      until and only to the extent that the Right or Rights evidenced by such Rights
      Certificate shall have been exercised in accordance with the provisions of
      this
      Agreement.

     

    Section
      18.  Concerning
      the Rights Agent.
      The
      Company agrees to pay to the Rights Agent reasonable compensation for all
      services rendered by it hereunder and, from time to time, on demand of the
      Rights Agent, its reasonable expenses and counsel fees and other disbursements
      incurred in the administration and execution of this 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 (including without limitation, the reasonable fees and expenses of
      legal
      counsel) incurred without gross negligence, bad faith, or willful misconduct
      on
      the part of the Rights Agent (which gross negligence, bad faith or willful
      misconduct must be determined by a final, non-appealable order, judgment, decree
      or ruling of a court of competent jurisdiction), for any action taken, suffered
      or omitted by the Rights Agent in connection with the acceptance,
      administration, exercise and performance of its duties under this Agreement.
      The
      costs and expenses incurred in enforcing this right of indemnification shall
      be
      paid by the Company. This indemnification shall survive the termination of
      this
      Agreement, the exercise of or expiration of the Rights and the resignation,
      replacement or removal of the Rights Agent.

     

    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 Preferred Stock or 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 reasonably believed by it to be genuine and to be signed,
      executed and, when necessary, verified or acknowledged, by the proper Person
      or
      Persons, or otherwise upon the advice of counsel as set forth in Section
      20.

     

    Section
      19.  Merger
      or Consolidation or Change of Name of Rights Agent.
      Any
      Person or other entity into which the Rights Agent or any successor Rights
      Agent
      may be merged or with which it may be consolidated, or any Person or other
      entity resulting from any merger or consolidation to which the Rights Agent
      or
      any successor Rights Agent shall be a party, or any Person or other entity
      succeeding to the corporate trust or stock transfer 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 document or any further
      act on the part of any of the parties hereto, provided that such Person or
      other
      entity would be eligible for appointment as a successor Rights Agent under
      Section 21. 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 the predecessor Rights Agent and deliver such Rights
      Certificate 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 Certificate either in the name of the predecessor Rights
      Agent 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.

     

     

    31

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    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 and agrees to perform the duties and obligations
      expressly imposed by this Agreement (and no implied duties) 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 advice or opinion of such counsel shall be full and complete
      authorization and protection to the Rights Agent as to any action taken,
      suffered or omitted to be taken by it in accordance with such advice or
      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 or any Affiliate or Associate
      of an Acquiring Person or the determination of Current Market Price) be proved
      or established by the Company prior to taking, suffering or omitting any action
      hereunder, such fact or matter (unless other evidence in respect thereof be
      specifically prescribed in this Agreement) may be deemed to be conclusively
      proved and established by a certificate signed by the Chairman of the Board,
      the
      President, the Chief Executive Officer, any Vice President, the Treasurer or
      the
      Secretary of the Company and delivered to the Rights Agent; and such certificate
      shall be full and complete authorization and protection to the Rights Agent
      and
      the Rights Agent shall incur no liability for or in respect of any action taken,
      suffered or omitted by it under this Agreement in reliance upon such
      certificate.

     

    (c)  The
      Rights Agent shall be liable hereunder to the Company and any other Person
      only
      for its own gross negligence, bad faith or willful misconduct (which gross
      negligence, bad faith or willful misconduct must be determined by a final,
      non-appealable order, judgment, decree or ruling of a court of competent
      jurisdiction). Anything to the contrary notwithstanding, in no event shall
      the
      Rights Agent be liable for special, punitive, indirect, consequential or
      incidental loss or damage of any kind whatsoever (including but not limited
      to
      lost profits), even if the Rights Agent has been advised of the likelihood
      of
      such loss or damage. Any liability of the Rights Agent under this Agreement
      will
      be limited to the amount of annual fees paid by the Company to the Rights
      Agent.

     

    (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
      (except its countersignature thereof) or be required to verify the same, but
      all
      such statements and recitals are and shall be deemed to have been made by the
      Company only.

     

     

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    (e)  The
      Rights Agent shall not be under any responsibility in respect of the validity
      of
      this Agreement or the execution and delivery of this Agreement (except the
      due
      execution and delivery of this Agreement 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 change in the transferability or
      exercisability of the Rights or any change or adjustment in the terms of the
      Rights (including the manner, method or amount thereof) provided for in Section
      3, 11, 13 or 23 or any other provision of this Agreement or the ascertaining
      of
      the existence of facts that would require any such change or adjustment (except
      with respect to the exercise of Rights evidenced by Rights Certificates after
      actual notice of any change or adjustment is required); nor shall it by any
      act
      hereunder be deemed to make any representation or warranty as to the
      authorization or reservation of any shares of Preferred Stock, Common Stock
      or
      other securities to be issued pursuant to this Agreement or any Rights
      Certificate or as to whether any shares of Preferred Stock, Common Stock or
      other securities will, when issued, be validly authorized and issued, fully
      paid
      and nonassessable.

     

    (f)  The
      Company agrees that it will perform, execute, acknowledge and deliver or cause
      to be performed, executed, acknowledged and delivered all such further and
      other
      acts, instruments and assurances as may reasonably be required by the Rights
      Agent for the carrying out or performance by the Rights Agent of its duties
      and
      obligations under 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 Chief Executive Officer, the President, any Vice President, the
      Secretary or the Treasurer of the Company, and such instructions shall be full
      authorization and protection to the Rights Agent and the Rights Agent shall
      not
      be liable for or in respect of any action taken, suffered or omitted by it
      in
      accordance with instructions of any such officer or for any delay in acting
      while waiting for those instructions. The Rights Agent shall be fully authorized
      and protected in relying upon the most recent instructions received by any
      such
      officer. Any application by the Rights Agent for written instructions from
      the
      Company may, at the option of the Rights Agent, set forth in writing any action
      proposed to be taken, suffered or omitted by the Rights Agent under this
      Agreement and the date on and/or after which such action shall be taken or
      suffered or such omission shall be effective. The Rights Agent shall not be
      liable for any action taken or suffered by, or omission of, the Rights Agent
      in
      accordance with a proposal included in any such application on or after the
      date
      specified in such application (which date shall not be less than five Business
      Days after the date any officer of the Company actually receives such
      application, unless any such officer shall have consented in writing to an
      earlier date) unless, prior to taking any such action (or the effective date
      in
      the case of an omission), the Rights Agent shall have received written
      instructions in response to such application specifying the action to be taken,
      suffered or omitted.

     

    (h)  The
      Rights Agent and any shareholder, 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 the 

     

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    Rights
      Agent were not serving as such under this Agreement. Nothing in this Agreement
      shall preclude the Rights Agent from acting in any other capacity for the
      Company or for any other Person.

     

    (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 (through its directors,
      officers and employees) 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 or
      any
      other Person resulting from any such act, default, neglect or misconduct, absent
      gross negligence, bad faith or willful misconduct in the selection and continued
      employment thereof (which gross negligence, bad faith or willful misconduct
      must
      be determined by a final, non-appealable order, judgment, decree or ruling
      of a
      court of competent jurisdiction).

     

    (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 hereunder 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 the Rights Agent.

     

    (k)  If,
      with
      respect to any Rights 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, either has 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 or
      transfer without first consulting with the Company.

     

    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 30 days’ notice in writing mailed to the
      Company and to each transfer agent of the Common Stock or 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 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 or Preferred Stock by registered or certified mail, and to the
      holders of the Rights Certificates by first-class mail. 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. Notwithstanding any
      other
      provision of this Agreement, in no event shall the resignation or removal of
      a
      Rights Agent be effective until a successor Rights Agent shall have been
      appointed and have accepted such appointment. If the Company shall fail to
      make
      such appointment within a period of 30 days after such removal or after it
      has
      been notified in writing of such resignation or incapacity by the resigning
      or
      incapacitated Rights Agent or by any holder of a Rights Certificate (who shall,
      with such notice, submit his Rights Certificate for inspection by the Company),
      then the incumbent Rights Agent or the 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 (i) a Person organized and doing business
      under the laws of the United States or any state of the United States so long
      as
      such Person is authorized to conduct a corporate trust or banking business
      under
      the laws of such state and is in 

     

     

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    good
      standing, which is authorized under such laws to exercise corporate trust powers
      or stock transfer powers and is subject to supervision or examination by federal
      or state authority and which has at the time of its appointment as Rights Agent
      a combined capital surplus and undivided profits aggregating of at least
      $50,000,000 or (ii) an Affiliate of a Person described in clause (i). 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 such 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 or
      Preferred Stock and mail a notice thereof in writing to the registered holders
      of the Rights Certificates. Neither the failure to give any notice provided
      for
      in this Section 21, however, nor any defect therein, shall 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
      Certificates to the contrary, the Company may, at its option, issue new Rights
      Certificates evidencing new Rights in such form as may be approved by
      a
      majority of the Board of Directors of the Company to reflect any adjustment
      or
      change in the Purchase Price per share and the number or kind or class of
      securities, cash or other 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 Common Stock following the Distribution
      Date and prior to the Redemption Date, the Company may with respect to Common
      Stock so issued or sold pursuant to (i) the exercise of stock options,
      (ii) under any employee plan or arrangement, (iii) upon the exercise,
      conversion or exchange of securities notes or debentures issued by the Company
      or (iv) a contractual obligation of the Company, in each case existing
      prior to the Distribution Date, issue Rights Certificates representing the
      appropriate number of Rights in connection with such issuance or
      sale.

     

    Section
      23.  Redemption.

     

    (a)  The
      Board
      of Directors of the Company may, at its option, at any time prior to the earlier
      of (i) the later of the Stock Acquisition Date and the Distribution Date and
      (ii) the Expiration Date, redeem all but not less than all of the
      then-outstanding Rights at a redemption price of $.01 per Right (the “Redemption
      Price”) appropriately adjusted to reflect any stock split, stock dividend or
      similar transaction occurring on or after the date of this Agreement. The
      Company may, at its option, pay the Redemption Price in cash, shares (including
      fractional shares) of Common Stock (based on the Current Market Price of the
      Common Stock at the time of redemption) or any other form of consideration
      deemed appropriate by the Board of Directors.

     

    (b)  At
      the
      time and date of effectiveness set forth in any resolution of the Board of
      Directors of the Company ordering the redemption of the Rights (the “Redemption
      Date”), without any further action and without any further 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; provided, however, that
      such
      resolution of the Board of Directors of the 

     

     

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    Company
      may be revoked, rescinded or otherwise modified at any time prior to the time
      and date of effectiveness set forth in such resolution, in which event the
      right
      to exercise will not terminate at the time and date originally set for such
      termination by the Board of Directors of the Company. As soon as practicable
      after the action of the Board of Directors of the Company ordering the
      redemption of the Rights, the Company shall give notice of such redemption
      to
      the Rights Agent and to the holders of the then-outstanding Rights by mailing
      such notice to all such holders at their last addresses as they appear upon
      the
      registry books of the Rights Agent or, prior to the issuance of Rights
      Certificates, on the registry books of the transfer agent for the Common Stock.
      Any notice which is mailed in the manner provided in this Agreement 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. In any case, failure to give such notice by mail, or any defect
      in
      the notice, to any particular holder of Rights shall not affect the sufficiency
      of the notice to other holders of Rights. In the case of a redemption permitted
      under this Section 23, the Company may, at its option, discharge all of its
      obligations with respect to the Rights by (i) issuing a press release announcing
      the manner of redemption of the Rights and (ii) mailing payment of the
      Redemption Price to the registered holders of the Rights at their last addresses
      as they appear on the registry books of the Rights Agent or, prior to the
      issuance of the Rights Certificates, on the registry books of the transfer
      agent
      for the Common Stock, and upon such action, all outstanding Rights Certificates
      shall be null and void without any further action by the Company. Neither the
      Company nor any of its Affiliates or Associates may redeem, acquire or purchase
      for value any Rights at any time in any manner other than as specifically set
      forth in this Section 23 and other than in connection with the purchase of
      shares of Common Stock prior to the earlier of the Distribution Date and the
      Expiration Date.

     

    Section
      24.  Notice
      of Certain Events.
      In case
      the Company, on or after the Distribution Date, shall propose to (a) pay
      any dividend payable in stock of any class to the holders of its Preferred
      Stock
      or to make any other distribution to the holders of its Preferred Stock (other
      than a regular periodic regular cash dividend at an annual rate not in excess
      of: (x) 125% of the annual rate of the cash dividend paid on the Preferred
      Stock
      during the immediately preceding fiscal year, or if the Preferred Stock was
      not
      outstanding during such preceding fiscal year, then 125% of the annual rate
      of
      the regular cash dividend paid on the Common Stock during such year, or (y)
      in
      the event that a regular cash dividend was not paid on the Preferred Stock
      (or
      Common Stock) during such preceding fiscal year, 5% of the Current Market Value
      of the Preferred Stock on the date such regular cash dividend was first
      declared); or (b) offer to the holders of its Preferred Stock rights, options
      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 (c) effect any reclassification of the Preferred Stock (other than
      a
      reclassification involving only the subdivision of outstanding shares of
      Preferred Stock, a change in the par value of such Preferred Stock or a change
      from par value to no par value); or (d) directly or indirectly effect any
      consolidation or merger into or with, or effect any sale, lease, exchange or
      other transfer or disposition (or to permit one or more of its Subsidiaries
      to
      effect any sale, lease, exchange or other transfer or disposition), in one
      transaction or a series of related transactions, of more than 50% of the
      property, assets or earning power of the Company and its Subsidiaries (taken
      as
      a whole) to, any other Person; or (e) effect the liquidation, dissolution or
      winding up of the Company, then, in each such case, the Company shall give
      to
      each holder of a Right, in accordance with Section 25, a notice of such proposed
      action, which shall specify any record 

     

     

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    date
      for
      the purposes of such stock dividend, distribution or rights, or the date on
      which such reclassification, consolidation, merger, sale, lease, exchange,
      transfer, disposition, liquidation, dissolution, or winding up is to take place
      and if such holders will or may participate therein, the date of participation
      therein by the holders of Common Stock and/or 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 (a) or (b) above at least 20 days prior to the record date
      for
      determining holders of the Preferred Stock for purposes of such action, and
      in
      the case of any such other action, at least 20 days prior to the date of the
      taking of such proposed action or the date of participation therein, if any,
      by
      the holders of Preferred Stock, whichever shall be the earlier.

     

    In
      case
      any Triggering Event or Business Combination shall occur, then, in any such
      case, the Company shall as soon as practicable thereafter, but not prior to
      the
      Distribution Date, give to each holder of a Rights Certificate, in accordance
      with Section 25, notice of the occurrence of such Triggering Event or Business
      Combination, which shall specify the Triggering Event or Business Combination
      and include a description of the consequences of such event to holders of Rights
      under Section 11(a)(ii) or 13.

     

    The
      failure to give notice as required by this Section 24 or any defect therein
      shall not affect the legality or validity of the action taken by the Company
      or
      the vote upon any such action.

     

    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 first-class mail, postage prepaid,
      addressed (until another address (or another person’s attention) is filed in
      writing with the Rights Agent) as follows:

     

    General
      Maritime Corporation

    299
      Park
      Avenue

    Second
      Floor

    New
      York,
      New York 10171

    Attention:
      General Counsel

     

    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 first-class mail, postage prepaid, addressed (until another address
      (or
      another person’s attention) is filed in writing with the Company) as
      follows:

     

    Mellon
      Investor Services LLC 

    44
      Wall
      Street, 6th. Floor 

    New
      York,
      NY 10005 

    Attention:
      Relationship Manager 

    

    

    37

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    With
      a
      copy to: 

    

    Mellon
      Investor Services LLC 

    Newport
      Office Center VII 

    Jersey
      City, New Jersey 07310 

    Attention:
      General Counsel 

    

    Notices
      or demands authorized by this Agreement to be given or made by the Company
      or
      the Rights Agent to or on the holder of any Rights Certificate shall be
      sufficiently given or made if sent by first-class mail, postage prepaid,
      addressed to such holder at the address of such holder as shown on the registry
      books of the Company (or, if no Rights Certificates have been issued, if sent
      by
      first-class mail, postage prepaid, addressed to the holder of a certificate
      representing shares of Common Stock at the address of such holder as shown
      on
      the Company’s Common Stock registry books).

     

    Section
      26.  Amendments
      and Supplements.
      This
      Agreement may not be amended or supplemented except as permitted in Section
      26(a) or 26(b) or as contemplated by Section 11(a)(iii).

     

    (a)  At
      any
      time prior to the later to occur of the Stock Acquisition Date and the
      Distribution Date, a majority of the Board of Directors of the Company may,
      and
      the Rights Agent, subject to the other terms and conditions of this Agreement,
      shall, if so directed, amend or supplement any provision of this Agreement
      without the approval of any holders of Rights.

     

    (b)  From
      and
      after the later to occur of the Stock Acquisition Date and the Distribution
      Date, a majority of the Board of Directors of the Company may, and the Rights
      Agent shall, if so directed, amend or supplement this Agreement without the
      approval of any holders of Rights Certificates (i) to cure any ambiguity, (ii)
      to correct or supplement any provision contained in this Agreement which may
      be
      defective or inconsistent with any other provision of this Agreement, or (iii)
      to change or supplement the provisions hereunder in any manner which the Company
      may deem necessary or desirable and which shall not adversely affect the
      interests of the holders of Rights Certificates (other than an Acquiring Person
      or an Affiliate or Associate of an Acquiring Person).

     

    (c)  Immediately
      upon the action of a majority of the Board of Directors of the Company providing
      for any amendment or supplement pursuant to this Section 26, and without any
      further action and without notice, such amendment or supplement shall be deemed
      effective. Promptly following the adoption of any amendment or supplement
      pursuant to this Section 26, the Company shall deliver to the Rights Agent
      a
      copy, certified by the Secretary or any Assistant Secretary of the Company,
      of
      resolutions of a majority of the Board of Directors of the Company adopting
      such
      amendment or supplement. Upon such delivery, the amendment or supplement shall
      be administered by the Rights Agent as part of this Agreement in accordance
      with
      the terms of this Agreement, as so amended or supplemented. Notwithstanding
      anything contained in this Agreement to the contrary, the Rights Agent may,
      but
      shall not be obligated to, enter into any supplement or amendment that affects
      the Rights Agent’s own rights, duties, obligations or immunities under this
      Agreement.

     

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    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.  Benefits
      of this Agreement; Determinations and Actions by the Board of
      Directors.
      Nothing
      in this Agreement shall be construed to give to any Person other than the
      Company, the Rights Agent and the registered holders of Rights any legal or
      equitable right, remedy or claim under this Agreement; and this Agreement shall
      be for the sole and exclusive benefit of the Company, the Rights Agent and
      the
      registered holders of the Rights.

     

    The
      Board
      of Directors of the Company shall have the exclusive power and authority to
      administer this Agreement and to exercise all rights and powers specifically
      granted to the Board of Directors of the Company or 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 and calculations deemed necessary
      or
      advisable for the administration of this Agreement (including a determination
      to
      redeem or not redeem the Rights, to exchange or not exchange the Rights for
      Common Stock or other securities of the Company, or to amend or supplement
      this
      Agreement). All such actions, calculations, interpretations and determinations
      (including, for purposes of clause (y) below, all omissions with respect to
      the
      foregoing) which are done or made by the Board of Directors of the Company
      in
      good faith, shall (x) be final, conclusive and binding on the Company, the
      Rights Agent, the holders of the Rights and all other Persons, and (y) not
      subject the Board of Directors of the Company to any liability to the holders
      of
      the Rights. Unless otherwise notified, the Rights Agent shall always be entitled
      to assume that the Board of Directors of the Company acted in good faith and
      the
      Rights Agent shall be fully protected and shall incur no liability in reliance
      thereon. 

    

    Section
      29.  Severability.

     

    (a)  If
      any
      term, provision, covenant or restriction of this Agreement or the application
      thereof to any Person or to any circumstance 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.

     

    (b)  If
      legal
      counsel to the Company delivers to the Company a written opinion to the effect
      that, as a result of changes in federal law or the law of the Republic of the
      Marshall Islands, any term, provision, covenant or restriction of this Agreement
      may be invalid, void or unenforceable, then, notwithstanding any other provision
      of this Agreement to the contrary, the Company and the Rights Agent may amend
      this Agreement to modify, revise or delete such term, provision, covenant or
      restriction to the extent necessary to comply with such law as so
      changed.

     

    Section
      30.  Governing
      Law.
      This
      Agreement and each Rights Certificate issued hereunder shall be deemed to be
      a
      contract made under the laws of the Republic of the Marshall Islands and shall
      be interpreted and construed to the extent permitted by Section 13 of the
      Republic of Marshall Islands Associations Law in a manner consistent with the
      internal laws 

     

    39

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    (but
      not
      including the principles of conflict of laws) of the State of Delaware; except
      that all provisions regarding the rights, duties and obligations of the Rights
      Agent shall be governed by and construed in accordance with the law of the
      State
      of New York applicable to contracts made and to be performed entirely within
      such State.

     

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

     

    Section
      32.  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 of this Agreement.

     

    Section
      33.  Grammatical
      Construction.
      Throughout this Agreement, where such meanings would be appropriate, (a) any
      pronouns used herein shall include the corresponding masculine, feminine or
      neuter forms (e.g., references to “he” shall also include “she” and “it” and
      references to “who” and “whom” shall also include “which”), (b) the plural form
      of nouns and pronouns shall include the singular and vice-versa, (c) reference
      to a Section means a Section of this Agreement, and (d) the word
“including” means “including, without limitation,” whether expressly stated or
      not.

     

    

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

     

     

     

     

    40

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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.

     

         
       GENERAL MARITIME CORPORATION

     

    Attest:

     

                                        
      By: __________________________________      

    Name:                                  
      Name:
      

    Title:                            
Title:

    [Corporate
      Seal]    

     

    

    

    

    

    

         
MELLON
      INVESTOR SERVICES LLC

     

     

     

    
       

      Attest:

       

                                          
        By: __________________________________      

      Name:                                  
        Name:
        

      Title:                            
Title:

      [Corporate
        Seal]    

    

     

    
      
 

    

    41

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    Exhibit
      A

     

    Form
      of Certificate of Designation

     

    Certificate
      of Designation

    of

    General
      Maritime Corporation

     

    Pursuant
      to Section 35 of Part I (Business Corporations Act) of the Republic of the
      Marshall Islands Associations Law:

     

    We,
      Peter
      C. Georgiopoulos , Chief Executive Officer, and John C. Georgiopoulos,
      Secretary, of General Maritime Corporation, a corporation organized and existing
      under the Republic of the Marshall Islands Associations law (the “Corporation”),
      in accordance with the provisions of Section 35 of Part I thereof, DO HEREBY
      CERTIFY: 

     

    That
      pursuant to the authority conferred upon the Board of Directors by the
      Certificate of Incorporation of the Corporation, the Board of Directors on
      December 2, 2005, adopted the following resolution creating a series of 500,000
      shares of Preferred Stock designated as Series A Junior Participating Preferred
      Stock: 

     

    RESOLVED,
      that, pursuant to the authority vested in the Board of Directors of the
      Corporation in accordance with the provisions of its Certificate of
      Incorporation, a series of Preferred Stock of the Corporation be and it hereby
      is created, and that the designations, preferences and relative, participating,
      optional or other special rights and qualifications, limitations or restrictions
      thereof are as follows: 

     

    SECTION
      1. Designation
      and Amount.
      The
      designation of the series of Preferred Stock created by this resolution shall
      be
“Series A Junior Participating Preferred Stock” and the number of shares
      constituting such series shall be 500,000. 

     

    SECTION
      2. Dividends
      and Distributions.
      

     

    (A)
      Out of
      the surplus or net profits of the Corporation legally available for the payment
      of dividends, the holders of shares of Series A Junior Participating Preferred
      Stock shall be entitled to receive, when and as such dividends may be declared
      by the Board of Directors, quarterly dividends payable in cash on the tenth
      days
      of March, June, September and December in each year (each such date being
      referred to herein as a “Quarterly Dividend Payment Date”), commencing on the
      first Quarterly Dividend Payment Date after the first issuance of a share or
      fraction of a share of Series A Junior Participating Preferred Stock, in an
      amount per share (rounded to the nearest cent) equal to the greater of (a)
      $1.00
      or (b) subject to the provision for adjustment hereinafter set forth, 100 times
      the aggregate per share amount of all cash dividends, and 100 times the
      aggregate per share amount (payable in kind) of all non-cash dividends or other
      distributions other than a dividend payable in shares of Common Stock or a
      subdivision of the outstanding shares of Common Stock (by reclassification
      or
      otherwise), declared on the Common Stock, par value $.01 per share, of the
      Corporation (the “Common Stock”) since the immediately preceding Quarterly
      Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment
      Date, since the first issuance of any share or fraction of a share of Series
      A

     

    A-1

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Junior
      Participating Preferred Stock. In the event the Corporation shall at any time
      after December 7, 2005 (the “Rights Declaration Date”) (i) pay any dividend on
      Common Stock payable in shares of Common Stock, (ii) subdivide the outstanding
      Common Stock, (iii) combine the outstanding Common Stock into a smaller number
      of shares or (iv) issue any shares by reclassification of its shares of Common
      Stock, then in each such case the amount to which holders of shares of Series
      A
      Junior Participating Preferred Stock shall have been entitled immediately prior
      to such event under clause (b) of the preceding sentence shall be adjusted
      by
      multiplying such amount by a fraction the numerator of which shall be the number
      of shares of Common Stock outstanding immediately after such event and the
      denominator of which shall be the number of shares of Common Stock that were
      outstanding immediately prior to such event. 

     

    (B)
      Dividends shall begin to accrue and be cumulative on outstanding shares of
      Series A Junior Participating Preferred Stock from the Quarterly Dividend
      Payment Date next preceding the date of issue of such shares of Series A Junior
      Participating Preferred Stock, unless the date of issue of such shares shall
      be
      prior to the record date for the first Quarterly Dividend Payment Date, in
      which
      case dividends on such shares shall begin to accrue from the date on which
      shares of Series A Junior Participating Preferred Stock are first issued, or
      unless the date of issue shall be a Quarterly Dividend Payment Date or shall
      be
      a date after the record date for the next Quarterly Dividend Payment Date and
      before such Quarterly Dividend Payment Date, in either of which events such
      dividends shall begin to accrue and be cumulative from such Quarterly Dividend
      Payment Date. No interest, or sum of money in lieu of interest, shall be payable
      in respect of any dividend payment or payments which may be in arrears.

     

    (C)
      Dividends payable upon the share of Series A Junior Participating Preferred
      Stock shall be cumulative (whether or not in any dividend period or periods
      there shall be surplus or net profits of the Corporation legally available
      for
      the payment of such dividends) so that, if on any Quarterly Dividend Payment
      Date dividends upon the outstanding shares of Series A Junior Participating
      Preferred Stock shall not have been paid, or declared and a sum sufficient
      for
      the payment thereof set apart for such payment, the amount of the deficiency
      shall be fully paid, but without interest, or dividends in such amount declared
      on the shares of Series A Junior Participating Preferred Stock and a sum
      sufficient for the payment thereof set apart for such payment, before any
      dividend shall be declared or paid upon or set apart for, or any other
      distribution shall be made in respect of, or any payment shall be made in
      respect of, or any payment shall be made on account of the purchase of, the
      Common Stock or any series of Preferred Stock subordinate to the Series A Junior
      Participating Preferred Stock. 

     

    SECTION
      3. Distributions
      to Holders of Series A Junior Participating Preferred Stock and Common
      Stock.
      Out of
      any surplus or net profits of the Corporation legally available for dividends
      remaining after full cumulative dividends upon any series of Preferred Stock
      ranking senior to Series A Junior Participating Preferred Stock shall have
      been
      paid for all past dividend periods, and after or concurrently with making
      payment of, or declaring and setting apart for payment, full dividends on any
      series of Preferred Stock ranking senior to the Series A Junior Participating
      Preferred Stock then outstanding to the most recent Quarterly Dividend Payment
      Date and after the Corporation shall have complied with the provisions in
      respect of any and all amounts then or theretofore required to be set aside
      in
      respect of any sinking fund or purchase fund with respect to any series of
      Preferred Stock ranking senior to Series A Junior Participating Preferred Stock
      then outstanding and entitled to the benefit of a sinking fund or purchase
      fund,

     

     

     

    A-2

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    and
      after
      the Corporation shall have made provision for compliance in respect of the
      current sinking fund or purchase period for any series of Preferred Stock
      ranking senior to Series A Junior Participating Preferred Stock, then and not
      otherwise the holders of Series A Junior Participating Preferred Stock shall
      be
      entitled to or may receive dividends and redemption payments as provided herein.
      Out of any surplus or net profits of the Corporation legally available for
      dividends remaining after full cumulative dividends upon the shares of Series
      A
      Junior Participating Preferred Stock then outstanding shall have been paid
      through the preceding Quarterly Dividend Payment Date, and after the Corporation
      shall have complied with the provisions in respect of any and all amounts then
      or theretofore required (if any) to be set aside or applied in respect of any
      redemption payments in respect of shares of Series A Junior Participating
      Preferred Stock, then and not otherwise, the holders of Common Stock and of
      any
      series of Preferred Stock ranking subordinate to Series A Junior Participating
      Preferred Stock shall, subject to the rights of any other series of Preferred
      Stock then outstanding, to paragraph (A) of Section 2 hereof and to the
      provisions of the Certificate of Incorporation, be entitled to receive such
      dividends as may from time to time be declared by the Board of Directors.

     

    SECTION
      4. Voting.

     

    (A)
      Holders
      of shares of Series A Junior Participating Preferred Stock shall be entitled
      to
      100 votes for each share of stock held. In the event the Corporation shall
      at
      any time after the Rights Declaration Date (i) pay any dividend on Common Stock
      payable in shares of Common Stock, (ii) subdivide the outstanding Common Stock,
      (iii) combine the outstanding Common Stock into a smaller number of shares
      or
      (iv) issue any shares by reclassification of its shares of Common Stock, then
      in
      each such case the number of votes per share to which holders of shares of
      Series A Junior Participating Preferred Stock were entitled immediately prior
      to
      such event shall be adjusted by multiplying such number of votes by a fraction
      the numerator of which shall be the number of shares of Common Stock outstanding
      immediately after such event and the denominator of which shall be the number
      of
      shares of Common Stock that were outstanding immediately prior to such event.
      Except as provided in this Section 4 and except as may be required by applicable
      law, holders of shares of Series A Junior Participating Preferred Stock shall
      vote with the Common Stock on all matters required to be submitted to holders
      of
      Common Stock and shall not be entitled to vote as a separate class with respect
      to any matter. 

     

    (B)
      So long
      as any shares of Series A Junior Participating Preferred Stock shall be
      outstanding, the Corporation shall not, without the affirmative vote or written
      consent of the holders of a majority of the aggregate number of shares of Series
      A Junior Participating Preferred Stock at the time outstanding (or such greater
      percentage as may be required under applicable law), acting as a single class,
      alter or change the powers, preferences or rights given to the Series A Junior
      Participating Preferred Stock by the Certificate of Incorporation so as to
      affect such powers, preferences or rights adversely. 

     

    (C)
      If at
      the time of any annual meeting of shareholders of the Corporation for the
      election of directors a default in preference dividends, as the term “default in
      preference dividends” is hereinafter defined with respect to the Series A Junior
      Participating Preferred Stock, shall exist, the holders of the Series A Junior
      Participating Preferred Stock, voting separately as a class with the holders
      of
      any other series of Preferred Stock so entitled to vote, shall have the right
      to
      elect two members of the Board of Directors; and the holders of the

     

     

    A-3

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Common
      Stock shall not be entitled to vote in the election of the directors of the
      Corporation to be elected as provided in the foregoing clause. Whenever a
      default in preference dividends shall commence to exist, the Corporation, upon
      the written request of the holders of 5% or more of the outstanding shares
      of
      Preferred Stock so entitled to vote, shall call a special meeting of the holders
      of the Preferred Stock so entitled to vote, such special meeting to be held
      within 120 days after the date on which such request shall be received by the
      Corporation, for the purpose of enabling such holders to elect members of the
      Board of Directors as provided in the immediately preceding sentence; provided,
      however, that such special meeting need not be called if an annual meeting
      of
      shareholders of the Corporation for the election of directors shall be scheduled
      to be held within such 120 days; and provided further that in lieu of any such
      special meeting, the election of the directors to be elected thereat may be
      effected by the written consent of the holders of a majority of the outstanding
      shares that would be entitled to be voted upon at such special meeting. Prior
      to
      any such special meeting or meetings, the number of directors of the Corporation
      shall be increased to the extent necessary to provide as additional places
      on
      the Board of Directors the directorships to be filled by the directors to be
      elected thereat. Any director elected as aforesaid by the holders of shares
      of
      Preferred Stock or of any series thereof shall cease to serve as such director
      whenever a default in preference dividends shall cease to exist. If, prior
      to
      the end of the term of any director elected as aforesaid by the holders of
      shares of the Preferred Stock or of any series thereof, or elected by the
      holders of Common Stock, a vacancy in the office of such director shall occur
      by
      reason of death, resignation, removal or disability, or for any other cause,
      such vacancy shall be filled for the unexpired term in the manner provided
      in
      the Bylaws; provided, however, that if such vacancy shall be filled by election
      by the shareholders at a meeting thereof, the right to fill such vacancy shall
      be vested in the holders of that class of stock or series thereof which elected
      the director the vacancy in the office of whom is so to be filled, unless,
      in
      any such case, no default in preference dividends shall exist at the time of
      such election. For the purposes of this paragraph (C), a “default in preference
      dividends” with respect to the Series A Junior Participating Preferred Stock
      shall be deemed to have occurred whenever the amount of dividends in arrears
      upon the Series A Junior Participating Preferred Stock shall be equivalent
      to
      six full quarterly dividends or more, and, having so occurred, such default
      in
      preference dividends shall be deemed to exist thereafter until, but only until,
      all dividends in arrears on all shares of the Series A Junior Participating
      Preferred Stock then outstanding shall have been paid. The term “dividends in
      arrears” whenever used in this paragraph (C) with reference to the Series A
      Junior Participating Preferred Stock shall be deemed to mean (whether or not
      in
      any dividend period in respect of which such term is used there shall have
      been
      surplus or net profits of the Corporation legally available for the payment
      of
      dividends) that amount which shall be equal to cumulative dividends at the
      rate
      for the Series A Junior Participating Preferred Stock for all past quarterly
      dividend periods less the amount of all dividends paid, or deemed paid, for
      all
      such periods upon such Series A Junior Participating Preferred Stock. Nothing
      herein contained shall be deemed to prevent an increase in the number of
      directors of the Corporation pursuant to its Bylaws as from time to time in
      effect so as to provide as additional places on the Board of Directors
      directorships to be filled by the directors so to be elected by the holders
      of
      the Series A Junior Participating Preferred Stock, or to prevent any other
      change in the number of the directors of the Corporation. 

     

    (D)
      Except
      as set forth herein or as otherwise required by law, holders of Series A Junior
      Participating Preferred Stock shall have no special voting rights and their
      consent shall not

     

    A-4

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

     be
      required (except to the extent they are entitled to vote with holders of Common
      Stock as set forth herein) for taking any corporate action. 

     

    SECTION
      5. Reacquired
      Shares.
      Any
      shares of Series A Junior Participating Preferred Stock purchased or otherwise
      acquired by the Corporation in any manner whatsoever shall be retired and
      cancelled promptly after the acquisition thereof. All such shares shall upon
      their cancellation become authorized but unissued shares of Preferred Stock
      and
      may be reissued as part of a new series of Preferred Stock to be created by
      resolution or resolutions of the Board of Directors. 

     

    SECTION
      6. Liquidation
      Rights.

     

    (A)
      Upon any
      liquidation (voluntary of otherwise), dissolution or winding up of the
      Corporation (“Liquidation”), the holders of shares of Series A Junior
      Participating Preferred Stock shall be entitled to receive out of the assets
      of
      the Corporation available for distribution to its shareholders, before any
      payment or distribution shall be made on the shares of any series of Preferred
      Stock subordinate to Series A Junior Participating Preferred Stock as to assets
      in the event of any Liquidation (“Junior Shares”) or on the Common Stock, the
      amount of $100.00 per share, plus a sum equal to all dividends (whether or
      not
      earned or declared) on such shares accrued and unpaid thereon through the date
      of final distribution (the “Series A Liquidation Preference”). 

     

    (B)
      The
      shares of Series A Junior Participating Preferred Stock shall be subordinate
      to
      any other series of Preferred Stock unless the provisions of such other series
      provide otherwise, and shall be preferred over the Common Stock, as to assets
      in
      the event of any Liquidation. In the event of any Liquidation, the holders
      of
      the shares of Series A Junior Participating Preferred Stock shall be entitled
      to
      receive, out of the assets of the Corporation available for distribution to
      its
      shareholders (after payment in full of all amounts payable in respect of any
      series of Preferred Stock ranking senior to Series A Junior Participating
      Preferred Stock), an amount determined as provided in paragraph (A) of this
      Section 6 for every share of Series A Junior Participating Preferred Stock
      before any distribution of assets shall be made to the holders of any Junior
      Shares or to the holders of the Common Stock. If, in the event of any
      Liquidation, the holders of the Series A Junior Participating Preferred Stock
      shall have received all the amounts to which they shall be entitled in
      accordance with the terms of paragraph (A) of this Section 6, no additional
      distributions shall be made to the holders of shares of Series A Junior
      Participating Preferred Stock unless, prior thereto, the holders of shares
      of
      Common Stock shall have received an amount per share (the “Common Adjustment”)
      equal to the quotient obtained by dividing (i) the Series A Liquidation
      Preference by (ii) 100 (as appropriately adjusted as set forth in paragraph
      (C)
      of this Section 6 to reflect such events as stock splits, stock dividends and
      recapitalizations with respect to the Common Stock) (such number in clause
      (ii)
      being referred to herein as the “Adjustment Number”). Following the payment of
      the full amount of the Common Adjustment in respect of all outstanding shares
      of
      Common Stock, holders of Series A Junior Participating Preferred Stock and
      holders of shares of Common Stock shall receive their ratable and proportionate
      share of the remaining assets to be distributed to the holders of Series A
      Junior Participating Preferred Stock and Common Stock in the ratio of the
      Adjustment Number to 1 with respect to such Preferred Stock and Common Stock,
      on
      a per share basis, respectively. If, upon any Liquidation, the amounts payable
      on or with respect to Series A 

     

     

    A-5

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Junior
      Participating Preferred Stock and any series of Preferred Stock ranking on
      a
      parity with Series A Junior Participating Preferred Stock are not paid in full,
      the holders of shares of such Preferred Stock shall share ratably in any
      distribution of assets according to the respective amounts which would be
      payable in respect of the shares held by them upon such distribution if all
      amounts payable on or with respect to such Preferred Stock were paid in full.
      

     

    (C)
      In the
      event the Corporation shall at any time after the Rights Declaration Date (i)
      pay any dividend on Common Stock payable in shares of Common Stock, (ii)
      subdivide the outstanding Common Stock, (iii) combine the outstanding Common
      Stock into a smaller number of shares or (iv) issue any shares by
      reclassification of its shares of Common Stock, then in each such case the
      Adjustment Number in effect immediately prior to such event shall be adjusted
      by
      multiplying such Adjustment Number by a fraction the numerator of which shall
      be
      the number of shares of Common Stock outstanding immediately after such event
      and the denominator of which shall be the number of shares of Common Stock
      that
      were outstanding immediately prior to such event. 

     

    (D)
      Neither
      the sale, lease or exchange (for cash, shares of stock, securities or other
      consideration) of all or substantially all the property and assets of the
      Corporation nor the merger or consolidation of the Corporation into or with
      any
      other corporation or other entity or the merger or consolidation of any other
      corporation or other entity into or with the Corporation shall be deemed to
      be a
      Liquidation for the purposes of this Section 6. 

     

    SECTION
      7. Consolidation,
      Merger, etc.
      In case
      the Corporation shall enter into any consolidation, merger, combination or
      other
      transaction in which the shares of Common Stock shall be exchanged for or
      changed into other stock or securities, cash and/or any other property, then
      in
      any such case the shares of Series A Junior Participating Preferred Stock shall
      at the same time be similarly exchanged or changed in an amount per share
      (subject to the provision for adjustment hereinafter set forth) equal to 100
      times the aggregate amount of stock, securities, cash and/or any other property
      (payable in kind), as the case may be, into which or for which each share of
      Common Stock is changed or exchanged. In the event the Corporation shall at
      any
      time after the Rights Declaration Date (i) pay any dividend on Common Stock
      payable in shares of Common Stock, (ii) subdivide the outstanding Common Stock,
      (iii) combine the outstanding Common Stock into a smaller number of shares
      or
      (iv) issue any shares by reclassification of its shares of Common Stock, then
      in
      each such case the amount set forth in the preceding sentence with respect
      to
      the exchange or change of shares of Series A Junior Participating Preferred
      Stock shall be adjusted by multiplying such amount by a fraction the numerator
      of which shall be the number of shares of Common Stock outstanding immediately
      after such event and the denominator of which shall be the number of shares
      of
      Common Stock that were outstanding immediately prior to such event.

     

    SECTION
      8. Optional
      Redemption.

     

    (A)
      The
      Corporation shall have the option to redeem the whole or any part of the Series
      A Junior Participating Preferred Stock at any time at a redemption price equal
      to, subject to the provision for adjustment hereinafter set forth, 100 times
      the
“current per share market price” of the Common Stock on the date of the mailing
      of the notice of redemption, together with unpaid accumulated dividends to
      the
      date of such redemption. In the event the Corporation shall 

     

     

    A-6

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    at
      any
      time after the Rights Declaration Date (i) pay any dividend on Common Stock
      payable in shares of Common Stock, (ii) subdivide the outstanding Common Stock,
      (iii) combine the outstanding Common Stock into a smaller number of shares
      or
      (iv) issue any shares by reclassification of its shares of Common Stock, then
      in
      each such case the amount to which holders of shares of Series A Junior
      Participating Preferred Stock shall be otherwise entitled immediately prior
      to
      such event under the immediately preceding sentence shall be adjusted by
      multiplying such amount by a fraction the numerator of which shall be the number
      of shares of Common Stock outstanding immediately after such event and the
      denominator of which shall be the number of shares of Common Stock that were
      outstanding immediately prior to such event. The “current per share market
      price” on any date shall be deemed to be the average of the closing prices per
      share of such Common Stock for the 10 consecutive Trading Days (as such term
      in
      hereinafter defined) immediately prior to such date. The closing price for
      each
      Trading Day shall be the last sale price, regular way, 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, on such day 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 (“NYSE”) or, if the Common
      Stock is not listed or admitted to trading on the NYSE, as reported in the
      principal consolidated transaction reporting system with respect to securities
      listed on the principal United States national securities exchange on which
      the
      Common Stock is listed or admitted to trading or, if the Common Stock is not
      listed or admitted to trading on any United States national securities exchange,
      the closing price quoted on the Nasdaq Stock Market or, if not so quoted, the
      average of the high bid and low asked prices in the over-the-counter market
      on
      such day, as reported by any National Association of Securities Dealers, Inc.
      quotations system or such other system then in use or, if on any such day the
      Common Stock is not quoted by any such system, the average of the closing bid
      and asked prices on such day as furnished by a professional market maker making
      a market in the Common Stock selected by the Board of Directors of the
      Corporation (which selection shall be final, binding and conclusive for all
      purposes) or, if on such day no such market maker is be making a market in
      the
      Common Stock, the fair market value of the Common Stock on such date as
      determined in good faith by the Board of Directors of the Corporation (which
      determination shall be final, binding and conclusive for all purposes). The
      term
“Trading Day” shall mean a day on which the principal United States national
      securities exchange on which the Common Stock is be listed or admitted to
      trading is open for the transaction of business or, if the Common Stock is
      not
      listed or admitted to trading on any United States national securities exchange,
      but are traded in the over-the-counter market and reported by Nasdaq, then
      any
      day for which Nasdaq reports the high bid and low asked prices in the
      over-the-counter market, or if the Common Stock is not traded in the over-the
      counter market and reported by Nasdaq, then 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. 

     

    (B)
      Notice
      of any such redemption shall be given by mailing to the holders of the Series
      A
      Junior Participating Preferred Stock a notice of such redemption, first class
      postage prepaid, not later than the thirtieth day and not earlier than the
      sixtieth day before the date fixed for redemption, at their last address as
      the
      same shall appear upon the books of Corporation. Any notice which shall be
      mailed in the manner herein provided shall be conclusively presumed to have
      been
      duly given, whether or not the shareholder shall have received such notice,
      and
      failure duly to give such notice by mail, or any defect in such notice, to
      any
      holder of Series A Junior 

     

     

    A-7

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Participating
      Preferred Stock shall not affect the validity of the proceedings for the
      redemption of such Series A Junior Participating Preferred Stock. 

     

    (C)
      If less
      than all the outstanding shares of the Series A Junior Participating Preferred
      Stock are to be redeemed by the Corporation, the number of shares to be redeemed
      shall be determined by the Board of Directors and the shares to be redeemed
      shall be determined by lot or pro rata or in such fair and equitable other
      manner as may be prescribed by resolution of the Board of Directors.

     

    (D)
      The
      notice of redemption to each holder of Series A Junior Participating Preferred
      Stock shall specify (a) the number of shares of Series A Junior Participating
      Preferred Stock of such holder to be redeemed, (b) the date fixed for
      redemption, (c) the redemption price and (d) the place of payment of the
      redemption price. 

     

    (E)
      If any
      such notice of redemption shall have been duly given or if the Corporation
      shall
      have given to the bank or trust company hereinafter referred to irrevocable
      written authorization promptly to give or complete such notice, and if on or
      before the redemption date specified therein the funds necessary for such
      redemption shall have been deposited by the Corporation with the bank or trust
      company designated in such notice, doing business in the United States of
      America and having a capital, surplus and undivided profits aggregating at
      least
      $100,000,000 according to its last published statement of condition, in trust
      for the benefit of the holders of Series A Junior Participating Preferred Stock
      called for redemption, then, notwithstanding that any certificate for such
      shares so called for redemption shall not have been surrendered for
      cancellation, from and after the time of such deposit all such shares called
      for
      redemption shall no longer be deemed outstanding, all rights with respect to
      such shares shall no longer be deemed outstanding and all rights with respect
      to
      such shares shall forthwith cease and terminate, except the right of the holders
      thereof to receive from such bank or trust company at any time after the time
      of
      such deposit the funds so deposited, without interest. In case less than all
      the
      shares represented by any surrendered certificate shall be redeemed, a new
      certificate shall be issued representing the unredeemed shares. Any interest
      accrued on such funds so deposited shall be paid to the Corporation from time
      to
      time. Any funds so deposited and unclaimed at the end of six years from such
      redemption date shall be repaid to the Corporation, after which the holders
      of
      shares of Series A Junior Participating Preferred Stock called for redemption
      shall look only to the Corporation for payment thereof; provided, however,
      that
      any funds so deposited which shall not be required for redemption because of
      the
      exercise of any privilege of conversion or exchange subsequent to the date
      of
      deposit shall be repaid to the Corporation forthwith. 

     

    SECTION
      9. Ranking.
      The
      Series A Junior Participating Preferred Stock shall rank junior to all other
      series of Preferred Stock as to the payment of dividends and the distribution
      of
      assets, unless the terms of any such series shall provide otherwise.

     

    SECTION
      10. Fractional
      Shares.
      Series
      A Junior Participating Preferred Stock may be issued in fractions of a share
      which shall entitle the holder, in proportion to such holder’s fractional
      shares, to exercise voting rights, receive dividends, participate in
      distributions and to have the benefit of all other rights of holders of Series
      A
      Junior Participating Preferred Stock. 

     

     

    A-8

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, we have executed and subscribed this Certificate and do affirm
      the foregoing as true under the penalties of perjury this ___ day of December,
      2005.

     

    

    

                                                                                                    _______________________________

    [Name]

    [Title]

    Attest:
      

     

    __________________

    [Name]

    Secretary

     

    

    A-9

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    Exhibit
      B

     

    Form
      of Rights Certificate

     

    

    Certificate
      No. R-                                                                                     ________
      Rights

     

    NOT
      EXERCISABLE AFTER DECEMBER 5, 2010 OR EARLIER IF NOTICE OF REDEMPTION OR
      EXCHANGE IS GIVEN. THE RIGHTS ARE SUBJECT TO REDEMPTION OR EXCHANGE, AT THE
      OPTION OF THE COMPANY, ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. [THE
      RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED
      BY
      A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN ASSOCIATE OR AFFILIATE
      OF
      AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE 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 THE
      RIGHTS AGREEMENT.]

     

    Rights
      Certificate

     

    GENERAL
      MARITIME CORPORATION

     

    This
      certifies that _________________________, or registered assigns, is the
      registered owner of the number of Rights set forth above, each of which entitles
      the owner thereof, subject to the terms, provisions and conditions of the Rights
      Agreement dated as of August 31, 2006, as may be amended from time to time
      (the
“Rights Agreement”) between General Maritime Corporation, a corporation
      organized under the laws of the Republic of the Marshall Islands (the
“Company”), and Mellon Investor Services LLC (the “Rights Agent”), unless notice
      of redemption shall have been previously given by the Company, to purchase
      from
      the Company at any time after the Distribution Date (as such term is defined
      in
      the Rights Agreement) and prior to 5:00 P.M., New York, New York time on
      December 5, 2010, at the office of the Rights Agent designated for such
      purposes, or at the office of its successor as Rights Agent, one one-hundredth
      of a fully paid and nonassessable share of the Junior Participating Preferred
      Stock, par value $.01 per share, of the Company (the “Preferred Stock”), at a
      purchase price (the “Purchase Price”) of $175.00 per one one-hundredth share,
      upon presentation and surrender of this Rights Certificate with the Form of
      Election to Purchase duly executed. The Purchase Price may be paid in cash
      or by
      certified bank check or bank draft payable to the order of the
      Company.

     

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

     

    If
      the
      Rights evidenced by this Rights Certificate are or were formerly beneficially
      owned, on or after the Distribution Date by (i) an Acquiring Person or any
      Associate or Affiliate of an Acquiring Person, or (ii) a direct or indirect
      transferee of an Acquiring Person 

     

    B-1

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (or
      of
      any Associate or Affiliate of an Acquiring Person), such Rights may become
      null
      and void, in which event the holder of any such Right (including any subsequent
      holder) shall not have any rights with respect to such Right.

     

    No
      person
      shall become an Acquiring Person as a result of acquisition of Common Stock
      upon
      consummation of a Qualified Offer or following consummation of a Qualified
      Offer.

    

    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.
      Capitalized terms used but not defined in this Rights Certificate that are
      defined in the Rights Agreement shall have the same meanings ascribed to them
      in
      the Rights Agreement. Copies of the Rights Agreement are on file at the
      principal executive offices of the Company and the above-mentioned office of
      the
      Rights Agent.

     

    This
      Rights Certificate, with or without other Rights Certificates, upon surrender
      at
      the office of the Rights Agent designated for such purposes, 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
      shares of Preferred Stock or other property as the Rights evidenced by the
      Rights Certificate or Rights Certificates surrendered 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 Rights
      Certificate (a) may be redeemed by the Board of Directors of the Company at
      its
      option at a redemption price of $.01 per Right, subject to adjustment, payable,
      at the election of the Company, in cash or shares (including fractional shares)
      of Common Stock or such other consideration as the Board of Directors may
      determine at any time prior to the earlier of (i) 12:00 a.m. (midnight, New
      York, New York time) on the later of the Distribution Date and the Stock
      Acquisition Date, and (ii) the Expiration Date, or (b) may be exchanged
      after the later of the Distribution Date and the Stock Acquisition Date by
      the
      Board of Directors of the Company at its option in whole or in part for shares
      of the Company’s Common Stock or other Company securities.

     

    No
      fractional shares of Preferred Stock (other than fractions that are integral
      multiples of one one-hundredth of a share of Preferred Stock, which may, at
      the
      election of the Company, be evidenced by depository receipts) are required
      to be
      issued upon the exercise of any Right or Rights evidenced hereby, but in lieu
      thereof the Company may elect to (i) evidence fractional shares by depositary
      receipts, (ii) issue scrip or warrants in registered form (either represented
      by
      a certificate or uncertificated) or in bearer form (represented by a
      certificate) which shall entitle the holder to receive a full share upon the
      surrender of such scrip or warrants aggregating a full share, or (iii) make
      a
      cash payment, as provided in the Rights Agreement.

     

     

    B-2

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    No
      holder
      of this Rights Certificate, as such, shall be entitled to vote or to receive
      dividends on, or shall be deemed for any purpose the holder of, Preferred Stock
      or of any other securities, cash or property which may at any time be issuable
      on the exercise hereof, nor shall anything contained in the Rights Agreement
      or
      this Rights Certificate be construed to confer upon the holder hereof, as such,
      any of the rights of a shareholder of the Company, including, without
      limitation, any right to vote for the election of directors or upon any matter
      submitted to shareholders at any meeting thereof, or to give or withhold consent
      to any corporate action, or to receive notice of meetings or other actions
      affecting shareholders (except as provided in the Rights Agreement), or to
      receive dividends or subscription rights, or to institute, as a holder of
      Preferred Stock or other securities issuable on the exercise of the Rights
      represented by this Rights Certificate, any derivative action, or otherwise,
      until and only to the extent 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 _______ __, ____.

     

    GENERAL
      MARITIME CORPORATION

     

    By:     
      _____________________________      

    Name:

    Title:

     

    

    

    Countersigned:

     

    MELLON
      INVESTOR SERVICES LLC

     

    By:
       __________________________

    Name:

    Title:

     

    [Form
      of
      Reverse Side of Rights Certificate]

     

     

    B-3

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Form
      of Assignment

     

    (To
      be
      executed by the registered holder if such

    holder
      desires to transfer the Rights Certificate.)

     

    FOR
      VALUE
      RECEIVED the undersigned ________________ hereby sells, assigns and transfers
      unto  

     

    (Please
      print name and address of transferee) _________ Rights evidenced by this Rights
      Certificate, together with all right, title and interest therein, and does
      hereby irrevocably constitute and appoint ________________________ with a power
      of attorney to transfer the said Rights and a Rights Certificate evidencing
      such
      Rights on the books of General Maritime Corporation, with full power of
      substitution.

     

    A
      new
      Rights Certificate evidencing the remaining balance, if any, of such Rights
      not
      hereby sold, assigned and transferred shall be mailed to and registered in
      the
      name of the undersigned unless such person requests that such Rights Certificate
      be registered in the name of and mailed to (complete only if a Rights
      Certificate evidencing any remaining balance of Rights is to be registered
      in a
      name other than the name of the undersigned):

     

    Please
      insert Social Security or

    other
      identifying number of transferee: _________________________

     

    _________________________________________________________________

    (Please
      print name and address)

     

    _________________________________________________________________

     

     

    B-4

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Certificate

     

    The
      undersigned hereby certifies by checking the appropriate boxes
      that:

     

    (1) this
      Rights Certificate or any Rights evidenced hereby __ are __ are 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 in the Rights Agreement); and

     

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

     

    Dated:
      ___________________________         ____________________________________

     

    Signature

     

    Signature
      Guaranteed:

     

    Signatures
      must be guaranteed by an eligible guarantor institution with membership in
      a
      recognized signature guarantee medallion program as approved by the Stock
      Transfer Association.

     

     

    B-5

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Notice

     

    The
      signature on the foregoing Form of Assignment 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.

     

    In
      the
      event the certification set forth above in the Form of Assignment is not
      completed, the Company will deem the beneficial owner of the Rights evidenced
      by
      this Rights Certificate to be an Acquiring Person or an Affiliate or Associate
      thereof (as defined in the Rights Agreement) and, in the case of an assignment
      or other transfer of this Rights Certificate or any Rights evidenced hereby,
      will affix a legend to that effect on any Rights Certificate issued in whole
      or
      partial exchange for this Rights Certificate.

     

     

     

     

     

     

     

     

     

     

    B-6

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Form
      of Election to Purchase

     

    (To
      be
      executed if holder desires to exercise

    the
      Rights represented by this Rights Certificate)

     

    To: General
      Maritime Corporation 

     

    The
      undersigned hereby irrevocably elects to exercise ____________________ Rights
      represented by this Rights Certificate to purchase the shares of Preferred
      Stock
      or other securities, cash or other property issuable upon the exercise of such
      Rights and requests that certificates for such shares or other securities be
      issued in the name of, and such cash or other property be paid to:

     

    Please
      insert social security

    or
      other
      identifying number: ________________________

     

    _________________________________________________________________

     

                    (Please
      print name
      and address)    

     

    _________________________________________________________________

     

    A
      new
      Rights Certificate evidencing the remaining balance, if any, of such Rights
      not
      hereby exercised shall be mailed to and registered in the name of the
      undersigned unless such person requests that such Rights Certificate be
      registered in the name of and mailed to (complete only if Rights Certificate
      evidencing any remaining balance of Rights is to be registered in a name other
      than the name of the undersigned):

     

    Please
      insert social security

    or
      other
      identifying number: ________________________

     

    

    _________________________________________________________________

     

                       
      (Please print name and address)    

     

    _________________________________________________________________

     

    B-7

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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 in the Rights
      Agreement); and

     

    (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 or was an Acquiring Person or an Affiliate or Associate of an Acquiring
      Person.

     

    Dated:
      __________________________           __________________________________

     

    Signature

     

    Signature
      Guaranteed:

     

    Signatures
      must be guaranteed by an eligible guarantor institution with membership in
      a
      recognized signature guarantee medallion program as approved by the Stock
      Transfer Association.

     

     

     

    B-8

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Notice

     

    The
      signature on the foregoing Form of Election to Purchase 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.

     

    In
      the
      event the certification set forth above in the Form of Election to Purchase
      is
      not completed, the Company will deem the beneficial owner of the Rights
      evidenced by this Rights Certificate to be an Acquiring Person or an Affiliate
      or Associate thereof (as defined in the Rights Agreement) and, in the case
      of an
      assignment or other transfer of this Rights Certificate or any Rights evidenced
      hereby, will affix a legend to that effect on any Rights Certificate issued
      in
      whole or partial exchange for this Rights Certificate.

     

     

     

     

    B-9

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    Exhibit
      C

     

    Summary
      of Rights to Purchase Preferred Stock 

     

    On
      December 2, 2005, the Board of Directors of General Maritime Corporation (the
      “Company”) authorized the issuance of one preferred share purchase right (a
“Right”) for each outstanding share of common stock, par value $.01 per share
      (the “Common Stock”), of the Company. The distribution is payable to the
      shareholders of record at the close of business on December 7, 2005 (the “Record
      Date”), which is also the payment date, and with respect to all shares of Common
      Stock that become outstanding after the Record Date and prior to the earliest
      of
      the Distribution Date (as defined below), the redemption of the Rights, the
      exchange of the Rights, or the expiration of the Rights (and, in certain cases,
      following the Distribution Date). Each Right entitles the registered holder
      to
      purchase from the Company one one-hundredth of a share of a Junior Participating
      Preferred Stock, par value $.01 per share, of the Company (the “Preferred
      Stock”) at an exercise price of $175.00 per one one-hundredth of a share of
      Preferred Stock (the “Purchase Price”), subject to adjustment. The description
      and terms of the Rights, and certain defined terms used herein, are set forth
      in
      a Rights Agreement (the “Rights Agreement”) between the Company and Mellon
      Investor Services LLC as Rights Agent (the “Rights Agent”), dated as of August
      31, 2006, as may be amended from time to time.

     

    Until
      the
      earlier to occur of (i) the expiration of the Company’s redemption rights on the
      tenth business day after the date of public disclosure that a person or group
      other than certain Exempt Persons (an “Acquiring Person”), together with persons
      affiliated or associated with such Acquiring Person (other than those that
      are
      Exempt Persons), has acquired, or obtained the right to acquire, beneficial
      ownership of 15% or more (20% or more in the case of certain acquisitions by
      institutional investors) of the outstanding Common Stock (the “Stock Acquisition
      Date”), (ii) the tenth business day after the date (the “Tender Offer Date”) of
      commencement or public disclosure of an intention to commence a tender offer
      by
      a person other than an Exempt Person if, upon consummation of the offer, such
      person could acquire beneficial ownership of 15% or more of the outstanding
      Common Stock (the earlier of such dates being called the “Distribution Date”)
      and (iii) the first date on which a Business Combination (as defined below)
      is
      deemed to occur, the Rights will be evidenced by Common Stock certificates
      and
      not by separate certificates. The Rights Agreement provides that, until the
      Distribution Date (or earlier redemption, exchange or expiration of the Rights),
      the Rights will be transferred with and only with the Common Stock. Until the
      Distribution Date (or earlier redemption, exchange or expiration of the Rights),
      new Common Stock certificates issued after December 7, 2005, upon transfer
      or
      new issuance of shares of Common Stock, will contain a notation incorporating
      the Rights Agreement by reference. Until the Distribution Date (or earlier
      redemption, exchange or expiration of the Rights) the surrender for transfer
      of
      any certificate for Common Stock will also constitute the transfer of the Rights
      associated with the Common Stock represented by such certificate. As soon as
      practicable following the Distribution Date, separate certificates evidencing
      the Rights (“Rights Certificates”) will be mailed to holders of record of the
      Common Stock as of the close of business on the Distribution Date, and such
      separate Rights Certificates alone will evidence the Rights.

     

    The
      Rights will first become exercisable on the later to occur of the Stock
      Acquisition Date and the Distribution Date (unless sooner redeemed or
      exchanged). The Rights

     

     

    C-1

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     will
      expire at the close of business on December 5, 2010 (the “Expiration Date”),
      unless earlier redeemed or exchanged by the Company as described
      below.

     

    The
      Purchase Price payable, and the number of shares of Preferred Stock or other
      securities, cash or other property issuable, upon exercise of the Rights are
      subject to adjustment from time to time to prevent dilution (i) in the event
      of
      a stock dividend or distribution on, or a subdivision, combination or
      reclassification of, the Preferred Stock, (ii) upon the grant to holders of
      the
      Preferred Stock of certain rights, options or warrants to subscribe for
      Preferred Stock or securities convertible into or exchangeable for Preferred
      Stock at less than the current market price of the Preferred Stock or (iii)
      upon
      the distribution to holders of the Preferred Stock of evidences of indebtedness
      or assets (excluding regular periodic cash dividends, subject to certain
      limitations set forth in the Rights Agreement) or of subscription rights or
      warrants (other than those referred to above). In addition, the Purchase Price
      payable, and the number of shares of Preferred Stock purchasable, on exercise
      of
      a Right is subject to adjustment in the event that the Company should (i)
      declare or pay any dividend on the Common Stock payable in Common Stock or
      (ii) effect a subdivision or combination of the Common Stock into a
      different number of shares of Common Stock.

     

    With
      certain exceptions, no adjustment in the Purchase Price will be required until
      cumulative adjustments require an adjustment of at least 1% in such Purchase
      Price. No fractional shares of Preferred Stock will be issued (other than
      fractions which are integral multiples of one one-hundredth of a share of
      Preferred Stock, which may, at the election of the Company, be evidenced by
      depositary receipts) and in lieu thereof, an adjustment in cash will be made
      based on the market price of the Preferred Stock on the last trading date prior
      to the date of exercise.

     

    In
      the
      event that there is public disclosure that an Acquiring Person has become such,
      proper provision would be made so that each holder of a Right, other than Rights
      that are or were beneficially owned by the Acquiring Person and certain related
      persons and transferees (which will thereafter be void), will after the later
      to
      occur of the Stock Acquisition Date and the Distribution Date have the right
      to
      receive upon exercise that number of shares of Common Stock (or other
      securities) having at the time of such transaction a market value of two times
      the Purchase Price of the Right. In addition, the Company’s Board of Directors
      has the option of exchanging all or part of the Rights (excluding void Rights)
      for an equal number of shares of Common Stock in the manner described in the
      Rights Agreement.

     

    In
      the
      event that, at any time following public disclosure that an Acquiring Person
      has
      become such, the Company is involved in a merger or other business combination
      transaction where the Company is not the surviving corporation or where the
      Common Stock is changed or exchanged or in a transaction or transactions as
      a
      result of which 50% or more of its consolidated assets or earning power are
      sold, proper provision would be made so that each holder of a Right (other
      than
      such Acquiring Person and certain related persons or transferees) (a “Business
      Combination”) shall thereafter have the right to receive, upon the exercise
      thereof at the then current Purchase Price of the Right, that number of shares
      of common stock of the acquiring company or the Company, as the case may be,
      which at the time of such transaction would have a market value of two times
      the
      Purchase Price of the Right.

     

     

    C-2

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    No
      person
      will become an Acquiring Person as a result of acquisition of Common Stock
      upon
      consummation of a Qualified Offer or following consummation of a Qualified
      Offer. A “Qualified Offer” means an offer satisfying all of the following
      criteria: (i) the person making the offer has publicly announced a bona fide
      intention to conduct a tender offer for all outstanding shares of Common Stock;
      (ii) the consideration offered must be all cash, and it must be equal for all
      holders of Common Stock; (iii) the offer must be conditioned upon the person
      making the offer beneficially owning a majority of the outstanding shares of
      Common Stock upon consummation of the offer, and the person making the offer
      must irrevocably commit that if the offer is consummated, holders who do not
      tender their shares in the offer shall receive the offer consideration in a
      merger as promptly as practicable following consummation of the offer; (iv)
      the
      person making the offer must indicate the source of financing for the offer
      and
      that such financing is unconditionally available to consummate the offer; (v)
      the person making the offer must make appropriate filings with the Securities
      and Exchange Commission; (vi) the person making the offer must not otherwise
      be
      an Acquiring Person; and (vii) holders of at least 75% of the outstanding Common
      Stock must state in writing that the offer should be deemed a Qualified
      Offer.

    

    At
      any
      time prior to the later of the Stock Acquisition Date and the Distribution
      Date,
      the Board of Directors of the Company may redeem the Rights in whole, but not
      in
      part, at a price of $.01 per Right (the “Redemption Price”), payable in cash,
      shares (including fractional shares) of Common Stock or any other form of
      consideration deemed appropriate by the Board of Directors.

     

    At
      any
      time prior to the later of the Stock Acquisition Date and the Distribution
      Date,
      the Board of Directors of the Company may amend or supplement the Rights
      Agreement without the approval of the Rights Agent or any holder of the Rights.
      From and after the later of the Stock Acquisition Date and the Distribution
      Date, the Board of Directors of the Company may generally only amend or
      supplement the Rights Agreement without such approval only to cure ambiguity,
      correct or supplement any defective or inconsistent provision or change or
      supplement the Rights Agreement in any manner which shall not adversely affect
      the interests of the holders of the Rights (other than an Acquiring Person
      or an
      affiliate or associate thereof). Immediately upon the action of the Board of
      Directors providing for any amendment or supplement, such amendment or
      supplement will be deemed effective.

     

    Each
      share of Preferred Stock will be entitled to a minimum preferential quarterly
      dividend payment, when, as and if declared by the Board of Directors of the
      Company, equal to the greater of $1.00 per share and 100 times the dividend
      declared per share of Common Stock, subject to anti-dilution adjustment. In
      the
      event of liquidation, the holders of the Preferred Stock will be entitled to
      a
      preferential liquidation payment equal to $100 per share, plus accrued and
      unpaid dividends, subject to anti-dilution adjustment. Each share of Preferred
      Stock will have 100 votes per share, subject to anti-dilution adjustment, voting
      together with the Common Stock. In the event of any merger, consolidation or
      other transaction in which the Common Stock is exchanged, each share of
      Preferred Stock will be entitled to receive 100 times the amount received per
      Common Stock, subject to anti-dilution adjustment. Each share of Preferred
      Stock
      will be redeemable at the option of the Company at a price equal to 100 times
      the current per share market price of the Common Stock, subject to anti-dilution
      adjustment. 

     

     

    C-3

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exempt
      Persons 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 and (iv) any Person holding Common Stock for any such employee
      benefit plan or for employees of the Company or of any Subsidiary of the Company
      pursuant to the terms of any such employee benefit plan.

     

    The
      Rights may have certain anti-takeover effects. The Rights may cause substantial
      dilution to a person or group (except as described above with respect to an
      Exempt Person) that attempts to acquire the Company on terms not approved by
      the
      Board. The Rights should not interfere with any merger or other business
      combination approved by the Board of Directors prior to the time a person or
      group other than an Exempt Person has acquired beneficial ownership of 15%
      or
      more (20% or more in the case of certain acquisitions by institutional
      investors) of the Common Stock and the Rights are distributed, because until
      such time the Rights may generally be redeemed by the Company at $.01 per Right
      or the Company may amend the Rights Agreement to defer the Distribution Date
      to
      allow for the transaction. 

     

    Until
      a
      Right is exercised, the holder thereof, as such, will have no rights as a
      shareholder of the Company, including, without limitation, the right to vote
      or
      to receive dividends.

     

    A
      copy of
      the Rights Agreement has been filed with the Securities and Exchange Commission
      as an Exhibit to the Company’s Current Report on Form 8-K. A copy of the Rights
      Agreement is available free of charge from the Company. This summary description
      of the Rights does not purport to be complete and is qualified in its entirety
      by reference to the Rights Agreement, which is hereby incorporated herein by
      reference.

     

     

     

     

    C-4Converted by EDGARwiz

LIMITED LIABILITY COMPANY AGREEMENT

OF

IRC-IREX VENTURE, L.L.C.

SEPTEMBER 5, 2006

TABLE OF CONTENTS

Page

ARTICLE I DEFINITIONS

ARTICLE II FORMATION

2.1

Organization

2.2

Name

2.3

Term

2.4

Registered Agent and Office

2.5

Principal Office

2.6

Foreign Qualification

ARTICLE III ACCOUNTING AND RECORDS

3.1

Records to be Maintained

3.2

Information and Accounting to Members

ARTICLE IV BUSINESS TRANSACTIONS

4.1

Nature of Business

4.2

Location and Submission of Target Properties

4.3

Mutual Agreement re Target Property Proposals

4.4

Formation of Venture Sub

4.5

Equity Advances

4.6

Reimbursement of Syndication Costs

4.7

Assignment of Rights to Acquire Target Property

4.8

Management and Service Provider Agreements

4.9

Service Provider and Other Business Transactions

4.10

Discontinued Venture

4.11

Carve Out Guaranties

ARTICLE V AMENDMENTS TO CERTIFICATE AND AGREEMENT

5.1

Certificate  Amendments

5.2

Agreement Amendments

ARTICLE VI RIGHTS AND DUTIES OF MEMBERS

6.1

Meetings and Notice

6.2

Informal Action by Members

6.3

No Liability of Members

6.4

Contributing Member Decisions

6.5

Lack of Authority

6.6

Conflicts of Interest

6.7

Representations and Warranties

ARTICLE VII RIGHTS AND DUTIES OF MANAGER

7.1

Management

7.2

Manager

7.3

Power to Bind the Company

7.4

Fees and Compensation

7.5

Standard of Care

7.6

Officers

7.7

Matters Requiring Member Consent

7.8

REIT Provisions

ARTICLE VIII INDEMNIFICATION

8.1

Indemnification by Venture Corp. and IRC of IREX Indemnified Parties

8.2

Indemnification by IREX of IRC Indemnified Parties

8.3

Other Indemnification Obligations

ARTICLE IX CONTRIBUTIONS AND CAPITAL ACCOUNTS

9.1

Initial Contributions

9.2

Additional Capital Contributions From Existing Members

ARTICLE X DISTRIBUTIONS

ARTICLE XI ALLOCATIONS AND TAXES

11.1

Allocation of Profits and Losses

11.2

Elections

11.3

Tax Matters Partner

11.4

Method of Accounting

11.5

Returns and Other Elections

ARTICLE XII DISPOSITION OF MEMBERSHIP INTERESTS

ARTICLE XIII TERMINATION OF A MEMBER

13.1

Termination

13.2

Effect of Termination

ARTICLE XIV DISSOLUTION AND WINDING UP

14.1

Dissolution

14.2

Effect of Dissolution

14.3

Distribution of Assets upon Dissolution

14.4

Winding Up and Articles of Dissolution

ARTICLE XV MISCELLANEOUS PROVISIONS

15.1

Notices

15.2

Entire Agreement

15.3

Construction

15.4

Expenses

15.5

Headings

15.6

No Partnership Intended for Nontax Purposes

15.7

Rights of Creditors and Third Parties Under Agreement

15.8

Application of Delaware Law

15.9

Counterparts

15.10

No Waiver

15.11

Severability

15.12

Benefit

i

Exhibit A

Member Information

Exhibit B

Form of Venture Sub Formation Documents

Exhibit C

Form of Promissory Note

Exhibit D

Form of Management Agreement with IREX

Exhibit E

Form of Property Management Sub-Contact with ICPMC

Exhibit F

Form of Dealer Manager Agreement with Inland Securities Corporation

ii

LIMITED LIABILITY COMPANY AGREEMENT

OF

IRC-IREX VENTURE, L.L.C.

(a Delaware limited liability company)

THIS LIMITED LIABILITY COMPANY AGREEMENT of IRC-IREX VENTURE, L.L.C., a Delaware limited liability company (the “Company”), is entered into and shall be effective as of September 5, 2006, by and between Inland Real Estate Exchange Corporation (“IREX”), a Delaware corporation, and Inland Venture Corporation (“Venture Corp.”), a Delaware corporation.  Certain capitalized terms used herein are defined in Article I.

NOW, THEREFORE, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

Unless otherwise specified herein, the following terms shall have the following meanings:

“1031 Program” shall mean the offering for sale, pursuant to Regulation D under the Securities Act of 1933, as amended, of interests in real estate, structured as (a) tenant-in-common interests, (b) beneficial interests in a Delaware Statutory Trust or (c) a custom program for a single investor, in each case for investors wishing to complete a tax-deferred exchange of real estate pursuant to Section 1031 of the Code or for cash investors who desire to position their investments for future tax deferred exchanges.

“Abandoned Syndication” shall mean a syndication of a 1031 Program that is not undertaken or is withdrawn from the market by the Venture Sub.

“Act” shall mean the Delaware Limited Liability Company Act, as amended from time to time.

“Additional Capital Contribution” shall mean a Capital Contribution other than the Initial Capital Contribution.

“Additional Return” shall mean a preferred return to be paid if an Equity Advance or portion thereof (other than the Retained Percentage Equity Amount) remains unpaid on the Applicable Additional Return Date. The Additional Return shall be calculated at the rate of 9 percent per annum on the portion of the Equity Advance (other than the Retained Percentage Equity Amount) that remains outstanding from time to time after the Applicable Additional Return Date, reduced by the Operating Proceeds paid to the Contributing Member under Section 4.5 between the Applicable Additional Return Date and the date Additional Return is being calculated. Notwithstanding the foregoing, (i) no Additional Return shall accrue and (ii) the running of the four and six month periods specified under the definition of Applicable Additional Return Date shall be suspended, in each case during the time the Target Property is subject to any Adverse Target Property Condition.

“Adverse Target Property Condition” shall mean a condition with respect to a Target Property which (i) was not known by IREX at the time the Equity Advance for such Target Property was funded and (ii) delays the 1031 Program from being marketed or causes a suspension in the marketing of the 1031 Program. For purposes of illustration, material environmental conditions, and material tenant defaults or abandonments not existing at the time the Equity Advance was funded, shall be deemed Adverse Target Property Conditions, but general changes in market conditions will not constitute an Adverse Target Property Condition.

“Affiliate” shall mean any entity that directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with a party hereto.  For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) shall mean the ownership or control of securities possessing more than 50 percent of the voting power of all outstanding voting securities of an entity or the power to otherwise direct or cause the direction of the management and policies of the entity, whether through the ownership of voting stock or similar rights.

“Agreement” shall mean this Limited Liability Company Agreement, as amended from time to time.

“Applicable Additional Return Date” shall mean with respect to each Equity Advance, the six month anniversary of the date such Equity Advance was funded; provided, however, if the Applicable Private Placement Memorandum is not completed by the four month anniversary of such funding date, the Applicable Additional Return Date shall begin on such four month anniversary date.

“Applicable Private Placement Memorandum” shall mean, with respect to a particular Equity Advance, the private placement memorandum through which a Venture Sub offers interests in the Target Property, the acquisition of which was funded (in part) through such Equity Advance.

“Bankruptcy Event” shall mean with respect to any Person: an assignment by such Person for the benefit of creditors or an admission in writing by such Person of an inability to pay its debts generally as they become due; the entry of an order, judgment or decree adjudicating such Person bankrupt or insolvent; the petition or application by such Person to any tribunal for the appointment of a custodian, trustee, receiver or liquidator of such Person or of any substantial part of its assets; the commencement of any proceeding (or the entry of any order for relief) with respect to such Person or its debts under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction; or the filing of any such petition or application or the commencement of any such proceeding against such Person and either (i) such Person by any act indicates its approval thereof, consent thereto or acquiescence therein or (ii) such petition, application or proceeding is not dismissed within 60 days.

“Business Day” shall mean any day other than Saturday, Sunday or any legal federal or Illinois State holiday.

“Capital Account” shall mean the Capital Account established and maintained for each Member in accordance with the following provisions:

(a)

to each Member’s Capital Account there shall be credited the Member’s Capital Contributions and the Member’s distributive share of Profits; and

(b)

to each Member’s Capital Account there shall be debited the amount of cash and the fair market value of any other property distributed to the Member and the Member’s distributive share of Losses.

“Capital Contribution” shall mean, with respect to any Member, the amount of money and the fair market value of any Property (other than money) contributed to the Company.

“Carve-Out Guaranty” shall mean a Target Property lender required guaranty of carve-out obligations (in particular, the various non-recourse exceptions contained in the subject debt) in connection with the financing of any Venture Sub Target Property.

“Certificate” shall mean the Certificate of Formation of the Company, as amended from time to time.

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

“Contributing Member” shall mean Venture Corp.

“Contributing Member Decisions” shall have the meaning set forth in Section 6.4 of this Agreement.

“Damages” means any and all damages, losses, liabilities, obligations, penalties, assessments, dues, fines, amounts paid in settlement, judgments, costs and expenses (including attorneys’ fees and expenses) of any nature.

“DST Interest” shall mean a beneficial interest in a Delaware Statutory Trust.

“Equity Advance” shall mean a bridge loan extended by Venture Corp. to the Company, the proceeds of which will thereupon be contributed by the Company to a Venture Sub to fund (in part) the acquisition of a Target Property.

“Exit Sale Proceeds” shall mean the net sale proceeds realized by Venture Sub from the disposition of its Target Property, relating to its Retained Percentage and other ownership interests in the Target Property.

“Initial Capital Contribution” shall mean the initial Capital Contribution made by each of the Members as described in Section 9.1.

“ICPMC” shall mean Inland Commercial Property Management Corporation, a wholly-owned subsidiary of IRC.

“IRC” shall mean Inland Real Estate Corporation, a Maryland corporation.

“IREX” shall have the meaning set forth in the preamble of this Agreement.

“Investor Net Sales Proceeds” means the total proceeds received by a Venture Sub from the sale of a TIC or DST Interest, reduced by that portion of the proceeds attributable to: (i) reserves, (ii) commissions and fees and (iii) third party expenses (the “Subtractions”), all as set forth in the “Sources and Uses of Funds” section of the Applicable Private Placement Memorandum.  For the avoidance of doubt, the Investor Net Sales Proceeds will generally be that percentage of the total sales price received from an Investor as calculated by the following fraction:  (x) total interests offered less Subtractions divided by (y) total interests offered.

“Major Decisions” shall have the meaning set forth in Section 7.7.

“Manager” shall mean the Person selected to manage the affairs of the Company under Article VII.

“Member” shall mean each person executing this Agreement as a Member.

“Member Consent” shall mean the affirmative vote of both Members.

“Membership Interest” shall mean the interest in the Company entitling its holder to the benefits provided in this Agreement and the Act, and subjecting its holder to the obligations provided in this Agreement and the Act.

“Misrepresentation” shall mean any untrue statement of a material fact or omission of a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

“Operating Proceeds” shall mean a Venture Sub’s share of Target Property cash flow from property operations, after the payment of: (i) all property and Venture Sub operating expenses, (ii) debt service and (iii) necessary capital expenditures and reserves.

“Organization” shall mean a Person other than a natural person, including without limitation, corporations (both non-profit and other corporations), partnerships (both limited and general), joint ventures, limited liability companies, trusts and unincorporated associations.

“Percentage Interest” shall mean (i) in the case of IREX, 50 percent and (ii) in the case of Venture Corp., 50 percent.

“Person” shall mean any natural person or Organization.

“Principal Office” shall have the meaning set forth in Section 2.5.

“Proceeding” shall mean any judicial or administrative trial, hearing or other activity, civil, criminal or investigative, the result of which may be that a court, arbitrator, or governmental agency may enter a judgment, order, decree, or other determination which, if not appealed and reversed, would be binding upon the Company, a Member or other Person subject to the jurisdiction of the court, arbitrator, or governmental agency.

“Profits” and “Losses” shall mean, for each Taxable Year or other period, an amount equal to the Company’s taxable income or loss for the year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments:

(a)

any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits or Losses pursuant to this definition shall be added to taxable income or loss; and

(b)

any expenditure of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses pursuant to this definition, shall be subtracted from taxable income or loss.

“Property” shall mean any property, real or personal, tangible or intangible, excluding cash and cash equivalents of the Company.

“Retained Percentage” shall mean the tenant in common percentage of a Target Property (or Delaware statutory trust interest) that a first mortgage lender requires be retained by a Venture Sub and any remaining unsold fractional interest.

“Retained Percentage Equity Amount” shall mean an amount equal to the value of a Retained Percentage based on the offering price for an equivalent interest, as set forth in the Applicable Private Placement Memorandum.

“Secretary of State” shall mean the Secretary of State of Delaware.

“Securities Act” shall mean the Securities Act of 1933, as amended.

“State” shall mean the State of Delaware.

“Syndication Costs” shall mean all out-of-pocket financing, investigation and syndication costs and expenses incurred in connection with a 1031 Program for a Target Property.

“Target Property” shall have the meaning set forth in Section 4.2.

“Taxable Year” shall mean the calendar year.

“Taxing Jurisdiction” shall mean any state, local, or foreign government which collects tax, interest or penalties, however designated, on any Member’s share of the income or gain attributable to the Company.

“Termination” shall have the meaning set forth in Section 13.1.

“TIC Interest” shall mean a tenant in common interest.

“Transfer” shall mean any sale, assignment, transfer, exchange, mortgage, pledge, grant, hypothecation or other disposition, absolute or as security or encumbrance, including dispositions by operation of law.

“Treasury Regulations” shall mean, except where the context indicates otherwise, the permanent, temporary, proposed, or proposed and temporary regulations of the Department of the Treasury under the Code as amended from time to time.

“Venture Corp.” shall have the meaning set forth in the preamble of this Agreement.

“Venture Sub” shall have the meaning set forth in Section 4.3.

“Venture Sub Manager” shall have the meaning set forth in Section 4.3.

“Willful Misconduct” shall mean any material act or omission of or by a Person that: (i) was committed in bad faith or was the result of active and deliberate dishonesty of such Person; or (ii) resulted in an improper personal benefit to such Person in money, property or services; or (iii) in the case of any criminal matter, the Person committing the act or omission had reasonable cause to believe that the act or omission was unlawful.

ARTICLE II

FORMATION

2.1

Organization

.  The Company was formed as a Delaware limited liability company by the filing of the Certificate with the Secretary of State on September 5, 2006.

2.2

Name

.  The name of the Company is “IRC-IREX Venture, L.L.C.” and all business of the Company shall be conducted under that name or any other name approved by Member Consent or under any other name adopted as an assumed name, but in any case, only to the extent permitted by applicable law.

2.3

Term

.  The term of this Agreement shall be perpetual, provided that the Company may be dissolved and its affairs wound up as provided in this Agreement or mandated under the Act.

2.4

Registered Agent and Office

.  The registered agent for service of process and the registered office shall be that Person and location reflected in the Certificate.  The Manager may change the registered agent or office through appropriate filings with the Secretary of State.  In the event the registered agent ceases to act for any reason or the registered office shall change, the Manager shall promptly designate a replacement registered agent or file a notice of change of address as the case may be.

2.5

Principal Office

.  The principal office of the Company shall be at 2901 Butterfield Road, Oak Brook, Illinois 60523, or at such other location as the Manager shall determine (the “Principal Office”).

2.6

Foreign Qualification

.  The Company shall be qualified to do business in Illinois and such other states as determined from time to time by the Manager.

ARTICLE III

ACCOUNTING AND RECORDS

3.1

Records to be Maintained

.  The Company shall maintain the following records at the Principal Office:

(a)

a list of the amount of cash and a description and statement of the agreed value of the other property each Member has contributed or has agreed to contribute in the future (which information is also reflected on Exhibit A attached hereto) and the date on which each became a Member;

(b)

a copy of this Agreement and the Certificate, together with any amendments thereto;

(c)

copies of the Company’s federal, state and local income tax returns and reports, if any; and

(d)

any financial statements of the Company.

3.2

Information and Accounting to Members

.  Records required to be kept under Section 3.1 may be inspected and copied by a Member or its legal representative at the request and expense of any Member during ordinary business hours.

ARTICLE IV

BUSINESS TRANSACTIONS

4.1

Nature of Business

.  The purpose of the Company shall be to facilitate the participation of Venture Corp. in 1031 Programs for Target Properties made available by Venture Corp.  The Company may engage in any lawful business permitted by the Act or the laws of any jurisdiction in which the Company may do business in furtherance of its purpose.  The Company shall have the authority to do all things necessary or convenient to accomplish its purpose and operate its business.

4.2

Location and Submission of Target Properties

.  Until the earlier of (i) the 12 month anniversary of the date of this Agreement and (ii) the consummation of any direct or indirect acquisition of IREX by IRC (the “Recommendation Period”), Venture Corp. may, in its discretion, locate and submit for evaluation by IREX, properties that may be suitable for a 1031 Program (individually, a “Target Property” and such submission a “Venture Proposal”). Each Venture Proposal made by Venture Corp. shall include information, such as physical characteristics, economic data, proposed financing, Argus runs, and other relevant data for IREX to determine the suitability of the Target Property for a 1031 Program. Upon expiration of the Recommendation Period, the Company shall not consummate or sponsor or otherwise participate in any additional 1031 Programs, and the period during which Venture Corp. may locate and submit properties to the Company shall lapse.

4.3

Mutual Agreement re Target Property Proposals

.  Upon completion of its review of each Venture Proposal, IREX shall notify Venture Corp. as to whether IREX considers the Target Property suitable for a 1031 Program. If IREX determines the Target Property is suitable for a 1031 Program, IREX will prepare and deliver to Venture Corp. a written recommendation (“Offering Recommendation”) for the joint venturing of the property through a newly formed Delaware limited liability company or a Delaware statutory trust (a “Venture Sub”) of which the Company shall be the sole member or initial beneficiary and an IREX owned entity (a “Venture Sub Manager”) shall be the sole manager or signatory trustee.  The Offering Recommendation shall include the proposed capital requirements, use of proceeds, estimated Retained Percentage, any Equity Advance to be required of Venture Corp. and other matters that IREX generally considers in syndicating proposed properties for its own 1031 Programs. Thereafter, the Members shall negotiate in good faith to attempt to arrive at mutual agreement as to whether to proceed with the joint venture of the Target Property and the terms thereof (such mutually agreed terms, a “Target Property Proposal”).  Neither Member shall be obligated to accept any proposed Target Property or Offering Recommendation.  In the event IREX does not submit an Offering Recommendation for a Target Property or if the Members fail to reach a mutual agreement for a Target Property Proposal, IREX agrees that during the Recommendation Period, and for a period of 180 days thereafter, it shall not pursue the Target Property for its own account or as part of its own 1031 Program.

4.4

Formation of Venture Sub

.  With respect to and in the event of each Target Property Proposal, the Company shall form a Venture Sub to acquire the subject Target Property (or the title holding entity thereof) using documents or instruments in form and substance as attached hereto as Exhibit B.

4.5

Equity Advances

.  Venture Corp. shall loan to the Company the amount of equity funds the Company is required to contribute to a Venture Sub to acquire the Target Property (as determined under Section 4.3, above), when and in the amount specified in the respective Target Property Proposal (an “Equity Advance”).  Each Equity Advance shall be evidenced by a promissory note having the substance and in the applicable form attached hereto as Exhibit C.  Following receipt, the Company will contribute the amount of each Equity Advance to the respective Venture Sub.  An amount equal to the Operating Proceeds generated by such Venture Sub (with respect to the period between the date of such Equity Advance and the date when such Equity Advance is repaid in full to Venture Corp.) shall constitute the base interest payable to Venture Corp. for the Equity Advance, which shall be payable by the Company as such amounts are distributed by the Venture Sub to the Company.  In addition, if an Equity Advance is not repaid in full, excepting only the Retained Percentage Equity Amount, prior to the Applicable Additional Return Date, then from and after such Applicable Additional Return Date, Venture Corp. shall be entitled to the Additional Return on the unpaid portion of the Equity Advance (excepting only the Retained Percentage Equity Amount) outstanding from time to time until such Equity Advance has been repaid in full.

4.6

Reimbursement of Syndication Costs

.  A good faith estimate of Syndication Costs shall be presented to the Members concurrent with the submission of the Offering Recommendation.  When a Venture Sub offers interests in a Target Property for sale through a private placement memorandum, the related Syndication Costs (as may be revised from time to time prior to the publication of the final private placement memorandum by IREX) will be published in the private placement memorandum.  Subject to Section 4.10 of this Agreement, IREX shall be reimbursed from offering proceeds for all Syndication Costs which it has incurred or advanced in the amounts set forth in the final private placement memorandum regardless whether such actual Syndication Costs incurred by IREX are greater than or less than the Syndication Costs set forth in the final private placement memorandum.  No reconciliation of Syndication Costs shall be conducted.

4.7

Assignment of Rights to Acquire Target Property

.  If the Target Property is already under contract to Venture Corp. or an Affiliate thereof, Venture Corp. shall have the purchase contract assigned to the respective Venture Sub prior to the anticipated closing of the Target Property.

4.8

Management and Service Provider Agreements

.  Prior to the acquisition of any Target Property, each Venture Sub shall enter into a Management Agreement with its Venture Sub Manager using an agreement in form and substance as attached hereto as Exhibit D, and the Venture Sub Manager, thereupon, will enter into a Property Management Sub-Contact with ICPMC using an agreement in form and substance as attached hereto as Exhibit E.  Each such Sub-Contract shall provide for, among other things, a property management fee of 4 percent on multi-tenant Target Properties and 2.5 percent on single tenant Target Properties, based on collected gross income from the Target Property tenants.  Subject to satisfactory completion of its due diligence review, Inland Securities Corporation shall be obligated  to enter into a Dealer Manager Agreement with each Venture Sub using an agreement in form and substance as attached hereto as Exhibit F providing for the sale of tenant-in-common interests in the Target Property.  It shall be a condition precedent to Venture Corp.’s obligation to make an Equity Advance that Inland Securities Corporation has satisfactorily completed its due diligence review with respect to the Target Property and has entered into a Dealer Manager Agreement with the applicable Venture Sub in the form and substance of Exhibit F.

4.9

Service Provider and Other Business Transactions

.  A Venture Sub Manager may cause the Company or any Venture Sub to enter into other agreements, including service provider agreements, and transact other business with, IREX or its Affiliates on the same terms and conditions as IREX from time to time utilizes or approves with respect to its own 1031 Programs.

4.10

Discontinued Venture

.  If any Venture Sub fails to close on the purchase of the Target Property for any reason or in the event of an Abandoned Syndication, the parties shall not proceed with the joint venture of the Target Property.  In such event, the Company will reimburse IREX, Venture Sub and/or Venture Sub Manager for Syndication Costs and for any other costs incurred by IREX, Venture Sub or Venture Sub Manager with respect to such Target Property (collectively, the “Upfront Costs”). However, if Venture Corp. or an affiliate of Venture Corp. shall subsequently acquire such Target Property, Venture Corp. shall promptly reimburse the Company in full for all the Upfront Costs paid by the Company in connection with such Target Property.

4.11

Carve Out Guaranties

.  IRC and IREX shall timely execute and deliver all Target Property lender requested Carve-Out Guaranties in connection with 1031 Programs sponsored by the Company and shall share equally in any liability with respect to such Carve-Out Guaranties.

ARTICLE V

AMENDMENTS TO CERTIFICATE AND AGREEMENT

5.1

Certificate  Amendments

.  The Company may amend its Certificate at any time to add a new provision or to change or remove an existing provision upon Member Consent.

5.2

Agreement Amendments

.  This Agreement may be amended or modified from time to time upon Member Consent.

ARTICLE VI

RIGHTS AND DUTIES OF MEMBERS

6.1

Meetings and Notice

.  Meetings of the Members may be called by the Manager or by either Member.  Notice stating the place, date and hour of the meeting and the purpose or purposes for which the meeting is called, shall be delivered in writing to both Members not less than 24 hours and not more than 30 days before the date of any meeting of the Members, unless notice is waived by both of the Members.

6.2

Informal Action by Members

.  Any action which may be taken at a meeting of the Members may be taken without a meeting, if a consent in writing, setting forth the action so taken, shall be signed by both of the Members.

6.3

No Liability of Members

.  No Member shall be liable as such for the liabilities of the Company.  The failure of the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business or affairs under this Agreement or the Act shall not be grounds for imposing personal liability on the Members (or the Manager) for liabilities of the Company.

6.4

Contributing Member Decisions

.  Notwithstanding anything in this Agreement to the contrary, the Contributing Member and not the Manager shall have the sole and exclusive right, power and authority to make all decisions and to take all actions with respect to the following matters (each a “Contributing Member Decision”):

(a)

any decisions concerning the timing and amount of any distributions of Operating Proceeds, Investor Net Sales Proceeds and Exit Sale Proceeds, subject to the retention of a reasonable amount of reserves. Any Venture Sub operating agreement shall include appropriate provisions authorizing the Company, as sole member of the Venture Sub, to distribute all available cash of the Venture Sub to the Company, after making provision for reasonable reserves; and

(b)

all decisions with respect to the sale, conveyance or other disposition of any Target Property which is the subject of an Abandoned Syndication; provided that if the Contributing Member desires to sell or otherwise transfer a Target Property to Venture Corp. or one of its affiliates, the prior written consent of IREX shall be required. Any Venture Sub operating agreement or trust agreement shall include appropriate provisions authorizing the Company, as sole member of such Venture Sub, to sell, convey or otherwise dispose of the Target Property in the event such Property is the subject of an Abandoned Syndication.

6.5

Lack of Authority

.  No Member, as such, shall take any part in the management or control of the business of the Company or have power to sign for or bind the Company.  Notwithstanding the foregoing, the Contributing Member shall have the sole and exclusive right, power and authority to make the Contributing Member Decisions and the Members shall have the right to approve or disapprove or otherwise consent or withhold consent with respect to such other matters as are expressly specified in this Agreement (pursuant to Section 7.7 or otherwise) as matters that are required to be taken or approved by the Members under the Act, and any such approval or action shall require Member Consent.

6.6

Conflicts of Interest

.  No Member shall owe any fiduciary duty to the Company or to the other Member.  Nothing in this Agreement shall be deemed to restrict in any way the rights of any Member or its Affiliates, to conduct any other business or activity, and neither a Member nor the Manager shall be accountable to the Company or to any other Member with respect to that business or activity.  In particular, it is understood and agreed that each of IRC, Venture Corp., IREX (as Member and/or Manager) and their respective Affiliates (i) may engage or invest in, own and/or manage, independently or with others, any business or activity of any type or description and neither the Company nor the other Member shall have any right in or to such other ventures or activities or to the income or proceeds derived therefrom, (ii) shall not be obligated to present any investment opportunity or prospective economic advantage to the Company, even if the opportunity is of the character that, if presented to the Company, could be taken advantage of by the Company and (iii) shall have the right to hold any business or investment opportunity or prospective economic advantage, including but not limited to a potential 1031 Program or property for such a Program, for its own account.

6.7

Representations and Warranties

.  Each Member hereby represents and warrants that such Member is duly organized, validly existing and in good standing under the laws of its state of organization and that it has full organizational power to execute this Agreement and to perform its obligations hereunder.

ARTICLE VII

RIGHTS AND DUTIES OF MANAGER

7.1

Management

.  The business and affairs of the Company shall be managed by the Manager and by the officers and agents of the Company pursuant to authority granted by the Manager.  Except as set forth in Sections 6.4, 7.3 and 7.7, and except for any other situations in which the approval of the Members is expressly required by this Agreement or by non-waivable provisions of the Act, the Manager shall have full and complete authority, power and discretion to manage and control the business, affairs and properties of the Company, to make all decisions regarding those matters and to perform any and all other acts or activities customary or incident to the management of the business and affairs of the Company.

7.2

Manager

.  The Company shall have one Manager.  The Manager shall be IREX.

7.3

Power to Bind the Company

.  Except for the Contributing Member Decisions, only the Manager and the officers and agents of the Company pursuant to authority granted by the Manager shall have the authority to bind the Company.  Unless authorized by this Agreement or by the Manager, no attorney-in-fact, employee or other agent of the Company (other than officers and agents duly authorized by the Manager) shall have any power or authority to bind the Company in any way, to pledge its credit or to render it liable for any purpose.

7.4

Fees and Compensation

.  The Company shall reimburse (or if not yet expended, advance on behalf of) the Manager for all reasonable expenses incurred in managing the Company, including costs of establishing and maintaining its status as a limited liability company and all accounting and tax return costs.

7.5

Standard of Care

.  A duty of care shall be applicable to the Manager in respect of the discharge of its duties to the Company, but such duty shall be limited to refraining from engaging in Willful Misconduct or acts of gross negligence.  Except as may otherwise be provided in Article VIII, Venture Corp. and IRC each agree to hold harmless, and waive any claim against, the Manager for half of any and all Damages arising from or out of the performance by the Manager of its duties hereunder, provided the standard of conduct in the prior sentence is satisfied.

7.6

Officers

.  The Company may have officers appointed, from time to time, by the Manager.  Each officer shall hold office until his or her successor shall have been appointed, or until his or her death or inability to serve, or until he or she shall resign or shall have been removed from office.  Any officer may be removed by the Manager in its sole discretion with or without cause.  The authority, duties and responsibilities of each officer shall be established, from time to time, by the Manager.

7.7

Matters Requiring Member Consent

.  Notwithstanding any other provision of this Agreement, the following actions (“Major Decisions”) shall require Member Consent:

(a)

the creation and capitalization of a Venture Sub for a 1031 Program;

(b)

the making or implementing of any decision to acquire any Property (excluding acquisitions approved in accordance with Section 4.3 above) for a purchase price in excess of $10,000, the execution and delivery of any agreement, contract, binding letter of intent or other document or instrument to purchase any Property for a purchase price in excess of $10,000 (excluding acquisitions approved in accordance with Section 4.3 above), and any decision to terminate any such agreement, contract, letter of intent or other document or instrument;

(c)

the institution of any material legal proceedings in the name of the Company, settlement of any material legal proceedings against the Company and confession of any material judgment against the Company or any property of the Company;

(d)

any action or decision with respect to a Bankruptcy Event involving the Company; and

(e)

a liquidation of the Company, or a merger or consolidation of the Company with another business or entity.

7.8

REIT Provisions

.  Notwithstanding any other provision of this Agreement or any other document governing the management and operation of the Company, Venture Corp. shall have the right to direct the Manager to cause the Company to take any reasonable action or to refrain from taking any action (including but not limited to using a protective trust to own assets) to (i) preserve the continued qualification of IRC as a real estate investment trust under Section 856 of the Code (a “REIT”), (ii) preserve the continued qualification of any Affiliates of IRC as taxable REIT subsidiaries and (iii) avoid the imposition of additional taxes on IRC and its Affiliates under Section 857 of the Code or Section 4981 of the Code and the Treasury Regulations promulgated thereunder (collectively the “REIT Rules”).  The Members agree that in the event that Venture Corp. proposes to have the Manager take any action (or cause the Company to take any action) to ensure the continued qualification of IRC as a REIT, to preserve the continued qualification of any Affiliates of IRC as taxable REIT subsidiaries or to avoid the imposition of additional taxes under the REIT Rules on IRC, Venture Corp. shall (x) notify and consult with the Manager regarding, and prior to directing, such proposed action and (y) not have liability to the other Member for monetary damages or otherwise for losses sustained or liabilities incurred in connection with such actions provided that Venture Corp. acts in good faith to determine and implement a course of action that preserves IRC’s REIT status or avoids the imposition of additional taxes on IRC or Venture Corp. in a manner which minimizes the adverse effects on any other Member’s rights and obligations hereunder.

ARTICLE VIII

INDEMNIFICATION

8.1

Indemnification by Venture Corp. and IRC of IREX Indemnified Parties

.  Venture Corp. and IRC shall indemnify, defend and hold IREX and its Affiliates and their respective officers, directors, employees, shareholders, representatives, attorneys, agents, predecessors, successors, assigns and subsidiaries, past, present and future (the “IREX Indemnified Parties”), harmless from and against any and all Damages arising from or relating to any information delivered or representation, in connection with any 1031 Program of a Venture Sub, made by Venture Corp. or IRC or any of their Affiliates to IREX, the Company or a Venture Sub.

8.2

Indemnification by IREX of IRC Indemnified Parties

.  IREX shall indemnify, defend and hold Venture Corp., IRC, their Affiliates and their respective officers, directors, employees, shareholders, representatives, attorneys, agents, predecessors, successors, assigns and subsidiaries, past, present and future (the “IRC Indemnified Parties”) harmless from and against any and all Damages arising from or relating to (i) any Misrepresentation with respect to a private placement memorandum of a Venture Sub for a 1031 Program or (ii) the failure of the offering and sale of a 1031 Program to be conducted in compliance with the Securities Act and applicable state securities laws, except with respect to any information delivered or representation, in connection with any 1031 Program of a Venture Sub, made by Venture Corp. or IRC or any of their Affiliates to IREX, the Company or a Venture Sub.

8.3

Other Indemnification Obligations

.  In the event a Member incurs any liability to a third party with respect to the Company or a Venture Sub, where neither Section 8.1 nor Section 8.2 is applicable, then the Members agree that any such liability shall be discharged as follows:  (i) for any such liability arising from the Willful Misconduct or Misrepresentation of a Member, such Member shall promptly indemnify the other Member for such liability and all related Damages; and (ii) for all other such liabilities, the Members agree that to the extent that the Company is unable to meet or dispose of such liabilities in its own right, the Members shall be obligated to share, on an equal basis, the amount of such liabilities and related Damages incurred by the Members.  The obligations created under this Section are enforceable solely among the Company and the Members and shall not confer any rights on third parties.

ARTICLE IX

CONTRIBUTIONS AND CAPITAL ACCOUNTS

9.1

Initial Contributions

.

(a)

Each Member has made or will make the Initial Capital Contribution described for that Member on Exhibit A and shall be entitled to 50 percent of the Membership Interests in the Company in exchange for such Initial Capital Contribution.

(b)

No interest shall accrue on any Capital Contribution and no Member shall have the right to withdraw or be repaid on any Capital Contribution except as provided in this Agreement.

9.2

Additional Capital Contributions From Existing Members

.  If the Manager believes that the Company needs additional funds to conduct its business, the Manager shall deliver notice thereof to the Members.  If the Members approve such request for additional funds by Member Consent, each Member shall make an Additional Capital Contribution equal to the amount set forth in such notice for such Member within five days after the Manager has obtained Member Consent for the Additional Capital Contribution.  Any Additional Capital Contribution shall be made in accordance with the Member’s respective Percentage Interests.  The Company shall not issue any additional Membership Interests in exchange for any Additional Capital Contribution.

ARTICLE X

DISTRIBUTIONS

The Contributing Member shall cause the Company to distribute all cash available for distribution as follows:

(a)

If the Company has received a distribution of Operating Proceeds from a Venture Sub, such amounts shall be paid as interest to Venture Corp. with respect to the Equity Advance used to acquire the Target Property generating such Operating Proceeds, until such time as the Equity Advance (including the Retained Percentage Equity Amount) is repaid in full.

(b)

If the Company has received a distribution of Investor Net Sales Proceeds or Exit Sale Proceeds, such amounts shall be paid to Venture Corp. as follows: (i) first in satisfaction of the unpaid Additional Return, if any, on the Equity Advance (excepting only the Retained Percentage Equity Amount) used to acquire the respective Target Property, until such Additional Return has been fully satisfied; (ii) next, as a repayment of principal on the Equity Advance used to acquire the respective Target Property, until the Equity Advance (including the Retained Percentage Equity Amount) has been paid in full; and (iii) pursuant to subparagraph (c) hereof.

(c)

All other cash (including amounts received as fees by the Company) shall be distributed to the Members in accordance with their Percentage Interests.

ARTICLE XI

ALLOCATIONS AND TAXES

11.1

Allocation of Profits and Losses

.  Except as otherwise required by Code Section 704 and the Regulations thereunder, all allocations of Profits and Losses for federal income tax purposes shall be made to the Members pro rata in accordance with their Percentage Interests.

11.2

Elections

.  The Manager may make any tax elections for the Company allowed under the Code or the tax laws of any state or other Taxing Jurisdiction.

11.3

Tax Matters Partner

.  The Manager shall be the tax matters partner pursuant to Section 6231(a)(7) of the Code and shall take all action as may be necessary to cause each other Member to become a notice partner within the meaning of Section 6223 of the Code.

11.4

Method of Accounting

.  The records of the Company shall be maintained, as the Manager may determine, on either (a) a cash receipts and disbursements method of accounting or (b) an accrual method of accounting.

11.5

Returns and Other Elections

.  The Manager shall cause the preparation and timely filing of all Company tax returns.

ARTICLE XII

DISPOSITION OF MEMBERSHIP INTERESTS

No Member shall have the right to Transfer all or any portion of its Membership Interests and any attempted Transfer of a Membership Interest will be null and void ab initio.  Each Member hereby acknowledges the reasonableness of the prohibition contained in this Article XII in view of the purposes of the Company and the relationship with the other Member.

ARTICLE XIII

TERMINATION OF A MEMBER

13.1

Termination

.  A Member shall be terminated from the Company upon any of the following events (a “Termination”):

(a)

a Bankruptcy Event with respect to the Member; or

(b)

the dissolution of the Member.

13.2

Effect of Termination

.  Upon the Termination of any Member as set forth in Section 13.1, the Member’s right to vote and otherwise participate in the management and conduct of the Company’s business shall terminate.  Such Member shall only be entitled to receive distributions as provided in this Agreement on account of (or in return of capital constituting all or any portion of) its Membership Interest and to be allocated income, gains, losses, deductions and expenses of the Company as provided in this Agreement on account of such Membership Interest.

ARTICLE XIV

DISSOLUTION AND WINDING UP

14.1

Dissolution

.  The Company shall be dissolved and its affairs wound up, upon the first to occur of the following events:

(a)

upon Member Consent; or

(b)

as required by the Act.

14.2

Effect of Dissolution

.  Upon dissolution, the Company shall cease carrying on business, as distinguished from the winding up of the Company business, but the Company is not terminated, and continues until the winding up of the affairs of the Company is completed and the articles of dissolution have been issued by the Secretary of State.

14.3

Distribution of Assets upon Dissolution

.  Upon the winding up of the Company, the Company Property shall be distributed:

(a)

first, to creditors in satisfaction of Company liabilities (including payments to Members with respect to any Equity Advance and the interest and Additional Return on such Equity Advance); and

(b)

thereafter, to the Members in accordance with their Percentage Interests

14.4

Winding Up and Articles of Dissolution

.  The winding up of the Company shall be completed when all its debts, liabilities and obligations have been discharged or reasonably adequate provision therefor has been made, and all of the remaining Property and assets of the Company have been distributed to the Members.  Upon the completion of winding up of the Company, articles of dissolution shall be filed with the Secretary of State.

ARTICLE XV

MISCELLANEOUS PROVISIONS

15.1

Notices

.  All notices, demands or other communications to be given or delivered under or by reason of this Agreement shall be in writing and shall be deemed to have been given when delivered personally to the recipient, sent to the recipient by reputable overnight courier service (charges prepaid) or sent by telefax (with receipt confirmed).  Such notices, demands and other communications shall be sent to each Member, the Manager and the Company at its address (or to its telecopier number) set forth on Exhibit A hereto, or such other address (or telecopier number) as such Member, the Manager or the Company may specify by written notice to the others.

15.2

Entire Agreement

.  This Agreement, including exhibits attached hereto, is the entire agreement between the Members and the Company.

15.3

Construction

.  Whenever the singular is used in this Agreement and when required by the context, the same shall include the plural and vice-versa. Whenever, the masculine gender is used in this Agreement and when required by the context, the same shall include the feminine and neuter genders and vice-versa.

15.4

Expenses

.  All out of pocket legal fees and expenses incurred by each of the Members in connection with the preparation of this Agreement, including the exhibits attached hereto, and the formation of the Company shall be borne by the Company.

15.5

Headings

.  The headings in this Agreement are inserted for convenience only and are not intended to describe or limit the scope of this Agreement or any provision hereof.

15.6

No Partnership Intended for Nontax Purposes

.  Except for federal and state tax purposes, the Members do not intend hereby to form a partnership.  The Members do not intend to be partners of one to another.  To the extent any Member, by word or action, represents to another Person that the other Member is a partner or that the Company is a partnership, the Member making the wrongful representation shall be liable to the other Member who incurs personal liability by reason of the wrongful representation and shall not be entitled to indemnification for the act under Article VIII.

15.7

Rights of Creditors and Third Parties Under Agreement

.  This Agreement is entered into among the Company and the Members for their exclusive benefit and is not intended for the benefit of any creditor of the Company or any other Person.  Except and only to the extent provided by applicable statute, no creditor or third party shall have any rights under this Agreement or any agreement between the Company and any Member with respect to any Capital Contribution or otherwise.

15.8

Application of Delaware Law

.  This Agreement shall be governed by the laws of Delaware (without regard to its conflicts of laws provisions).

15.9

Counterparts

.  This Agreement may be executed in one or more counterparts, each of which shall constitute an original, and all of which shall constitute one  instrument.

15.10

No Waiver

.  No failure or delay on the part of any party hereto in exercising any right, power or remedy hereunder or pursuant hereto shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy hereunder or pursuant thereto.

15.11

Severability

.  Wherever possible, each provision of this Agreement shall be interpreted in a manner so as to be effective and valid under applicable law but, if any provision of this Agreement shall be prohibited by or invalid under applicable law, the provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of the provision or the remaining provisions of this Agreement.  If any part of any covenant or other provision in this Agreement is determined by a court of law to be overly broad thereby making the covenant unenforceable, the parties hereto agree, and it is their desire, that the court shall substitute a judicially enforceable limitation in its place, and that as so modified the covenant shall be binding upon the parties as if originally set forth herein.

15.12

Benefit

.  This Agreement shall be binding upon, and inure to the benefit of, and shall be enforceable by, the heirs, successors, legal representatives and permitted assignees, if any, of the Members and the successors, assignees and transferees of the Company.

[Remainder of Page Intentionally Left Blank]

WHEREFORE, the undersigned have executed this Agreement on the date first set forth above.

		
	MEMBERS:

	 

	INLAND REAL ESTATE EXCHANGE

	CORPORATION, a Delaware corporation

	 

	 

	BY:

	/s/ Patricia DelRosso

	ITS:

	President

	 

	INLAND VENTURE CORPORATION,

	a Delaware corporation

	 

	 

	BY:

	/s/ Mark Zalatoris

	ITS:

	Executive Vice President

JOINDER

Inland Real Estate Corporation hereby joins in the execution of this Agreement for the purpose of confirming that it shall perform its obligations under Sections 4.10, 7.5 and Article VIII, above.

		
	INLAND REAL ESTATE CORPORATION,

	a Maryland corporation

	 

	 

	BY:

	/s/ Mark Zalatoris

	ITS:

	Executive Vice President

1013097_10

2

EXHIBIT A

		
	MEMBER NAMES

AND ADDRESSES

	CAPITAL

CONTRIBUTIONS

	Inland Real Estate Exchange Corporation

	$50,000

	2901 Butterfield Road

	 

	Oak Brook, Illinois 60521

	 

	 
	 

	 
	 

	Inland Venture Corporation

	$50,000

	2901 Butterfield Road

	 

	Oak Brook, Illinois 60521

	 

	 
	 

	 
	 

	Company address for notice purposes:

	 

	 
	 

	IRC-IREX Venture, LLC

	 

	2901 Butterfield Road

	 

	Oak Brook, Illinois 60521

	 

	 
	 

	Manager address for notice purposes:

	 

	 
	 

	Inland Real Estate Exchange Corporation

	 

	2901 Butterfield Road

	 

	Oak Brook, Illinois 60521

	 

3

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